Category: Transport

MIL-OSI Australia: UPDATE: Missing Person Located – Tiwi Islands

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force can report that the 59-year-old man who went missing near Tarntipi Bush Camp on Bathurst Island earlier this week has been located safe and well.

Around 3pm on Tuesday, police received reports that the man went missing near Tarntipi Bush Camp. He was travelling with a group who were collecting wood for carving at a local art centre in Wurrumiyanga and did not return.

An extensive search operation was launched with 22 community and family members and 15 police and Aboriginal Liaison Officers from Wurrumiynaga, Milikapiti, Pirlingimpi and The Specialist Response Division, including the Search and Rescue Section and the Territory Response Group.

Northern Territory Emergency Service volunteers also remained on standby.

Search teams deployed as both ground and aerial teams, with the 59-year-old located within the 85sqkm search radius earlier today.

He was airlifted back to Wurrumiyanga and is currently receiving treatment at the local clinic for exposure.

Superintendent Jak Evans said “This is a fantastic result that highlights the incredible collaboration between the community and police over the past 2 days.

“The search area consisted predominantly of light to dense scrubland with pandanis, gum tress and 20m tall thick grassy areas. Not only that, the area is populated by an array of dangerous animals including crocodiles and snakes.

“Police conducted detailed briefings with the community, whose extensive knowledge of the area and the coordinated search effort has allowed us to effectively cover a large area, which has resulted in this terrific outcome.

“I would like to commend everyone involved in this search, your tireless work has bought Barry back home safely.”

MIL OSI News –

March 6, 2025
MIL-OSI USA: Chairman Capito Opening Statement at Hearing on Nominations of Fotouhi, Szabo to Leadership Roles at the Environmental Protection Agency

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
To watch Chairman Capito’s opening statement, click here or the image above.
WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led ahearing on the nominations of David Fotouhi to be Deputy Administrator of the Environmental Protection Agency (EPA) and Aaron Szabo to be Assistant Administrator for the Office of Air and Radiation of the EPA.
In her opening remarks, Chairman Capito recognized the deep environmental experience that both nominees have gained through roles in both the public and private sectors. Additionally, Chairman Capito highlighted the importance of the nominees’ roles in returning the EPA to its core mission of protecting our nation’s air, land, and water, without inhibiting economic development in accordance with laws established by Congress.
Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
“Today we will receive testimony from David Fotouhi, the nominee to serve as the Environmental Protection Agency’s Deputy Administrator and from Aaron Szabo, to serve as the EPA Assistant Administrator for Air and Radiation. These are two very important positions in the Agency.
“So, I’m looking forward to this productive conversation about how Mr. Fotouhi and Mr. Szabo will ensure President Trump’s agenda to get the Agency back to its core mission and reestablish American energy dominance.
“Mr. Fotouhi currently is a partner at Gibson Dunn and Crutcher, where he has represented clients on matters relating to environmental law. He previously served as the Acting General Counsel and Principal Deputy General Counsel at the EPA. He is no stranger to EPA. Mr. Fotouhi has been recognized by multiple national law publications for his work in environmental and energy law, and as a leader on those issues.
“Mr. Fotouhi’s previous experience at the EPA provides him a wealth of perspective on the Agency’s critical role in protecting our nation’s air, land, and water while doing so within the boundaries of the legal authority that Congress has established.
“The EPA Deputy Administrator is generally tasked with overseeing the day-to-day operations of the Agency. In this role, Mr. Fotouhi will coordinate the work of the EPA’s important air, water, and chemicals offices, in addition to the EPA’s Regional offices research, enforcement, and General Counsel teams. Effectively integrating the Agency’s work will be at the top of Mr. Fotouhi’s list of responsibilities.
“Facilitating economic growth while protecting public health and the environment requires the Agency to establish consistent and legally defensible regulations, fairly and clearly enforce those rules, and communicate with the states, communities, and entities impacted by these regulations.
“Mr. Szabo, President Trump’s nominee to serve as the Assistant Administrator for the Office of Air and Radiation, is currently serving as a Senior Advisor to the EPA Administrator after representing a wide variety of clients in the private sector on energy and environmental matters. For more than ten years, Mr. Szabo worked as a career civil servant, first for the Nuclear Regulatory Commission, then the Office of Information and Regulatory Affairs, known as OIRA, and then the Council on Environmental Quality.
“As an NRC career staff member, Mr. Szabo was repeatedly recognized with awards for his excellent performance in the Office of Nuclear Reactor Regulation. In June of 2016, during Mr. Szabo’s tenure working for the Obama Administration’s OIRA, he received the Special Achievement Award. Mr. Szabo’s nomination to lead the Office of Air and Radiation will place him in a central role to roll back the Biden administration’s extreme attack on reliable, baseload energy sources.
“Under the Biden EPA, American energy producers were subject to a barrage of legally suspect regulations that were intended to bankrupt oil, gas, and coal companies. These attacks led to increased energy costs on American families, reduced electric reliability, and undermined our energy security.
“In contrast to the Biden administration’s agenda, President Trump’s agenda will right size our environmental regulations within the bounds of the laws passed by this Congress and past Congresses, while in turn increase energy production, enable innovation, and unleash economic growth while protecting the environment. As Administrator Zeldin stated during his confirmation hearing, the EPA has far too often exceeded the legal authority Congress has provided in law.
“This pattern, repeated during the Obama and then Biden Administrations, forced American businesses to pay for costly compliance requirements, even though the underlying regulation was ultimately struck down by the courts. Today’s nominees understand the impact of the Obama-Biden regulatory strategy.
“Mr. Fotouhi and Mr. Szabo have represented a wide range of energy and environmental clients in legal and regulatory proceedings, as well as counseled clients on environmental compliance and due diligence. While some might suggest that representing regulated entities, particularly ones they don’t like or agree with in private practice, should bar attorneys like Mr. Fotouhi and Mr. Szabo from serving in these roles. But I believe that view misses the extensive value of both of the nominees’ public and private experiences.
“It is important for all of the EPA’s staff, especially senior leadership, to understand how the Agency’s use of statutory authority and enforcement tools affect states and regulated entities, as well as how that regulatory action can best achieve compliance and maximize positive environmental outcomes.
“I am confident our witnesses’ legal training, previous government experience, and professional experience will serve them well in the positions for which they have been nominated.
“The EPA must get back to what it does best, facilitating cleanup of polluted sites in communities across America, establishing scientific sound and achievable regulations, and fulfilling the ‘cooperative federalism’ model of working with states to meet national environmental standards.
“I look forward to exploring these issues in more detail with our witnesses.”

MIL OSI USA News –

March 6, 2025
MIL-OSI New Zealand: Recycling Sector – Widespread support to start a Container Return Scheme in NZ

Source: Zero Waste Network

A coalition of 84 companies, councils and not for profit organisations have written to the NZ Government asking them to modernise how we handle waste and litter in New Zealand by starting a Container Return Scheme.

Organisations as diverse and significant as Woolworths, Foodstuffs NZ, Coca Cola, BP, The Warehouse, The University of Auckland, the NZ Beverage Council, the Zero Waste Network and 24 councils, spanning from the Far North to Dunedin, have signed the request and offered to help the Government set up a successful scheme.

“It is great to see retailers, drink producers, councils, recyclers and community organisations coming together to ask the government to start a Container Return Scheme in New Zealand.” said Zero Waste Network Spokesperson Sue Coutts. “We have a common interest in increasing recycling rates and reducing litter and pollution.”

The 84 signatories are asking the Government to prioritise a Container Return Scheme because they are proven to increase recycling rates, create new jobs, and provide fundraising mechanisms for community groups, and the charity sector. A Container Return Scheme lines up with the government’s waste objectives and climate goals, as well as being supported by more than 80% of New Zealanders. (Reloop 2022; Kantar, 2023)

“A 2023 survey showed that 89% New Zealanders like the idea of a Container Return Scheme. Paying a deposit when you buy a drink and getting it back when you drop off the empty bottle or can makes sense to people.” said Sue Coutts. “Communities, clubs and charities could use the scheme to raise funds for sports gear, local projects, school trips and other activities. I know a lot of organisations who would love to be able to do that.”

2.6 billion drink bottles, cans and cartons get sold in New Zealand each year. Less than half of these are collected for recycling, but overseas Container Return Schemes achieve 90% recycling rates.

“We know from the international evidence that Container Return Schemes work. A well-designed scheme would double the return rate for drink bottles and cans from 45% to 90%. These schemes are working well in 57 countries and states around the world from Canada to Europe. It’s time for New Zealand to start a Container Return Scheme so we can create good jobs in the recycling industry and in our regions, and feel proud of our clean green reputation.”

A copy of the full letter to the Minister can be found here: https://44104809.fs1.hubspotusercontent-na1.net/hubfs/44104809/Documents/Advocacy%20documents/2422025%20CRS%20-%20Broad%20Advocacy%20Letter_FINAL.pdf?utm_medium=email&_hsmi=350289176&utm_content=350289176&utm_source=hs_email

MIL OSI New Zealand News –

March 6, 2025
MIL-OSI USA: Ernst Urges USDA to Deliver Relief to Iowa Turkey Farmers

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – U.S. Senator Joni Ernst (R-Iowa) joined the entire Iowa delegation to urge U.S. Secretary of Agriculture Brooke Rollins and the Acting Administrator of the Farm Service Agency Kimberly Graham to deliver critical financial relief for Iowa turkey farmers.
In their letter, the lawmakers outlined the dire animal health crisis due to avian metapneumovirus (aMPV) that has caused flock losses from 30-50% since the fall of 2023, threatening producer stability and the broader national turkey supply.
“Iowa’s sharp decline in turkey production is reflective of the national turkey industry at large. Despite devastating financial shortfalls and supply chain disruptions caused by aMPV, there are currently no federal assistance programs available to offset these devastating losses, leaving many family-owned operations at risk of closure. Without immediate support, the viability of these farms—and the stability of the U.S. turkey industry—is in jeopardy,” wrote the lawmakers.
“To mitigate these losses and prevent future outbreaks, we urge the USDA Farm Service Agency (USDA-FSA) to consider determining aMPV as an eligible adverse event under the Livestock Indemnity Program so that our farmers can access much-needed financial relief to affected producers,” the lawmakers concluded.
In 2024, an estimate of 569,700 turkeys in Iowa have been lost due to aMPV, and the ongoing spread of Highly Pathogenic Avian Influenza (HPAI) – a completely separate but deadly virus – has only been compounding the financial, physical, and mental strains on turkey producers.
Read the full letter here.
Background:
Ernst has long been a champion of foreign animal disease prevention and preparedness efforts including the bipartisan Animal Disease and Disaster Prevention, Surveillance, and Rapid Response Act and her Beagle Brigade Act, which was recently signed into law.
Following the increase in HPAI outbreaks in both Iowa poultry flocks and dairy herds, Ernst hasworked to hold federal agencies accountable to provide public and state agencies with coordinated, up-to-date, and accurate information on the spread of the virus.
Last month, Ernst provided USDA with a blueprint for developing an effective plan to combat HPAI and protect Iowa poultry farmers. During a Senate Agriculture Committee hearing, Ernst directly raised the need for a vaccination strategy that takes trade into account and praised Secretary Rollins for hercomprehensive HPAI strategy.

MIL OSI USA News –

March 6, 2025
MIL-OSI United Kingdom: Delivering on affordable homes

Source: Scottish Government

Funding to support housing infrastructure.

A significant project to regenerate the Granton area of Edinburgh has received a grant of almost £16 million to enable the provision of new affordable, energy efficient homes.

Part of the Scottish Government’s Housing Infrastructure Fund, the grant will allow the City of Edinburgh Council to undertake crucial infrastructure works in preparation for building 847 new homes, including 387 affordable homes. It is part of a wider package of financial support being developed by the Scottish Government at Granton Waterfront, reflecting the commitment to support seven strategic sites as part of the Edinburgh and South East Scotland City Region Deal.

First Minister John Swinney visited the development to announce the funding and learn about how the project is progressing. He also had the opportunity to meet apprentices working on the construction site.

The First Minister said:

“This impressive development is transforming the Granton area of Edinburgh – through the development of new homes, improved infrastructure and low-carbon district heating solutions.

“Public sector investment in the first phase of Granton Waterfront is estimated to leverage a further £200 million of private sector investment in private housing and the low carbon heat network.

“The 2025-26 Budget has allocated more than £7 billion for infrastructure and £768 million to ramp up action on delivering affordable homes.

“This development at Granton Waterfront is an excellent example of how Scottish Government investment is already delivering across my government’s four priorities – to eradicate child poverty, grow the economy, improve public services and protect the planet.”

Leader of the City of Edinburgh Council Jane Meagher said:

“We’re making significant progress at Granton Waterfront, with hundreds of affordable homes underway at both Western Villages and Silverlea. I welcome today’s announcement which comes at a critical time, as our city faces an ongoing housing emergency and a severe shortage of homes.

“This funding forms part of a wider funding package that the Council and Scottish Government continue to develop, allowing the next phase of development in Granton to get underway later this year. This will see further development of much needed new homes, alongside improved infrastructure, and an innovative low-carbon district heating system.

“The regeneration of Granton will not only help to address the housing shortage but also contribute to our broader goal to become net zero by 2030 and by incorporating cutting-edge technologies, residents will benefit from modern, comfortable, energy efficient homes.

“We’re working hard to make Granton somewhere people will want to call home, and this is a great example of the success we can have when governments work together in partnership. I look forward to seeing this progress continue.”

Background

The 2024-25 Programme for Government expresses a commitment to working with local authorities to accelerate the development of strategic sites such as Granton, unlocking opportunities for investment and economic growth and the provision of new homes of all tenures.

MIL OSI United Kingdom –

March 6, 2025
MIL-OSI New Zealand: Construction to begin on final stage of Wellington SH58 Road of Regional Significance project

Source: New Zealand Government

The NZ Transport Agency (NZTA) Board has given the go-ahead for construction to begin on the final stage of the State Highway 58 (SH58) safety improvements project in Wellington, between Moonshine Road and the SH1 Pāuatahanui Interchange of Transmission Gully, Transport Minister Chris Bishop says.

“As a Road of Regional Significance, SH58 provides critical east-west access between the Hutt Valley and Porirua. Completing the final stage of this project will create a safer, more reliable connection for approximately 19,000 vehicles that use the corridor every day, and support expected urban growth in the region,” Mr Bishop says.

“Judgeford and Pāuatahanui are growing areas, and we expect to see more people living here in the future. As the population grows, so too will the demands and traffic flows on SH58. Delivering safe roading infrastructure that supports economic growth and productivity is a priority for the Government and reflected in the National Land Transport Programme 2024-27.

“The work on SH58 has been extensive and has required construction to be underway while ensuring the highway remains open for drivers, residents, and local businesses. Safety improvements between State Highway 2 and east of Moonshine Road began in 2019 and were completed in December 2024.

“The final stage of improvements on SH58 include two new roundabouts – one at the intersection of Flightys Road and Murphys Road, and the second at the Moonshine Road intersection, among other safety improvements to the corridor. Preparation for this work is underway already, with construction expected to begin in the next few months and completed by 2027.

“I want to acknowledge the patience of those who live, travel, or commute along SH58 while NZTA has worked to improve safety along this key route. Delivering crucial project works like this is complex whilst trying to keep the road open to thousands of vehicles a day. I’m pleased we’re getting on with the final stage of work and I look forward to it being completed as soon as possible.”

MIL OSI New Zealand News –

March 6, 2025

MIL-OSI: Athabasca Oil Announces 2024 Year-end Results including Record Cash Flow, Strong Return of Capital and Significant Reserves Growth

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its audited 2024 year-end results and reserves. Athabasca provides investors unique positioning to top tier liquids weighted assets (Thermal Oil and Duvernay) with a focus on maximizing cash flow per share growth by investing in competitive projects alongside a return of capital framework that will continue to direct 100% of Free Cash Flow to share buybacks in 2025.

Year-end 2024 Consolidated Corporate Results

Production: Annual production of 36,815 boe/d (98% Liquids), representing 7% (14% per share) growth year over year. Strong production performance across all assets supported the Company achieving its upwardly revised annual guidance of 36,000 – 37,000 boe/d (July 2024).
Record Cash Flow: Adjusted Funds Flow of $561 million ($1.02 per share), representing 102% per share growth year over year. Cash Flow from Operating Activities of $558 million. Free Cash Flow of $322 million from Athabasca (Thermal Oil).
Capital Program: $268 million, within annual guidance of $270 million, highlighted by $164 million invested at Leismer for completing the 28,000 bbl/d expansion and advancing the 40,000 bbl/d expansion project and $73 million in Duvernay development.
Pristine Balance Sheet: Net Cash position of $123 million; Liquidity of $481 million ($345 million of cash). Athabasca has $2.3 billion of tax pools (~80% high-value and immediately deductible).

Return of Capital Strategy

Achieved Return of Capital Commitment in 2024: Athabasca (Thermal Oil) allocated ~100% of its Free Cash Flow (“FCF”) to return of capital in 2024 completing $317 million in share repurchases.
Cumulative Return of Capital of ~$900 million: Since 2021, the Company has delivered a deliberate return of capital strategy, prioritizing ~$400 million of debt reduction followed by share buybacks of ~$500 million to date. The Company has reduced its fully diluted share count by ~18% since Q1 2023.
Continued 100% of Free Cash Flow (Thermal Oil) Return to Shareholders through buybacks in 2025: The Company expects to utilize ~100% of its Normal Course Issuer Bid (“NCIB”) for the second straight year. Following the expiry of its current NCIB on March 17, 2025 the Company will renew a third annual NCIB with the Toronto Stock Exchange.

2024 Year-end Consolidated Reserves¹

Differentiated Long-life Reserves: Athabasca holds 1.3 billion boe of Proved Plus Probable (“2P”) reserves and ~1 billion barrels of Contingent Resource (Best Estimate). This represents $6.4 billion² NPV10 of 2P reserves ($12.44 per share), an increase of 35% per share from 2023, and includes $3.8 billion² of Total Proved (“1P”) reserves ($7.28 per share), an increase of 34% per share from 2023.
Thermal Oil Underpins Deep Value: An $813 million increase in 2P NPV10² to $5.8 billion is supported by well design driving improved capital efficiencies, lower operating costs at both producing projects and constructive heavy oil pricing. These reserves represent a ~30 year 1P and ~90 year 2P reserve life.
Duvernay Value Capture: Duvernay Energy Corporation (“DEC”) 2P reserves increased by 170% to 73 mmboe, representing a NPV10² value of $614 million. Strong growth is attributed to establishing development on the newly operated lands and accelerated development on previous land positions. DEC has an estimated 444 gross drilling locations (204 net) across its ~200,000 acre (gross) land base.

2025 Guidance Maintained

Athabasca (Thermal Oil): The Thermal Oil division underpins the Company’s strong Free Cash Flow outlook, with unchanged production guidance of 33,500 – 35,500 bbl/d and an unchanged ~$250 million capital budget. The program at Leismer includes the tie-in of six redrills and four new sustaining well pairs on Pad 10 early in 2025, along with continued pad and facility expansion work for the progressive expansion to 40,000 bbl/d. At Hangingstone two extended reach sustaining well pairs (~1,400 meter average laterals) that were drilled in 2024 will be placed on production in March.
Duvernay Energy Corporation: The 2025 capital program of ~$85 million includes the completion of a 100% working interest (“WI”) three-well pad that was drilled in 2024 and the drilling and completion of a 30% WI four-well pad. Activity will also include spudding two additional multi-well pads in H2 2025 (one operated 100% WI pad and one 30% WI pad) with completions to follow in 2026. DEC is constructing gathering system infrastructure on its operated assets that will support exit production of ~5,500 boe/d this year and momentum into 2026.
Significant Free Cash Flow: The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million³, including $475 – $500 million from its Thermal Oil assets. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Athabasca forecasts generating ~$1.8 billion of Free Cash Flow³ from its Thermal Oil assets over five years (2025-29), representing ~70% of its current equity market capitalization.
Competitive and Resilient Break-evens. Thermal Oil is competitively positioned with sustaining capital to hold production flat funded within cash flow at ~US$50/bbl WTI¹ and growth initiatives fully funded within cash flow below US$60/bbl WTI¹. The Company’s operating break-even is estimated at ~US$40/bbl WTI³. Every $0.01 change in the Canada/US exchange rate is ~$10 million in annual Adjusted Funds Flow, and a weakened Canadian dollar would help cushion the impact that any potential US tariffs may have on commodity pricing.
Steadfast Focus on Cash Flow Per Share Growth: The Company forecasts ~20% compounded annual cash flow per share³ growth between 2025 – 2029 driven by investing in attractive capital projects and prioritizing share buybacks with Free Cash Flow.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.

¹Consolidated reserves reflect gross reserves and financial metrics before taking into account Athabasca’s 70% equity interest in Duvernay Energy.
²Net present value of future net revenue before tax at a 10% discount rate (NPV 10 before tax) for 2024 is based on an average of McDaniel, Sproule and GLJ pricing as at January 1, 2025.
³Pricing Assumptions: 2025 US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX; 2026-29 US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX.

Financial and Operational Highlights

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024				2023
CORPORATE CONSOLIDATED⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		37,236			33,127			36,815			34,490
Petroleum, natural gas and midstream sales	$	352,456		$	315,929		$	1,442,091		$	1,268,525
Operating Income⁽²⁾	$	155,022		$	96,960		$	620,092		$	417,023
Operating Income Net of Realized Hedging⁽²⁾⁽³⁾	$	153,119		$	91,443		$	613,630		$	381,088
Operating Netback ($/boe)⁽²⁾	$	45.53		$	30.44		$	46.14		$	32.57
Operating Netback Net of Realized Hedging ($/boe)⁽²⁾⁽³⁾	$	44.97		$	28.71		$	45.66		$	29.76
Capital expenditures	$	92,944		$	38,752		$	268,042		$	139,832
Cash flow from operating activities	$	158,677		$	103,196		$	557,541		$	305,526
per share – basic	$	0.30		$	0.18		$	1.02		$	0.52
Adjusted Funds Flow⁽²⁾	$	143,737		$	81,830		$	560,935		$	295,236
per share – basic	$	0.27		$	0.14		$	1.02		$	0.51
ATHABASCA (THERMAL OIL)
Bitumen production (bbl/d)⁽²⁾		33,849			31,059			33,505			30,246
Petroleum, natural gas and midstream sales	$	346,716		$	309,078		$	1,419,670		$	1,204,245
Operating Income⁽²⁾	$	143,246		$	92,199		$	569,083		$	370,732
Operating Netback ($/bbl)⁽²⁾	$	46.30		$	30.78		$	46.54		$	32.93
Capital expenditures	$	74,268		$	29,371		$	194,902		$	118,975
Adjusted Funds Flow⁽²⁾	$	133,398					$	516,612
Free Cash Flow⁽²⁾	$	59,130					$	321,710
DUVERNAY ENERGY⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		3,387			2,068			3,310			4,244
Percentage Liquids (%)⁽²⁾	75		%	71		%	76		%	58		%
Petroleum, natural gas and midstream sales	$	20,179		$	12,659		$	83,194		$	91,062
Operating Income⁽²⁾	$	11,776		$	4,761		$	51,009		$	46,291
Operating Netback ($/boe)⁽²⁾	$	37.79		$	25.02		$	42.10		$	29.89
Capital expenditures	$	18,676		$	9,381		$	73,140		$	20,857
Adjusted Funds Flow⁽²⁾	$	10,339					$	44,323
Free Cash Flow⁽²⁾	$	(8,337	)				$	(28,817	)
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
Net income (loss) and comprehensive income (loss)⁽⁴⁾	$	264,336		$	27,506		$	467,743		$	(51,220	)
per share – basic⁽⁴⁾	$	0.50		$	0.05		$	0.85		$	(0.09	)
per share – diluted⁽⁴⁾	$	0.50		$	0.03		$	0.85		$	(0.09	)
COMMON SHARES OUTSTANDING
Weighted average shares outstanding – basic		526,233,362			574,412,564			547,795,407			583,757,575
Weighted average shares outstanding – diluted		530,796,068			588,498,448			553,382,675			583,757,575

	December 31,		December 31,
As at ($ Thousands)	2024		2023
LIQUIDITY AND BALANCE SHEET
Cash and cash equivalents	$	344,836	$	343,309
Available credit facilities⁽⁵⁾	$	136,324	$	85,488
Face value of term debt⁽⁶⁾	$	200,000	$	207,648

^{(1)    Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}
^{(2)    Refer to the “Advisories and Other Guidance” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.}
^{(3) Includes realized commodity risk management loss of $1.9 million and $6.5 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – loss of $5.5 million and $35.9 million).}
^{(4)    Net income (loss) and comprehensive income (loss) per share amounts are based on net income (loss) and comprehensive income (loss) attributable to shareholders of the Parent Company. In the calculation of diluted earnings per share for the three months ended December 31, 2023 earnings were reduced by $11.3 million to account for the impact to net income had the outstanding warrants been converted to equity.}
^{(5)    Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.}
^{(6)    The face value of the term debt at December 31, 2023 was US$157.0 million translated into Canadian dollars at the December 31, 2023 exchange rate of US$1.00 = C$1.3226.}

Athabasca (Thermal Oil) Year-end 2024 Highlights and Operations Update

Production: Bitumen production averaged 33,505 bbl/d in 2024 representing 11% growth year over year (18% per share) supported by the Leismer facility expansion mid-year and Hangingstone’s resilient production base.
Record Cash Flow: Adjusted Funds Flow of $517 million with an Operating Netback of $46.54/bbl. Operating Income of $569 million.
Capital Program: $195 million of capital expenditures in 2024 focused on expansion projects at Leismer and sustaining operations at Hangingstone.
Free Cash Flow: $322 million of Free Cash Flow supporting 100% return of capital commitment.

Leismer

Bitumen production for 2024 averaged 26,103 bbl/d, up 16% year over year (18% per share).

In Q4 2024, the Company completed drilling six extended redrills on Pad L1 and four well pairs at Pad L10. The redrills were placed onstream in February and support production of ~28,000 bbl/d. Steaming of the Pad L10 well pairs is expected to start in April with first production mid-year. Another six well pairs will be drilled in H2 2025.

Activity at Leismer continues to be focused on advancing progressive growth to 40,000 bbl/d by the end of 2027. The project cost is estimated at $300 million generating a capital efficiency of approximately $25,000/bbl/d. The $300 million includes an estimated $190 million for facility capital (majority spread over 2025 and 2026) and an estimated $110 million for growth wells. To date the Company has procured ~80% of the project and remains on budget and on schedule with the original sanction plans announced in July 2024. This winter the Company completed regional infrastructure to Pad L10 and L11 including lease site construction, delineation drilling and pipeline looping. Major facility equipment has been purchased and the Company is preparing to install two previously acquired steam generators in 2027.

Leismer is forecasted to remain pre-payout from a crown royalty perspective until late 2027³.

Hangingstone

Bitumen production for 2024 averaged 7,402 bbl/d and experienced no decline during the year. Non-condensable gas co-injection has aided in pressure support and reduced energy usage. Hangingstone’s steam oil ratio averaged 3.4 for 2024.

At Hangingstone two extended reach sustaining well pairs (~1,400 meter average laterals) were drilled in 2024. These wells commenced steaming in December and will be placed on production in March. These well pairs are expected to enhance the current production level and support base production long term.

Hangingstone continues to deliver meaningful cash flow contributions with minimal capital to the Company and also has a pre-payout crown royalty structure to beyond 2030³.

Corner

The Company’s Corner asset is a large de-risked top-tier oil sands asset adjacent to Leismer with 351 million barrels of 2P reserves and 520 million barrels of Contingent Resource (Best Estimate Unrisked). There are over 300 delineation wells and ~80% seismic coverage with reservoir qualities similar or better than Leismer. The asset has a 40,000 bbl/d regulatory approval for development with the existing pipeline corridor passing through the Corner lease. The Company is updating its development plans and is finalizing facility cost estimates, including modular optionality. Athabasca intends to explore external funding options and does not plan to fund an expansion utilizing existing cash flow or balance sheet resources.

Duvernay Energy Corporation Year-end 2024 Highlights and Operations Update

Production: Production averaged 3,310 boe/d (76% Liquids) in 2024, supported by two pads (5 gross, 2.9 net wells) placed on production.
Cash Flow: Adjusted Funds Flow of $44 million in 2024 with an Operating Netback of $42.10/boe. Operating Income was $51 million in 2024. DEC has no long-term debt and ended the year with a cash position of $26 million.
Capital Program: $73 million of capital, fully funded within cash flow and cash on hand in DEC.

Production from wells drilled in 2024 continue to validate DEC’s type curve expectations. The five new wells placed on production have average IP30’s of ~1,200 boe/d per well (86% liquids) and IP90s of ~940 boe/d (86% Liquids) per well.

DEC drilled a three-well 100% working interest pad at 4-18-64-16W5 in Q4 2024. The wells were cased with average laterals of ~4,100 meters per well. This operated pad of wells is expected to be completed post-breakup in 2025. Winter activity has been focused on strategic gathering system investments connecting its newly operated assets with its existing operated infrastructure on the joint venture acreage supporting near-term development plans. DEC has secured a regional term water license and is commencing water sourcing in advance of the completion activities this summer.

Marketing Access Strategy and Resilience to United States (“US”) Trade Tariffs

Long Term Market Access: Athabasca has diversified its long term end market access which includes ~7,200 bbl/d of capacity on the Keystone pipeline by 2028, providing direct exposure to the US Gulf Coast. The Company has recently contracted, through an intermediary, 10,000 bbl/d of capacity on the Enbridge Express system, providing capacity to PADD II with no associated balance sheet commitments. The start-up of the Trans Mountain pipeline expansion has provided excess egress capacity out of Canada, driving tighter and less volatile WCS heavy differentials. Industry market access is expected to be further supported by expansions on the Enbridge and Trans Mountain Pipeline systems along with the possible revival of new pipeline projects.
Athabasca is Resilient: The Company is well positioned to withstand macro volatility including proposed US Trade Tariffs with operational flexibility, financial durability and a robust cash flow outlook. Athabasca’s capital program is designed to provide flexible growth at Leismer and DEC has no near-term land expiries with flexible development plans. The Company’s balance sheet is in a $123 million Net Cash position with tenure on Canadian denominated term debt until 2029. Every $0.01 change in the Canada/US exchange rate is ~$10 million in annual Adjusted Funds Flow, and a weakened Canadian dollar would help cushion the impact that any potential US tariffs may have on commodity pricing.

Differentiated Long-life Reserves¹

Strong Reserve Growth: 22% increase year over year in 2P reserve value to $6.4 billion NPV10² ($12.44 per share, 35% increase) and 21% increase in 1P reserves to $3.8 billion² ($7.28 per share, 34% increase). Athabasca maintains a deep inventory with a ~30 year 1P and ~90 year 2P reserve life.
Massive Resource Base: 1.3 billion boe of 2P reserves, anchored by 1.2 billion barrels of 2P Thermal Reserves, plus an additional ~1 billion barrels of Contingent Resources (best estimate).
Duvernay Energy: Significant reserve additions from ~46,000 acres of 100% working interest land, driving a 128% year over year increase in 2P reserve value to $614 million NPV10².

Athabasca’s independent reserves evaluator, McDaniel & Associates Consultants Ltd. (“McDaniel”), prepared the year-end reserves evaluation effective December 31, 2024. Reserves are reported on a consolidated basis and reflecting gross reserves and financial metrics before taking into account Athabasca’s 70% equity interest in Duvernay Energy.

	Duvernay Energy¹				Thermal Oil					Corporate
	2023			2024			2023		2024			2023		2024
Reserves (mmboe)
Proved Developed Producing		4		6			77		74			82		80
Total Proved		11		41			404		404			415		445
Proved Plus Probable		27		73			1,216		1,209			1,243		1,282

NPV10 BT ($million)²
Proved Developed Producing	$58		$81			$1,713		$1,749			$1,771		$1,830
Total Proved	$142		$345			$2,969		$3,421			$3,111		$3,766
Proved Plus Probable	$269		$614			$5,011		$5,824			$5,280		$6,438

Numbers in the table may not add precisely due to rounding.

For additional information regarding Athabasca’s reserves and resources estimates, please see “Independent Reserve and Resource Evaluations” in the Company’s 2024 Annual Information Form which is available on the Company’s website or on SEDAR at www.sedarplus.ca.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of commodity pricing; and other matters.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2024 (which is respectively referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 5, 2025 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Also included in this News Release are estimates of Athabasca’s 2025 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Initial Production Rates

Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2024. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2024 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2025.

The 444 gross Duvernay drilling locations referenced include: 87 proved undeveloped locations and 85 probable undeveloped locations for a total of 172 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2024 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP and Other Financial Measures, and Production Disclosure

The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

	Three months ended December 31, 2024											Three months ended December 31, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾				Corporate Consolidated⁽¹⁾				Corporate Consolidated
Cash flow from operating activities	$	144,810			$	13,867			$	158,677			$	103,196
Changes in non-cash working capital		(11,504	)			(3,675	)			(15,179	)			(21,973	)
Settlement of provisions		92				147				239				607
ADJUSTED FUNDS FLOW		133,398				10,339				143,737				81,830
Capital expenditures		(74,268	)			(18,676	)			(92,944	)			(38,752	)
FREE CASH FLOW	$	59,130			$	(8,337	)		$	50,793			$	43,078

^{(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}

	Year ended December 31, 2024											Year ended December 31, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾				Corporate Consolidated⁽¹⁾				Corporate Consolidated
Cash flow from operating activities	$	511,828			$	45,713			$	557,541			$	305,526
Changes in non-cash working capital		3,056				(1,541	)			1,515				525
Settlement of provisions		1,728				151				1,879				1,762
Long-term deposit		—				—				—				(12,577	)
ADJUSTED FUNDS FLOW		516,612				44,323				560,935				295,236
Capital expenditures		(194,902	)			(73,140	)			(268,042	)			(139,832	)
FREE CASH FLOW	$	321,710			$	(28,817	)		$	292,893			$	155,404

^{(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.}

Duvernay Energy Operating Income and Operating Netback

The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Petroleum and natural gas sales	$	20,179		$	12,659		$	83,194		$	91,062
Royalties		(2,753	)		(2,180	)		(11,035	)		(12,583	)
Operating expenses		(4,729	)		(5,009	)		(17,116	)		(24,997	)
Transportation and marketing		(921	)		(709	)		(4,034	)		(7,191	)
DUVERNAY ENERGY OPERATING INCOME	$	11,776		$	4,761		$	51,009		$	46,291

Athabasca (Thermal Oil) Operating Income and Operating Netback

The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets. The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Heavy oil (blended bitumen) and midstream sales	$	346,716		$	309,078		$	1,419,670		$	1,204,245
Cost of diluent		(137,817	)		(137,438	)		(549,808	)		(518,219	)
Total bitumen and midstream sales		208,899			171,640			869,862			686,026
Royalties		(12,413	)		(15,695	)		(75,064	)		(60,865	)
Operating expenses – non-energy		(20,699	)		(23,767	)		(93,144	)		(87,116	)
Operating expenses – energy		(11,526	)		(17,651	)		(49,713	)		(81,769	)
Transportation and marketing⁽¹⁾		(21,015	)		(22,328	)		(82,858	)		(85,544	)
ATHABASCA (THERMAL OIL) OPERATING INCOME	$	143,246		$	92,199		$	569,083		$	370,732

^{(1) Transportation and marketing excludes non-cash costs of $0.6 million and $2.2 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – $0.6 million and $2.2 million).}

Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

	Three months ended December 31,						Year ended December 31,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Petroleum, natural gas and midstream sales⁽¹⁾	$	366,895		$	321,737		$	1,502,864		$	1,295,307
Royalties		(15,166	)		(17,875	)		(86,099	)		(73,448	)
Cost of diluent⁽¹⁾		(137,817	)		(137,438	)		(549,808	)		(518,219	)
Operating expenses		(36,954	)		(46,427	)		(159,973	)		(193,882	)
Transportation and marketing⁽²⁾		(21,936	)		(23,037	)		(86,892	)		(92,735	)
Operating Income		155,022			96,960			620,092			417,023
Realized loss on commodity risk mgmt. contracts		(1,903	)		(5,517	)		(6,462	)		(35,935	)
OPERATING INCOME NET OF REALIZED HEDGING	$	153,119		$	91,443		$	613,630		$	381,088

^{(1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.}
^{(2) Transportation and marketing excludes non-cash costs of $0.6 million and $2.2 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – $0.6 million and $2.2 million).}

Cash Transportation and Marketing Expense

The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

Net Cash

Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

Liquidity

Liquidity is defined as cash and cash equivalents plus available credit capacity.

Production volumes details

		Three months ended December 31,				Year ended December 31,
Production		2024		2023		2024		2023
Duvernay Energy:
Oil⁽¹⁾	bbl/d		2,103		1,208		2,202		1,396
Condensate NGLs	bbl/d		—		—		—		528
Oil and condensate NGLs	bbl/d		2,103		1,208		2,202		1,924
Other NGLs	bbl/d		422		258		329		525
Natural gas⁽²⁾	mcf/d		5,172		3,612		4,677		10,769
Total Duvernay Energy	boe/d		3,387		2,068		3,310		4,244
Total Thermal Oil bitumen	bbl/d		33,849		31,059		33,505		30,246
Total Company production	boe/d		37,236		33,127		36,815		34,490

^{(1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.}
^{(2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.}

This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs.

Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

Reserve Life Index is calculated as year-end reserves divided by Q4 2024 production.

Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow.

The MIL Network –

March 6, 2025

MIL-OSI: Prairie Provident Announces Closing of Final Tranche of Equity Financing and Basal Quartz Operational Update

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company“) (TSX:PPR) is pleased to announce the closing of the second and final tranche of its previously announced equity financing, for additional gross proceeds of $3.87 million. Together with the $4.8 million of gross proceeds from the first tranche closing completed on February 19, 2025, the Company raised $8.67 million in aggregate gross proceeds from the financing, through the issuance of, in aggregate:

(i)		86,267,672 units (“Units“) at a price of $0.0425 per Unit, for gross proceeds of $3,666,376, in an offering made pursuant to the ‘listed issuer financing exemption’ (LIFE) under applicable Canadian securities laws (the “LIFE Offering“), with each Unit consisting of one common share (“Common Share“) and one Common Share purchase warrant (“Warrant“), and each Warrant exercisable for one Common Share at price of $0.05 per share until March 5, 2028; and

(ii)		117,647,059 Common Shares at a price of $0.0425 per Common Share, for gross proceeds of $5,000,000, in a private placement pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws (the “Private Placement” and, together with the LIFE Offering, the “Offerings“).

The Offerings were led by Research Capital Corporation as the lead agent and sole bookrunner, on behalf of a syndicate of agents including Haywood Securities Inc. (collectively, the “Agents“).

Prairie Provident intends to use the net proceeds from the Offerings to drill two additional Basal Quartz horizontal wells in the first quarter of 2025 and for working capital and general corporate purposes, including expenses related to the Offerings.

The Common Shares issued under the Private Placement are subject to a restricted 4-month hold period under applicable Canadian securities laws, and cannot be traded before July 6, 2025 unless otherwise permitted under securities legislation. The Common Shares and Warrants comprising the Units sold under the LIFE Offering are not subject to the same hold period restriction.

In connection with the Offerings, the Company paid to the Agents total cash compensation of $180,247 and issued to the Agents a total of 2,508,704 non-transferable broker warrants (the “Broker Warrants“). Each Broker Warrant entitles the holder thereof to acquire one Unit at a price of $0.0425 per Unit until March 5, 2028.

Insider Participation

The Company’s principal shareholder, PCEP Canadian Holdco, LLC (“PCEP“), and certain directors and officers of the Company, participated in the Offerings for a final aggregate investment of $7.32 million after converting USD-denominated commitments to Canadian dollars, of which $5.0 million was completed under the Private Placement (acquiring 117,647,029 Common Shares in total, for 100% of the Private Placement) and $2.32 million was completed under the LIFE Offering (acquiring 54,508,872 million Units in total, for 63.2% of the LIFE Offering) (collectively, the “Insider Participation“).

Basal Quartz Operational Update

The Company is pleased to announce rig release at the Basal Quartz horizontal well 100/14-32-29-18W4M on March 3, 2025. The drilling rig was moved to the Basal Quartz horizontal well 102/13-32-29-18W4M which was spud on March 4, 2025. Completion operations for both wells are expected to commence in the next two weeks.

Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions

The Insider Participation constitutes ‘related party transactions’ for the Company within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), which are exempt from the formal valuation and minority approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(a) thereof on the basis that neither the fair market value of the subject matter of the transactions, nor the fair market value of the consideration for the transactions, insofar as they involve interested parties, exceeds 25% of the Company’s market capitalization as calculated for purposes of MI 61-101. Prairie Provident did not file a material change report 21 days before completion of the initial closing under the Offering completed on February 19, 2025, which was less than 21 days from commencement and it was commercially impracticable to delay the process.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of, any securities in the United States or to or for the account or benefit of U.S. persons or persons in the United States, or in any other jurisdiction in which, or to or for the account or benefit of any other person to whom, any such offer, solicitation or sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons or persons in the United States except in compliance with, or pursuant to an available exemption from, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. “United States” and “U.S. person” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta, including a position in the emerging Basal Quartz trend in the Michichi area of Central Alberta.

For further information, please contact:

Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: info@ppr.ca

Forward-Looking Information

This news release contains certain statements (“forward-looking statements”) that constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “seek”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.

Without limiting the foregoing, this news release contains forward-looking statements pertaining to: the intended use of proceeds from the Offerings; the intended number of Basal Quartz wells that are anticipated to be drilled by the Company in the first quarter of 2025 and the intended timing of drilling and completion of the Basal Quartz wells.

Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production.

The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident’s products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident’s operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of any tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident’s oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident’s public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident’s current Annual Information Form dated April 1, 2024 as filed with Canadian securities regulators and available from the SEDAR+ website (www.sedarplus.ca) under Prairie Provident’s issuer profile).

The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

The MIL Network –

March 6, 2025

MIL-OSI Economics: [World Sleep Day] Recovering From Daylight Saving Time May Take More Than Three Weeks, Youngest Hit Hardest

Source: Samsung

Do you find yourself feeling more tired once the clocks spring forward for Daylight Saving Time (DST)? Well, you’re not alone. Although losing an hour the night of DST may seem insignificant, examining the sleep patterns of global Samsung Health users1 from the US, Canada and more than 40 European countries reveals a ripple effect that causes weeks-long disruptions to sleep patterns, hitting younger age groups the hardest.

DST Takes a Toll on Sleep, With Younger Generations Most Disrupted
When looking into how much of an impact DST has on people the morning after, one thing is clear, everyone’s sleep patterns are thrown off. In fact, people spent a little too much time counting sheep the night of the time change, falling asleep 33 minutes later than the previous night, waking up 19 minutes earlier. While losing sleep isn’t easy at any age, those in their 20s likely felt it the most thanks to an extremely late bedtime and a seeming inability to sleep in.

Moreover, Sleep Score — calculated based on an evaluation of a users’ total sleep time, awake time, sleep cycle, plus physical and mental recovery — was at the worst level for weeks after DST — and again, people in their 20s appeared to be most affected. When examining in the seven-day Sleep Score average, the 20s age group demonstrated the slowest score recovery rate, while older age groups adapted much quicker. By the third week, Sleep Score for all age groups were still not stable as normal, showing fluctuations in the quality of a good night’s rest.

Useful Tips To Help You Get a Good Night’s Sleep and a Quicker Recovery
The transition into DST clearly affects the sleep patterns of all age groups long after the clocks change, but for younger generations, prioritizing sleep management during this time couldn’t be more important. In recognition of World Sleep Day, Samsung is sharing useful tips that make understanding your sleep patterns and habits as seamless and effortless as possible for a better night’s rest.

Creating an ideal sleep environment is critical to a good night’s sleep. Later this month, Samsung Health app update2 will make this possible by providing guidance and analysis on the key factors that influence sleep quality, including temperature, humidity, CO2 and illuminance via a Sleep Environment Report3 — leveraging SmartThings and the power of Samsung’s extensive device ecosystem. With a better understanding of how your environment affects sleep, easily optimize your room conditions for an improved night’s rest.
In addition to perfecting your sleep environment, understanding how activity can impact energy level is key. Samsung Health app updates also bring enhancements to Energy Score,4 which provides an indicator of how much energy users can expend throughout the day. In addition to sleep and heart rate, a new detailed factor about activity — Activity Consistency — will help you understand your overall condition in greater detail by evaluating your activity levels over the past four weeks.
It’s also important to understand how you’re sleeping and make necessary adjustments through sleep training. Sleep Coaching makes this simple by seamlessly tracking your sleep patterns over 7 days and assigning a sleep animal based on the results. With a personalized coaching program, develop healthy habits and routines that set you on a positive path to achieving your sleep goals.

World Sleep Day serves as an important reminder of the importance of sleep. With the latest Samsung Health app updates and the Galaxy ecosystem, Samsung remains committed to helping users optimize their sleep and lead healthier, more balanced life.

1 Findings analyzed sleep data of Samsung Health users via Galaxy Watch series during DST in the spring of 2024.2 Certain features may vary by market, carrier or paired device.3 Sleep Environment Report feature will be available on smartphone with One UI 7 and Samsung Health app version 6.29.5 or higher, and when device is connected to SmartThings.4 Galaxy AI features track data and require compatible Samsung Galaxy phone, Samsung Health app and Samsung account.

MIL OSI Economics –

March 6, 2025
MIL-OSI China: State council issues guidelines on advancing key areas in financial sector

Source: China State Council Information Office

The General Office of the State Council has issued guidelines to accelerate efforts to build China into a country with a strong financial sector and promote development in five major areas, namely, technology finance, green finance, inclusive finance, pension finance and digital finance.

Emphasizing the fundamental role of financial services in supporting the real economy, the guidelines called for strengthening coordination between financial policies and measures related to technology, industry, taxation and fiscal matters.

High-quality financial services will be provided to support major national strategies, key sectors and weaker links in the economy.

Efforts will be enhanced to cultivate new quality productive forces tailored to local conditions, according to the guidelines.

The guidelines underscored strengthening financial support for major national scientific and technological initiatives and tech-focused small and medium-sized enterprises while coordinating financial support for green development and the low-carbon transition.

Inclusive finance will be strengthened by building a multi-tiered, broad-based and sustainable system while optimizing financial products and services for key sectors, including micro, small and medium-sized enterprises, private businesses, rural revitalization and social welfare.

Efforts will be made to enhance financial support for the silver economy and facilitate the development of a multi-tiered, multi-pillar old-age insurance system.

Digital transformation of financial institutions will be promoted and the digital financial governance system will be improved, according to the guidelines.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Britain to require electronic travel authorization for European visitors

Source: China State Council Information Office

The British government announced on Wednesday that European visitors will need to apply for an Electronic Travel Authorization (ETA) starting April 2, as part of the final phase of a global rollout aimed at enhancing border security and streamlining entry processes.

According to the Home Office, eligible people can apply for the ETA – a digital travel permit linked to their passports – starting on Wednesday. This replaces traditional visa requirements for short-term visits.

The policy follows the system’s implementation for non-European travelers, including those from the United States, Canada, and Australia. To date, more than 1.1 million ETAs have been issued globally.

“Expanding the ETA worldwide underscores our commitment to a secure, contactless border system while ensuring a seamless travel experience,” Minister for Migration and Citizenship Seema Malhotra said. She added that the digital approach strengthens immigration controls and aligns with Britain’s broader strategy to innovate through technology.

Applicants can obtain an ETA via the British government’s official website or mobile application by submitting biometric and biographic details, along with responses to eligibility questions. The government is working with airlines, ferry operators, and rail carriers to ensure smooth compliance with the new requirements, the Home Office said in a statement.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Trump grants one-month exemption to big three automakers from Mexico, Canada tariffs: White House

Source: China State Council Information Office

The White House said on Wednesday that U.S. President Donald Trump is granting a one-month exemption to three major automakers from the newly imposed 25-percent tariffs on Mexico and Canada.

“We spoke with the big three auto dealers (makers), we are going to give a one-month exemption on any autos coming through USMCA. Reciprocal tariffs will still go into effect on April 2,” White House Press Secretary Karoline Leavitt told reporters at a press briefing.

Levitt said Trump has spoken with three companies — Ford, General Motors, and Stellantis — and they made this request. The president agreed to grant them a one-month tariff exemption.

Bloomberg News reported earlier Wednesday that Trump is exempting automakers from newly imposed tariffs on Mexico and Canada for one month, “as a temporary reprieve following pleas from industry leaders.”

The United States-Mexico-Canada Agreement (USMCA) is a trade agreement negotiated, signed, and ultimately enacted during Trump’s first term, aimed at replacing the former North American Free Trade Agreement (NAFTA).

Under the USMCA, auto parts procurement must meet specific rules to qualify for duty-free treatment. These rules are designed to encourage regional production and sourcing within North America. For passenger vehicles and light trucks, at least 75 percent of the vehicle’s value must originate in North America, while the minimum requirement for heavy trucks is 70 percent.

On Feb. 1, Trump signed an executive order imposing a 25-percent tariff on products imported from Mexico and Canada, with a 10 percent tariff increase on Canadian energy products. On Feb. 3, Trump announced a 30-day delay in implementing the tariffs on both countries and continued negotiations. According to this decision, the relevant tariff measures took effect on March 4.

Trump on Tuesday night defended his tariff strategy when delivering an address to a joint session of Congress, but acknowledged that such policies will cause “a little disturbance.”

Nevertheless, economists and observers have expressed deep concerns about the potential impact of tariffs on the U.S. economy.

The Tax Foundation estimated that, without considering retaliatory measures, Trump’s 25 percent tariffs on Canada and Mexico, which went into effect Tuesday, will reduce long-term GDP by 0.2 percent, reduce hours worked by 223,000 full-time equivalent jobs, and reduce after-tax incomes by an average of 0.6 percent.

MIL OSI China News –

March 6, 2025
MIL-OSI USA: Duckworth Reacts to Trump’s Plan to Fire More Than 80,000 VA Employees Which Would Further Jeopardize Veterans’ Access to Care

US Senate News:

Source: United States Senator for Illinois Tammy Duckworth

March 05, 2025

[WASHINGTON, D.C.] – Today, combat Veteran and U.S. Senator Tammy Duckworth (D-IL)—a member of the Senate Veterans’ Affairs Committee (SVAC)—issued the following statement in response to reporting on an internal memo from senior Trump Administration officials at the Department of Veterans Affairs (VA) detailing their plans to fire more than 80,000 VA employees this year, after the VA already fired over 2,400 VA employees last month:

“Since the bipartisan PACT Act overhauled our VA to better care for our nation’s heroes, the VA has approved over one million claims from Veterans suffering from toxic-exposure—helping more Veterans than ever receive the care they’ve earned. And yet, by planning to fire more than 80,000 VA employees, Donald Trump is dooming not only our VA’s ability to handle the influx of claims, but also brave Veterans who will wait even longer to get the quality care they need. Let’s call this what it is: Republicans’ plan to dismantle the VA so they can justify privatizing the Department.

“Trump’s all-out assault on the VA is a complete betrayal of our Veterans and has absolutely nothing to do with making our government more efficient. No, Trump and Elon Musk are kicking tens of thousands of devoted public servants to the curb—many of whom are Veterans themselves—in order to carve out tax cuts for billionaires. And it is our Veterans who will pay the price.”

In the wake of Trump and Elon Musk’s mass federal layoffs, Duckworth has repeatedly expressed her outrage that many Veterans have been left jobless. After the first VA purge laid off workers with the Veterans Crisis Line—including several Veterans—Duckworth successfully pushed the Trump Administration to reinstate these devoted public servants that work to support our Veterans in their darkest moments.

Additionally, at an emergency national town hall hosted by VoteVets, Duckworth called out Trump and Musk for inflicting needless pain and chaos on our nation’s Veterans. During the town hall, Veterans who have been fired by Musk’s DOGE bravely came forward to share how Trump’s cuts and layoffs have uprooted their lives.

Additionally, Duckworth joined U.S. Senator and SVAC Ranking Member Richard Blumenthal (D-CT) and a group of 34 Democratic Senators calling on VA Secretary Collins to immediately reinstate the more than 1,000 VA employees terminated last month who serve Veterans and their families nationwide.

If you are a VA employee or Veteran impacted by Trump and Musk’s mass layoffs, please reach out to the Senate Veteran Affairs Committee by filling out this form.

-30-

MIL OSI USA News –

March 6, 2025
MIL-OSI New Zealand: Moth plants beware

Source: Auckland Council

South Auckland schools and community groups are being encouraged to join the fight against moth plants.

The popular Pest-free South Auckland Moth Plant Competition 2025 is open for registrations. Pods can be collected from 3 March 2025 to 9 May 2025.

So – if you live, work, play, or learn in Ōtara-Papatoetoe or Māngere-Ōtāhuhu be sure to sign up.

There are awesome cash prizes to win at the celebration at the June prizegiving, plus plenty of fun prizes just for participating.

The chairs of the Ōtara-Papatoetoe and Māngere-Ōtāhuhu Local Boards enjoy this competition because for those who join in, they show great teamwork, stay dedicated, and are actively learning about and taking care of te taiao (environment). They’re excited to see tamariki (children), rangatahi (youth), and kaiako (teacher) come up with fun, creative ways to compete and connect.

“One of the most rewarding aspects of this competition that the boards heard at last year’s prizegiving was that tamariki and youth are noticing fewer moth plants around – it’s because they’ve been busy collecting moth pods around the area for the past few years. This proves that their efforts are making a difference in our community and initiatives like Pest-free are having a real impact.

“This year is shaping up to be even more competitive, we’d love to see more schools and groups join in, and we can’t wait to see the progress they make over the next three months,” says Ōtara-Papatoetoe chair Apulu Reece Autagavaia.

Hi-fives all round. Overall, 2024 winners Nga Taonga Aroha ECE from Bairds Road, Ōtara.

Māngere-Ōtāhuhu chair Tauanu’u Nick Bakulich adds, “Community-led conservation initiatives like Pest Free Ihumātao and Pest Free South Auckland are central to our climate action in our Local Board Plan.

“It is important for maintaining healthy, biodiverse streams, estuaries, and harbours. Special thanks to our Pest Free South Auckland team. Alongside kaiako and community leaders, they’re creating a pest-free environment in our own backyard. It’s fun, engaging, and inspires our tamariki to care for and protect our natural environment. We’re eager to see more Māngere-Ōtāhuhu schools and groups join in this year.”

Waterlea Primary School, top pod collectors for the Māngere-Ōtāhuhu area in 2024.

Many people have encountered the moth plant without realising it is an infamous weed that poses a significant threat to our native plants.

Pest Free South Auckland supports Auckland Council’s regional Pest-free Auckland initiative to protect biodiversity and restore council-managed land.

The Pest-free South Auckland team.

Categories include:

To register: contact PFSA@otarawaterways.org.nz. Competition closes 9 May 2025.

The competition is also supported by Manurewa and Papakura local boards.

What is a moth plant?

Moth plant is a vigorous evergreen climbing vine with arrow-head shaped leaves, dark green on top and grey-green below. The flowers grow in creamy white to pink clusters, present from December to May.

Why is it a problem?

Moth plant can become dominant in many situations and out-competes and replace native plants. It smothers and strangles whatever it climbs on. The seeds are poisonous, and the milky-white sap is very sticky, and insects can become trapped.

When removing this weed from your backyard, remember to wear protective gloves and remove it from the roots along with any pods and vines. Put them in a secure plastic bag and send them to the landfill via your regular council rubbish bins or through a community weed bin in your area.

Stay up to date

Want to stay up to date with all the latest news from your area? Sign up here for Ōtara-Papatoetoe or for Māngere-Ōtāhuhu.

MIL OSI New Zealand News –

March 6, 2025
MIL-OSI New Zealand: Government backs Mangawhai tornado clean-up

Source: New Zealand Government

The Government has confirmed a $435,000 contribution from the Ministry for the Environment to support emergency waste clean-up after a recent tornado, say Environment Minister, Penny Simmonds and Emergency Management and Recovery Minister, Mark Mitchell.
“The Government recognises the significant challenge councils face in managing emergency waste from severe weather events and is committed to providing the necessary support,” says Ms Simmonds.
“This funding will assist the Kaipara District Council in managing the clean-up of emergency waste in Mangawhai and provide some relief to the community as they recover.”
On Sunday 26 January 2025, a tornado struck the coastal township of Mangawhai in Northland resulting in serious injuries to several people, extensive damage to properties, power outages, and roads blocked by storm debris.
Following the event, Ministry for the Environment officials met with officials from both Kaipara District Council and the National Emergency Management Agency (NEMA) to identify, quantify and assess the costs associated with the tornado event.
“Recovery is an ongoing process, and we recognise the Kaipara District Council is working hard to strengthen resilience and support recovery in their community,” says Mr Mitchell.
Ms Simmonds says Kaipara District Council acted quickly after the event to manage emergency waste responsibly.
“This funding will substantially cover the council’s costs from the tornado’s immediate aftermath, as well as helping with the ongoing clean up. The council will provide a final report within three months of project completion to outline how the funding was used.”
For further information visit: Recovering from recent severe weather events | Ministry for the Environment

MIL OSI New Zealand News –

March 6, 2025
MIL-OSI Australia: Disaster support for fifteen Northern NSW LGAs ahead of TC Alfred
Source: New South Wales Premiere

Published: 6 March 2025

Released by: Minister for Emergency Services

The Albanese and Minns Governments have activated disaster assistance to communities in 15 Local Government Areas (LGAs) in Northern NSW in anticipation of the impacts of Tropical Cyclone Alfred.
The NSW Government’s Natural Disaster Declaration applies to the LGAs of: Ballina, Bellingen, Byron, Clarence Valley, Coffs Harbour, Dungog, Kempsey, Kyogle, Lismore, Lord Howe Island, MidCoast, Nambucca Valley, Port Macquarie-Hastings, Richmond Valley and Tweed.

Support has been made available under the joint Commonwealth-state Disaster Recovery Funding Arrangements (DRFA).

Assistance measures that may be provided to communities include:
- Assistance for eligible residents to help meet immediate needs like emergency accommodation and essential items generally provided from evacuation or recovery centres.
- Grants for eligible low-income residents to replace lost essential household items to maintain basic standard of living.
- Grants for eligible low-income residents to undertake essential structural repairs to restore their homes to a basic, safe and habitable condition.
- Support for affected local councils to help with the costs of cleaning up and restoring damaged essential public assets.
- Concessional interest rate loans for small businesses, primary producers, and non-profit organisations and grants to sporting and recreation clubs to repair or replace damaged or destroyed property.
- Freight subsidies for primary producers to help transport livestock and fodder.
- Financial support towards counter disaster activity undertaken by emergency service organisations to keep communities safe
Federal Minister for Emergency Management Jenny McAllister said it’s a challenging time as communities are already experiencing the impacts of Tropical Cyclone Alfred.

“We are activating a range of support to assist flood impacted residents begin their recovery as soon as possible,” Minister McAllister said.

“As we understand the full extent of damage from this event, we will move quickly to activate appropriate support for these communities.”

“We are working closely with Premier Minns and his government as we prepare and respond to this event.”

“Our message to community is clear. Know your local risk, have a plan and prepare your home now.”

NSW Minister for Emergency Services Jihad Dib said natural disaster declarations are a vital step in unlocking joint assistance so communities can begin the clean-up, rebuilding and recovery process.

“We are rolling out support measures for communities we know are likely to be impacted by Tropical Cyclone Alfred. As the event unfolds and impacts are known, further measures will be considered in response to community need,” Minister Dib said.

“The NSW State Emergency Service and other emergency services along with the NSW Reconstruction Authority are on the ground in Northern NSW, preparing for the impact of the cyclone and working to keep the community safe.

“For a region already in recovery from the devastating 2022 floods, we understand this latest disaster will be difficult for many people, and we are committed to continuing to support this resilient community through these challenges.

“We are thankful for the dedication of our emergency services – including the incredible volunteers from the local area and across the state – who are already working around the clock to support communities in Northern NSW.”

More information on disaster assistance can be found at NSW Government and Disaster Assist websites.
MIL OSI News –
March 6, 2025
MIL-OSI Australia: NSW Women of the Year 2025 award recipients honoured
Source: New South Wales Government 2

Headline: NSW Women of the Year 2025 award recipients honoured

The NSW Women of the Year Awards are the centrepiece of NSW Women’s Week, which runs from Sunday 2 March and concludes on International Women’s Day on Saturday 8 March.

The five 2025 Award recipients are:

Dr Jessica Luyue Teoh (Hornsby), NSW Young Woman of the Year

Dr Jessica Luyue Teoh is a domestic violence advocate and 2023 Churchill Fellow – one of only two women under 30 in Australia to receive this honour.

Sandy Rogers (Tweed), NSW Community Hero

Sandy Rogers has dedicated 40 years to improving the lives of children with intellectual and physical disability and their families.

Dr Vanessa Pirotta (Canada Bay), Premier’s NSW Woman of Excellence

Dr Vanessa Pirotta is a wildlife scientist renowned for her impact on marine conservation and science communication.

Kirsty Evans (Orange), NSW Regional Woman of the Year

Kirsty Evans has led efforts to provide pro bono legal advice to the community of Molong, affected by severe flooding in 2022.

Marjorie Anderson (Georges River), NSW Aboriginal Woman of the Year

Marjorie Anderson is a dedicated leader who has been pivotal in the success of 13YARN – the first national crisis support service for Aboriginal & Torres Strait Islander people in crisis, since its inception.

The Ones to Watch (girls aged 7-15 years)
- Aish Khurram (The Hills Shire)
- Ashleen Khela (The Hills Shire)
- Aurora Iler (Campbelltown)
- Chloe Croker (Goulburn Mulwaree)
- Emilia Trustum (Richmond Valley)
- Hayley Paterson (Hornsby)
- Jiayi Fang (Ku-ring-gai)
- Kat Mulcair (Yass Valley)
- Lydia Tofaeono (Strathfield)
- Waniya Syed (Camden)
This year, a special In Memoriam was added to the Awards ceremony for Maddy Suy, a vibrant girl whose love for life inspired many. Diagnosed with a brain tumour at age six, Maddy faced the challenge with bravery and positivity. Maddy advocated for those who could not. She wanted to leave a legacy and to inspire others to contribute through the Maddy & Co hubs.

Local Woman of the Year 2025 recipients, who were nominated by their local MP also attended the Awards ceremony today and received certificates for exemplary service to their communities. The Local Woman Honour Roll will be published on the Women of the Year Awards webpage.

The NSW Women of the Year Awards have been running since 2012, recognising and celebrating the New South Wales’s revolutionary thinkers, everyday heroes, social advocates and innovative role models.

More details about the NSW Women of the Year Awards program and recorded livestream of 2025 ceremony are available on the Women of the Year Awards webpage.

Premier Chris Minns said:

“I’m delighted to congratulate NSW’s most remarkable women and girls, for breaking barriers and achieving the highest success in their respective fields.”

“You are the future of NSW, inspiring everyone right across the state with your dedication, passion and lasting impacts in the community.”

Minister for Women Jodie Harrison said:

“Congratulations to the recipients of the NSW Women of the Year Awards. You are truly deserving of the recognition you received today. The New South Wales Government is proud to celebrate your incredible success and highlight your role in inspiring other women and girls across the state.

“You can’t be what you can’t see, and you all are paving the way forward for women and girls with your strength, resilience and achievements.

“The program also recognises women at the core of communities and families, with our Local Women of the Year recognition.

“I also look forward to following the journeys of our incredible young recipients. You are all already hitting goals and making waves in your communities, so I’m sure you have bright futures ahead.”

NSW Young Woman of the Year 2025 recipient Jessica Teoh said:

“To stand alongside such a diverse and passionate group of women, each making impactful contributions to their communities and fields, is truly inspiring. This recognition highlights the collective strength of women driving change, and I am grateful to be part of this incredible journey.”

NSW Community Hero 2025 recipient Sandy Rogers said:

“I have been fortunate enough to be given great opportunities to help many in our community. Being able to support those needing a ‘little helping hand’ when times and money are tough, make me feel good and I know it means a lot to those we support.”

Premier’s NSW Woman of Excellence 2025 recipient Dr Vanessa Pirotta said:

“This recognition is so powerful and means a lot to me as an early career researcher in science and as a mum. So much of my work is intergenerational and community based, which enables me to ask questions to help equip future generations with important information now about our marine environment. This recognition will help make waves – pardon the pun – across the state to encourage communities to connect with the sea, regardless of whether they live in Bondi, Forbes or where I grew up in Murrumbateman.”

NSW Regional Woman of the Year 2025 recipient Kirsty Evans said:

“It’s a privilege to be acknowledged among such inspiring women who are making a meaningful impact across our state. This recognition is not just a personal milestone but also a reflection of the incredible support I’ve received from my community, my colleagues and family.”

NSW Aboriginal Woman of the Year 2025 recipient, Marjorie Anderson said:

“I am passionate about having healthy, sustainable and safe Aboriginal communities. This award reflects my important work in the community and delivery of a world first national crisis line for Indigenous people. Women need to be recognised for the outstanding work they do and supported to continue to achieve greatness.”

MIL OSI News –
March 6, 2025
MIL-Evening Report: Why rating your pain out of 10 is tricky

Source: The Conversation (Au and NZ) – By Joshua Pate, Senior Lecturer in Physiotherapy, University of Technology Sydney

altanaka/Shutterstock

“It’s really sore,” my (Josh’s) five-year-old daughter said, cradling her broken arm in the emergency department.

“But on a scale of zero to ten, how do you rate your pain?” asked the nurse.

My daughter’s tear-streaked face creased with confusion.

“What does ten mean?”

“Ten is the worst pain you can imagine.” She looked even more puzzled.

As both a parent and a pain scientist, I witnessed firsthand how our seemingly simple, well-intentioned pain rating systems can fall flat.

What are pain scales for?

The most common scale has been around for 50 years. It asks people to rate their pain from zero (no pain) to ten (typically “the worst pain imaginable”).

This focuses on just one aspect of pain – its intensity – to try and rapidly understand the patient’s whole experience.

How much does it hurt? Is it getting worse? Is treatment making it better?

Rating scales can be useful for tracking pain intensity over time. If pain goes from eight to four, that probably means you’re feeling better – even if someone else’s four is different to yours.

Research suggests a two-point (or 30%) reduction in chronic pain severity usually reflects a change that makes a difference in day-to-day life.

But that common upper anchor in rating scales – “worst pain imaginable” – is a problem.

People usually refer to their previous experiences when rating pain.
sasirin pamai/Shutterstock

A narrow tool for a complex experience

Consider my daughter’s dilemma. How can anyone imagine the worst possible pain? Does everyone imagine the same thing? Research suggests they don’t. Even kids think very individually about that word “pain”.

People typically – and understandably – anchor their pain ratings to their own life experiences.

This creates dramatic variation. For example, a patient who has never had a serious injury may be more willing to give high ratings than one who has previously had severe burns.

“No pain” can also be problematic. A patient whose pain has receded but who remains uncomfortable may feel stuck: there’s no number on the zero-to-ten scale that can capture their physical experience.

Increasingly, pain scientists recognise a simple number cannot capture the complex, highly individual and multifaceted experience that is pain.

Who we are affects our pain

In reality, pain ratings are influenced by how much pain interferes with a person’s daily activities, how upsetting they find it, their mood, fatigue and how it compares to their usual pain.

Other factors also play a role, including a patient’s age, sex, cultural and language background, literacy and numeracy skills and neurodivergence.

For example, if a clinician and patient speak different languages, there may be extra challenges communicating about pain and care.

Some neurodivergent people may interpret language more literally or process sensory information differently to others. Interpreting what people communicate about pain requires a more individualised approach.

Impossible ratings

Still, we work with the tools available. There is evidence people do use the zero-to-ten pain scale to try and communicate much more than only pain’s “intensity”.

So when a patient says “it’s eleven out of ten”, this “impossible” rating is likely communicating more than severity.

They may be wondering, “Does she believe me? What number will get me help?” A lot of information is crammed into that single number. This patient is most likely saying, “This is serious – please help me.”

In everyday life, we use a range of other communication strategies. We might grimace, groan, move less or differently, use richly descriptive words or metaphors.

Collecting and evaluating this kind of complex and subjective information about pain may not always be feasible, as it is hard to standardise.

As a result, many pain scientists continue to rely heavily on rating scales because they are simple, efficient and have been shown to be reliable and valid in relatively controlled situations.

But clinicians can also use this other, more subjective information to build a fuller picture of the person’s pain.

How can we communicate better about pain?

There are strategies to address language or cultural differences in how people express pain.

Visual scales are one tool. For example, the “Faces Pain Scale-Revised” asks patients to choose a facial expression to communicate their pain. This can be particularly useful for children or people who aren’t comfortable with numeracy and literacy, either at all, or in the language used in the health-care setting.

A vertical “visual analogue scale” asks the person to mark their pain on a vertical line, a bit like imagining “filling up” with pain.

Modified visual scales are sometimes used to try to overcome communication challenges.
Nenadmil/Shutterstock

What can we do?

Health professionals

Take time to explain the pain scale consistently, remembering that the way you phrase the anchors matters.

Listen for the story behind the number, because the same number means different things to different people.

Use the rating as a launchpad for a more personalised conversation. Consider cultural and individual differences. Ask for descriptive words. Confirm your interpretation with the patient, to make sure you’re both on the same page.

Patients

To better describe pain, use the number scale, but add context.

Try describing the quality of your pain (burning? throbbing? stabbing?) and compare it to previous experiences.

Explain the impact the pain is having on you – both emotionally and how it affects your daily activities.

Parents

Ask the clinician to use a child-suitable pain scale. There are special tools developed for different ages such as the “Faces Pain Scale-Revised”.

Paediatric health professionals are trained to use age-appropriate vocabulary, because children develop their understanding of numbers and pain differently as they grow.

A starting point

In reality, scales will never be perfect measures of pain. Let’s see them as conversation starters to help people communicate about a deeply personal experience.

That’s what my daughter did — she found her own way to describe her pain: “It feels like when I fell off the monkey bars, but in my arm instead of my knee, and it doesn’t get better when I stay still.”

From there, we moved towards effective pain treatment. Sometimes words work better than numbers.

Joshua Pate has received speaker fees for presentations on pain and physiotherapy. He receives royalties for children’s books.

Dale Langford has received honoraria and research support from the Analgesic, Anesthetic, and Addiction Clinical Trials, Translations, Innovations, and Opportunities Network (ACTTION), a public-private partnership with the United States (US) Food & Drug Administration. She has also been supported by the US National Institutes of Health.

Tory Madden works for the University of Cape Town, where she directs the African Pain Research Initiative. She receives funding from the US National Institutes of Health. She is affiliated with the University of South Australia, KU Leuven, and the Train Pain Academy not-for-profit organisation.

– ref. Why rating your pain out of 10 is tricky – https://theconversation.com/why-rating-your-pain-out-of-10-is-tricky-246140

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
MIL-OSI Economics: 5G-Advanced and AI Combine Their Strengths to Take Mobile AI to New Heights

Source: Huawei

Headline: 5G-Advanced and AI Combine Their Strengths to Take Mobile AI to New Heights

[Barcelona, Spain, March 5, 2025] At the Mobile World Congress (MWC) Barcelona 2025, Huawei held its Mobile AI Network Summit. In attendance were a broad lineup of partners, including representatives from leading analytics firms Ookla, Omdia, and ABI, AI technology developers like Zhipu AI, and AI device innovators like SHARGE. Together, they discussed a long list of topics of industry-wide interest, from mobile AI industry upgrades to network construction best practices. They proposed the construction of a mobile AI infrastructure to accelerate network evolution to 5G-Advanced and high-level autonomy for the mobile AI era.
Dang Wenshuan, Huawei’s Chief Strategy Architect, speaking at the summit

Huawei Chief Strategic Architect Dang Wenshuan presented insights into the global AI boom. AI is creating business opportunities in many domains, from full-process experience operations to AI New Calling, AI homes, and services and products for SMEs. According to Dang, “to make the most of mobile AI, 5G-Advanced is essential for creating new business value for operators and their vertical partners.” Networks are improving quickly to support 10 times faster uplink speed and 10 dB better coverage with 10 times higher spectral efficiency. This means networks will become a strong foundation for the universal accessibility of AI. Conversely, AI has massive potential for improving networks. AI can make networks more productive by increasing O&M efficiency by 30%, lowering energy consumption by 20%, and enabling the service assurance rate to exceed 90%.
Representatives from Ookla, Omdia, ABI, Zhipu AI, and SHARGE affirmed that the rapid progress of large language models attributes to the boom in mobile AI. The increasing popularity of AI phones, glasses, and many other intelligent devices is making multimodal interaction more available and useful. This amplifies the importance of real-time mobile connections and sets the stage for drastic data traffic increases in networks. For operators, this means new opportunities for business monetization and new tests for their mobile networks in uplink bandwidth, latency, and seamless coverage across indoor and outdoor areas. Networks are becoming increasingly complex as the mobile AI era fast approaches, so mobile operators share a common goal of using large language models, digital twins, and other cutting-edge technologies to develop agents for greater network productivity.
Operator guests shared the success stories of 5G construction and network architecture upgrade. They discussed spectrum convergence, multi-antenna improvement, and SA architecture evolution for rapid implementation of 5G across all bands. These innovations address the user experience requirements of diverse mobile AI services, while enabling lower energy consumption. By making full use of the respective strengths of AI and mobile networks, intelligent networks can achieve deterministic service experience and high-level network autonomy through greater human-machine collaboration. This is conducive to improving user experience and making O&M more efficient.
At this summit, Huawei highlighted two directions for adapting to the mobile AI era. To help operators improve networks to make the most of the AI boom, Huawei offers next-generation GigaGreen, GigaBand, and GigaSpot solutions that feature stronger frequency aggregation. These solutions enable operators to simplify network deployment for flexible network capacity increase and superior ubiquitous connection experiences while realizing green sustainability. To help operators maximize the benefits of AI for stronger networks and quickly advance to AN L4, Huawei has introduced an agentic choreography pipeline to its agent-based digital-person team. The agentic choreography pipeline enables elaborate radio resource orchestration to guarantee differentiated experience, and supports multi-agent orchestration for automated complex task execution. Furthermore, working with the RAN Intelligent Service Engine (RISE), which is an intelligent capability openness platform that is first launched by Huawei, the agentic choreography pipeline provides operators with end-to-end automation for orchestrating customer-oriented provisioning for new services, thereby accelerating their rollout in the market. This enables operators to make networks even more intelligent, flexible, and efficient.
MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.
In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world.
For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

MIL OSI Economics –

March 6, 2025
MIL-OSI Economics: bKash and Huawei Win GSMA GLOMO “Best FinTech Innovation” Award

Source: Huawei

Headline: bKash and Huawei Win GSMA GLOMO “Best FinTech Innovation” Award

[Barcelona, Spain, March 5, 2025] During MWC Barcelona 2025, bKash and Huawei were awarded the GSMA GLOMO “Best FinTech Innovation” for digital loan solution for all. This award recognises groundbreaking advancements in financial technology that are transforming the way people and businesses manage, access, and utilise financial services. bKash and Huawei pioneered the ‘Pay Later’ service in Bangladesh, providing short-term microloans to unbanked users, helping them address short-term financial gaps in daily expenses.
bKash and Huawei jointly win the GSMA GLOMO “Best FinTech Innovation” award

Since its launch in 2018, bKash has expanded financial access to 61% of Bangladeshi adults, However, 37% of citizens still rely on high-interest informal lenders for urgent needs, while only 9% of adults have access to formal banking services. To address this, Huawei partnered with bKash to introduce the “Pay Later” financial service, offering instant, paperless microloans and delivering a seamless digital payment experience to the majority of Bangladesh’s unbanked population. This service particularly benefits groups, including rural women and small businesses, helping them secure working capital, reduce poverty, and drive local e-commerce growth.
Mohammad Azmal Huda, Chief Product and Technology Officer (CPTO) of bKash, stated, “Leveraging the easy-to-integrate and scalable capabilities of Huawei mobile money platform, we have rapidly expanded more than 20 key payment scenarios and embedded ‘Pay Later’ micro financial services. This initiative has empowered millions of people to attain financial dignity and has accelerated our mission to drive financial inclusion across Bangladesh.”
“We are honored to jointly receive the GLOMO Best FinTech Innovation Award with bKash. Huawei will continue to invest in product innovation, integrate the strengths of our partners, and create greater commercial and social value for our customers.” said by Maurice Ma, President of Huawei Software Business Unit.
Over the last decade, Huawei’s Mobile Money solution has benefited 480 million users across over 40 countries globally. The solution uses a unique cloud-native distributed architecture, achieving 99.999% platform reliability and unlimited scalability, ensuring zero business interruption. Powered by a robust data and AI engine, Huawei Mobile Money enables agile financial risk assessment and drives healthy revenue growth. Additionally, the platform’s openness enables agile business innovation, accelerating the development of digital lifestyle gateways, and providing more convenient financial services to global users.
MWC Barcelona 2025 will be held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1. In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world. For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

MIL OSI Economics –

March 6, 2025
MIL-OSI USA: Peters Reintroduces Bipartisan Bill to Reduce U.S. Dependence on China and Other Adversaries for Critical Minerals

US Senate News:

Source: United States Senator for Michigan Gary Peters
Published: 03.05.2025

WASHINGTON, DC – U.S. Senator Gary Peters (MI), Ranking Member of the Homeland Security and Governmental Affairs Committee reintroduced bipartisan legislation to decrease the United States’ reliance on adversarial nations like China for critical minerals. China is currently the dominant supplier for more than half of America’s critical mineral imports. These minerals are essential for the manufacturing of electric vehicle batteries, military equipment, and other technology crucial to American economic competitiveness and homeland security. The Senators’ bill would address this threat to our manufacturing supply chains by creating an intergovernmental task force to find opportunities for increased domestic production and recycling of critical minerals.
“America’s economic and national security interests are at risk when we depend on foreign adversaries like China for materials that are vital to our manufacturing and defense industries,” said Senator Peters.“This task force will coordinate efforts across federal, state, and local governments to develop a unified approach to producing and recycling critical minerals here at home, creating American jobs while ensuring our manufacturers have reliable access to these important materials.”
The bipartisan Intergovernmental Critical Minerals Taskforce Act requires the President to create a task force and appoint representatives from federal agencies who must consult with state, local, and Tribal governments. The task force will work to determine how to address national security risks associated with America’s critical mineral supply chains and identify new domestic opportunities for mining, processing, refinement, reuse, and recycling of critical minerals. The legislation would also require the task force to publish a report to Congress and publish findings, guidelines, and recommendations to combat the United States’ reliance on China and other foreign nations for critical minerals.
The bill is endorsed by leaders from the Sierra Club, General Motors, Ford, and the American Automotive Policy Council.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Murray Presses NIH Nominee on Mass Firings, Trump Attempts to Cut Billions from Biomedical Research, Unprecedented Halt on NIH Advisory Council Meetings

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Senator Murray Statement on Meeting with NIH Nominee Jay Bhattacharya

ICYMI: Republicans Block Murray Amendment to Reverse Devastating and Illegal Cuts to NIH Research

*** VIDEO of Senator Murray’s FULL questioning HERE***

Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chairof the Senate Health, Education, Labor and Pensions (HELP) Committee, questioned Dr. Jayanta “Jay” Bhattacharya, President Donald Trump’s nominee to serve as Director of the National Institutes of Health (NIH) at a HELP committee hearing on his nomination. Murray pressed Dr. Bhattacharya on the state of crisis at NIH, with Trump and Elon Musk’s wide-ranging attacks on biomedical research and NIH’s mission—from the unprecedented grant freezes, to the halting of advisory committee meetings and clinical trials, and the indiscriminate and senseless mass firings being carried out by Musk’s “DOGE.” Murray also pressed Dr. Bhattacharya on the Trump administration’s recent attempt to illegally cap indirect cost rates at 15 percent—a move Senator Murray immediately and forcefully condemned, led the entire Senate Democratic caucus in a letter decrying the proposed change, and introduced amendments to Senate Republicans’ budget resolution to reverse it, which Republicans blocked. Senator Murray met with Dr. Bhattacharya last month.

Murray began by pressing Dr. Bhattacharya on Elon Musk’s unprecedented influence on NIH and the massive, indiscriminate firings of skilled scientists and researchers—over 1,100 employees at NIH have already been fired, many of whom held critical research positions. “I don’t think it’s an exaggeration to say that right now, President Trump and Elon Musk are really putting a lot of lifesaving research at risk,” Senator Murray said. “We’ve had grant freezes, pauses on advisory meetings, pauses on clinical trials, mass firings being carried out by the so-called DOGE, and it is really threatening our ability to treat childhood cancers, to mitigate the effects of Alzheimer’s disease and other forms of dementia, and to better understand and treat women’s health issues.”

“Do you support the recent researcher firings and grant freezes that have been implemented by Trump and DOGE?,” Murray asked.

Dr. Bhattacharya said he was not involved in those decisions and that, if confirmed, he would “fully commit to making sure that all the scientists at the NIH and the scientists that the NIH supports have the resources they need to meet the mission of the NIH.”

“Do you support further cuts at NIH funding, or staff?,” Murray pressed.

“I don’t have any intention to cut anyone at the NIH,” Bhattacharya responded.

“How about all the grant freezes and the pauses on the all the advisory committee meetings, all the pauses that are now in effect on clinical trials that are happening there right now?” asked Murray.

Bhattacharya responded that he had only read the press accounts of it and had “not interacted with people in the agency.”

“Well if you’re confirmed, Day One, what will you do about that?” Murray pressed. Bhattacharya said he would assess it and “understand what resources the whole NIH needs and make sure that the scientists that are working at the NIH have the resources to do the lifesaving work that they do… the personnel decisions are hard to talk about unless I’m actually confirmed.”

“Well I’ll just tell you right now, I am deeply concerned about the funding there, the research that’s been stopped, and all that’s going on. And I want a very strong assurance that you will get that moving again, Day One,” Murray replied.

“Absolutely, I’m going to be looking very carefully at the personnel decisions; I want the NIH to be staffed absolutely appropriately to match the mission of the NIH,” Bhattacharya replied.

Next, Murray asked about the Trump administration’s illegal plan to cap indirect cost rates at 15 percent, which Senator Murray has forcefully decried. “It amounts to a massive funding cut for research institutions, large and small, red and blue states, everyone,” Murray explained. “And it brings a lot of lifesaving research to a screeching halt—sick kids wouldn’t get treatment, and clinical trials shut down.”

Murray asked Dr. Bhattacharya about the effect a drastic 15 percent cap on indirect costs would have on critical research at Stanford—his own institution—and what he would say to his former colleagues, researchers in Washington state, and other scientists about the Trump administration’s attempt to illegally impose a 15 percent cap on indirect costs. In his response, Dr. Bhattacharya referred to indirect costs as “a tip” and claimed: “I don’t know where that goes, I think a lot of it likely goes to things that are worthwhile… But there’s a lot of distrust about where the money goes because the trust in the public health establishment has collapsed… I think transparency regarding indirect costs is absolutely worthwhile.”

Finally, Murray pressed Dr. Bhattacharya on whether he would “get the research committees going again, the Advisory Councils immediately on Day One.” Bhattacharya replied: “yes, if I’m confirmed I want those Advisory Councils, I want all that to go.”

“Well I think we should all recognize that NIH is the largest medical researcher in the world, they’re a global leader, we should be extremely proud of what they do. Nearly a third of all the Nobel Prizes to date have been awarded to scientists at NIH and supported by NIH funds,” Murray concluded. “I’m extremely concerned by the dramatic cuts and firings and stopping of the research that’s going on at NIH right now.”

As a longtime appropriator and former Chair of the Senate HELP Committee, Murray has long fought to boost biomedical research, strengthen public health infrastructure, and make health care more affordable and accessible. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at the National Institutes of Health, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Murray, Colleagues Reintroduce Legislation to Protect Workers’ Right to Organize, Blast Trump and Musk for Attacks on Workers

US Senate News:

Source: United States Senator for Washington State Patty Murray
Murray helped author and introduce the PRO Act in the 116th Congress
Murray: “Reintroducing the PRO Act is more important now than ever. This is about making sure we are not just pushing back—but also pushing forward, charting a positive vision for workers, and daring Republicans to make their actions match their words.”
***VIDEO HERE***
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, joined a bipartisan group of lawmakers to reintroduce the Protecting the Right to Organize (PRO) Act, comprehensive legislation to protect workers’ right to come together and bargain for fairer wages, better benefits, and safer workplaces. Joining Senator Murray at the press conference for the bill reintroduction today were Senate Democratic Leader Chuck Schumer (D-NY), House Democratic Leader Hakeem Jeffries (D, NY-08), House Democratic Whip Katherine Clark (D-MA), HELP Committee Ranking Member Bernie Sanders (I-VT), House Education Committee Ranking Member Bobby Scott (D, VA-03), Rep. Brian Fitzpatrick (R, PA-01), and union worker Kieran Cuadras.
Large corporations and the wealthy continue to capture the rewards of a growing economy while working families and middle-class Americans are left behind. From 1979 to 2023, annual wages for the bottom 90 percent of households increased just 44 percent, while average incomes for the wealthiest one percent increased more than 180 percent. Unions are critical to increasing wages and creating a strong economy that rewards hardworking people. Through the power of bargaining, the typical union worker earns 16 percent more than the typical non-union worker. According to a 2024 Gallup poll, 70 percent of Americans approve of labor unions—near record highs. But despite growing support for unions, billionaire- and special interest-funded attacks on workers’ unions and labor laws have eroded union density and made it harder for workers to organize. The share of American workers who are union members has fallen from roughly one in three workers in 1956 to a new low of 9.9 percent in 2024. The PRO Act restores fairness to the economy by strengthening the federal law that protects workers’ right to join a union and bargain for higher pay, better benefits, and safer workplaces.
“Right now, Donald Trump and Elon Musk are attacking workers, including mass firing people by the tens of thousands, left and right, regardless of how important that work is,” said Senator Murray. “Reintroducing the PRO Act is more important now than ever. This is about making sure we are not just pushing back—but also pushing forward: charting a positive vision for workers, and daring Republicans to make their actions match their words. Who do you stand with—the billionaires like Elon Musk and Donald Trump—whose favorite two words are ‘you’re fired?’ Or, do you stand with hard working American women and men. People who just want fair pay, decent treatment, and a government that works to make their lives better, not worse? That should not be too much to ask! I’m going to keep fighting, come hell or high water, to make it easier for workers to join together and fight for the better pay and working conditions they deserve.”
The PRO Act protects the basic right to join a union and:
Holds employers accountable for violating workers’ rights by authorizing meaningful penalties, facilitating initial collective bargaining agreements, and closing loopholes that allow employers to misclassify their employees as supervisors and independent contractors.
Empowers workers to exercise their right to organize by strengthening support for workers who suffer retaliation for exercising their rights, protecting workers’ right to support secondary boycotts, ensuring workers’ unions can collect “fair share” fees, and authorizing a private right of action for violation of workers’ rights.
Secures free, fair, and safe union elections by preventing employers from interfering in union elections, prohibiting captive audience meetings, and requiring employers to be transparent with their workers.
The PRO Act is supported by: AFL-CIO, American Federation of Musicians (AFM), American Federation of Teachers (AFT), Communications Workers of America (CWA), Department of Professional Employees, AFL-CIO (DPE), International Alliance of Theatrical Stage Employees (IATSE), International Association of Machinists and Aerospace Workers (IAM), International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), International Brotherhood of Electrical Workers (IBEW), International Union of Bricklayers and Allied Craftworkers (BAC), International Union of Painters and Allied Trades (IUPAT), Laborers’ International Union of North America (LiUNA), National Nurses United (NNU), National Postal Mail Handlers Union (NPMHU), Service Employees International Union (SEIU), Transport Workers Union of America, AFL-CIO (TWU), United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), and United Steelworkers (USW).
Throughout her career, Senator Murray has championed workers’ rights and fought to protect their right to join and form a union in order to stand together and demand better pay, benefits, and working conditions. Senator Murray first introduced the PRO Act in the 116th Congress and she also leads the Wage Theft Prevention and Wage Recovery Act, comprehensive legislation to put hard-earned wages back in workers’ pockets and crack down on employers who unfairly withhold wages from their employees. Murray also introduced the CHILD Labor Act last Congress, new legislation to protect children from exploitative child labor practices and hold the companies and individuals who take advantage of them accountable. Among many other pieces of pro-worker legislation, Murray also leads the Paycheck Fairness Act to combat wage discrimination and help close the wage gap, and has helped lead the fight for paid family and medical leave since she first joined Congress.
The full text of the PRO Act is HERE.
A fact sheet on the PRO Act is HERE.
A section-by-section summary of the PRO Act is HERE.
Senator Murray’s full remarks, as delivered at today’s press conference, are below and video is HERE:
“The difference in values between Democrats and Republicans, the difference in who we are fighting for, could not be more clear, or more stark.
“Right now, Donald Trump and Elon Musk are attacking workers—including mass firing people by tens of thousands, left and right—regardless of how important their work is or the skill and pride with which they are doing it.
“In fact, he fired NLRB Member Gwynne Wilcox—leaving workers in limbo simply due to President Trump’s unprecedented and illegal firing!
“Meanwhile, I want you to know, Democrats are fighting for workers—we’re fighting to protect those who are being attacked by Trump and Musk and fighting to empower workers across our country to better advocate for themselves and wield their rights at this pivotal moment.
“That is why reintroducing the PRO Act is more important now than ever. This is about making sure that we are not just pushing back—but also pushing forward, charting a positive vision for workers, and daring Republicans to make their actions match their words.
“Who do you stand with—the billionaires like Elon Musk and Donald Trump—whose favorite two words are ‘You’re fired?’
“Or do you stand with hard working American women and men—people who just want fair pay, decent treatment, and a government that actually works to make their lives better, not worse? That should not be too much to ask!
“I’m very proud to be a leader of this bill, and I want you to know, I will keep fighting—come hell or high water—to make it easier for workers to join together and fight for the better pay and working conditions they deserve. Thank you.”

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Murray Statement on Trump & Elon Plans to Decimate the VA, Firing 80,000 Employees and Putting Veterans’ Care in Grave Danger
US Senate News:
Source: United States Senator for Washington State Patty Murray

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Veterans’ Affairs Committee, issued the following statement on the Trump administration’s plans to fire 80,000 employees at the Department of Veterans Affairs (VA), seriously risking the medical care and benefits that veterans have earned and deserve.More than 25 percent of VA’s workforce are veterans themselves.

“Donald Trump and Elon Musk are escalating their full-scale, no-holds-barred assault on veterans–and putting the health care and benefits they have earned in grave danger. It’s infuriating that two billionaires think they can fire tens of thousands of people responsible for administering the services and care that over nine million veterans across the country count on. It’s flat-out immoral and a breach of the sacred commitment we make to our veterans to take care of them when they return home.

“Just yesterday, I spoke with a disabled veteran who worked at the Seattle VA helping homeless veterans. He told me how devastating it was when, without warning, without cause, and without explanation, he was suddenly terminated from a role that meant everything to him and was cast aside by the very system he had fought in combat to defend. Now, there will be thousands more stories like his and millions more veterans who will pay the price. Trump’s own attorney has said that this administration thinks veterans they laid off for NO REASON may not be ‘fit to have a job at this moment’ —it’s an astounding level of contempt for our veterans that’s reflected throughout this administration’s thoughtless mass firings.

“These arbitrary mass layoffs, at the very least, are going to mean longer processing times for disability or education claims veterans are desperately waiting on, and longer wait times for veterans to see a doctor–to say nothing of the serious threat to patient safety or the threat of VA medical centers closing. Make no mistake: this will only empower Elon to privatize VA by breaking it first. The consequences of Trump and Elon’s sheer recklessness will reverberate for generations—in more veterans sick and unable to get their benefits, more veterans out of a job, and fewer men and women willing to sign up to serve a nation that shows it will not keep their promises to them.”

ENDANGERING VETERANS’ ACCESS TO BENEFITS AND CARE—AND PATIENT SAFETY

Firing VA employees will–among much else–likely force veterans to wait longer:
- To see health care providers;
- To have their disability claims adjudicated;
- To have someone to pick up their calls at the Veterans Crisis Line;
- To have burial and funeral expense reimbursement requests processed;
- And much more.
A number of staff supporting the Veterans Crisis Line–which provides 24/7, confidential crisis support for veterans and their loved ones–were among those fired by Trump and Musk.

In 2022, Congress also passed the PACT Act, the largest expansion of veterans’ benefits in two decades, which requires a significant influx of resources and staff to deliver the benefits and care under the law. Trump and Musk’s firings–and hiring freeze–badly undercut VA’s ability to process claims under the law. The mass firings and the ongoing hiring freeze, which prohibits new disability claims raters from coming on board, will force the backlog of unprocessed claims to grow above 254,000.

Firing long-time VA researchers also puts clinical trials that veterans are enrolled in at risk and jeopardizes research that could yield critical breakthroughs for veterans.
- Ongoing VA research is examining treatment options for PTSD and opioid addiction, as well as for cancer that was caused by veterans’ exposure to toxic chemicals, among much else.
- According to VA, in fiscal year 2024, there were 102 active research sites nationwide, with 3,685 active principal investigators who led 7,278 active funded research projects involving teams of researchers. In addition, VA investigators authored or coauthored 11,732 published research articles.
Recent dangerous directives from VA last week, which they have already begun to walk back, cause more harmful chaos and confusion and also have detrimental impacts on the ability of veterans to receive their care and benefits.
- VA issued a blanket cancellation last Tuesday of nearly 900 contracts–supporting patient safety efforts like chemical waste disposal and monitoring of hospital air quality, systems providing secure storage of veterans’ private records, clinical recruitment efforts, and more.
- VA also implemented a decision to reduce purchase card limits to $1–curbing VA medical centers’ ability to purchase supplies and equipment they need to serve veterans or to provide lodging for transplant patients.
While the Trump administration tries to rehire clinical staff they have already fired and may ultimately walk back the purchase card limits and contract cancellations, it is clear that they are acting before thinking–and the people paying the price are veterans.

BETRAYING VETERANS WITH ZERO JUSTIFICATION

Beyond indiscriminately firing workers who help get veterans the benefits and care they have earned, Trump and Musk have also already indiscriminately fired thousands of veterans who have served our country in uniform. In firing probationary and other federal workers across government, Trump and Musk have fired scores of veterans.
- Veterans make up 30% of the federal workforce, and the federal government is the largest single employer of veterans in the country.
- Trump and Musk have already fired nearly 6,000 veterans, by one recent estimate.
- Federal agencies uniquely work to hire and accommodate veterans with service-related disabilities. Longstanding law requires, for example, that veterans who are disabled or who serve on active duty in the Armed Forces in military campaigns are entitled to preference over others in hiring from a list of eligible, competitive applicants. In 2021, there were 337,000 disabled Veterans serving in the federal government, making up 16% of the federal workforce.
As veterans working at VA in Washington state who were recently laid off through no fault of their own have told Senator Murray:

“I swore an oath to serve our country—first in the U.S. Army and then at the VA—only to be abruptly terminated by the very institution that promised to care for those who have served. My termination isn’t just a personal tragedy; it’s a stark reminder that our federal government is dismantling essential support systems for veterans and vulnerable communities. When cost-cutting means sacrificing dedicated, disabled service members and committed federal employees, it isn’t about efficiency—it’s about eroding the trust and dignity that our nation owes to those who answer the call to serve.” — Raphael Garcia, former Management Analyst for VA, Seattle

“Working at the VA gave me purpose. I understood the struggles veterans faced, whether physical, mental, or emotional. I took pride in being part of something bigger than myself, in continuing to serve even after taking off the uniform… The next chapter in my service led me to working with unhoused Veterans. Limiting roles like mine, means other VA employees will have to take on more and cutting into valuable clinical time directly serving veterans. That’s why it was so devastating when, without warning, without cause, I was terminated. No explanation, no justification just a cold dismissal from a role that meant everything to me. It felt like a betrayal, not just of my dedication but of the values I thought the VA stood for. I had fought through war, through cancer, and through every challenge life had thrown at me only to be cast aside by the very system I had believed in.” — Scott Olson, former Program Support for VA’s Community Housing Program, Seattle
MIL OSI USA News –
March 6, 2025
MIL-OSI Canada: First Ministers’ statement on eliminating internal trade barriers in Canada
Source: Government of Canada – Prime Minister

“In the face of the United States’ unjustified decision to impose tariffs on Canadian goods, Canada’s First Ministers recognize this is a pivotal moment for Canada to take bold and united action. We must increase our economic resilience, reduce dependence on one market, and strengthen our domestic economy for the benefit of Canadian workers and businesses now and in the future. One key step is to make it easier for Canadians to do business with each other from coast to coast to coast.

“At their meeting yesterday, the Prime Minister and Canada’s premiers agreed to build on the foundational work of the Committee on Internal Trade and strengthen Canada’s domestic economy by reducing barriers to internal trade and labour mobility across the country. All First Ministers agreed that now is the time to take meaningful action to further liberalize and support the Canadian market so that goods, services, and workers can move freely.

“First Ministers agreed that certified professionals with credentials in one jurisdiction should be able to work anywhere in Canada. Whether relocating for family reasons or pursuing job opportunities elsewhere, workers should be free to do what they are trained to do and contribute to the Canadian economy. Due to its linguistic specificity among other things, Quebec, while adhering to the overall goal of increasing workforce mobility, intends to implement measures for credentials recognition when it deems it in line with its own objectives.

“The Prime Minister and premiers directed the Committee on Internal Trade to work with the Forum of Labour Market Ministers, to develop a service standard of 30 days or better to get people working faster, and provide a plan for Canada-wide credential recognition, while taking into account jurisdictional specificities such as language provisions, by June 1.

“First Ministers also agreed that now is the time to choose Canada. We must ensure that all Canadians have access to Canadian-made goods, no matter where they are in the country. The Prime Minister and premiers applauded Internal Trade Ministers for undertaking a review of exceptions under the Canadian Free Trade Agreement by June 1 in addition to those removed by governments in recent years, and for their efforts to reconcile and reduce regulatory differences between jurisdictions, particularly through the negotiation of mutual recognition requirements in the trucking sector and the movement of consumer goods. Most First Ministers also committed to allowing direct-to-consumer alcohol sales for Canadian products. These efforts will benefit Canadian businesses and citizens by opening new domestic markets, reducing the cost of consumer goods at a time when U.S. tariffs will impact affordability.

“First Ministers recognized that removing these barriers will make it easier for businesses in Canada to access new revenue and market opportunities here at home, while attracting greater foreign investment and trade.

“The Prime Minister and the premiers agreed to continue working together as they implement the shared plan to strengthen internal trade in Canada. Team Canada stands firm, united, resolute, and ready to face this challenge, and any others that come our way.”

Quick Facts
- Last year, more than $530 billion worth of goods and services moved across provincial and territorial borders, representing almost 20 per cent of Canada’s gross domestic product.
- Trade within Canada is an essential driver of the Canadian economy, and eliminating barriers to internal trade will lower prices, increase productivity, and add up to $200 billion to the Canadian economy. Internal trade without barriers means more affordable everyday items and a greater choice for Canadians.
- The Canadian Free Trade Agreement (CFTA) came into force on July 1, 2017, to reduce and eliminate barriers to the free movement of persons, goods, services, and investments within Canada and to establish an open, efficient, and stable domestic market.
- The Committee on Internal Trade (CIT) consists of all federal, provincial, and territorial ministers responsible for internal trade, and is responsible for supervising the implementation of the CFTA, including providing oversight over a number of CFTA working groups; assisting in the resolution of disputes; approving the annual operating budget of the Internal Trade Secretariat (ITS); and considering any other matter that may affect the operation of the CFTA.
- Committee on Internal Trade (CIT): On February 28, 2025, the Federal, Provincial, Territorial Committee on Internal Trade was convened and agreed to the following actions:
  - Enhancing the commitments under the Canadian Free Trade Agreement (CFTA): All governments committed to conducting a rapid review of all remaining party-specific exceptions in the CFTA and swiftly conclude negotiations for incorporating the financial services Sector into the Agreement. This will ensure a free and open internal market for Canadian businesses and workers. Building on removals some governments have completed since 2017, to date, a minimum of 40 exceptions have been identified for removal by five governments, with all exception reviews to be completed by June 1, 2025.
  - Reducing regulatory and administrative burden through mutual recognition: A strong domestic market starts with goods freely moving between provinces and territories. Building on the pilot project on mutual recognition in trucking, all governments have now agreed to immediately launch negotiations for mutual recognition of all consumer goods (excluding food). This would guarantee that a good certified in one province can be bought and sold in any other, without additional red tape. Parties may also pursue a broader mutual recognition agreement covering most or all sectors of the economy through unilateral, bilateral, or multilateral initiatives. The CIT committed to tabling an Action Plan for Mutual Recognition of Consumer Goods by March 31, 2025.
  - Facilitating labour mobility: Internal trade and labour market ministers will prioritize efforts to further improve transparency and reduce administrative burden for labour mobility applicants to support the timely and seamless mobility of workers to fill jobs wherever they are available, including by adopting a service standard of 30 days or better to process applications.
  - Launching pan-Canadian direct-to-consumer alcohol sales for Canadian products: The Governments of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, and Canada have committed to improve the trade of alcohol products between participating jurisdictions by advancing direct-to-consumer sales for Canadian products. Currently, British Columbia allows for direct-to-consumer sales for wine, while Manitoba is already open to direct-to-consumer sales on all alcoholic beverages. The Yukon is exploring options for direct-to-consumer alcohol sales within the territory.
  - Employing a Team Canada approach to promote the domestic economy: All governments committed to working together to promote growth and resiliency in the domestic market by helping Canadian businesses identify and access new opportunities in other provinces and territories including through domestic trade missions.
MIL OSI Canada News –
March 6, 2025
MIL-OSI Australia: NAB support for customers and colleagues impacted by Tropical Cyclone Alfred
Source: National Australia Bank
- NAB announces assistance for customers and colleagues affected by Tropical Cyclone Alfred
- Customers encouraged to contact bank when ready to discuss available financial assistance
- Temporary closures of select branches to ensure customer and colleague safety
NAB has today announced disaster relief assistance for customers and colleagues affected by Tropical Cyclone Alfred.

NAB encourages affected customers to contact the bank when they’re ready to discuss a range of financial relief measures, including:
- Credit card and personal loan relief
- Waiving the establishment fee for restructuring business facilities
- Concessional loans to customers seeking support to restructure existing facilities to assist in repairs, restocking and re-opening for business
- Reducing and moratorium on home and personal loan repayments
- Wellbeing support for colleagues and customers
NAB’s Local Personal Banking Executive Tony Story said the measures provide customers with peace of mind, and access to immediate financial support.

“We want our customers and colleagues to know we’re here to help,” Mr Story said.

“The number one priority here is their safety. In the coming days, our teams will be on standby to support impacted customers. We are committed to providing extra care and support during these difficult times.

“Anyone who needs assistance or advice can contact us by calling us or choosing the chat option in the app.

“When it’s safe to reopen our branches, we’ll also be happy to welcome you back for face to face service.”

To access financial assistance please call NAB Assist on:
- 1300 661 114 for personal customers
- 1300 881 661 for business customers
Additional help is available via:
- NAB messaging in the App and on Internet Banking
- At nab.com.au/disaster
- Agri customers who need help can contact their banker.
- For NAB insurance claims (damaged homes, contents, and vehicles), please call Allianz on 1300 555 013
Be aware of Frauds and Scams

During this time, customers are reminded to stay alert to potential scams. Criminals may use events like this natural disaster as an opportunity to impersonate well-known organisations including banks, insurance or telecommuication providers and government agencies. NAB will never send customers links in unexpected text messages, or ask customers for personal information like passwords or pins.
Environment

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

MIL OSI News –
March 6, 2025
MIL-OSI Security: 3rd MLG Conducts Instream Offload with USN, ROKMC During Freedom Banner 25

Source: United States INDO PACIFIC COMMAND

The instream offload is part of the overarching Maritime Prepositioning Force strategy, which sees these supplies transported by ship and offloaded and distributed to III Marine Expeditionary Forces in-country prior to the Korean Marine Exchange Program. The instream variation of an MPF offload is designed to be conducted without routine logistical support systems.

“This operation simulates an offload of equipment from a United States Naval Ship vessel directly to the shore and providing that equipment quickly to the (Marine Air-Ground Task Force) commander on the ground in locations where docking pierside for offload is untenable,” said 1st Lt. Rafael Almodovar Sanabria, assistant current operations officer with 3rd MLG. “This sealift capability allows equipment to flow in a non-permissive environment, where the ship anchors in a safe haven to provide that gear to shore in a rapid manner without use of a pier to dock at.”

Off the coast of Dogu Beach outside ROKMC Base Pohang sat the USNS Dahl (T-AKR 312), one of four MPF ships as part of the USN’s Military Sealift Command, designed to sustain a MAGTF for up to 30 days. The USNS Dahl transferred the vehicles and equipment by crane onto an Improved Navy Lighterage System, a mobile platform used as the transportation asset between ship and shore. The INLS sails as close to the beach as possible before the equipment is taken off and staged for follow-on actions.

However, the beach must be prepared beforehand, or as much as the conditions of operations can allow. ROK Marines with the ROKMC MLG laid expeditious roadway mats from the nearest road down to the edge of the surf, providing a cleared path for the equipment to exfiltrate the beach as quickly as possible.

In addition to the instream offload refining the MLG’s ability to transport equipment in a contested environment, nearly 900 additional Marines and Sailors and additional vehicles and equipment was concurrently offloaded at Pohang Port via a High-Speed Transport vessel. The dual operations, both in support of upcoming III MEF bilateral training evolutions alongside the ROKMC forces, flexed the MLG’s ability to logistically support such a large force.

“It’s been a significant exercise for us so far, conducting offload both pierside and instream of one of our MPF vessels, then transporting the equipment to multiple sites throughout the country,” said Brig. Gen. Kevin Collins, commanding general of 3rd MLG. “It’s important to demonstrate we can get our equipment to the peninsula, create a composite combat-credible force, and employ those forces and assets in a field training exercise.”

The ability to conduct an instream offload is critical to logistical operations during a contingency or disaster relief event. Rather than being forced to rely on preexisting infrastructure to support the movement of warfighting or lifesaving equipment and supplies, the capability to execute sealift operations provides the ability to offload at virtually any feasible coastal location, rallying ashore, and moving inland where required. Coupled with the HST offload, MLG logisticians facilitated the doubling of III MEF forces and equipment in South Korea in a single day.

“Most MEF level deployments require you to marshal hundreds of troops and cargo at some point, but never have I ever expected to marshal and stage almost 1,000 personnel plus cargo in a single rotation,” said Cpl. Matthew Mulherin, Jr., embarkation chief with G3, 3rd MLG. “We have reached a milestone with these offloads, raising the bar for future iterations of the exercise.”

Freedom Banner is the validation and improvement of the MLG’s expeditious sealift capability and integrated logistics operations. This training strengthens the MLG’s ability to embark, offload and distribute gear and equipment across a contested environment in support of combat or humanitarian events alongside the command and support structure of the ROKMC MLG.

“This is not just a relationship of warriors, but one of friends,” said Collins. “The ROK Marine Corps and U.S. Marine Corps are very close, but our MLGs are even closer.”

MIL Security OSI –

March 6, 2025
MIL-OSI Security: Carl Vinson Carrier Strike Group Arrives in Busan, Republic of Korea

Source: United States INDO PACIFIC COMMAND

The visit to Busan exemplifies the U.S. commitment to the region, further enhancing relationships with ROK leaders and the local population.

“An aircraft carrier port visit demonstrates our commitment to the alliance between the U.S. and the Republic of Korea,” said Rear Adm. Michael Wosje, commander, CSG-1. “Our alliance remains the linchpin of peace and security in Northeast Asia and the Korean Peninsula, and we are dedicated to working with our ROK Navy counterparts to ensure stability in the region.”

For 250 years, the U.S. Navy has forged enduring alliances that are essential to its maritime warfighting capabilities. These partnerships have allowed us to project power, protect sea lanes, and safeguard global security.

Additionally, the visit provides the opportunity for strike group Sailors and civilians to rest and recharge while being able to experience the city of Busan. During the port visit, Vinson is scheduled to host ship tours for several U.S. and ROK leaders, conduct multiple key leader engagements ashore, and participate in community relations and sporting events.

“We are excited to pay another visit to the Republic of Korea, and we are grateful to the people of Busan for such a warm welcome,” said Capt. Matthew Thomas, commanding officer of Vinson. “Our Sailors look forward to participating in professional engagements and community service projects while meeting and engaging with the local community of South Korea.”

Prior to their Busan port call, CSG-1 participated in Pacific Steller 2025, a multi-large deck event in the Philippine Sea. The exercise provided the strike group the opportunity to work and train alongside allies and partners to include the French Carrier Strike Group and Japan Maritime Self-Defense Force, fostering the alliance and maritime security in support of a secure and prosperous Indo-Pacific.

CSG-1 consists of Vinson, embarked staffs of CSG-1 and Destroyer Squadron (DESRON) One, Carrier Air Wing (CVW) 2, the Ticonderoga-class guided-missile cruiser USS Princeton (CG 59), and Arleigh Burke-class guided-missile destroyers USS Sterett (DDG 104) and USS William P. Lawrence (DDG 110).

CVW-2 is composed of nine squadrons flying the F-35C Lightning II, F/A-18E/F Super Hornets, EA-18G Growler, E-2D Advanced Hawkeye, CMV-22 Osprey and MH-60R/S Seahawks.

The Carl Vinson Carrier Strike Group is operating in the U.S. 7th Fleet area of operations. U.S. 7th Fleet is the U.S. Navy’s largest forward-deployed numbered fleet, and routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.

For more news from CSG-1 and Carl Vinson visit: https://www.dvidshub.net/unit/CSG1, https://www.dvidshub.net/unit/CVN70

MIL Security OSI –

March 6, 2025

MIL-OSI: South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2024 financial and operational results and provides its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

Highlights

Spinoff transaction

Launched as an independent company on Oct. 1, 2024, completing the planned separation (the Spinoff) from TC Energy Corp. (TC Energy).
Completed an initial notes offering on Aug. 28, 2024, raising approximately $5.8 billion, in aggregate, of U.S. and Canadian dollar-denominated senior unsecured notes and U.S. dollar-denominated junior subordinated notes. As part of the Spinoff, South Bow repaid the outstanding long-term debt owed to affiliates of TC Energy on Oct. 1, 2024.

Safety and operational performance

Demonstrated safety excellence in 2024, achieving record occupational and process safety performance during a transformative period.
Delivered record system availability in 2024, with an annual System Operating Factor (SOF) of 95% for the Keystone Pipeline due to continued improvements in system reliability.
Recorded annual average throughput on the Keystone Pipeline of approximately 626,000 barrels per day (bbl/d) in 2024, an increase of 5% relative to 2023. Throughput on the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 795,000 bbl/d, increasing by 15% relative to 2023.
- Fourth-quarter 2024 throughput on the Keystone Pipeline and the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 621,000 bbl/d and approximately 784,000 bbl/d, respectively.
Advanced the Blackrod Connection Project in Alberta, anticipated to be ready for in-service in early 2026. South Bow is in the final stages of completing construction of the project’s 25-km crude oil and natural gas pipeline segments, with welding complete and hydrostatic testing activities underway. Facility construction, including the tank terminal, is expected to be completed in late 2025.
Received approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA) in Jan. 2025 of South Bow’s remedial work plan, substantially completing the conditions in the Amended Corrective Action Order (ACAO) related to the Milepost 14 incident (MP-14). In early March 2025, South Bow received approval from PHMSA to lift the pressure restriction on the affected segment to 72% of the specified minimum yield strength of the pipeline. The affected segment includes the section of the pipeline where the MP-14 incident occurred.

Financial performance

Delivered strong financial performance in 2024, underscored by the highly contracted nature of South Bow’s assets. Revenue and normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA) increased relative to 2023 due to significant demand for uncommitted capacity on the Keystone Pipeline in the first quarter of 2024, and strong demand for capacity on the U.S. Gulf Coast segment of the Keystone Pipeline System throughout the year.
- Generated revenue of $488 million and $2,120 million for the three months and year ended Dec. 31, 2024, respectively.
- Recognized net income of $55 million ($0.26/share) and $316 million ($1.52/share) during the three months and year ended Dec. 31, 2024, respectively.
- Recorded normalized EBITDA¹ of $290 million for the three months ended Dec. 31, 2024, an increase of 11% from the three months ended Sept. 30, 2024, primarily due to the timing of trade settlements within South Bow’s Marketing segment. Normalized EBITDA for the year ended Dec. 31, 2024 was $1,091 million, an increase of 2% from 2023.
- Delivered distributable cash flow¹ of $183 million and $608 million for the three months and year ended Dec. 31, 2024, respectively.
Exited 2024 with total long-term debt and net debt¹ outstanding of $5.7 billion and $4.9 billion, respectively. South Bow’s net debt-to-normalized EBITDA ratio¹ was 4.5 times at Dec. 31, 2024, supported by the Company’s starting working capital balances and strong normalized EBITDA generated in 2024.
- South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.

Returns to shareholders

Committed to paying a strong and sustainable dividend, declared South Bow’s inaugural quarterly dividend of $104 million ($0.50/share) on Nov. 7, 2024. The dividend was paid on Jan. 31, 2025 to shareholders of record on Dec. 31, 2024.
South Bow’s board of directors (the Board) has approved a quarterly dividend of $0.50/share, payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

South Bow’s audited consolidated financial statements and notes (the financial statements), management’s discussion and analysis (MD&A), and annual information form (AIF) as at and for the year ended Dec. 31, 2024 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024 is incorporated by reference into this news release.

South Bow’s standalone financial statements were prepared using information derived from the consolidated financial statements and accounting records of TC Energy, including the historical cost basis of assets and liabilities comprising the Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company, using the historical accounting policies applied by TC Energy. The presentation of certain prior period comparatives have been updated for consistency with current year presentation.

_________________________

¹ Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

Financial and operational results

$ millions, unless otherwise noted	Three Months Ended					Year Ended
$ millions, unless otherwise noted	Sept. 30, 2024		Dec. 31, 2024	Dec. 31, 2023		Dec. 31, 2024	Dec. 31, 2023
FINANCIAL RESULTS
Revenue	534		488	540		2,120	2,005
Income from equity investments	12		12	13		49	50
Net income	61		55	103		316	442
Per share¹	0.29		0.26	0.50		1.52	2.13
Normalized net income²	86		112	94		383	504
Per share^{1 2}	0.41		0.54	0.45		1.84	2.43
Normalized EBITDA²	262		290	278		1,091	1,074
Keystone Pipeline System	257		250	264		1,028	981
Marketing	(7	)	24	(2	)	12	42
Intra-Alberta & Other	12		16	16		51	51
Distributable cash flow²	163		183	161		608	785
Dividends declared	—		104	—		104	—
Per share¹	—		0.50	—		0.50	—
Capital expenditures³	61		28	11		122	37
Total long-term debt	10,452		5,716	5,967		5,716	5,967
Net debt^{2 4}	4,827		4,901	5,715		4,901	5,715
Net debt-to-normalized EBITDA (ratio)²	4.5		4.5⁵	5.3		4.5⁵	5.3
Common shares outstanding, weighted average diluted (millions)⁶	207.6		208.4	207.6		208.2	207.6
Common shares outstanding (millions)⁶	207.6		208.0	207.6		208.0	207.6

OPERATIONAL RESULTS
Keystone Pipeline SOF (%)	95		96	92		95	93
Keystone Pipeline throughput (Mbbl/d)	616		621	612		626	595
U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d)⁷	815		784	783		795	694
Marketlink throughput (Mbbl/d)	636		615	610		614	537

Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
Non-GAAP financial measure or non-GAAP ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
Includes 50% equity treatment of South Bow’s junior subordinated notes.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

Outlook

Capital allocation priorities

South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
- paying a sustainable base dividend;
- strengthening the Company’s investment-grade financial position; and
- leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

Market outlook

Every day, South Bow safely and reliably transports crude oil to key demand and refining markets in the U.S. Midwest and Gulf Coast. With substantially all of the crude oil imported into the U.S. Midwest originating from Canada, and refining facilities in the U.S. Gulf Coast set up to process heavy crude oil, these markets rely heavily on Canadian crude oil supplies to meet their energy needs.
While approximately 90% of South Bow’s normalized EBITDA is contracted through committed arrangements, which carry minimal commodity price or volumetric risk, demand for uncommitted capacity on the Keystone System is anticipated to remain subdued in 2025 as Western Canadian Sedimentary Basin (WCSB) crude oil pipeline capacity exceeds supply.
The potential for, and continuation of, tariffs on energy imposed by the U.S. government and counter-tariffs imposed by the Canadian government have created economic and geopolitical uncertainty, resulting in volatility in pricing differentials. Persistence of this uncertainty may create additional headwinds for uncommitted capacity on South Bow’s pipeline systems and impact South Bow’s Marketing segment results. Given the uncertainty, South Bow’s guidance for 2025 does not account for the future potential impact of sustained tariffs.

2025 guidance

South Bow’s guidance aims to inform readers about Management’s expectations for financial and operational results in 2025. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.
The financial outlook for South Bow in 2025 is supported by the Company’s highly contracted cash flows and strong structural demand for services. Normalized EBITDA is projected to be approximately $1.01 billion, within a range of 3%, with approximately 90% secured through committed arrangements. South Bow reaffirms its long-term normalized EBITDA growth outlook of 2% to 3%.
South Bow has reduced its outlook for normalized EBITDA for its Marketing segment by approximately $30 million relative to 2024, due to continued impacts of WCSB crude oil pipeline capacity exceeding supply and South Bow’s response to market uncertainty caused by the potential for, and continuation of, tariffs, including the unwinding of certain positions to minimize South Bow’s exposure to further pricing volatility.
South Bow anticipates that its interest expense for 2025 will be approximately $325 million, within a range of 2%, and that the Company’s current tax rate will range from 23% to 24%.
Distributable cash flow is expected to be approximately $535 million, within a range of 3%, which South Bow will use to fund its expected annual dividend of $416 million ($2.00/share), subject to approval and declaration by the Board, and investments required to continue advancing the Blackrod Connection Project.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
South Bow plans to invest approximately $110 million, within a range of 3%, in growth capital expenditures for the Blackrod Connection Project in 2025. The total expected capital cost of the project is estimated to be $180 million, targeted to be ready for in-service in early 2026. As of Dec. 31, 2024, South Bow has invested $62 million in the project.
Maintenance capital expenditures are estimated to be approximately $65 million, within a range of 3%, in 2025, as South Bow proactively completes maintenance activities while demand for uncommitted capacity is expected to be subdued, and invests in information services infrastructure. These expenditures are generally recoverable through South Bow’s tolling arrangements.

South Bow’s 2025 annual guidance and a review of 2024 actual results are outlined below:

$ millions, except percentages ¹	2024 Actuals	2025 Guidance
Normalized EBITDA	1,091	1,010 ± 3%
Interest expense	388	325 ± 2%
Current tax rate (%)	23%	23% – 24%
Distributable cash flow	608	535 ± 3%
Capital expenditures
Growth	73	110 ± 3%
Maintenance ²	61	65 ± 3%

Assumes average foreign exchange rate of C$/U.S.1.4286.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Refer to the section entitled “Guidance” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Conference call and webcast details

South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).


Date	March 6, 2025
Time	8 a.m. MT (10 a.m. ET)
Webcast link	https://edge.media-server.com/mmc/p/fqe5oacv
Conference call link	https://register.vevent.com/register/BIbb6663202d26443895983db438ccaf6e

Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

Visit www.southbow.com/investors for the replay following the event.

Non-GAAP financial measures

In this news release, South Bow references certain non-GAAP financial measures and non-GAAP ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

South Bow’s non-GAAP financial measures and non-GAAP ratios include:

normalized EBITDA;
normalized net income;
normalized net income per share;
distributable cash flow;
net debt; and
net debt-to-normalized EBITDA ratio.

These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

Normalizing items

Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

Normalized EBITDA

Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest expense	115		84		105		388		220
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 costs	—		4		—		4		—
Separation costs	20		(1	)	3		29		3
Keystone XL costs and other	15		(13	)	—		2		10
Normalized EBITDA	262		290		278		1,091		1,074

The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

$ millions	Three Months Ended Sept. 30, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	173		17		(100	)	90
Adjusted for specific items:
Depreciation and amortization	59		—		2		61
Interest expense	(1	)	—		116		115
Interest income and other	—		(1	)	(26	)	(27	)
Risk management instruments	—		(23	)	—		(23	)
Keystone variable toll disputes	11		—		—		11
MP-14 costs	—		—		—		—
Separation costs	—		—		20		20
Keystone XL costs and other	15		—		—		15
Normalized EBITDA	257		(7	)	12		262

$ millions	Three Months Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	205		(32	)	(101	)	72
Adjusted for specific items:
Depreciation and amortization	59		—		3		62
Interest expense	(1	)	—		85		84
Interest income and other	(1	)	(1	)	30		28
Risk management instruments	—		57		—		57
Keystone variable toll disputes	(3	)	—		—		(3	)
MP-14 costs	4		—		—		4
Separation costs	—		—		(1	)	(1	)
Keystone XL costs and other	(13	)	—		—		(13	)
Normalized EBITDA	250		24		16		290

$ millions	Three Months Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	203		14		(86	)	131
Adjusted for specific items:
Depreciation and amortization	60		—		1		61
Interest expense	3		1		101		105
Interest income and other	(2	)	(2	)	(3	)	(7	)
Risk management instruments	—		(15	)	—		(15	)
Keystone variable toll disputes	—		—		—		—
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	—		—		—		—
Normalized EBITDA	264		(2	)	16		278

$ millions	Year Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	778		6		(366	)	418
Adjusted for specific items:
Depreciation and amortization	238		—		8		246
Interest expense	1		1		386		388
Interest income and other	(3	)	(3	)	(6	)	(12	)
Risk management instruments	—		8		—		8
Keystone variable toll disputes	8		—		—		8
MP-14 costs	4		—		—		4
Separation costs	—		—		29		29
Keystone XL costs and other	2		—		—		2
Normalized EBITDA	1,028		12		51		1,091

$ millions	Year Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	687		19		(144	)	562
Adjusted for specific items:
Depreciation and amortization	239		—		5		244
Interest expense	7		2		211		220
Interest income and other	(4	)	(4	)	(24	)	(32	)
Risk management instruments	—		25		—		25
Keystone variable toll disputes	42		—		—		42
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	10		—		—		10
Normalized EBITDA	981		42		51		1,074

Normalized net income and normalized net income per share

Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. This per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

The following table reconciles net income to normalized net income for the indicated periods:

$ millions, except common shares outstanding and per share amounts	Three Months Ended						Year Ended
	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Net income	61		55		103		316		442
Adjusted for specific items:
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 settlement	—		4		—		4		—
Separation costs	20		27		3		67		3
Keystone XL costs and other	15		(13	)	3		2		17
Tax effect of the above adjustments	(8	)	(15	)	—		(22	)	(25	)
Normalized net income	76		112		94		383		504
Common shares outstanding, weighted average diluted (millions)	207.6		208.4		207.6		208.2		207.6
Normalized net income per share	0.41		0.54		0.45		1.84		2.43

Distributable cash flow

Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Normalizing items, net of tax¹	18		34		(9	)	39		62
Income from equity investments	(12	)	(12	)	(13	)	(49	)	(50	)
Distributions from equity investments	17		20		15		70		71
Maintenance capital expenditures²	(22	)	(15	)	(2	)	(61	)	(19	)
Current income tax recovery (expense)	38		(6	)	(15	)	(43	)	(53	)
Distributable cash flow	163		183		161		608		785

Normalizing items per normalized EBITDA reconciliation, net of tax.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Net debt and net debt-to-normalized EBITDA ratio

Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. This measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

Net debt-to-normalized EBITDA ratio is used to monitor the South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

$ millions, except ratios	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023
Current portion of long-term debt to affiliates of TC Energy	4,677		—		—
Senior unsecured notes	4,686		4,629		5,967
Junior subordinated notes	1,089		1,087		—
Total long-term debt	10,452		5,716		5,967
Adjusted for:
Hybrid treatment for junior subordinated notes¹	(545	)	(544	)	—
Operating lease liabilities	22		22		10
Dividends payable	—		104		—
Cash and cash equivalents	(622	)	(397	)	(262	)
Restricted cash held in escrow²	(4,480	)	—		—
Net debt	4,827		4,901		5,715
Normalized EBITDA	1,079		1,091		1,074
Net debt-to-normalized EBITDA (ratio)	4.5		4.5		5.3

Includes 50% equity treatment of South Bow’s junior subordinated notes.
Senior unsecured notes and junior subordinated notes were issued on Aug. 28, 2024, of which $1.25 billion was used to repay long-term debt to affiliates of TC Energy; the remaining proceeds were held in escrow until completion of the Spinoff on Oct. 1, 2024.

Forward-looking information and statements

This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities and outlook; the Blackrod Connection Project, including completion of crude oil and natural gas pipeline segments, testing activities, in-service dates, and costs thereof; expected in-service dates and costs related to announced projects and projects under construction; PHMSA approvals and completion of the ACAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; and South Bow’s financial strength and flexibility.

The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s AIF dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About South Bow

South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

Contact information

*Investor Relations*	*Media Relations*
Martha Wilmot investor.relations@southbow.com	Katie Stavinoha communications@southbow.com

The MIL Network –

March 6, 2025

MIL-Evening Report: Creative Australia’s decisions should be peer reviewed and at arm’s length. Where did things go wrong?

Source: The Conversation (Au and NZ) – By Jo Caust, Associate Professor and Principal Fellow (Hon), School of Culture and Communication, The University of Melbourne

For the past three weeks the arts have been dominated by a recent decision made by the board of Creative Australia. On February 7 it was announced Khaled Sabsabi and Michael Dagostino had been chosen as the artistic team to represent Australia at the Venice Biennale in 2026.

One week later, the board announced Sabsabi and Dagostino would no longer be representing the country because their selection would cause “a prolonged and divisive debate”.

This about-turn represents a low point in the relationship between artists and their funding body, Creative Australia.

Creative Australia (known as the Australia Council until 2023) has historically endured many attacks from the public, the media and political parties. This past weekend, for example, The Weekend Australian published three different stories critiquing Creative Australia and its arts funding processes.

While the amount of money Creative Australia receives is minuscule in relation to overall government spending (in 2023–24 it received A$258 million), the arts themselves enjoy a profile much greater than their monetary value.

So how does Creative Australia operate? And what does this decision on Sabsabi mean for its relationship with artists?

What is the peer review system?

Funding decisions at Creative Australia are based on two key principles: peer review, and arm’s length funding.

Peer review means decisions on who is funded are made by artists and arts workers with a deep understanding of the artform at hand.

Arm’s length funding means that, while the government funds Creative Australia, artists are supported free from direct political intervention.

The Australia Council, established in 1975, was originally structured around several artform boards, made up of peers from each of the artform sectors. These peers were given the task of overseeing their artforms and making funding decisions. Peers were selected by the government, usually after nomination by the Australia Council, and served terms of between two to five years.

Membership of an artform board was seen as an honour as well as a duty by those selected: a way of influencing funding decisions, but also a way of giving back to the sector.

As a result of an internal review in 2012, the process of peer decision making changed dramatically. The Australia Council in 2013 removed the artform boards (with a couple of exceptions) and introduced an ad hoc peer system where individuals were asked to self-nominate if they wanted to be part of the selection process. Staff then chose individuals, from a large pool of peers, to sit on a panel for each funding round.

As a result of the 2013 reforms the relationship with the minister for the arts was also changed. Up till then, the minister only had the power to appoint the members of the Australia Council board and the members of the various artform boards. In 2013 the act was changed so the minister could also give policy direction to the Australia Council.

In 2019, another category of selector was introduced. Industry advisors advise on multi-year funded applications, with the final decision made by Creative Australia staff.

The changing make-up of decision makers

The membership of the Australia Council’s governing board was historically more politicised, but its members were also often leading figures in the field.

The chair position was usually a leading figure from the arts and cultural field, including writers Donald Horne, Rodney Hall and Hilary McPhee, and music specialist Margaret Seares.

In the 2000s this changed under the Howard government, with the re-framing of the arts as businesses. This led to the appointment of business-people onto the board, particularly as chairs. Chairs this century have included business leaders David Gonski, James Strong, Rupert Myer and now Robert Morgan.

This meant priorities other than artform quality were introduced into the overall decision making.

The Venice Biennale process

Australia has been participating in the Venice Biennale since 1954.

Until 2019 there was a commissioner responsible for the selection of the Australian artist. The role was occupied by notable individuals in the arts world, such as philanthropist and art collector Simon Mordant. Artists would be individually invited by the commissioner to be the Venice representative.

In 2019 the Australia Council took over the role, and the process changed to an application system where artists were assessed by a panel of experts, before the final representatives (such as Sabsabi and Dagostino for 2026) were selected from a shortlist of six.

While all of the details of what happened in the lead up to rescinding Sabsabi’s invitation are unknown, some facts have been laid out: The Australian published an article criticising his selection; Coalition arts spokesperson Claire Chandler asked about his selection in Question Time; and Arts Minister Tony Burke phoned Creative Australia CEO Adrian Collette.

That night, Collette and the board decided Sabsabi’s invitation would be rescinded.

Who gets a say in the arts?

It seems now the funding model that Australia has created for the arts may no longer be serving the artists. The board’s decision following Burke’s phone call to Collette calls into question the principles of peer review and arm’s length funding.

The structure and decision-making processes of Creative Australia should now be reviewed as a matter of urgency. The peer system works remarkably well if structured appropriately. At present it would seem it is not.

Artists deserve a body that defends their rights, so they are not sacrificed for political needs.

Jo Caust has previously received funding from the Australia Council. She is a member of NAVA and the Arts Industry Council(SA). She also worked at the Australia Council in the 1980s.

– ref. Creative Australia’s decisions should be peer reviewed and at arm’s length. Where did things go wrong? – https://theconversation.com/creative-australias-decisions-should-be-peer-reviewed-and-at-arms-length-where-did-things-go-wrong-251153

MIL OSI Analysis – EveningReport.nz –

March 6, 2025

Category: Transport

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