The World’s Elite Koi Breeders, Judges, and Hobbyist Converge in Las Vegas for the Ultimate Global Competition in Art, Innovation, and Aquaculture.
Las Vegas will shimmer with color, culture, and creativity as the All American Koi Show 2026 (AAKS) returns – bigger, BOLDER, and more internationally connected than ever before. The three-day event celebrates the artistry of koi fish and the powerful intersection of tradition, entrepreneurship, competition, and entertainment.
All American Koi Show 2026 Las Vegas
International koi breeders and enthusiasts gathered for the All-American Koi Show 2026 in Las Vegas, USA.
AAKS 2026 will unite world-renowned Japanese judges, business pioneers, and global enthusiasts in one unforgettable weekend experience. From hands-on pond-building apprenticeships to an exclusive banquet and celebrity-filled after-parties, the event is designed to engage every sense and every level of passion for koi culture.
“AAKS isn’t just about competition – it’s about connection,” says Hector Mardueno, founder of W. Lim Corporation & the All American Koi Show. “We’re blending East and West, legacy and innovation, business and art, all through the koi’s timeless symbolism of perseverance and beauty.”
The event will feature eight integrated experiences, each highlighting a distinct side of the global koi movement:
Each experience flows into one shared mission – to elevate koi culture to a global art form and create new bridges between innovation, entrepreneurship, and tradition.
AAKS 2026 is expected to draw guests from across the America’s, All Asia, and Europe, attracting luxury sponsors, global media, and collectors worldwide.
The latest iteration of the innovative Gambit Series of unmanned combat air vehicles (UCAV) from General Atomics Aeronautical Systems, Inc.(GA-ASI) is Gambit 6, a collaborative combat aircraft (CCA) that adds air-to-ground operations to its already proven air-to-air capability. The multi-role platform is optimized for roles such as electronic warfare, suppression of enemy air defenses (SEAD), and deep precision strike, making it a versatile option for evolving defense needs.
Air forces throughout the world are looking to air-to-ground-capable CCAs to enhance operational capabilities and address emerging threats in a denied environment. Gambit 6 is being developed to meet the corresponding need for adaptability, scalability, and mission-specific performance.
“These are real threats, and they require real solutions,” said GA-ASI President David R. Alexander. “The modular architecture and signature-reducing internal weapons bay of Gambit 6 allow for easy integration of advanced autonomy, sensors, and weapons systems, ensuring the aircraft can adapt to a wide range of operational scenarios.”
Airframes will be available for international procurement starting in 2027, with European missionized versions deliverable in 2029. GA-ASI is building industry partnerships throughout Europe with the aim of providing sovereign capabilities for all its platforms.
GA-ASI’s Gambit Series envisions multiple CCA variants rapidly reconfigured from a common core, enabling substantial commonality for rapid and affordable production at scale.
The Gambit Series is a modular family of unmanned aircraft designed to meet diverse mission requirements, including intelligence, surveillance, and reconnaissance; multi-domain combat; advanced training; and stealth reconnaissance. It’s built around a common core platform that accounts for a significant proportion of the aircraft’s hardware, including the landing gear, baseline avionics, and chassis. This shared foundation reduces costs, increases interoperability, and accelerates the development of mission-specific variants like Gambit 6.
By leveraging specialized configurations and advanced autonomy, Gambit aircraft offer tailored capabilities that enhance operational efficiency, reduce costs, and improve survivability in contested environments. One Gambit derivative is the U.S. Air Force’s YFQ-42A, developed as part of that service’s effort to field an AI-enabled uncrewed wingman. Based off the original Gambit 2 concept, the YFQ-42A is designed to complement human-crewed fighters like the F-35 and Next-Generation Air Dominance (NGAD) systems, expanding sensing, weapons capacity, and survivability in contested airspace.
The original concept for Gambit was announced three years ago and was based on four models. Gambit 1 is a nimble sensing platform optimized for long endurance; Gambit 2 adds the provision for air-to-air weapons; Gambit 3 looks much like Gambit 2 but is optimized for a complex adversary air role; Gambit 4 is a combat reconnaissance-focused model with no tail and swept wings. Then in 2024, GA-ASI announced Gambit 5 for ship-based CCA operations.
About GA-ASI General Atomics Aeronautical Systems, Inc., is the world’s foremost builder of Unmanned Aircraft Systems (UAS). Logging more than 9 million flight hours, the Predator® line of UAS has flown for over 30 years and includes MQ-9A Reaper®, MQ-1C Gray Eagle®, MQ-20 Avenger®, and MQ-9B SkyGuardian®/SeaGuardian®. The company is dedicated to providing long-endurance, multi-mission solutions that deliver persistent situational awareness and rapid strike.
Avenger, EagleEye, Gray Eagle, Lynx, Predator, Reaper, SeaGuardian, and SkyGuardian are trademarks of General Atomics Aeronautical Systems, Inc., registered in the United States and/or other countries.
Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the “Company” or “MILI”) is pleased to report the commencement of a 10 hole, 2500-meter, definition drilling campaign at the company’s 100% owned flagship Trojarová Antimony Gold Project (the “Project”) in Slovakia, and the appointment of David Murray P.Geo as Vice President of Exploration.
Highlights of the Campaign Include:
Up to 10 diamond drillholes (see drill hole map below)
Up to 2500m of drilling
7 holes designed to confirm historical drilling results and update SLR Consulting’s ongoing mineral resource estimate on the Project
3 holes designed to test the deposit for NW strike continuity
Scott Eldridge, Chief Executive Officer of the Company, commented, “The commencement of this drilling campaign at our flagship Trojarová Project is a milestone achievement. The results of this program will allow for the completion of the Project’s mineral resource estimate early in 2026 and serve as a launch pad for continued advancement of this strategic asset. Furthermore, on behalf of the board, management and our shareholders, I am excited to welcome David Murray as our Vice President of Exploration. He brings 15 years of international mineral industry experience. I look forward to working directly with David to unlock the geological potential of our antimony portfolio. His technical skills will be an asset to the Company. I also wish to sincerely thank Mr. Avrom Howard for his invaluable contributions to the role of VP Exploration over the past year.”
History of the Project and Historical Resource
Discovered nearly fifty years ago, Trojarová was the focus of extensive surface and underground exploration over 2km of strike length between 1983 and 1995, including 63 diamond drillholes totaling 14,330 meters, and 1.7 kilometers of underground workings. Historical exploration efforts culminated in a historical mineral resource estimate published by the Slovak Geological institute in 1992 (see “Historical Resource Estimates” below). Per this historical estimate, at a cut-off grade of 1.0% antimony, Trojarova hosts 2.46 million tonnes averaging 2.47% antimony and 0.635 grams per tonne gold in a mineralized zone averaging 3.32 meters wide, containing approximately 60,000 tonnes of antimony insitu. The historical estimate at Trojarová was classified using the Slovak version of the newly post-Soviet Russian classification system, which uses categories not directly comparable to modern standards as defined by the Canadian Institute of Mining, Metallurgy & Petroluem (“CIM”) Definition Standards for Mineral Resources & Mineral Reserves. The Slovak Geological Institute, the State agency that carried out all exploration and underground development work at Trojarová, classified the resource as “P1” in the Slovak version of the Russian classification system. P1 is most comparable in CIM’s classification system to “Inferred Mineral Resources,” which is defined by the CIM as that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. A qualified person has not done sufficient work to classify the historical estimate as current, and the Company is not treating the historical estimate as current. For additional information relating to the historical estimate see below under the heading “Historical Resource Estimates”.
The Company announced January 8th, 2025, that SLR Consulting had been engaged to complete a modern mineral resource estimate of the Trojarová Project. The current drill program supports this work by seeking to confirm historical results and validate preliminary resource models.
Preliminary modelling of historical data indicates the Trojarová deposit may display a trend of thickening and increasing antimony grades to the NW. The Company has targeted projected extensions of the deposit along this vector with 3 of the 7 planned drillholes with the aim to expand the current extents of the known deposit.
Appointment of New Vice President of Exploration
Mr. Murray is a professional geoscientist with 15 years of experience in mineral exploration and mining. His technical experience has been gathered throughout the Americas and Europe in exploration and resource geology roles, with various technical consultancies and major mining companies including Goldcorp and Newmont. David’s commodity experience is diverse specializing in orogenic gold systems and including porphyry deposits, volcanogenic massive sulphide (VMS) deposits, magmatic Ni + Cu + PGE, carbonate hosted Zn, Pb + Ag, HREE and LREE as well as LCT Li pegmatites and Li brine deposits. Mr. Murray holds a Bachelor of Science with an Advanced Major in Geoscience from St. Francis Xavier University in Antigonish, Nova Scotia.
Mr. Murray’s top technical priority will be to unlock shareholder value through the definition and growth of mineral resources at Trojarová and MILI’s other antimony and related critical metals projects, along with assessing additional opportunities that may come to the Company’s attention. MILI welcomes him to its executive management team on behalf of the Company’s shareholders.
Figure 1. Historical and proposed diamond drillholes at the Trojarová antimony & gold project, western Slovakia.
Discovered in the late 1970s, Trojarová was the focus of extensive surface and underground exploration from 1983 to 1995, with 63 core holes for a total of 14,330m, and 1.7km of underground workings completed. Efforts continued over the years as additional trenches were dug, and holes were drilled. Starting in 1990, underground development work began ultimately comprising a 300-meter-long adit connected to a 700-plus meter-long drive in the footwall of the mineralized zone with seven crosscuts into the mineralized zone for sampling purposes. These efforts culminated in a multi-volume study comprising drill logs, analyses, drill plans, maps and sections, deposit model studies, petrographic studies, metallurgical studies and more, culminating in a multi-volume compendium of reports produced by the Slovak Geological Institute published in 1992.
Options Grant
The Company is pleased to announce it has granted an aggregate of 300,000 stock options (the “Options“) to David Muray to purchase 300,000 common shares (the “Shares“) in the capital of the Company pursuant to the Company’s share option plan (the “Option Grant“). The Options, which vest immediately, are exercisable at an exercise price of $0.50 per Share for a period of five years from the date of grant.
The technical contents of this release were reviewed and approved by David Murray, P.Geo, VP-Exploration for Military Metals and a qualified person as defined by National Instrument 43-101.
For more information about Military Metals Corp. and its critical minerals initiatives, please visit: https://www.militarymetalscorp.com.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition, exploration and development of mineral properties with a focus on antimony.
This news release includes disclosure of a historical resource estimate. A qualified person has not done sufficient work to classify the historical estimate included in this Presentation as current mineral resources or mineral reserves. The Company is not treag the historical estimate as current mineral resources or mineral reserves.
The historical estimate quoted in this Presentation related to the Trojarova Property was taken from a compendium produced by the Slovak Geological Survey, completed in March 1992 based on exploration work undertaking in the 1980s and 1990s. It is entitled (English translation): “FINAL JOB REPORT, PEZINOK-TROJAROVA, Geological Survey State Enterprise”, report compendium number 78406 (Michel et al, 1992).
The Slovak Geological Institute, the state agency that carried out all exploration and underground development work at Trojarová, classified the historical resources as “P1” and “C2” in the Slovak version of the Russian classification system, respectively. These are closest within the Canadian Institute of Mining, Metallurgy & Petroleum’s (“CIM”) classification system to “inferred mineral resources,” which is defined by the CIM as that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes.
The historical work carried out appears comprehensive, detailed and at a professional standard. The Company considers this historical data to be relevant as the Company will use these data as a guide to plan future exploration programs. The Company also considers the data to be reliable for these purposes. However, considerable work needs to be completed before it will be possible to classify mineralization documented at Trojárova as current mineral resources. The historical drill logs need to be translated and transcribed into a logging format suitable for resource estimation purposes. All historical collar locations along with the underground maps need to be digitized and georeferenced. All data need to be transferred to an independent, arm’s length resource estimation specialist so that a three-dimensional digital deposit model can be constructed, based upon which the number, length and orientation of twin and infill holes necessary so that the historical resource can be classified as current mineral resources can be determined.
Forward-Looking Information
This news release contains “forward-looking information”. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this news release includes the future drilling and exploration work at Trojarová, the development of a custom antimony analytical standard, the continuation of the value of antimony, and the future needs of Europe and the E.U. specifically. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. These include geopolitical developments related to the supply and value of antimony, the continued use of antimony and availability of alternatives, availability of capital and labour in respect of the property that is the subject of this news release, the results of any future exploration activities, which cannot be guaranteed, and any other future activities in respect of the property held by the Target. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR+ profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
PropertyGuru, Southeast Asia’s leading property technology company, unveiled the winners of the 15th PropertyGuru Asia Property Awards (Singapore) at a black-tie gala today in Andaz Singapore.
Supported by Mitsubishi Electric Asia, the 2025 PropertyGuru Asia Property Awards (Singapore) honoured the year’s finest real estate achievements in 44 categories, celebrating excellence in property development, design, and individual leadership.
City Developments Limited won the Best Developer award for the first time since 2016, a victory complemented by a win for its project, Union Square Residences.
Chia Ngiang Hong, group general manager of City Developments Limited (CDL), received the inaugural Life Achievement Award, acknowledging his over four decades of exceptional service to the Singapore property market and his exemplary leadership at the Real Estate Developers’ Association of Singapore (REDAS).
Frasers Property Singapore was awarded Best Lifestyle Developer, alongside a win for Sky Eden@Bedok. Parc Greenwich, the company’s joint venture with CSC Land Group (Singapore), was also a winner.
Soon Su Lin, chief executive officer of Frasers Property Singapore, was named Real Estate Personality of the Year for her strategic investments in sustainability, inclusive developments, and ambitious vision for retail and luxury development in the country.
IOI Properties Group emerged as the programme’s most prolific winner, earning the Best Transnational Developer title. Its subsidiary, IOI Properties Singapore, collected four trophies for W Residences Marina View – Singapore, one trophy for W Singapore – Marina View, and two for IOI Central Boulevard Towers.
UOL Group Limited returned this year with two titles: Best Sustainable Developer and Best Residential Developer. Parktown Residence, its joint venture with CapitaLand Development and Singapore Land Group Limited, won four awards.
Upperhouse at Orchard Boulevard, a joint venture between UOL Group Limited and Singapore Land Group Limited, won the prestigious Best Condo Development (Singapore) award. University Road Developments, a project by Best Landed Developer winner Jean Yip Developments, was named Best Boutique Landed Housing Development and Best Housing Development (Singapore).
Allgreen Properties Limited won Best Luxury Developer, along with a trophy for Promenade Peak, while Apex Asia Development Pte. Ltd. won Best Breakthrough Developer, supported by two wins for Artisan 8 by Apex Asia (2) Pte. Ltd. and Food Point @ Tai Seng by Tai Seng Food Point Development Pte. Ltd. The Assembly Place also returned this year with a win for Best Co Living Operator.
The 2025 PropertyGuru Asia Property Awards (Singapore) honoured an array of developments, led by One Marina Gardens by Kingsford Marina Development Pte Ltd and River Green by Wing Tai. Other winning projects this year include Otto Place by Hoi Hup Realty Pte Ltd & Sunway Developments Pte Ltd; Tampines Connection by Soilbuild Group Holdings Ltd; and The Golden Mile by Perennial Holdings Pte Ltd and Far East Organization.
Rounding out the individual honours, Oliver Siah, co-founder and managing director of Fraxtor Group, was named Rising Star for his pioneering use of blockchain technology to democratise real estate investment.
Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “Singapore’s legacy as a garden city is reflected in our award winners this year with innovative spaces to live, work, and thrive in harmony with nature. The winning developments clearly demonstrate a profound respect for their surroundings, whether by blurring the lines between indoors and outdoors, or sensitively preserving heritage. With transnational reach and homegrown expertise, our awardees deliver generously scaled, flexible spaces, from large-scale residences to innovative industrial projects. As we mark our 15th-year milestone in Singapore, we celebrate the achievements of developers that go for the gold standard in all aspects of design and development.”
Roy Ling, the new chairperson of the PropertyGuru Asia Property Awards (Singapore) judging panel, said: “As we mark the 15th edition of the Awards, we celebrate more than architectural beauty—we honour innovation, purpose, and impact. This year’s winners remind us that great real estate is both future-ready and community-centred. From mega-developments to thoughtful heritage conservation, the award winners set new benchmarks for excellence. Congratulations to all—may your vision continue to shape a Singapore where people don’t just live and work, but truly thrive.”
The independent panel of judges who selected this year’s winners consists of Roy Ling, CEO, board director, and adjunct professor, FollowTrade; Ar. Ivy Koh, director, Architecture + Design, Buildings + Cities, SJ Group; Dr Yeong Ming Keow, associate professor, National University of Singapore; Greg Shand, architect, Robert Greg Shand Architects; Henry Woon, director, Atelier Ten; Saravanan Sugumaran, managing director, Morrow Intelligence Pte Ltd; Shang Chai Chua, partner, Dentons Rodyk & Davidson LLP; and Zhenru Goy, principal architect, Goy Architects.
HLB Singapore Foo Kon Tan supervised the selection process under the leadership of Raymond Kong and Edwin Wee, upholding the fairness, transparency, and credibility of the awards.
The 15th PropertyGuru Asia Property Awards (Singapore) is part of the PropertyGuru Asia Property Awards series, which marks its historic 20th edition in 2025. Over the decades, the series has expanded from its home base of Thailand to markets such as Singapore, Australia, the Middle East, Mainland China, Hong Kong, Macau, Japan, Sri Lanka, Indonesia, Malaysia, the Philippines, and Vietnam.
Top winners of the PropertyGuru Asia Property Awards (Singapore) will compete for Best in Asia honours at the PropertyGuru Asia Property Awards Grand Final in Thailand on 12 December 2025.
Organised by PropertyGuru Group, the 15th PropertyGuru Asia Property Awards (Singapore) is supported by gold sponsor Mitsubishi Electric Asia; official portal partner PropertyGuru.com.sg; official magazine Property Report by PropertyGuru; media partners D+A Magazine, Gazet International, SquareRooms Magazine, Tatler Asia Homes, and Top 10 Singapore; supporting association Singapore Institute of Estate Agents; and official supervisor HLB.
COMPLETE LIST OF WINNERS15th PropertyGuru Asia Property Awards (Singapore)
DEVELOPER AWARDS
Best Developer WINNER: City Developments Limited
Best Transnational Developer WINNER: IOI Properties Group
Best Sustainable Developer WINNER: UOL Group Limited
Best Lifestyle Developer WINNER: Frasers Property Singapore
Best Luxury Developer WINNER: Allgreen Properties Limited
Best Residential Developer WINNER: UOL Group Limited
Best Landed Developer WINNER: Jean Yip Developments
Best Breakthrough Developer WINNER: Apex Asia Development Pte. Ltd.
Best Co Living Operator WINNER: The Assembly Place
DEVELOPMENT AWARDS
Best Mega Scale Luxury Condo Development WINNER: One Marina Gardens by Kingsford Marina Development Pte Ltd
Best Mega Scale Condo Development WINNER: Parktown Residence by CapitaLand Development, UOL Group Limited, & Singapore Land Group Limited
Best Ultra Luxury Condo Development WINNER: W Residences Marina View – Singapore by IOI Properties Singapore
Best Luxury Condo Development WINNER: Upperhouse at Orchard Boulevard by UOL Group Limited & Singapore Land Group Limited HIGHLY COMMENDED: Promenade Peak by Allgreen Properties Limited
Best Boutique Condo Development WINNER: Artisan 8 by Apex Asia (2) Pte. Ltd.
Best Lifestyle Condo Development WINNER: W Residences Marina View – Singapore by IOI Properties Singapore
Best Completed Executive Condo Development WINNER: Parc Greenwich by Frasers Property Singapore & CSC Land Group (Singapore)
Best Executive Condo Development WINNER: Otto Place by Hoi Hup Realty Pte Ltd & Sunway Developments Pte Ltd
Best Private Condo Development WINNER: Sky Eden@Bedok by Frasers Property Singapore
Best Landed Housing Development WINNER: Springleaf Collection by The Assembly Place
Best Boutique Landed Housing Development WINNER: University Road Developments by Jean Yip Developments
Best Industrial Development WINNER: Tampines Connection by Soilbuild Group Holdings Ltd
Best Food Hub Development WINNER: Food Point @ Tai Seng by Tai Seng Food Point Development Pte. Ltd. HIGHLY COMMENDED: EcoFood @ Mandai by UnitedLand Development
Best Mixed Use Development WINNER: Union Square Residences by City Developments Limited
Best Lifestyle Commercial Development WINNER: Odeon by UOL Group Limited
Best Heritage Conservation Development WINNER: The Golden Mile by Perennial Holdings Pte Ltd and Far East Organization
Best Office Development WINNER: IOI Central Boulevard Towers by IOI Properties Singapore
Best Boutique Hotel Development WINNER: Social on Outram by The Assembly Place
Best Integrated Development WINNER: Parktown Residence by CapitaLand Development, UOL Group Limited, & Singapore Land Group Limited
Best Sustainable Development WINNER: River Green by Wing Tai
Best Co Living Space WINNER: Serene Living, managed by The Assembly Place
DESIGN AWARDS
Best Mega Scale Condo Architectural Design WINNER: Parktown Residence by CapitaLand Development, UOL Group Limited, & Singapore Land Group Limited
Best Luxury Condo Architectural Design WINNER: Promenade Peak by Allgreen Properties Limited HIGHLY COMMENDED: River Green by Wing Tai HIGHLY COMMENDED: Upperhouse at Orchard Boulevard by UOL Group Limited & Singapore Land Group Limited
Best Office Architectural Design WINNER: IOI Central Boulevard Towers by IOI Properties Singapore
Best Sales Gallery Architectural Design WINNER: W Residences Marina View – Singapore by IOI Properties Singapore
Best Ultra Luxury Condo Interior Design WINNER: W Residences Marina View – Singapore by IOI Properties Singapore
Best Luxury Condo Interior Design WINNER: Upperhouse at Orchard Boulevard by UOL Group Limited & Singapore Land Group LimitedHIGHLY COMMENDED: Promenade Peak by Allgreen Properties Limited
Best Mega Scale Condo Landscape Design WINNER: Parktown Residence by CapitaLand Development, UOL Group Limited, & Singapore Land Group Limited
Best Luxury Condo Landscape Design WINNER: River Green by Wing TaiHIGHLY COMMENDED: Promenade Peak by Allgreen Properties Limited
Best Hotel Interior Design WINNER: W Singapore – Marina View by IOI Properties Singapore
BEST OF SINGAPORE
Best Condo Development (Singapore) WINNER: Upperhouse at Orchard Boulevard by UOL Group Limited & Singapore Land Group Limited
Best Housing Development (Singapore) WINNER: University Road Developments by Jean Yip Developments
INDIVIDUAL AWARDS
Life Achievement Award WINNER: Chia Ngiang Hong, Group General Manager, City Developments Limited (CDL)
Real Estate Personality of the Year WINNER: Soon Su Lin, Chief Executive Officer, Frasers Property Singapore
Rising Star WINNER: Oliver Siah, Co-Founder and Managing Director, Fraxtor Group
ABOUT PROPERTYGURU ASIA PROPERTY AWARDS:
PropertyGuru’s Asia Property Awards, established in 2005, are the region’s most exclusive and prestigious real estate awards programme. The Asia Property Awards are recognised as the ultimate hallmark of excellence in the Asian property sector. Boasting an independent panel of industry experts and trusted supervisors, the Awards have an unparalleled reputation for being credible, ethical, fair, and transparent.
In 2025, the Awards series is open to key property markets around the region. The exciting gala events welcome senior industry leaders and top media, as well as reach property agents and consumers via live streaming. Recognising excellence within each Asian market with a variety of categories, including green and sustainable development, each local awards programme will culminate in the PropertyGuru Asia Property Awards Grand Final, which takes place after the PropertyGuru Asia Real Estate Summit during PropertyGuru Week in December 2025.
PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 32 million property seekers monthly2 to connect with over 50,000 agents3 monthly to find their dream home. PropertyGuru empowers property seekers with more than 2.1 million real estate listings4, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, and Vietnam.
PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 18 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its markets in Singapore, Malaysia, Vietnam, and Thailand as well as the region’s biggest and most respected industry recognition platform – PropertyGuru Asia Property Awards, events, and publications across Asia.
(1) Based on SimilarWeb data between July 2024 and December 2024. (2) Based on Google Analytics data between July 2024 and December 2024. (3) Based on data between October 2024 and December 2024. (4) Based on data between July 2024 and December 2024.
PROPERTYGURU CONTACTS:
General Enquiries: Richard Allan Aquino, Head of Brand & Marketing Services M: +66 92 954 4154 E: allan@propertyguru.com
Media & Partnerships: Nate Dacua, Senior Manager, Media and Marketing Services M: +66 92 701 2510 E: nate@propertyguru.com
Focus Graphite Inc. (TSXV: FMS) (OTCQB: FCSMF) (FSE: FKC0) (“Focus” or the “Company“), a leading developer of high-grade flake graphite deposits and innovator of next-generation lithium-ion battery technology, is pleased to announce that it has been selected by Natural Resources Canada (“NRCan“) under the Global Partnerships Initiative (“GPI“) for conditional approval of a non-repayable contribution of up to $14,062,500 pending final due diligence. The funding will support Focus Graphite’s project, “Transformation of Canadian Flake Graphite into Ultra-High Purity Battery & Advanced Materials Using Electrothermal Fluidized Bed Technology” (the “Project“). The Project unites Canadians, Ukrainian, and American partners to produce ultra-high purity graphite for global battery, aerospace, defence, and advanced material markets.
Highlights:
Up to $14.1 Million Non-Repayable Federal Contribution Funding: Announced by the Honourable Tim Hodgson, Minister of Energy and Natural Resources, at the G7 Energy and Environment Minister’s Meeting in Toronto under NRCan’s Global Partnerships Initiative (GPI), to support the establishment of Canada’s first commercial, scalable electrothermal fluidized bed purification demonstration facility, advancing domestic critical mineral processing capacity and creating skilled Canadian jobs.
Environmentally Friendly Technology: This continuous process produces ultra-high purity graphite with zero liquid waste, lower emissions, and an ESG-aligned pathway to supply advanced battery, defence, aerospace, and clean technology markets.
International Collaboration: Engineering led by Ukraine’s Thermal & Material Engineering Center, using Canadian graphite feedstock and U.S.-based American Energy Technologies Company’s expertise in electrothermal purification, with final assembly in Canada.
BEACONS Battery Prototyping Partnership: Focus has partnered with the University of Texas at Dallas, representing the BEACONS Battery Prototyping Facility, a U.S. Department of War-supported research and development center dedicated to strengthening North American energy and materials security.
Path to Commercialization: This initiative establishes the foundation for large-scale production of Quebec-sourced graphite from Lac Knife and Tetepisca, supporting Canada’s goal of secure, allied, and sustainable critical-mineral supply chains.
This represents the largest federal award in the Company’s history, supporting the development of Canada’s first chemical-free continual fluidized electrothermal purification demonstration facility for natural flake graphite. The Project will use Quebec-sourced feedstock from Focus’s Lac Knife and Lac Tetepisca deposits, two of North America’s highest-grade natural graphite resources, to produce ultra-high-purity (>99.95% C) graphite, suitable for battery, aerospace, defence, nuclear and a host of advanced-material applications, including graphene. The Company may access the contribution funding up until March 2028.
The continuous electrothermal fluidized bed technology initiative will be carried out through collaboration with Ukraine’s Thermal & Material Engineering Center (“TMEC“). TMEC will lead full project management for the demonstration unit, overseeing engineering design, construction, fabrication, system integration, and training. The company brings extensive experience in the design, engineering, and management of advanced high-temperature reactor systems and continuous fluidized bed technology development. American Energy Technologies Company (“AETC“), a recognized specialist in carbon materials, electrothermal purification, and fluidized bed furnace technologies, will continue providing processing and thermal purification services to support near-term customer sampling and product qualification.
Over the past several years, the Company has invested substantial time and capital to de-risk the purification pathway, working with U.S.-based AETC to validate the process on Lac Knife graphite feedstock. Detailed characterization confirmed that impurities in Focus’s natural flake graphite occur predominantly along the flake boundaries rather than within the crystalline lattice, a feature that makes the material particularly responsive to high-temperature electrothermal purification. Using AETC’s proprietary electrothermal fluidized-bed furnace, Focus successfully achieved over 99.999%+ C (five-nine purity or nuclear grade) without any chemical reagents. These results validated the scalability and environmental integrity of the process, laying the foundation for today’s GPI-funded demonstration facility and its potential extension into rare earth element (REE) purification applications. As construction of the Canadian demonstration facility proceeds, Focus expects to continue working closely with AETC to purify additional material through its commercial-scale furnace, supporting near-term customer sampling, product qualification, and market off-take engagement. This parallel commercialization strategy ensures uninterrupted material availability while advancing the Company toward domestic electrothermal processing capacity.
This initiative will also strengthen several ongoing partnerships, including Focus Graphite’s upcoming work with the University of Texas at Dallas’s BEACONS (“BEACONS“) Battery Prototyping Facility, a U.S. DoW-supported research and development center dedicated to strengthening North American energy and materials security battery prototyping facility, which will accelerate the development, validation, and commercialization of this green purification technology. BEACONS will independently evaluate and qualify Focus’s purified graphite and siliconized anode materials for defence and dual-use battery applications.
Collectively, these collaborations represent the first of several anticipated global partnerships, combining Ukrainian engineering innovation, Canadian critical-mineral resources, and U.S. defence-focused validation, as Focus Graphite advances its strategy to ship purified material worldwide for testing, validation, and qualification across commercial, aerospace, and defence markets.
“We are grateful to NRCan for its support and vision in assisting Focus Graphite and companies like ours in achieving our shared goal of securing North American supply chains for Canada and its G7 partners,” said Dean Hanisch, CEO of Focus Graphite. “This project represents Canada’s first commercial, scalable, continuous electrothermal fluidized bed purification system, powered entirely by renewable hydroelectricity and operating without the use of chemicals. NRCan’s financial support is instrumental in advancing this breakthrough initiative, helping to accelerate domestic processing capacity and strengthen Canada’s position in the global critical minerals sector. It marks a significant step toward building a sustainable ecosystem that supports advanced battery, defence, aerospace, and clean technology applications.”
“Research and development are at the heart of building resilient and sustainable critical mineral supply chains. Through the G7 Critical Minerals Action Plan, we are collaborating with trusted international partners to advance innovative projects – like the work led by Focus Graphite – that reduce environmental impacts, maximize production and strengthen Canada and our allies’ competitive edge,” said the Honourable Tim Hodgson, Minister of Energy and Natural Resources.
“Research and development are the driving forces behind Canada’s leadership in critical minerals. Through strategic collaboration with international partners and innovative companies like Focus Graphite, we are accelerating breakthroughs across the supply chain – from exploration to processing – ensuring our solutions are sustainable, competitive and globally impactful,” added Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources.
Engineering Partnership with TMEC: Building Canada’s First Electrothermal Purification System
Focus has entered into a formal Memorandum of Understanding (“MOU“) with Thermal & Material Engineering Center LLC (“TMEС“) on October 6, 2025, to engineer, project manage and deliver the installation of a demonstration-scale electrothermal fluidized bed (“EFB“) furnace capable of continuous purification of natural graphite at industrial temperatures exceeding 2,500 °C.
Under the MOU:
TMEC will design and engineer the complete EFB system, including process flowcharts, power and gas management, automation, and control integration.
The furnace and all components will be fabricated and constructed locally in Canada under TMEC’s technical supervision, allowing Focus Graphite to build domestic expertise, ensure secure project delivery, and support local economic development.
The system will be designed for 100 kg/hour capacity, providing the foundation for a scalable commercial demonstration facility in Baie-Comeau or Sept-Îles, Quebec.
Focus Graphite will retain full operational ownership, including unrestricted commercial use of the system and all purified graphite output.
TMEC will provide operational training, documentation, and process integration know-how, ensuring effective technology transfer to Focus Graphite and contributing to the development of long-term technical expertise and manufacturing capability within Canada.
“Thermal & Material Engineering Center LLC is proud to collaborate with Focus Graphite Inc. and deeply appreciates the support of the Government of Canada in fostering strong partnerships between Ukraine and Canada. This cooperation not only strengthens our industrial and technological ties but also contributes to supporting Ukraine’s economy during a pivotal time. We are excited to work alongside Focus Graphite to bring this innovative and environmentally friendly graphite purification technology to Canada. This project advances chemical-free processing of critical minerals and supports Canada’s goals of building secure, sustainable, and resilient North American supply chains”, said Simon Hubynskyi, CEO.
BEACONS Collaboration: North American Validation for Advanced Battery and Defence Applications
In parallel to its engineering partnership with TMEC, Focus has entered a non-binding Letter of Intent (“LOI“) on October 20, 2025 with The University of Texas at Dallas, representing the BEACONS Battery Prototyping Facility, a U.S. DoW supported research and development center dedicated to strengthening North American energy and materials security.
The project overview outlines a multi-phase validation program designed to demonstrate the performance of Focus’s purified anode materials in U.S. DoW standard battery systems.
Phase I: DoW-Standard 18650 Cell Prototyping: BEACONS will fabricate and test 18650-format lithium-ion battery cells using Focus Graphite’s purified natural flake graphite as the anode material. The program aims to generate statistically significant performance data including cycle life, energy density, and charge-retention metrics to establish a validated, North American source of graphite anode material suitable for integration into U.S. and Canadian defence and energy platforms
Phase II: Siliconized Graphite Development: BEACONS intends to collaborate further with Focus Graphite to develop a next-generation siliconized graphite anode, utilizing Focus’s patent pending process and a North American-sourced, non-silane silicon feedstock. This program will prototype Unmanned Aerial Systems (UAS)-standard pouch cells, with the goal of creating a commercially viable, high-energy-density anode that advances energy storage capabilities for both the U.S. DoW and Canada’s Department of National Defence (“DND“).
Network-Wide Integration: Upon successful validation, the purified graphite will be made available through BEACONS’ network of users which includes cell manufacturers, equipment developers, and academic researchers-for further testing with complementary cathode and electrolyte systems, reinforcing cross-border supply-chain interoperability.
This collaboration positions the Company at the center of North American anode-material validation, linking Canadian upstream resources to U.S. defence-grade testing and commercialization pipelines. Beyond these initial efforts, both parties recognize the potential to expand into testing and validation of additional advanced materials within BEACONS’ network, creating a foundation for ongoing joint research and product development across the allied energy and defence ecosystem.
“We identified BEACONS as the ideal collaborator for this vertical given its DoW supported mandate to validate next-generation energy materials under real-world defence and flight-system testing standards,” said Jason Latkowcer, VP Corporate Development. “For investors and allied industries, this collaboration represents a gateway for Focus Graphite into North American and NATO supply chains, helping reduce dependency on adversarial sources and ensuring that critical defence and aerospace equipment are never reliant on foreign-controlled materials.”
“The G7’s focus on critical minerals highlights the urgency of strengthening domestic energy infrastructure. This collaboration positions UT Dallas’s BEACONS as a hub where innovative materials meet rigorous testing and validation, translating promising technologies into deployable solutions for the North American market,” said Dr. Joseph Pancrazio, VP for Research and Innovation at UT Dallas.
Advancing Canada’s Strategic and Environmental Independence in Critical Minerals
The GPI funding will help Canada strengthen secure and low-carbon critical mineral supply chains while reducing dependence on purification infrastructure currently dominated by other countries. Using electrothermal fluidized-bed technology, Focus will demonstrate a clean and scalable purification process.
This project aligns with the goals of Canada’s Critical Minerals Strategy by establishing a domestic purification capability for Canadian-sourced graphite. It will create skilled jobs, support regional economic development, and enable Canadian-controlled production of battery-grade materials. By building this homegrown purification capacity, Focus is helping Canada and its allies process and qualify critical materials within North America, advancing environmental responsibility, energy security, and manufacturing resilience.
Expanding Allied Market Access and Global Qualification Pathways
Through this GPI-funded initiative, Focus will produce and distribute qualification samples to G7 and NATO-aligned partners. The project will also establish Canada’s first commercial-scale graphite purification hub, offering mines, research institutions, and manufacturers a sustainable alternative to imported materials. This initiative directly addresses Canada’s upstream bottleneck in establishing domestic large-scale purification capacity, and complements Ottawa’s Critical Minerals Strategy. Focus looks forward to updating local First Nations communities as the Project advances, to explore opportunities for participation, collaboration, and shared economic benefits in the spirit of respect and partnership.
Focus’s electrothermal platform is designed for clean, high-temperature purification of graphite and, over the longer term, may be adaptable to rare earth element (REE) purification. Current REE processing already uses thermal and pyrometallurgical techniques such as vacuum distillation, molten-salt electrolysis, and fluidized-bed calcination to achieve ultra-high purities. As the demonstration advances, Focus plans to collaborate with Canadian research institutions (e.g. the National Research Council of Canada) to explore how its electrothermal technology could apply to selective impurity removal and de-oxidation in REE flowsheets, potentially opening new avenues for clean, domestic processing of strategic materials.
Qualified Person
Dr. Joseph Doninger, Focus Graphite’s Director of Technology and Manufacturing is the Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects – has reviewed and approved the technical content of this news release. Dr. Doninger is the developer and co-developer of a number of U.S., European and Canadian patents related to carbon processing methodologies and processing equipment. Also, a chemical engineer, Dr. Doninger is the author and co-author of some two dozen technical papers and studies related to graphite composite anodes; carbon-based materials for electrochemical energy storage systems; advanced graphite for Lithium-ion batteries and other related publications.
About the Global Partnerships Initiative (GPI)
Administered by Natural Resources Canada (NRCan), The GPI program fosters international collaboration on critical mineral development and technology deployment that enhance Canada’s leadership in sustainable resource processing, value-added manufacturing and supply-chain security.
About Thermal & Material Engineering Center LLC (TMEC)
TMEC is a leading engineering company specializing in the development and implementation of innovative, science-driven technologies in thermal engineering, thermal processing, chemical catalysis, and materials science. TMEC serves industrial enterprises and research laboratories worldwide.
TMEC’s base spans across the EU (Belgium, France, Ireland, Poland, Slovenia), North America (the U.S., Canada), and Australia.
As of today, TMEC offers a wide range of engineering services, including laboratory research, prototype validation, the design of laboratory and industrial equipment, and the implementation of technological solutions in various industries.
BEACONS fast-tracks energy storage innovation to reclaim domestic authority, closing critical battery technology and manufacturing excellence gaps. Its IP-secure prototyping facilities deliver trusted results, helping companies scale faster, build resilient supply chains, and bolster national security.
Based at The University of Texas at Dallas, BEACONS works with U.S. companies to drive transformative energy storage solutions essential to defense, industry growth, and economic stability from mining to cells to systems.
Supported by the Department of War’s Office of Industrial Base Policy and its Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office, BEACONS plays a key role in the Pathfinder program, accelerating the adoption of new technologies, onshore manufacturing capabilities, and workforce readiness to strengthen America’s energy leadership.
American Energy Technologies Co. (AETC) is a woman-owned, privately-held business which conducts operations out of the greater Chicago area. In its Wheeling, IL facility, AETC operates three business units: a manufacturing plant making battery-ready graphite and carbon materials, a pilot demonstration facility for battery materials and graphite dispersions, and a fully functional applications laboratory supporting the above business units.
AETC works with industrial partners and manufacturing groups worldwide, including the U.S. Department of War, to ensure materials meet performance standards and strategic requirements. Their facilities are equipped for testing, downstream processing, AI-driven manufacturing and carbon material development.
Focus Graphite Advanced Materials is redefining the future of critical minerals with two 100% owned world-class graphite projects and cutting-edge battery technology. Focus Graphite’s flagship Lac Knife project stands as one of the most advanced high-purity graphite deposits in North America, with a fully completed feasibility study. Lac Knife is set to become a key supplier for the battery, defence, and advanced materials industries.
Focus Graphite’s Lac Tetepisca project further strengthens our portfolio, with the potential to be one of the largest and highest-purity and grade graphite deposits in North America. At Focus, they go beyond mining – we are pioneering environmentally sustainable processing solutions and innovative battery technologies, including our patent-pending silicon-enhanced spheroidized graphite, designed to enhance battery performance and efficiency.
Focus Graphite’s commitment to innovation ensures a chemical-free, eco-friendly supply chain from mine to market. Collaboration is at the core of our vision. We actively partner with industry leaders, research institutions, and government agencies to accelerate the commercialization of next-generation graphite materials. As a North American company, we are dedicated to securing a resilient, locally sourced supply of critical minerals – reducing dependence on foreign-controlled markets and driving the transition to a sustainable future.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could,” “intend,” “expect,” “believe,” “will,” “projected,” “estimated,” and similar expressions, as well as statements relating to matters that are not historical facts, are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events.
In particular, this press release contains forward-looking information regarding, among other things, the anticipated benefits and potential outcomes of the Global Partnerships Initiative (“GPI”) funding award; the design, construction, and commissioning of the Company’s proposed electrothermal purification demonstration facility; the timing, scope, and success of collaborations with the Thermal & Material Engineering Center LLC (“TMEC”) of Ukraine, the University of Texas at Dallas’s BEACONS battery prototyping facility, and American Energy Technologies Co. (“AETC”); the ability of these partnerships to achieve stated technical, engineering, or commercial objectives; and the possible adaptation of the Company’s electrothermal technology to rare earth element purification. Forward-looking information also includes statements regarding the Company’s expectations concerning the scalability, cost-effectiveness, environmental performance, and commercial viability of its purification process; its ability to advance into future project phases or secure additional funding; the establishment of potential downstream or offtake partnerships; and the positioning of the Lac Knife and Lac Tetepisca projects as contributors to North American and allied critical-mineral supply chains.
All such forward-looking information involves known and unknown risks, uncertainties, and other factors-many of which are beyond the Company’s control-that may cause actual results, performance, or achievements to differ materially from those expressed or implied by the statements herein. Such factors include, but are not limited to, uncertainties relating to regulatory approvals, geopolitical events (including the ongoing conflict in Ukraine), supply-chain disruptions, inflationary pressures on capital expenditures, access to skilled labor and materials, fluctuations in graphite and energy markets, the ability to maintain project timelines, and the performance of third-party contractors and partners. There can be no assurance that anticipated technical milestones or commercial outcomes will be realized as planned, or at all.
Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, risks related to market conditions, regulatory approvals, changes in economic conditions, the ability to raise sufficient funds on acceptable terms or at all, operational risks associated with mineral exploration and development, and other risks detailed from time to time in the Company’s public disclosure documents available under its profile on SEDAR+.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties, and assumptions contained herein, investors should not place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.
Wintermar booked a 25.1%YOY rise in 9M2025 Operating Profit to US$14.7million, supported by an 11.6% increase in Owned Vessel Revenue and rising Gross Margins.
Owned Vessel Division
Owned Vessel Revenue rose by 11.6%YOY to US$50.3million for 9M2025, driven by a significant increase in High Tier vessel utilization to 76% for 9M2025 compared to 59% in 9M2024.
Average charter rates for our fleet have risen around 5% since end 2024 whereas average utilization for 9M2025 was 60.4%, lower than utilization rates of 67% achieved in 9M2024. The lower utilization stemmed from the large number of spot contracts for our mid-tier fleet in 2025, which is characteristic of this early phase of the oil and gas investment cycle where most of the OSV demand is for seismic/survey or the exploration and construction, where projects tend to be completed in several weeks. In the mid-tier segment, the utilization of HLB was lower in 3Q2025 compared to 2Q2025 due to completion of spot contracts.
Overall, the higher charter rates for the fleet compensated for lower overall fleet utilization this year, leading to a rise in gross margins for the Owned Vessel Division to 38% from 30% in 9M2024. Total Gross Profit for the Owned Vessel Division amounted to US$20.1million (+29.6%YOY) for 9M2025. Although the fleet is still impacted by fluctuations in quarter-to-quarter utilization as the majority of vessels are still on spot contracts, we are confident that there will be longer term contracts coming up in 2026-2027 as more projects head into the development and production phase of the oil and gas investment cycle.
Chartering Division and Other Services
Contribution from the Chartering Division has declined, with gross profit of US$0.35million for 9M2025 compared to US$1.2million in 9M2024. This was because a few chartered vessels completed a project which will not be resuming this year. This reduction has been offset by higher Gross Profit from Other Services, which rose 8.1%YOY to US$1.8million from an increase in commissions, fees and other service income.
Direct Expenses and Gross Profit
Total Owned Vessel Direct Costs rose by 2.2%YOY to US$30.2million for 9M2025, due to higher depreciation and crewing costs. Depreciation rose to US$10.5million (+3.6%YOY) with the operation of 3 additional HLB vessels and 1 PSV compared to 9M2024. Crewing costs roseto US$8.1million (+7.6%YOY) as a result of a higher number of Dynamic Positioning (DP) vessels in the fleet and higher salaries for crew on international contracts. Fuel costs are borne by charterers while a vessel is on contract, and with more high tier vessels chartered out compared to the previous year, the overall fuel expenses fell by 19.1% YOY to US$1.76million in 9M2025.
Indirect Expenses and Operating Profit
Total Indirect Expenses rose by 14%YOY or US$0.9million to US$7.5million for 9M2025, with salary costs, employee benefits and staff training accounting for US$0.6million of this increase. As our business has expanded internationally, we have invested more heavily into human resources, particularly in the technical and technology divisions, and expanded our crew training and development programs to invest in developing young marine graduates and electrical engineers to have practical experience on board our fleet to be ready for future international operations.
Operating Profit grew by 25.1% YOY to US$14.7million for 9M2025 compared to US$11.8million in 9M2024.
Other Income, Expenses and Net Attributable Profit
Net interest expenses rose by US$0.4million as higher interest expenses were offset by interest income. Net gearing stands at only 0.6% as at end September 2025.
Equity in Associate Companies fell to US$0.6million in 9M2025, from US$2.1million in 9M2024, due to poorer utilization in 3Q2025 and increased capital costs related to the award of a new long-term contract.
There were no vessel sales in 3Q2025, and only one vessel sold in 2Q2025, realizing a gain of US$1.7million for 9M2025. This represents a sharp decline compared to 2024 which included a large one-off gain booked from vessel sales in 2024 where the Company made US$17.4million from the sale of several vessels including a significant gain from the sale of a PSV.
Total Other Income for 9M2025 stood at US$1.3million which resulted in a net income before tax of US$16.1million for the nine months period year to date.
Net profit attributable to shareholders for 9M2025 amounted to US$9.2million compared to US$19.7million in 9M2024. Net income before Non-Controlling Interest in 9M2025 fell to US$14.4million compared to US$27.2million in 9M2024 which included the impact of the PSV sale.
EBITDA for 9M2025 rose by 15%YOY to US$25.5million, compared to US$22.1million in 9M2024. This reflects the strong cash flow enjoyed by the Company as most of the past vessel loans have been repaid.
Industry Outlook
The OSV industry was not spared from the global uncertainty in investor sentiment this year. Concerns over US tariffs and a potential global economic slowdown caused oil prices to trend lower, which led to a more cautious environment and delays in contract awards. Charter rates for OSVs which had risen sharply from 2021 to 2024 also saw a correction this year.
The Oil and Gas investment cycle is a long-term cycle over several years from award of concessions to production. Due to the lack of investment in new reserves over a 8-year period until 2021, we are firmly optimistic that the longer-term fundamentals indicate continued investment in oil and gas exploration.
In the Offshore Supply Vessel (OSV) industry, there has been nearly no newbuilding of high tier Dynamic Positioning (DP) equipped vessels from 2015 to 2022. The softening in OSV charter rates this year is expected to be short term in nature as the limited supply of operationally ready OSVs points to a sustained shortage of OSV supply in the coming years. This is illustrated in the chart below, which shows the active fleet compared with the small number of idle PSVs and charter rates for the period 2023-2025. From the data, demand continues to be high with overall global fleet utilization close to 90%.
Business Prospects
The short-term weakness in oil prices over the past quarter reflects the volatile geopolitical sentiment which has been driven by changing news flows more than industry fundamentals. The structural outlook for oil and gas supply support stable oil prices, resulting from years of underinvestment in new reserves. In 2025, there have been several projects in Indonesia which are still at the early stage of the investment cycle, where seismic and exploration work only necessitates spot contracts. This has caused volatility in our fleet utilization. However, the long investment cycle from exploration to production indicates that there will be more demand in the coming years as these projects will continue towards production targets in 2027. This will underpin OSV demand in the coming years. Taking into consideration the limited orderbooks for new OSVs to be delivered in the coming years, we remain very optimistic that charter rates and utilization will improve in the coming years, as we continue to add high value vessels.
Award of long-term contract in Brunei
Our associate company, Fast Offshore Supply Pte Ltd (FOS), based in Singapore, has been awarded a tender to supply 5 newbuild 55-metre Crew Transfer Vessels (CTVs) under a five-year charter contract in Brunei for delivery in 2027. Construction of the vessels has commenced, and WINS has participated in a rights issue to support this project. The vessels are being constructed by FOS in Singapore and Batam. This new long-term contract provides secure future earnings and fleet renewal for FOS, thereby improving the financial & revenue contribution to the Company.
About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.
Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com .
For further information, please contact: Ms. Pek Swan Layanto, CFA Investor Relations PT Wintermar Offshore Marine Tbk Tel (62-21) 530 5201 Ext 401 Email: investor_relations@wintermar.com
Pacific Avenue Capital Partners (Pacific Avenue), a leading global private equity firm focused on corporate carve-outs and other complex situations in the middle market, today announced it has completed the acquisition of FLSmidth Cement A/S (FLSmidth Cement or Company), from FLSmidth & Co. A/S (CPH:FLS) (FLSmidth). With the completion of the transaction, FLSmidth Cement will operate under the new name Fuller Technologies (Fuller), marking the beginning of its next chapter as an independent, technology-driven leader serving the global cement sector. Fuller is a leading solutions provider for the cement production industry focused on providing aftermarket parts and services to as well as new and replacement equipment for cement plants around the globe. The Company has manufacturing locations in North America, Europe, and Asia, and its global installed base spans over 1,400 of the world’s approximate 2,700 cement plants.
With more than 140 years of experience, Fuller delivers comprehensive solutions that cover the entire cement production process, from plant entry to final output. The company provides customers with a broad range of equipment and software designed for both conventional and sustainable cement production, including crushers, mills, kilns, feeders, loading systems, pneumatic conveyors, and automation controls. Beyond production, Fuller also supports its long-standing clients with an extensive portfolio of aftermarket parts and services, ensuring full lifecycle coverage for its equipment.
With Pacific Avenue’s support, Fuller will focus on reinforcing its reputation as a trusted partner to its customers by deepening relationships and aligning more closely with their evolving needs. The Company is positioned to execute a broad set of strategic growth initiatives across its capital equipment and service delivery offerings, serving both cement production and complementary industries. By leveraging its technical expertise, innovative products, and services, Fuller will continue to drive value creation and sustainable expansion for its customers across the globe.
“We are proud to welcome Fuller Technologies into our portfolio. This transaction highlights Pacific Avenue’s expertise in executing complex, cross-border carve-outs and supporting global businesses in achieving sustainable, long-term growth. We take pride in being the go-to solution provider for sellers seeking a seamless transition and a strong foundation for their businesses to thrive as independent companies. Under the Fuller name, the team is well-positioned to build on its rich legacy, expand its global reach, and continue delivering the innovative, mission-critical solutions that cement producers around the world rely on.”
-Chris Sznewajs, Founder and Managing Partner of Pacific Avenue
In addition, Pacific Avenue announced Dennis Cassidy as the new CEO of the Company, effective immediately. With a career spanning more than three decades, Mr. Cassidy is a proven industrial executive with a track record of transforming complex, global businesses through disciplined growth, operational efficiency, and large-scale transformation initiatives.
“This is an exciting moment for our company. As Fuller Technologies, we are embracing our legacy while charting a bold path forward as an independent leader in cement production solutions. In partnership with Pacific Avenue, we are energized to deepen our customer relationships, accelerate innovation, and expand our solution offerings. Our commitment to delivering high-performance, sustainable technologies remains unwavering, and we look forward to shaping the future of the industry together with our customers.”
-Dennis Cassidy, CEO of Fuller Technologies
J.P. Morgan served as the buy-side M&A advisor, McDermott Will & Schulte served as the buy-side legal advisor, J.P. Morgan and Citi provided acquisition financing, and KPMG provided buy-side accounting and tax services.
About Pacific Avenue Capital Partners Pacific Avenue Capital Partners is a global private equity firm, headquartered in Los Angeles with offices in Paris, France. The Firm is focused on corporate divestitures and other complex situations in the middle market. Pacific Avenue has extensive M&A and operations experience, allowing the Firm to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. Pacific Avenue takes a collaborative approach in partnering with strong management teams to drive lasting and strategic change while assisting businesses in reaching their full potential. Pacific Avenue has approximately $3.8 billion of Assets Under Management (AUM) as of August 31, 2025 (based on Q2 2025 valuations presented pro forma for the Fund II and sidecar closings). The members of the Pacific Avenue team have closed over 120 transactions, including over 50 corporate divestitures, across a multitude of industries throughout their combined careers. For more information, please visit www.pacificavenuecapital.com.
About FLSmidth FLSmidth is a full flowsheet technology and service supplier to the global mining industry. The company enables its customers to improve performance, lower operating costs and reduce environmental impact. MissionZero is its sustainability ambition towards zero emissions in mining by 2030. FLSmidth works within fully validated Science-Based Targets, have a clear commitment to improving the sustainability performance of the global mining industry and aim to become carbon neutral in its own operations by 2030. Visit www.fls.com.
Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) (“Founders” or the “Company”) is pleased to announce that it has entered into a subscription agreement with Gold Fields Netherlands Services B.V., an affiliate of Gold Fields Limited (JSE: GFI) (NYSE: GFI) (“Gold Fields”), whereby Gold Fields will acquire 12,048,193 common shares of the Company (the “Common Shares”), at a price of $4.15 per Common Share by way of a non-brokered private placement for aggregate gross proceeds of $50,000,000.
Proceeds from the strategic investment will be used for land consolidation, regional exploration activities, working capital, and general corporate purposes at the Company’s Antino Gold Project in southeastern Suriname (“Antino”). National Bank Capital Markets is acting as financial advisor.
Colin Padget, President and CEO of Founders Metals, commented: “We are very pleased to welcome Gold Fields, a top-tier global gold producer, as a strategic partner. Combining Founders’ position as the largest and most advanced gold explorer in Suriname with the technical capabilities of a company having decades of experience developing world-class gold deposits positions us to rapidly advance work at Antino. This partnership further underscores Suriname’s potential as an emerging gold jurisdiction globally. With this capital, we are dedicating our full attention to unlocking Antino’s potential—expanding our land position and aggressively advancing regional-scale exploration across multiple high-grade targets—building value for all shareholders.”
Investor Rights Agreement In connection with the strategic investment, Founders Metals and Gold Fields will enter into an Investor Rights Agreement (the “IRA”) at closing, pursuant to which, and provided that Gold Fields maintains certain shareholding thresholds, Gold Fields will have top-up and financing participation rights, technical committee representation rights, and the right to appoint one nominee to the Company’s board of directors if Gold Fields’ ownership reaches or exceeds 12.5%.
In support of technical collaboration between Founders and Gold Fields, Gold Fields will additionally have the right to second technical staff into Lawa Gold N.V., the project company, subject to acceptance by the Company and in compliance with applicable Surinamese laws and regulations.
Closing and Regulatory Approvals The transaction is expected to close on or about November 10, 2025, subject to customary conditions including TSX Venture Exchange (the “TSXV”) approval. All Common Shares issued pursuant to the subscription will be subject to a four-month and a day hold period in accordance with applicable Canadian securities legislation.
About Gold Fields Limited Gold Fields is a globally diversified gold producer with nine operating mines in Australia, South Africa, Ghana, Chile and Peru and one project in Canada. The Company has a total attributable annual gold-equivalent production of 2.1 Moz, proved and probable Gold Mineral Reserves of 44.3 Moz, measured and indicated Gold Mineral Resources of 30.4 Moz (excluding Mineral Reserves) and inferred Gold Mineral Resources of 11.6 Moz (excluding Mineral Reserves). Gold Fields’ shares are listed on the JSE and American depositary shares trade on the New York Stock Exchange.
About Founders Metals Inc. Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 56,000 ha and has produced over 500,000 ounces of gold from historical surface and alluvial mining to date1. The Company is systematically advancing one of Suriname’s most promising gold exploration and development opportunities with drill-confirmed, district-scale potential. Founders is committed to responsible exploration, community engagement, and delivering long-term value to shareholders through technical excellence and strategic growth in the Guiana Shield. 12022 Technical Report – Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
ON BEHALF OF THE BOARD OF DIRECTORS,
Per: “Colin Padget”
Colin Padget President, Chief Executive Officer, and Director
Contact Information Katie MacKenzie, Vice President, Corporate Development Tel: 306 537 8903 | katiem@fdrmetals.com
Cautionary Statement Regarding Forward-Looking Information This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, including statements regarding the use of proceeds, entering the IRA, Gold Fields right thereunder and exercise of those rights, approval of the TSXV and the anticipated closing date. Forward-looking information can generally be identified by words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, or variations indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur or be achieved.
Forward-looking statements are based on management’s current expectations and reasonable assumptions but are subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results to differ materially from those expressed or implied, including: general business and economic uncertainties; exploration results; mining industry risks; failure to obtain TSXV approval; dilution respecting additional investment in the Company, that the use of proceeds may not be expended as anticipated by the Company, and other factors described in the Company’s most recent annual management discussion and analysis. Although the Company has attempted to identify important factors that could cause actual results to differ materially, other factors may cause results not to be as anticipated. There can be no assurance that forward-looking information will prove accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable 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.
All material information on Founders Metals can be found at www.sedarplus.ca.
This study of 1,000 Mexican adults reveals that over three-quarters have encountered a scam, with an average of one scam encounter happening every four days, equating to 86 scam encounters on average per person per year in Mexico.
Additionally, nearly 3/5 of Mexican adults claim to have experienced a scam in the last year, with each scam victim being scammed on average 1.8 times.
With widespread financial losses Shopping scams (55%), investment scams (48%) and unexpected money scams (47%) are the most common types of scams in Mexico, with some having money stolen via email while others received kidnapping threats. Additionally, over 1/3 of Mexican adults claim to have lost money to scams in the last year. Wire or bank transfers (55%) and debitcard payments (21%) are the most common methods used by scammers to receive payment. Of those who have experienced being scammed, 2/3 have reported the scam to the payment service, and half of those were not able to recover any money lost.
And limited confidence in reporting Scam encounters are frequent in Mexico, with 12% of Mexican adults encountering a scam multiple times a week. Over the past 12 months, over half of those who have encountered a scam have reported it at least once. However, those who reported the scam encounter said that either no action was taken (37%) or they are not sure what the outcome was (15%). Half of those who have never reported a scam encounter said they did not report it because they were unsure who to report the scam to, while over 1/3 did not think it would make a difference/no action would be taken.
Leading to increased vigilance 97% of Mexican adults claim to take at least one step to check if an offer is legitimate or a scam. The most common step taken is searching for reviews on other websites (36%), reflecting high effectiveness against scams.
And rising calls for accountability 1/3 of Mexican adults believe full repayment to the victim should be the top penalty for scammers, however, 19% believe in more severe punishment such as jail time of 6 to 10 or more years. Scams in Mexico continue to take a heavy toll, causing financial losses, emotional strain and prompting calls for greater protections and stricter consequences.
“These findings show both the scale of the challenge and the resilience of the Mexican people. Despite facing scams every few days, most adults are taking steps to verify information and protect themselves. Now it is time for organizations, regulators, and companies to match that vigilance with concrete measures to make Mexico a safer place online,” said Sissi de la Peña, Director of GASA Chapter Mexico.
Today, the Kingdom of Saudi Arabia solidified its global leadership in public financial auditing and accounting by winning the chairmanship of the International Organization of Supreme Audit Institutions (INTOSAI). The announcement was made during the 25th General Assembly of INTOSAI, held in Sharm El-Sheikh under the patronage of His Excellency President Abdel Fattah El-Sisi of the Arab Republic of Egypt.
Saudi Arabia Saudi Arabia Assumes Chairmanship of INTOSAI
The General Assembly declared Saudi Arabia, represented by the General Court of Audit (GCA), as the Chair of INTOSAI starting in 2031 for a three-year term. Saudi Arabia will host delegations from over 195 countries, led by the heads of Supreme Audit Institutions, assuming leadership of the world’s foremost organization in financial and performance auditing. This role positions Saudi Arabia to steer global efforts in enhancing transparency, public sector governance, and government performance, while reinforcing public trust in national economies.
On this occasion, His Excellency Dr. Hussam Alangari, President GCA, extended his congratulations to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, acknowledging their unwavering support and empowerment of GCA. He emphasized that this achievement reflects the Kingdom’s international standing and global trust, enabling it to play a pivotal role in advancing auditing and accountability worldwide. Dr. Alangari highlighted the transformative developments in organizational independence, technical and human capacity, and methodological innovation that have enabled GCA to achieve its vision of impactful audit, public sector effectiveness, and quality of life for citizens. He added: “Saudi Arabia welcomes the world in 2031, and we look forward to hosting everyone in Riyadh to shape a global future that promotes transparency, governance, and governmental effectiveness.”
This milestone crowns decades of international engagement led by Saudi Arabia through GCA, starting with its early membership in INTOSAI in 1977. Saudi Arabia has consistently taken leadership roles in international and regional organizations, including serving as Chair of the Arab Organization of Supreme Audit Institutions (ARABOSAI) for two consecutive terms since 2022, and the upcoming Chair of the Asian Organization of Supreme Audit Institutions (ASOSAI) starting in 2027. GCA has also led numerous INTOSAI committees and initiatives focused on capacity building and enhancing the efficiency of peer SAIs in developing countries, reflecting the Saudi Arabia commitment to advancing auditing and accountability globally.
Founded over seventy years ago, INTOSAI is the largest and most prestigious international organization uniting Supreme Audit Institutions worldwide. Today, it comprises over 195 member countries, each represented by its Supreme Audit Institution, working to enhance transparency, governance, and public sector auditing, with the ultimate goal of improving citizens’ lives around the world.
Contact Information General Court of Audit Media Center gca@gca.gov.sa 0114056770
