Category: Politics

MIL-OSI: Bitfarms Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– Revenue of $67 million, up 33% Y/Y –
– Gross mining margin of 43%, down from 63% from Q1 2024 –
– Total energy pipeline of ~1.4 GW, ~80% based in the U.S. –
– Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline –

This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.

CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.

“We continued this momentum into Q2, having already secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors, to fund HPC data center development at our Panther Creek campus. Panther Creek has the scale, location, power availability, and fiber connectivity that is attracting notable HPC counterparties. This campus also has the quickest energization timeline of our three PA sites, and extensive work is underway on the Site Map Plans, development timelines, budgets and other key initiatives needed in order to begin construction.”

CFO Jeff Lucas stated, “We are excited to have joined forces with Macquarie to finance our HPC business cost-effectively and with much less dilution than equity funding, creating long-term value for shareholders. In addition to funding the initial phase of our buildout of Panther Creek, their expertise and vast experience in HPC infrastructure financing will be integral as we look to further scale our project and expand to other sites within our portfolio. With strong and steady mining economics, no plans for additional large miner purchases, minimal impact expected from potential tariffs, and near-term capital expenditures funded or with financing in place, we are confident that our strong financial position will enable us to efficiently and cost-effectively grow our HPC business in the U.S.”

Mining Operations

Current hashrate of 19.5 EHuM, up 200% from 6.5 EHuM as of March 31, 2024
Current efficiency of 19 w/TH, an improvement of 44% from 34 w/TH as of March 31, 2024

Recent Strategic Developments

Completed acquisition of Stronghold Digital Mining, Inc.
Completed sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies Ltd.
Secured private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ HPC data center potential
Strengthened management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure
Completed feasibility assessments for all U.S. sites with two strategic partners, ASG and World Wide Technology, advancing HPC/AI business
Initiated Bitcoin One program following the success of Synthetic HODL^TM program in 2024

Q1 2025 Financial Highlights

Total revenue of $67 million, up 33% Y/Y
Gross mining margin of 43%, down from 63% in Q1 2024
General and administrative expenses of $20 million, inclusive of $2 million in non-recurring expenses related to closing transactions with Stronghold and Hive, compared to $13 million in Q1 2024
Operating loss of $32 million compared to an operating loss of $24 million in Q1 2024
Net loss of $36 million, or $0.07 per basic and diluted share compared to a net loss of $6 million or $0.02 per basic and diluted share in Q1 2024
Adjusted EBITDA* of $16 million, or 23% of revenue, down from $23 million or 46% of revenue in Q1 2024
The Company earned 693 BTC at an average direct cost of production per BTC* of $47,800
Total cash cost of production per BTC* was $72,300 in Q1 2025

Liquidity**
As of May 13, 2025, the Company had total liquidity of approximately $150 million.

Q1 2025 and Recent Financing Activities

Sold 428 BTC at an average price of $87,100 for total proceeds of $37 million in Q1 2025. Earned 268 BTC and sold 350 BTC during April 2025, generating total proceeds of $30 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives and to supplement our Bitcoin One market operations program.
As of May 13, 2025, the Company held 1,166 BTC.
Raised $24 million in net proceeds during January 2025 under the Company’s 2024 at-the-market equity offering program (“ATM”). During the period from January 24, 2025 through May 13, 2025, the Company issued zero shares through the ATM.

Quarterly Operating Performance

	Q1 2025	Q4 2024	Q1 2024
Total BTC earned	693	654	943
BTC received through hosting revenue	6	—	—
BTC sold	428	502	941

	As of March 31,	As of December 31,	As of March 31,
	2025	2024	2024
Operating EH/s	19.5	12.8	6.5
Average Watts/Average TH efficiency***	20	22	35
Operating capacity (MW)	461	394	240

Quarterly Average Revenue**** and Cost of Production per BTC*

	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024
Avg. Rev****/BTC	$	92,500	$	82,400	$	60,900	$	65,800	$	52,400
Direct Cost*/BTC	$	47,800	$	40,800	$	36,600	$	30,600	$	18,400
Total Cash Cost*/BTC	$	72,300	$	60,800	$	53,700	$	47,600	$	27,900

_{* Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.}

_{** Liquidity represents cash and balance of unrestricted digital assets.}

_{*** Average watts represent the energy consumption of miners.}

_{**** Average revenue per BTC is for mining operations only and excludes Volta revenue and Hosting revenue.}

Conference Call

Management will host a conference call today at 8:00 am EST. All Q1 2025 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.

The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

Non-IFRS Measures*
As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

About Bitfarms Ltd.
Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
http://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Terms

BTC BTC/day = Bitcoin or Bitcoin per day
EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
EH or EH/s = Exahash or exahash per second
MW or MWh = Megawatts or megawatt hour
w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
Q/Q = Quarter over Quarter
Y/Y = Year over Year
Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
HPC/AI = High Performance Computing / Artificial Intelligence

Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the ability to enhance the business of the Company through adding additional human resources and consulting groups to HPC/AI strategies, the benefits of a second principal office in the U.S., the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contacts:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contacts:

Caroline Brady Baker
Director, Communications and Marketing
cbaker@bitfarms.com

Bitfarms Ltd. Consolidated Financial & Operational Results

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025			2024		$ Change			% Change
Revenues	66,848			50,317		16,531			33	%
Cost of revenues	(67,390	)		(60,999	)	(6,391	)		10	%
Gross loss	(542	)		(10,682	)	10,140		(95)%
Gross margin ⁽¹⁾	(1)%		(21)%			—			—

Operating expenses
General and administrative expenses	(20,173	)		(13,196	)	(6,977	)		53	%
Gain on disposition of property, plant and equipment and deposits	5,586			170		5,416		nm
Impairment of non-financial assets	(17,230	)		—		(17,230	)	(100)%
Operating loss	(32,359	)		(23,708	)	(8,651	)		36	%
Operating margin ⁽¹⁾	(48)%		(47)%			—			—

Net financial income	2,110			11,443		(9,333	)	(82)%
Net loss before income taxes	(30,249	)		(12,265	)	(17,984	)		147	%

Income tax recovery (expense)	(5,626	)		6,285		(11,911	)	(190)%
Net loss	(35,875	)		(5,980	)	(29,895	)		500	%

Basic and diluted net loss per share (in U.S. dollars)	(0.07	)		(0.02	)	—			—
Change in revaluation surplus – digital assets, net of tax	(13,421	)		17,433		(30,854	)		(177	%)
Total comprehensive income (loss), net of tax	(49,296	)		11,453		(60,749	)		(530	%)

Gross Mining profit ⁽²⁾	28,043			31,340		(3,297	)	(11)%
Gross Mining margin ⁽²⁾	43	%		63	%	—			—
Adjusted EBITDA ⁽²⁾	15,086			23,324		(8,238	)	(33)%
Adjusted EBITDA margin ⁽²⁾	23	%		46	%	—			—

_{nm: not meaningful}

1	Gross margin and Operating margin are supplemental financial ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
2	Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.

Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Revenues	66,848		50,317		16,531			33	%

Net loss before income taxes	(30,249	)	(12,265	)	(17,984	)		147	%
Interest income	(305	)	(302	)	(3	)		1	%
Depreciation and amortization	29,693		38,977		(9,284	)	(24)%
EBITDA	(861	)	26,410		(27,271	)	(103)%
EBITDA margin	(1)%		52	%	—			—
Share-based payment	4,437		3,094		1,343			43	%
Impairment of non-financial assets	17,230		—		17,230			100	%
Gain on revaluation of warrants	(5,618	)	(9,040	)	3,422		(38)%
Gain on disposition of marketable securities	(391	)	(338	)	(53	)		16	%
Gain on settlement of Refundable Hosting Deposits	(945	)	—		(945	)	(100)%
Professional services not associated with ongoing operations	1,671		—		1,671			100	%
Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)	—		2,387		(2,387	)		100	%
Net financial (income) expense and other	(437	)	811		(1,248	)	(154)%
Adjusted EBITDA	15,086		23,324		(8,238	)	(33)%
Adjusted EBITDA margin	23	%	46	%	—			—


1	Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.

Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Gross loss	(542	)	(10,682	)	10,140		(95)%
Non-Mining revenues¹	(1,985	)	(894	)	(1,091	)		122	%
Depreciation and amortization	29,693		38,977		(9,284	)	(24)%
Electrical components and salaries	877		708		169			24	%
Sales tax recovery – prior years – energy and infrastructure²	—		2,028		(2,028	)		100	%
Other	—		1,203		(1,203	)		100	%
Gross Mining profit	28,043		31,340		(3,297	)	(11)%
Gross Mining margin	43	%	63	%	—			—

_{nm: not meaningful}

(1	)	Non-Mining revenues reconciliation:

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change		% Change
Revenues	66,848		50,317		16,531		33	%
Less Mining related revenues for the purpose of calculating gross Mining margin:
Mining revenues³	(64,863	)	(49,423	)	(15,440	)	31	%
Non-Mining revenues	1,985		894		1,091		122	%

nm: not meaningful

(2	)	Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.
(3	)	Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.

Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Cost of revenues	67,390		60,999		6,391			10	%
Depreciation and amortization	(29,693	)	(38,977	)	9,284		(24)%
Electrical components and salaries	(877	)	(708	)	(169	)		24	%
Infrastructure expenses	(3,677	)	(1,974	)	(1,703	)		86	%
Sales tax recovery – prior years – energy and infrastructure (1)	—		(2,028	)	2,028			100	%
Other	—		—		—			—	%
Direct Cost	33,143		17,312		15,831			91	%

Quantity of BTC earned	693		943		(250	)	(27)%
Direct Cost per BTC (in U.S. dollars)	47,800		18,400		29,400			160	%

Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC

	Three months ended March 31,
(U.S.$ in thousands except where indicated)	2025		2024		$ Change			% Change
Cost of revenues	67,390		60,999		6,391			10	%
General and administrative expenses	20,173		13,196		6,977			53	%
	87,563		74,195		13,368			18	%
Depreciation and amortization	(29,693	)	(38,977	)	9,284		(24)%
Non-cash service expense (2)	(785	)	—		(785	)	(100)%
Electrical components and salaries	(877	)	(708	)	(169	)		24	%
Share-based payment	(4,437	)	(3,094	)	(1,343	)		43	%
Professional services not associated with ongoing operations	(1,671	)	—		(1,671	)	(100)%
Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)	—		(2,387	)	2,387			100	%
Other	—		(2,744	)	2,744			100	%
Total Cash Cost	50,100		26,285		23,815			91	%

Quantity of BTC earned	693		943		(250	)	(27)%
Total Cash Cost per BTC (in U.S. dollars)	72,300		27,900		44,400			157	%

1	Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.
2	Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

The MIL Network –

May 14, 2025

MIL-OSI: Tower Semiconductor Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

9% year-over-year revenue growth

Affirms sequential quarterly revenue growth target throughout 2025

MIGDAL HAEMEK, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the first quarter ended March 31, 2025.

First Quarter of 2025 Results Overview
Revenues for the first quarter of 2025 were $358 million as compared to $327 million for the first quarter of 2024, representing 9% year-over-year revenue growth.

Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, as compared to gross profit and operating profit of $73 million and $34 million in the first quarter of 2024, respectively. Gross and operating profits remain similar since the positive impact of the $31 million revenue increase was offset by the fixed costs of the new 300mm Agrate facility, as previously disclosed.

Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share. First quarter of 2024 net profit was $45 million, reflecting $0.40 basic and diluted earnings per share, having been positively impacted by a non-recurring income tax benefit.

Cash flow generated from operating activities in the first quarter of 2025 was $94 million. Investments in property and equipment, net, were $111 million and debt payments totaled $27 million.

Corporate Credit Rating
On May 7, 2025, Standard & Poor’s Maalot (an S&P Global Ratings fully owned company) completed its annual rating review for the Company and reaffirmed its corporate credit rating as “ilAA, with a stable outlook”.

Business Outlook
Tower Semiconductor guides revenues for the second quarter of 2025 to be $372 million, with an upward or downward range of 5%, reflecting 6% year-over-year revenue increase; and reiterates its previously communicated company target for continued quarter-over-quarter revenue growth within 2025.

Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
“Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”

Teleconference and Webcast
Tower Semiconductor will host an investor conference call today, Wednesday, May 14, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter of 2025 and its business outlook.

The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

Non-GAAP Financial Measures
The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $94 million, $101 million and $110 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively (less cash used for investments in property and equipment, net (in the amounts of $111 million, $93 million and $98 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

CONTACT:
Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

Forward-Looking Statements
This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, such as announced for SiPho and SiGe, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease due to which he requested a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well as uncertainties associated with the ability to extend such lease or acquire the real estate and obtain the required local, state and/or other approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

(Financial tables follow)


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
	March 31,		December 31,
	2025		2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	274,818	$	271,894
Short-term deposits	906,446		946,351
Trade accounts receivable	219,496		211,932
Inventories	276,072		268,295
Other current assets	51,429		61,817
Total current assets	1,728,261		1,760,289
PROPERTY AND EQUIPMENT, NET	1,346,213		1,286,622
OTHER LONG-TERM ASSETS, NET	34,131		33,574
TOTAL ASSETS	$	3,108,605	$	3,080,485
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term debt	$	27,490	$	48,376
Trade accounts payable	118,318		130,624
Deferred revenues and customers’ advances	17,233		21,655
Other current liabilities	86,421		84,409
Total current liabilities	249,462		285,064
LONG-TERM DEBT	134,835		132,437
OTHER LONG-TERM LIABILITIES	22,293		22,804
TOTAL LIABILITIES	406,590		440,305
TOTAL SHAREHOLDERS’ EQUITY	2,702,015		2,640,180
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	3,108,605	$	3,080,485

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
	Three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
REVENUES	$	358,170		$	387,191		$	327,238
COST OF REVENUES	284,999			300,338			254,632
GROSS PROFIT	73,171			86,853			72,606
OPERATING COSTS AND EXPENSES:
Research and development	20,172			20,622			19,951
Marketing, general and administrative	20,101			19,812			18,670
	40,273			40,434			38,621

OPERATING PROFIT	32,898			46,419			33,985
FINANCING AND OTHER INCOME, NET	10,598			8,315			3,984
PROFIT BEFORE INCOME TAX	43,496			54,734			37,969
INCOME TAX BENEFIT (EXPENSE), NET		(3,779	)		(2,149	)	5,078
NET PROFIT	39,717			52,585			43,047
Net loss attributable to non-controlling interest	425			2,553			1,587
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	40,142		$	55,138		$	44,634
BASIC EARNINGS PER SHARE	$	0.36		$	0.49		$	0.40
Weighted average number of shares	111,575			111,493			110,840
DILUTED EARNINGS PER SHARE	$	0.35		$	0.49		$	0.40
Weighted average number of shares	113,152			112,967			111,627

RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	40,142		$	55,138		$	44,634
Stock based compensation and amortization of acquired intangible assets	10,335			11,258			7,209
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	50,477		$	66,396		$	51,843
ADJUSTED EARNINGS PER SHARE:
Basic	$	0.45		$	0.60		$	0.47
Diluted	$	0.45		$	0.59		$	0.46

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
	Three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	$	271,894		$	270,979		$	260,664
Net cash provided by operating activities	93,922			100,816			110,038
Investments in property and equipment, net		(111,411	)		(93,396	)		(98,018	)
Debt received (repaid), net		(26,874	)	2,795				(8,409	)
Effect of Japanese Yen exchange rate change over cash balance	2,817				(4,972	)		(2,665	)
Proceeds from (investments in) deposits, marketable securities and other assets, net	44,470				(4,328	)		(1,113	)
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	274,818		$	271,894		$	260,497

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
	Three months ended
		March 31,			December 31,			March 31,
		2025			2024			2024
CASH FLOWS – OPERATING ACTIVITIES
Net profit for the period	$	39,717		$	52,585		$	43,047
Adjustments to reconcile net profit for the period
to net cash provided by operating activities:
Income and expense items not involving cash flows:
Depreciation and amortization *		74,228			75,820			59,544
Other expense, net		558			12,439			5,993
Changes in assets and liabilities:
Trade accounts receivable		(6,354	)		(19,034	)		(6,489	)
Other current assets		5,622			(36,464	)		(13,454	)
Inventories		(4,128	)		(3,356	)		(23,703	)
Trade accounts payable		(11,114	)		18,320			32,559
Deferred revenues and customers’ advances		(4,432	)		(8,712	)		(1,931	)
Other current liabilities		3,718			7,057			16,868
Other long-term liabilities		(3,893	)		2,161			(2,396	)
Net cash provided by operating activities		93,922			100,816			110,038
CASH FLOWS – INVESTING ACTIVITIES
Investments in property and equipment, net		(111,411	)		(93,396	)		(98,018	)
Proceeds from (investments in) deposits, marketable securities and other assets, net		44,470			(4,328	)		(1,113	)
Net cash used in investing activities		(66,941	)		(97,724	)		(99,131	)
CASH FLOWS – FINANCING ACTIVITIES
Debt received (repaid), net		(26,874	)		2,795			(8,409	)
Net cash provided by (used in) financing activities		(26,874	)		2,795			(8,409	)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE		2,817			(4,972	)		(2,665	)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,924			915			(167	)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD		271,894			270,979			260,664
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	274,818		$	271,894		$	260,497

* Includes stock based compensation and amortization of acquired intangible assets in the amounts of $10,335, $11,258 and $7,209
for the 3 months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

The MIL Network –

May 14, 2025

MIL-OSI: Calian Reports Results for the Second Quarter

Source: GlobeNewswire (MIL-OSI)

(All amounts in release are in Canadian dollars)

OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a mission critical solutions company, with a focus on defence, space, healthcare and strategic growth markets, today released its results for the second quarter ended March 31, 2025.

“Our consolidated second quarter results reflect momentum in some areas, whilst challenging headwinds in others,” said Kevin Ford, Calian CEO. “Our defence solutions in both North America and Europe grew by 13%, highlighting the increasing need for global security and operational readiness. Our ITCS business saw a more challenging environment due to slower customer demand, and one-time investments we have made to re-position our offerings for long-term growth.”

Q2-25 Highlights:

Revenue at $194 million
Gross margin at 33.4%
Adjusted EBITDA¹ of $17 million
Operating free cash flow¹ of $10 million
Very strong signings of $248 million
Growth in our defence end market solutions of 13%
Since the launch of the NCIB, the Company repurchased 416,812 shares, or 4% of the float, in consideration of $19.7 million
Increasing NCIB – plan to repurchase up to 6% of float in FY25
Guidance withdrawn due to ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment
Completed the acquisition of Advanced Medical Solutions (“AMS”) after quarter end

“Given ongoing economic and geopolitical uncertainty as well as limited visibility and timing of key opportunities in the ITCS segment, we have made the decision to withdraw our guidance. Despite this, we remain confident in the future growth of Calian given strong momentum in signings, our backlog of close to $1.4 billion, including AMS, optimism around defence spending and a robust M&A pipeline – underscored by our most recent acquisition of AMS.”


Financial Highlights	Three months ended					Six months ended
(i(in millions of $, except per share & margins)	March 31,					March 31,
	2025		2024²		%		2025		2024²		%
Revenue	193.7		201.3		(4)%		378.7		380.4		— %
Adjusted EBITDA¹	17.4		27.2		(36)%		35.2		48.5		(27)%
Adjusted EBITDA %¹	9.0	%	13.5	%	(450)bps		9.3	%	12.7	%	(340)bps
Adjusted Net Profit¹	11.1		19.0		(42)%		21.5		33.0		(35)%
Adjusted EPS Diluted¹	0.93		1.58		(41)%		1.81		2.73		(34)%
Operating Free Cash Flow¹	9.8		21.0		(53)%		22.9		38.2		(40)%

¹ This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
² Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

Access the full report on the Calian Financials web page.

Second Quarter Results

Revenues decreased 4%, from $201 million to $194 million. Acquisitive growth was 4% and was generated by the acquisitions of the nuclear assets from MDA Ltd and Mabway completed last year. Organic growth was down 8% primarily due to reductions in the ITCS segment, partially offset by 51% organic growth in nuclear services, GNSS antenna products and defence solutions.

Gross margin stood at 33.4% slightly down compared to the same period last year and it represents the 12th quarter above the 30% mark. Adjusted EBITDA¹ stood at $17 million, down 36% from $27 million last year, due to revenue slow downs in the current year, combined with a slight decrease in margin percentage, and investments made in selling and marketing efforts to build pipeline for future years. In the United States macro-economic uncertainty resulted in more cautious customer behavior and the Canadian election one month prior to our quarter end did impact the timing of revenues. As a result, adjusted EBITDA¹ margin decreased to 9.0%, from 13.5% last year.

Net profit decreased to $0.3 million, or $0.02 per diluted share, from $4.9 million, or $0.41 per diluted share last year. This decrease in profitability is primarily due to investments in our selling capacity, amortization and deemed compensation expenses related to acquisitions. Adjusted net profit¹ was $11.1 million, or $0.93 per diluted share, down from $19.0 million, or $1.58 per diluted share last year.

_{¹ This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.}

Liquidity and Capital Resources

“In the second quarter we generated $10 million in operating free cash flow¹, representing a 56% conversion rate from adjusted EBITDA¹,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to make capital expenditure investments for $2 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $4 million. We ended the quarter with a net debt to adjusted EBITDA¹ ratio of 0.7x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

_{¹ This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of the press release.}

Normal Course Issuer Bid

In the three-month period ended March 31, 2025, the Company repurchased 93,900 shares for cancellation in consideration of $4.4 million. For the six-month period ended March 31, 2025, the Company repurchased 195,250 shares for cancellation in consideration of $9.3 million. For the remainder of the fiscal year, the Company plans on accelerating its share buybacks by combining daily repurchases with block trades. Its intention is to repurchase up to 6% of the Company’s public float as defined at the time of the NCIB announcement on August 16, 2024.

Appointed New Regional VP of Defence for Europe, U.K. and NATO

On January 23, 2025, Calian announced the appointment of Major-General (Ret.) Roch Pelletier to the role of Regional Vice President (RVP) Global Defence & Security. This newly created role addresses the growth of Calian’s defence business, driven by increased global military spending, geopolitical instability and the rising demand for advanced technologies. This appointment will advance Calian’s strategic business development, strengthen relationships with stakeholders, and provide operational support to drive growth and efficiencies within the region.

Appointed New Board Member

On April 24, 2025, Calian announced the appointment of Eric Demirian to its Board of Directors. Demirian is currently chair of Descartes and a director of IMAX Corporation. He has held board and audit committee roles at a number of public and private companies including Enghouse. With the recent additions of Josh Blair and Lisa Greatrix in February, the appointment of Demirian brings the total number of board members to 10, of which nine are independent and half are women.

Completed the Acquisition of Advanced Medical Solutions

On May 14, 2025, Calian acquired Advanced Medical Solutions (AMS), a leading provider of remote and emergency healthcare services in Northern Canada. Headquartered in Yellowknife, Northwest Territories (NWT), AMS is a Canadian-owned company that specializes in the delivery of 24/7/365 operational and medical support across Canada’s northern regions, including the NWT, Yukon, Nunavut and parts of Canada’s northern provinces. Founded in 1995, the company employs over 300 frontline medical personnel who deliver well-rounded, full-spectrum healthcare services through six distinct divisions.

Quarterly Dividend

On May 13, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable June 10, 2025, to shareholders of record as of May 27, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

About Calian

www.calian.com

We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

Product or service names mentioned herein may be the trademarks of their respective owners.

Media inquiries:
media@calian.com
613-599-8600

Investor Relations inquiries:
ir@calian.com

—————————————————————————–
DISCLAIMER

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com


CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at March 31, 2025 and September 30, 2024
(Canadian dollars in thousands, except per share data)

	March 31,		September 30,
	2025		2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	64,150	$	51,788
Accounts receivable		213,476		157,376
Work in process		19,537		20,437
Inventory		26,805		23,199
Prepaid expenses		23,328		23,978
Derivative assets		71		32
Total current assets		347,367		276,810
NON-CURRENT ASSETS
Property, plant and equipment		40,835		40,962
Right of use assets		41,556		36,383
Prepaid expenses		7,018		7,820
Deferred tax asset		3,464		3,425
Investments		3,875		3,875
Acquired intangible assets		116,457		128,253
Goodwill		214,640		210,392
Total non-current assets		427,845		431,110
TOTAL ASSETS	$	775,212	$	707,920
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	171,962	$	124,884
Provisions		1,873		3,075
Unearned contract revenue		41,447		41,723
Lease obligations		6,103		5,645
Contingent earn-out		30,978		39,136
Derivative liabilities		151		92
Total current liabilities		252,514		214,555
NON-CURRENT LIABILITIES
Debt facility		120,750		89,750
Lease obligations		38,714		33,798
Unearned contract revenue		17,164		14,503
Contingent earn-out		2,692		2,697
Deferred tax liabilities		21,557		25,862
Total non-current liabilities		200,877		166,610
TOTAL LIABILITIES		453,391		381,165

SHAREHOLDERS’ EQUITY
Issued capital		226,347		225,747
Contributed surplus		5,193		6,019
Retained earnings		78,501		91,268
Accumulated other comprehensive income (loss)		11,780		3,721
TOTAL SHAREHOLDERS’ EQUITY		321,821		326,755
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	775,212	$	707,920
Number of common shares issued and outstanding		11,690,276		11,802,364

CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
For the three months and six months ended March 31, 2025 and 2024
(Canadian dollars in thousands, except per share data)

	Three months ended				Six months ended
	March 31,				March 31,
	2025		2024		2025		2024
Revenue	$	193,667	$	201,268	$	378,714	$	380,447
Cost of revenues		129,025		131,231		255,271		252,192
Gross profit		64,642		70,037		123,443		128,255

Selling, general and administrative		44,477		40,192		82,582		74,337
Research and development		2,771		2,695		5,667		5,414
Share based compensation		949		1,128		2,040		2,318
Profit before under noted items		16,445		26,022		33,154		46,186

Restructuring expense		372		1,495		1,064		1,495
Depreciation and amortization		11,474		10,113		23,014		19,119
Mergers and acquisition costs		2,373		5,329		4,693		7,309
Profit before interest income and income tax expense		2,226		9,085		4,383		18,263

Interest expense		2,111		1,734		3,894		3,281
Income tax expense (recovery)		(180)		2,426		1,170		4,532
NET PROFIT (LOSS)	$	295	$	4,925	$	(681)	$	10,450

Net profit (loss) per share:
Basic	$	0.03	$	0.42	$	(0.06)	$	0.88
Diluted	$	0.02	$	0.41	$	(0.06)	$	0.87

CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months and six months ended March 31, 2025 and 2024
(Canadian dollars in thousands)

	Three months ended						Six months ended
	March 31,						March 31,
	2025			2024			2025			2024
CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES
Net profit	$	295		$	4,925		$	(681	)	$	10,450
Items not affecting cash:
Interest expense		1,612			1,426			2,907			2,524
Changes in fair value related to contingent earn-out		558			4,088			1,116			4,814
Lease obligations interest expense		499			308			987			757
Income tax expense (recovery)		(180	)		2,426			1,170			4,532
Employee share purchase plan expense		115			134			289			296
Share based compensation expense		834			1,010			1,751			2,023
Depreciation and amortization		11,474			10,113			23,014			19,119
Deemed compensation		1,470			911			3,033			1,515
		16,677			25,341			33,586			46,030
Change in non-cash working capital
Accounts receivable		(55,935	)		(49,996	)		(56,102	)		(61,185	)
Work in process		668			1,341			900			443
Prepaid expenses and other		3,884			(3,483	)		1,146			(3,557	)
Inventory		2,637			3,570			(3,605	)		980
Accounts payable and accrued liabilities		48,068			59,181			47,210			74,697
Unearned contract revenue		1,092			4,534			2,386			4,740
		17,091			40,488			25,521			62,148
Interest paid		(2,111	)		(1,734	)		(3,894	)		(3,281	)
Income tax paid		(5,120	)		(2,966	)		(7,385	)		(5,541	)
		9,860			35,788			14,242			53,326
CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES
Issuance of common shares net of costs		664			945			1,545			1,639
Dividends		(3,292	)		(3,319	)		(6,584	)		(6,633	)
Net draw on debt facility		5,000			(24,750	)		31,000			31,250
Payment of lease obligations		(1,664	)		(1,429	)		(3,106	)		(2,600	)
Repurchase of common shares		(4,384	)		—			(9,310	)		(1,357	)
		(3,676	)		(28,553	)		13,545			22,299
CASH FLOWS USED IN INVESTING ACTIVITIES
Business acquisitions		(678	)		(10,840	)		(11,893	)		(58,297	)
Property, plant and equipment		(2,396	)		(2,796	)		(3,532	)		(5,196	)
		(3,074	)		(13,636	)		(15,425	)		(63,493	)

NET CASH INFLOW (OUTFLOW)	$	3,110		$	(6,401	)	$	12,362		$	12,132
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		61,040			52,267			51,788			33,734
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	64,150		$	45,866		$	64,150		$	45,866

Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

Adjusted EBITDA

		Three months ended					Six months ended
		March 31,					March 31,
	2025			2024¹		2025			2024¹
Net profit	$	295		$	4,925	$	(681	)	$	10,450
Share based compensation		949			1,128		2,040			2,318
Restructuring expense		372			1,495		1,064			1,495
Depreciation and amortization		11,474			10,113		23,014			19,119
Mergers and acquisition costs		2,373			5,329		4,693			7,309
Interest expense		2,111			1,734		3,894			3,281
Income tax		(180	)		2,426		1,170			4,532
Adjusted EBITDA	$	17,394		$	27,150	$	35,194		$	48,504
Adjusted EBITDA per share – Basic		1.48			2.29		3.00			4.10
Adjusted EBITDA per share – Diluted	$	1.46		$	2.26	$	2.95		$	4.02

Adjusted Net Profit and Adjusted EPS

		Three months ended				Six months ended
		March 31,				March 31,
	2025		2024¹		2025			2024¹
Net profit	$	295	$	4,925	$	(681	)	$	10,450
Share based compensation		949		1,128		2,040			2,318
Restructuring expense		372		1,495		1,064			1,495
Mergers and acquisition costs		2,373		5,329		4,693			7,309
Amortization of intangibles		7,066		6,149		14,400			11,384
Adjusted net profit		11,055		19,026		21,516			32,956
Weighted average number of common shares basic		11,726,127		11,846,338		11,749,796			11,829,456
Adjusted EPS Basic		0.94		1.61		1.83			2.79
Adjusted EPS Diluted	$	0.93	$	1.58	$	1.81		$	2.73

Operating Free Cash Flow

		Three months ended				Six months ended
		March 31,				March 31,
	2025		2024¹		2025		2024¹
Cash flows generated from operating activities (free cash flow)	$	9,860	$	35,788	$	14,242	$	53,326
Adjustments:
M&A costs included in operating activities		345		330		544		980
Change in non-cash working capital		(414)		(15,147)		8,065		(16,118)
Operating free cash flow	$	9,791	$	20,971	$	22,851	$	38,188
Operating free cash flow per share – basic		0.83		1.77		1.94		3.23
Operating free cash flow per share – diluted		0.82		1.74		1.92		3.17
Operating free cash flow conversion		56 %		77 %		65 %		79 %

Net Debt to Adjusted EBITDA

	March 31,		September 30,
	2025		2024¹
Cash	$	64,150	$	45,866
Debt facility		120,750		69,000
Net debt (net cash)		56,600		23,134
Trailing twelve month adjusted EBITDA		78,846		86,355
Net debt to adjusted EBITDA		0.7		0.3

Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

_{¹ Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected quarterly financial information section of the management discussion and analysis.}

The MIL Network –

May 14, 2025

MIL-OSI: Peter Lambrinakos, O.O.M., CPP, Joins Draganfly’s Public Safety Advisory Board, Strengthening Canadian Leadership in Public Safety

Source: GlobeNewswire (MIL-OSI)

Veteran leader in public safety, national security, and critical infrastructure protection brings strategic, operational, and innovation expertise to advance Draganfly’s public safety mission

Saskatoon, SK, May 14, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8), an industry-leading drone solutions and systems developer, is proud to announce the appointment of Peter Lambrinakos, O.O.M., CPP, to its Public Safety Advisory Board. An internationally recognized authority in public safety leadership, national security, and the responsible deployment of emerging technologies, Mr. Lambrinakos brings more than three decades of operational, strategic, and innovation experience to advance Draganfly’s next phase of growth.

Mr. Lambrinakos previously served as the inaugural Chief of Police and Chief of Corporate Security for VIA Rail Canada, where he established and led Canada’s first dedicated intercity rail police service, protecting critical transportation infrastructure across a 12,500-kilometre national network. Before his tenure at VIA Rail, Mr. Lambrinakos held senior executive leadership roles with the Montreal Police Service (SPVM), where he commanded key divisions including Major Crimes, Economic Crimes, Organized Crime, Intelligence, and Crisis Response. He spearheaded transformational public safety reforms, created the Montreal Metro Police Division for North America’s third-busiest subway system, oversaw counter-terrorism and national security initiatives, and led the development of major crisis management structures for the City of Montreal. His leadership was instrumental in advancing public safety innovation, protecting critical infrastructure, and enhancing public trust in Canada’s second-largest urban police service.

Currently, Mr. Lambrinakos serves as a Commission Member with the Military Police Complaints Commission of Canada, an independent federal body providing civilian oversight of military policing. He is also the Distinguished Fellow and Director of the Public Safety Program at the University of Ottawa’s Professional Development Institute, and Co-Founder of the IJIS Institute’s Center of Excellence on Artificial Intelligence for Justice, Public Safety, and Security, advancing ethical AI integration across public safety sectors.

A recipient of the prestigious Officer of the Order of Merit of the Police Forces (O.O.M.), Lambrinakos’s career exemplifies a steadfast dedication to innovation, operational excellence, and public trust. His appointment strengthens Draganfly’s mission to develop secure, ethical drone technologies that address the evolving needs of public safety agencies and national security stakeholders.

“Canada has long been a global leader in integrating technology into public safety operations,” said Peter Lambrinakos. “Draganfly’s commitment to responsible, secure drone innovation that supports front-line responders is critical—not only to Canada’s evolving safety landscape but to setting global standards for public protection and critical infrastructure resilience.”

Lambrinakos’s appointment comes at a pivotal time as governments and agencies increase their demand for domestically developed, secure, and non-foreign-made drone technologies that meet stringent operational and national security standards. Draganfly, proudly Canadian-founded and headquartered, is uniquely positioned to support North American and allied public safety agencies with secure, scalable solutions that align with national defence and homeland security priorities.

“We are honoured to welcome Peter to our Public Safety Advisory Board,” said Cameron Chell, CEO of Draganfly. “His track record of service and dedication to Canadian public safety is unmatched. With his guidance, Draganfly will continue to lead the way in deploying advanced, ethical drone technologies that protect communities, support law enforcement, and empower emergency response teams.”

Draganfly’s Public Safety Advisory Board brings together experienced leaders from law enforcement, emergency management, and defence sectors to guide the development and deployment of its public safety drone ecosystem. This includes situational awareness platforms, AI-enhanced aerial systems, and integrated response tools—many of which are designed, engineered, and manufactured in Canada.

With Lambrinakos’s expertise, Draganfly will continue to strengthen its position as a trusted Canadian ally in public safety, upholding the country’s legacy of innovation, integrity, and operational excellence.

For more information about Draganfly and its leadership team, visit draganfly.com.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is a global leader in drone technology, AI, and autonomous systems, providing innovative solutions for public safety, defense, agriculture, and industrial applications. With over 25 years of experience, Draganfly is recognized for its groundbreaking contributions to the UAV industry and commitment to delivering cutting-edge, North American-made technology.

CSE Listing
NASDAQ Listing
Frankfurt Listing

Media Contact
Erika Racicot
Email: media@draganfly.com

Company Contact
Email: info@draganfly.com

The MIL Network –

May 14, 2025
MIL-OSI Africa: Rania El Rafie Appointed to Jury Panel of the 50 Most Influential African Women in Sports Awards 2025/2026

Source: Africa Press Organisation – English (2) – Report:

JOHANNESBURG, South Africa, May 14, 2025/APO Group/ —

APO Group (https://APO-opa.com) is proud to announce that Rania El Rafie, Vice President of Public Relations and Strategic Communications, has been appointed to the Jury Panel for the 2025/2026 editions of the 50 Most Influential African Women in Sports Awards, an initiative recognising groundbreaking contributions and leadership by women across the African sports ecosystem.

Organised by Africa Sports Ventures Group (ASVG) and the Women Sports Africa Network (WSAN), the 50 Most Influential African Women in Sports Awards honour outstanding female leaders, athletes, executives, and changemakers who are reshaping the African sports landscape. The esteemed Jury Panel features professionals from across the continent and the diaspora, including Albert Kyei Frimpong, President of WBSC Africa and Board Member of the Confederation of African Olympic Sports Associations (CASOL), and Dr. Maha Zaoui, an experienced sports management expert currently serving as General Manager of Rugby Africa.

“I’m honoured to be considered for the Jury Panel of the 50 Most Influential African Women in Sports Awards for 2025 and 2026,” said El Rafie. “This platform plays a vital role in amplifying the voices and achievements of women shaping the future of African sport, and I’m proud to contribute to that mission.”

El Rafie is a seasoned public relations executive with over 22 years of experience across Africa and the Middle East. Based in Cairo, Egypt, she currently serves as Vice President of Public Relations and Strategic Communications at APO Group, where she became the first and youngest person internally promoted to this executive role in January 2024. She has led award-winning campaigns recognised by SABRE Awards, Brands Review Magazine, and World Business Outlook, and was recently awarded a Bronze Stevie® Award in the Most Innovative Woman of the Year 2025 category, and was recognised as one of Africa’s Top 50 Outstanding Women in Communications.

Her experience in sports communication spans the NFL, Basketball Africa League, International Olympic Committee (IOC), and FIFA. She has also driven pan-African communications strategy for major brands such as Canon, Nestlé, TikTok, and Afreximbank. With a degree in Business Administration from the American University in Dubai, Rania brings strategic insight, media expertise, and a passion for sports and empowerment to the jury’s mission.

The announcement coincides with the official launch of the Awards’ new digital platform – (https://apo-opa.co/3SxXj9A) – a hub dedicated to honouring and celebrating the achievements of African women in sports. The site will serve as the central point for information, nominations, and public engagement in the lead-up to the 2025 Awards ceremony, scheduled to take place on 31 July 2025 in Nairobi, Kenya. All nominations will be reviewed by an independent Selection Committee.

This joint initiative marks a landmark moment for African women in sports, aiming to increase visibility, recognition, and opportunities across administration, business, media, technology, and athletics.

MIL OSI Africa –

May 14, 2025
MIL-OSI United Kingdom: Thousands of Civil Service roles moved out of London in latest reform to the state
Source: United Kingdom – Executive Government & Departments

Press release

Thousands of Civil Service roles moved out of London in latest reform to the state

Civil servant roles, including senior leadership, will be relocated to 13 locations across the UK to develop and deliver policy closer to communities
Thousands of Civil Servants – including senior leaders – will be based in towns and cities across the UK to work with frontline workers and local leaders.

New digital and AI campus in Manchester and energy campus in Aberdeen to turbocharge local talent and expertise in these communities.

As part of our Plan for Change to re-wire the state, 11 central London offices will be closed including one of the largest Whitehall buildings – saving £94m per year – as the number of roles in the capital is reduced by 12,000.

Thousands of civil service jobs will be relocated to 13 towns and cities across the country as part of our Plan for Change.

The shake up will require more senior and policy roles to be based outside London. This will deliver and develop government policy closer to the communities it affects as part of a more productive and agile state.

The plans will see officials working closely with frontline workers, facilitating greater understanding of the real issues facing local services and people, and how central government policy can support them.

Changes will be introduced so talented young people from across the UK are able to progress straight from school or university into the Civil Service and rise all the way up to the most senior roles, without ever having worked in Whitehall.

Chancellor of the Duchy of Lancaster Pat McFadden, said:

To deliver our Plan for Change, we are taking more decision-making out of Whitehall and moving it closer to communities all across the UK.

By relocating thousands of Civil Service roles we will not only save taxpayers money, we will make this Government one that better reflects the country it serves. We will also be making sure that Government jobs support economic growth throughout the country.

As we radically reform the state, we are going to make it much easier for talented people everywhere to join the Civil Service and help us rebuild Britain.

As part of the spending review, Chancellor of the Duchy of Lancaster Pat McFadden has written to all departments requiring them to relocate key roles and strengthen the Government’s presence around the UK.

Government departments now will submit plans for how many roles they plan to move to each of the locations as part of the spending review.

Departments will be assessed on their commitments to the programme as part of the spending review. As well as increasing the number of officials working in Greater Manchester and Aberdeen, where two new government campuses will be created, roles will be created in Birmingham, Leeds, Cardiff, Glasgow, Darlington, Newcastle and Tyneside, Sheffield, Bristol, Edinburgh, Belfast and York.

The changes are projected to bring £729m in local economic benefits to these areas between 2024 and 2030.

New Regional Government Campuses

Under the plans and to accelerate the delivery of the Missions, three major new Government campuses will be created.

Government campuses involve departments moving skilled roles to the same town or city to boost collaboration – bringing civil servants with different skills and expertise but the same policy or delivery focus, to solve issues and improve services for working people across the country.

The first two of these, the new Government Digital and AI Innovation Campus and Energy Campus, will be in Manchester and Aberdeen.

Manchester is already home to the second HQs of DSIT and DCMS, as well as a key base for GCHQ. The new campus will harness the city’s reputation as a global digital hub.

Aberdeen is the site of DESNZ’s second HQ, and the new HQ for Great British Energy.

The new campuses will partner with local government and universities to deliver the government’s missions, improve the talent pipeline into Government and boost growth and opportunity.

Supporting Senior Civil Service Careers Outside London

To ensure those based outside of London have equal professional growth and development opportunities, with full end-to-end careers, the Government will locate 50% of UK-based Senior Civil Servants in regional offices by 2030.

This will be supported by a new ambition for the Fast Stream programme to have 50% of placements offered outside of London by 2030, making it increasingly possible for future leaders and managers to progress in their careers without ever needing to work in the capital.

A new ‘Career Launch Apprenticeship’ programme will also open for applications this Summer, starting in 2026. The Level 3 Business Administrator apprenticeship programme will train up future civil servants based in Birmingham and Manchester, as well as London.

A new secondment scheme will also be developed and launched, in partnership with the Local Government Association, with Civil Servants placed directly with local authorities, building links within regions, and ensuring those delivering policy, experience first hand the work of local government and the services they provide.

Making Savings in London

Alongside the relocation of jobs, 11 London office buildings will be closed over the next five years and the number of London based civil servants will reduce by 12,000 by 2030 – down from 95,000 FTE staff to 83,000 – as the government focuses on saving taxpayer money and delivering better public services across all parts of the UK.

The move is set to deliver £94 million in savings annually by 2032, by getting rid of large, expensive London real estate. The plans include the closure of two major Westminster government buildings – 102 Petty France, one of the largest government buildings in London and home to 7,000 FTE staff, and 39 Victoria Street – which together cost tens of millions of pounds a year.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 14 May 2025
MIL OSI United Kingdom –
May 14, 2025
MIL-OSI United Kingdom: Alexandra Jones, Sally McInnes, Sally Sheard, James Strachan, Aruna Verma and Simon Wessely appointed to the ACNRA Board.
Source: United Kingdom – Executive Government & Departments

News story

Alexandra Jones, Sally McInnes, Sally Sheard, James Strachan, Aruna Verma and Simon Wessely appointed to the ACNRA Board.

The Secretary of State has appointed 6 Board Members to the Advisory Council on National Records and Archives for four years from 10 March 2025 to 09 March 2029.
Alexandra Jones

Alexandra Jones, the Director of Anti-Money Laundering at the Solicitors Regulation Authority, brings a wealth of experience in governance, compliance, and leadership to her role. At the SRA, Alexandra leads the development and implementation of AML policies, ensuring regulatory compliance across the legal sector. Her career spans diverse sectors, including finance and regulation, providing her with a unique perspective on risk management and ethical considerations.

Before joining the SRA, Alexandra served as CEO of the Registry Trust, where she gained deep insight into legal and ethical issues related to data access, copyright, and privacy. She also held senior roles at the Financial Ombudsman Service and HSBC Bank, where she managed teams while upholding confidentiality and compliance standards. Her leadership experience is complemented by her commitment to professional development, including studying data ethics at the London School of Economics.

Alexandra’s career reflects a dedication to promoting transparency and integrity. She is motivated by the vision of safeguarding collective heritage and leveraging it as a resource for education and public engagement.

Sally McInnes

Sally McInnes was formerly Head of Unique and Contemporary Content at the National Library of Wales. A professionally trained archivist, she has extensive experience in promoting, preserving and providing access to unique content of national significance, as well as policy development within the Welsh cultural sector.

Sally has a particular interest in managing digital content, as well as improving professional competence in digital preservation, for which she has earned international recognition. As a former Director of the Digital Preservation Coalition, she worked to raise public and institutional awareness of digital preservation issues in Wales and beyond.

She has played a leading role in a number of national and international professional networks. In recognition of her contribution to recordkeeping, she was awarded an MBE in 2024 for Services to Documentary History. She is a Fellow of the Archives and Records Association.

Sally Sheard

Professor Sally Sheard is Executive Dean of the Institute of Population Health at the University of Liverpool, where she also holds the Andrew Geddes and John Rankin Chair of Modern History. She is a health policy analyst and historian, with a research focus on the interface between expert advisers and policymakers.

Sally has extensive experience of using history in public and policy engagement, including working with national and local government organisations and health authorities. She has written for and appeared in numerous television and radio programmes. In 2018 she wrote and presented the twenty-part BBC Radio 4 series National Health Stories, to mark the seventieth anniversary of the NHS. Her books include The Passionate Economist: how Brian Abel-Smith shaped global health and social welfare (Policy Press, 2013); Making Genetics and Genomics Policy in Britain: from Personal to Population Health (co-authored with Philip Begley; Routledge, 2022) and NICE: A Contemporary History of the National Institute for Health and Care Excellence (co-authored with Paul Atkinson; Routledge, 2025).

James Strachan

James is Chief Executive of Eastleigh Borough Council in south Hampshire, and has been a senior leader in Hampshire local government for 16 years. In addition to overseeing local services such as waste collection, planning, homelessness support and elections, James is ultimately responsible for information governance at the Council. Prior to moving to Hampshire, James was Director of Public Services and Marketing at The National Archives, and served as Secretary to the official review of the 30-year rule, which was commissioned by Prime Minister Gordon Brown.

James has also worked at the Cabinet Office, and had a career in publishing prior to joining the civil service. He oversaw the online launch of Encyclopaedia Britannica in Europe and was among the first employees of the mobile network ‘3’, negotiating the first ever mobile highlights deal with the Premier League. James lives in Salisbury and serves as a magistrate on the West Hampshire Bench, based in Southampton.

Aruna Verma

Aruna Verma is a distinguished lawyer, associate professor, and Campus Dean at The University of Law, Moorgate. With a strong background in legal education and practice, she has played a pivotal role in shaping the next generation of legal professionals. As an academic leader, she combines her expertise in law with a passion for teaching, ensuring that students gain both theoretical knowledge and practical skills essential for success in the legal profession.

Her career spans legal practice, academia, and educational leadership, making her a respected figure in the field. At The University of Law, she oversees academic programs, fosters student engagement, and works closely with industry professionals to bridge the gap between law school and legal practice.

Beyond academia, Aruna is known for her contributions to legal scholarship, mentorship, and commitment to advancing diversity in the legal profession. Her leadership ensures that the Moorgate campus remains a hub for aspiring solicitors and barristers, preparing them for the challenges of the ever-evolving legal Landscape.

With her wealth of experience and dedication to legal education, Aruna Verma continues to make a lasting impact on both students and the legal community. Aruna also sits as a Chair at The Valuation Tribunal and the Chair of Governors at a local school. Aruna is a trained mediator and online dispute resolution specialist.

Simon Wessely

Sir Simon Wessely FRS is the Regius Chair of Psychiatry at the Institute of Psychiatry, Psychology and Neuroscience (IOPPN), part of King’s College London (KCL), the first such chair in the United Kingdom. He is also a Consultant Liaison Psychiatrist at the Maudsley and King’s College Hospitals.

After studying medicine and History of Art at Cambridge, he finished his medical training at Oxford. He is an active clinical academic psychiatrist with >1000 publications, a Fellow of the Academy of Medical Sciences and a Fellow of the Royal Society (FRS). He is a Past President of the Royal College of Psychiatrists and the Royal Society of Medicine. He was Dean of the IOPPN (2022-23) and is now a Non Executive Director of NHS-England.

In 2003 he founded the King’s Centre for Military Health Research, which is now ranked 1st globally for publications on military health. He remains the Honorary Consultant Advisor in Psychiatry to the British Army, and works with several charities for Veterans. He was knighted in 2013 for services to military health and psychological medicine. He continues to have a broad interest in how people and populations react to adversity, past present and future.

He chaired the government’s Independent Review of the Mental Health Act (2017-19), which should receive Royal Assent at Easter. He also was a member of the Judicial Appointments Commission (2017-23). His amateur interests revolve around history, and he is proud of having written some papers in “proper” history journals. Finally, if you are a follower of “Desert Island Discs” you will know his favourite occupation is arguing in Viennese cafes , perhaps reflecting the fact that his father was born in Central Europe, coming over to the UK in 1939.

Remuneration and Governance Code

Board Members will be remunerated at a rate of £386 per day. James Strachan requested not to be remunerated for this role. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. None of the candidates have declared any significant political activity.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 14 May 2025
MIL OSI United Kingdom –
May 14, 2025
MIL-OSI United Kingdom: CMA response to the Independent Water Commission’s call for evidence

Source: United Kingdom – Executive Government & Departments

Correspondence

CMA response to the Independent Water Commission’s call for evidence

The Competition and Markets Authority (CMA) has published its response to the Independent Water Commission’s call for evidence, in relation to the water sector in England and Wales.

Documents

CMA response to the Independent Water Commission’s call for evidence

PDF, 197 KB, 8 pages

Details

The CMA responded to the Independent Water Commission’s call for evidence.

Our response focuses on the CMA’s overall role in the water regulatory system, in particular our role in conducting regulatory appeals and redeterminations.

Updates to this page

Published 14 May 2025

Sign up for emails or print this page

MIL OSI United Kingdom –

May 14, 2025
MIL-OSI United Kingdom: Portsmouth Tennis Centre receives national award for inclusive programme

Source: City of Portsmouth

Chosen from more than 2,000 nominations across 25 different categories, Portsmouth Tennis Centre was crowned the most inclusive tennis centre in the nation, attaining the prestigious Tennis Opened Up Award.

Portsmouth Tennis Centre is owned by Portsmouth City Council, and is operated by registered charity and social enterprise BH Live.

The LTA Tennis Awards recognises the vital work volunteers, coaches, officials, and players contribute to make tennis an enjoyable, safe, and accessible sport for all.

BH Live’s tennis coaches work closely with the LTA and community partners to deliver an inclusive coaching framework for all.

Currently more than 400 players attend weekly tennis sessions, including people with head injuries, dementia, Down’s Syndrome and visual impairments. Inclusive sessions are tailored to participants’ individual needs. Adjustments to facilitate play include smaller courts, raised court lines, smaller rackets, foam tennis balls, and games played at a slower pace. The centre is also completely accessible with ramps, automatic electric doors and accessible toilet facilities.

The team actively encourages more young people to enjoy the game from an early age too. They do this by providing free to attend open days throughout the year for families to have a go at playing games and try out coaching drills. BH Live also funds and delivers coaching sessions to hundreds of school children across the city so they can try out the sport.

Last year, the team welcomed more than 1,200 attendees to its school holiday camps, with half of the places provided through Portsmouth City Council’s HAF Fun Pompey programme, which is funded by the UK government. The programme providing hot meals and activity spaces for children whose families are in receipt of benefits and eligible for free school meals.

Portsmouth Tennis Centre was also the LTA Tennis Awards 2023 Hampshire & Isle of Wight winner in the ‘Tennis For All Category’ in recognition for bringing tennis to under-represented groups and communities throughout the city.

Cllr Lee Hunt, Cabinet Member for Community Safety, Leisure & Sport at Portsmouth City Council said:

“It is wonderful to see the Portsmouth Tennis Centre’s efforts recognised at a national level with this award, which officially now the most inclusive tennis centre in the nation!

“Encouraging healthy lifestyles in our communities, and promoting positive physical health is priority for us. We are thrilled that we are able to offer these opportunities for anyone in the city who wants to get involved with tennis, thanks to this collaboration with BH Live.”

On behalf of BH Live, Macca Neaves, Tennis Manager, shared;

“We’re thrilled to see our inclusive tennis programme and fantastic facilities recognised. But the real highlight is watching more people walk through our doors and give the sport a try. I’m incredibly proud of our team for their dedication, and deeply grateful to our city partners and customers — they’re the true stars for stepping up and embracing tennis. We hope this inspires even more people to come along, pick up a racket, and get involved.”

More information about Portsmouth Tennis Centre can be found online at bhliveactive.org.uk/tennis-centre.

MIL OSI United Kingdom –

May 14, 2025
MIL-OSI United Kingdom: Health and Social Care Secretary’s speech on men’s health

Source: United Kingdom – Executive Government & Departments 2

Speech

Health and Social Care Secretary’s speech on men’s health

Wes Streeting spoke at the launch of the Centre for Policy Research for Men and Boys (CPRMB) on Tuesday 13 May

It is a genuine pleasure to be here alongside so many friends, people I don’t yet know, but people we want to work with.

It’s great to have such a wide range of people and organisations represented around the room, who are creating spaces for men to fight loneliness.

Encouraging open conversations about masculinity and providing positive role models for boys across our country.

I want to thank you, Richard, for picking up this agenda and helping to force it into the mainstream.

Society has been slow to wake up to the fact that a lot of men and boys are really struggling today, and you’re playing a big role in correcting that.

And as you alluded to in your remarks, making sure that this is a mainstream agenda and not one that is surrendered to the margins and the extremes.

So, I’m looking forward to working with you and your institute as we begin to develop solutions to the inequalities and injustices that men and boys face in our country today.

The truth is it can be quite tough to be a young man in today’s society.

Lots of boys, particularly those from working class backgrounds like mine, are falling behind at school and are worried about their futures.

The proliferation of toxic influences and content on social media is leading a lot of boys astray.

A lot of content on social media that provided a real challenge for girls in terms of positive body image and what it meant to be a perfect girl or a woman in our society. Those challenges are now applying to men and boys in similar if sometimes different ways.

And all of this is contributing to a crisis in masculinity.

Since taking on the health and social care brief in opposition three and a half years ago, I’ve been very outspoken about the fact that it takes seven and a half years for women to receive a diagnosis for a common condition like endometriosis, or that a universal experience like menopause is still treated as if it’s a rare condition affecting alien species.

And I feel just as enraged about the inequalities in men’s health, frankly.

Men are living four years less than women.

The gap widens if you just look at working class communities.

Men are disproportionately affected by cancer, cardiovascular disease and type two diabetes.

The tragedy is that many of these conditions are treatable and even preventable.

Black men are twice as likely to die from prostate cancer as white men.

And suicide is the number one killer of men under the age of 50, which was a fact so shocking that I nearly fell off my chair when I first heard it and actually asked for the statistic to be checked. And the fact that it’s now more commonly cited should not make the fact itself less shocking or outrageous.

Nothing frustrates me more than when men’s health and women’s health are pitted in opposition to each other, as if by focusing on men’s health strategy, we are in any way detracting from the work we’re doing on women’s health.

This is not an either or.

It very much has to be on hand, and we will address both.

And it also does a disservice to lots of women in our society, as if somehow women don’t care about their fathers and grandfathers, their brothers, their sons, their nephews, any less than we care about our mothers or grandmothers, our sisters.

It’s really serious.

So I actually think that we are all in this together, and we will succeed as a society if we’re working together to tackle the injustices and inequalities that affect men and women.

There’s a common problem across the NHS that women’s voices are not heard, and women are not listened to.

When it comes to men, I think the problem is often we’re more reluctant to speak up in the first place.

One in three men have never had a conversation with a brother, father or grandfather about their health.

The same number would prefer to suffer in silence than go to the doctor about their mental health.

So, I think we’ve got to teach men from a young age that it’s okay to feel, to hurt, and to ask for help.

Doing so doesn’t make you any less of a man.

And I think that making sure this generation of young men and boys are aware of that fact is how we make them less likely to channel their emotions into anger, aggression, or depression.

This is all why we’re doing the first ever Men’s Health Strategy.

I announced this last year at the Emirates Stadium to coincide with Movember, alongside a large number of men’s groups and organisations, charities and men’s health ambassadors.

It was a great event, but one of the things that came out of it on the day and since has never ceased to amaze me. And that is just how many people said thank you.

That’s not just because as a politician, it’s rare for someone to say thank you.

I mean, to be fair, we’ve got to give people something to be grateful about.

But, actually, I was saying to people, look, you can thank us when we’ve done something.

All I’ve done is say we’re going to have a strategy.

We hadn’t even launched the call for evidence at that point.

So I said, thank you.

When we’ve done something, when we’ve had an impact and we’ve started to change those statistics and change things about their lives and futures.

But actually the pushback I got was, no, actually, we’re genuinely grateful because we’ve been fighting for this for so many years and haven’t had a hearing, let alone someone being prepared to launch a call for evidence that will lead to a strategy.

And that tells us something about the extent to which men’s health has been overlooked, and particularly men’s mental health.

So we launched our call for evidence for the Men’s Health Strategy in April, and I was about to say, I want to ask everyone who hasn’t responded yet to do so and spread the word further.

But actually, we have been really overwhelmed and really struck by just how positive and engaged such a large number of organisations have been.

So, but nonetheless, we want to make sure we engage as many men, as many organisations and as many different types of men and different parts of the country from different communities as we have.

Which is right.

We have to look at the data and we will take an evidence-based approach.

But as we know, statistics paint a picture to an extent but what we also need to do is understand the story that we want to tell.

We’re talking about the experience of men and boys today and how we’re going to make it so much better, so we could do with more insight as well as data, especially from those grassroots organisations in this room and beyond, in a range of communities across the country, whether on physical health or mental health, whether we’re talking about white men or Black men, whether we’re talking about class inequality as well, which is at the heart of a lot of mental health. Any serious attempt to address mental health must confront these inequalities head on.

So, we’ve got our work cut out for us. Doing is a lot more important than talking.

We’ve done the easy bit, in my view.

We’ve committed to having a strategy to making a difference and making sure that we’re proud of the impact.

But in order to be successful, this isn’t just a challenge that government can address.

This is about government playing its part, but working in partnership with civil society, with businesses, with all of us as citizens to try and tackle what are a wide range of challenges and problems facing men and boys.

And that’s why this gathering is really important to me, the department and the government, because we need to do this with you rather than to you. A with this level of enthusiasm, this level of energy, we genuinely think we can do something impactful that we’ll be able to look back on for the rest of our lives with pride, knowing that we were prepared to confront the problems and the challenges head on, and make sure that boys growing up in this country today, whoever they are, whatever their background, can achieve their fullest potential and look forward to a life well lived, rather than experience the deep anxiety and despair far too many boys in our country are experiencing today.

So thank you very much in advance.

Updates to this page

Published 14 May 2025

MIL OSI United Kingdom –

May 14, 2025
MIL-OSI Russia: Construction of the second stage of the Novosibirsk State University campus has crossed the “equator”

Translation. Region: Russian Federal

Source: Novosibirsk State University – Novosibirsk State University –

Construction readiness of the second stage of the campus on the basis of Novosibirsk State University (NGU) is more than 50%. This was reported by the head of the Directorate for the construction of unique objects of the Unified Customer PPC Natalia Zarubina at a press tour that took place on May 14, 2025.

The public-law company “Single Customer in the Sphere of Construction” acts as the state customer for the work and is responsible for the implementation of the facility.

— Unified Customer is implementing the second stage of the project. At the moment, the overall readiness of the facilities is 57%. The builders are working according to the established schedule and in 2026 we plan to put all three buildings with a total area of about 40 thousand square meters into operation. Almost three thousand students will have the opportunity to study in new modern buildings, — noted Natalia Zarubina, Head of the Directorate for the Construction of Unique Facilities of the Unified Customer PPC.

The construction of the campus opens up broad opportunities for the creation of innovative infrastructure that will promote the development of science, technology and education.

— The development of modern educational infrastructure, including the construction of world-class campuses, is an important area of work for the Russian Construction Complex. We are currently creating such a campus at Novosibirsk State University. The construction is being carried out by the “Single Customer in the Sphere of Construction”. Three academic buildings will be built here. The largest of them, the building for continuous classrooms, is already ready, and the delivery and installation of technological equipment is underway. The construction of two more buildings — the educational and scientific center of the Institute of Medicine and Medical Technologies and the scientific research center — is ongoing. Here, the installation of facades and roofs, internal walls and partitions, external and internal utility networks, as well as finishing work are underway. I am confident that the creation of modern and comfortable conditions for learning will help students and researchers develop Russian science, — said Deputy Prime Minister Marat Khusnullin.

The building of flow auditoriums was put into operation back in December 2024. Four auditoriums were equipped there, one of which is designed for 400 people, the building houses a scientific library, a student project center, coworking spaces, and a conference hall. In addition, for the convenient movement of students and teachers, an overhead passage with stained glass appeared there. It connects the building with the current educational building of NSU.

— The cohesive, well-organized work of all specialized structures headed by the regional government yields results: an educational building and a leisure center Specialized educational and scientific center of NSU, as well as the NSU dormitory complex were put into operation.

The building of flow auditoriums has been put into operation and is preparing to receive students. This is a high-tech multifunctional space. The objects that are located here can be called unique. A scientific library with elements of artificial intelligence and a collection of more than 1 million books. Four flow auditoriums, accommodating about a thousand people, and the auditorium for 400 people will be one of the largest among Novosibirsk universities. The locations in the building will be equipped with technologies of the NSU Artificial Intelligence Center according to the “smart home” principle.

Construction of two other second-stage campus facilities, the educational and scientific center of the Institute of Medicine and Medical Technologies and the scientific research center of NSU, is continuing at a good pace.

The project, aimed at creating a scientific and educational environment integrated into the city, will give a completely new dynamic to the development of the university, Akademgorodok and the entire region, commented Deputy Governor of the Novosibirsk Region Irina Manuilova.

Modern campuses often include not only study spaces, but also recreation areas, coworking spaces, and libraries. According to the university’s rector, Mikhail Fedoruk, the new buildings will have everything necessary for student learning.

— The building of continuous auditoriums will significantly increase our educational capabilities: about 2 thousand students will be able to study here at the same time. The educational process will begin here in September 2025. The fact that the library will receive a modern building and space is also very important. The total area of the building of continuous auditoriums is about 16 thousand square meters. This is the largest building among the second stage of construction. The commissioning of new buildings will certainly give further impetus to the development of the university in both educational and scientific research, technological terms. Thus, on the basis of the research center, we will develop promising scientific and technological areas. Among them are space instrumentation, new functional materials, platform software solutions in the oil and gas sector, photonics and sensorics, biotechnology and biomedical research, synchrotron-neutron research, advanced areas of applied mathematics (artificial intelligence and big data processing), — emphasized the rector of NSU, academician of the Russian Academy of Sciences Mikhail Fedoruk.

The campus is being implemented within the framework of the federal project “Creation of a network of modern campuses” and the national project “Youth and Children” on behalf of the President of Russia Vladimir Putin and the Government of the Russian Federation. Currently, three more world-class campuses are being built by the Unified Customer PPC in Yekaterinburg, Kaliningrad and Orel.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

May 14, 2025

MIL-OSI: Orezone Gold Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the first quarter of 2025. All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

First Quarter 2025 Highlights

Gold production of 28,688 oz
AISC per oz sold of $1,415
Revenue of $82.7M from the sale of 28,943 gold oz at an average realized price of $2,851 per oz
Adjusted EBITDA of $44.2M, Adjusted Earnings attributable to Orezone shareholders of $18.7M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.04
Liquidity of $130.9M at March 31, 2025 with cash of $102.0M and undrawn senior debt of $28.9M.
Stage 1 of the hard rock expansion reached 45% completion and remains on track for first gold in Q4-2025
Advancing work towards a secondary listing on the Australian Securities Exchange (“ASX”) by mid-2025

Patrick Downey, President and CEO, commented “The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices. Production and costs were in line with expectations with annual guidance being maintained. Cash reached a record $102 million at March 31, 2025, providing the Company with significant financial flexibility in pursuing its strategy of expanding gold production at our Bomboré Mine.

Construction of stage 1 of the hard rock expansion made excellent progress in Q1-2025 with project completion hitting 45%. We remain firmly on track for first gold by Q4-2025 which will scale forecasted gold production to over 170,000 oz per year.

We are also well advanced in our ASX listing application and expect that to be completed later in mid-2025. The recent equity financing was well supported by several key Australian mining funds and by our cornerstone investor, Nioko Resources Corporation, through their pro-rata participation. These financings added over $32 million to the Company’s treasury and have provided us the opportunity to study the merits of fast-tracking stage 2 of the hard rock expansion to increase annual production to over 220,000 oz and to upsize our 2025 discovery-focus drill program. The Company expects to announce a Board-approved final investment decision on stage 2 in the coming months.”

Highlights for the First Quarter and Significant Subsequent Events

(All mine site figures on a 100% basis)		Q1-2025	Q1-2024
Operating Performance
Gold production	oz	28,688	30,139
Gold sales	oz	28,943	31,229
Average realized gold price	$/oz	2,851	2,066
Cash costs per gold ounce sold¹	$/oz	1,226	1,127
All-in sustaining costs¹ (“AISC”) per gold ounce sold	$/oz	1,415	1,324
Financial Performance
Revenue	$000’s	82,715	64,685
Earnings from mine operations	$000’s	38,563	26,882
Net earnings attributable to shareholders of Orezone	$000’s	15,979	11,697
Net earnings per common share attributable to shareholders of Orezone
Basic	$	0.03	0.03
Diluted	$	0.03	0.03
EBITDA¹	$000’s	41,182	30,329
Adjusted EBITDA¹	$000’s	44,194	25,928
Adjusted earnings attributable to shareholders of Orezone¹	$000’s	18,690	7,736
Adjusted earnings per share attributable to shareholders of Orezone¹	$	0.04	0.02
Cash and Cash Flow Data
Operating cash flow before changes in working capital	$000’s	39,986	26,485
Operating cash flow	$000’s	27,704	13,637
Free cash flow¹	$000’s	3,682	2,013
Cash, end of period	$000’s	102,016	15,597

¹ Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

FIRST QUARTER HIGHLIGHTS

Safety Performance: Safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine was achieved in March 2025 demonstrating the Company’s strong commitment to worker safety. In Q1-2025, 1.4M hours were worked without a lost-time injury and at a low total recordable injury frequency rate of 0.74 per million man hours. Sadly, an incident resulting in the death of one contractor employee occurred on May 8, 2025 at the hard rock expansion construction site. The Company is conducting a thorough investigation on the causes of the accident in order to further improve safety practices and procedures.
Improved Liquidity: Available liquidity rose to $130.9M at March 31, 2025 with $102.0M in cash and XOF 17.5 billion ($28.9M) available for drawdown on the Phase II term loan with Coris Bank International (“Coris Bank”). The Company remains well-funded to execute on its 2025 and future growth plans.
Positive EBITDA, Net Earnings, and Earnings Per Share: Reported EBITDA of $41.2M, net earnings attributable to Orezone shareholders of $16.0M, and net earnings per share attributable to Orezone shareholders of $0.03 per share on a basic and diluted basis as earnings benefitted from the record rise in gold prices and unhedged gold sales in the current quarter. These earnings figures were 36%, 37%, and 5% higher, respectively, when compared against Q1-2024.
Free Cash Flow Generation: Generated free cash flow of $3.7M with cash flow from operating activities totalling $40.0M after deducting income taxes of $4.1M but before changes in non-cash working capital. Non-cash working capital increased by $12.3M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $24.0M reflecting a ramp-up in spending on the stage 1 of the Phase II hard rock expansion currently under construction. Strong operating cash flow funded the Company’s large capital programs and resulted in positive free cash flow for the current quarter.
Stage 1 of Phase II Hard Rock Expansion – Tracking on Schedule and Budget: Project completion reached 45% at the end of Q1-2025 with total project costs at $34.3M after $19.0M was incurred in Q1-2025. The expansion continues to track towards first gold in Q4-2025 at a project budget of $90M – $95M. Once in commercial production, stage 1 of the expansion is expected to boost annual gold production of the Bomboré Mine to between 170,000 to 185,000 oz per year.
Debt Reduction of Phase I Financing: Principal repayments totalling XOF 3.0 billion ($4.8M) were made on the Company’s senior debt in Q1-2025. As of March 31, 2025, the principal on senior debt stood at XOF 39.5 billion ($65.2M), of which XOF 22.0 billion ($36.3M) related to Phase I.

CORPORATE

Bought Deal Equity Offering: On March 13, 2025, the Company closed on a bought deal offering pursuant to which the Company issued 42,683,000 common shares at a price of C$0.82 per share for gross proceeds of C$35.0M. On March 19, 2025, the underwriter exercised its over-allotment option resulting in the Company issuing an additional 6,402,450 common shares at a price of C$0.82 per share for gross proceeds of C$5.3M. Gross proceeds from the offering totalled C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. The Company intends to use the net proceeds from the offering towards the acceleration of stage 2 of the Phase II hard rock expansion, additional exploration, working capital, and general corporate purposes.
Proposed Australian Securities Exchange (“ASX”) Listing: The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes an ASX listing will improve its market trading liquidity, offer an opportunity to grow the Company’s shareholder base and research coverage, and provide a pathway for future index inclusion. Work with legal advisors and technical consultants on the ASX listing application continued to progress in Q1-2025.

SUBSEQUENT EVENTS

Private placement with Nioko Resources Corporation (“Nioko”): On April 2, 2025, the Company closed a non-brokered private placement with Nioko for 10,719,659 common shares at a price of C$0.82 per share for gross proceeds of C$8.8M ($6.1M) in order to maintain its pro-rata share ownership in the Company.

2025 GUIDANCE FOR BOMBORÉ MINE

Bomboré Mine (100% basis)	Unit	FY2025 Guidance	Q1-2025 Actuals
Gold production	Au oz	115,000 – 130,000	28,688
All-In Sustaining Costs¹²³	$/oz Au sold	$1,400 – $1,500	$1,415
Sustaining Capital¹²	$M	$9 – $10	$3.2
Growth capital (excluding Phase II Expansion) ¹²	$M	$44 – $51	$7.7
Growth capital – Stage 1 of Phase II Expansion¹²	$M	$75 – $80	$19.0

Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

Growth capital is expected to range between $119M to $131M on four major growth projects:

No.	Growth Capital Description	Unit	FY2025 Guidance	Q1-2025 Actuals
I	Phase II Hardrock Expansion – Stage 1	$M	$75 – $80	$19.0
II	Permanent Back-up Diesel Power Plant	$M	$22 – $24	$4.8
III	TSF Footprint Expansion – Cell 2	$M	$11 – $13	$1.3
IV	Resettlement Action Plan (“RAP”)	$M	$11 – $14	$1.6
	Growth Capital Total	$M	$119 – $131	$26.7

	Phase II Hard Rock Expansion – Stage 2	$M	No guidance provided	–

The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.

OPERATING HIGHLIGHTS

Bomboré Mine, Burkina Faso (100% basis)		Q1-2025		Q1-2024
Safety
Lost-time injuries frequency rate	Per 1M hours	0.00		0.00
Personnel-hours worked	000’s hours	1,357		1,410
Mining Physicals
Ore tonnes mined	tonnes	2,114,543		2,402,533
Waste tonnes mined	tonnes	4,018,182		3,123,099
Total tonnes mined	tonnes	6,132,725		5,525,631
Strip ratio	waste:ore	1.90		1.30
Processing Physicals
Ore tonnes milled	tonnes	1,511,303		1,355,619
Head grade milled	Au g/t	0.67		0.78
Recovery rate	%	87.9		89.0
Gold produced	Au oz	28,688		30,139
Unit Cash Cost
Mining cost per tonne	$/tonne	2.81		3.48
Mining cost per ore tonne processed	$/tonne	8.06		8.02
Processing cost	$/tonne	7.80		9.24
Site general and admin (“G&A”) cost	$/tonne	3.78		3.79
Cash cost per ore tonne processed	$/tonne	19.64		21.05
Cash Costs and AISC Details
Mining cost (net of stockpile movements)	$000’s	12,176		10,867
Processing cost	$000’s	11,782		12,520
Site G&A cost	$000’s	5,718		5,134
Refining and transport cost	$000’s	166		117
Government royalty cost	$000’s	6,602		5,132
Gold inventory movements	$000’s	(951	)	1,416
Cash costs¹on a sales basis	$000’s	35,493		35,186
Sustaining capital	$000’s	3,199		4,018
Sustaining leases	$000’s	73		73
Corporate G&A	$000’s	2,182		2,069
All-In Sustaining Costs¹on a sales basis	$000’s	40,947		41,346
Gold sold	Au oz	28,943		31,229
Cash costs per gold ounce sold¹	$/oz	1,226		1,127
All-In Sustaining Costs per gold ounce sold¹	$/oz	1,415		1,324

¹ Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

BOMBORÉ PRODUCTION RESULTS

Q1-2025 vs Q1-2024

Gold production in Q1-2025 was 28,688 oz, a decrease of 5% from the 30,139 oz produced in Q1-2024. The lower gold production is attributable to a 14% decrease in head grades and 1% decrease in recovery rates partially offset by a 11% increase in plant throughput.

Plant throughput of 1.51M tonnes in Q1-2025 continues to exceed nameplate design by 16% and was 11% higher than Q1-2024 as plant operating hours in Q1-2024 were reduced from the commissioning of grid power to site, a ball mill reline, and grid power interruptions. Hourly plant throughput was successfully improved starting in July 2024 by increasing the mill power draw and reducing residence time in the CIL circuit with only a minor loss in recovery. This higher hourly throughput has been maintained into 2025.

The better head grades in Q1-2024 were from the sequencing of higher-grade pits in earlier periods of the mine plan and the preferential stockpiling of lower-grade ore mined.

BOMBORÉ OPERATING COSTS

Q1-2025 vs Q1-2024

AISC per gold oz sold in Q1-2025 was $1,415, a 7% increase from $1,324 per oz sold in Q1-2024. The higher AISC is primarily the result of: (a) lower head grades and (b) greater per oz royalty costs from a 38% increase in the realized gold price ($2,851/oz vs $2,066/oz). This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 and from a 11% increase in plant throughput resulting in economies for fixed costs. Grid utilization in Q1-2025 stood at 76%, a drop from 92% recorded in the second half of 2024, as site experienced higher occurrences of power dips from the national grid in Q1-2025, necessitating the use of back-up diesel gensets for longer periods. To avoid uncontrolled plant stoppages, Bomboré transferred power back to the grid only when stable.

Cash cost per ore tonne processed in Q1-2025 was $19.64 per tonne, a decrease of 7% from $21.05 per tonne in Q1-2024, mainly as a result of a reduction in processing costs ($7.80/tonne vs $9.24/tonne) from the use of lower-cost grid power throughout Q1-2025 compared with only partial use in Q1-2024 as the connection to the national grid was not energized until February 2024.

Mining cost per tonne has decreased in Q1-2025 when compared to Q1-2024 ($2.81/tonne vs $3.48/tonne) due to the greater proportion of material coming from the Siga pits which commenced mining in July 2024 resulting in less transition material and lower volume of drill-and-blast prior to excavation as softer oxide ore are mined in the upper benches of these new pits, and a shorter haul profile in comparison to ore mined from the A pits in Q1-2024. Mining unit costs in Q1-2025 also benefitted from less grade control drilling at a lower meterage cost as drilling in Q1-2024 was conducted using rented drills prior to the deployment of two new owner drills in the second half of 2024. However, the 19% decrease in unit mining cost was offset by a 46% jump in the strip ratio (1.90 vs 1.30).

BOMBORÉ GROWTH CAPITAL PROJECTS

Phase II Hard Rock Expansion

First gold remains on schedule and costs are trending in line with budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

Construction of stage 1 of the Phase II hard rock expansion was officially approved by the Company’s Board in July 2024. Lycopodium Minerals Canada Ltd. was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant which has consistently operated above nameplate design since start-up.

Progress and milestones achieved in Q1-2025 include:

Project completion reached 45%, slightly ahead of schedule.
Engineering and drafting progress stood at 85%, ahead of the 73% planned.
Procurement is essentially complete with all equipment and materials ordered except for top-ups of remaining bulks such as cabling which will be placed once final quantities are determined. Order deliveries are advancing with CIL tank platework and major SAG mill components already received at site.
Concrete volume poured of 2,326 m³ (44% of estimated total) including SAG mill footings and start of jaw crusher wing walls.
Mobilization of structural/mechanical/piping (“SMP”) contractor to site including set-up of construction camp.
Installation of bottom plates on the 5 CIL tanks with first set of strakes on the first 4 tanks in progress.
Operational readiness activities have commenced with safety and recruitment plans under preparation.

All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been signed with awards to the same contractors that successfully delivered on the Phase I oxide construction.

As of March 31, 2025, the Company has incurred $34.3M in costs to-date against the project budget, of which $19.0M was incurred in Q1-2025.

Permanent Back-Up Diesel Power Plant

The installation of the standby power plant remains on track for final commissioning in October 2025. Layouts and drawings are finalized and purchase orders on all key equipment have been placed. At site, civil works are underway including initial concrete pours for the structural footings of the engine hall.

The 18 Caterpillar diesel gensets have been packed for shipment and is currently awaiting export clearance prior to organizing transport to site.

As of March 31, 2025, the Company has incurred $4.8M against the project budget.

RAP Phases II and III

BV2 resettlement site construction commenced in Q4-2024 and is divided into two distinct communities: BV2 Peuhl and BV2 Mossi. BV2 Peuhl construction and relocation was completed in Q1-2025 allowing for construction activities at BV2 Mossi to commence in the same quarter. Compensation payments to affected residents for loss of land, crops, trees, and private structures commenced in March 2025 with majority of payments expected to be completed in Q2-2025.

As of March 31, 2025, the Company has incurred $1.6M in RAP costs for 2025.

TSF Footprint Expansion – Cell 2

Bush clearing and topsoil relocation of the Cell 2 basin was completed while placement and compaction of mining waste material on the eastern embankments of Cell 2 commenced in Q1-2025.

As of March 31, 2025, the Company has incurred $1.3M in costs for 2025.

NON-IFRS MEASURES

The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three months ended March 31, 2025 which is incorporated by reference herein.

CONFERENCE CALL AND WEBCAST

The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its first quarter 2025 results on May 14, 2025:

Webcast
Date: Wednesday, May 14, 2025
Time: 8:00 am Pacific time (11:00 am Eastern time)
Please register for the webcast here: Orezone Q1-2025 Conference Call and Webcast

Conference Call
Toll-free in U.S. and Canada: 1-800-715-9871
International callers: +646-307-1963
Event ID: 3969133

QUALIFIED PERSONS

The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

ABOUT OREZONE GOLD CORPORATION

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focussed on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.  

The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

Patrick Downey
President and Chief Executive Officer

Kevin MacKenzie
Vice President, Corporate Development and Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

The MIL Network –

May 14, 2025

MIL-OSI: Red Cat Expands Maritime Domain Capabilities with Battle-Tested Unmanned Surface Vessels

Source: GlobeNewswire (MIL-OSI)

SAN JUAN, Puerto Rico, May 14, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading provider of drone technology for military, government, and commercial operations, today announced the expansion of its multi-domain Family of Systems with a new line of Unmanned Surface Vessels (USVs). This strategic move marks Red Cat’s official entry into the rapidly evolving maritime autonomy market and reinforces its position as a provider of comprehensive, interoperable unmanned systems for air, land, and sea operations.

Meeting the Demands of Modern Conflict

Red Cat’s entry into the maritime domain builds on existing inroads, including a partnership with Ocean Power Technologies to integrate its aerial drones with autonomous maritime platforms. Red Cat’s own line of kinetic-capable USVs marks a significant step forward. The decision is a direct response to rising geopolitical tensions and a shift in U.S. defense priorities toward re-asserting American maritime dominance globally. Red Cat is well positioned to deliver American-manufactured solutions that address these urgent operational needs of the U.S. and allied naval forces.

“This is a pivotal moment for Red Cat as we evolve from an aerial-first drone company into a true multi-domain defense provider,” said Jeff Thompson, Red Cat CEO. “This expansion into maritime platforms opens significant opportunities in a fast-growing and urgently needed defense sector. As the U.S. and its allies confront rising maritime threats, particularly in the Indo-Pacific, there’s a clear demand for powerful, proven, and scalable USVs made in America. With these USVs, we’re helping to shape the future of autonomous warfare and strengthening the foundation of U.S. defense manufacturing.”

Introducing Red Cat’s New Line of USVs

Red Cat is bringing its line of USVs to market in partnership with a leading global manufacturer of USVs. The system is tested daily in actual combat and designed to operate either autonomously or in manned-unmanned teaming (MUM-T) configurations. The technology already has 10,000+ hours of operating time in live combat missions. Moving into production will accelerate Red Cat’s roadmap for USVs that integrate seamlessly with its existing family of ISR and unmanned aerial systems, supporting multi-domain and swarming operations.

“This system has been used day in and day out in the current conflict, accumulating tens of thousands of hours in real combat operations and achieving dozens of successful kinetic engagements against enemy assets, more than any navy since World War II,” Thompson stated. “By partnering with a company that has extensive proven experience and is well beyond the proof-of-concept stage, we gain a substantial competitive advantage as we enter this market.”

Red Cat is preparing to start production in Q3 of a seven-meter Expeditionary Multi-Role Craft developed to meet the demands of high-speed, long-range, kinetic maritime operations. It is built for larger payloads, extended endurance, and increased firepower. The version has enhanced range, payload capacity, and mission flexibility making it ideal for deep-strike missions, anti-ship warfare, and coastal interdiction in contested zones.

Leaders in Ship Building and Marine Innovation

Red Cat has assembled an elite team of master boatbuilders, drawing from industry leaders with centuries of collective experience. Renowned for pioneering advanced jet propulsion systems and crafting superior, American-made hulls, our team brings unmatched expertise to every vessel. Boatbuilding at scale demands profound knowledge and precision—qualities our proven professionals deliver with decades of hands-on experience, ensuring excellence in every detail.

For more information about Red Cat’s mission and its line of Unmanned Surface Vessels visit www.redcat.red/USV.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:

E-mail: Investors@redcat.red

NEWS MEDIA:

Phone: (347) 880-2895
Email: peter@indicatemedia.com

The MIL Network –

May 14, 2025
MIL-OSI: Calian Acquires Advanced Medical Solutions to Expand and Improve Healthcare in Canada’s North

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Calian Group Ltd. (TSX: CGY), a trusted provider of mission-critical solutions for defence, space and healthcare announced today it has acquired Advanced Medical Solutions (AMS), a leading provider of remote and emergency healthcare services in Northern Canada. The acquisition is effective immediately.

About AMS

Headquartered in Yellowknife, Northwest Territories (NWT), AMS is a Canadian-owned company that specializes in the delivery of 24/7/365 operational and medical support across Canada’s northern regions, including the NWT, Yukon, Nunavut and parts of Canada’s northern provinces. Founded in 1995, the company employs over 300 frontline medical personnel who deliver well-rounded, full-spectrum healthcare services through six distinct divisions and in partnership with over fifteen indigenous populations. In addition, AMS is the exclusive provider of air ambulance, emergency medical evacuation and repatriation flights throughout the NWT for patients and high-risk industrial worksites conducting over 2,000 air and ground missions annually.

“AMS is a deeply rooted, well-respected and critical provider of healthcare in Canada’s northern communities, with a dedicated team and strong relationships in the communities they serve,” said Kevin Ford, CEO of Calian. “By bringing together two complementary healthcare companies, we will combine our expertise, reach, innovation and passion for delivering high-quality healthcare. Together, we are stronger and better positioned to address Canada’s northern healthcare access challenges while aligning with our country’s strategy and upcoming federal investments in the Arctic region.”

The Partnership and Strengthening Northern Healthcare

As the pioneer of northern industrial medicine, AMS brings a strong foundation of industrial customers across mining, energy and emergency services. The acquisition enhances Calian’s ability to deliver integrated healthcare solutions across a broader geography, increase its service offerings and diversify Calian’s customer base. AMS also brings long-standing partnerships with Indigenous communities—an area where Calian remains committed to building deeper engagement, trust and culturally respectful care.

“This partnership will support the expansion and continuity of care in some of Canada’s most resilient and underserved communities,” said Derek Clark, President, Health, Calian. “We recognize that Canada’s North faces unique challenges, and with this acquisition, we can combine AMS’s paramedical and industrial expertise with Calian’s extensive capabilities in health service delivery and digital health, enabling improved operational performance and a full continuum of care – from first response to ongoing care management.”

Like Calian, AMS has been built on strong values, community and prioritizing a workplace that fosters growth, development and impact to make a difference in the communities it serves.

“We are excited to join a Canadian company that shares our commitment to excellence, people and community,” said Sean Ivens, President and CEO, AMS. “Through this transition we will continue to deliver the high-quality care our partners and communities expect, while gaining additional resources and capabilities to innovate and grow for the future of northern healthcare.”

Next Steps in the Integration

AMS will operate as Advanced Medical Solutions, a Calian Company, during an initial transition period. The legal entity will transition to Calian Advanced Medical Solutions Ltd. within twelve months. Calian is committed to ensuring continuity of services and strengthening existing community partnerships and supporting AMS employees through a thoughtful integration process.

“We are committed to working closely with Indigenous partners and communities, healthcare agencies and Northern governments to ensure a respectful transition that benefits all,” added Clark. “This is a long-term investment in the people, services and health system of Canada’s North.”

The acquisition aligns with Calian’s broader strategic growth priorities and the direction of the Canadian government. In 2022, the government announced a commitment of over $38 billion to modernize NORAD and in 2024 built on this commitment with their plan, Our North, Strong and Free: A Renewed Vision for Canada’s Defence. Calian’s strengthened presence in the North positions the company to support national priorities while expanding opportunities across multiple sectors including space and defence.

About Calian

www.calian.com

We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

Product or service names mentioned herein may be the trademarks of their respective owners.

Media inquiries:

media@calian.com

613-599-8600

Investor Relations inquiries:

ir@calian.com

DISCLAIMER

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

The MIL Network –

May 14, 2025
MIL-OSI USA: Trahan Brings Haverhill Voice to the Fight for Medicaid during Energy and Commerce Reconciliation Markup

Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

WASHINGTON, DC – During today’s House Energy and Commerce Committee markup on reconciliation legislation, Congresswoman Lori Trahan (MA-03) forcefully opposed proposed House Republicans’ Medicaid cuts by highlighting the devastating impact they would have on people with disabilities. She shared the story of Philip, a Haverhill resident whose independence and daily care depend on Medicaid-funded programs.
“Philip and millions of Americans across our country like him are not fat to be trimmed or waste to be rooted out by politicians in Washington. They’re hardworking Americans trying to live their lives with dignity and make their communities better,” said Congresswoman Trahan. “They’re our constituents. They need you to vote no on this bill. They need you to stand up to Donald Trump and protect Medicaid. Protect the independence of Americans with disabilities. And if you can’t do that – at least have the courage to look at the American people, people like Philip, in the eyes while you take it all away.”
CLICK HERE or the image below to view Trahan’s remarks during the Committee’s consideration of reconciliation legislation. A transcript is embedded below.

“For individuals like my son Philip, Medicaid is a lifeline. If funding is cut, it will devastate his life and the lives of many others who depend on these essential services. Medicaid funds the programs that allow Philip to engage in meaningful activities, such as volunteering with Meals on Wheels, helping to train service dogs, or caring for guinea pigs at the Guinea Pig Sanctuary. These programs give him the chance to contribute to society in ways that are vital for his sense of purpose and independence. Without Medicaid, these programs could disappear, and Philip would lose the opportunity to continue making a difference,” said Philip’s mother, Anne. “If Medicaid cuts happen, it won’t just impact Philip. Organizations like The Arc, which offer vital extracurricular activities such as dances, bowling, and other community events, would face significant cuts. These programs are essential for people with disabilities, providing opportunities for social interaction, independence, and personal growth – opportunities they could lose if Medicaid funding is reduced. I urge you not to dismiss this as a non-issue, because no one can guarantee that the disability community will be unaffected by Medicaid cuts. The reality is that these cuts will harm people with disabilities – including my son.”
The House Energy and Commerce Committee is currently marking up House Republicans’ reconciliation package that, according to the Congressional Budget Office, would cut $715 billion from Medicaid and eliminate health coverage for at least 13.7 million Americans. The bill would also implement burdensome paperwork requirements that jeopardize Medicaid coverage for 954,000 Massachusetts residents, nearly half of all MassHealth enrollees in the Commonwealth, and impact another 392,790 individuals who receive coverage thanks to the expansion of the Affordable Care Act.
——————————————–
Congresswoman Lori Trahan
Remarks As Delivered
House Energy and Commerce Committee Reconciliation Markup
May 13, 2025
It may be easy to sit here in Washington without having to face the people who will feel the impact of a bill that will strip millions of Americans of their health coverage – easy because you don’t have to look them in the eyes or hear their stories.
Let’s open the doors and allow the American people who have stood in line fill the open seats, first and foremost. In the meantime, let me share just one story from my district.
This is a photo of Philip, a resident of Haverhill, Massachusetts. Philip has a disability, but that hasn’t stopped him from giving back – whether volunteering with Meals on Wheels, training service dogs, or caring for animals at a sanctuary. He does all this because of Medicaid.
Medicaid funds the programs that help Philip gain skills, stay engaged, and remain independent. Medicaid isn’t just a health care program – it’s a foundation for independence for people with disabilities like Philip, who want to live their lives with dignity.
In Philip’s case, Medicaid funds Opportunity Works and Community Works, a program that helps folks build job skills, engage in volunteer work, and participate meaningfully in society. These initiatives don’t just keep Philip busy – they give him purpose. They help him grow, contribute to, and connect with his community.
But here’s why I’m telling Philip’s story. This bill – this “big, beautiful bill” as Donald Trump has described it – will slash the federal Medicaid funding that Philip’s program depends on.
And I know my Republican colleagues will say that states should make up for it – but they know that’s not possible. They know that when funds are cut, it’s initiatives like these that are always first on the chopping block.
So what then happens to Philip? He loses a lot more than a routine. He loses access to his community, his sense of contribution, his independence.
Mr. Chairman, Philip and millions of Americans across our country like him are not fat to be trimmed or waste to be rooted out by disingenuous politicians in Washington. They’re hardworking Americans trying to live their lives with dignity and make their communities better. They’re our constituents. They need you to vote no on this bill. They need you to protect Medicaid.
Protect the independence of Americans with disabilities. And if you can’t do that – at least have the courage to look at the American people, people like Philip, in the eyes while you take it all away.
I yield back.
###

MIL OSI USA News –

May 14, 2025

MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Kuwait: Qudsi Rasheed

Source: United Kingdom – Government Statements

Press release

Change of His Majesty’s Ambassador to Kuwait: Qudsi Rasheed

Mr Qudsi Rasheed OBE has been appointed His Majesty’s Ambassador to The State of Kuwait.

Mr Qudsi Rasheed OBE has been appointed His Majesty’s Ambassador to The State of Kuwait in succession to Ms Belinda Lewis who will be transferring to another Diplomatic Service appointment. Mr Rasheed will take up his appointment during September 2025.

Curriculum vitae

Full Name: Qudsi Rasheed

Year	Role
2021 to 2024	Cairo, Deputy Head of Mission
2020 to 2021	Full Time Language Training (Arabic), FCDO four months as Deputy Director Covid Task Force
2018 to 2020	FCO later FCDO, Deputy Director Multilateral Policy and Head of Sanctions Unit
2017 to 2018	Beirut, Head of UK Syria Office
2014 to 2017	UKRep Brussels, External Relations (Relex) Counsellor
2011 to 2014	FCO, Legal Adviser, Legal Directorate
2011	Joined FCO
2008 to 2011	Barrister (called to the Bar of England and Wales)
2007 to 2009	UCL and King’s College London, Visiting Lecturer

Published 14 May 2025

MIL OSI United Kingdom –

May 14, 2025

MIL-OSI Russia: Delegation of the interim government of Afghanistan left Kabul for Russia

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

KABUL, May 14 (Xinhua) — A high-ranking delegation of the Afghan interim government led by Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar Akhund left Kabul for Russia on Wednesday to attend the 16th International Economic Forum in Kazan, the National Radio and Television of Afghanistan (RTA) reported.

The current forum is dedicated to strengthening relations and economic cooperation and development, especially in the areas of trade, investment and regional cooperation, RTA said, adding that the Afghan delegation will hold meetings with officials from different countries on the sidelines of the forum. –0–

MIL OSI Russia News –

May 14, 2025
Pakistan repatriates BSF constable Purnam Kumar Shaw detained since April 23

Source: Government of India

Source: Government of India (4)

A Border Security Force (BSF) constable who had been in Pakistani custody since April 23 was returned to India on Wednesday. Constable Purnam Kumar Shaw had inadvertently crossed the International Border while on duty in Punjab’s Ferozepur sector and was subsequently detained by Pakistan Rangers.

According to a BSF statement, Shaw was handed over to Indian authorities at the Attari-Wagah border at 10:30 am. “Constable Purnam Kumar Shaw had inadvertently entered Pakistani territory around 11:50 am on April 23 while on operational duty in the Ferozepur sector. He was detained by the Pakistan Rangers. Due to continuous efforts by BSF, including regular flag meetings and communication through established channels, his repatriation was made possible,” the statement said.

The development follows a ceasefire agreement between India and Pakistan on May 10, days after India launched ‘Operation Sindoor’, targeting terror bases in Pakistan and Pakistan-occupied Kashmir.

Earlier, on May 5, West Bengal Chief Minister Mamata Banerjee had expressed concern over the incident. “This is an extremely unfortunate situation. His name is Shaw. Our party’s Kalyan Banerjee is in touch with the family. We want him to be brought back at the earliest. We have clearly stated that our party stands with the government on matters of internal and external security. This is not an issue for political division,” she had said.

Following Shaw’s detention, the BSF issued a strict advisory to its personnel, calling for heightened vigilance during patrols along the sensitive border.

The BSF is tasked with guarding the 3,323-kilometre-long India-Pakistan border, which spans Jammu and Kashmir (including parts of the Line of Control), Punjab, Rajasthan, and Gujarat.

(With inputs from ANI)

May 14, 2025
India’s defence exports surge 34-fold over a decade: Rajnath Singh

Source: Government of India

Source: Government of India (4)

India’s defence exports have reached an all-time high, witnessing a remarkable 34-fold increase over the past decade, according to Defence Minister Rajnath Singh.

“India exported defence goods worth Rs. 23,622 crore in 2024–25, compared to just Rs. 686 crore in 2013–14,” his office stated in a post on X. The Minister emphasized that the dramatic rise underscores the growing strength of India’s defence sector, fuelled by the vision of Atmanirbhar Bharat (self-reliant India).

Driven by the Make in India initiative and strategic policy interventions such as Production-Linked Incentive (PLI) schemes, the government has sought to enhance the global competitiveness of Indian manufacturers, boost exports, attract foreign investments, and reduce dependency on imports.

The results are now evident: Defence production has soared, delivering substantial returns for investors in public sector undertakings (PSUs) engaged in defence manufacturing.

India’s defence and aerospace ecosystem is also expanding rapidly, with the establishment of multiple defence hubs and increased collaboration with global players, many of whom have already shared or expressed willingness to share critical technologies with Indian counterparts.

In FY 2024–25, India exported a wide array of defence items—including ammunition, weapons, systems/subsystems, and components—to nearly 80 countries, according to data from the Ministry of Defence.

The government has now set an ambitious target of achieving annual defence exports of Rs.50,000 crore by 2029, aiming to bolster India’s footprint in the global defence market.

Market sentiment around the defence sector has also been buoyant. The Nifty India Defence Index has surged by over 30% in the past three months, reflecting rising investor confidence. The recent escalation in tensions with Pakistan, coupled with the effective performance of indigenously developed defence systems, has further reinforced the strategic and commercial value of self-reliance in defence manufacturing.

(With ANI inputs)

May 14, 2025
President Murmu briefed on Operation Sindoor, lauds armed forces for counter-terror success

Source: Government of India

Source: Government of India (4)

Chief of Defence Staff (CDS) General Anil Chauhan, along with the three service chiefs — Army Chief General Upendra Dwivedi, Air Force Chief Air Chief Marshal A.P. Singh, and Navy Chief Admiral Dinesh Kumar Tripathi — called on President Droupadi Murmu at Rashtrapati Bhavan on Wednesday to brief her on ‘Operation Sindoor’.

As the Supreme Commander of the Armed Forces, the President was apprised of the details and outcomes of the operation, which was launched in response to the brutal killing of 26 people by terrorists in Pahalgam, Jammu and Kashmir, on April 22.

“General Anil Chauhan, Chief of Defence Staff, along with General Upendra Dwivedi, Chief of the Army Staff, Air Chief Marshal A. P. Singh, Chief of the Air Staff, and Admiral Dinesh K. Tripathi, Chief of the Naval Staff, called on President Droupadi Murmu and briefed her about Operation Sindoor. The President commended the valour and the dedication of the Armed Forces that made India’s response to terrorism a sterling success,” Rashtrapati Bhavan posted on X.

President Murmu lauded the courage and efforts of the armed forces and described the operation as a “matter of national pride.”

The President was given a comprehensive account of these developments during the briefing.

The strikes were conducted in response to the Pahalgam terror attack; however, in a quick response, the Indian government suspended the Indus Water Treaty signed in the year 1960 between both countries following the CCS (Cabinet Committee on Security) meeting a day after the attack.

Meanwhile, Prime Minister Narendra Modi, while addressing brave air warriors and soldiers at the Adampur Air Base on Tuesday, praised the Indian Armed Forces for their valour and precision during Operation Sindoor.

PM Modi said India paused military action only after Pakistan’s request and warned of strong retaliation if terrorism recurs. He praised the Armed Forces for their precision strikes, restraint, and coordination, calling it a reflection of India’s growing military and technological strength.

(With agencies inputs)

May 14, 2025
MIL-OSI Asia-Pac: LCQ14: Treatment and prevention of breast cancer

Source: Hong Kong Government special administrative region

Following is a question by the Hon Nixie Lam and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (May 14):

Question:

According to government information, breast cancer is the most common cancer among females in Hong Kong, and new cases of breast cancer accounted for 28.6 per cent of all new cancer cases among females in 2022. Among them, HER2 (i.e. human epidermal growth factor receptor 2) low-expression metastatic breast cancer (HER2-low breast cancer) poses a great threat to the lives of patients as it is highly malignant and prone to relapse and metastasis. It is learnt that with advancement in medical technology, the classification of testing results of HER2 has been updated from two (i.e. “positive” and ‘negative’) to three categories (i.e. with the addition of “low-expression”) in the medical guidelines of various places so as to provide precision treatment for patients with HER2 breast cancer. However, there are views pointing out that the existing HER2 testing reports of the Hospital Authority (HA) have not indicated the category of low-expression, nor has HA provided the relevant education to patients, rendering them unable to know their actual condition in a timely manner and thereby missing the golden period of early treatment. In this connection, will the Government inform this Council:

(1) whether it knows if HA will expeditiously review the classification of the existing HER2 testing reports to clearly indicate the testing result of low expression of HER2, while at the same time providing the relevant patient education, so as to ensure that they fully understand the clinical findings, thereby expeditiously receiving the appropriate treatment protocol; if HA will, of the timetable; if not, the reasons for that;

(2) whether it knows if HA will consider including drugs targeting HER2-low breast cancer into the safety net for application by patients suffering from that cancer and streamlining the vetting and approval process, so as to enhance the efficiency of vetting and approval of safety net drugs; if HA will, of the timetable; if not, the reasons for that; and

(3) whether the Government has currently formulated public education programmes for different groups of people to raise their awareness of breast cancer screening, including whether it has provided systematic online information and promoted on social media platforms; if so, of the details; if not, the reasons for that?

Reply:

President,

The Government attaches great importance to cancer prevention and control work. In 2001, the Government established the Cancer Coordinating Committee to formulate strategies on cancer prevention and control, and to steer the direction of work covering cancer prevention and screening, surveillance, research and treatment, etc.

The Government promulgated the Hong Kong Cancer Strategy (Cancer Strategy) in 2019 with a view to reducing the cancer burden of the local population and improving the quality of life and survivorship of cancer patients through setting work priorities and directions. The directions laid down in the Cancer Strategy include reducing risk factors leading to cancer and providing evidence-based screening, seeking early detection and diagnosis, offering timely and effective treatment, strengthening survivorship support to cancer survivors, providing palliative and end-of-life care, investing in technology, enhancing the collaboration among relevant bureaux, government departments, the Hospital Authority (HA), community organisations and civil society, as well as enhancing surveillance and research capabilities. The goal is to better prevent and control various cancers through these directions.

As for breast cancer screening, based on the recommendations of the Cancer Expert Working Group on Cancer Prevention and Screening under the Cancer Coordinating Committee, the Government adopts a risk-based approach for breast cancer screening and launched the Phase I of the Breast Cancer Screening Pilot Programme (BCSPP) in 2021. In collaboration with non-governmental organisations through a public-private partnership, the Government is now preparing for the Phase II of the BCSPP to provide subsidised breast cancer screening services to women being categorised as high risk of developing breast cancer (viz. carriers of certain germline mutations and/or presence of strong family history of breast cancer/ovarian cancer). The Phase II programme is expected to be launched around the second quarter of 2025. Relevant details will be announced in due course.

The reply, in consultation with the Department of Health (DH), the Primary Healthcare Commission (PHC Commission) and the HA, to the question raised by the Hon Nixie Lam is as follows:

(1) According to the data from the Hong Kong Cancer Registry, there were a total of 5 182 new cases of female breast cancer in 2022, of which 1 002 were Human Epidermal Growth Factor Receptor 2 (HER2) positive cases.

At present, the HER2 test performed by the HA consists of immunochemistry (IHC) and genetic testing (in situ hybridisation (ISH)). IHC testing results are scored as follows:

(i) 0 (no staining, or ≤10 per cent of tumor cells show faint or weak membrane staining);
(ii) 1+ (>10 per cent of tumor cells show faint/barely visible incomplete membrane staining);
(iii) 2+ (>10 per cent of tumor cells show weak to moderate complete membrane staining (circumferential staining), or ≤10 per cent of tumor cells show strong complete membrane staining); or
(iv) 3+ (>10 per cent of tumor cells show strong complete membrane staining).

HER2 immunostaining scores of 0 and 1+ are interpreted as negative for HER2 testing, a score of 2+ as inconclusive, and a score of 3+ as positive. If the HER2 test result is inconclusive (i.e. the immunostaining score is 2+), the hospital will further perform HER2 gene in situ hybridisation testing for the patient to confirm whether there is an amplification of the HER2 gene. If the relevant test shows amplification, the patient’s HER2 test result will be classified as positive; whereas if there is no amplification, it will be classified as negative.

“HER2 low-expression” mentioned in the question refers to patients with a HER2 immunostaining score of IHC 1+ or a score of IHC 2+ with no amplification shown in in situ hybridisation testing. The HER2 Interpretation Guidelines (a set of international guidelines) were updated in September 2023. Although the new guidelines do not officially classify “HER2 low-expression” as a separate category, it is recommended that an annotation describing the result of “HER2 low-expression” (i.e. IHC 1+ or IHC 2+/ISH with no amplification) be included in the test report to enable physicians to better identify patients who may be suitable for a specific targeted therapy. The “multidisciplinary teams” for breast cancer at the oncology centres of the HA, consisting of oncologists, pathologists, radiologists, advanced practice nurses, etc, are discussing the implementation arrangements for the updated guidelines and will reach a consensus as soon as possible to implement the major updates under the Interpretation Guidelines in a gradual manner, while planning to add annotations to the test reports to explain the results of “HER2 low-expression”. Currently, clinicians will determine, based on the test reports, whether patients are IHC 1+ or IHC 2+ with no ISH gene amplification, thereby providing patients with optimal follow-up.

(2) As the major provider of publicly-funded public healthcare services, the HA attaches great importance to providing optimal treatment for all patients (including cancer patients) while ensuring patients have equitable access to cost-effective drugs of proven safety and efficacy under the highly subsidised public healthcare system.

The HA has a mechanism in place to regularly evaluate new drugs as well as to review existing drugs on the HA Drug Formulary (HADF) and the coverage of the safety net (including the Samaritan Fund and Community Care Fund Medical Assistance Programmes). In assessing applications for new drugs to be included in the HADF and the coverage of the safety net, the HA follows an evidence-based approach, having regard to the safety, efficacy and cost-effectiveness, etc, of the drugs and other relevant considerations, including international recommendations and practices as well as views of professionals and patient groups, etc.

The HA will pay close attention to the latest scientific and clinical evidence of drugs suitable for treatment of various types of cancer (including “HER2 low -expression” breast cancer), with a view to providing cost-effective drugs of proven safety and efficacy as well as continuous optimal care to patients.

To shorten the lead time for introducing suitable new drugs to the HADF, the HA has simplified the application process for inclusion of new drugs in the HADF since the end of 2024. Clinicians and pharmaceutical companies can submit new drug applications directly to the Drug Advisory Committee. The frequency of prioritisation exercise for including new drugs in the safety net will also increase from twice a year to four times a year. With the implementation of the above new mechanisms, the HA has been actively optimising the procedures for introducing new drugs into the HADF, with the objective of reducing the time required for introducing new drugs with proven efficacy into the HADF or the coverage of the safety net by half, from the original 10 months to five months; and from 18 months to nine months respectively, so as to enable patients to have access to new drugs as soon as possible, and to obtain the subsidies under the safety net to alleviate the burden of drug expenses.

Besides, the Government and the HA will press ahead with the implementation of the fees and charges reform for public healthcare announced at the end of March this year, which aims to guide the public to make optimal use of healthcare resources through three aspects, namely reforming the subsidisation structure, reducing wastage and abuse, and enhancing healthcare protection. It also seeks to strengthen the healthcare protection on all fronts for patients who are “poor, acute, serious, critical”. Such measures include enhancing the protection in terms of drugs and medical devices for critically ill patients (including cancer patients) through accelerating the introduction of more effective innovative drugs and medical devices to the HADF and the coverage of the safety net, with a view to ensuring that the limited healthcare resources can be directed in a more targeted manner to assist those patients most in need. This will thereby enhance the sustainability of the healthcare system and enable it to serve as a safety net for all.

(3) The DH has all along been promoting a healthy lifestyle, including avoidance of smoking and alcohol, healthy diet, regular physical activity and maintenance of a healthy body weight, as the primary strategy for preventing cancer and common non-communicable diseases.

The DH has all along attached importance to the public education of women’s cancer (including breast cancer) and has been promoting breast cancer prevention and screening through various channels and media such as television, radio, websites, printed materials, newspapers, social media, online publicity and media interviews. Educational leaflets have been produced in many ethnic minority languages by the DH for ethnic minorities to comprehend the health information on breast cancer prevention and screening. In addition, the Cancer Online Resource Hub was launched in 2020 to provide the public with accurate and reliable health information relating to cancer.

Meanwhile, the District Health Centres (DHCs)/District Health Centre Expresses (DHCEs) under the PHC Commission in all districts across the city are actively assisting members of the public in formulating individualised Life Course Preventive Care Plan based on factors such as one’s gender, age and family history. Life Course Preventive Care Plan is an evidence-based comprehensive health strategy that emphasises on prevention and personalised needs and provides guidance on the health needs of citizens across different stages of life. DHCs/DHCEs may also provide members of the public with information related to breast cancer prevention and other women health education services according to their needs.

Starting from January 24, 2025, women’s health services under the DH have been progressively integrated into the district health network of the PHC Commission, with the service points named Women Wellness Satellites (WWS). DHCs/DHCEs will identify women in need through basic health assessment and individual counselling, and arrange for them to receive women’s health services at WWSs. WWSs will offer health assessment and counselling tailored to women’s health conditions, breast cancer and cervical cancer screenings according to individual needs, as well as health education activities including talks on breast cancer prevention.

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Russia: Yuri Trutnev: The future of not only Russia, but the entire world depends on the development of the Arctic

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

On the eve of the government hour, Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev and Minister for the Development of the Far East and Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation.” Representatives of legislative and executive authorities of the Arctic regions took part in the event via videoconference.

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

May 14, 2025

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

May 14, 2025

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

May 14, 2025

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

May 14, 2025

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

May 14, 2025

Previous news Next news

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

“For us, contact and communication with parliamentarians are of great importance. Many of the deputies work in the territories, communicate with people, solve issues of enterprise development and solve people’s problems that arise every day. We value both our joint legislative work and work with people in the territories. We are always ready for contact, discussion, and search for new solutions,” Yuri Trutnev opened the meeting.

Five years ago, the head of state approved strategic documents for the development of the Arctic zone of Russia: the Fundamentals of the State Policy of the Russian Federation in the Arctic and the Strategy for the Development of the Arctic Zone and Ensuring National Security until 2035. Over the past period, with the participation of State Duma deputies, a regulatory framework for the development of the Arctic has been created: 16 federal laws, 7 decrees of the President and 75 acts of the Government.

“The Arctic zone of the Russian Federation, as well as the Far Eastern Federal District, by decision of the President of the Russian Federation Vladimir Vladimirovich Putin, are defined as geostrategic territories, on the development of which depends the future of not only Russia, but also the entire world. The richest reserves of minerals, which make up a significant share of the all-Russian, and in some respects of the world, the Northern Sea Route, the military-strategic potential determine the importance of the region for the economy and defense capability of the country, and form an increased interest in the Arctic of the international community,” said Yuri Trutnev.

Complex production projects are being implemented in the Arctic zone, high-tech enterprises and liquefied natural gas plants are being built, modern research stations and floating nuclear power plants are being created, and new nuclear icebreakers are being laid down at shipyards. “All of this is the result of the great work of people living in the Arctic. Those who live in Murmansk and Arkhangelsk, Norilsk and Naryan-Mar, Anadyr and Salekhard,” emphasized Yuri Trutnev.

“The Arctic is a geostrategic territory of global scale. It is one of the key economic engines of Russia’s development. Today, the Arctic already produces 7.5% of the gross domestic product and 11% of Russia’s exports. The world’s largest zone with special conditions for doing business has been created. Our central task is to ensure such conditions for the life and work of people in the Arctic so that all plans for the development of the macroregion come true. Plans in which leading Russian companies are currently investing more than 35 trillion rubles. As the projects that have already begun are implemented, the importance of the Arctic in the economy, logistics and ensuring Russia’s national security will only increase,” noted Alexey Chekunkov, Minister for the Development of the Far East and the Arctic.

“Russia is the leading Arctic power. Our country has a historical right to this title and, despite everything, consistently increases its presence in this region. This is our direct duty to our ancestors and descendants. After all, the basis of the historical conquest and development of the Russian Arctic was the heroic and selfless work of our compatriots. These are the expeditions of Toll, Sedov, Papanin, Schmidt, our respected, legendary polar explorer Artur Nikolaevich Chilingarov and others. All those whose work created the basis for the growth of our geostrategic advantage and economic potential. And today the determining geopolitical, economic, transport, environmental role of Russia in the Arctic should be recognized by the entire world community,” noted Nikolai Kharitonov, Chairman of the State Duma Committee for the Development of the Far East and the Arctic.

An important part of the development of the Arctic economy has become the work to attract investment. The world’s largest special economic zone has been created. Attention is paid to the social sphere. Thanks to national projects and a single presidential subsidy, social infrastructure is being modernized in the Arctic: hospitals, clinics, schools, kindergartens, and gyms are being built. Decisions have been made to create new university campuses in Murmansk and Arkhangelsk. Developers are receiving support. Northerners can improve their housing conditions thanks to preferential Arctic mortgages. By decision of Russian President Vladimir Putin, master plans have been developed for 16 key Arctic settlements.

International cooperation and development of the Northern Sea Route were discussed. Environmental issues were considered, including the elimination of landfills, abandoned industrial buildings, and accumulated hazardous waste. Attention was paid to the implementation of a program to support traditional economic activities of the indigenous peoples of the North.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: Yuri Trutnev: The main theme of the EEF-2025 is “The Far East – cooperation for peace and prosperity”

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

The main theme of the Eastern Economic Forum 2025, which will take place on September 3–6 in Vladivostok, will be “The Far East – Cooperation for Peace and Prosperity.” The organizer of the EEF is the Roscongress Foundation.

“The Eastern Economic Forum is an opportunity to discuss economic, political and social issues not only in Russia but also throughout the world. This is the most important platform for developing cooperation in the Asia-Pacific region. The main theme of the forum this year is “The Far East: Cooperation for Peace and Prosperity”. Without cooperation, without mutually beneficial partnership, development is impossible. Unfortunately, we see what is happening in the modern world: unfounded political ambitions of some neighboring countries harm business interaction, humanitarian and scientific areas. But Russia is still open to cooperation. Preferential regimes are in effect in the Far East. Foreign investors have become residents of the territories of advanced development, the free port of Vladivostok. Now we are creating a new shell – an international territory of advanced development, which will give domestic and foreign partners mutually beneficial opportunities to strengthen the economies of our countries. Another area of interaction is the Northern Sea Route, the shortest transport corridor between Europe and the Far East. We will discuss these and other topics at the forum,” said Deputy Prime Minister – Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yuri Trutnev.

The main theme reflects the fundamental principles on which the Eastern Economic Forum is based, noted Anton Kobyakov, Advisor to the President of Russia and Executive Secretary of the Organizing Committee for the preparation and holding of the EEF.

“The anniversary, tenth Eastern Economic Forum will be held in 2025. Over the years, the EEF has established itself as an authoritative platform for the formation of models of mutually beneficial partnership in the Asia-Pacific region. The main theme of the upcoming forum reflects the value of equal international dialogue and peaceful coexistence as the foundations of sustainable development. At the same time, the special role of the EEF is to harmonize global economic trends with the tasks of socio-economic growth of the Russian Far East. I am confident that the forum will once again become an effective platform for developing solutions in key strategic areas that will become the basis for the prosperity of the macro-region,” Anton Kobyakov emphasized.

The Eastern Economic Forum 2025 will be held on the campus of the Far Eastern Federal University.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of national and international congress, exhibition, business, public, youth, sporting, and cultural events, created in accordance with the decision of the President of Russia.

The Foundation was established in 2007 to promote the development of economic potential, advance national interests and strengthen Russia’s image. The Foundation comprehensively studies, analyses, formulates and covers issues on the Russian and global economic agenda. Provides administration and facilitates the promotion of business projects and the attraction of investments, promotes the development of social entrepreneurship and charitable projects.

The Foundation’s events bring together participants from 209 countries and territories, more than 15,000 media representatives work annually at Roscongress venues, and more than 5,000 experts in Russia and abroad are involved in analytical and expert work.

The Foundation interacts with UN structures and other international organizations. It develops multi-format cooperation with 212 foreign economic partners, associations of industrialists and entrepreneurs, financial, trade and business associations in 86 countries of the world, with 293 Russian public organizations, federal and regional executive and legislative bodies of the Russian Federation.

Official telegram channels of the Roscongress Foundation: in Russian – T.Ta/Roscongress, in English – T.Ta/Roscongress, in Spanish – T.Ta/RoscongressP, in Arabic – T.Ta/Roscongressarabik. Official website and information and analytical system of the Roscongress Foundation: Roscongress.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

May 14, 2025
BEL’s Akashteer air defence system proves its mettle amid conflict

Source: Government of India

Source: Government of India (4)

India’s AI-driven, fully automated ‘Akashteer’ air defence system, developed indigenously by Bharat Electronics Limited (BEL), has demonstrated exceptional performance during recent drone attacks from Pakistan, effectively neutralising aerial threats the moment they breached Indian airspace, the company said in a statement on Wednesday.

According to BEL, the advanced platform successfully intercepted multiple threats, including drones, missiles, micro UAVs, and loitering munitions, establishing itself as a globally competitive and operationally ready defence asset.

In an official statement on Wednesday, BEL lauded the system’s performance, noting that it had exceeded operational expectations and significantly bolstered India’s air defence capabilities during the ongoing conflict.

“BEL is proud to announce that our in-house designed and manufactured air defence system, Akashteer, has proved its mettle on the battlefield. Ground-based defence systems integrated with Akashteer made it hell for Pakistan’s air adventures,” the Navratna Defence PSU said in a post on X.

“The system performed beyond users’ expectations, providing robust air defence to India during the current conflict. Akashteer ensures a seamless and unified air situational picture accessible to even the lowest operational units of Army Air Defence, thereby enhancing situational awareness across the force,” it added.

The Akashteer system was developed under a ₹1,982 crore contract signed in March 2023. It integrates surveillance assets, radar systems, and command units into a unified network, providing real-time situational awareness to the Indian Army’s air defence units.

The system enables effective monitoring of low-level airspace over battle zones and ensures precise control over ground-based air defence weapon systems.

Akashteer played a critical role during the recent conflict that followed India’s ‘Operation Sindoor’ on May 7, which targeted nine terror camps in Pakistan and Pakistan-occupied Kashmir (PoK). The system successfully neutralised multiple drone and missile attacks launched by Pakistan.

“Akashteer empowers frontline units by enabling dynamic engagement decisions and preventing friendly-fire incidents,” BEL added.

The system also exemplifies India’s growing self-reliance in defence technology, aligning with the government’s ‘Atmanirbhar Bharat’ initiative.

– ANI

May 14, 2025
MIL-OSI Video: UK 🔴 PMQs LIVE: Prime Minister’s Questions – 14 May 2025

Source: United Kingdom UK Parliament (video statements)

Watch PMQs with British Sign Language (BSL) – https://youtube.com/live/Ob_XjbiiWe0

Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

The Leader of the Opposition, Kemi Badenoch MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

Twitter: https://www.twitter.com/HouseofCommons
Facebook: https://www.facebook.com/ukhouseofcommons
Instagram: https://www.instagram.com/ukhouseofcommons

https://www.youtube.com/watch?v=aUmMbYK0Zj4

MIL OSI Video –

May 14, 2025
MIL-OSI Video: UK 🔴 LIVE: Prime Minister’s Questions with British Sign Language (BSL) – 14 May 2025

Source: United Kingdom UK Parliament (video statements)

Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

The Leader of the Opposition, Kemi Badenoch MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

Twitter: https://www.twitter.com/HouseofCommons
Facebook: https://www.facebook.com/ukhouseofcommons
Instagram: https://www.instagram.com/ukhouseofcommons

https://www.youtube.com/watch?v=Ob_XjbiiWe0

MIL OSI Video –

May 14, 2025
MIL-OSI United Kingdom: City council’s cabinet to consider changes to waste and recycling collections Proposals to introduce weekly food waste collections along with a revamp of the way that Lancaster City Council collects waste and recycling are set to be considered by councillors.

Source: City of Lancaster

Proposals to introduce weekly food waste collections along with a revamp of the way that Lancaster City Council collects waste and recycling are set to be considered by councillors.

New wheelie bins

To comply with the Government’s ‘Simpler Recycling’ scheme – which aims to create consistency in the way recycling is collected – councils across England must begin collecting food waste by March 31 2026.

On Tuesday May 20 the city council’s cabinet will meet to decide the best way for the collections to be introduced in the Lancaster district. One of the main proposals is to switch from the current recycling boxes to new 240-litre wheelie bins.

These larger bins would make it easier for households to store recyclables like glass, plastic, tins, cardboard and paper while reducing mess on the streets. If the proposals get the green light, recycling collections would move to every three weeks instead of every two, as there will be more space in each bin.

The same three-week cycle is also being proposed for grey bins, as people throw away less once they start recycling food waste weekly.

Councillor Paul Hart, cabinet member with responsibility for environmental services, said: “Bringing in food waste collections is part of a national plan to simplify how waste and recycling is collected, but it also gives us a chance to take a fresh look at how we do things.

“If people are putting their food waste out for collection each week, their grey bins won’t fill up so quickly. And bigger recycling bins — something lots of residents have asked for – should make things easier and tidier.

“I know these are big changes, but other councils that have already made the switch are seeing less waste going into grey bins and more being recycled. That’s what we’re aiming for too.”

The council has received around £1.46million in funding from the government to support the roll-out of food waste collections and this will be used to purchase new vehicles and food waste caddies for households.

Each household will receive a free caddy to keep in their kitchen for food waste, which can be emptied it into a new outside food waste bin, also provided by the council, once full.

• More information on the proposed changes and FAQs are available on the council’s website at www.Lancaster.gov.uk/food-waste.

The agenda for the cabinet meeting can be found here: https://committeeadmin.lancaster.gov.uk/ieListDocuments.aspx?CId=297&MId=8606

Last updated: 14 May 2025

MIL OSI United Kingdom –

May 14, 2025

MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Kuwait

Source: United Kingdom – Executive Government & Departments

Press release

Change of His Majesty’s Ambassador to Kuwait

Mr Qudsi Rasheed OBE has been appointed His Majesty’s Ambassador to The State of Kuwait.

Curriculum Vitae

Full Name: Qudsi Rasheed

Year	Role
2021 to 2024	Cairo, Deputy Head of Mission
2020 to 2021	Full Time Language Training (Arabic), FCDO four months as Deputy Director Covid Task Force
2018 to 2020	FCO later FCDO, Deputy Director Multilateral Policy and Head of Sanctions Unit
2017 to 2018	Beirut, Head of UK Syria Office
2014 to 2017	UKRep Brussels, External Relations (Relex) Counsellor
2011 to 2014	FCO, Legal Adviser, Legal Directorate
2011	Joined FCO
2008 to 2011	Barrister (called to the Bar of England and Wales)
2007 to 2009	UCL and King’s College London, Visiting Lecturer

Published 14 May 2025

MIL OSI United Kingdom –

May 14, 2025

MIL-OSI United Kingdom: UK-Angola trade mission strengthens economic ties
Source: United Kingdom – Executive Government & Departments

World news story

UK-Angola trade mission strengthens economic ties

British businesses explore Angola’s crucial sectors, forging partnerships for continued sustainable growth.
His Majesty’s Ambassador Bharat Joshi welcomed UK Trade Envoy Calvin Bailey MBE MP and a delegation of over 20 UK businesses eager to explore investment opportunities in Angola’s rapidly expanding infrastructure, agriculture and financial services sectors.

Together they have successfully launched their first trade and investment mission to Angola on 6 to 7 May 2025. This reaffirmed the UK’s commitment to fostering international partnerships that drive sustainable economic growth.

HM Trade Envoy to Angola, Calvin Bailey MBE MP, Angolan Minister for Planning, Vitor Hugo Guilherme, HM Ambassador to Angola, Bharat Joshi, Angolan Deputy Minister for Industry, Carlos Carvalho and Director for Europe at the Angolan MFA, Ambassador Maria Cuandina de Carvalho

During the mission, delegates engaged in strategic site visits to landmark projects, such as: the New Luanda International Airport and the Special Economic Zone (ZEE). These visits complemented a high-profile business forum in Luanda. British and Angolan leaders, including H.E. Minister of Planning Victor Hugo Guilherme, H.E. Deputy Minister for Industry Carlos Rodrigues and H.E. Deputy Minister for Public Investment Ivan dos Santos, discussed collaboration opportunities to deliver mutual economic benefits.

His Majesty’s Ambassador Bharat Joshi highlighted the importance of the mission, stating:

I am proud to welcome the first Trade Mission of my tenure, led by UK Trade Envoy Calvin Bailey MBE MP.

UK companies have a fantastic record of creating local wealth and jobs, investing in local skills and markets and supporting development programmes that make a real difference in communities.

The size of the delegation reflects our excitement about the opportunities in Angola to build sustainable, long-term partnerships that deliver for both our countries.

Trade and investment remain central to the UK government’s international strategy, unlocking opportunities, generating high-quality jobs and improving livelihoods in both nations.

UK Trade Envoy Calvin Bailey reinforced this vision, stating:

Angola is a land of opportunity. This trade mission demonstrates the UK government’s commitment to forging stronger economic partnerships with Angola.

With £2.5 billion in bilateral trade already flowing between our nations, we’re connecting British expertise with one of Africa’s most dynamic economies through engagements at transformative projects like the Luanda Special Economic Zone and the New Luanda International Airport, creating meaningful opportunities that deliver prosperity for both our nations.

The mission has already delivered tangible results, with investment discussions underway and promising business relationships established. These efforts mark more than commercial transactions – they signify a deepening of the UK-Angola economic partnership, paving the way for long-term prosperity.

Delegates visit to the New Dr. António Agostinho Neto in Luanda

As the UK continues to strengthen its global trade relationships, this mission represents a significant milestone in fostering sustainable growth and opportunities that will benefit businesses and communities across both nations.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 14 May 2025
MIL OSI United Kingdom –
May 14, 2025
MIL-OSI United Kingdom: Serious concerns over use of £22 million triggers investigation by charity regulator
Source: United Kingdom – Government Statements

News story

Serious concerns over use of £22 million triggers investigation by charity regulator

The Charity Commission has launched a statutory class inquiry into several charities and issued orders to temporarily restrict the issuing of cheques.
The charity regulator for England and Wales has launched a statutory class inquiry into a group of charities where there is evidence that they are issuing or have issued cheques, which are then exchanged for cash.

Following an unannounced visit by HMRC to a company in Hackney, 105 charities were found to have cashed cheques with it to a value of £22 million between December 2021 and March 2023.

The 10 charities initially under inquiry are: Inspirations (1109974), Beis Aharon Charitable Trust Limited (1010420), Mifal Hachesed Vehatzedokoh (1139320), Friend of Beis Soroh Schneirer (1153647), One Heart – Lev Echod (1167227), Yad Vochessed Association Limited (1112797), Friends of Beis Chinuch Lebonos Trust (1153187), Chasdei Dov Trust (1181900), Friends of Mercaz Hatorah Belz Macnivka (1126075), The Rehabilitation Trust (288622).

These 10 charities have been prioritised following an assessment of a range of factors, including the number of cheques issued, and total value of cheques cashed. The Commission expects to extend the number of charities under investigation over time.

Using powers available to the Commission during an inquiry, the regulator will determine the facts around how these charities have transferred funds. It will also investigate how trustees had oversight of what happened to funds exchanged for the cheques, and if this cash has been used properly to support what the charities were set up to do. The Commission will seek to establish how trustees determined that these financial transactions were in their charity’s best interests.

The regulator has issued an immediate order to temporarily stop any of the charities under inquiry from issuing cheques without its prior consent.

The scope of the inquiry may also be extended if additional regulatory issues emerge during the Commission’s investigation.

Notes to editors:

The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: About us – The Charity Commission – GOV.UK

A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity, or class of charities and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.

Under section 76(3)(f) of the Charities Act 2011, the regulator has issued a restricted transactions order which will prohibit the issuing of cheques without the Commission’s written consent.

The Commission’s guidance on internal financial controls can be found via this link: Internal financial controls for charities: protect your charity from fraud and loss (CC8) – GOV.UK. It makes clear that pre-signed blank cheques should be prohibited under charities’ financial control policies.

Press office

Email pressenquiries@charitycommission.gov.uk

Out of hours press office contact number: 07785 748787

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 14 May 2025
MIL OSI United Kingdom –
May 14, 2025

Category: Politics

Thousands of Civil Service roles moved out of London in latest reform to the state

New Regional Government Campuses

Supporting Senior Civil Service Careers Outside London

Making Savings in London

Share this page

Updates to this page

Alexandra Jones, Sally McInnes, Sally Sheard, James Strachan, Aruna Verma and Simon Wessely appointed to the ACNRA Board.

Alexandra Jones

Sally McInnes

Sally Sheard

James Strachan

Aruna Verma

Simon Wessely

Remuneration and Governance Code

Share this page

Updates to this page

CMA response to the Independent Water Commission’s call for evidence

Documents

Details

Updates to this page

Sign up for emails or print this page

Health and Social Care Secretary’s speech on men’s health

Updates to this page

Change of His Majesty’s Ambassador to Kuwait: Qudsi Rasheed

Curriculum vitae

Share this page

Updates to this page

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

Yuri Trutnev and Minister for the Development of the Far East and the Arctic Alexey Chekunkov took part in a joint meeting of the State Duma committees on the topic “On current issues of socio-economic and infrastructural development of the Arctic zone of the Russian Federation”

Change of His Majesty’s Ambassador to Kuwait

Curriculum Vitae

Share this page

Updates to this page

UK-Angola trade mission strengthens economic ties

Share this page

Updates to this page

Serious concerns over use of £22 million triggers investigation by charity regulator

Notes to editors:

Share this page

Updates to this page