Category: Transport

MIL-OSI: Westhaven Announces Updated Preliminary Economic Assessment for the Shovelnose Gold Project, British Columbia

Source: GlobeNewswire (MIL-OSI)

After-Tax NPV Doubled to $454 Million

After-Tax IRR of 43.2%

Payback of Initial Capital Costs of 2.1 Years

All amounts are in Canadian Dollars unless otherwise noted

VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) is pleased to report the completion of an Updated Preliminary Economic Assessment (“PEA”) at its 100% owned 41,634-hectare Shovelnose Gold Property (the “Property”) located within the prospective Spences Bridge Gold Belt (“SBGB”), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia. The PEA outlines a robust, low-cost, rapid pay-back, high margin, 11.1 year underground gold mining opportunity and is based on updated mineral resources that include contributions from the South, Franz and FMN zones.

At a gold price of US$2,400/oz and an exchange rate of C$1.00 to US$0.72, the Shovelnose base case estimate (the “Base Case”) generates an after-tax net present value (NPV) at a 6% discount rate of $454 million and an internal rate of return (IRR) of 43.2%. The proposed mine will operate over an initial 11.1 year mine-life with average annual life-of-mine gold production of 56,000 ounces. Initial capital expenditure to fund construction and commissioning is estimated at $184 million, with a life-of-mine capital cost of $379 million and a payback period of 2.1 years. The all-in sustaining costs (as defined per World Gold Council guidelines, less corporate G&A) are estimated to be US$836 per ounce of gold produced.

Summary Table – Economic Sensitivity to Long Term Gold Price

Long Term Metal Price Variability	Corresponding Gold Price	After Tax NPV (at 6%)	After Tax IRR
*(percentage change)*	*US$/ounce*	*CDN $ millions*	*(%)*
– 20%	1,920	284.3	30.4
– 10%	2,160	369.1	36.9
base case	2,400	453.7	43.2
+ 10%	2,640	538.3	49.5
+ 20%	2,880	622.8	55.7

Gareth Thomas, President & CEO, comments: “Westhaven’s flagship Shovelnose Gold Property is ideally situated, in close proximity to roads, power and infrastructure in a tier 1 mining jurisdiction. Production contribution from both Franz and FMN provide valuable ounces that bring gold production forward in the schedule resulting in payback of initial capital costs in just 2.1 years. Our intention is to continue to advance this cornerstone project in parallel with our ongoing exploration efforts to further expand the gold-silver mineral inventory on this highly prospective land package. The next steps towards rapidly advancing development include further de-risking initiatives such as continued environmental baseline studies, permitting requirements, along with other cost and technical requirements.”

The Company cautions that the results of the PEA are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have economic consideration applied to them to be classified as Mineral Reserves. There is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Preliminary Economic Assessment Highlights:

*Base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN$/US$ exchange rate of $0.72.
*All costs are in Canadian dollars unless otherwise specified.

Robust financial metrics.
- Pre-tax Internal Rate of Return (“IRR”) of 56.3%; After-tax IRR of 43.2%.
- Low All-In Sustaining Cost (“AISC”) of $1,161/ounce (“oz”) (US$836/oz) gold equivalent (“AuEq”).
- Low Cash Cost of $872 oz/AuEq (US$ 628/oz AuEq).
- Pre-tax Net Present Value (“NPV”6%) of $730 million (M) and After-tax NPV of $454M.
- Payback period from start of production year at 1.7 years pre-tax and 2.1 years after-tax.
- After-tax (NPV 6%) increases to $634M and After-tax IRR increases to 56.6% using spot prices of US$2,900 gold and US$30 silver.
Low capital-intensive development and operating costs.
- Total Preproduction Capital of $184M.
- Total Life of Mine (“LOM”) Capital Costs of $379M.
- Average operating cost of $142/ tonne processed.
- 92% of total stope mining is cost effective longitudinal and traverse longhole stoping, with only 8% of total mining requiring cut and fill stoping.
11.1-year mine life and ability to expand processing to accommodate satellite discoveries.
- 718,600 total Indicated ounces gold equivalent (“AuEq”) underground Mineral Resource Estimate.

292,000 total Inferred ounces AuEq underground Mineral Resource Estimate.

Production rate of 1,000 tonnes per day (“tpd”).
Total payable metals of 637,000 oz gold (“Au”) and 3,562,000 oz silver (“Ag”).
Average annual production of 56,000 oz Au peaking in year 7 at 68,000 oz Au.

Total mineralized rock production of 4,159,000 tonnes at 5.26 g/t Au and 32 g/t Ag.

Metallurgical recoveries of 91.5% Au and 92.9% Ag.

Community/stakeholder benefits.
- Total projected income taxes paid of $284M.
- Total projected British Columbia mineral taxes paid of $163M.
- More than 130 well-paying local full time jobs created during life of mine.
- Additional employment during construction phase.
- Indirect spin-off benefits during both construction and mine operations.

Mineral Resources, Updated PEA Preparation and Results

The previous public Mineral Resource Estimate (“MRE”) for the South Zone was carried out by P&E Mining Consultants Inc. (“P&E”) with an effective date July 18, 2023. The current underground MRE is reported herein. All drilling and assay data were provided by Westhaven, in the form of Excel data files. The GEOVIA GEMS™ V6.8.4 database compiled by P&E for the February 28, 2025 MRE consisted of 355 surface drill holes, totalling 121,971 metres. A total of 145 drill holes (50,714 metres) were intersected by the Mineral Resource wireframes used in this PEA.

P&E validated the Mineral Resource database in GEMS™ by checking for inconsistencies in analytical units, duplicate entries, interval, length or distance values less than or equal to zero, blank or zero-value assay results, out-of-sequence intervals, intervals or distances greater than the reported drill hole length, inappropriate collar locations, survey and missing interval and coordinate fields. Some minor errors were identified and corrected in the database. The QPs are of the opinion that the supplied database is suitable for Mineral Resource estimation.

Block models were constructed using GEOVIA GEMS™ V6.8.4 modelling software and consist of separate model attributes for estimated Au, Ag and AuEq grade, rock type (mineralization domains), volume percent, bulk density, and classification. The Mineral Resource was classified as Indicated and Inferred based on the geological interpretation, variogram performance and drill hole spacing. The QPs also consider mineralization at the South, Franz and FMN Zones to be potentially amenable to underground mining methods. The revised MRE used for this Updated PEA is reported with an effective date of February 28, 2025 and is tabulated in Table 1.

Table 1
Shovelnose Underground Mineral Resource Estimate @ 1.3 g/t AuEq Cut-off ^(1-⁷⁾
Classification	Zone	Tonnes (k)	Au (g/t)	Contained Au (k oz)	Ag (g/t)	Contained Ag (k oz)	AuEq (g/t)	Contained AuEq
Classification	Zone	Tonnes (k)	Au (g/t)	Contained Au (k oz)	Ag (g/t)	Contained Ag (k oz)	AuEq (g/t)	(k oz)
Indicated	South	3,107	6.18	616.8	33.1	3,302.8	6.56	655.2
	Franz	89	7.44	21.2	30.9	88.0	7.80	22.2
	FMN	241	5.07	39.2	22.5	173.7	5.33	41.2
	Total	3,437	6.13	677.2	32.3	3,564.5	6.50	718.6
Inferred	South	1,386	3.79	168.6	16.5	736.8	3.98	177.2
	Franz	63	3.48	7.1	51.9	105.4	4.09	8.3
	FMN	843	3.49	94.6	37.5	1,017.3	3.93	106.5
	Total	2,292	3.67	270.3	25.2	1,859.5	3.96	292.0

1.		Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2.		The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3.		The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
4.		The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5.		PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized.
6.		The AuEq cut-off of 1.3 g/t was derived from costs of C$82/t mining, C$42/t processing and $18/t G&A. A USD:CDN exchange rate of 0.72 along with US$2,400/oz Au and US$28/oz Ag with respective process recoveries of 91.5% and 92.9%.
7.		The Au/Ag ratio used was 86:1.

A financial model was developed to estimate the Life of Mine (“LOM”) plan and considered only underground mining of Mineral Resources at the South, Franz and FMN Zones. Other known gold-silver mineralization at the Shovelnose Gold Property, currently being evaluated by Westhaven, are not included.

The LOM plan covers a 13.1-year period (2 years pre-production and 11.1 years of production). Currency is in Q1 2025 Canadian dollars unless otherwise stated. Inflation has not been considered in the financial analysis.

The Updated PEA outlines a production mine life of 11.1 years with average annual production of 56,000 ounces gold and 312,000 ounces silver at average respective cash costs and all-in sustaining costs (“AISC”) per ounce gold equivalent of $1,161(US$836). The PEA considers the payable recovery of 637,000 oz gold and 3,562,000 oz silver from an underground operation, at average respective mine production grades of 5.26 g/t and 32 g/t.

Revenue

The commercially saleable product generated by the Project is a gold/silver doré. Westhaven would be paid once the doré has been delivered to a smelter and refinery, off-site.

The NSR payables were based on the following parameters:
Dore Payable (Includes refining and smelting)
Au 99%
Ag 90%

The CDN$/US$ exchange rate used in the PEA is 0.72.

Subtotal Revenue
Au (US$) $1,529M
Ag (US$) $100M
Net revenue
CDN$ $2,201M

The revenue generation by the Shovelnose Project, on a yearly basis, is presented in Table 2.

Table 2 Summary of Base Case Total Revenue Generation
Item / Year	Yr -1	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10	Yr 11	Yr 12	Total
Tonnes (k)	133.7	330.4	367.5	365.3	365.3	365.3	365.3	365.3	365.3	365.3	365.3	365.3	40.0	4,158.8
Grade (g/t) – Au	3.98	5.43	4.94	5.52	5.16	5.55	5.59	6.35	5.24	5.05	5.42	4.26	3.93	5.26
– Ag	27	26	73	32	25	29	36	32	23	25	29	23	25	32
Au koz Payable	15.5	52.2	52.8	58.7	54.8	59.0	59.4	67.6	55.8	53.8	57.6	45.3	4.6	637.2
Ag koz Payable	98.1	232.9	722.4	310.0	242.0	282.3	352.4	316.4	222.8	244.8	287.4	223.6	26.6	3,561.8
Subtotal Rev.-Au (US$)M	37.2	125.4	126.8	140.8	131.6	141.7	142.6	162.2	133.9	129.0	138.3	108.8	11.0	1,529.3
-Ag (US$)M	2.7	6.5	20.2	8.7	6.8	7.9	9.9	8.9	6.2	6.9	8.0	6.3	0.7	99.7
Subtotal Rev. (Cdn$) M	55.4	183.2	204.3	207.6	192.2	207.8	211.8	237.6	194.6	188.8	203.2	159.8	16.3	2,262.5
Net Royalty (Cdn$) M	5.9	4.6	5.1	5.2	4.8	5.2	5.3	5.9	4.9	4.7	5.1	4.0	0.4	61.1
Net Revenue (Cdn$) M	49.5	178.6	199.1	202.4	187.4	202.6	206.5	231.7	189.7	184.0	198.2	155.8	15.9	2,201.4

Note Yr = Year

The QPs have estimated the net revenues assuming Westhaven has taken advantage of available royalty buy-outs. There is a 2% Net Smelter Return (“NSR”) royalty on the Shovelnose Gold Property held by Franco-Nevada Corp. which Westhaven has the option to buy down to a 1.5% NSR for US$3M. There is a 2% NSR held by Osisko Gold Royalties Ltd. which Westhaven has the option to buy down to a 1% NSR for $500,000.

Costs

Operating costs:
Total average cost		$142/t processed
Cash Cost / AuEq oz (Cdn$/oz AuEq)		$872/oz AuEq (US$628/oz)
All-in sustaining cost (“AISC”)(Cdn$/oz AuEq)		$1,161/oz AuEq (US$836/oz)

Capital costs:
LOM		$379M
Sustaining CAPEX		$195M

LOM capital costs include the cost of all mine development; process plant, mine equipment; surface infrastructure; underground infrastructure; a closure cost; a salvage credit; and a 20% contingency.

Stoping methods utilized are transverse longhole, longitudinal longhole and cut & fill. The average vein widths to be mined are 16.2m, 6.6m and 3.0m respectively.

Mining unit costs by method are $143.81/t for transverse, $144.94 for longitudinal long hole, and $142.82/t for cut & fill stoping.

The proportion of mining method during the life of mine is 65% longitudinal longhole, 27% for transverse longhole mining and 8% cut and fill.

Table 3 Base Case Cash Flow Summary
ITEM	DESCRIPTION / YEAR		UNITS		YR – 2		YR – 1	YR 1		YR 2		YR 3	YR 4	YR 5	YR 6	YR 7			YR 8		YR 9		YR 10	YR 11	YR 12		TTL
Production			kt				134	330		368		365	365	365	365	365			365		365		365	365	40		4,159
			Au (g/t)				3.9	5.4		4.9		5.5	5.2	5.6	5.6	6.4			5.2		5.1		5.4	4.3	3.9		5.3
			Ag (g/t)				27	26		73		32	25	29	36	32			23		25		29	23	25		32

Revenue			M$			50		179		199		202	187	203	206		232	190				184	198	156	16	2,201

Opex	Expensed Stope Development (Contractor)		M$			11		6		11		13	9	2	6		2	9				3	9	5	1	88
	Longitudinal LH Stoping		M$			1		3		3		2	3	3	2		2	2				3	3	4	0.4	30
	Transverse LH Stoping		M$							1		2	1	1	2		2	2				1				12
	Cut and Fill Stoping		M$			1		2		0.2		1	0.1	1				1					1	1	0.1	7
	Mine G&A		M$			3		5		5		5	5	5	5		5	5				5	5	5	1	62
	Paste Backfill		M$			1		1		2		3	3	3	3		3	3				3	3	3	1	34
	Process Plant		M$			6		14		15		15	15	15	15		15	15				15	15	15	2	173
	Transport and Place Tailings		M$			1		12		2		1	1	1	1		1	1				1	1	1	0.1	12
	U/G Ore Haulage		M$			1		4		6		8	8	8	8		9	8				7	8	8	1	84
	Surface Ore Haulage		M$			1		1		1																3
	Backhaul Paste Backfilll to FMN		M$			0.1		0.4		0.2																1
	Stopckpile Rehandling		M$			1		1		1		1	1	1	1		1	1				1	1	1	0.1	14
	G&A		M$					6		6		6	6	6	6		6	6				6	6	6	1	71
	Total Opex with Contingency		M$			25		45		55		58	53	47	50		47	4				47	53	50	6	589

Capex	Mine Development (Contractor) Waste		M$			19		21		38		16	9		6		1	6				1	8	3		126
	Process Plant		M$		50	25				4			4		4			4					3			94
	Owner’s Cost		M$		3	5																				8
	Mining Equipment		M$			11		7		7			2	2	12		1	5				2	3	4		54
	U/G Infrastructure		M$			1		2		1		1		1	1		1	1				1	1	1		13
	Surface Infrastructure		M$			48		5		2				2	5			2					5	2		72
	EPCM		M$		9	10																				19
	Closure & Salvage		M$			5		0.5		0.5		0.5	0.5	0.5	0.5		0.5	0.5				0.5	0.5	0.5	-16	-6
	Total Capex with Contingency		M$		62	122		35		52		18	15	4	28		4	18				4	21	10	-16	379

Taxes	Income Tax		M$					11		25		24	23	30	31		38	27				28	30	21	-4	284
	Mineral Tax		M$			0		3		3		12	16	20	17		24	16				18	17	13	3	163
	Total Taxes		M$			0		14		28		37	39	50	48		62	43				46	47	34	0	447

After-Tax Cash Flow		M$		-62		-97			85		63	90	80	102	80		118			75		87	77	62	26	785
After-Tax Cumulative Cash Flow		M$		-62		-160			-75		-11	78	158	260	340		458			533		620	697	759	785

After-tax IRR			%				43.2
After-tax NPV @ 6%			M$				454

Cash Flow Sensitivity Analysis

The following after-tax cash flow analysis was completed:

Net Present Value (“NPV”) (at 5%, 6%, 7%, 8%, 9% and 10% discount rates).
Internal Rate of Return (“IRR”).
Payback period.

The summary of the results of the cash flow sensitivity analysis is presented in Table 4

Table 4 Base Case Cash Flow Sensitivity Analysis
Description	Discount Rate	Units	Value
Undiscounted After-Tax CF	0%	(M$)	785
Internal Rate of Return		%	43.2
After-Tax NPV at	5%	(M$)	496
	Base Case 6%	(M$)	454
	7%	(M$)	415
	8%	(M$)	380
	9%	(M$)	348
	10%	(M$)	319
After-Tax Total Project Payback (including pre-production)		Years	4.1

The Project was evaluated on an after-tax cash flow basis which generates a net undiscounted cash flow estimated at $785M. This results in an after-tax IRR of 43.2% and an after-tax NPV of $454 M when using a 6% discount rate. In the base case scenario, the Project has a payback period of 4.1 years from the start of the Project. The average life-of-mine cash cost is $872/oz AuEq (US$628/oz AuEq), at an average operating cost of $142/t processed. The average life-of-mine all-in sustaining cost (“AISC”) is estimated at $1,161/oz AuEq (US$836/oz AuEq).

Sensitivity Analysis

Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities to: gold metal price; silver metal price; gold process plant head grade; gold metallurgical recovery; operating costs; and capital costs.

Each of the sensitivity items were varied up and down by 10% and 20% to assess the effect they would have on the NPV at a 6% discount rate. The value of each parameter, at 80%, 90%, 100% base case, 110% and 120%, is presented in Table 5.

Table 5
NPV Sensitivity Parameter Values
Parameter	80%	90%	100%	110%	120%
Au Metal Price US$/oz	1,920	2,160	2,400	2,640	2,880
Ag Metal Price US$/oz	22.40	25.20	28.00	30.80	33.60
Au Head Grade g/t	4.21	4.73	5.26	5.79	6.31
Au Met Recovery %	N/A	82.4%	91.5%	N/A	N/A
Capex $M	304	342	379	417	455
Opex $M	471	530	589	648	707

The resultant after-tax NPV @ 6% values of each of the sensitivity parameters at 80% to 120% are presented in Table 6.

Table 6
After-Tax NPV Sensitivity to Base Case at 6% Discount Rate (M$)
Parameter	80%	90%	100%	110%	120%
Au Metal Price	284	369	454	538	623
Ag Metal Price	442	448	454	459	465
Au Head Grade	284	369	454	538	623
Au Met Recovery	N/A	369	454	N/A	N/A
Capex	515	484	454	423	392
Opex	502	478	454	429	405

Cautionary Statement

The Updated PEA is considered by P&E Mining Consultants Inc. (“P&E”) to meet the requirements as defined in Canadian National Instrument (“NI”) 43-101 Standards of Disclosure for Mineral Projects. This PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no guarantee that Westhaven Gold Corp. will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise for the Project to be placed into production. The PEA was prepared in accordance with the requirements of NI 43-101 and has an effective date of February 28, 2025. A technical report relating to the PEA, prepared in accordance with NI 43-101, will be filed on SEDAR and posted on the company’s website within 45 days of this news release.

On behalf of the Board of Directors
WESTHAVEN GOLD CORP.

“Gareth Thomas”

Gareth Thomas, President, CEO & Director

Qualified Person Statement

The Preliminary Economic Assessment for the Shovelnose Gold Property – South Zone was prepared by James L. Pearson, P.Eng., D. Grant Feasby, P.Eng., Yungang Wu, P.Geo., Antoine Yassa, P.Geo., Brian Ray, P.Geo. and Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., Brampton, Ontario, all Independent Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The PEA results are based on important assumptions made by the Qualified Persons who prepared the PEA. These assumptions, and the justifications for them, will be described in the PEA Technical Report that the Company will file on SEDAR and post on the Company’s website within 45 days of this news release. Mr. Puritch has reviewed and approved the technical contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Westhaven Gold Corp.

Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~61,512 hectares (~615 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavengold.com

Forward-Looking Statements

The TSX Venture Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the results of the Preliminary Economic Assessment, the Mineral Resource Estimate future planned activities, future mineral production and future growth potential for the Company and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms. Although management of Westhaven Gold Corp. have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information. Such factors include, without limitation: the Company’s dependence on one group of mineral projects; precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified under the caption “Risk Factors” in the Company’s management discussion and analysis. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Westhaven’s Properties across the Spences Bridge Gold Belt

2025 PEA Proposed Development Zones

Shovelnose Proposed Mine Site Development & Infrastructure Layout

Maps accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/ed38b683-123a-44cf-86f5-1c63049a9351

https://www.globenewswire.com/NewsRoom/AttachmentNg/b5ea66ea-6e4d-49c3-b1ae-78624a357568

https://www.globenewswire.com/NewsRoom/AttachmentNg/2652ea09-9d55-45a5-b6e2-346b3e1ddea5

The MIL Network –

March 4, 2025

MIL-OSI Global: We need to switch to heat pumps fast – but can they overcome this problem?

Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

StockMediaSeller/Shutterstock

People in the UK need to adopt heat pumps and electric vehicles as fast as they once embraced refrigerators, mobile phones and internet connection according to a new report by the Climate Change Committee (CCC).

This government watchdog says the next 15 years will be critical for decarbonising the UK, one of the world’s largest (and earliest) carbon polluters. Eighty-seven percent of its climate-heating emissions must be eliminated by 2040 to keep the country on track for net zero emissions by mid-century, per the report. The majority (60%) of these cuts are expected to come via a single source: electricity.

This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

Out of possible alternatives to a fossil fuelled economy, electrification has emerged as the favoured solution of experts at the CCC.

Ran Boydell, an associate professor in sustainable development at Heriot-Watt University, agrees. “Home boilers will very soon move into the realm of nostalgia,” he says.

Read more:
UK ban on boilers in new homes rules out hydrogen as a heating source

The reason why heat pumps are increasingly touted as the future of home heating – and not retooled boilers that burn hydrogen instead of methane – is efficiency.

Boydell points out that green hydrogen fuel is made using electricity from solar and wind farms. We could eliminate emissions a lot quicker, he argues, if that electricity went directly to heat pumps instead.

Electricity can be turned into a fuel – or power appliances directly.
Piyaset/Shutterstock

“This is because you end up with only two-thirds of the energy in the hydrogen that you started with from the electricity,” he says.

Likewise, battery-powered vehicles have an advantage that has allowed them to race ahead of hydrogen fuel cells to comprise almost a fifth of all new vehicles sold in the UK in 2024.

“An electric vehicle can be recharged wherever there is access to a plug socket,” say Tom Stacey and Chris Ivory, supply chain experts at Anglia Ruskin University. “The infrastructure that exists to support hydrogen vehicles is limited in comparison and will require extensive investment to introduce.”

Read more:
The days of the hydrogen car are already over

If the route to zero emissions is largely settled, we need to travel it quickly.

Electric dreams

One of the fastest energy transitions in history occurred over a decade in South Korea, according to energy system researchers James Price and Steve Pye (UCL). Between 1977 and 1987, the generation of electricity from oil in the east Asian country collapsed – from roughly 7 million gigawatt-hours to nearly 7,000 – and was replaced with, among other sources, nuclear power.

There are historic analogues for the rapid shift necessary to arrest climate change. But a zero-carbon power sector, which the UK government aims to achieve by 2030, is just the start.

Read more:
For developing world to quit coal, rich countries must eliminate oil and gas faster – new study

“Wind and solar, which provide more than 28% of the UK’s electricity, will soon overtake gas as the main generation source as more wind farms come online,” say energy system modeller Andrew Crossland and engineer Jon Gluyas, both of Durham University.

“But successive governments have failed to achieve the same result in homes and communities where so much high-carbon gas is burned, despite their decarbonisation being critical to net zero.”

Read more:
Is Britain on track for a zero-carbon power sector in six years?

Crossland and Gluyas note that solar panels, batteries and heat pumps can be installed “in days” to rapidly cut emissions, and that doing so would create “skilled jobs across the country”. As things stand, however, it would also present a severe challenge to the grid.

Mechanical engineer Florimond Gueniat of Birmingham City University predicts that converting UK transport to battery power wholesale would require expanding grid capacity by 46% – the equivalent of erecting 5,800 skyscraper-sized wind turbines. And that’s even accounting for the greater efficiency of electric vehicles, which waste less of the energy we put into them compared with oil-powered cars.

Read more:
Switching to electric vehicles will push the power grid to the brink

A massive upgrade to the electricity network is needed, and ordinary people have a part to play. Charging cars could serve as batteries that grid operators draw from during a supply pinch. The same goes for the power generated by solar panels on top of houses.

“Such policies in Germany have … already offset 10% of the national demand,” says Gueniat.

Getting to net zero requires the public’s involvement. But some of the CCC’s advice may be difficult to swallow. Not least the implication that people will have to eat 35% less meat and dairy in 2050 compared with 2019.

Read more:
The UK must make big changes to its diets, farming and land use to hit net zero – official climate advisers

So are people ready for a world that runs on electrons alone? Aimee Ambrose, a professor of energy policy at Sheffield Hallam University, thinks heat pumps will struggle to compete with the inviting warmth of wood stoves and coal fires. Over three years she spoke with hundreds of people in the UK, Finland, Sweden and Romania and found strong attachments to high-carbon fuels even among people committed to solving climate change.

The allure of the wood stove is hard to ignore.
Jaromir Chalabala/Shutterstock

Read more:
Heat pumps have a cosiness problem

Human behaviour is the most difficult variable for experts who study climate change to model. There will certainly be drawbacks to abandoning fossil fuelled conveniences at breakneck speed. Yet, there are bound to be benefits too – some of which might only materialise once we get going.

In mid-April 2020, while much of humanity was under some form of lockdown to halt the spread of COVID-19, atmospheric chemist Paul Monks of the University of Leicester was marvelling at the sudden drop in air pollution, which kills millions of people each year and is predominantly caused by burning coal, oil and gas.

“If there is something positive to take from this terrible crisis, it could be that it’s offered a taste of the air we might breathe in a low-carbon future,” he said.

Read more:
Coronavirus: lockdown’s effect on air pollution provides rare glimpse of low-carbon future

– ref. We need to switch to heat pumps fast – but can they overcome this problem? – https://theconversation.com/we-need-to-switch-to-heat-pumps-fast-but-can-they-overcome-this-problem-249658

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Global: English schools provide free period products – but they’re still not easy for pupils to get hold of

Source: The Conversation – UK – By Maria Kathryn Tomlinson, Lecturer in Public Communication and Gender, University of Sheffield, University of Sheffield

noowans/Shutterstock

Pupils in the UK are struggling to afford menstrual products. In a 2022 UK survey, charity WaterAid found that one in five girls were missing school as a result. Limited access to period products can also have a negative impact on learning and attainment.

In 2020, the government attempted to address this problem in England with a scheme to make period products available for free in schools and colleges. This is a valuable endeavour. However, just because pads and tampons are stocked in schools, this does not mean that they are easily accessible to the pupils who need them.

In research for my recently published book, I talked to 77 teenagers in England about their knowledge and views of menstruation and related social issues.

Many of the girls and non-binary pupils used this opportunity to share the frustrations, anxiety and embarrassment that they had experienced when searching for, requesting, or using the free period products in their current and previous schools.

Some pupils explained that they had to ask for period products and wished that they could “just grab them” when needed. They told me that products were kept at reception, locked away, or stored in areas – such as staff rooms – that pupils are not allowed to access.

This requires teenagers to discuss their period with teachers or other members of school staff and many pupils I spoke to explained that they felt too embarrassed to do this. This echoes the findings of other research on the continued role played by menstrual stigma in schools.

The teenagers in my research also said that the stigma around poverty deterred them from asking for menstrual products. “There’s so much shame thrown on to it. There are so many labels around the whole concept of not being able to afford these things,” one explained. Another said:

If you’re from a low-income household, you feel really awkward to go and
pick them out, especially because the box is in the middle of the common
room. So, to walk all the way there just to pick out some products… I
wouldn’t say anyone is going to look at you weirdly, but obviously people
have got that mindset of ‘oh they’re going to stare at me because I can’t
afford it’.

Other pupils reported that products were kept in libraries or only in one bathroom in the entire school which, in a large school, could be very far from their classrooms. One girl explained that this distance was especially problematic if her period had begun unexpectedly:

Reception was in a completely different building across the courtyard, so it’s not like I’m going to go to the loo, discover I have my period, go to the front desk, get some stuff and then go back. It’s too time-consuming. If I have classes, I can’t use it. I feel like the period product scheme is a really good idea, but it is dependent on the schools properly utilising it.

Exam time

The pupils also said that they could not always access period products during examinations. They reported that this lack of access had affected their concentration during their GCSEs. They said that examinations often took place far from where they usually accessed menstrual products and, due to concerns about cheating, they could not bring their own into examination rooms.

One girl explained: “Exams are stressful enough and then you put bleeding on to that and getting your pads and painkillers sorted. It’s another thing us girls have to worry about”. Another said: “In exams you can’t really bring anything in. They’re just going to think you’re cheating but you’re not, you just need to change yourself.”

Teenagers said that the products they needed weren’t always available.
New Africa/Shutterstock

Some of the teenagers also mentioned that the products themselves were not serving their needs. Some schools only stocked internal products, such as tampons. For a range of reasons – due to culture, disability, and personal preference, among others – these are not suitable for everyone.

Other schools only provided thin pads. This is a problem for pupils with heavy bleeding. “The school pads are not thick enough,” one girl said. “I have to change my pad five to six times a day because I come on really heavy.”

Besides discussing the barriers they had faced to access these products, they also stated that they had never raised these issues with teachers or pastoral staff.

Menstrual justice charity Irise International is launching a toolkit for schools on how they can improve access to both period products and toilets themselves. This is based on evidence from my book as well as Irise’s own consultations with young people.

It is important that pupils are given the opportunity to share – in a comfortable and inclusive setting – their views with staff on which products should be available and where they are stored. This can include ordering reusable products such as cups and period underwear.

Schools should also ensure that period products are easily accessible during exams – such as on a table outside the exam room or in nearby toilets – and that pupils know in advance where they will be kept.

Maria Kathryn Tomlinson received funding for this research from the Leverhulme Trust under Grant ECF-2019-232.

– ref. English schools provide free period products – but they’re still not easy for pupils to get hold of – https://theconversation.com/english-schools-provide-free-period-products-but-theyre-still-not-easy-for-pupils-to-get-hold-of-249776

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Global: ‘All in your head’: when doctors misdiagnose autoimmune disease as psychosomatic

Source: The Conversation – UK – By Melanie Sloan, Researcher, Public Health, University of Cambridge

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Feeling disbelieved when knowing that there is something very wrong with your body can have devastating and long-term consequences. One of the most obvious consequences is that you won’t get the correct treatment and support.

A study my colleagues and I conducted of over 3,000 people with autoimmune disease uncovered many extra long-lasting disadvantages when the misdiagnosis involved a mental health or psychosomatic label (often termed an “in your head” misdiagnosis by patients).

These often included feelings of shame, self-doubt and depression. For some, it extended to suicidal thoughts and even suicide attempts.

A further consequence was that people had much lower trust in doctors. This distrust led to some people avoiding seeking further medical help, often for fear of being disbelieved again.

A concerning finding from our study was that these negative emotions and distrust often remained just as strong many years after feeling that a doctor had not believed their symptoms.

Psychological scars were deep and usually unhealed. Over 70% of people reporting a psychosomatic or mental misdiagnosis said that it still upset them. And over 80% said that it had damaged their self-worth.

One of our study participants, who had several autoimmune diseases, told her story that spoke for many: “One doctor told me I was making myself feel pain – I still can’t forget those words. Telling me I’m doing it to myself has made me very anxious and depressed.”

It’s not all in the mind.
Africa Studio/Shutterstock

‘I still can’t forget these words’

These findings were not just anecdotal. Overall, we found depression levels were significantly higher and wellbeing levels lower in people who reported receiving mental health or psychosomatic misdiagnoses.

We chose to use this woman’s testimony in the title of our study: “I still can’t forget those words.” Not only did it accurately reflect our findings, but it symbolises our research team’s ethos to give these often unheard patients a voice.

The hurt of misdiagnosis was compounded by having “nowhere to voice my anger” or distress. Some of the most moving stories were from people whose early symptoms of autoimmune disease, when they were still children, had been disbelieved by doctors.

Even in middle or older age, those words and feelings had remained with them for decades, often felt as strongly as the day that they were heard. As one of the patient partners in our research team described it, they lived the rest of their lives with “seared souls”.

A woman with lupus told the interviewer that her doctor had told her at age 16 that she had “too many symptoms for it not to be hypochondria”. She spoke very emotively and articulately about the damage caused to a developing sense of self.

It has affected my mental health very negatively and I do think it’s affected me in my like sense of self. It’s not good for anyone at any age but as a teenage girl being told you don’t know your own feelings is absolutely no way to shape a human being.

It is natural when hearing all these very difficult stories, and seeing the damage caused, to blame doctors, but is that fair? Doctors very rarely set out to cause harm. Rather, in some cases, it is impossible to diagnose autoimmune diseases quickly.

However, our study highlights that some doctors do reach too quickly for a psychosomatic or mental health explanation for autoimmune disease symptoms.

Some research that may have influenced doctors in giving psychosomatic misdiagnoses says that a long list of symptoms is a red flag that the symptoms are not caused by a disease. This generalisation rather dangerously fails to account for the fact that a long list of symptoms is also a red flag for many autoimmune diseases.

Many autoimmune symptoms are also invisible, and there are no clear tests that will show how bad they are to the doctor. Some of the terms that patients find upsetting and dismissive when doctors talk or write about their symptoms include “vague” and “non-specific”.

Doctors often write letters quickly due to health service constraints, sometimes unthinkingly using terms passed down from their seniors; letters that use terms like “patient claims” or “no objective evidence found of” can increase feelings of being disbelieved.

Empathetic listening

Our research suggests that more doctors need to think about autoimmunity as a diagnosis early on when faced with multiple varied symptoms that often don’t seem to fit together. Above all, many diagnostic clues can be found by listening to and believing the people experiencing the symptoms.

Empathetic listening and support are also required to help misdiagnosed patients heal emotionally – they very rarely can just “move on” as one doctor advised. We should not underestimate the power of doctors saying “I believe you” to patients with multiple invisible symptoms, and “I am sorry for what has happened in the past” if they had a difficult road to diagnosis.

Most of the 50 doctors interviewed for the study reported that misdiagnoses were common in autoimmunity, but few had realised that the repercussions of these misdiagnoses were so severe and long lasting.

Reassuringly, almost all of them were saddened and motivated to improve their patients’ experiences. Several explained that they thought they were being reassuring by telling patients that their symptoms were most likely to be psychological or stress-related and thought this would be preferable to patients worrying about having a disease.

Although many people experience mental health and psychosomatic symptoms, and doctors must consider them as a possible explanation, a clear lesson from our study is that psychosomatic (mis)diagnoses are rarely seen as reassuring to patients with autoimmune disease symptoms. Rather, they are usually deeply damaging with lifelong and life-changing repercussions.

Melanie Sloan receives funding from LUPUS UK, The Lupus Trust, Vasculitis UK, and NIHR. She is an Associate Editor for Rheumatology (Oxford) journal and receives consultancy fees to her Long-Term Conditions Research Group at Cambridge Department of Public Health from Otoimmune, a company dedicated to creating innovative tools and resources to empower people with autoimmune conditions to better understand, manage, and improve their health.

– ref. ‘All in your head’: when doctors misdiagnose autoimmune disease as psychosomatic – https://theconversation.com/all-in-your-head-when-doctors-misdiagnose-autoimmune-disease-as-psychosomatic-250953

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Global: Governments can keep raiding takeaways and nail bars, but businesses will still employ undocumented migrants

Source: The Conversation – UK – By Aida Hajro, Chair in International Business, University of Leeds, and Founding Co-Director of Migration, Business & Society, University of Leeds

hxdbzxy/Shutterstock

The UK is far from the only country to be caught in a heated debate over its migration system and border security. Unfortunately, it is unlikely to get its response right, because the UK debate ignores a fundamental truth: migration trends largely follow economic cycles and labour demand.

It is well-documented that immigration increases during periods of economic growth and declines during downturns. Furthermore, Brexit has aggravated the UK’s labour shortages – a pinch being felt across nearly every work sector.

Nearly 40% of UK businesses have not been able to grow or take advantage of new opportunities because of these labour shortages.

Public discussions, including recent news coverage, tend to focus on border control and enforcement while overlooking the economic realities that shape migration. Past and present UK governments have largely failed to address the fact that migration is driven by the needs of UK businesses – and is often facilitated by informal recruitment systems, due to the lack of efficient legal migration channels.

Our recent research backs up the idea that demand for labour is a major driver of both documented and undocumented (also known as “irregular”) immigration. Despite not being legally allowed to work, undocumented migrants are still sought after because of the shortages.

Read more:
Irregular, not illegal: what the UK government’s language reveals about its new approach to immigration

Efforts to “crack down” on irregular migration often fail because businesses – especially in sectors like agriculture, healthcare, construction and the service industry – continue to rely on these workers. So without addressing labour shortages and recruitment practices, policies to restrict migration won’t work.

But who bears the cost of migration? It’s not the UK government.

Like most countries, the UK requires prospective workers to obtain a work visa while they are still in their country of origin. Getting this paperwork done is costly and complicated. A worker needs to apply, certify translations of the required documents, in some cases undergo a medical examination, cover travel expenses, pay the visa application fee, and show proof that they have enough personal savings to support themselves in the UK.

For example, Nepalese workers pay around £6,000 to emigrate to Europe. This can amount to four years of wages for low-income workers there.

To get to the UK, many rely on licensed recruitment agencies, known as “sponsors”. However, neither these sponsors nor the employers who desperately need workers are legally required to cover the costs of migration. For instance, the UK’s seasonal worker scheme, designed to provide much-needed labour for agriculture, does not require employers to pay for visa fees or recruitment expenses.

This is a major weakness in the system, as it leaves the burden of migration costs on prospective workers – people who are ready to take on low-paid and seasonal jobs that UK citizens often avoid. To pay their way, many of these workers borrow from private money-lenders in their home countries, whose monthly interest rates can be excessive. Unsurprisingly, some turn to people smugglers.

These smugglers often operate a business model that offers shortcuts for entering the UK, frequently making false promises about the length of employment and wages on offer. Studies show that most migrants are aware of the severe risks involved in using these illicit services, yet they still do due to the lack of better alternatives.

The Employer Pays Principle

Crossing the Channel is not the primary source of undocumented migration into the UK. The main issue is people overstaying legally granted visas, as the renewal process is complex and costly.

It is no secret in the business world that migrant workers are exposed to significant costs just to access employment. To address this, the Institute for Human Rights and Business – a UK-based thinktank – introduced the Employer Pays Principle (EPP). This asserts that the costs of migration should be paid not by the workers but by employers. Leading corporations in the UK including Unilever, Morrisons, Waitrose and IHG Hotels & Resorts have adopted EPP.

However, embracing this principle can be much more challenging for small and medium-sized enterprises (SMEs). The more-than-800 premises, including nail salons and takeaways, raided across the UK in January 2025 are unlikely to have the human resources and financial means to cover migration costs for the workers they need. Issuing civil penalty notices and demanding that SMEs pay £60,000 per worker if found liable will not solve the problem of undocumented workers.

In general, punitive policies do not stop migration. They simply make it more precarious for already vulnerable people.

And the government’s social media campaigns in countries like Vietnam and Albania, aimed at discouraging people from illegal travel to the UK, are also unlikely to work. The EU tried similar policies between 2015 and 2019 at a cost of nearly €45 million (£37 million) – and they largely failed.

The UK government has run campaigns aimed at discouraging would-be migrants from Vietnam.

To prevent undocumented migration, firms in need of workers should take responsibility for covering the actual costs of migration. Large firms should be legally required to do so, while for SMEs, the UK government could consider ways to improve access to financing and advisory services. It should also consider incentives and rewards for companies that have voluntarily adopted the EPP or introduced other good practices.

Important next steps

It is possible to estimate the cost of responsibly recruiting a migrant worker from a specific country to the UK. Providing clear and open access to this information would be another important step towards facilitating legal migration routes. After all, universities, consultancies and non-governmental organisations are collecting this data. Cross-sector partnerships could save time and money.

Social media campaigns should prioritise educating potential migrants about UK immigration laws and their rights. This would be more valuable than focusing on the risks of undocumented journeys.

It is also crucial to evaluate whether educational campaigns are more effective than those aimed at deterring migration. The government should remain open to abandoning any overseas social media campaigns that don’t demonstrate cost-effectiveness.

The solution starts with accepting the realities of migration and acknowledging labour market forces. Then, creating the right regulatory environment will reduce the human cost of irregular migration, while supporting UK businesses to find the workers they need.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Governments can keep raiding takeaways and nail bars, but businesses will still employ undocumented migrants – https://theconversation.com/governments-can-keep-raiding-takeaways-and-nail-bars-but-businesses-will-still-employ-undocumented-migrants-250947

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Global: GOP lawmakers commit to big spending cuts, putting Medicaid under a spotlight – but trimming the low-income health insurance program would be hard

Source: The Conversation – USA – By Paul Shafer, Assistant Professor of Health Law, Policy and Management, Boston University

Speaker of the House Mike Johnson addresses the media on Feb. 25, 2025, after the House narrowly passed his budget resolution calling for big spending cuts.
Kayla Bartkowski/Getty Images

Efforts by Republicans in Congress to make steep spending cuts have stirred widespread concerns that the federal government may trim expenditures on Medicaid even though President Donald Trump has previously indicated that he’s unwilling to do that. This public health insurance program covers around 72 million people – about 1 in 5 Americans.

The Conversation U.S. asked Paul Shafer and Nicole Huberfeld, Boston University health policy and law professors, to explain why cutting Medicaid spending would be difficult and what the consequences might be.

What is Medicaid’s role in the health care system?

Created in 1965 along with Medicare, the public health insurance program for older Americans, Medicaid pays for the health care needs of low-income adults and children, including more than 1 in 3 people with disabilities. It also covers more than 12 million who qualify for both Medicare and Medicaid because they are both poor and over 65.

In addition, this safety net program pays the health care costs of more than 2 in 5 U.S. births. Medicaid is a joint federal/state program, driven by federal funding and rules, with the states administering it.

The Affordable Care Act was supposed to make nearly all U.S. adults under age 65 without children who earn up to 138% of the federal poverty level eligible for Medicaid. Prior to the 2010 landmark health care reform law, adults without children in most states could not get Medicaid coverage. The Supreme Court, however, made this change optional for states.

So far, 40 states – as well as Washington, D.C. – have participated in Medicaid expansion. The program’s growth has reduced the number of Americans without health insurance and narrowed coverage gaps for people of color and those with low-wage jobs who typically do not get employer-sponsored coverage.

Hundreds of studies have found that Medicaid expansion has improved access to care and the health of the people who gained coverage, while reducing mortality and bolstering state economies, among other positive outcomes.

Ten states haven’t expanded Medicaid yet. Two of them, Georgia and Mississippi, have seriously considered doing so.

Bishop Ronnie Crudup Sr., center, seen in May 2024, has called for the Mississippi Legislature to expand Medicaid in the state.
AP Photo/Rogelio V. Solis

Why are you concerned about Medicaid’s funding?

A memo circulated among House Republicans in January 2025 included a menu of up to US$2.3 trillion in Medicaid cuts over 10 years. A House budget blueprint, approved in a 217-215 vote on Feb. 25, which fell largely along party lines, indicated that the Republican majority was instead aiming to reduce Medicaid spending by $880 billion over a decade.

To be clear, GOP lawmakers didn’t say they planned to do that.

Instead, they told the committee that oversees Medicaid and Medicare to identify cuts of that magnitude. Experts agree that slashing Medicare spending would be harder to pull off because Trump has made it clear he considers it off-limits, but at times he has suggested he might be open to trimming Medicaid. Trump says he supports the budget plan the House approved.

In an interesting coincidence, Medicaid itself costs around $880 billion a year between federal and state government spending. That suggests Republicans are aiming for an approximately 10% cut.

How does the program work?

If you’re eligible for Medicaid, by law you can enroll in the program at any time and get health insurance coverage.

If you require treatment for a condition Medicaid covers, whether it’s breast cancer or the flu, that happens with no – or low – out-of-pocket costs. Being enrolled in Medicaid means your medical treatment is covered and cannot be denied for budgetary reasons. The federal government contributes a share of what states pay for the health care of residents who enroll, but it can’t decide how much to spend on Medicaid – states do.

The federal match rate is linked to the per capita income of each state. That means a state with lower per capita income gets a higher federal match, with all states getting at least 50%. For states that participate in the Medicaid expansion, the federal match is 90% across the board for that population.

A dozen states have so-called trigger laws on their books that could automatically revoke Medicaid expansion if this enhanced match rate is lowered.

How can the federal government reduce its Medicaid spending?

The federal government could simply adjust the match rate, shifting more of the cost of Medicaid to states. But prior proposals have suggested a larger change, either through per capita caps or block grants.

Per capita caps would place a per-person cap on federal funding, while block grants would place a total limit on how much the federal government would contribute to a state’s costs for Medicaid each year. In turn, the states would likely cover fewer people, reduce their benefits, pay less for care, or some combination of such cost-cutting measures.

Either per capita caps or block grants would require a massive transformation in how Medicaid operates.

The program has always provided open-ended funding to states, and both states and beneficiaries rely on the stability of federal funds to make the program work. Imposing caps or block grants would force states to contribute significantly more money to the program or cut enrollment drastically. Assuming a substantial cut in federal funding for Medicaid, millions could lose health insurance coverage they cannot afford to get elsewhere.

Speaker Mike Johnson said that per capita caps and changing the federal match rates are not on the table, but they were included in the earlier House Republican memo detailing potential cuts.

House Minority Leader Hakeem Jeffries, a New York Democrat, flanked by his fellow House Democrats, criticizes the House Republicans’ budget bill at the U.S. Capitol on Feb. 25, 2025.
Saul Loeb/AFP via Getty Images

What else could happen?

Another idea many Republicans say they support is to add what are known as “work requirements.” The first Trump administration approved state proposals for Medicaid beneficiaries to complete a minimum number of hours of “community engagement” in activities like work, job training, education or community service to enroll and maintain Medicaid eligibility. This is despite the fact that the majority of Medicaid enrollees already work, are disabled, are caregivers for a loved one, or are in school.

Some politicians argue that making people work to receive Medicaid benefits would help them transition to employer-based coverage, so adding that restriction may sound like common sense. However, the paperwork this requires can lead to lots of working people getting kicked out of the program and is very costly to implement. Also, job training programs, volunteering and education, unless in a degree program, generally don’t come with health insurance coverage, making this reasoning faulty.

When Arkansas implemented Medicaid work requirements in 2018, despite the majority of enrollees already working, about 18,000 people lost coverage. The policy was poorly understood, and enrollees had trouble reporting their work activity. What’s more, the employment of low-income adults didn’t grow.

Is Medicaid vulnerable to waste or fraud?

Medicaid already spends less than Medicare or private health insurance per beneficiary. That includes spending on doctors, hospitals, medications and tests.

The Government Accountability Office – an independent, nonpartisan government agency – has estimated that preventing payments which shouldn’t be made, or overpayments, could lead to $50 billion in federal savings per year. The GAO cautions that “not all improper payments are the result of fraud.” This significant sum is still nowhere near the scale of the cuts Republicans apparently want to make.

Would Medicaid spending cuts be popular?

That’s very unlikely.

Polling and focus groups show that Medicaid is quite popular.

More than half of Americans say that the government spends too little on Medicaid, and only 15% say spending is too high.

We believe if Medicaid cuts were to be openly debated that members of Congress would be inundated with calls from constituents urging their lawmakers to oppose them. That is what happened in 2017, when the first Trump administration tried and failed to repeal the Affordable Care Act.

Should Medicaid be cut by anything close to $880 billion over the next decade, we’d expect to see millions of America’s poorest and most vulnerable people kicked out of the program and wind up uninsured. But that would only be the beginning of their problems. Uninsured people are more likely to wait too long before seeing a doctor when they get sick or injured, leading to worse health outcomes and widening the gaps in health between haves and have-nots.

Paul Shafer receives research funding from the National Institutes of Health, Agency for Healthcare Research and Quality, and Department of Veterans Affairs. The views expressed in this article are those of the authors and do not necessarily reflect the position or policy of these agencies or the United States government.

Nicole Huberfeld does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. GOP lawmakers commit to big spending cuts, putting Medicaid under a spotlight – but trimming the low-income health insurance program would be hard – https://theconversation.com/gop-lawmakers-commit-to-big-spending-cuts-putting-medicaid-under-a-spotlight-but-trimming-the-low-income-health-insurance-program-would-be-hard-250998

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI United Kingdom: Dr Penelope Dash confirmed as new Chair of NHS England
Source: United Kingdom – Executive Government & Departments

Press release

Dr Penelope Dash confirmed as new Chair of NHS England

Dr Penelope Dash has been appointed by the government as the next chair of NHS England
Wes Streeting, the Secretary of State for Health and Social Care, has today confirmed Dr Penny Dash will be the new Chair of NHS England.

Dr Dash is currently the Chair of the NHS North-West London Integrated Care Board and is leading a major review into the regulation of health and social care quality in England. Her interim report, published last year, shone a light on the scale of the failure at the Care Quality Commission, and sparked the appointment of new leadership to turn around the health and care regulator.

A former NHS doctor, senior partner at McKinsey and Company working on healthcare globally, and Head of Strategy at the Department of Health and Social Care, Dr Dash has a wealth of experience in the public, private and government sectors.

As Chair of NHS England, she will be drawing on her vast knowledge in these fields to focus on rebuilding the NHS as part of the government’s 10 Year Health Plan.

She was selected following an open public appointment process to appoint a successor to Richard Meddings, who is due to step down next month.

Health and Social Care Secretary Wes Streeting said:

I am delighted to confirm Dr Penny Dash as the new Chair of NHS England. She is a radical reformer, with the skills and experience we need to help fix our broken NHS and make it fit for the future.

I look forward to working with her as we continue to tackle the waiting list backlog, unleash innovation in health services, and support our healthcare staff to deliver the timely care patients deserve.

I would also like to thank Richard Meddings for his dedicated service, helping to guide the NHS through the aftermath of the pandemic.

Dr Penny Dash said:

I am honoured to have been appointed the new Chair of NHS England.

I am excited to start working with my NHS colleagues and the government to accelerate the process of renewal and rebuilding to make sure the NHS continues to serve the needs of its communities and its staff.

The 10 Year Health Plan is a once-in-a-generation opportunity to shape the NHS to take on the challenges of the future and I look forward to playing my part.

Dr Dash was confirmed as the government’s preferred candidate in February. The Secretary of State took the final decision following a hearing with the Health and Social Care Committee on 26 February 2025.

This appointment is a four-year term and begins 1 April 2025.

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Published 3 March 2025
MIL OSI United Kingdom –
March 4, 2025
MIL-OSI: Vimeo Launches Inaugural Short Film Grant in Partnership with Nikon and RED
Source: GlobeNewswire (MIL-OSI)

Program provides up to $150,000 to support up-and-coming filmmakers and drive a new generation of talent

Submissions open March 10, Five winners selected by award-winning creators David Lowery, Charlotte Wells, Sean Wang, Savanah Leaf and Adam Bricker, ASC.

NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Vimeo, the world’s most innovative video experience platform for creators and enterprises, today announced the launch of the first-ever “Vimeo Short Film Grant presented by Nikon | RED.” This initiative will empower emerging filmmakers to bring their creative visions to life with the support and mentorship of industry visionaries, class-leading equipment, and distribution to Vimeo’s vast global audience.

The grant will award five filmmakers with $30,000 each in funding to produce a short film, along with one-on-one mentorship opportunities with the selection jury and the Vimeo Curation Team. Additionally, recipients will gain access to:
- The latest Z CINEMA line of professional video equipment, including the V-RAPTOR [X] and KOMODO-X cinema cameras, which feature all-new Z mount options, as well as Nikon’s collection of award winning mirrorless cameras including the Z9, Z8 and Z6III – all powered by the innovative technology from Nikon and RED to ensure films are produced to the highest technical standards.¹
- A Vimeo Standard subscription, and distribution support on Vimeo.com –including dedicated promotion of their work at in-person screenings in NYC and LA hosted by Vimeo.
Winning projects will be selected by a prestigious jury of filmmakers, industry professionals, and Vimeo executives based on originality, artistic merit, and feasibility of project execution. The jury will be composed of celebrated Vimeo Staff Picks alumni, including filmmakers David Lowery, Charlotte Wells, Sean Wang, Savanah Leaf and cinematographer Adam Bricker, ASC.

“For two decades, Vimeo has served and inspired millions of filmmakers and film enthusiasts around the world,” said Philip Moyer, CEO of Vimeo. “We are incredibly proud to partner with industry leaders, Nikon and RED, on this new grant program to accelerate the future of storytelling and launch a new generation of filmmakers. Together we will provide filmmakers with resources, mentorship, and a trusted platform to create exceptional short films and connect with a global audience.”

“Short films are a form of their own, but they’re also an essential entryway into the feature film industry — a way many filmmakers begin to figure out what they’re doing and who they’re doing it with,” says filmmaker Charlotte Wells. “For years, Vimeo has given an impressive platform to short form work, supporting emerging filmmakers (including me), and in turn, I’m grateful to be able to support their inaugural short film grant — broadening access to this undeniably expensive art form.”

Filmmaker and grant program mentor Savannah Leaf added, “As a writer and director, the journey can often feel lonely and nerve-wracking. Mentorship is a powerful way to navigate those challenges, offering the support and confidence to create. From the start of my career, Vimeo has helped me build a community of peers and mentors. I’m excited to collaborate with Vimeo and emerging filmmakers to continue fostering the community that first gave me the courage to direct.”

“Nikon and RED are thrilled to partner with Vimeo on this important initiative, which recognizes the visions and talent of emerging filmmakers, while enabling them to create with the best tools available and expand to a broader audience than ever before,” said Naoki Onozato, President and CEO, of Nikon Inc. “We’re excited to see the incredible films that will be created through this grant.”

Keiji Oishi, CEO of RED Digital Cinema added, “Independent filmmaking is a vibrant community that amplifies fresh voices and unique stories, igniting creativity and innovation from emerging filmmakers. RED is excited to partner with Vimeo and Nikon in supporting these promising artists at the beginning of their cinematic journey, and we can’t wait to see what they create.”

Submissions for the “Vimeo Short Film Grant presented by Nikon | RED” will open on March 10, 2025. Winners will be notified by July 7, with projects to begin by July 2025. Filmmakers are encouraged to visit www.vimeo.com/shortfilmgrant for official rules, including eligibility, conditions, prize descriptions, and complete details.

About Vimeo:

Vimeo (NASDAQ: VMEO) is the world’s most innovative video experience platform. We enable anyone to create high-quality video experiences to better connect and bring ideas to life. We proudly serve our community of millions of users – from creative storytellers to globally distributed teams at the world’s largest companies – whose videos receive billions of views each month. Learn more at www.vimeo.com.

About Nikon:

Nikon Inc. is a world leader in digital imaging, precision optics and technologies for photo and video capture; globally recognized for setting new standards in product design and performance for an award-winning array of equipment that enables visual storytelling and content creation. Nikon Inc. distributes consumer and professional Z series mirrorless cameras, digital SLR cameras, a vast array of NIKKOR and NIKKOR Z lenses, Speedlights and system accessories, Nikon COOLPIX® compact digital cameras and Nikon software products. For more information, dial (800) NIKON-US or visit www.nikonusa.com, which links all levels of photographers and visual storytellers to the Web’s most comprehensive learning and sharing communities. Connect with Nikon on Facebook, X, YouTube, Instagram, Threads, and TikTok.

About RED:

RED Digital Cinema is a leading manufacturer of professional digital cameras and accessories. In 2006, RED began a revolution with the 4K RED ONE digital cinema camera. By 2008, RED had released the DSMC (Digital Stills and Motion Camera) system that allowed the same camera to be used on award-winning features, television, commercials, music videos and magazine covers like “Vogue” and “Harper’s Bazaar.” Today, RED cameras are being used on some of the most lauded movies and episodics, including award winners “Mank,” “Squid Game,” “Hacks,” “Navalny,” “The Queen’s Gambit,” and “The Deepest Breath.” RED’s latest technology includes the highly advanced V-RAPTOR [X] and V-RAPTOR XL [X] systems, the flagship DSMC3 generation systems and the first available large format global shutter cinema cameras. The RED lineup also includes KOMODO-X and KOMODO, which features a global shutter sensor in a shockingly small and versatile form factor. Also available is RED Connect, a license-enabled feature that unlocks up to 8K 120FPS live cinematic streaming from the V-RAPTOR line of cameras. Find additional information at www.RED.com.

^¹ Equipment will be provided on a temporary loan basis, subject to availability and the final discretion of Nikon and RED.

Frank Filiatrault
Frank.filiatrault@vimeo.com

The MIL Network –
March 4, 2025
MIL-OSI Banking: Howard Lee: Keynote address – Asia Pacific Loan Market Association Global Loan Market Summit

Source: Bank for International Settlements

Tibor (Papp, Chair of APLMA), distinguished guests, ladies and gentlemen,

Let me first thank APLMA for inviting me here today. The loan markets were full of challenges in 2024. Geopolitical conflicts, high interest rate environment and uneven economic performances across regions have put pressure on loan demand in the Asia Pacific. Despite the uncertain environment, 2024 will probably be remembered as the starting point of mass adoption of Generative A.I. (GenA.I.) technologies. A few market statistics for putting this into perspective. Globally, fueled by the GenA.I. race, syndicated loans surged 35% to roughly USD 6 trillion, marking the highest volume on record. There was a 70% increase in syndicated loans in the high technology industry¹.

The spike in loan demand last year was mostly observed in the North American market. But we have also seen more GenA.I. innovations in other parts of the world, such as the sudden emergence of the cost-effective DeepSeek last month. To support GenA.I. development, large investments will be required for data centers and communication technology. We are probably still in the first inning of what is to come from GenA.I., and GenA.I. related syndicated loan transactions will likely be a running theme in the loan market for years to come.

Harnessing Gen A.I.: A Smarter, Data-Driven Future

With GenA.I.’s unique capabilities in processing vast amounts of documents and unstructured data, as well as its ability to handle cross-media inputs and outputs, such as text, audio and graphics, the technology has the potential to revolutionise the operation of financial institutions, from customer-facing functions such as remote account onboarding and customer chatbots, to middle and back-office operations for risk management, fraud detection and automation of work processes.

At the HKMA, we are committed to promoting responsible GenA.I. adoption, and ensuring that innovation aligns with ethical standards and regulatory requirements. As a banking regulator, we are tasked not only with safeguarding the integrity and stability of financial systems but also with fostering an environment where innovation can flourish.

Regulatory innovation is more than just introducing new rules; it involves creating an adaptable framework that encourages experimentation while ensuring consumer protection and market integrity. By collaborating with the industry, we aim to better understand the application of emerging technologies in the financial sector. We have adopted an “explorer” mindset, embracing innovative thinking even at an early stage.

We have recently launched our GenA.I. Sandbox in collaboration with the Cyberport². Within that, banks may partner with technology companies to test new ideas that leverage the latest GenA.I. technologies, refine innovative strategies and obtain early supervisory feedback.

A total of 15 use cases from 10 banks and 4 technology partners have been selected as the inaugural participants in the GenA.I. Sandbox. Notable use cases include augmenting credit assessment and fraud detection by automated processing of unstructured data, and enhancing customer service to handle more personalised and complex enquiries. This initiative ensures that we harness the benefits of A.I. while mitigating potential risks, facilitating innovation in a controlled environment.

Sustainability: The New Frontier in Finance

Development of GenA.I. goes hand-in-hand with increase in power demand. In addition to investments in digital infrastructure, we will also see increase in investments for power generation and transmission. With rising temperatures and a rapidly changing global climate, it is imperative such increase in power demand is met in a sustainable manner.

Our Sustainable Finance Action Agenda outlines a vision for integrating sustainability at the core of our financial system. It calls on all banks to strive to achieve Net Zero in their operations by 2030 and in their financed emissions by 2050, reflecting Hong Kong’s commitment to a greener economy.

Green and sustainable finance is closely tied to financial innovation. For instance, tokenisation technology could help solve long-standing challenges such as double counting in carbon credits, a key issue in carbon trading. This could unlock new business models and create opportunities for businesses and investors to engage in sustainable practices. We have also assisted the HKSAR Government in issuing two tokenised green bonds, creating demonstrative effect and promoting broader technology adoption in the capital market.

As announced by the Financial Secretary in his Budget Speech this morning, the Government will regularise the issuance of tokenised bond. So the HKMA is preparing for issuing the third tranche and will also continue to encourage private issuances through the Digital Bond Grant Scheme.

At the same time, the Financial Secretary also announced a bond issuance programme of $150 billion to $195 billion per year in the next five years. The Government debt-to-GDP ratio will remain at manageable levels of 12 to 16.5%. The proceeds will be used to invest in infrastructure but not fund Government recurrent expenditure. So this would bring more opportunities to the debt capital market and provide good quality assets for investors.

On the investment front, the HKMA is prioritising ESG investments across all asset classes under the Exchange Fund, striving toward the Net Zero target by 2050 while contributing to a sustainable economy. Our investment approach integrates both quantitative indicators and the long-term sustainable value of investments.

Infrastructure Financing for a Sustainable and Digital Future

Even with its vast scale, funding raised from the syndicated loan market may not be enough to support the global transition to a digital and sustainable future. More needs to be done to channel market capital into high-quality infrastructure development. In 2019, the Hong Kong Mortgage Corporation (HKMC) entered the infrastructure financing business, aiming to address the funding gap in the infrastructure market through securitisation.

So far, the HKMC has successfully issued two series of infrastructure loan-backed securities in the institutional market, with total value of over US$800 million. The securitisation issues received a strong response from investors, and promoted the development of local debt market.

In alignment with our vision for Hong Kong to play a central role in supporting green and sustainable financing needs in Asia and globally, both securitisation issues include sustainability tranches which are backed by sustainable, green and social assets, and issued in accordance with the HKMC’s Social, Green and Sustainability Financing Framework.

Conclusion

Looking ahead, we envision a future where new technologies will not only enhance connectivity among users, data, and services but also drives economic progress across sectors.

As we continue to evolve as regulators, it is imperative that we remain agile and responsive to the changing landscape. The journey of regulatory innovation and market transformation is one of immense opportunity and responsibility. By working together, we can create a financial ecosystem that is innovative, sustainable, and inclusive.

Thank you for your attention. I look forward to engaging with you in meaningful discussions that will shape our collective future. Once again, I thank APLMA for today’s invitation.

MIL OSI Global Banks –

March 4, 2025

MIL-OSI United Kingdom: 93.7% York pupils get first choice of Secondary School

Source: City of York

Published Monday, 3 March 2025

Secondary school admission figures for entry in September 2025 published today [3 March] reveal that 93.7% per cent of York children have been allocated their first preference of school

Parents and carers who applied online can find out where their child has been allocated a place by logging into their parent portal account today via www.york.gov.uk/SecondarySchoolAdmissions.

Parents who made written applications will receive a letter confirming their admission arrangements. Anyone who didn’t receive their first choice of school will also receive written confirmation.

This year’s admissions figures, compared with last year’s are outlined below:

	2024		2025
	Quantity	%	Quantity	%
1st Preference	1809	93.6%	1794	93.7%
2nd Preference	80	4.1%	78	4.1%
3rd Preference	18	0.9%	12	0.6%
4th Preference	2	0.1%	3	0.2%
5th Preference	0	0.0%	1	0.1%
Non Preference	23	1.2%	26	1.4%
Total	1932	100%	1914	100.0%

Councillor Bob Webb, Executive Member for Education, Children and Young People, at City of York Council, said:

Moving on to secondary school is an exciting time and I’m pleased that the vast majority of students in York have got into their first choice of school. I wish all the students moving on in September the best of luck. I know that York schools are committed to supporting your transition into big school.”

Parents or carers whose children may be eligible for free school meals – one of a number of benefits that come with applying for the pupil premium – should apply through their online account at www.york.gov.uk/parentportal

Assistance with school uniform costs for September may also available to pupils starting years 7 to 10 who are entitled to receive benefit based free school meals at non-academy schools. Further information about this, and who could be able to get free school meals, is available at www.york.gov.uk/FreeSchoolMeals

MIL OSI United Kingdom –

March 4, 2025

MIL-OSI USA: ICE partnership program aids in apprehension of criminal aliens following high-speed chase in Frederick County

Source: US Immigration and Customs Enforcement

FREDERICK, MD – A successful collaboration between U.S. Immigration and Customs Enforcement and the Frederick County Sheriff’s Office through the 287(g) Program ensured that two criminal aliens were properly identified and detained following a high-speed pursuit and drug seizure.

“This case is a clear example of how collaboration with local jurisdictions enhances public safety by ensuring that dangerous individuals are properly identified and not released back into our communities,” said ICE Baltimore acting Field Office Director Matthew Elliston. “Our partnership with the Frederick County Sheriff’s Office is critical in prioritizing the removal of the most egregious offenders. Sheriff Chuck Jenkins has been involved in with the 287(g) Program since its inception, demonstrating exemplary law enforcement leadership through his partnership and commitment to community safety. Without these partnerships, criminal aliens could easily disappear before facing justice, putting the public at further risk. ICE remains committed to working with our law enforcement partners to uphold the rule of law and protect our communities from those who engage in criminal activity.”

At approximately 9:20 PM, Feb. 20, Deputy First Class Roush of the Frederick County Sheriff’s Office was on patrol near Route 85 and Grove Road when he observed a white Nissan van behaving suspiciously. The van attempted to evade police by turning onto a gravel path behind an area shopping center. Upon running the vehicle’s tags, DFC Roush received a stolen vehicle alert and initiated a pursuit with assistance from other responding deputies.

After refusing to stop, the suspect accelerated onto I-270 northbound at speeds reaching 100 mph. The pursuit continued through Frederick and Montgomery counties. During the pursuit, Maryland State Police Aviation was requested to assist. As the suspects continued toward Shady Grove Road and Briardale Road, the driver intentionally rammed a vehicle at a red light before continuing to flee. At this point, FCSO ended the pursuit while Maryland State Police Trooper 3 maintained aerial surveillance. With the assistance from Montgomery County Police Department, officers apprehended four suspects at a Sheetz located at 751 Progress Way.

FCSO Deputies responded to the scene and conducted a search of the suspect’s vehicle. Deputies recovered crack cocaine, fentanyl, and drug paraphernalia inside the van. The driver of the vehicle was also found by MCPD officers inside the Sheetz attempting to dispose of narcotics in a restroom.

The stolen van, found with significant front-end damage, had rammed a vehicle with three occupants inside. Two of the victims were transported to an area hospital for treatment.

All four suspects were arrested and transported to the Frederick County Adult Detention Center central booking.

“Two of the four suspects taken into custody were found to be in the United States illegally through our 287(g) Program during the central booking process. Those same two suspects were released on personal recognizance on initial appearance before a District Court Commissioner. These two individuals are being held as removable criminal aliens only because ICE detainers were placed on them by 287(g)-trained correctional officers. Without those detainers, they would have been released immediately, potentially returning to criminal activity or disappearing before trial,” said Sheriff Jenkins, “This is yet another example of the importance of the 287(g) Program to local public safety in protecting our community. I can’t emphasize strongly enough; just how effective and valuable the 287(g) Program is now and has been over the sixteen-year partnership. I really hope the public thinks about this example involving these criminal acts and realizes the importance of the program.”

U.S. Immigration and Customs Enforcement recognizes the importance of its relationships with state and local law enforcement partners. ICE will continue to share information and coordinate operations with those partners in a way that best serves local needs and fulfills ICE’s important national security and public safety mission. In recent years, state and local law enforcement cooperation with ICE has decreased with some jurisdictions electing to minimally cooperate while some jurisdictions ceased to cooperate altogether.

As a result, the 287(g) Program – through the delegation of some immigration officer duties – allows ICE to cooperate with its state and local law enforcement partners to protect the homeland through the arrest and removal of aliens who undermine the safety of U.S. communities and the integrity of U.S. immigration laws. While the 287(g) Program has yielded successes, ICE recognizes the program is not universally regarded as the most effective or appropriate model in every jurisdiction. Accordingly, ICE maintains its authority to utilize 287(g) agreements and exercise strict oversight. ICE continually evaluates the overall effectiveness of the program.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE’s mission to increase public safety in our Baltimore communities on X at @EROBaltimore.

MIL OSI USA News –

March 4, 2025
MIL-OSI Europe: ASIA/CHINA – Lent in the Catholic community in Beijing: a daily work of charity

Source: Agenzia Fides – MIL OSI

Monday, 3 March 2025

Beijing (Agenzia Fides) – The parish of the Cathedral of the Diocese of Beijing invites the Catholic faithful, as “pilgrims of hope” in the Holy Year, to a “daily work of charity for the entire Lent (from March 5 to April 20, 2025).”The invitation, published today, March 3, on the parish’s app, states: “From March 5 (Ash Wednesday) we begin Lent, a precious journey of conversion, prayer and love. In keeping with the theme of the Jubilee – which Pope Francis proposes in the Bull ‘Spes non confundit’ – we, as pilgrims of hope, are launching the campaign ‘A daily work of charity’, inviting everyone to carry out simple and concrete acts of charity during Lent, because “every small act of kindness is a seed of hope; the fast we will observe in the coming weeks will blossom like a flower of love at Easter”.The Bishop of the Diocese of Guangzhou, Joseph Gan Junqiu, also published his pastoral letter for Lent 2025 today, entitled ‘Come and see’ (John 1:39). Referring to ‘Spes non confundit’, Bishop Gan stressed that this year is also the diocesan year of evangelization and that “the first aspect of evangelization is our personal sanctification”. “Lent is a time of hope that reminds us of the graces of the sacrament of baptism: purification, renewal and rebirth,” said the bishop. “As the pastor of this diocese, in the year of jubilee and evangelization, I invite everyone: ‘Come and see’. In this way, during Lent, we can set out on the journey of everyday life, where Christ teaches us how to live, where he gives us strength and hope.” (NZ) (Agenzia Fides, 3/3/2025)
Share:

MIL OSI Europe News –

March 4, 2025
MIL-OSI: Odysight.ai to Participate at the 37th Annual ROTH Conference on March 17-18, 2025

Source: GlobeNewswire (MIL-OSI)

Omer, Israel, March 03, 2025 (GLOBE NEWSWIRE) — Odysight.ai Inc. (Nasdaq: ODYS), a pioneering developer of AI systems for Predictive Maintenance (PdM) and Condition-Based Monitoring (CBM), today announced its participation at the 37th Annual ROTH Conference on March 17-18, 2025, in Dana Point, CA.

Yehu Ofer, Chief Executive Officer, and Einav Brenner, Chief Financial Officer, will be available for one-on-one investor meetings on both days. To schedule a meeting, please contact your Roth representative.

About the 37th Annual ROTH Conference

This year’s event will consist of 1-on-1 / small group meetings, analyst-selected fireside chats, industry keynotes and panels with executive management attending from approximately 450 private and public companies in a variety of growth sectors including: Business Services, Consumer, Healthcare, Industrial Growth, Insurance, Resources, Sustainability and Technology, Media & Entertainment.

About Odysight.ai

Odysight.ai is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.ai leverages proven visual technologies and products from the medical industry. Odysight.ai’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.ai’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring.

We routinely post information that may be important to investors in the Investors section of our website. For more information, please visit: https://www.odysight.ai or follow us on Twitter, LinkedIn and YouTube.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the Company’s intention to participate in the 37th Annual ROTH Conference. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts to obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact of Israel’s war against Hamas and Hezbollah. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2024 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.

Investor Relations Contact:
Miri Segal
MS-IR LLC
msegal@ms-ir.com

Company Contact:
Einav Brenner, CFO
info@odysight.ai

The MIL Network –

March 4, 2025
MIL-OSI: Valley National Bank Announces New Commercial Banking President and Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, announced today the appointment of Gino Martocci as Senior Executive Vice President, President of Commercial Banking and Travis Lan as Senior Executive Vice President, Chief Financial Officer (CFO). These strategic appointments reflect the bank’s commitment to strengthening its leadership team and executing on its strategic priorities.

New President of Commercial Banking
Gino Martocci brings with him a wealth of commercial banking experience and a proven track record of driving profitable growth through building and managing highly successful banking organizations. With over 30 years in the industry, he has demonstrated exceptional leadership and a deep understanding of market dynamics. Before joining Valley, Mr. Martocci served as Head of Commercial and Commercial Real Estate Banking for M&T Bank, where he managed all aspects of the bank’s commercial banking businesses. Outside of M&T, he has also served as a member of the Apple Bank Board of Directors, Member-Investment Committee National Real Estate Advisors, and the LFPI Advisory Committee.

In his new role, Mr. Martocci will oversee Valley’s enterprise-wide commercial banking operations, including client relationship management, talent identification and leadership, and the execution of strategic initiatives aimed at expanding Valley’s market presence across its entire national footprint.

“We are thrilled to welcome Gino to our senior leadership team,” commented Ira Robbins, CEO of Valley Bank. “His extensive experience, industry expertise, and proven track record are in direct alignment with the long-term vision we have for our commercial bank. I am confident that under his leadership, we are well-positioned to strengthen, optimize, and grow our commercial banking business.”

“I am eager to get started and build on all the momentum Ira and his team have created at Valley,” remarked Mr. Martocci. “What excites me the most are the people who are leading the way forward. Their passion, expertise and commitment to relationship banking have earned Valley recognition as one of the nation’s most respected regional banks, as recently highlighted by Newsweek. I am honored to lead this exceptional team and grow the Valley brand across the communities we serve.”

Joe Chillura, Senior Executive Vice President and current President of Commercial Banking for Valley, has announced that he will depart the Bank effective June 30, 2025. Mr. Chillura is committed to a seamless transition and will actively support the alignment of the commercial banking organization under Mr. Martocci.

“I want to thank Joe for the indelible impact he’s had leading and growing our commercial banking organization over the past seven years. Joe has been instrumental in the organic growth that we have achieved in Florida,” Robbins continued. “Over the coming months, Joe will provide critical support as we transition our commercial banking organization to the next phase of its evolution under Gino’s leadership. We are fortunate that we will continue to benefit from Joe’s leadership, experience and market insight.”

New Chief Financial Officer
Travis Lan has been promoted to Senior Executive Vice President, CFO. Since joining Valley in 2020, Mr. Lan has contributed to the bank’s strategic growth and recent balance sheet transformation. Mr. Lan has also been responsible for M&A, investor relations, capital raising, stress testing, budgeting and management reporting. As Interim CFO, he has had further oversight of the bank’s accounting, treasury, tax, and capital markets departments. Mr. Lan joined Valley from the investment banking department of Keefe, Bruyette & Woods where he specialized in M&A and capital advisory for community and regional banks. Prior to transitioning to investment banking in 2016, Lan spent ten years as an equity research analyst covering community and regional banks for Keefe, Bruyette & Woods, Stifel Nicolaus, and Ryan Beck & Co.

As CFO, Mr. Lan will be responsible for overseeing the bank’s key finance and capital markets areas and will work closely with the Board and executive leadership team to define and execute the bank’s strategic initiatives. He will oversee all aspects of financial reporting, accounting, taxation, corporate treasury, balance sheet management, and investor relations.

“We are thrilled to recognize the impact Travis has had on our organization by promoting him to CFO,” commented Robbins. “His understanding of our company and culture, expertise in financial management and strategic vision will be critical in guiding our financial decisions and supporting our long-term vision for the future of Valley. I look forward to Travis’ continued impact on the evolution of our organization.”

“I’m incredibly honored to step into the CFO role at Valley, a company I have worked closely with in various capacities throughout my career,” remarked Mr. Lan. “I am eager to continue working alongside our talented senior leadership team as we achieve our strategic initiatives and create lasting value for our communities, associates, customers and shareholders.”

About Valley National Bank
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

Contact: Travis Lan
Executive Vice President and
Deputy Chief Financial Officer
(973) 686-5007

The MIL Network –

March 4, 2025
MIL-OSI: NANO Nuclear Energy to Support Advanced Engineering Solutions and City University of New York on DOE SBIR Phase I Project Application for Microreactor Cooling and Smart Monitoring Technologies
Source: GlobeNewswire (MIL-OSI)

Project Would Investigate Advanced Decay Heat Removal Methods and a Smart Alarming System for Microreactor Transportation

New York, N.Y., March 03, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced its support of a U.S. Department of Energy (DOE) Small Business Innovation Research (SBIR) Phase I application for a project in collaboration with the City University of New York – City College (CCNY) and Advanced Engineering Solutions LLC of Jersey City, New Jersey (AES). AES is headed by Dinesh Kalaga, Ph.D., a chemical engineer with experience on DOE funded projects, who would serve as the principal investigator of the project.

The project, titled “Investigation of Microreactor Cooling and Development of a Smart Alarming System for Reactor Pressure Vessel Surface Temperature Monitoring,” is part of DOE’s Funding Opportunity Announcement and aims to develop advanced cooling techniques and monitoring systems for microreactor transport safety.

Assuming SBIR Phase I approval and funding, the project will evaluate advanced Heat Pipes (HPs), Thermoelectric Cooling Modules, and Smart Alarming Systems as innovative solutions for managing decay heat during nuclear microreactor transportation. These technologies have the potential to evolve into a Type B-certified transport container with an integrated cooling system, ensuring the safe and efficient transportation of nuclear microreactors (including NANO Nuclear’s ZEUS microreactor in development) in compliance with U.S. Department of Transportation (DOT) regulations.

Figure 1 – NANO Nuclear Energy Inc. supports City University of New York and Advanced Engineering Solutions on for Microreactor Cooling and Smart Monitoring Technologies Supports For DOE SBIR Phase I Project

“Our support of AES and CCNY represents an important step forward in addressing one of the most significant challenges facing microreactor deployment—the safe and efficient removal of decay heat during transport,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “By leveraging advanced heat pipe technologies and smart monitoring systems, we aim to develop a first-of-its-kind transport system that will significantly enhance microreactor safety and regulatory compliance. As the microreactor industry continues to grow, solving transportation challenges is crucial to ensuring ultimate widespread deployment. NANO Nuclear’s involvement in this potential DOE-funded initiative reflects our dedication to advancing safe, efficient, and scalable microreactor technologies.”

If funding from DOE is approved, the SBIR Phase I project will focus on:
- Developing a Thermal Management System for microreactor transport containers using advanced Heat Pipes (HPs) and Thermoelectric Cooling Modules to remove decay heat passively and actively.
- Creating a Smart Alarming System utilizing real-time monitoring sensors and computer vision technology to detect anomalies in temperature and pressure, enabling operators to take immediate corrective action.
- Designing and testing a scaled-down prototype system at CCNY’s Thermal-Hydraulics Laboratory to validate performance and regulatory compliance.
“This project aligns perfectly with our mission to pioneer the next generation of nuclear energy solutions, including those related to reactor transportation,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “A robust and regulatory-compliant transport system is essential for unlocking the full potential of microreactors. By working with AES and CCNY, we are taking proactive steps to ensure microreactors can be safely delivered to locations where they are needed most.”

Microreactors are represent the cutting edge of innovation in nuclear energy, designed to provide clean, resilient power in remote locations, military bases, disaster relief operations, data centers and other industrial applications. However, once shut down, microreactors continue to generate decay heat, necessitating an advanced cooling system to prevent overheating during transport. By advancing the thermal management and monitoring technologies needed for microreactor transportation, the project will contribute to overcoming key deployment barriers, helping to accelerate the commercialization of microreactors. The successful completion of Phase I will pave the way for a Phase II expansion, where NANO Nuclear may actively collaborate with AES and CCNY in further development, including a full-scale prototype and real-world testing.

“This collaboration with NANO Nuclear, CCNY and AES brings together leading research and industry expertise to tackle one of the most pressing issues in microreactor deployment,” said Dr. Carlos O. Maidana, Ph.D., NANO Nuclear’s Head of Thermal Hydraulics and Space Program. “Our approach integrates passive and active cooling technologies, ensuring that microreactors meet strict transportation safety requirements while maintaining operational reliability.”

NANO Nuclear Energy’s suite of energy systems includes several next-generation microreactors in development. To support these technologies, NANO Nuclear is also leading efforts in domestic HALEU (High-Assay Low-Enriched Uranium) fuel development through its subsidiary, HALEU Energy Fuel Inc., ensuring a secure and sustainable fuel supply for microreactors. NANO Nuclear will continue to engage with government agencies, national laboratories, and industry leaders to drive innovation in nuclear energy solutions and is committed to developing innovative reactor technologies and infrastructure that support the necessary transition to clean nuclear energy solutions.

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR^™ Energy System and space focused, portable LOKI MMR^™.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further NANO Nuclear information, please contact:

Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

NANO Nuclear Energy LINKEDIN
NANO Nuclear Energy YOUTUBE
NANO Nuclear Energy X PLATFORM

Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include those related to the SBIR application addressed herein and the anticipated benefits to NANO Nuclear of the research project described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations or fund research (including SBIR applications and other government funding, which might not receive DOE approval), (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment
- NANO Nuclear Energy Inc.
The MIL Network –
March 4, 2025
MIL-OSI: The Now Corporation (OTC: NWPN) Pioneers EV Transformation with Strategic Redevelopment of Closed Gas Stations
Source: GlobeNewswire (MIL-OSI)

PASADENA, Calif., March 03, 2025 (GLOBE NEWSWIRE) — The Now Corporation (OTC: NWPN) is proud to announce an innovative new initiative, transforming dormant gas station sites into dynamic electric vehicle (EV) hubs. In a bold move that underscores our commitment to sustainable development and urban revitalization, The Now Corporation, through its forward-thinking subsidiaries Green Rain Solar Inc. and M Love Vintage Holdings Inc., will convert closed-down gas stations into modern EV charging locations while infusing each site with a unique vintage flair.

Reinventing the Past, Powering the Future
The initiative involves leasing underutilized, shuttered gas stations and reimagining them for a greener, more efficient tomorrow. M Love Vintage Holdings Inc. will add its distinctive style by repurposing former gas pump sites with innovative, artful design elements that pay homage to the past, while Green Rain Solar Inc. will ensure these hubs harness renewable energy for powering EVs.

Strategic Rollout Across Key U.S. Locations
This visionary project will debut in strategic urban centers, including:
- New York, NY: Transforming a historic location into a state-of-the-art EV charging station with a blend of modern technology and vintage charm.
- Los Angeles, CA: Setting the stage for sustainable mobility in one of America’s most vibrant cities.
- Santa Fe, NM: Merging cultural heritage with modern sustainability initiatives.
- Scottsdale, AZ: Creating a sleek, contemporary charging hub in a region renowned for innovation.
- Miami, FL: Establishing a vibrant EV station that reflects the city’s dynamic energy and commitment to environmental progress.
A Commitment to Sustainability and Community Revitalization
“We are excited to lead the charge toward a cleaner, greener future by repurposing existing urban infrastructure,” said Alfredo Papadakis, CEO of The Now Corporation. “By transforming closed gas stations into EV hubs, we not only contribute to reducing carbon emissions but also breathe new life into communities with rich historical narratives. This project is a testament to our commitment to innovation, sustainability, and community engagement.”

The Now Corporation’s initiative marks a significant step in redefining urban spaces for the modern era. By merging cutting-edge renewable energy solutions with the timeless charm of vintage design, we are paving the way for a future where sustainability and heritage coexist seamlessly.

About The Now Corporation:
The Now Corporation (OTC: NWPN) is committed to advancing clean energy solutions through its subsidiary, Green Rain Solar Inc. Green Rain Solar focuses on urban rooftop solar installations and grid-connected power solutions, targeting markets with high energy costs. By combining state-of-the-art solar and battery technologies, The Now Corporation is dedicated to driving innovation and sustainability in renewable energy sector.

About Green Rain Solar Inc.:
Green Rain Solar Inc., a subsidiary of The Now Corporation (OTC: NWPN), is a solar energy utility company specializing in urban solar energy and grid integration. The company develops innovative rooftop solar projects to transform sunlight into grid-connected power, promoting sustainable energy solutions for high-cost urban areas. https://greenrainenergy.com/

About M Love Vintage Holdings Inc.:
M Love Vintage Holdings Inc. offers clients exclusive access to an unparalleled collection of vintage fashion. From rare accessories to complete ensembles, the company curates garments from past eras, celebrating the beauty and craftsmanship of bygone times.

Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. This includes the possibility that the business outlined in this press release may not be concluded due to unforeseen technical, installation, permitting, or other challenges. Such forward-looking statements involve risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of The Now Corporation to differ materially from those expressed herein. Except as required under U.S. federal securities laws, The Now Corporation undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise.

For press inquiries, please contact:
Michael Cimino
Michael@pubcopr.com

The MIL Network –
March 4, 2025

MIL-OSI: Airship AI Reports Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

2024 Net Revenue of $23.1 Million, an 87% Increase over FY 2023 Net Revenue of $12.3 Million

No Debt on Balance Sheet Following Conversion of $2.8 million in Senior Secured Convertible Notes

New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond

REDMOND, Wash., March 03, 2025 (GLOBE NEWSWIRE) — Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the quarter and year ended December 31, 2024.

FY 2024 Financial Highlights

Net revenues were $23.1 million.
Gross profit was $10.5 million.
Gross margin was 45.7%.
Operating loss was $3.5 million, which reflected increased stock-based compensation and transactions costs related to the merger and overall sales levels.

FY 2024 Financial Highlights

Dramatic Revenue Growth: In 2024, Airship AI delivered 87% year-over-year (“YoY”) revenue growth, growing from $12.3 million to $23.1 million. Revenue growth was driven mainly by increased sales to federal government customers, with multiple large awards for cloud-based Acropolis offerings and edge-based Outpost AI appliances.
Steady Gross Profit Margin: Full year gross profit as of December 31, 2024 was $10.5 million, flat YoY, primarily due to the continued high percentages of third-party hardware sales as part of turn-key solutions bundled by Airship AI with Outpost AI included. The Company is already seeing the value of these seeding opportunities in awarded business as well as pipeline opportunity growth.
Significant Operational Improvements: Full year operating loss as of December 31, 2024 was $3.5 million as compared to a $6.6 million loss in 2024. Numerous one-time charges were incurred in 2024, resulting from transaction costs associated with the transition to a public company, conversion of a senior secured promissory note, and partial payments to the founders for previous advances.
Strengthened Balance Sheet: Cash and cash equivalents as of December 31, 2024, was $11.4 million, along with $1.2 million in accounts receivable. With the conversion of issued senior secured convertible promissory notes of $2.8 million, Airship AI enters 2025 with no debt on the balance sheet.

Q4 2024 & Subsequent Operational Highlights

Backlog as of December 31, 2024 was $5.5 million, including orders received late in the second half of 2024 that are expected to be delivered and invoiced across Q1 and Q2 of 2025. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.
Total validated pipeline at the year-end of 2024 was approximately $135 million, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. The pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months.
Due to the sensitive nature of many customers and deployment use cases, the Company is often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most awards are executed on closed or restricted contract vehicles, which further limits the sharing of information that might otherwise be available.
Multiple large contracts awarded throughout and/or subsequent to the quarter include but are not limited to:
- $4.0 million firm-fixed price contract for an agency within the U.S. Department of Homeland Security (“DHS”), for advanced integrated solutions supporting real-time intelligence collection operations along the United States’ borders, leveraging the Company’s edge IoT appliance, Outpost AI.
- $1.2 million firm-fixed price support and maintenance contract for our existing deployment of Acropolis Enterprise Video and Data Management Platform supporting a Fortune 100 Transportation and E-Commerce company’ global operations.
- Follow-on seven-figure one (1) year system maintenance and sustainment contract for an existing Fortune 100 customer leveraging the Company’s Acropolis Enterprise Video and Data Management platform supporting operational and physical security requirements.
We began deploying new infrastructure supporting mission critical requirements along the U.S. southern border; follow-on work to our successful completion of a congressionally driven pilot opportunity earlier in the year. This follow-on work is in support of our single-largest opportunity, valued at more than $50 million over the next four (4) years. Estimated total contract value is conservatively based on data points from published market research, including size and scope, and pricing approved via awarded procurement efforts.
Completed $8.0 million at-the-market public offering with net proceeds to the Company of $7.0 million after deducting placement agent fees and offering expenses.
Hired new members of the team, at the C-Suite level and below, and promoted key members of the team to increasingly higher levels of strategic responsibility within the Company. Airship AI expects additional hires in 2025 in the sales and product development teams.
Launched a new routes-to-market strategy targeting business partners and resellers that are looking for differentiated alternatives in new verticals (for Airship AI) as well as partners that can help us scale more rapidly within existing verticals.
Put in place a marketing and branding campaign for 2025. This bifurcated plan is hyper focused on creating brand awareness in several new targeted verticals through a combination of partner and industry events, enabling partners to monetize that awareness through expanded routes to market.
We participated in JIFX, or Joint Interagency Field Exercise, an invite only event led by the Naval Post-Graduate School. The JIFX team leads experimentation in alternative methods to enable rapid technological development by cultivating a community of interest and hosting broadly scoped quarterly collaborative field events which enable the Department of Defense (“DoD”), the U.S. government, and allied stakeholders to identify, influence, and accelerate early-stage technology development that address national and collective security challenges.
We participated in TIDE, or Technology Innovation Discovery Event, an invite only DoD sponsored event that aims to help innovative small businesses and non-traditional DoD performers showcase new hardware and software technologies that can significantly improve existing software or meet new challenges in support of the National Defense Strategy.
We were a primary sponsor of and participant in UTAC, the premier unmanned aerial and robotic systems tactical event for Police, Public Safety, Government, and Defense agencies. UTAC is a fully immersive training event where public safety, government, enterprise, and defense operators gather to learn best practices, establish procedures, and gain experience with the latest innovations in unmanned aerial, ground, and maritime systems along augmenting technical solutions.

Capital Markets Update:

Participated at the 13th Annual ROTH Technology Conference and the Benchmark 13^th Annual Discovery One-on-One Conference.
Benchmark Company initiated coverage of Airship AI on November 13, 2024, with a Buy rating and price target of $6.

2025 Outlook

2025 net revenues of approximately $30 million, reflecting 30% revenue growth YoY, supported by a strong and validated pipeline of ~$135 million, improving gross profit margins, and a strong recurring revenue model.
Positive cash flow from business operations for the full year.
Expand AI offerings at the edge running on our Outpost AI platform and announce new offerings running at the datacenter level or in the cloud that increase customer operational efficiency using existing sources of data.
Continued innovation across our core Acropolis software platform supporting new workflows for on-premises and cloud-based deployments in highly secure operational environments.
Announce new offerings around our Digital Evidence Management System (DEMS) called Evidence Discovery Server (EDS) supporting stand-alone operations as well as integrations with other leading DEMS platforms.
Continue the digital transformation of our back-office operations to improve supply chain management and production-based process efficiencies to help drive continued margin expansion.
Launch new AI based offerings supporting partner engagement, training, and support as part of our larger strategy to provide differentiated offerings to those existing and to be recruited business partners and resellers.
Targeted focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.

Management Commentary

“The past year has been an exciting journey as we completed our first full year as a public company amid significant shifts in domestic and global economic, social, and political landscapes,” said Paul Allen, President of Airship AI. “With this dynamic backdrop, we set ambitious goals for 2024, focusing on substantial revenue growth and strengthening our balance sheet to position the business for positive cash flow operations. The great news is that we made meaningful progress on both the top and bottom lines. We delivered 87% year-over-year revenue growth of $23.1 million at a gross margin of 46%. We ended the year with $11.4 million in cash and cash equivalents and $1.2 million in accounts receivable.

“Our recently completed capital raise has significantly enhanced our ability to execute many of the anticipated large transactions in our pipeline, particularly those involving substantial up-front costs of goods sold. The capital raise has also enabled us to expand our sales, business development, and partner marketing capabilities by bringing in specialized industry expertise and experience in managing these large-scale defense programs. We have already made progress toward this objective with the addition of several high-caliber team members, and we are in the process of bringing on even more talent to further strengthen our capabilities.

“As we entered 2025, we have a new administration in place that has stressed from day one that the focus is going to be on securing the border and strengthening public safety and security across the homeland. While the safety of the homeland has and should always be a bi-partisan issue, the approach to how it is done varies. The new administration has made clear many of its policies and approaches to this problem already, with technology itself and technology-based solutions playing a key role in most if not all of them. Specifically, the January 20th Secure Our Borders Executive Order states that the United States will establish a physical wall and other barriers monitored and supported by adequate personnel and technology.

“To that point, we remain under the cloud of Continuing Resolution, which affects the whole of government to fund its ability to execute daily, at least beyond that which it was approved to do so the prior year. While the budget to fund this and other related activities is being addressed, we remain engaged with our customers already focused on these challenges, engagement which includes already funded efforts or those which are already budgeted.

“While we are heavily focused on the agencies directly tasked to solve these challenges, we also have a larger existing business with other agencies and commercial customers that we remain focused on as well. These customers are involved daily in similarly protecting the homeland, ranging from countering the illegal trafficking of narcotics with a focus on fentanyl, protecting critical infrastructure such as courthouses, office buildings, and sensitive sites, and enforcing the laws of the land on the streets of mainstream America.

“With the work we have already done, and the relationships we have established, we believe we are well positioned in 2025 and for the next several years to be an integral part of providing a solution for a well-defined and challenging problem that impacts every one of our shareholders.

“Lastly, we look forward to seeing some of you at our upcoming Analyst Technology Showcase on Friday, March 14, 2025, in Dripping Springs, Texas,” concluded Mr. Allen.

About Airship AI Holdings, Inc.

Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

For more information, visit https://airship.ai.

Forward-Looking Statements

The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Investor Contact:

Chris Tyson/Larry Holub
MZ North America
949-491-8235
AISP@mzgroup.us

AIRSHIP AI HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2024 and 2023
	December 31, 2024			December 31, 2023
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	11,414,830		$	3,124,413
Accounts receivable, net of allowance for credit losses of $0		1,226,757			1,648,904
Prepaid expenses and other		17,883			18,368
Income tax receivable		–			7,230
Total current assets		12,659,470			4,798,915

PROPERTY AND EQUIPMENT, NET		–			1,861

OTHER ASSETS
Other assets		165,960			182,333
Operating lease right of use asset		882,024			1,104,804

TOTAL ASSETS	$	13,707,454		$	6,087,913

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES:
Accounts payable – trade	$	759,480		$	2,908,472
Advances from founders		1,300,000			1,750,000
Accrued expenses		51,649			200,531
Senior Secured Convertible Promissory Notes		–			2,825,366
Current portion of operating lease liability		305,178			174,876
Deferred revenue- current portion		3,238,483			4,008,654
Total current liabilities		5,654,790			11,867,899

NON-CURRENT LIABILITIES:
Operating lease liability, net of current portion		638,525			943,702
Warrant liability		34,180,618			667,985
Earnout liability		23,304,808			5,133,428
Deferred revenue- non-current		2,951,850			4,962,126
Total liabilities		66,730,591			23,575,140

COMMITMENTS AND CONTINGENCIES (Note 9)

STOCKHOLDERS’ DEFICIT:
Preferred stock – no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023		–			–
Common stock – $0.0001 par value, 200,000,000 shares authorized, 30,588,413 and 22,812,048 shares issued and outstanding as of December 31, 2024 and 2023		3,056			2,281
Additional paid in capital		21,918,867			–
Accumulated deficit		(74,941,590	)		(17,476,700	)
Accumulated other comprehensive loss		(3,470	)		(12,808	)
Total stockholders’ deficit		(53,023,137	)		(17,487,227	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	13,707,454		$	6,087,913

AIRSHIP AI HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For the years ended December 31, 2024 and 2023
	Year Ended			Yar Ended
	December 31, 2024			December 31, 2023
NET REVENUES:
Product	$	18,716,196		$	7,439,045
Post contract support		4,334,017			4,692,487
Other services		–			168,052
Revenues		23,050,213			12,299,584
COST OF NET REVENUES:
Cost of Sales		10,843,766			4,767,159
Post contract support		1,679,692			1,681,267
Other services		–			86,841
Cost of revenue		12,523,458			6,535,267
GROSS PROFIT		10,526,755			5,764,317
RESEARCH AND DEVELOPMENT EXPENSES		2,804,894			2,729,492
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		11,226,974			9,675,190
TOTAL OPERATING EXPENSES		14,031,868			12,404,682
OPERATING LOSS		(3,505,113	)		(6,640,365	)
OTHER (EXPENSE) INCOME:
(Loss) gain from change in fair value of earnout liability		(18,171,380	)		21,976,349
(Loss) gain from change in fair value of warrant liability		(33,512,633	)		1,341,120
Loss from change in fair value of convertible debt		(141,636	)		(240,784	)
Loss on note conversion		(1,144,676	)		–
Interest expense, net		(1,003,096	)		(55,685	)
Other income (expense)		13,644			(9,501	)
Total other (expense) income, net		(53,959,777	)		23,011,499

(LOSS) INCOME BEFORE PROVISON FOR INCOME TAXES		(57,464,890	)		16,371,134

Provision for income taxes		–			–

NET (LOSS) INCOME		(57,464,890	)		16,371,134

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation income (loss), net		9,338			(2,702	)

TOTAL COMPREHENSIVE (LOSS) INCOME	$	(57,455,552	)	$	16,368,432

NET (LOSS) INCOME PER SHARE:
Basic	$	(2.34	)	$	1.20
Diluted	$	(2.34	)	$	0.80

Weighted average shares of common stock outstanding
Basic		24,585,955			13,671,376
Diluted		24,585,955			20,390,663

AIRSHIP AI HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2024 and 2023
	Year Ended			Year Ended
	December 31, 2024			December 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(57,464,890	)	$	16,371,134
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		1,861			14,879
Stock-based compensation		1,078,344			715,727
Stock-based compensation- warrants		284,478			2,136,115
Amortization of operating lease right of use asset		222,780			596,556
Accelerated amortization of ROU asset – lease termination		–			265,130
Gain from lease termination		–			(344,093	)
Issuance of common stock for services		198,500			–
Noncash interest expense		1,008,419			–
Loss (gain) from change in fair value of warrant liability		33,512,633			(1,341,120	)
Loss (gain) from change in fair value of earnout liability		18,171,380			(21,976,349	)
Loss from change in fair value of convertible note		141,636			240,784
Loss on note conversion		1,144,676			–
Non cash interest, net		–			65,487
Changes in operating assets and liabilities:
Accounts receivable		422,147			(943,152	)
Prepaid expenses and other		485			(2,329	)
Other assets		16,373			(182,333	)
Operating lease liability		(174,875	)		(531,621	)
Payroll and income tax receivable		7,230			960,383
Accounts payable – trade and accrued expenses		(2,294,698	)		666,136
Deferred revenue		(2,780,447	)		(2,667	)
NET CASH USED IN OPERATING ACTIVITIES		(6,503,968	)		(3,291,333	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock and warrants for offering, net		7,290,000			–
Proceeds from convertible promissory note		–			2,584,582
Proceeds from warrant exercise, net		7,704,540			–
Advances from founders, net		(450,000	)		1,150,000
Proceeds from reverse recapitalization		–			2,809,792
Proceeds from stock option exercises		240,507			–
Repayment of small business loan and line of credit		–			(424,540	)

NET CASH PROVIDED BY FINANCING ACTIVITIES		14,785,047			6,119,834

NET INCREASE IN CASH AND CASH EQUIVALENTS		8,281,079			2,828,501

Effect from exchange rate on cash		9,338			(2,702	)

CASH AND CASH EQUIVALENTS, beginning of period		3,124,413			298,614

CASH AND CASH EQUIVALENTS, end of period	$	11,414,830		$	3,124,413

Supplemental disclosures of cash flow information:
Interest paid	$	11,913		$	21,438
Taxes paid	$	2,410		$	17,247

Noncash investing and financing
Elimination of advances to founders in connection with contribution of Zeppelin by shareholders	$	–		$	1,100,000
Elimination of payables to founders in connection with contribution of Zeppelin by shareholders	$	–		$	1,100,000
Issuance of common stock for debt interest payment	$	1,008,442		$	–
Issuance of common stock for debt conversion	$	4,114,831		$	–
Recognition of warrant liability	$	–		$	15,418
Recognition of right-of-use asset	$	–		$	1,162,152
Recognition of operating lease liability	$	–		$	1,162,152
Noncash activity related to Merger-
Recognition of warrant liability	$	–		$	2,009,105
Recognition of earnout liability	$	–		$	27,109,777
Recognition of accounts payable	$	–		$	1,500,000

The MIL Network –

March 4, 2025

MIL-OSI Global: How are clouds’ shapes made? A scientist explains the different cloud types and how they help forecast weather

Source: The Conversation – USA – By Ross Lazear, Instructor in Atmospheric and Environmental Sciences, University at Albany, State University of New York

Lenticular clouds, like this one over a mountain in Chile, can look like flying saucers. Bilderbuch/Design Pics Editorial/Universal Images Group via Getty Images

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.

“How are clouds’ shapes made?” – Amanda, age 5, Chile

I’m a meteorologist, and I’ve been fascinated by weather since I was 8 years old. I grew up in Minnesota, where the weather changes from wind-whipping blizzards in winter to severe thunderstorms – sometimes with tornadoes – in the summer. So, it’s not all that surprising that I’ve spent most of my life looking at clouds.

All clouds form as a result of saturation – that’s when the air contains so much water vapor that it begins producing liquid or ice.

Once you understand how certain clouds develop their shapes, you can learn to forecast the weather.

Cloud types show their general heights.
Australian Bureau of Meteorology

Cotton ball cumulus clouds

Clouds that look like cartoon cotton balls or cauliflower are made up of tiny liquid water droplets and are called cumulus clouds.

Often, these are fair-weather clouds that form when the Sun warms the ground and the warm air rises. You’ll often see them on humid summer days.

Cumulus clouds over Lander, Wyo.
Ross Lazear, CC BY-ND

However, if the air is particularly warm and humid, and the atmosphere above is much colder, cumulus clouds can rapidly grow vertically into cumulonimbus. When the edges of these clouds look especially crisp, it’s a sign that heavy rain or snow may be imminent.

Wispy cirrus are ice clouds

When cumulonimbus clouds grow high enough into the atmosphere, the temperature becomes cold enough for ice clouds, or cirrus, to form.

Clouds made up entirely of ice are usually more transparent. In some cases, you can see the Sun or Moon through them.

Cirrus clouds over the roof of Bard College in Annandale-on-Hudson, N.Y.
Ross Lazear, CC BY-ND

Cirrus clouds that forms atop a thunderstorm spread outward and can form anvil clouds. These clouds flatten on top as they reach the stratosphere, where the atmosphere begins to warm with height.

However, most cirrus clouds aren’t associated with storms at all. There are many ice clouds associated with tranquil weather that are simply regions of the atmosphere with more moisture but not precipitation.

Fog and stratus clouds

Clouds are a result of saturation, but saturated air can also exist at ground level. When this occurs, we call it fog.

In temperatures below freezing, fog can actually deposit ice onto objects at or near the ground, called rime ice.

Reading clouds, with the National Oceanic and Atmospheric Administration.

When clouds form thick layers, we add the word “stratus,” or “layer,” to the name. Stratus can occur just above the ground, or a bit higher up – we call it altostratus then. It can occur even higher and become cirrostratus, or a layer or ice clouds.

If there’s enough moisture and lift, stratus clouds can create rain or snow. These are nimbostratus.

How mountains can create their own clouds

There are a number of other unique and beautiful cloud types that can form as air rises over mountain slopes and other topography.

Lenticular clouds, for example, can look like flying saucers hovering just above, or near, mountaintops. Lenticular clouds can actually form far from mountains, as wind over a mountain range creates an effect like ripples in a pond.

A banner cloud appears to stream out from the Matterhorn, in the Alps on the border between Italy and Switzerland.
Zacharie Grossen via Wikimedia, CC BY

Rarer are banner clouds, which form from horizontally spinning air on one side of a mountain.

Wind plays a big role

You might have looked up at the sky and noticed one layer of clouds moving in a different direction from another. Clouds move along with the wind, so what you’re seeing is the wind changing direction with height.

Cirrus clouds at the level of the jet stream – often about 6 miles (10 kilometers), above the ground – can sometimes move at over 200 miles per hour (320 kilometers per hour). But because they are so high up, it’s often hard to tell how fast they are moving.

Ross Lazear does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. How are clouds’ shapes made? A scientist explains the different cloud types and how they help forecast weather – https://theconversation.com/how-are-clouds-shapes-made-a-scientist-explains-the-different-cloud-types-and-how-they-help-forecast-weather-247682

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Global: America’s designs on annexing Canada have a long history − and record of political failures

Source: The Conversation – USA – By G. Patrick O’Brien, Assistant Teaching Professor of History, University of Tampa

Donald Trump has repeatedly raised the specter of annexing Canada since his inauguration to a second term as president.

The president’s rhetoric about making Canada “the 51st state” may seem to project confidence, a 21st-century vision of manifest destiny, a belief in the United States’ right and obligation to expand.

Trump is not the first American leader to dream of northern expansion. To me, a historian of early U.S.-Canadian relations, these designs suggest not power, but weakness and simmering divisions inside the United States.

Early Americans’ lust for Canada

Even before independence, social conflict helped turn American eyes northward. Throughout the 18th century, England’s Colonial population in North America doubled every 25 years. Successive generations of Colonists along the Eastern Seaboard had to compete with each other, and with Indigenous people, for resources, arable land and trade.

These unhappy, land-hungry Colonists clamored for expansion, instigating a series of wars against both the French and Spanish empires for control of the northeastern half of the continent, culminating in the French and Indian War, from 1754 to 1763.

While these Colonists were animated by their thirst for expansion, they had little else unifying them. Many Americans today are familiar with the “Join, or Die” cartoon Ben Franklin printed, featuring a segmented snake with each section representing one of the Colonies. However, few realize that it was not crafted during the Revolution to unite Colonists against Britain, but in 1754, to rally divided British Colonists in their war against France.

This famous image urging the American Colonies to unite was in support of a war against France, not Britain.
Benjamin Franklin via Wikimedia Commons

Britain finished conquering Canada in 1763, but the empire never fully supported Colonial expansion northward. In the 1750s and 1760s, British troops forcibly removed French colonists from Acadia in Nova Scotia and recruited thousands of Colonists from neighboring New England to move north. These settlers had long imagined the region rich in fishing and timber to be a land of opportunity. But disillusioned by the financial cost of sustaining their settlements, many of these Colonists returned to New England by the early 1770s.

Attempts to settle other lands ceded by France were no more successful. Fearful that Colonists might provoke a costly war with Indigenous people, Parliament issued the Proclamation of 1763, which attempted to protect native land by discouraging Colonial expansion westward. Many Colonists turned against Britain in response, especially those like George Washington, who had speculated in the land west of the Appalachian Mountains.

The failed invasion of Canada

In the earliest months of the Revolution, the Continental Congress authorized an American invasion of British-occupied Quebec. In a letter addressed to “Friends and Brethren” of Canada, Washington himself implored Canadians to join invading troops. “The Cause of America, and of Liberty, is the Cause of every virtuous American Citizen,” he wrote. “Come then, ye generous Citizens, range yourselves under the Standard of general Liberty.”

But at home, Colonists were far from united in their rebellion. Historians estimate that around 20% of the white Colonial population, more than 500,000 people, remained loyal to Britain, and an even larger number hoped to remain neutral.

The difficult realities of conquest also turned many soldiers against the invasion of Canada. In late October 1775, nearly a quarter of the underfed and overworked troops under the command of soon-to-be turncoat Benedict Arnold abandoned their arduous journey through interior Maine toward Canada. The soldiers who carried on prayed these deserters “might die by the way, or meet with some disaster, Equal to the Cowardly dastardly and unfriendly Spirit they discover’d in returning Back without orders.”

The more resilient troops who reached Quebec were emphatically defeated by British forces in December, making Washington skeptical of any future efforts to attack Canada.

American troops clash with British soldiers and the French defenders of Quebec in December 1775.
Charles William Jefferys, cover art for ‘The Father of British Canada: A Chronicle of Carleton,’ Volume 12 by William Wood, 1916

19th-century divisions

Following American independence, tens of thousands of loyal Colonists sailed north to Canada, determined to build British colonies that would become what one of these refugees called “the envy of the American States.” Their presence on the contested northern border was an unsettling reminder to the new American nation about the power Britain still exerted on the continent.

Conflict with Britain over land and trade in the early 1800s reopened old divisions among Americans. Virginia Congressman John Randolph expressed his frustrations with renewed calls for a northern invasion. “We have but one word, like the whip-poor-will, but one eternal monstrous tone,” an exasperated Randolph noted, “Canada! Canada! Canada!”

The debate over Canada was one of many issues dividing the nation, and as President James Madison would later explain, he hoped that war would help unify a polarized nation. His gamble paid off, but only after opponents from New England flirted with the idea of secession to negotiate their own end to conflict.

When the popular editor and columnist John O’Sullivan called for the annexation of Texas and war with Mexico in 1845, he also suggested the annexation of Canada would naturally follow. The anti-expansionist response united pacifists, abolitionists and a variety of religious and literary figures, helping deepen the divides that would lead to the Civil War.

Annexation talk in the 20th century

Trump’s posturing has served to unite Canadians and revive Canadian nationalism. In the U.S., most people seem to understand the practical hurdles of adding a new state or dismiss the idea altogether.

A Canadian demonstrates in Washington, D.C., against President Donald Trump’s policies on Feb. 17, 2025.
Dominic Gwinn/Middle East Images/AFP via Getty Images

One example of annexation talk from the 20th century, however, might serve as a warning to Trump, showing how aggressive rhetoric toward Canada has led to political defeat. In 1911, a bill creating free trade with Canada passed Congress with the support of President William Taft, despite objections from protectionists in both parties.

In an attempt to have the agreement defeated in the Canadian Parliament, U.S. opponents from both sides of the aisle attempted to stir popular sentiment against the U.S. in Canada. Champ Clark, the Democratic speaker of the House and a front-runner for the presidential nomination in 1912, seized on the moment.

“I hope to see the day when the American flag will float over every square foot of the British North American possessions, clear to the North Pole,” Champ proclaimed on the House floor. William Stiles Bennet, a Republican, proposed a resolution that would authorize the president to begin negotiations for annexation.

Their approach to defeating the trade agreement worked, at least in Canada. In the general election of September 1911, worried Canadian voters ousted the Liberal Party, which had supported free trade, and the new Conservative majority rejected the agreement.

Back home, however, the plan backfired. Woodrow Wilson, not Clark, secured the Democratic nomination in 1912 and would go on to defeat both the incumbent Taft and former President Theodore Roosevelt. The bluster led not to success and victory, but loss and defeat.

G. Patrick O’Brien does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. America’s designs on annexing Canada have a long history − and record of political failures – https://theconversation.com/americas-designs-on-annexing-canada-have-a-long-history-and-record-of-political-failures-250229

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Global: What is Tren de Aragua? How the Venezuelan gang started − and why US policies may only make it stronger

Source: The Conversation – USA – By Verónica Zubillaga, Mellon Visiting Professor, University of Illinois Chicago

A viral surveillance video allegedly shows armed members of the Tren de Aragua gang at an apartment building in Aurora, Colo. RJ Sangosti/MediaNews Group/The Denver Post via Getty Images

When the U.S. government deported 177 Venezuelans on Feb. 20, 2025, the Department of Homeland Security alleged that 80 of the deportees were members of the Venezuelan gang Tren de Aragua.

U.S. news outlets report that members have set up shop in at least 16 states and are “wreaking havoc on communities across the nation.”

According to Fox News, in February 2025 there was an “infestation” of Tren de Aragua members in an apartment building in Aurora, Colorado.

Suspected Tren de Aragua members have been arrested in Florida, Pennsylvania, New York, California, Texas and other states.

The U.S. State Department went so far as to designate Tren de Aragua a foreign terrorist organization in an effort to stop “the campaigns of violence and terror committed by international cartels and transnational organizations.”

There is little reliable information about Tren de Aragua – but no shortage of sensationalist news reports and Immigration and Customs Enforcement raids claiming to target them.

We are sociologists who have spent a combined 37 years researching gangs, crime and policing in Venezuela. Our research in Venezuela, and our colleagues’ research in other countries, suggests that incarceration and mass deportations of Venezuelans living in the U.S., whether they have ties to the group or not, will likely strengthen Tren de Aragua rather than cripple it.

Indeed, we have already seen how these strategies contributed to the expansion of street gangs in El Salvador and Honduras by creating new opportunities for members to network and become more organized.

What is Tren de Aragua?

According to investigative journalists and a handful of academic studies, Tren de Aragua was initially founded by Hector “El Niño” Guerrero and two other men in 2014. The three men were imprisoned in Tocorón prison in the state of Aragua.

By 2017, Tren de Aragua began to be known as a “megabanda,” a category the local press in Venezuela use to refer to large organized criminal groups. The term arose to highlight the size of some street gangs, which at the time was unprecedented in Venezuela.

Since its beginning, the gang has depended heavily on extortion. It also sells street drugs, but that has been a much less important source of revenue for it.

Tren de Aragua’s growth surged as a result of mass incarceration policies that began under Venezuela’s former President Hugo Chávez and expanded under current President Nicolás Maduro. Incarceration rates began to increase in 2009 and were exacerbated by police raids deployed in 2010 in marginalized neighborhoods across the country. Venezuela’s prisons became filled with young, poor men.

Crowded together in inhumane conditions, the men began to organize into prison gangs with clear hierarchies. They accumulated vast profits by charging prisoners fees for food, use of space and protection from inmate violence. They also opened and ran businesses, including a club, inside Tocorón prison.

Members of different gangs in and outside the prison also began to communicate and share information about criminal activities such as kidnapping and extortion. This strengthened social networks and expanded their illegal enterprises.

Tren de Aragua eventually took control of Tocorón prison as the government became unable to manage daily life inside its walls. It had become one of the largest and best organized gangs in Venezuela.

A view inside the notoriously dangerous and violent Tocorón prison in 2011.
Franklin Suarez via Getty Images

Criminal enterprise grows

Since 2014, an economic and humanitarian crisis has devastated Venezuela, causing many Venezuelans to migrate.

Venezuela had one of the highest displacement rates in the world between 2014 and 2018, when at least 3 million people left the country.

Tren de Aragua, still based in the Tocorón prison at that time, took advantage of this mass migration. It expanded the group’s business portfolio to include human trafficking and sexual exploitation of Venezuelan female migrants in Chile, Colombia and Peru.

It’s unclear how far beyond Venezuela Tren de Aragua has spread. While the group has certainly expanded operations into the Latin American countries mentioned above, research shows common criminals have posed as Tren de Aragua members in both Colombia and Chile.

Moreover, the arrest of alleged Tren de Aragua members for committing crimes in the U.S. and other countries does not mean that the gang has set up shop in those places. Gang members, same as non-gang members, migrate during crises. They may continue to commit crimes in new places after they arrive. However, it’s important to note that immigration in the U.S. is consistently linked with decreases – not increases – in both violent crime and property crime.

Even some local police departments have questioned the gang’s expansion into the U.S.

In Aurora, police refuted both the mayor’s and President Donald Trump’s claims about the apartment complex being taken over by the gang. And the New York Police Department recently reported that suspected Tren de Aragua members there are largely focused on snatching mobile phones and robbing department stores – hardly the crimes of a transnational criminal empire or terrorist organization.

Venezuelan security forces wrested control of Tocorón prison from the Tren de Aragua gang in 2023.
Yuri Cortez/AFP via Getty Images

Making matters worse

Deportations do not address the urgent situation faced by many migrants who leave their homelands in search of a better, safer future.

When governments prioritize the spectacle of deportations to deal with migration, they contribute to the expansion of even more resilient networks of criminal enterprises.

Recent history bears this out.

In El Salvador in the 1990s and early 2000s, incarceration, deportations and repressive policing policies contributed to the evolution of youth street gangs such as the Mara Salvatrucha, or MS-13, into transnational extortion rackets that spread across Central America.

These same policies could also contribute to the growth of Tren de Aragua within Latin America.

Prison isolates large groups of excluded and marginalized people and constrains them to brutal conditions. This enables and encourages the social networks that fuel illegal markets and criminal activity beyond the walls of prisons.

Rising xenophobia

Another harmful outcome of the policies we have discussed here is that they may fuel xenophobia toward and criminalization of Venezuelan immigrants living in the U.S.

This closes off opportunities and harms people already devastated by economic, political and humanitarian crises in their home country.

Venezuelans have responded with their characteristically incisive and biting humor.

Many have used social media to parody news outlets and political speeches, and Venezuelans regularly post memes and videos that mock the automatic association made between them and Tren de Aragua.

The satiric news site El Chigüire Bipolar posted stories titled “The United States confirms that Venezuelans are Tren de Aragua members from birth” and “ICE agents detain newborn that might be Tren de Aragua leader in the future.”

Meanwhile, recent cuts in U.S. foreign aid to countries with large Venezuelan populations, such as Colombia and Peru, will likely exacerbate the migration crisis by constraining opportunities for Venezuelans.

Future waves of migrants will be easy prey for criminal organizations like Tren de Aragua, which has turned human trafficking into a lucrative business. And with current policies of cutbacks, incarceration and repression, Tren de Aragua will likely continue to grow and fill its coffers.

The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. What is Tren de Aragua? How the Venezuelan gang started − and why US policies may only make it stronger – https://theconversation.com/what-is-tren-de-aragua-how-the-venezuelan-gang-started-and-why-us-policies-may-only-make-it-stronger-250007

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI Global: From opposing robber barons to the New Deal to desegregation to DOGE, state attorneys general have long taken on Washington

Source: The Conversation – USA – By Austin Sarat, William Nelson Cromwell Professor of Jurisprudence and Political Science, Amherst College

State attorneys general are teaming up to check Trump’s executive power. erhui1979/DigitalVision Vectors via Getty Images

The start of President Donald Trump’s second term has been a bonanza for the attorneys general of blue states. As the president has released his blizzard of executive orders and axed federal funding and programs on which states rely, these attorneys general have filed suits designed to put the brakes on what Trump is trying to accomplish.

As the Washington Post reported on Feb. 22, 2025, “In the past month alone, multistate coalitions have sued the Trump administration seven times.”

Here’s one example: In late January, 22 states and the District of Columbia asked a federal district court in Rhode Island for a temporary restraining order to stop the Office of Management and Budget from halting federal grants and financial assistance that would go to residents, organizations or governmental entities in their jurisdictions.

In early February, the attorneys general of Minnesota, Oregon and Washington sought and were granted an order to stop the Trump administration from implementing an executive order that, according to Lambda Legal, an LGBTQ+ rights advocacy group, “targets transgender and gender-diverse youth.”

Almost a week later, 14 attorneys general went to court to prevent Elon Musk “from issuing orders to any person in the Executive Branch outside of DOGE and otherwise engaging in the actions of an officer of the United States.”

New York Attorney General Letitia James and Connecticut Attorney General William Tong both sued to stop DOGE from obtaining Americans’ personal data.
Michael M. Santiago/Getty Images

As a student of law and politics, I see the attorneys general actions against the Trump administration as the latest chapter of an ongoing story dating to the 19th century in which state officials push back against the national government, breathing life into this country’s federal system. That system, designed by the framers to protect liberty and as a guard against tyranny, gave powers to both federal and state governments.

Hybrid role of state attorneys general

The work of attorneys general in the various states involves a mix of law and politics. As the National Association of Attorneys General describes their role, attorneys general are “chief legal officers” and serve “as counselor to state government agencies and legislatures, and as a representative of the public interest.”

Attorneys general use the law to advance their political goals. Though their precise duties vary from state to state, state attorneys general do not completely eschew politics.

In 43 states, they are elected officials who run for office as partisans. These candidates offer programs and promise to take actions that are typically in line with the platforms of the parties that nominate them. As attorney Marissa Smith wrote in the Cornell Law Review, “The position of State AG has long been said to stand for ‘Aspiring Governor’ rather than Attorney General.”

Smith argues that state attorneys general “have leaned into our nation’s divisive partisanship – often as an integral part of a quest for higher office – and used their traditional roles and powers to grandstand and showcase their party loyalty on a national stage.”

When, as in the recent spate of suits, state attorneys general pursue the federal government or another target on the national stage, there’s really no way for them to lose, politically speaking. As journalist Alan Greenblatt writes, “It’s all upside. If a lawsuit succeeds, you achieve a policy goal. If it fails, you’ve still made a name for yourself and often delayed a policy for months and even years,” especially when that policy is unpopular.

Suing the federal government

There is nothing new about what state attorneys general are now doing. At one time or another, lawsuits against the federal government have come from both Democratic and Republican attorneys general.

For example, during the so-called Gilded Age at the end of the 19th century, because of their “unique institutional position,” progressive state attorneys general “were able to serve as opportunity points for the expression of the ‘public interest’ in the absence of administrative mechanisms or actions by other political institutions,” political scientist Paul Nolette writes.

These attorneys general sued railroad companies and other big businesses, seeking to get state courts to rein in the growing power of what were called at the time “robber barons.”

As the New Deal unfolded in the 1930s, some Republican state attorneys general tried to resist what they saw as federal government encroachment on state power, though the primary opposition to the New Deal came from other political actors.

After the Supreme Court’s 1954 Brown v. Board of Education decision ordered the desegregation of schools, a few Southern Democratic state attorneys general were involved in organizing “massive resistance” in the region, by offering legal advice to state officials opposed to the Brown decision and defending segregation in court.

In the 1980s, state attorneys general banded together to sue federal agencies for failing to enforce the law or to implement acts of Congress, including those concerning the deregulation of industry. A decade later, they launched a concerted campaign of lawsuits against major tobacco companies because the federal government was not, they alleged, adequately regulating the tobacco industry.

And when Barack Obama entered the White House, state attorneys general enthusiastically embraced the role of watchdog and nemesis. Republican state attorneys general led the resistance with lawsuits over health policy, immigration and environmental regulations, using their powers much like their Democratic counterparts are doing today.

Texas Attorney General Ken Paxton claims to have sued the Obama administration 100 times.
Justin Lane-Pool/Getty Images

Former West Virginia Solicitor General Elbert Lin, who served as the chief litigator in his state’s attorney general’s office, tells the story this way: “During the eight years of the Obama Administration, states led mostly by Republican attorneys general made it a priority, early and often, to challenge President Obama’s initiatives.”

One of them, Texas’ Greg Abbott, sued the Obama administration 31 times, at one point describing his job this way: “I go into the office, I sue the federal government, and I go home.”

During the first Trump administration, Democratic attorneys general continued what had happened under Obama. They filed 138 multistate lawsuits, up from the 78 times Republicans sued the Obama administration.

And at the end of President Joe Biden’s term, Ken Paxton, Texas’ Republican attorney general, issued a press release saying that over the previous four years, he had sued the administration 100 times, calling it “an historic milestone.”

‘Expect to be sued’

Supreme Court Justice Louis Brandeis once called states “laboratories of democracy.” More recently, Jeffrey Rosen of the National Constitution Center praised federalism for continuing “to promote ideological diversity” in an increasingly polarized nation.

That diversity has long been on display in what state attorneys general have done on the national stage.

Today, when some worry that the U.S. constitutional system is breaking down, state attorneys general are trying to realize the founders’ vision of limited government. They are mobilizing legal tools to vindicate legal claims while also using the courts for political purposes.

All presidents should expect to be sued early and often by state attorneys general of the opposite party. But as attorney Jeffrey Toobin writes in The New York Times, “political victories matter more, and last longer, than court cases” in the United States.

In recent years, suits brought by state attorneys general have protected the rights of immigrants, defended reproductive rights and asserted state prerogatives in many areas. But while these lawsuits have an important role to play in America’s constitutional system, what citizens do is more important.

Even successful litigation by state attorneys general typically brings only a one-time victory, but political action is needed to sustain what they achieve in court. And their work cannot be done without the support of the citizens they serve and who, by and large, elect them.

Austin Sarat does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. From opposing robber barons to the New Deal to desegregation to DOGE, state attorneys general have long taken on Washington – https://theconversation.com/from-opposing-robber-barons-to-the-new-deal-to-desegregation-to-doge-state-attorneys-general-have-long-taken-on-washington-250758

MIL OSI – Global Reports –

March 4, 2025
MIL-OSI China: China discovers 180-mln-tonne shale oil reserves

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

BEIJING, March 3 — Sinopec, China’s largest oil refiner, on Monday announced the discovery of two major shale oilfields in the east of the country with combined proven reserves of 180 million tonnes.

The confirmation of the Xinxing and Qintong oilfields, which was approved by China’s Ministry of Natural Resources, is a strategic move to exploit and identify shale oil reserves in the country’s continental rift basins.

Shale oil mainly refers to liquid hydrocarbons trapped in formations of shale rock that can be extracted for refining. It is often found in organic-rich shale and thin interlayers of carbonate rock, sandstone and siltstone.

The assessment is the first time to use China’s independently developed industry standards for the estimation of shale oil and continental shale oil system data, providing experience for the improvement of technical specifications and the reserve evaluation of shale oil in the future, said Li Jinggong, head of the ministry’s oil reserves assessment team.

The two oilfields show promise for high initial yields due to favorable fracturability and formation pressure, with test results indicating the likelihood of stable outputs over extended periods.

Sinopec is aiming to see an annual shale oil output of 2 million tonnes by the end of the 15th Five-Year Plan period (2026-2030), with an annual increase in proven reserves exceeding 100 million tonnes during the period.

The recoverable shale oil reserves in China, one of the world’s major crude oil consumers, ranks third globally. Data from China’s National Energy Administration shows that the country’s crude oil production was 213 million tonnes in 2024, while its shale oil output surged to 6 million tonnes, a year-on-year increase of over 30 percent.

MIL OSI China News –

March 4, 2025
MIL-OSI USA: Refinery closures and rising consumption will reduce U.S. petroleum inventories in 2026

Source: US Energy Information Administration

In-brief analysis

March 3, 2025

In 2026, we forecast that inventories of the three largest transportation fuels in the United States—motor gasoline, distillate fuel oil, and jet fuel—will fall to their lowest levels since 2000 in our February Short-Term Energy Outlook.

Two pending refinery closures will reduce U.S. production of refined petroleum products. When combined with our forecast of growing consumption, we expect inventories for the three fuels to decline through 2026. We forecast inventories for these fuels will end next year at 375 million barrels, the lowest since 2000 when they ended the year at 358 million barrels.

Inventory withdrawals tend to increase wholesale and retail fuel prices because market participants must meet demand by competing for a smaller pool of refinery production. As a result, we also forecast wholesale refinery margins for the three fuels will increase. In our forecast, however, these wider margins are partially offset by falling crude oil prices, leading to relatively smaller increases in retail fuel prices or even a decline in retail gasoline prices.

Less motor gasoline refinery production and smaller inventories correspond with falling gasoline consumption in the United States. Because of both increased automobile efficiency and less employment growth, we forecast U.S. motor gasoline consumption will decline about 1% in 2026, following no year-over-year change in 2025.

Dividing inventory levels by the three-year average previous rate of consumption provides an indicator called days of supply. Based on this indicator, we expect the days of supply of motor gasoline will remain near historical averages.

For distillate, increased biofuel substitution is a new factor affecting balances and prices. We forecast that biodiesel and renewable diesel, both consumed individually and blended into petroleum distillate, will comprise about 9% of U.S. distillate fuel oil consumption next year, up from 5% in 2021. Accounting for these fuels’ stocks means that the United States will have around 10% more days of supply of distillate fuel than if we considered availability by only looking at petroleum distillate inventories. Even accounting for biofuels, inventories and days of supply will remain relatively low compared with historical averages, however.

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 2025
Note: Days of supply calculated as ending inventories divided by three-year average consumption.

We believe jet fuel will face tight supply and demand conditions. U.S. consumption of jet fuel will rise to an all-time high next year, while reduced refinery production will decrease jet fuel inventories to low levels. When adjusted on a days of supply basis, we forecast U.S. jet fuel will decline to about 21 days of supply—the lowest since 1963.

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 2025
Note: Days of supply calculated as ending inventories divided by three-year average consumption.

Principal contributor: Jeff Barron

MIL OSI USA News –

March 4, 2025
MIL-OSI USA: UConn Applications Reach New Heights as More than 62,000 Seek First-Year Admission

Source: US State of Connecticut

More than 62,000 aspiring Huskies from throughout Connecticut and the nation have so far applied for spots in the Class of 2029, propelling UConn to another record and underscoring its reputation for quality and value.

Admissions offers started going out in recent days for those who met the application deadline for the Storrs campus, while applications continue to roll in for spots at the regional campuses in Avery Point, Hartford, Stamford, and Waterbury.

So far, more than 62,000 people have applied for acceptance in this fall’s entering class, easily surpassing last year’s approximately 58,000 applicants.

In fact, as of mid-February, first-year student applications to Storrs had already increased approximately 27% in just the past two years, and 70% over the same time to the campuses in Avery Point, Hartford, Stamford, and Waterbury.

“The surging interest in UConn demonstrates that its reputation for high academic quality, strong value, and a positive student experience is well known both throughout Connecticut and nationally,” says Nathan Fuerst, UConn’s vice president for student life and enrollment.

The dramatic increase in applications to UConn’s regional campuses is driven largely by Connecticut residents, Fuerst says, adding that the numbers are up at every location.

Applicants are increasingly drawn to the unique offerings at those campuses, each of which are building on their strengths to become destination campuses as envisioned under UConn’s Strategic Plan.

“These trends are exciting not only for the University, but also for the campus communities and the students who are about to embark on their academic careers at these unique and vibrant locations,” says Anne D’Alleva, UConn’s provost and executive vice president for academic affairs.

Around 4,500 people are expected to enroll as first-year students at Storrs, along with almost 2,000 at the regional campuses.

UConn also anticipates enrolling about 950 students transferring from other institutions, including significant numbers from Connecticut’s community colleges.

UConn successfully launched an early-decision process this year, receiving about 1,500 applications and offering admission to about 60% of them, with most already having committed to join the incoming class.

“The early-decision process provided the chance for students with a strong interest in UConn to start their planning early in their senior year,” says Vern Granger, UConn’s director of undergraduate admissions. “It also helps UConn by providing us with a partial picture of the next incoming class, including their preferred majors and whether particular campuses are drawing strong interest.”

“Those who committed to UConn during that process, and those who accept the offers they are receiving now, will comprise a talented incoming class and a great addition to the UConn community,” he adds.

All told, UConn is on track to have about 26,200 undergraduates across all of its campuses this fall, including about 21,075 at Storrs.

The continually strong application trends at UConn defy state and national demographic trends, in which the number of school-aged teens has been decreasing and many institutions have struggled with declines in applications.

And as in recent years, the highly diverse pool of applicants includes students from a wide range of locations and backgrounds, including many who would be the first generation in their families to attend college.

Admissions offers started going out to Storrs campus applicants last Friday and over the weekend, and will continue in the days and weeks after that for late applicants.

The admissions offers also include financial aid packages for those who qualify, part of UConn’s commitment to helping ensure access for students at all income levels.

Of the new first-year students expected to enroll at Storrs for the Class of 2029, there will be notable areas of growth in nursing, fine arts, and several other disciplines along with the traditionally high numbers in business, engineering, and liberal arts fields.

MIL OSI USA News –

March 4, 2025

MIL-OSI: New Stratus Energy Announces Award of a Transformative Production Sharing Contract for a Significant Oil Field in Ecuador, Funding and Offtake Agreement, and Concurrent Offerings

Source: GlobeNewswire (MIL-OSI)

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

CALGARY, Alberta, March 03, 2025 (GLOBE NEWSWIRE) — New Stratus Energy Inc. (TSX.V – NSE) (“New Stratus”, “NSE” or the “Corporation”) is pleased to announce that a consortium formed by subsidiaries of Sinopec International Petroleum E&P Corporation (60%) (“Sinopec”) and New Stratus (40%) (the “Consortium”) has reached an agreement for an award by the Ministry of Energy and Mines of Ecuador (“MEM”) of a 20-year (renewable) production sharing contract (the “PSC”) for crude oil production and additional exploration relating to Block 60 in Ecuador, also known as the “Sacha Block”, for an upfront cash entry bonus of US$1.5 billion (US$600 million payable by NSE). Formal execution of the PSC (“PSC Execution”) by the Consortium and MEM is expected to occur in March 2025 and upon which the Corporation will acquire a 40% interest (the “Acquired Interest”) in the Sacha Block.

Highlights:

Average production in 2024 for the Sacha Block was approximately 77,191 barrels per day (bbl/d) of medium oil (25 degrees API gravity). Average gross production⁽¹⁾ in 2024 attributable to the Acquired Interest was approximately 30,876 bbl/d, implying US$19,433 per flowing barrel.
The average prices for WTI and Oriente Blend in December 2024 were US$70.12 and US$64.11, respectively. Currently, production from the Sacha Block receives a positive quality adjustment over Oriente Blend pricing of approximately US$2.50. Accordingly, using average production for December 2024 of 73,711 bbl/d, gross revenue⁽²⁾ for the month of December 2024 attributable to the Acquired Interest was approximately US$60.9 million (approximately C$87.7 million).
As at December 31, 2024, proved developed producing (“PDP”) gross reserves⁽³⁾ for the Acquired Interest are estimated at 67.8 million barrels, implying US$8.85 per barrel.
As at December 31, 2024, before-tax PDP reserve net present value of future net revenue⁽⁴⁾ at a 10% discount rate (“PDP NPV 10”) for the Acquired Interest is estimated at US$2.4 billion (approximately C$3.5 billion), implying 0.25x before-tax PDP reserve net present value. The before-tax PDP NPV10 for the Acquired Interest is described in more detail in the chart below and implies a 1.13x before-tax PDP NPV10 for 2025.

	Period Ending December 31,			PDP NPV10⁽⁴⁾for Acquired Interest
	2025			US$ 530.8 million
	2026			US$ 413.1 million
	2027			US$ 317.7 million
	2028-2044			US$ 1,148.4 million
	Total			US$ 2,410.1million⁽⁵⁾

PSC Award and Terms

On February 28, 2025, the official Committee for Hydrocarbons Tenders formed by the MEM, the Ministry of Finance and a representative of the President of Ecuador, approved the PSC and recommended to the MEM to grant the PSC to the Consortium. The PSC Execution by the Consortium and MEM is expected to occur in March 2025 and upon the Consortium paying an upfront cash entry bonus (“Entry Bonus”) to the Republic of Ecuador in the amount of US$1.5 billion (approximately C$2.2 billion), or US$600 million (approximately C$864 million) payable by NSE in accordance with its Acquired Interest.

The PSC will be awarded for an initial 20-year term (the “Initial Term”) and pursuant to which the Consortium shall receive a share of production (known as the “X Factor”) calculated on a sliding scale basis depending on the prevailing Oriente Blend price (which is correlated to the price of WTI). At a WTI price of US$65 per barrel, the government production share is anticipated to be 18%, resulting in a Consortium production share, or X Factor, of 82%.

In addition to the Entry Bonus, the Consortium has agreed to invest (the “Capital Investment”) amounts in excess of US$1.7 billion (approximately C$2.4 billion) during the Initial Term to finance a development plan approved by MEM (the “Approved Development Plan”). The Corporation’s share of the Capital Investment is approximately US$680 million (approximately C$979 million), of which approximately US$64 million (approximately C$92 million) and US$159 million (approximately C$229 million) are expected to be invested in 2025 and 2026, respectively. NSE expects to fund its share of the Capital Investment primarily through cash flow from operations, as well as from additional debt financing. The objectives of the Approved Development Plan are, among other things: (i) to replace and upgrade current facilities; (ii) for the expansion and construction of new facilities; (iii) for drilling new wells, workovers, recompletions, and water injection wells; (iv) for the drilling of two exploration wells; (v) for projects to eliminate gas flaring; and (vi) for secondary recovery which is intended to take the current oil recovery rate from 23% to 30%.

No other royalties, or other similar production share arrangements, are payable and all operating expenses, capital expenses and taxes are on the account of the Consortium.

The PSC Execution is subject to customary approval by the TSX Venture Exchange (“TSXV”). No finder’s fee is payable in connection with the PSC. The PSC, and the transactions contemplated thereby, are arm’s length.

Ecuadorian Regulatory Framework

The Ecuadorian government recently implemented policies to optimize the production from its oil and gas assets and aimed at attracting private investment, including reinstating production sharing contracts pursuant to the country’s Hydrocarbons Law and the 2018 executive decree no. 449. In accordance with the reinstated production sharing contracts, the Ecuadorian government may enter into production sharing contracts whereby the investing entity receives a share of the oil produced. The term for a production sharing contract is generally four years for exploration (extendable for two additional years) and 20 years for production, subject to an extension if reserves have been added and new investments are committed. The PSC includes the continuation and increase of production by the Consortium, as well as additional exploration in the Sacha Block.

Sacha Block

With an approximate area of 355 km2 and located in Central Ecuador, the Sacha Block has been operated by EP Petroecuador since 1990. The Sacha Block main reservoir is the Lower Cretaceous Hollin sandstone, with secondary reservoirs in the Upper Cretaceous Napo ‘T’ and ‘U’ sands.

Pursuant to the PSC, the Consortium has committed to increase production for the Sacha Block to over 105,000 bbl/d by the end of 2029 (the “Production Increase”) and intends to achieve the Production Increase by providing the Capital Investment and completing the Approved Development Plan.

Acquired Interest Funding

NSE’s portion of the Entry Bonus will be satisfied through a combination of the following funding sources: (i) a funding and off-take agreement with a leading global off-taker (the “Off-Taker”) in the amount of US$480 million (approximately C$691 million); (ii) the Subscription Receipt Offering (as defined below) for aggregate gross proceeds of approximately US$70 million (C$100 million); (iii) the Common Share Offering (as defined below) for aggregate gross proceeds of approximately US$10 million (C$14 million); and (iv) additional amounts through a combination of debt, convertible debt or other equity financing sources (collectively, the “Additional Financing”).

Off-take Mandate and Senior Secured Prepayment Facility

NSE has appointed the Off-Taker as exclusive mandated lead arranger of an up to US$480 million (approximately C$691 million) senior secured prepayment facility (the “Facility”) and exclusive off-taker. The Facility has a cost of SOFR + 9.5%, a five-year final maturity date, and a minimum amortization equal to 1/16th of the original principal amount per quarter after a one-year grace period. As exclusive off-taker, the Off-Taker will have the right to purchase NSE’s share of the production from the Sacha Block for five years.

Concurrent Offerings

NSE intends to complete brokered private placements of (i) subscription receipts of the Corporation (“Subscription Receipts”) for gross proceeds of up to approximately US$70 million (C$100 million) (the “Subscription Receipt Offering”); and (ii) common shares of the Corporation (“Common Shares”) for gross proceeds of up to approximately US$10 million (C$14 million) (the “Common Share Offering” and together with the Subscription Receipt Offering, the “Concurrent Offerings”). The number of Subscription Receipts and Common Shares to be sold, the offering price (the “Offering Price”) of the Subscription Receipts and Common Shares, and the terms of the Concurrent Offerings will be determined in the context of the market. NSE expects to issue a subsequent news release containing the final terms of the Concurrent Offerings following the time of pricing.

New Stratus has received lead indications of interest: (i) for the Common Share Offering from a U.S.-based energy specialist institutional investor; and (ii) for the Subscription Receipt Offering from a group of global energy specialist institutional investors, all based on an expected Offering Price reflecting the customary discount to the trading price for financings of this nature.

The Concurrent Offerings are being co-led by Ventum Financial Corp. (“Ventum”) and Cormark Securities Inc. (“Cormark” and together with Ventum, the “Lead Agents”) on their own behalf, and in respect of the Subscription Receipt Offering, on behalf of a syndicate of agents (the “Agents”). Each Subscription Receipt will entitle the holder thereof to automatically receive, without payment of any additional consideration or further action on the part of the holder, one Common Share upon completion of certain escrow release conditions in accordance with the terms of a subscription receipt agreement to be entered into between the Corporation, the Lead Agents and Odyssey Trust Company, as subscription receipt agent (the “Subscription Receipt Agent”), including, among other things, the completion of all conditions precedent to the PSC Execution other than payment of the Entry Bonus.

In addition, NSE will grant the Agents an option (the “Agents’ Option”) to increase the size of the Subscription Receipt Offering by up to 15% by giving written notice of the exercise of the Agents’ Option, or a part thereof, to NSE at any time up to 48 hours prior to closing of the Subscription Receipt Offering.

In consideration for their services, the Agents will receive a commission equal to 6.0% of the gross proceeds (the “Subscription Receipt Commission”) of the Subscription Receipt Offering and the Lead Agents will receive a commission equal to 6.0% of the gross proceeds of the Common Share Offering.

The proceeds from the sale of the Subscription Receipts less 50% of the Subscription Receipt Commission and the Agents’ expenses incurred in connection with the Subscription Receipt Offering (the “Escrowed Proceeds”) will be held by the Subscription Receipt Agent. If (i) an escrow release notice and direction is not delivered to the Subscription Receipt Agent prior to by 5:00 p.m. (Calgary time) on May 15, 2025; (ii) the Corporation gives notice to the Agents that it does not intend to proceed with the PSC Execution; or (iii) the Corporation announces to the public that it does not intend to proceed with the PSC Execution (each, a “Termination Event” and the time of the earliest of such Termination Event to occur, the “Termination Time” and the date on which such Termination Time occurs, the “Termination Date”), the Subscription Receipt Agent will pay to each holder of Subscription Receipts, no earlier than the third business day following the Termination Date, an amount per Subscription Receipt equal to the issue price in respect of such Subscription Receipt, plus such holder’s proportionate share of any interest and other income received or credited on the investment of the Escrowed Proceeds between the closing date and the Termination Date.

The securities to be issued under the Concurrent Offerings will be offered by way of private placement in (i) all of the provinces of Canada, (ii) the United States and (iii) such other jurisdictions as may be determined by the Corporation, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The Concurrent Offerings are expected to close on or about March 25,
2025, subject to TSXV approval and other customary closing conditions.

The securities issued pursuant to the Concurrent Offerings, and any securities issued on exchange or conversion thereof, are subject to a statutory four-month hold period from the date(s) of closing of the Concurrent Offerings and applicable U.S. resale restrictions.

Additional Financing

The Corporation expects to issue a subsequent news release containing the details of the Additional Financing once an agreement has been reached in respect of same, which will include the material terms of such transaction.

Disposition of Interest in Venezuela

NSE also announces that it has entered into a termination agreement pursuant to which it has formally dissolved its joint venture for the development of four oil fields located in eastern Venezuela. This joint venture was structured through an indirect 40% equity participation in Vencupet SA, facilitated via Gold Pillar International SPC Ltd. (“GP”), a British Virgin Islands-based fund that holds 40% of Vencupet.

The Vencupet oil fields development project included a financing arrangement under which GP would provide funding for the rehabilitation of these oil wells. In return, PDVSA was to repay the financing and to compensate GP with oil produced through the assignment of crude oil shipments.

Following the termination of its joint venture, NSE has relinquished its entire equity stake in DOOG at no cost. Additionally, all shareholder loans extended by NSE to DOOG in the amount of approximately US$4.1 million have been forgiven, and all counterparty agreements and consideration arrangements have been terminated, without any further obligation or liability to NSE, except for specific compensation to GP’s principal shareholder, in the event that certain anticipated project costs cannot be recovered from PDVSA within fourteen months of the termination date.

For two years from the termination, NSE will be allowed to negotiate the terms to reacquire its shareholding in DOOG and in the Vencupet project, in terms to be agreed between the Parties.

Financial Advisors

Ventum, Cormark and Horizon Partners are acting as financial advisors to the Corporation with respect to the transaction. ECM Capital Advisors Inc. is acting as strategic advisor to the Corporation with respect to the transaction.

Contact Information:

Jose Francisco Arata
Chairman & Chief Executive Officer
jfarata@newstratus.energy

Wade Felesky
President & Director
wfelesky@newstratus.energy

Mario Miranda
Chief Financial Officer
mmiranda@newstratus.energy – (647) 498-9109

Notes:

(1) Average gross production attributable to the Acquired Interest is presented before any deductions relating to the government share, because the government share was not payable as at December 31, 2024. Applying an example government share of 18%, net production attributable to the Acquired Interest would have been 25,319 bbl/d.
(2) Gross revenue for December 2024 attributable to the Acquired Interest is calculated using December 2024 average production and December 2024 average pricing (being Oriente Blend pricing plus the positive quality adjustment), and is presented before any deductions relating to the government share, because the government share was not payable as at December 31, 2024. Applying an example government share of 18%, net revenue for the month of December 2024 attributable to the Acquired Interest would have been approximately US$49.9 million (approximately C$71.9 million).
(3) As at December 31, 2024, Netherland, Sewell & Associates, Inc. (“NSAI”) estimates the gross PDP reserves for the Sacha Block (100% working interest) to be 169.5 million barrels. Gross reserves attributable to the Acquired Interest are based on a 40% working interest and are presented before any deductions relating to the government share.
(4) As at December 31, 2024, NSAI estimates the net present value of future net revenue before income taxes discounted at 10 percent for the PDP reserves for the Sacha Block (100% working interest) to be US$6.0 billion. Net present value of future net revenue attributable to the Acquired Interest is based on a 40% working interest and is presented before any deductions relating to the government share, because the government share was not payable as at December 31, 2024. Following the acquisition of the Acquired Interest, NSE will be required to pay the government share, which is estimated to be 18% at a WTI price of US$65 per barrel.
(5) Total value may not add due to rounding.

Note on Currency and Exchange Rates

In this news release, references to “C$” or “$” are to Canadian dollars and references to “US$” are to United States dollars. In this news release, the Corporation has used a currency exchange rate of US$1.00 = C$1.44.

Forward-Looking Information

Certain information set forth in this news release constitutes “forward-looking statements”, and “forward-looking information” under applicable securities legislation (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as “will”, “expects”, “intends”, “may”, “should”, “estimates”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions, including variations thereof and negative forms. Forward-looking statements in this news release include, among others, timing of the PSC Execution; satisfaction or waiver of the conditions precedent to the PSC Execution, including the funding and payment of the Entry Bonus; receipt of required legal and regulatory approvals for the PSC Execution (including approval of the TSXV); expected production and revenue related to the Sacha Block; the anticipated dates of the PSC Execution; the terms (including the Offering Price), timing and completion of the Concurrent Offerings; the indications of interest and the lead orders for the Concurrent Offerings; the timing and completion of the Additional Financing and the terms thereof; the closing of the Facility and the terms thereof; the use of proceeds from the Concurrent Offerings, the Additional Financing and the Facility; the amount, terms and timing of the Capital Investment, and the resulting effect thereof on production levels, including the Production Increase; the terms and timing of the Approved Development Plan, and the resulting effect thereof on production levels, including the Production Increase; and the Consortium’s ability to replicate past performance in the Sacha Block. Forward-looking statements are based on the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them.

In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain key expectations and assumptions made by management, including expectations and assumptions concerning the receipt of all approvals and satisfaction of all conditions to the completion of the PSC Execution, the Concurrent Offerings, and the Facility, the operational and financial performance of the Sacha Block, the geological characteristics of the Sacha Block, the availability of debt and equity financing on terms acceptable to the Corporation, the cooperation of the Consortium, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices and exchange rates.

Although NSE believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because NSE can give no assurance that they will prove to be correct. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks); risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; the impact of general economic conditions in Canada and Ecuador; prolonged volatility in commodity prices; the risk that the new U.S. administration imposes tariffs affecting the oil and gas industry in Ecuador or globally, and that such tariffs (and/or retaliatory tariffs in response thereto) adversely affect the demand for the Corporation’s production, or otherwise adversely affects the Corporation’s business or operations; the risk that Oriente Blend oil prices are lower than anticipated; determinations by OPEC and other countries as to production levels; the risk of changes in government policy on resource development; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; the timing for conducting planned operations and the results of such operations, including flow rates and resulting production; the availability of the requisite personnel and equipment to conduct operations; the ability to successfully integrate operations and realize the anticipated benefits of acquisitions; the ability to increase production, and the anticipated cost associated therewith; failure of counterparties to perform under contracts; changes in currency exchange rates; interest rate fluctuations; the ability to secure adequate equity and debt financing; and management’s ability to anticipate and manage the foregoing factors and risks.

There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

Oil & Gas Matters Advisory

The reserves information included in this news release attributable to the Acquired Interest has been derived from a report prepared by Netherland, Sewall & Associates, Inc. (“NSAI”) effective as of December 31, 2024 (the “NSAI Report”). The reserves information was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Statements relating to reserves are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated. The reserve estimates described herein are estimates only. The actual reserves may be greater or less than those calculated.

It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future net revenues attributed to such reserves.

References in this news release to historical production rates are not indicative of long term performance or of ultimate recovery. Readers are cautioned not to place reliance on such rates in assessing the future production rates for the Corporation.

“Proved Developed Producing Reserves” are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Medium crude oil is crude oil with a relative density greater than 22.3 degrees API gravity and less than or equal to 31.1 degrees API gravity.

General Advisory

This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and the rules and regulations thereunder. The securities referred to herein have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the securities may not be offered or sold within the United States except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

March 4, 2025

MIL-OSI: Kaltura Launches AI-Powered ‘TV Genie’, Powering Hyper-Personalized Entertainment Experiences and Streamlining Content Enrichment and Curation

Source: GlobeNewswire (MIL-OSI)

New York, March 03, 2025 (GLOBE NEWSWIRE) —

Kaltura (Nasdaq: KLTR), the Video Experience Cloud, today announced the launch of the Kaltura TV Genie which powers AI-infused entertainment experiences for live and on-demand streaming.  

 

TV Genie enables media and telecommunication companies to offer hyper-personalized lean-forward viewing experiences for audiences, as well as streamline their operations through enhancement and automation of content enrichment and curation.  

 

Kaltura’s TV Genie transforms endless content searches into instant engaging discovery by offering hyper-personalized viewing recommendations based on an unlimited array of parameters and preferences as well as real-time viewer feedback and mood. Audiences also benefit from real-time accessibility and localization for varying backgrounds and regions through automatic translation capabilities and improved navigation through advanced content chaptering, allowing users to easily skip to their desired viewing moments.   

 

Alongside Kaltura’s recently launched AI Content Lab, TV Genie enables content editors and curators to instantly create short-form videos and textual summaries from long-form content, optimizing it for viewers with varying tastes. TV Genie also automatically curates and recommends content in real-time for editors based on their catalog and current trends to simplify their work and boost creativity, and allows editors to seamlessly generate thematic content rails, such as a collection of romantic films with happy endings, by simply requesting them.  

 

“AI is collapsing the narrowing divide between content production, curation, distribution, and consumption, further boosting viewer engagement and monetization, while also reducing operational complexities and costs,” said Ron Yekutiel, Co-Founder, Chairman, President and CEO of Kaltura. “We are very excited about the launch of our TV Genie, which comes on the heels of our other AI agents, the Class and Work Genies. AI-infused video production and viewing experiences are set to massively increase the amount and impact of videos created and consumed at home, work, and school – further turning every company into a media company. We are thrilled to be enabling this transformative revolution.”  

 

There are currently over 50 organizations participating in the Genie Series’ beta program, including large enterprises, education institutions, and media and telecom companies. One of the beta program participants, for example, is Reshet 13, one of Israel’s largest broadcasters, who uses TV Genie and Content Lab to produce concise, impactful news segments from its flagship hour-long evening news program. The network, which sees 3.5 million unique visitors on its digital platform every month, employs TV Genie’s AI-powered content indexing to create thematic video reels, such as compiling all Crème Pâtissière recipes featured in its highly popular cooking show Game of Chefs.  

 

“Having worked with Kaltura for years to power our digital transformation, starting with the TV Genie was an obvious yes for us,” said Nir Cohen, VP of Digital and Current Affairs at Reshet 13. “We wanted to be able to rapidly transform our content into other formats, to increase its reach, and with TV Genie we believe our repurposed content will be exponentially improved, along with viewership and engagement rates.”   

Kaltura’s Class, Work, and TV Genies are AI-powered Agents that create hyper-personalized video experiences across institutions, enterprises and media and telecoms companies. They harness the power of AI to increase the impact of videos for users while improving efficiency through automation and streamlined operations for the organization.

 

Learn more about Kaltura AI-infused video solutions, here  

About Kaltura  

Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment and monetization. For more information, visit www.corp.kaltura.com.

 

The MIL Network –

March 4, 2025
MIL-OSI: Cove Capital and Kazakhstan’s National Mining Company Formalize Joint Venture to Develop the Akbulak Rare Earth Project

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Cove Capital LLC (“Cove” or the “Company”) and JSC Qazgeology, Kazakhstan’s national geological exploration company, and a wholly-owned subsidiary of JSC Tau-Ken Samruk National Mining Company, are pleased to announce the official registration of their joint venture, Akbulak REE Ltd., as a Private Company under the Astana International Financial Centre (AIFC). This milestone marks a significant step in advancing further exploration and development of the Akbulak Rare Earth Project in the Kostanay Region, Kazakhstan.

The Akbulak Rare Earth Project hosts a historical resource of 380,000 tons of rare earth oxides, including neodymium and praseodymium, key elements in permanent (NdFeB) magnets, and yttrium, utilized in electronics, medicine, and materials science applications.

According to the terms of the Joint Venture Agreement, Cove Kaz Capital Group, a Portfolio Company of Cove Capital, will finance the project, with subsequent financing distributed proportionally. Cove Kaz Capital Group will own 75% while Qazgeology will own 25%.

A key achievement accompanying the JV formation is the successful transfer of the exploration license for the Akbulak project from Qazgeology to Akbulak REE Ltd, requiring the approval of Ministry of Industry and Construction of the Republic of Kazakhstan. This important step enables the newly formed entity to commence exploration and project development activities immediately, positioning the Company as a key player in Kazakhstan’s growing rare earth and critical minerals industry.

Pini Althaus, CEO of Cove Capital, commented:

“The formation of Akbulak REE Ltd. and the license transfer mark a significant advancement in our strategy to develop critical mineral resources in Kazakhstan. This joint venture is a testament to our commitment to partnering with leading local institutions like Qazgeology, to unlock the full potential of Kazakhstan’s rare earth and critical minerals deposits, whilst building a fully integrated mine-to-magnet supply chain which will benefit Kazakhstan and contributing to global supply chains.”

Nariman Absametov, Acting CEO of Tau-Ken Samruk, added:

“Kazakhstan holds enormous potential in the rare earth sector, and this joint venture is a concrete step toward turning that potential into reality. By formalizing this partnership and transferring the Akbulak license, we are ensuring that exploration efforts move forward efficiently with the right expertise and resources in place. This project is a strong example of how public-private cooperation can drive the development of critical minerals.”

Dauren Abuov, Director of Qazgeology, stated:

“The Akbulak REE project is strategically important for Kazakhstan’s mining sector, and we are pleased to see it moving into an active development phase. The license transfer to Akbulak REE Ltd. allows for dedicated exploration and investment, accelerating the project’s timeline. With Cove Capital as our partner, we are confident in our ability to advance exploration, attract further investment, and contribute to the rare earth supply chain.”

Akbulak REE Ltd. will now proceed with comprehensive geological surveys, feasibility studies, and exploration work to assess and develop the Akbulak REE deposit.

Cove Capital LLC in Kazakhstan

In 2023, Cove Capital’s Portfolio Company, Kaz Resources LLC (through its wholly owned subsidiary Kaz Critical Minerals LLP), became the first U.S. company to receive critical minerals and rare earths land concessions in Kazakhstan.

Kaz Critical Minerals LLP is the holder of twelve (12) critical minerals concessions and a license for tailings concessions in Kazakhstan. These concessions include minerals such as rare earth elements, lithium, tantalum, beryllium, niobium, cesium and tin.

In September 2023, Cove Capital LLC signed an MoU with Kazakhstan’s Sovereign Wealth Fund, Samruk Kazyna, as part of the cooperation on critical raw materials, specifically rare earth metals.

On April 8, 2024, Cove Capital LLC, announced a landmark collaboration with Tau-Ken Samruk, Kazakhstan’s national mining company, aimed at advancing the exploration and development of rare earth and critical metals within the Republic of Kazakhstan.

Tau-Ken Samruk (via “Qazgeology” JSC), entered into a binding joint venture agreement with Cove Capital for geological exploration on the Akbulak rare earth project in the Kostanay region of Kazakhstan. Historical reserves at the site include reserves of rare earth elements, including those used for permanent magnets.

To carry out geological exploration work, a joint venture was be created between “Qazgeology” JSC and Cove Capital with the parties’ participation shares: Cove Capital – 75% and “Kazgeology” JSC – 25%. Cove Capital will fully finance exploration work until reserves are listed on the balance sheet.

In 2024, Kaz Critical Minerals completed 7,000 meters of drilling on 4 of its 13 concessions and commenced drill site preparation a further 3 concessions in anticipation of its 2025 drill program, making it one of the most active critical minerals companies in Kazakhstan.

For further information, please contact:

Brandon McGrath
Samantha O’Neil
info@covecapital.com.au

About Cove Capital LLC
Cove Capital was founded in 2015. With offices in Melbourne and New York (head office), Cove Capital invests in mining, renewable energy, and clean technology. Since 2018, Cove Capital has been at the forefront of investment and development in critical minerals projects. Cove Capital, under the visionary leadership of Mr. Pini Althaus, brings unparalleled knowledge and extensive experience to the critical minerals industry.

About Qazgeology
Qazgeology is Kazakhstan’s national geological exploration company, dedicated to the discovery and development of the country’s mineral wealth. Through strategic partnerships and cutting-edge research, Qazgeology plays a pivotal role in advancing Kazakhstan’s mining industry and unlocking new resources for future development.

About Tau-Ken Samruk
Tau-Ken Samruk is the national mining company of Kazakhstan, overseeing the efficient development of the country’s mineral resources. Committed to innovation and sustainability, Tau-Ken Samruk collaborates with domestic and international partners to enhance the competitiveness of Kazakhstan’s mining sector and support economic growth.

The MIL Network –

March 4, 2025

MIL-OSI: First Busey Corporation Completes Acquisition of CrossFirst Bankshares, Inc. and CrossFirst Bank

Source: GlobeNewswire (MIL-OSI)

CHAMPAIGN, Il. and LEAWOOD, Kan., March 03, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank, announced today the completion of its acquisition by merger of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, effective March 1, 2025. The transaction was previously jointly announced on August 27, 2024.

Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in June 2025. At the time of the bank merger, CrossFirst Bank’s banking centers will become branches of Busey Bank and operate under the Busey brand, creating a premier full-service commercial bank serving clients from 77 locations across 10 states with combined total assets of approximately $20 billion, $17 billion in total deposits, $15 billion in total loans and $14 billion in wealth assets under care. The holding company will be headquartered in Leawood, Kansas in the Kansas City metro area, which is central to the combined footprint. Busey Bank’s headquarters will remain in Champaign, Illinois.

The combination extends Busey’s regional operating model into high-growth metro markets—bolstering its commercial banking relationships and offering additional opportunities to grow its wealth management business and payment technology solutions subsidiary, FirsTech, Inc.

“This is a transformational partnership that advances our organization and will ultimately benefit each of our Pillars—associates, customers, communities and shareholders,” said Van Dukeman, Chairman and CEO of Busey and Chairman of Busey Bank. “Over the past few years, we have been keenly focused on maintaining Busey’s fortress balance sheet—featuring exceptional credit quality, strong liquidity, excess capital and diversified revenue streams buttressed by our wealth management and payments processing businesses—to be well positioned to capitalize on a financially and strategically compelling opportunity of size and scale. This is that opportunity and we look forward to fully integrating our banks while leveraging the talent, expertise, increased scale and market presence to benefit our Pillars.”

“Taking our organization to new heights, this partnership combines our growing commercial bank with the power of Busey’s core deposit franchise, exceptional wealth management platform and the impressive payment tech solutions at FirsTech, Inc.,” said Mike Maddox, former CrossFirst CEO, President and Director who now serves as Vice Chairman and President of Busey and President and CEO of Busey Bank. “We firmly believe our strong metro market footprint, commercial focus and growth potential will help elevate the combined company to be a leading regional banking institution throughout the Midwest and Southwestern regions of the U.S. We look forward to building upon the strong legacy of outstanding service and community engagement that both organizations have developed to create even more opportunities for our teams and clients.”

Board of Directors
Effective immediately, Busey and Busey Bank will be governed by a Board of Directors comprised of 13 directors, eight from Busey or Busey Bank and five from CrossFirst:

Van Dukeman, Chairman and CEO
Mike Maddox, Vice Chairman and President
Rod Brenneman, Lead Independent Director
Stan Bradshaw
Steve Caple
Michael Cassens
Jennifer Grigsby
Karen Jensen
Fred Kenney
Steve King
Kevin Rauckman
Scott Wehrli
Tiffany White

Transaction Details
Under the terms of the merger agreement, at the effective time of the merger on March 1, 2025, each share of CrossFirst’s common stock was converted into the right to receive 0.6675 of a share of Busey common stock, with CrossFirst shareholders receiving cash in lieu of fractional shares. Former CrossFirst common shareholders are eligible to receive Busey’s ongoing dividends as declared. With the transaction now complete, former CrossFirst shareholders own approximately 36.5% of the combined company, on a fully-diluted basis.

Shares of CrossFirst common stock ceased trading after the closing of the NASDAQ stock market on February 28, 2025. The combined company’s common shares will continue trading on the NASDAQ under the “BUSE” ticker symbol.

About First Busey Corporation
As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was a $12.05 billion financial holding company headquartered in Champaign, Illinois.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.01 billion as of December 31, 2024, and is headquartered in Champaign, Illinois. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com. CrossFirst Bank—also a wholly-owned bank subsidiary of First Busey Corporation as of March 1, 2025—had total assets of $7.7 billion as of December 31, 2024, and is a full-service financial institution with locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado and New Mexico.

Through its Wealth Management division, Busey Bank provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.83 billion as of December 31, 2024. More information about Busey Bank’s Wealth Management services can be found at busey.com/wealthmanagement.

Busey Bank’s wholly-owned subsidiary, FirsTech, Inc., specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

For the first time, Busey Bank was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40^th overall in 2024, Busey Bank was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than $10 billion in assets. Busey Bank is humbled to be named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2024 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

For more information about us, visit busey.com.

First Busey Corporation Contacts
For Financials:
Scott Phillips, Interim CFO
First Busey Corporation
(239) 689-7167
scott.phillips@busey.com

For Media:
Amy L. Randolph, EVP & COO
First Busey Corporation
(217) 365-4049
amy.randolph@busey.com

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain assumptions and estimates and describe Busey’s future plans, strategies, and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim” and similar expressions. These forward-looking statements include statements relating to Busey’s projected growth, anticipated future financial performance, financial condition, credit quality, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, business and growth strategies, and any other statements that are not historical facts.

These forward-looking statements are subject to significant risks, assumptions, and uncertainties, and could be affected by many factors. Factors that could have a material adverse effect on Busey’s financial condition, results of operations, and future prospects can be found under the “Special Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors” sections of Busey’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports Busey files with the U.S. Securities and Exchange Commission (the “SEC”).

Because of those risks and other uncertainties, Busey’s actual future results, performance, achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Busey’s past results of operations are not necessarily indicative of its future results.

You should not place undue reliance on any forward-looking statements, which speak only as of the dates on which they were made. Busey does not undertake an obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under federal securities law. Busey qualifies all of its forward-looking statements by these cautionary statements.

The MIL Network –

March 4, 2025

MIL-OSI: Baker Hughes, Frontier Infrastructure Announce Partnership to Accelerate Development of Carbon Capture and Storage, Data Center Projects in the U.S.
Source: GlobeNewswire (MIL-OSI)
- Frontier’s SCS Hub, spanning nearly 100,000 acres in Wyoming, will provide open-access CO₂ storage for industrial emitters and ethanol producers using its CO₂-by-rail strategy
- Baker Hughes will provide key CCS and power generation technologies, including CO₂ compression, well design, and its industrial NovaLT™ gas turbines to support power solutions for data centers and industrial customers
- Partnership allows Frontier to move forward with greater efficiencies and resources for project development
HOUSTON and DALLAS and LONDON, March 03, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, and Frontier Infrastructure (“Frontier”), a Tailwater Capital portfolio company and a leading developer of low-carbon infrastructure across the U.S. Mountain West and Texas, on Monday announced a strategic partnership to accelerate the deployment of large-scale carbon capture and storage (CCS) and power solutions in the U.S. As part of the agreement, Baker Hughes will provide innovative technologies and resources in support of the development of large-scale CCS, power generation, and data center projects.

Frontier is leading the development of the Sweetwater Carbon Storage Hub (“SCS Hub”), one of the largest open-source carbon sequestration assets in the country. Spanning nearly 100,000 acres in Wyoming, the hub is designed to support industrial emitters across the region and ethanol facilities across the Midwest utilizing its CO₂-by-rail strategy, establishing Frontier as a new standard for scalable carbon storage infrastructure. Frontier currently holds three Class VI permits and has commenced drilling activities on its first wells with first injection commencing year-end 2025.

As part of the agreement, Baker Hughes will provide technology solutions to support the development of the SCS Hub and future infrastructure projects. By leveraging its key technologies for well design, CO₂ compression, and long-term monitoring, Baker Hughes will help optimize project execution, allowing Frontier to move forward with greater efficiency and financial certainty.

To further enhance reliable, lower-carbon energy solutions, Frontier is expanding its infrastructure footprint with new behind-the-meter power generation capacity. This includes the development of 256 megawatts (MW) of gas-fired generation, designed to meet the increasing power demands across Wyoming, the broader Mountain West, and Texas — particularly driven by the rapid expansion of data centers and industrial operations. Baker Hughes’ industrial NovaLT™ gas turbines will be deployed to support power generation, ensuring efficient and flexible energy delivery for Frontier.

“With energy demand rising across the country, industrial customers need scalable, low-carbon solutions, and Frontier’s expanded infrastructure will deliver exactly that,” said Robby Rockey, president and co-CEO of Frontier Infrastructure. “By integrating gas-fired energy with the potential for permanent carbon storage, we are creating a direct, reliable power solution tailored to evolving industrial needs. Baker Hughes’ leadership in turbine technology, drilling services, and CCS innovation makes them an ideal partner in executing this vision.”

“Baker Hughes is committed to delivering innovative solutions that support increasing energy demand, in part driven by the rapid adoption of AI, while ensuring we continue to enable the decarbonization of the industry,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Working with Frontier Infrastructure represents a significant opportunity to demonstrate how Baker Hughes’ portfolio is uniquely positioned to support CCUS projects for lower-carbon industrial and energy development.”

Baker Hughes expects orders, in relation to this agreement, as Frontier projects progress. Frontier is a portfolio company of Tailwater Capital, a private equity firm specializing in integrated energy and environmental infrastructure investments. Frontier was advised by Jefferies LLC as financial adviser and Sidley Austin LLP as legal adviser.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

About Frontier Infrastructure
Frontier Infrastructure is a leading developer of low-carbon infrastructure solutions across the Mountain West and Texas, specializing in integrated power generation and carbon capture and storage projects. The company is at the forefront of industrial decarbonization, providing scalable, permanent carbon storage and behind-the-meter power solutions to support growing regional energy demand. For more information, please visit www.frontierccus.com.

For more information, please contact:

Baker Hughes Media Relations
Chiara Toniato
+39 3463823419
chiara.toniato@bakerhughes.com

Tailwater Capital Media Relations
Jill McMillan
Managing Director, Communications & Public Affairs
+1 214-489-7047
jmcmillan@tailwatercapital.com

Baker Hughes Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Tailwater Capital Investor Relations
John Schaufele
Managing Director, Investor Relations & Fundraising
Phone: 214-489-7043
Email: jschaufele@tailwatercapital.com

For Inquiries Related to Frontier Infrastructure
Email: info@frontierccus.com

The MIL Network –
March 4, 2025
MIL-OSI: Enphase Energy Increases Deployments of Legacy NEM System Expansion Solution in California

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced increased deployments of its solution for expanding legacy net energy metering (NEM) solar energy systems in California as utilities streamline their approval process. Homeowners can now expand their systems without losing NEM status for their existing setup, thanks to new Enphase^® Energy System™ configurations with IQ^® Microinverters, IQ^® Batteries, and Enphase Power Control.

Enphase first announced its solution for expanding legacy NEM systems in California last year. Since then, the application process for installing these systems with the top utilities in California has improved to support a more streamlined process. Hundreds of systems have been approved already, with many more expected to be approved soon.

Many California solar homeowners are consuming more energy than they produce due to increasing home and transportation electrification. Previously, those on legacy NEM programs (1.0 and 2.0) couldn’t expand their systems without transitioning to NEM 3.0, which offers lower export rates. Now, with new Enphase system configurations and a power control feature, homeowners can expand their systems while retaining legacy NEM benefits. The existing system can continue exporting to the grid, while the new system is restricted from grid exports and designed to serve increased household consumption. This will help homeowners meet rising energy needs, lower electricity bills, and create more business opportunities for installers. Installers should check with their regional California utility for details on potential charges associated with implementing the new systems. Watch an explainer video from the Enphase Training Team here.

“California utilities streamlining the approval process for expanding legacy systems has enabled us to more efficiently and effectively serve our customers,” said Mike Teresso, president at Baker Electric Home Energy. “Enphase’s solution is helping us meet growing energy demands while giving homeowners the flexibility they need for the future.”

“We appreciate utilities simplifying the approval process for legacy NEM expansions in California,” said John Almond, CEO of Semper Solaris. “Our customers want to add more solar and storage without losing the value of their existing systems, and now they can do just that. This is a win for homeowners and a huge opportunity for installers like us to help more people take control of their growing energy needs.”

“Expanding solar systems under legacy NEM used to be a challenge,” said Ed Murray, president of Aztec Solar. “Now, California’s application process is more streamlined, and Enphase’s innovative solution allows us to easily design solutions enabling savings and giving homeowners more energy independence. This is a big step forward for California solar!”

In addition, Solargraf^®, Enphase’s design and proposal software platform, can help installers seamlessly design and generate proposals for expanded legacy NEM systems. For new systems, the platform can also optimize solar and battery projects to help enable maximum savings under the new California solar rules.

“This is exactly the kind of progress we want to see – utilities making it easier for homeowners to expand their clean energy systems without unnecessary barriers,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “Our software and hardware solution, combined with a more efficient utility approval process, enables homeowners to get more value from solar and battery systems and installers to expand their business quickly. We’re committed to supporting installers and homeowners as they navigate these new opportunities.”

For more information about Enphase’s solution for expanding legacy NEM solar energy systems in California, please visit the Enphase website (Installers and Homeowners).

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the U.S. and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Power Control; expectations related to cost savings; and the timing of new features for Solargraf. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

Contact:

Enphase Energy

press@enphaseenergy.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

March 4, 2025

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