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The Trump administration has rolled out a new rule with the aim of making it easier to terminate federal employees for serious misconduct by cutting through the red tape that currently impedes that process. 

‘The Office of Personnel Management (OPM) is proposing amendments to the Federal Government personnel vetting adjudicative processes for determining suitability and taking suitability actions,’ the rule, which went live for public comment on Monday morning, states. 

‘The purpose of the proposed rule is to improve the efficiency, rigor and timeliness by which OPM and agencies vet individuals for risk to the integrity and efficiency of the service, and to make clear that individuals who engage in serious misconduct while employed in Federal service are subject to the same suitability procedures and actions as applicants for employment.’

OPM says its new rule is part of President Trump’s ‘Implementing the Department of Government Efficiency Workforce Optimization Initiative’ as well as the Presidential Memorandum, ‘Strengthening the Suitability and Fitness of the Federal Workforce.’

OPM explains that the new rule will allow the federal government to take action against employees who engage in misconduct after being hired, giving agencies ‘broader authority’ to ‘flag conduct’ including tax evasion, leaking of sensitive information, and other behavior ‘inconsistent with the public trust.’

‘For too long, agencies have faced red tape when trying to remove employees who break the public’s trust,’ OPM’s Acting Director, Chuck Ezell, told Fox News Digital. 

‘This proposed rule ensures misconduct is met with consequence and reinforces that public service is a privilege, not a right.’

Under the new rule, federal agencies will be able to refer specific cases to OPM requesting ‘suitability action’ for employees who are believed to have committed post-appointment conduct that deserves disciplinary action. 

Fox News Digital reported in 2023 that under current law, the vast majority of the federal workforce is not at-will and may only be terminated for misconduct, poor performance, medical inability and reduction in force. Federal employees are also entitled to sweeping due process rights when fired which can create a cumbersome process for agencies to remove a worker.

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Russian and Ukrainian delegates met in Istanbul on Monday for their second set of direct peace talks, a day after Kyiv launched a shock drone attack on Russia’s nuclear-capable bombers, in an operation that President Volodymyr Zelensky said was a year and a half in the making.

After the initial round of discussions in the Turkish city last month – the first between the warring countries since soon after Russia’s full-scale invasion in early 2022 – both sides agreed to share their conditions for a full ceasefire and a potentially lasting peace. Zelensky said Sunday that Ukraine had presented Moscow with its “logical and realistic” demands, but said Russia had not yet shared its memorandum.

“We don’t have it,” Zelensky said. “The Turkish side doesn’t have it, and the American side doesn’t have the Russian document either. Despite this, we will attempt to achieve at least some progress on the path toward peace.”

It is not yet clear if Ukraine’s daring Sunday air raid will streamline that path or make it more thorny. Kyiv has long sought to impress upon the Kremlin that there are costs to prolonging its campaign, but some analysts have warned that the operation – which struck Russian airfields thousands of miles from Ukraine’s borders – will only replenish Moscow’s resolve.

The mission, codenamed “Spiderweb,” was one of the most significant blows that Ukraine has landed against Russia in more than three years of full-scale war. Ukraine’s security service, the SBU, said it had smuggled the drones into Russia, hiding them in wooden mobile homes latched onto trucks. The roofs were then remotely opened, and the drones deployed to launch their strikes on four Russian airfields across the vast country.

Vasul Malyuk, the head of the SBU, said the attack caused an estimated $7 billion in damage and had struck 34% of Russia’s strategic cruise missile carriers – a total of 41 aircraft. These targets were “completely legitimate,” Malyuk said, stressing that Russia had used the planes throughout the conflict to pummel Ukraine’s “peaceful cities.”

The operation has provided a much-needed boost to morale in Ukraine, which has come under fierce Russian bombardment since peace talks began in mid-May, and is bracing for an expected summer offensive. Moscow launched a record 472 drones at Ukraine overnight into Sunday, only hours before the Ukrainian attack, according to Ukrainian officials.

At a summit in Lithuania on Monday, an upbeat Zelensky said the operation proved that Ukraine has “stronger tactical solutions” than Russia.

“This is a special moment – on the one hand, Russia has launched its summer offensive, but on the other hand, they are being forced to engage in diplomacy,” Zelensky said.

The talks in Istanbul are a test of how genuine that engagement is. Last month, Russian President Vladimir Putin proposed holding “direct talks” with Ukraine in Turkey, but didn’t show up, despite Zelensky agreeing to meet. In the end, Moscow sent a low-level delegation to negotiate instead.

In the latest sign of his frustration that the war he pledged to end in a day is showing little sign of stopping, US President Donald Trump said last week that Putin had gone “absolutely crazy,” after Moscow launched the largest aerial attack of the war.

Trump has repeatedly told Russia and Ukraine there will be consequences if they don’t engage in his peace process, although he has so far resisted growing calls from lawmakers in his Republican Party to use sanctions to pressure Putin into winding down his war.

Speaking in Lithuania, Zelensky said that if Monday’s meeting “brings nothing, that clearly means strong new sanctions are urgently, urgently needed.”

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Britain will build new attack submarines, invest billions on nuclear warheads and move towards “war-fighting readiness,” Prime Minister Keir Starmer said Monday, as he braces for a landmark report into the state of the country’s military.

Starmer’s government said it would build “up to” 12 new attack submarines as part of its AUKUS partnership with the United States and Australia, replacing the country’s current class of seven subs from the late 2030s.

And he will launch a “historic renewal” of the UK’s nuclear deterrent backed by a £15 billion ($20.3 bn) investment, Starmer said in a speech in Scotland on Monday.

The announcements come as a long-awaited review into Britain’s armed services is published Monday. Experts have been calling for a modernization of Britain’s armed services for decades, cries that have grown in volume since Russia’s invasion of Ukraine three years ago.

“When we are being directly threatened by states with advanced military forces, the most effective way to deter them is to be ready, and frankly, to show them that we’re ready to deliver peace through strength,” Starmer said Monday.

But Starmer refused to set out the timeline for his pledge that Britain’s overall defense spending would hit 3% of the UK’s gross domestic product (GDP). The uplift, announced earlier this year, is set to be reached by the end of the next parliament in 2034, but is dependent on economic conditions.

And the prime minister did not set out where the money to pay for the new weaponry will come from; he previously announced cuts to the UK’s aid budget to fund the uplift in defense spending, and he declined to rule out similar moves on Monday.

The fiscal promise from the UK falls short of defense spending promises from some NATO countries, whose spending has been closely scrutinized by US President Donald Trump.

NATO’s Secretary General Mark Rutte said last month he “assumed” NATO members will agree on a defense spending target of 5% at June’s NATO summit, a significant increase from the 2% benchmark, which was agreed to in 2014.

Per 2024 NATO data, only Poland’s defense expenditure was above 4% of GDP, although Latvia and Estonia had promised increases to 5%, with Italy promising a hike to between 3.5 and 5% of GDP. The US’ defense expenditure sat at 3.38% of GDP in 2024, making up some 64% of total NATO expenditure.

Russia’s invasion of Ukraine – and the subsequent pressure from Trump’s administration on European nations to boost their own military capabilities – has sparked a race among Europe’s key military powers to boost their readiness and counter the Russian threat should the White House pull its support for Kyiv.

The UK “cannot ignore the threat that Russia poses,” Starmer told the BBC on Monday. “Russia has shown in recent weeks that it’s not serious about peace, and we have to be ready.”

Starmer said Monday he intended to turn the UK into a “battle-ready, armour-clad nation with the strongest alliances, and the most advanced capabilities, equipped for the decades to come.”

Alongside the promised submarines, Starmer said that a “hybrid Royal Navy” will patrol the North Atlantic — a key transit route for Russian submarines to reach the eastern US seaboard — signalling a move to more drone-based naval capabilities.

The review, commissioned by his government and led by former NATO chief George Robertson, is expected to highlight a number of emerging threats, such as drone warfare, in which Britain is falling behind.

Given decades of shrinking investment in the British military, questions have been raised over the deterrence that Britain’s conventional and nuclear weapons offer, particularly given its reliance on a US supply chain.In the last eight years, the UK has publicly acknowledged two failed nuclear missile tests, one of them in the waters off Florida, when dummy missiles didn’t fire as intended.

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NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (‘NorthStar’ or the ‘Company’) today announced the results of voting at its annual general and special meeting of shareholders held on May 26, 2025 (the ‘Meeting’). The Company also announced that its Board of Directors has approved the grant of equity incentive awards in the form of stock options, restricted share units (‘RSUs’) and deferred share units (‘DSUs’) pursuant to the Company’s Equity Incentive Plan.

Each of the director nominees listed in the Company’s management information circular dated April 23, 2025 (the ‘Circular’) were re-elected as directors of the Company, including Vic Bertrand, Brian Cooper, Alex Latner, Dean Macdonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice, and Barry Shafran.

The shareholders of the Company approved the re-appointment of KPMG LLP as the auditors of the Company for the ensuing year and authorized the board of directors to fix their remuneration and terms of engagement.

At the Meeting, the shareholders of the Company approved certain amendments to the Company’s omnibus equity compensation plan (the ‘Plan’), in accordance with the TSX Venture Exchange rules and policies. A copy of the Plan is attached as an appendix to the Circular, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

Stock Options

The Company has granted options to acquire up to 3,932,500 common shares of the Company to certain of its employees, consultants, and officers. The options have an exercise price of $0.06 per common share and expire in five years. The options vest annually in equal tranches over a period of three (3) years.

RSUs

The Company has granted an aggregate of 6,000,000 RSUs pursuant to the Plan to certain of its employees, consultants, and officers. The RSUs vest annually in equal tranches over a period of three (3) years.

DSUs

The Company has granted an aggregate of 2,454,545 DSUs pursuant to the Plan to non-executive directors of the Company in lieu of cash compensation for their services to date. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of the Company.

The grant of stock options, RSUs and DSUs remain subject to the approval of the TSX Venture Exchange.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

NorthStar is listed in Canada on the Toronto Stock Venture Exchange under the symbol BET and in the United States on the OTCQB under the symbol NSBBF. For more information on the company, please visit: www.northstargaming.ca.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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 press release.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains ‘forward-looking information’ within the meaning of applicable securities laws in Canada (‘forward-looking statements’), including without limitation, statements with respect to the following: expected performance of the Company’s business. The foregoing is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘continues’, ‘forecasts’, ‘projects’, ‘predicts’, ‘intends’, ‘anticipates’ or ‘believes’, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘should’, ‘might’ or ‘will’ be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the ‘Risk Factors’ section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:

Corey Goodman
Chief Development Officer 
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:

RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254120

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(TheNewswire)

Allied Critical Metals Inc.

Vancouver, British Columbia TheNewswire – June 2, 2025: Allied Critical Metals Inc. (CSE: ACM | FSE:0VJ0) (‘ Allied’ or the ‘ Company’ ), which is focused on its 100% owned past producing Borralha and Vila Verde (Vale das Gatas) tungsten projects in northern Portugal, is pleased to announce the commencement of a fully-funded exploration program that will include up to 5,000 metres of core drilling at the Company’s flagship Borralha Tungsten Project (the ‘ Property’ or ‘ Borralha’ ), located in northern Portugal.

Roy Bonnell, CEO and Director commented, ‘The launch of this 5,000-metre drilling campaign marks a major milestone for Allied and the continued advancement of the Borralha Project. Our experienced geological team in Portugal expects the results to meaningfully expand the current resource base, paving the way for a more robust and valuable project. All newly defined tonnage will be incorporated into an updated Preliminary Economic Assessment (PEA), scheduled for release this fall. In parallel, advanced metallurgical optimization test work will be conducted at Wardell Armstrong’s laboratories in the UK, focusing on enhancing metal recoveries and concentrate grades. These efforts are aimed at further improving the economic performance of the project and delivering a higher-quality concentrate to meet the demanding standards of end-users.’

The Borralha project is an advanced-stage brownfield tungsten project located in northern Portugal. Historically mined between 1904 and 1985, it produced over 10,280 tonnes of high-grade wolframite concentrate averaging 66% WO₃ (as described in the Company’s Technical Report, referenced below). The Borralha project is now positioned for near-term, low-cost production with modern exploration confirming significant remaining mineralization.

Key highlights include:

Current NI 43-101 Resources (as of March 2024):

  • Indicated: 4.98 million tonnes at 0.22% WO₃, 762 g/t Cu, and 4.8 g/t Ag.

  • Inferred: 7.01 million tonnes at 0.20% WO₃, 642 g/t Cu, and 4.4 g/t Ag.

The Company has completed its maiden mineral resource estimate for the Property described in its technical report entitled, ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’ dated effective July 31, 2024 (the ‘ Technical Report’ ), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

Recent Exploration : Drilling from 2023–2024 returned strong intercepts, including up to 10m at 1.75% WO₃ and multiple longer intervals averaging over 0.2% WO₃, as reported in the Technical Report.

Proposed 2025 RC Drilling Program:


Click Image To View Full Size

The following figure shows the plan of the proposed 2025 RC drilling program and an example of the proposed sectional drilling.

Figure 1: Proposed 2025 RC Drilling Program and Example of Proposed Sectional Drilling

Permitting: The project holds a Mining Rights Concession License and is undergoing environmental assessment to transition to full-scale mining. Current permitting allows bulk sampling of up to 150,000 tonnes per annum.

Infrastructure: Located near the major Portuguese cities of Braga and Porto, it benefits from excellent infrastructure including roads, power, water, and skilled labor.

Strategic Positioning: Borralha represents one of the few near-term, non-Chinese tungsten production opportunities globally, strategically aligning with the West’s increasing demand for critical raw materials amid heightened supply chain vulnerabilities. With Borralha and other national assets, Portugal is poised to emerge as one of Europe’s leading suppliers of tungsten , reinforcing its role in supporting the continent’s industrial resilience and green transition.

This project forms the cornerstone of Allied’s strategy to become a leading Western supplier of tungsten, a metal critical to defense, EVs, semiconductors, and industrial manufacturing.

Qualified Person

Doug Blanchflower, P.Geo. is a Consulting Geologist with Minorex Consulting and has reviewed and approved the scientific and technical information in this news release and is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086), and is independent from ACM and its mineral properties and is a qualified person for the purposes of National Instrument 43-101—Standards of Disclosure for Mineral Projects . Mr. Blanchflower is independent of the Company and its mineral properties.

On behalf of the Board of Directors

‘Roy Bonnell’

Roy Bonnell

CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell

Vice President, Corporate Development

Email: daveb@alliedcritical.com

Tel: 403-410-7907

Toll Free: 1-888-221-0915

ABOUT ALLIED CRITICAL METALS

Allied Critical Metals Inc. (ACM:CSE | FSE:0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China and Russia represent approximately 90% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please also visit our website at www.alliedcritical.com.

Also visit us at:

LinkedIn:

X: https://x.com/@alliedcritical/

Facebook:

Instagram: https://www.instagram.com/alliedcriticalmetals/

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca ). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and terms of the investor awareness campaign, anticipated benefits to Company from running the investor awareness campaign, and the performance of the investor relations services providers of the marketing services as contemplated in the marketing agreements, or at all. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 , and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release and has neither approved now disapproved the contents of this press release.

Copyright (c) 2025 TheNewswire – All rights reserved.

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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

Source Rock Royalties Ltd. (‘Source Rock’) (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period ended March 31, 2025 .

Source Rock Logo (CNW Group/Source Rock Royalties Ltd.)

First Quarter Highlights:

  • Quarterly royalty production of 232 boe/d (92% oil and NGLs), a decrease of 4% over Q1 2024.
  • Quarterly royalty revenue of $1,676,388 , a decrease of 3% over Q1 2024.
  • Quarterly adjusted EBITDA (1) of $1,460,440 ( $0.032 per share), a decrease of 3% over Q1 2024.
  • Quarterly funds from operations (1) of $1,292,215 ( $0.028 per share), a decrease of 3% over Q1 2024.
  • Declared three monthly dividends of $0.0065 per share, resulting in a payout ratio (1) of 69%.
  • Achieved an operating netback (1) of $70.00 per boe and a corporate netback (1) of $61.94 per boe.
  • Working capital of $5,263,714 (0.115 per share) as at March 31, 2025 .

Financial and Operational Results

Three Months Ended March 31,

FINANCIAL ($, except as noted)

2025

2024

Change

Royalty revenue

1,676,388

1,728,050

-3 %

Adjusted EBITDA (1)

1,460,440

1,504,104

-3 %

Per share (basic)

0.032

0.033

-3 %

Funds from operations (1)

1,292,215

1,331,106

-3 %

Per share (basic)

0.028

0.029

-3 %

Total comprehensive income (loss)

355,381

217,968

63 %

Per share (basic)

0.008

0.005

60 %

Per share (diluted)

0.007

0.005

40 %

Dividends declared

888,863

814,176

9 %

Per share

0.0195

0.018

8 %

Payout ratio (1) (%)

69 %

61 %

13 %

Cash and cash equivalents

5,125,530

2,445,179

110 %

Per share (basic)

0.11

0.05

108 %

Average shares outstanding (basic)

45,582,727

45,231,865

1 %

Shares outstanding (end of period)

45,582,727

45,232,645

1 %

OPERATING

Average daily production (boe/d)

232

241

-4 %

Percentage oil & NGLs (%)

92 %

95 %

-3 %

Average price realizations ($/boe)

80.36

78.78

2 %

Operating netback (1) ($/boe)

70.00

68.58

2 %

Corporate netback (1) ($/boe)

61.94

60.70

2 %

(1)

This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading ‘Non-GAAP Financial Measures & Ratios’ for more information on each non-GAAP financial measure or ratio.

About Source Rock Royalties Ltd.

Source Rock is a pure-play oil and gas royalty company with an existing, oil focused portfolio of royalty interests concentrated in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock’s strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

Forward-Looking Statements

This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as ‘plans’, ‘is expected’, ‘expects’, ‘scheduled’, ‘intends’, ‘contemplates’, ‘anticipates’, ‘believes’, ‘proposes’ or variations (including negative and grammatical 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 statements in this news release include statements regarding Source Rock’s dividend strategy and the amount and timing of future dividends (and the sustainability thereof), the potential for future drilling on Source Rock’s royalty lands, expectations regarding commodity prices, Source Rock’s growth strategy and expectations with respect to future royalty acquisition and partnership opportunities, and the ability to complete such acquisitions and establish such partnerships. Such statements and information are based on the current expectations of Source Rock’s management and are based on assumptions and subject to risks and uncertainties. Although Source Rock’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Source Rock. Although Source Rock has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Source Rock undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures & Ratios

This news release uses the terms ‘funds from operations’ and ‘Adjusted EBITDA’ which are non-GAAP financial measures and the terms ‘payout ratio’, ‘operating netback’ and ‘corporate netback’ which are non-GAAP ratios. These financial measures and ratios do not have   a standardized prescribed meaning under GAAP and these measures and ratios may not be comparable with the calculation of similar measures disclosed by other entities.

‘Adjusted EBITDA’ is used by management to analyze the Corporation’s profitability based on the Corporation’s principal business activities prior to how these activities are financed, how assets are depreciated, amortized and impaired, and how the results are taxed. Additionally, amounts are removed relating to share-based compensation expense, the sale of assets, fair value adjustments on financial assets and liabilities, other non-cash items and certain non-standard expenses, as the Corporation does not deem these to relate to the performance of its principal business. Adjusted EBITDA is not intended to represent net profit (or loss) as calculated in accordance with IFRS.

The most directly comparable GAAP financial measure to funds from operations is cash flow from operating activities. ‘Funds from operations’ is defined as cash flow from operating activities before the change in non-cash working capital. Source Rock believes the timing of collection, payment or incurrence of these non-cash items involves a high degree of discretion and as such may not be useful for evaluating Source Rock’s operating performance. Source Rock considers funds from operations to be a key measure of operating performance as it demonstrates Source Rock’s ability to generate funds to fund operations, acquisition opportunities, dividend payments and debt repayments, if applicable. Funds from operations should not be construed as an alternative to income or cash flow from operating activities determined in accordance with GAAP as an indication of Source Rock’s performance.

‘Corporate netback’ is calculated as funds from operations divided by cumulative production volumes for the period. Corporate netback is used by Source Rock to better analyze the financial performance of its royalties against prior periods and to assess the cost efficiency of its overall corporate platform as it relates to production volumes. There is no standardized meaning for ‘corporate netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Operating netback’ represents the cash margin for products sold. Operating netback is calculated as revenue minus cash administrative expenses divided by cumulative production volumes for the period. Operating netback is used by Source Rock to assess the cash generating and operating performance of its royalties against prior periods and to assess the costs efficiency of its operating platform as it relates to production volumes. There is no standardized meaning for ‘operating netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Payout ratio’ is calculated as the aggregate of cash dividends declared in a period divided by funds from operations realized in such period. Source Rock considers payout ratio to be a key measure to assess Source Rock’s ability to fund operations, acquisition opportunities, dividend payments, cash taxes and debt repayments, if applicable.

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 of this release.

SOURCE Source Rock Royalties Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2025/02/c7151.html

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Poland has elected Karol Nawrocki, a conservative backed by President Donald Trump, in the country’s presidential runoff election, according to a final vote count issued Monday. 

Nawrocki won 50.89% of the vote, gaining a narrow victory over liberal Warsaw Mayor Rafał Trzaskowski, who received 49.11%, the Associated Press reported. 

The first round of voting two weeks ago revealed deep divisions in the country along the eastern flank of NATO and the European Union. Nawrocki will succeed Andrzej Duda, a conservative whose second and final term ends on Aug. 6. 

Trzaskowski conceded defeat and congratulated Nawrocki on Monday, thanking all those who voted for him. 

‘I fought for us to build a strong, safe, honest, and empathetic Poland together,’ he wrote on X. ‘I’m sorry I wasn’t able to convince the majority of citizens of my vision for Poland. I’m sorry we didn’t win together.’

U.S. Department of Homeland Security Secretary Kristi Noem last week stumped for Nawrocki at the Conservative Political Action Conference in Warsaw, where she also slammed ‘weak’ European leaders who she argued have allowed mass migration of having ‘destroyed their civilizations.’ Noem praised Poland’s strict border enforcement, warning that ‘socialists’ like Trzaskowski would take such protections away from the Polish people. 

Trump hosted Nawrocki at the White House in early May during the conservative candidate’s campaign. 

Under the Polish constitution, the president serves a five-year term and may be re-elected once. 

Ukrainian President Volodymyr Zelenskyy was among the leaders offering their congratulations to Nawrocki on Monday morning. 

‘Poland, which preserves the strength of its national spirit and its faith in justice, has been and remains a pillar of regional and European security, and a strong voice defending freedom and dignity for every nation,’ Zelenskyy wrote. ‘By reinforcing one another on our continent, we give greater strength to Europe in global competition and bring the achievement of real and lasting peace closer. I look forward to continued fruitful cooperation with Poland and with President Nawrocki personally.’ 

The U.S. has about 10,000 troops stationed in Poland and Noem suggested that military ties could deepen with Nawrocki as president. A common refrain from Nawrocki’s supporters is that he will restore ‘normality,’ as they believe Trump has done. U.S. flags often appeared at Nawrocki’s rallies, and his supporters believed that he offered a better chance for good ties with the Trump administration.

Nawrocki, a 42-year-old amateur boxer and historian, has also echoed some of Trump’s language on Ukraine. He promises to continue Poland’s support for Ukraine but has been critical of Zelenskyy, accusing him of taking advantage of allies. He has accused Ukrainian refugees of taking advantage of Polish generosity, vowing to prioritize Poles for social services such as health care and schooling.

Hungarian Prime Minister Viktor Orbán, who shares Nawrocki’s national conservative worldview, hailed Nawrocki’s ‘fantastic victory.’

Meanwhile, European Commission President Ursula von der Leyen offered measured congratulations, emphasizing continued EU-Poland collaboration rooted in shared democratic values: ‘We are all stronger together in our community of peace, democracy, and values. So let us work to ensure the security and prosperity of our common home.’

Nawrocki’s victory is a comeback for the Law and Justice party, which governed Poland from 2015 to 2023, when it lost power to Prime Minister Donald Tusk’s centrist coalition. 

Duda’s veto power has been one obstacle to the pro-European Union Tusk in fulfilling certain electoral promises, such as loosening restrictions on abortion or passing a civil partnership law for same-sex couples. Some observers in Poland have said the unfulfilled promises could make it more difficult for Tusk to continue his term until the next parliamentary election scheduled for late 2027, particularly if Law and Justice dangles the prospect of future cooperation with conservatives in his coalition.

The Associated Press contributed to this report.

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Tesla and SpaceX CEO Elon Musk’s time as the face of the Department of Government Efficiency (DOGE) has come to an end following the expiration of his time as a special government employee. 

Since January, Musk has been heading up DOGE, which was tasked with cutting $2 trillion from the federal government’s budget through efforts to slash spending, government programs and the federal workforce.

But how will the Trump administration look at DOGE now that Musk is gone?

So far, there are no signs that DOGE is being dismantled or that its efforts will be reversed, and former DOGE employees are infiltrating other areas of the Trump administration. Plus, President Donald Trump signaled that Musk could return in some capacity, although he did not dive into specifics. 

‘Elon’s really not leaving,’ Trump said Friday in the Oval Office. ‘He’s going to be back and forth … it’s his baby. And I think he’s going to be doing a lot of things. But Elon’s service to America has been without comparison in modern history.’

DOGE’s efforts to cut waste have led to roughly $175 billion in savings due to asset sales, contract cancellations, fraudulent payment cuts, in addition to other steps to eliminate costs, according to a May 26 update from DOGE’s website. That translates to roughly $1,086.96 in savings per taxpayer, according to the website. 

Meanwhile, Musk signaled that despite his departure as a special employee, DOGE would only continue to pick up steam and that DOGE is now an essential aspect of the federal government. 

‘This is not … the end of DOGE, but really the beginning. My time as a special government appointee necessarily had to end,’ Musk said Friday in the Oval Office. ‘The DOGE team will only grow stronger over time. The DOGE influence will only grow stronger. I liken it to a sort of person of Buddhism. It’s like a way of life, so it is permeating throughout the government. And I’m confident that over time, we’ll see $1 trillion of savings, and a reduction in $1 trillion of waste, fraud reduction.’ 

The White House has said that DOGE leadership following Musk’s departure will continue through members of Trump’s Cabinet. 

‘The DOGE leaders are each and every member of the president’s Cabinet and the president himself, who is wholeheartedly committed to cutting waste, fraud and abuse from our government,’ White House press secretary Karoline Leavitt told reporters Thursday at a White House press briefing. 

‘The entire Cabinet understands the need to cut government waste, fraud and abuse,’ Leavitt said. ‘And each Cabinet secretary at their respective agencies is committed to that. That’s why they were working hand in hand with Elon Musk. And they’ll continue to work with their respective DOGE employees who have onboarded as political appointees at all of these agencies. So surely the mission of DOGE will continue, and many DOGE employees are now political appointees and employees of our government.’

A senior White House official previously told Fox News Digital that DOGE is now part of the ‘DNA’ of the federal government, and that the agency will continue to function as it has done so far. 

‘The DOGE employees at their respective agency or department will be reporting to and executing the agenda of the president through the leadership of each agency or department head,’ the official said.

Fox News’ Andrew Mark Miller contributed to this report. 

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A massive eruption occurred at Mt. Etna on the Italian island of Sicily, producing a plume of high temperature gases, ash and rock “several kilometers high,” authorities said on Monday.

The eruption, which began overnight, produced explosions heard as far away as Taormina and Catania, which are about 50 kilometers and 40 kilometers (31 miles and 25 miles) away, respectively, according to several witnesses who posted footage on social media.

The National Institute of Geophysics and Volcanology Observatory said that the preliminary observations show a “partial collapse” of the northern flank of the volcano’s southeast crater, which has produced spectacular lava flows during recent eruptions in the last few months.

The Sicilian Civil Protection agency issued a Volcanic Observatory Notice for Aviation (VONA), which means all flight travel must avoid the area. The airports in Catania and Palermo remain open as, currently, the wind is not blowing ash in the direction of the airport. However, some flights from Catania have been diverted to Palermo, according to Flight Radar Data.

Around 1 p.m. local time (7 a.m. ET), the volcano started spewing hot lava, which is more in line with previous eruptions, an observatory spokesman said.

The observatory defined the volcanic activity as a pyroclastic eruption, resulting in a “significant increase in volcanic tremor and the formation of an eruptive column containing a lethal mixture of high-temperature gases, lava grains, volcanic ash, and rock fragments of various sizes that rapidly descends down the slopes of the volcano.”

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President Donald Trump’s 20th week in the Oval Office is expected to include a White House meeting with Germany’s chancellor, a phone call with Chinese President Xi Jinping and lawmakers’ ongoing efforts to pass the ‘big, beautiful bill’ to fund the president’s agenda.

Monday marks Trump’s 134th day in the White House, a period in which he has issued 150 executive orders affecting domestic policies, unveiled sweeping plans to rectify the nation’s trade deficit with foreign nations and held ongoing negotiations to end international wars. 

The week is slated to include a meeting with German Chancellor Friedrich Merz at the White House as war continues to rage between Ukraine and Russia and trade negotiations with the U.S. hang over Germany. 

German Chancellor Friedrich Merz heads to DC 

Merz’s office confirmed on Saturday that the chancellor will travel to Washington on Wednesday evening ahead of meeting Trump on Thursday, Politico reported. 

The two are slated to discuss the ongoing war between Russia and Ukraine and trade policies. Ukrainian President Volodymyr Zelenskyy met with Merz in Germany last week as the two European leaders ironed out an agreement for Germany to bolster its backing of Ukraine. 

The meeting on Thursday will be followed by a lunch and press conference, according to Bloomberg.

Merz and Trump have previously spoken by phone but have not met face-to-face since Merz was elected Germany’s leader in May.

Merz clashed with Trump officials last month when Germany designated its right-wing Alternative for Germany political party a ‘proven right-wing extremist organization.’ 

‘Germany just gave its spy agency new powers to surveil the opposition. That’s not democracy–it’s tyranny in disguise,’ Secretary of State Marco Rubio posted to X of the designation. ‘What is truly extremist is not the popular AfD–which took second in the recent election – but rather the establishment’s deadly open border immigration policies that the AfD opposes.’

‘Banning the centrist AfD, Germany’s most popular party, would be an extreme attack on democracy,’ former Department of Government Efficiency chief Elon Musk posted to X, the social media platform that he owns.

Merz responded that American leaders should not weigh in on German elections and politics. 

‘We have largely stayed out of the American election campaign in recent years, and that includes me personally,’ Merz said, according to Politico.

‘We have not taken sides with either candidate. And I ask you to accept that in return,’ he added. 

Trump to call with Xi Jinping

Trump is expected to hold a phone call with China’s Xi Jinping this week to discuss tariffs, White House National Economic Council Director Kevin Hassett revealed on Sunday. 

‘President Trump, we expect, is going to have a wonderful conversation about the trade negotiations this week with President Xi. That’s our expectation,’ Hassett said Sunday during an interview on ABC News’ ‘This Week.’

A day for the phone call has not yet been locked down, according to Hassett.

‘You never know in international relations, but my expectation is that both sides have expressed a willingness to talk,’ Hassett said. ‘And I’d like to also add that people are talking every day, so [U.S. Trade Representative] Jamieson Greer, his team and President Xi’s team in China, they’re talking every day trying to move the ball forward on this matter.’

The Trump administration leveled tariffs as high as 145% on Chinese goods following the president’s reciprocal tariff plans in April, when China retaliated against the U.S. with tariffs of their own. 

China and the U.S. reached a preliminary trade agreement last month, which Trump said China violated in a Truth Social post on Friday. 

‘I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!’ he wrote. 

‘Big, beautiful bill’ negotiations continue in Senate

Senate lawmakers are working to pass the One Big Beautiful Bill Act, which is a multitrillion-dollar piece of legislation that advances Trump’s agenda on taxes, immigration, energy, defense and the national debt. 

House lawmakers passed the legislation last month by one vote after a handful of Republican lawmakers held out on supporting the legislation, saying it would exacerbate the nation’s debt. 

A handful of Republican senators have made similar remarks to their House counterparts, explaining they cannot support the legislation unless it addresses its impact on the nation’s debt. The bill is expected to add roughly $3 trillion to the national debt, Fox News Digital previously reported.

‘I’m a ‘no’ unless we separate out the debt ceiling,’ Republican Kentucky Sen. Rand Paul said last week. ‘If you take the debt ceiling off the bill, I’m pretty much a ‘yes’ on most of the rest.’ 

‘If we follow the path of the House bill, we’ll have close to, I think, $60 trillion worth of debt in 10 years. What we’ve got to do is do what every family does: We’ve got to go through every line of the budget,’ Republican Sen. Rick Scott of Florida said during an interview on Fox News on Thursday.

Republican South Dakota Sen. Mike Rounds told Fox News Digital in an exclusive interview from the Ronald Reagan Presidential Library in California on Friday that the Senate must pass the legislation or American families will pay higher taxes. 

‘We don’t have a choice. We have to pass the bill to get the Tax Cuts and Jobs Act back in place on a permanent basis,’ he said. ‘If we don’t do that, the average American family is going to see about a $2,400-a-year increase in their taxes. So we have to do something. And it’s critical that we pass this bill. We’re going to work with the House. We’re going to get this deal done. The Senate will put their mark of approval on it, but nonetheless, we want to do everything we can as quickly as we can to take care of this so that we can get on to other things. The president has made it very clear he wants to get this done. We want to help in that regard. This is our job.’

Trump has repeatedly called on lawmakers to unify and pass the legislation, saying that it is ‘arguably the most significant piece of legislation that will ever be signed in the history of our country.’

Fox News Digital’s Deirdre Heavey and Elizabeth Elkind contributed to this report. 

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