Source: Oxfam Aotearoa

• Top six fossil fuel corporations expect Q2 profits to nearly double Q1 levels. Annual profits for 2026 are set to exceed the previous 21 months combined.
• Emissions from five fossil fuel corporations were enough to cause about 1 in 4 heatwaves between 2000 and 2023, which would have been virtually impossible without climate change.
• A tax on the richest oil and gas corporations could raise up to $400 billion in its first year, enough to cover annual climate adaptation costs in low- and middle-income countries.

The world’s six biggest fossil fuel corporations are expected to nearly double their combined net income in the second quarter of 2026, jumping from $23 billion in the previous quarter to $45 billion, reveals new Oxfam analysis ahead of their earnings announcements. New data also finds that the emissions of these corporations have significantly magnified the frequency and severity of heatwaves this century.

The projected full-year profits of BP, Chevron, Eni, ExxonMobil, Shell and TotalEnergies amount to $147 billion, more than their combined profits over the previous 21 months (Q2 2024 to Q4 2025). Among the biggest winners, Chevron is expected to report that it has quadrupled its profits to $1,200 a second in the last three months, while ExxonMobil’s profits are expected to have tripled to $1,800 a second.

Oil and gas corporations share an outsized responsibility for the climate crisis. New Oxfam analysis of academic data published in Nature finds that the emissions from BP, Chevron, ExxonMobil, Shell and TotalEnergies were sufficient to cause around 1 in 4 heatwaves reported globally between 2000 and 2023 – heatwaves that would have been virtually impossible without human-made climate change. Using S&P Capital Trucost data, Oxfam estimates that Big Oil was responsible for $60 billion in environmental damage last year.

The findings come as record-breaking heatwaves scorch South Asia, Europe and North America, killing tens of thousands of people. Meanwhile, West African countries are struggling with devastating monsoons and floods that have upended thousands of lives and destroyed vital infrastructure across the region.

Yet rather than scaling back fossil fuel production and accelerating the transition to renewable energy, the six largest fossil fuel corporations plan to increase oil and gas production by 14 percent by 2030 compared to 2024 levels, equivalent to pumping an additional 2.5 million barrels of oil a day.

“Fossil fuel corporations are making a killing, literally and figuratively. As extreme heat, floods and storms devastate communities across the world, the industry is preparing another bonanza of profits. Families are paying the price three times over: through destroyed homes and harvests, through soaring energy prices, and through a cost-of-living crisis worsened by dependence on fossil fuels. Big Oil’s greed is incompatible with a livable planet and unless governments rein it in, they will make a mockery of international climate targets,” said Oxfam’s Climate Policy Lead Mariana Paoli.

Oxfam estimates that a tax on the profits of the largest fossil fuel corporations could raise up to $400 billion globally in its first year, enough to cover annual climate adaptation costs in the Global South. An additional excess profits tax on all corporations could generate up to $681 billion globally.

“While Big Oil fuels extreme weather events, rich countries are refusing to increase the public climate finance that poorer countries urgently need to cope with the climate crisis,” said Paoli. “Until governments make the richest polluters pay, fossil fuel corporations will keep driving us deeper into climate chaos. Taxing the richest polluters could help close the gap in funding for climate adaptation and speed the transition towards renewable energy. Fossil fuel corporations must feel the heat, not us.”

Political momentum for taxing the richest polluters is growing. Italy, Germany, Spain, Portugal and Austria have called for a new windfall tax on energy profits. In Australia, where Oxfam research found that one in three coal, oil and gas corporations are paying no corporate income tax, many members of Parliament are speaking out in support of a 25 percent export tax on gas, with strong public support.

Research in 60 countries found that 28 percent of them have implemented a temporary windfall tax on excess profits from fossil fuel companies in recent years, with a further 13 percent supportive. Just 12 percent are explicitly against the measure.

Oxfam Aotearoa’s Advocacy and Policy Lead, Nick Henry, said, “Fossil fuel companies have a global responsibility for climate change. The New Zealand Government should be holding these rich polluters to account and making them pay the cost of their climate damage.”

Oxfam’s research is based on S&P Capital IQ’s consensus estimates compiled from financial analysts’ forecasts. The six largest fossil fuel corporations are due to publish their second-quarter earnings over the coming week. The projected surge in profits reflects the sharp rise in oil prices following the unlawful US and Israel war against Iran.

Methodology note

Comprehensive investigation

Peer-reviewed analysis

Heatwave deaths and West African flooding

Oxfam estimate

UNEP Adaptation Gap Report 2025

Oxfam’s rich polluter profit tax model

EU finance ministers’ letter

Oxfam Australia’s Freeloaders report

Government-support country mapping

MIL OSI

MIL OSI

From spontaneous seaside escapes to culture-filled city breaks, OZO makes it easier for travellers to recharge, explore and enjoy more of what they love—even when time is limited

– Published and distributed with permission of Media-Outreach.com.

MIL OSI

MIL OSI

PERTH, Australia, July 21, 2026 (GLOBE NEWSWIRE) —

Quarterly Report
For the period ending 30 June 2026

Key Metrics Summary

Highlights

• Langer Heinrich Mine (LHM) ramp-up successfully completed, delivering strong operational performance, achieving or exceeding FY2026 guidance on production, sales and cost of production
• Production of 1.23Mlb U₃O₈ in the quarter and 4.82Mlb U₃O₈ for FY2026
• Sales volumes of 1.35Mlb U₃O₈ at an average realised price of US$70.6/lb U₃O₈ for the quarter with FY2026 sales totalling 4.35Mlb U₃O₈
• Patterson Lake South (PLS) Project advanced towards development following the Canadian Nuclear Safety Commission (CNSC) determination that the Construction Licence application was sufficient to proceed through the regulatory review process
• Subsequent to the quarter end, Paladin signed an Administrative Protocol with the CNSC targeting completion of hearings for the Construction Licence application at the end of calendar year 2027
• Execution of a binding term sheet with the Birch Narrows Dene Nation in relation to the Mutual Benefits Agreement for the PLS Project
• A new high-grade body of uranium mineralisation, the Atlas discovery, was identified 3.5km south of the PLS Project’s Triple R deposit and 4.5km southwest of Saloon East during the winter drilling program⁷
• Cash and investments of US$265M and an undrawn US$70M Revolving Credit Facility at quarter end
• Total Recordable Injury Frequency of 3.2 per million hours worked on a 12-month basis

“We were very pleased to successfully complete the ramp-up of the Langer Heinrich Mine in line with our commitment to deliver this goal by the end of FY2026, while also meeting the upper-end of our revised production guidance.

“Importantly for Paladin’s long-term future growth, we received formal acknowledgement from the Canadian Nuclear Safety Commission of achievement of sufficiency status, another significant milestone in developing the PLS Project. This achievement, together with an agreed administrative protocol, activates a regulatory timeframe and processes for obtaining our licence to commence construction.

“While continuing to progress the approvals, engineering and Indigenous agreement pathways for the PLS Project, we know that shareholders will be delighted to see the continuing prospectivity of our landholdings in the Athabasca Region. Our new discovery at Atlas, located on the Saloon Trend that runs broadly parallel to our Triple R deposit, has demonstrated that there are significant opportunities for Paladin to increase the development potential at the PLS Project.”

Paul Hemburrow
Managing Director and Chief Executive Officer

Langer Heinrich Mine (Namibia)

Operations

The ramp-up to full mining and processing plant operations was successfully completed in the quarter, marking a significant milestone in the progression of LHM. The full mining fleet is now operational with mining activities established and positioned to support FY2027 production objectives.

Total mined material was 7.45Mt for the quarter, a 21% uplift from the previous quarter and the highest quarterly mining rate achieved since the restart, reflecting the full mining fleet in operation. The increase in material mined was in line with the planned mining sequence which focused on waste stripping and stockpiling of lower grade ore to access higher grade ore for processing.

Crusher throughput was 1.19Mt at an average ore feed grade of 488ppm. LHM produced 1.23Mlb U₃O₈ at an average recovery rate of 90% for the quarter, driven by consistent processing plant performance. For the full year, LHM produced 4.82Mlb U₃O₈ at the upper-end of the guidance range.

The cost of production for the quarter was US$51.6/lb, reflecting the transition to full mining activities, depletion of the previously mined MG3 stockpile and lower grade during the quarter as mining activities commenced in the J pit. Cost of production for the financial year was US$43.3/lb, at the lower end of the guidance range.

There were no supply disruptions for the quarter stemming from the conflict in the Middle East. The team continues to monitor stock levels of operating inputs and inbound shipments regularly.

Sales and Marketing

During the quarter, LHM sold 1.35Mlb U₃O₈ at an average realised price of US$70.6/lb. FY2026 sales totalled 4.35Mlb U₃O₈ exceeding the upper-end of the FY2026 guidance.

As at 30 June 2026, Paladin had 400,000lb U₃O₈ outstanding under its uranium product loan facilities, having repaid 50,000lb U₃O₈ during the quarter. These facilities provide flexibility on sales logistics, enabling the timely fulfilment of customer delivery commitments.¹⁰

Quarterly sales and average realised prices are dependent on the mix of contract pricing mechanisms, payment terms and the timing of deliveries, which vary based on customer nominations from quarter to quarter as well as shipping schedules.

Resource Definition

A total of 20,608m of resource drilling was completed during the quarter, utilising six drill rigs within ML140.

Patterson Lake South Project (Canada)

Development and Permitting

During the quarter, Paladin received a formal notification from the CNSC determining that the Licence to Prepare Site for and to Construct (Construction Licence) application for the PLS Project has achieved ‘sufficiency’ status.

Sufficiency represents an important step in the CNSC licencing process as it formally establishes that Paladin’s submission meets the required level of completeness and technical detail, enabling the application to advance into the regulatory assessment phase under the Uranium Mines and Mills Regulations. It triggers a comprehensive review process and represents a critical de-risking step in the permitting pathway.

Subsequent to the quarter end, Paladin signed an Administrative Protocol with the CNSC jointly recognising the importance of the project schedule and scope of activities required for Paladin Canada to obtain a Construction Licence for the PLS Project.

The Administrative Protocol represents a significant step forward in the PLS Project permitting process. It establishes a targeted but non-binding regulatory pathway aimed at completing hearings for the Construction Licence application at the end of 2027 calendar year 2027.

In April 2026, Paladin Canada entered into a binding term sheet with the Birch Narrows Dene Nation. The term sheet sets out the key terms and conditions upon which the parties will negotiate the full form Mutual Benefits Agreement in respect of the PLS Project. 

The Company continues to actively engage with local communities and Indigenous Peoples to build respectful relationships that foster sustainable benefits.

The Paladin Canada team continued to de-risk the PLS Project through ongoing update of the Front-End Engineering Design study during the quarter.

Exploration⁷

The Company successfully completed its 2026 winter drilling program at the PLS Project during the quarter with the discovery of a new high-grade body of uranium mineralisation intersected 3.5km south of the Triple R deposit and 4.5km southwest of Saloon East, the Atlas discovery. This prospective area is within the Saloon Trend which runs broadly parallel to the structural trend that hosts the Triple R deposit. Eight exploration drillholes were collared, with seven intersecting significant uranium mineralisation at the new Atlas discovery, totalling 2,408m with the discovery remaining open along strike and at depth.

Key winter 2026 intercepts at Atlas include:

• PLS26-708B (discovery drillhole): 17.5m of total composite uranium mineralisation across three intervals, the largest being 8.0m averaging 1.75% U₃O₈, including 3.0m averaging 4.25% U₃O₈ from 190.0m to 193.0m
• PLS26-718: 21.5m of total composite uranium mineralisation across two intervals, the largest being 14.5m averaging 1.70% U₃O₈, including 5.5m averaging 2.86% U₃O₈ from 194.5m to 200.0m
• PLS26-722: 30.0m of total composite uranium mineralisation across seven intervals, the largest being 11.0m averaging 1.79% U₃O₈, including 5.0m averaging 2.94% U₃O₈ from 194.5m to 199.5m¹⁷

The 2026 winter drilling program also targeted resource conversion and extension drilling at the Triple R deposit and further drilling on the Saloon Trend, along with regional exploration. All currently identified trend targets (including Atlas) are land-based, allowing drilling activities to continue uninterrupted throughout the summer months. A total of 13,060m drilling was completed in the quarter.

Michelin Project (Canada)

There were no substantive mining exploration activities completed during the quarter. Desktop geological studies, prospectivity reviews, and target generation work continued, with the 2026 summer drill program being finalised during the reporting period.

Other Activities

Cash and Debt

As at 30 June 2026, the Company held unrestricted cash and investments of US$265M. The Company had an outstanding balance on the Term Loan Facility of US$32M and an undrawn US$70M Revolving Credit Facility at the end of the quarter.

Class Action Update

There are no material updates in relation to the shareholder class action proceedings being defended by Paladin in the Supreme Court of Victoria. The class action was brought on behalf of persons who acquired an interest in Paladin shares during the period between 27 June 2024 and 25 March 2025.

Australian Exploration

There were no substantive mining exploration activities during the quarter.

Quarterly Investor Conference Call

The Company will hold a conference call on Wednesday, 22 July 2026, at 11.00am AEST¹⁸ (Tuesday, 21 July 2026, at 9.00pm EDT¹⁹). To participate in the live teleconference, please register at the link below:

Paladin June 2026 Quarterly Results Conference Call

Please note it is recommended to log on at least five minutes before the scheduled commencement time to ensure you are registered in time for the start of the call.

A recording of the call will be available on Paladin’s website shortly after its conclusion.

June 2026 Quarter Presentation

Paladin has released an accompanying presentation on the June 2026 quarter results, which is available on the Company’s website at Stock Exchange Announcements.

This announcement has been authorised for release by the Board of Directors of Paladin Energy Ltd.

Contacts

Notes
_________________

¹ Paladin has a 75% interest in the LHM
² September quarter sales include 85,000lb U₃O₈ loan material delivered under existing contracts. March quarter sales include a further 130,000lb U₃O₈ sourced through a purchase & sale back arrangement and 155,000lb U₃O₈ through a product swap. These arrangements were entered to meet customer deliveries during the March quarter due to a shipping delay and were closed out in the June quarter
³ Average Realised Price is a Non-IFRS Measure. See “Non-IFRS Measures” for more information
⁴ Cost of Production is a Non-IFRS Measure. See “Non-IFRS Measures” for more information
⁵ Exploration expenditure for resource definition drilling previously reported for the six-month period ended on 31 December 2025 (refer to exchange announcement “Quarterly Report – December 2025” dated 21 January 2026) has subsequently been reclassified to Capital Expenditure
⁶ Capital Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles
⁷ Refer to Paladin’s exchange announcement titled “New high-grade uranium discovery identified at PLS Project” dated 25 June 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in that announcement.
⁸ Total Ore Mined includes high-grade, medium-grade and low-grade ore
⁹ Low-grade ore stockpile material to be processed during the later stockpile phase
¹⁰ The current uranium product loan arrangements allow Paladin to borrow up to 450,000lb U₃O₈, with repayment in kind upon delivery. As at 30 June 2026, the Company had outstanding loans of 400,000lb U₃O₈, with 200,000lb U₃O₈ scheduled for repayment in Q1 FY2027, and the remaining 200,000lb U₃O₈ due in Q3 FY2027. Under the loan facilities, certain standby and loan fees are payable. These loan facilities are expected to either be renewed, replaced or repaid within the next twelve months.
¹¹ Includes finished product on site, in-transit and at converter
¹² Includes 397,993lb U₃O₈ related to a sale to be recognised in the September 2026 quarter for which advance payment was received in the June 2026 quarter
¹³ Includes 425,012lb U₃O₈ related to a sale recognised in the December 2025 quarter for which advance payment was received in the September 2025 quarter
¹⁴ Reversals of Previous Stockpile Impairment is an accounting transaction included in the IFRS financial statements in the cost of sales line and is calculated as average cost per pound, based on the 31 December 2023 impairment reversal on existing stockpiles of US$92M, offset by an impairment in March 2025 of US$20M. The cost per pound varies based on grade, recovery and contained uranium realised for the period
¹⁵ Low-grade ore stockpiled represents the cost of mining and stockpiling low grade material to be processed during the later stockpile phase and is capitalised into inventory under IFRS. This is expected to be classified as non-current inventory until that phase. These costs are not included in the Cost of Production
¹⁶ During mining, stripping costs may be incurred removing overburden or waste to provide access to future mining areas. As this improves access to future ore, costs are capitalised and amortised on a units-of production basis
¹⁷ Intercept interval for the 5.0m averaging 2.94% U₃O₈ has been amended to 194.5m to 199.5m reflecting the correct interval as per “Table 1: 2026 Atlas Drillhole Summary” provided in the Paladin’s exchange announcement titled “New high-grade uranium discovery identified at PLS Project” dated 25 June 2026
¹⁸ AEST: Australian Eastern Standard Time (Sydney time)
¹⁹ EDT: Eastern Daylight Time (Toronto time)

Forward-looking statements

This document contains certain “forward-looking statements” within the meaning of Australian securities laws and “forward-looking information” within the meaning of Canadian securities laws (collectively referred to in this document as forward-looking statements). All statements in this document, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding continued development of the PLS Project; permitting approvals and community engagement; advancement of the PLS Project through to FID; development and ramp-up of operations at the LHM; LHM guidance for FY2026; and the receipt of all necessary regulatory approvals.

Forward-looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to Paladin. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, rising energy costs, inflationary pressures, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. Readers are also referred to the risks and uncertainties referred to in the Company’s investor presentation released on 16 September 2025 and the Company’s “2025 Annual Report” and in Paladin’s Management’s Discussion and Analysis for the year ended June 30, 2025, each released on 28 August 2025, and in Paladin’s Annual Information Form for the year ended June 30, 2025 released on 12 September 2025, each of which is available to view at paladinenergy.com and on www.sedarplus.ca.

Although as at the date of this document, Paladin believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in such forward-looking statements due to a range of factors including (without limitation) fluctuations in commodity prices and exchange rates, exploitation and exploration successes, environmental, permitting and development issues, geopolitical events and political risks (including armed conflict or escalation of hostilities in the Middle East), and the impact of such events on global security conditions, economic activity, trade flows, energy markets, sanctions regimes, and uranium supply and demand, Indigenous Peoples engagement, climate risk, operating hazards, natural disasters, severe storms and other adverse weather conditions, shortages of skilled labour and construction materials, equipment and supplies, energy costs, inflation, regulatory concerns, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the uranium industry generally. There can be no assurance that forward-looking statements will prove to be accurate.

Readers should not place undue reliance on forward-looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this document. Any reliance by a reader on the information contained in this document is wholly at the reader’s own risk. Recipients are cautioned against placing undue reliance on such projections without conducting their own due diligence with appropriate professional support. The forward-looking statements in this document relate only to events or information as of the date on which the statements are made. Paladin does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation, warranty, guarantee or assurance (express or implied) is made, or will be made, that any forward-looking statements will be achieved or will prove to be correct. Except for statutory liability which cannot be excluded, Paladin, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this document and exclude all liability whatsoever (including negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission therefrom. Except as required by law or regulation, Paladin accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person, nor any obligation to furnish the person with any further information. Nothing in this document will, under any circumstances, create an implication that there has been no change in the affairs of Paladin since the date of this document. To the extent any forward-looking statement in this document constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate Paladin’s internal projections and to help readers understand Paladin’s expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above.

Non-IFRS Measures

Paladin uses certain financial measures that are considered “non-IFRS financial information” within the meaning of Australian securities laws and/or “non-GAAP financial measures” within the meaning of Canadian securities laws (collectively referred to in this announcement as Non-IFRS Measures) to supplement analysis of its financial results and operating performance. These Non-IFRS Measures do not have a standardised meaning prescribed by International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other issuers.

The Company believes these measures provide additional insight into its financial results and operational performance and are useful to investors, securities analysts, and other interested parties in understanding and evaluating the Company’s historical and future operating performance. However, they should not be viewed in isolation or as a substitute for information prepared in accordance with IFRS. Accordingly, readers are cautioned not to place undue reliance on any Non-IFRS Measures.

The Non-IFRS Measures used in this announcement are described below.

Average Realised Price

Average Realised Price (US$/lb U₃O₈) is a Non-IFRS Measure that represents the average revenue received per pound of uranium sold during a given period. It is calculated by dividing total revenue from U₃O₈ sales (before royalties and after any applicable discounts) by the total volume of U₃O₈ pounds sold. This measure provides insight into the actual pricing achieved under the Company’s uranium sales contracts and spot sales during the reporting period, taking into account the mix of base-escalated, fixed-price and market-related pricing mechanisms within contracts. The Company uses Average Realised Price to assess revenue performance relative to market prices, contractual pricing structures, and production costs. It is also a key measure used by investors and analysts to evaluate price exposure, contract performance, and profitability potential.

It is important to note that Average Realised Price is distinct from both the spot market price and the term market price for uranium, and it may vary significantly from period to period based on timing of deliveries, customer contract structures, and the prevailing market environment.

Revenue from the sale of U₃O₈ is reported in the Company’s financial statements under IFRS. The Average Realised Price is derived directly from statutory revenue figures and disclosed sales volumes.

Cost of Production

The Cost of Production is calculated as the total direct production expenditures incurred to produce U₃O₈ during the period (including mining, stockpile rehandling, processing, site maintenance, and mine-level administrative costs), excluding costs such as cost of ore stockpiled, deferred stripping costs, depreciation and amortisation, general and administration costs, royalties, exploration expenses, sustaining capital and the impacts of any inventory impairments or impairment reversals. This measure helps users assess Paladin’s operating efficiency.

Cost of Production per pound = Cost of Production ÷ U₃O₈ pounds produced

The Cost of Production per pound is a unit cost measure that indicates the average production cost per pound of U₃O₈ produced. The Cost of Production per pound is a Non-IFRS Measure that is widely used in the mining industry as a benchmark of operational efficiency and cost competitiveness. Paladin’s Cost of Production per pound metric is calculated as the total direct production expenditures as defined above (in US dollars) incurred during the period, divided by the total volume of U₃O₈ pounds produced in the same period. Management uses Cost of Production per pound to track progress of operational performance, to assess profitability at various uranium price points, and to identify trends in operating costs. It is also a key metric for investors and analysts to evaluate how efficiently the Company is producing uranium, independent of depreciation and accounting adjustments.

This measure allows stakeholders to monitor trends in direct production costs and to assess the Company’s operating breakeven threshold relative to uranium market prices. Investors are cautioned that our Cost of Production per pound metric may not be comparable with similarly titled “C1 cash cost” metrics of other uranium producers, as there can be differences in methodology (e.g. treatment of royalties or certain site costs). Paladin’s Cost of Production figure as defined above, focuses strictly on the on-site cost to produce U₃O₈ in the period. All figures are in US$/lb U₃O₈. We provide this information in good faith to enhance understanding of our operations; however, the IFRS financial statements (particularly the Cost of Sales line in the Consolidated Income Statement) should be considered alongside this metric for a complete picture of our cost structure.

– Published by The MIL Network

SINGAPORE – Media OutReach Newswire – 21 July 2026 – A Singapore company looking to expand into Vietnam may need a lawyer, accountant, tax adviser, HR consultant and local business connections. Today, businesses often have to find these services one by one, in each market they enter.

A new regional network aims to change that.

The Professional Services (PS) Centre Singapore, officially launched today by Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development, is the latest addition to a growing network of Professional Services Centres that connects businesses with trusted professional expertise across Asia.

Located at Level 2 of ISCA House, the Singapore PS Centre will serve as the anchor hub of the regional network, linking businesses to PS Centres in Hongqiao (Shanghai), Ho Chi Minh City and Nanjing, with Jakarta expected to join later this year. Future centres are also planned in Bangkok, Johor Bahru and Shenzhen.

Rather than building another office, the PS Centre is building something different, a trusted regional network where businesses can access local knowledge, professional expertise and business connections through one coordinated platform.

The initiative is led by the PS Centre Alliance, comprising the Association of Small & Medium Enterprises, Institute of Valuers & Appraisers, Singapore Business Federation, Singapore Chinese Chamber of Commerce & Industry, Singapore Manufacturing Federation, Tax Academy of Singapore, The Law Society of Singapore and the Institute of Singapore Chartered Accountants (ISCA).

Helping businesses solve real problems
As businesses expand across borders, the challenges they face have become more complex. They are no longer limited to setting up an office or understanding local regulations. Companies today are responding to geopolitical shifts, changing trade policies, supply chain realignment, AI disruption, cyber risks and growing sustainability expectations, while trying to build trusted relationships in unfamiliar markets. No single profession can solve these challenges alone.

The PS Centre brings together professionals from different disciplines, including legal, accounting, tax, corporate secretarial, HR, valuation, sustainability and business consulting, so businesses can access coordinated support instead of approaching each profession separately.

Beyond professional advice, businesses can tap on local business associations, government agencies, chambers of commerce and ecosystem partners connected through the PS Centre network.

More than a networking platform
The Singapore PS Centre will also introduce the Business Growth Clinic, a new initiative where business owners can bring real business challenges to a multidisciplinary panel of professionals.

Whether the challenge is expanding overseas, adopting AI, raising capital, restructuring a business or planning succession, businesses will receive practical guidance and be connected with the right professionals to help move their plans forward.

Early results from the network
Although the network is still in its early stages, businesses are already seeing results. Through the Shanghai PS Centre, Singapore based accounting firm Unity Assurance secured new business opportunities in China and subsequently established a joint venture with a local partner.

The Nanjing PS Centre supported firms such as Morningstar and Fiducia LLP with local business introductions, office setup and talent connections as they expanded into China. In Vietnam, the Ho Chi Minh City PS Centre has supported Singapore businesses such as Koda Ltd and JDI Ventures in navigating different aspects of regional expansion, such as guidance on pressing cross-border matters and local business introductions to support market entry. The Centre has also connected Vietnamese technology companies such as Techvify and Vinova with relevant networks and market insights to support their entry into Singapore.

These examples demonstrate how trusted local networks can shorten the time needed for businesses to enter new markets while reducing uncertainty.

Strengthening Singapore’s position as a trusted business hub
The Singapore PS Centre complements Singapore’s position as a global business and financial hub by extending trusted professional services into key markets across Asia.

As more centres are established, businesses will be able to tap on one connected network instead of building relationships from scratch in every country.

For Singapore professional services firms, it also creates new opportunities to support clients expanding overseas and to build partnerships with firms across the region.

Mr Lee Boon Teck, President, ISCA, said: “Business is becoming increasingly regional, but professional services are still largely organised country by country. Companies expanding overseas often spend months trying to identify trusted advisers and build local networks. The PS Centre network changes that. We are bringing together trusted professional firms, business associations and local partners across Asia, making it easier for businesses to expand with confidence. Our vision is simple. Wherever a business chooses to grow in Asia, there should be a Professional Services Centre ready to support that journey.”

Ms Junie Fo, Vice President & Head, Professional Services, Singapore Economic Development Board, said “Professional services firms play a critical role in helping Singapore-based enterprises navigate the rapidly evolving global business environment. The Singapore PS Centre will provide access to different professional services to support enterprises’ regional growth needs. EDB looks forward to working with members of the PS Centre Alliance to advance the Professional Services ecosystem.”

About the Professional Services Centre
The Professional Services Centre is a collaborative initiative by the PS Centre Alliance to support businesses expanding across borders through trusted professional expertise, local business networks and market access. The network currently spans Singapore, Hongqiao (Shanghai), Ho Chi Minh City and Nanjing, with further expansion planned across Asia and the Middle East.

Hashtag: #ISCA #CharteredAccountants #ProfessionalServices #ProfessionalServicesCentre #DifferenceMakers #Accounting #Accountancy

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Highlights

• The surface miner has arrived in Cameroon, with mining operations scheduled to commence in February 2026.
• Delivery of locomotives and wagons scheduled in Q1, 2026. 
• Ore haulage from the Inland Rail Facility to the Port of Douala is planned for Q2, 2026, supporting first bauxite shipment targeted for late June 2026.
• Recruitment of the Mine Director and Port Manager has been finalised, with both appointees due to be in country this month.
• The alumina refinery Feasibility Study is progressing well and is 45% complete.
• Discussions with Camrail regarding the increase in ownership from 9% to approximately 35% are ongoing and expected to be completed in Q1, 2026.
• Drafting of meeting documentation for the EEA placement has been completed, with shareholder approval to be sought at a General Meeting scheduled for early March 2026.
• Afriland continues to progress discussions within country regulators in relation to remaining financing approvals.

PERTH, Australia, Jan. 07, 2026 (GLOBE NEWSWIRE) — Canyon Resources Limited (ASX: CAY) (‘Canyon’ or the ‘Company’) is pleased to provide a development update for its Minim Martap Bauxite Project (‘Minim Martap’ or ‘the Project’), located in Cameroon.

The road contractor has mobilised additional equipment to site, with upgrade works progressing well and remain on track for completion by the end of Q1, 2026.

Image 1: Haul Road Development between Danielle Plateau and Inland Rail Facility

The commencement of mining at Minim Martap is on track for February 2026 following the arrival of the surface miner at the Port of Douala in Cameroon in December 2025.

Images 2, 3 & 4: Arrival of the surface miner at the Port of Douala in Cameroon

Delivery of the Rolling Stock is expected in Q1, 2026, and commissioning targeted for early Q2, 2026.

Images 5 & 6: Camalco Wagons at Texmaco Rail & Engineering Limited

Images 7 & 8: Camalco locomotive fabrication and locomotive engine at CRRC Ziyang Co., Ltd

Ore haulage from Inland Rail Facility (“IRF”) to Port of Douala is scheduled for Q2, 2026, and first bauxite shipment scheduled for late June 2026. 

Final tenders for the dredging of the access channel to the Port du Bois berth have now been received, with works on track to commence in Q1, 2026.

All transhipping tenders have now been received, with the contract scheduled to be awarded in Q1, 2026, keeping the Project timeline firmly on track to allow Canyon to complete the first bauxite shipment in June 2026.

Discussions with Camrail continue to advance and are now well progressed, with the Company targeting an increase in its investment in Camrail from the current 9.1% to approximately 35%. Completion is expected in Q1, 2026, and would enable greater participation in the PQ2 upgrade, further strengthening and de-risking the Company’s mine-to-port logistics strategy.

The Feasibility Study for the proposed value-adding alumina refinery is now approximately 45% complete, advancing Canyon’s downstream value-add strategy and supporting its objective of positioning the Company as an integrated participant in the global aluminium value chain. The Study leverages the cost benefits of operating in Cameroon and the Project’s low-silica, high-grade bauxite, with completion targeted for Q3, 2026.

Key senior operational appointments have been completed, with the recruitment of an experienced Mine Director, who is a mining engineer with over 15 years of experience in Africa and Asia and previously worked in bauxite operations in Guinea, as well as an experienced Port Manager, who is an engineer with over 15 years of port operations experience in Asia and Guinea, with significant bulk tonnage ore shipments, port handling and off-shore transhipping expertise.

Both appointees are scheduled to be in-country in this month, materially strengthening Canyon’s on-the-ground leadership team as the Company transitions from development into operations. These appointments significantly enhance operational readiness across mining and port logistics and support the continued progression of the Minim Martap Bauxite Project toward first production.

At the Annual General Meeting held on the 25^th of November 2025, shareholders approved the ~A$70 million equity raise pursuant to Tranche 2 of the Placement, announced on the 25^th of September to Afriland Bourse & Investissement (‘Afriland’). Refer to ASX announcement dated 25 September 2025 for further details in relation to the Tranche 2 Placement.

Following shareholder approval, the Placement to Afriland is now subject only to approval from the Banque des États de l’Afrique Centrale, the central bank for the Central African Economic and Monetary Community, the Commission de Surveillance du marché financier de l’Afrique Centrale, the market regulator for the Central African Economic and Monetary Community and the Government of Cameroon, which are progressing.

The remainder of Tranche 2 of the equity raise, comprising a placement of A$100M to Eagle Eye Asset Holdings Pte. Ltd (“EEA”) remains subject to shareholder approval and is progressing as planned. Drafting of the documentation required to convene the General Meeting has been completed, and the Company will seek shareholder approval at a General Meeting to be held in early March 2026. Subject to shareholder approval, settlement of this tranche of the Placement, on the previously announced terms, is expected in Q2, 2026.

Commenting on Afriland’s Tranche 2 of the Placement, Afriland stated: “Afriland remains fully supportive of Canyon and the advancement of the Minim Martap Bauxite Project. We continue to work closely with the Company and the relevant authorities to progress the remaining regulatory approvals to raise funds and look forward to supporting Canyon as it moves toward the next phase of project development.”

Commenting on project funding, EEA stated: “Canyon continues to make strong progress across key project milestones, and we are pleased with the momentum being demonstrated as the Company advances toward production. We look forward to further strengthening our partnership with Canyon and reaffirm our commitment to completing the A$100 million Tranche 2 equity funding under the announced terms of the Placement, subject to shareholder approval anticipated in early March 2026.”

Canyon Chief Executive Officer Peter Secker commented: “Following the arrival of the surface miner in Cameroon as well as confirmation of the delivery of the Rolling Stock scheduled in Q1, the key operational milestones continue to be achieved across mining, logistics and infrastructure workstreams. 

“Project readiness continues to be strengthened, with key senior leadership appointments now completed. The Mine Director and Port Manager roles have been filled, with both executives scheduled to be on the ground this month to support the ramp-up to first production.

“Downstream value creation remains a key focus, with the alumina refinery Feasibility Study advancing well and reinforcing Canyon’s long-term, value-add development strategy.

“Discussions with Camrail regarding an increased equity interest are nearing completion and are expected to support greater involvement in critical rail infrastructure upgrades, further de-risking the Company’s mine-to-port logistics pathway. In parallel, documentation for the EEA placement has been completed, with shareholder approval to be sought at a meeting to be scheduled for early March 2026, while Afriland continues constructive engagement with authorities in Cameroon to finalise the remaining approvals.

“Canyon is fully funded through Stage 1 production through a balanced mix of debt and equity, underpinned by strong support from domestic and international investors and key in-country stakeholders, as the Company remains firmly on track toward first production.” 

This announcement has been approved for release by Canyon’s Board of Directors.

Forward-looking statements 

This announcement contains “forward-looking statements” and “forward-looking information”, such as statements and forecasts which include (without limitation) financial forecasts, production targets, industry and trend projections, statements about the feasibility of the Project and its financial outcomes (including pursuant to the DFS), future strategies, results and outlook of Canyon and the opportunities available to Canyon. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, ‘outlook”, “scheduled”, “target”, “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. Such information is based on assumptions and judgments of Canyon regarding future events and results. Readers are cautioned that forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of Canyon to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking statements and information.

Forward-looking statements and information are not guarantees of future performance and involve known and unknown risks, uncertainties, sensitivities, contingencies, assumptions and other important factors, many of which are beyond the control of Canyon and its directors and management. Past performance is not a guide to future performance. Key risk factors (including as associated with the DFS) are detailed (non-exhaustively) in this announcement or in Canyon’s previous ASX announcements. These and other factors (such as risk factors that are currently unknown) could cause actual results, targets, performance or achievements anticipated (including in the DFS) to differ materially from those expressed in forward-looking statements and information.

Forward-looking statements and information (including Canyon’s belief that it has a reasonable basis to expect it will be able to fund the costs of the Project for its estimated life of mine) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of Canyon made in light of its perception of trends, current conditions and expected developments, as well as other factors that Canyon believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although Canyon believes that the assumptions and expectations reflected in such forward-looking statements and information (including as described throughout this announcement) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking statements and information. Canyon does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws.

Investors should note that there is no certainty that the Project will be feasible and there can be no assurance of whether it will be developed, constructed and commence operations, whether the DFS results will be accurate, whether production targets will be achieved or whether Canyon will be able to raise funding when it is required (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Canyon’s shares. It is also possible that Canyon could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. Risk factors which are set out (non-exhaustively) in this announcement, or in Canyon’s previous ASX announcements, highlight key factors identified by Canyon which may cause actual results to differ from the DFS or may otherwise have material detrimental impacts on Canyon and its business.

Mineral Resources and Ore Reserves

This announcement contains estimates of the Mineral Resources and Ore Reserves estimated for the Project. This information in this announcement that relates to those Mineral Resources and Ore Reserves has been extracted from Canyon’s accompanying ASX announcement entitled “Definitive Feasibility Study Results and Reserves Upgrade Confirms Minim Martap as a Tier-One Bauxite Operation” dated 1 September 2025, a copy of which is available at www.asx.com.au. Canyon confirms that it is not aware of any new information or data that materially affects the information included in that announcement and, in relation to the estimates of Mineral Resources and Ore Reserves, confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Competent Person for the Mineral Resources estimate in the announcement was Mr. Rodney Brown and the Competent Persons for the Ore Reserve estimate in the announcement was Mr. Donald Eld.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/a774eb91-6072-4211-99b3-bef65e19f4f4
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– Published by The MIL Network

SINGAPORE – Media OutReach Newswire – 14 July 2026 – Aon plc (NYSE: AON), a leading global professional services firm, has released Asia Pacific (APAC) findings from its 2026 Global Transaction Solutions Claims Study, highlighting the continued evolution of the region’s transaction risk market and emerging claims trends.

The report finds that transaction risk products, including warranty and indemnity (W&I) insurance and standalone tax liability insurance, continue to be a key consideration in Asia dealmaking. Growing underwriting capacity and wider adoption in markets such as India, Singapore and Korea have supported their integration into transaction structuring and risk management.

“As the transaction risk market across the Asia Pacific region continues to evolve, claims outcomes are shaped not only by policy coverage but also by the quality of diligence, financial analysis and post-completion integration,” said Martijn de Lange, managing director of Transaction Solutions in APAC for Aon. “We are seeing greater claims frequency and higher-severity outcomes, particularly in large and cross-border transactions, reinforcing the value of Warranty & Indemnity and tax insurance in protecting deal value. The region is also playing an increasingly important role in shaping global transaction risk trends, with claims experience reinforcing the value of structured insurance solutions in managing evolving deal risks.”

Businesses are seeing these products deliver value when claims arise, reinforcing confidence in their ability to protect deal value. APAC claims trends are now broadly aligned with global experience, with disclosure-related issues, financial statement inaccuracies, compliance breaches and tax-related exposures among the most common sources of loss.

Claims Activity Increases as Market Matures

As adoption has increased over the past decade, APAC has seen a steady rise in claims activity, providing deeper insight into claims frequency, severity and drivers of loss. In North America, according to Aon’s internal claims data as of July 2026, clients recovered over US$1 billion on transaction solutions claims in 2025 with average payouts exceeding US$10 million, and median payments reaching more than US$8.2 million – both record highs. In APAC, Aon secured more than US$26 million in claims over the past three years, including several high-severity claims.

While early claims activity was concentrated in Australia and New Zealand, where W&I insurance product was first adopted, a second wave of growth is emerging across India, South Korea and Southeast Asia.

Standalone tax liability insurance has become a regular feature of transactions in India and is gaining traction across South Korea, Japan, China and Australia. These policies are increasingly used to manage identified tax exposures, including capital gains tax exemptions, withholding taxes and net operating losses. Claims activity is expected to rise further based on current trends and as policy years mature.

High-Value Claims and Long-Tail Risks Shape the Region’s Profile

The study highlights that APAC claims are increasingly characterised by high-severity losses, particularly on large-cap and cross-border deals, with several exceeding US$10 million.

At the same time, tax and regulatory exposures continue to drive some of the region’s largest and most complex claims, often emerging several years after deal completion and contributing to a pronounced long-tail risk profile.

While operational and disclosure-related issues typically arise within the first year post-completion, tax-related claims may be notified more than five years after policy inception, reflecting audit cycles and enforcement timelines across the region.

Disclosure, Financial and Compliance Risks Drive Claims Across Sectors

Across APAC, disclosure issues, financial statement inaccuracies, compliance with laws and tax-related exposures continue to drive claims, consistent with broader global trends. Typical claim scenarios include:

• Undisclosed or misrepresented material contracts and liabilities
• Gaps between reported financials and underlying performance
• Regulatory and licensing non-compliance, particularly in highly regulated sectors
• Tax disputes involving transfer pricing, customs duties and withholding obligations

Sector-Specific Risks Continue to Evolve

The study identifies distinct patterns of loss across key industries:

• Real estate and infrastructure: claims linked to asset condition, environmental liabilities and lease obligations
• Consumer and retail: regulatory scrutiny, customer liabilities and disclosure gaps
• Technology and payments: licensing, certification and contract concentration risks
• Cross-border structures: tax and regulatory exposures on multinational and complex financing arrangements

The findings indicate that W&I and tax insurance are increasingly integrated into transaction planning strategies and risk management strategies, particularly for large and cross-border transactions where traditional seller recourse may be limited.

“As claims experience deepens across Asia Pacific, clients are becoming more confident in pursuing recovery and leveraging these solutions as part of their deal strategy,” said Anita Vivekananda, managing director of Transaction Solutions in APAC for Aon. “At the same time, the growing prevalence of long-tail tax and regulatory exposures is contributing to a more complex risk landscape, making transaction insurance an increasingly important consideration for organizations pursuing growth and investment opportunities.”

About the Report

The 2026 Global Transaction Solutions Claims Study offers insights to help Asian buyers, sellers and advisers better understand emerging claims patterns and the role insurance can play in supporting transaction outcomes over time. The 2026 study reflects continued claims engagement across transaction solutions, with Aon having supported clients on more than 2,000 claims and secured over US$3 billion in recoveries worldwide.

For further details, see the full report 2026 Global Transaction Solutions Claims Study.

Hashtag: #Aon

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

PERFORMANCE HIGHLIGHTS (H1 2026)

• Revenue increased to US$113.2 million (up 23.8% YoY), driven by the 2 January 2026 acquisition of the Active Apparel Group Pty Ltd and Active Apparel Group (America) LLC (“AAG”) business which is now successfully integrated into the Group’s platform
• Net profit grew to US$ 5.4 million representing a 1.8% increase YoY, after absorbing one-off integration costs arising from the AAG acquisition

STRATEGIC DEVELOPMENT

• Deployed proprietary Product Lifecycle Management (“PLM”) system and in-house AI engine, advancing our transformation into a tech-enabled apparel platform and driving greater operating leverage

SHAREHOLDER RETURNS

• Interim dividend maintained at HK3.0 cents per share, reflecting confidence in cash generation

HONG KONG SAR – Media OutReach Newswire – 13 July 2026 – Lever Style Corporation (HKEX: 1346, “Lever Style”), the world’s premier apparel production platform, today reported financial results for the six months ended 30 June 2026.

For the first half of 2026, Lever Style recorded a return to top-line growth. Following a defensive strategy in 2025 aimed at managing credit risk, the Group recorded total revenue of US$113.2 million, representing a 23.8% increase compared to the same period last year. “This revenue expansion was driven by the 2 January 2026 acquisition of the AAG business, which has now been integrated into our operating platform, providing a broader foundation for our growth trajectory.” said William Tan, CEO of Lever Style.

Navigating Integration for Long-Term Value

“While revenue expanded substantially, net profit for the period grew to US$5.4 million, representing a by 1.8% increase, compared to the first half of 2025. This short-term pressure on our bottom line reflects one-off, upfront integration costs. These primarily included temporary staff duplication costs as we merged workflows, systems, and personnel. We regard these transitional costs as necessary investments to secure the structural, long-term profitability of the acquired business.” Mr. Tan added.

With the integration phase now largely completed, the group’s cost structure is better optimized, and the group will enjoy the operating leverage that enhanced scale provides.

Strategic Technology & In-House AI Solutions

The group’s platform-based strategy continues to progress, converting its operational capabilities from a traditional apparel supplier into a tech-enabled enterprise. During the period under review, Lever Style successfully developed and deployed its own PLM system, among other solutions. These internal enterprise systems are designed to enhance workflow transparency, accelerate speed-to-market, and reduce waste across the group’s asset-light supply chain.

Capitalizing on its expanding internal R&D capabilities, the group has also customized AI solutions to fit its specific business model. Rather than relying on generic off-the-shelf software, these proprietary tools support day-to-day merchandiser productivity and factory coordination, reinforcing Lever Style’s long-term competitive advantage.

Market Outlook: Premium Resilience in a K-Shaped Economy

“The US market—our primary market—has proven surprisingly resilient through the first half of 2026. However, underneath the headline figures lies a visible ‘K-shaped’ economic split: a highly promotional and pressured middle market where retail liquidity remains tight and consumers are value-sensitive, and a premium/affluent tier of high-income consumers whose discretionary spending remains relatively stable, sustaining steady demand for premium products and services.” Stanley Szeto, Executive Chairman of Lever Style, commented.

Lever Style remains largely insulated from mass-market volatility due to its focus on upscale designers and premium fashion brands. Because the group’s brand portfolio aligns with this more resilient premium sector of the market, it remains well-positioned to navigate current economic conditions.

Future Prospects & Financial Synergies

Looking toward the second half of 2026 and into 2027, the group’s strategic roadmap focuses on three primary operational and financial levers:

• AAG Bottom-Line Contribution: With major integration headwinds resolved, the AAG activewear business is expected to start contributing to the bottom line in H2 2026, with net profit margins of this business targeted to improve steadily, with the aim of approaching the margin profile of Lever Style’s legacy business in 2027.
• Targeting Operating Leverage: As expanded volume is funneled through the group’s upgraded digital platform, Lever Style is targeting synergies from operating leverage across its vendor network, allowing fixed overheads to be managed more efficiently.
• Pursuing M&A Opportunities: By integrating the AAG business, Lever Style has demonstrated the scalability of its own platform. Consequently, the group remains active in evaluating a pipeline of further value-accretive acquisitions to expand its product capabilities and geographical production footprint.

“The Group has completed the primary phases of integration, upgraded its technology base, and remains aligned with the more resilient segments of consumer demand. The Board remains confident in our underlying business model and our ability to deliver long-term value to shareholders.” Mr. Szeto concluded.

For more details, please visit: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0713/2026071300602.pdf

https://www.leverstyle.com/en/home/
https://www.linkedin.com/company/lever-style-inc./
https://www.facebook.com/leverstyleofficial
https://www.instagram.com/leverstyle/
https://www.youtube.com/channel/UC2xFoI4FpTh5SOU6O63nNUQ

Hashtag: #LeverStyle

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Compelling path to $1billion ARR and public offering, fueled by product market fit in the agentic AI age, explosion of identities and related threats, and accelerating growth

– Published and distributed with permission of Media-Outreach.com.

Consumption Outflow Continues to Weigh on Revenues As Local Business Environment Enters Adjustment Phase

– Published and distributed with permission of Media-Outreach.com.

The NZ Super Fund has for the third year in a row been awarded a perfect score in the annual GSR (governance, sustainability, resilience) scoreboard published by international sovereign wealth fund experts GlobalSWF.  

First introduced in 2020, the GSR scoreboard assesses 200 state-owned investors against 25 criteria covering each entity’s governance structure and processes, responsible investment policies and practices, and ability to manage liquidity and operational risk.

The Super Fund is one of nine investors to achieve a perfect score.

CEO Jo Townsend says GlobalSWF’s scoreboard is a valuable guide to industry best practice for state-owned investors.

“We are delighted to have performed well against these criteria again,” Ms Townsend said.

Ms Townsend said the increase in sustainability and resilience scores globally reflected the increasing awareness among investors of how relevant these criteria were for long-term success.

“Our discussions with peers show a strong ongoing commitment to these areas, in keeping with our shared focus on creating long-term value for stakeholders.”

The Super Fund is also one of 13 New Zealand investors recently recognised as Responsible Investment Leaders by the Responsible Investment Association Australasia (RIAA).

RIAA said Responsible Investment Leaders were required to demonstrate leading practice across four pillars: Responsible Investment commitment and transparency; ESG integration and screens; Stewardship; and Allocation of Capital.

Guardians co-Chief Investment Officer Will Goodwin said RIAA recognition was an important benchmark.

“The RIAA’s four pillars are well aligned with what we consider to be best-practice portfolio management,” said Goodwin.

“Integrating these considerations into an investment strategy is not an optional extra, it is absolutely fundamental to achieving strong, sustainable risk-adjusted returns.”

Beachlands South development moves to next phase

Beachlands South Limited Partnership (BSLP), the company behind the development of a master-planned community in East Auckland, is moving to internalise the management of its flagship project as preliminary earthworks get under way at the 255 hectare site.

BSLP has announced the appointment of Ian Passau to head the project’s new management team. Passau has held senior executive roles with NZX-listed property company Kiwi Property Group, Arvida and Foodstuffs, and helped to design and implement Auckland Airport’s commercial property development programme.  

BSLP has also named Guy Milburn as Chief Operating Officer. Milburn has more than 20 years’ experience in the property and construction sectors in New Zealand and Australia, most recently as COO at Lime Global. He previously held various GM roles at Ngāi Tahu Property.

The Super Fund is the majority shareholder in BSLP, alongside local iwi Ngāi Tai ki Tāmaki, property fund Hāpai, and interests associated with construction and property organisation Russell Property Group.

Taranaki Offshore Partnership welcomes new legislation

Taranaki Offshore Partnership (TOP), a joint venture between the Super Fund and global infrastructure investor Copenhagen Infrastructure Partners that wants to develop New Zealand’s first offshore wind farm, says the recent passing of the Offshore Renewable Energy Bill is a significant step towards harnessing a world-class fuel source that will generate both sustainable energy and significant downstream economic benefits.

Read TOP’s full announcement here.

Guardians supporting development of award-winning New Zealand Taxonomy

Guardians investment team members Greg Munford and Terina Williams are among a group of industry, investment and sustainability experts creating a sustainable finance framework that is gaining international recognition.

The New Zealand Taxonomy project was last month awarded the 2026 Climate Bonds Initiative Award for Most Innovative Taxonomy. The citation said the project, which is being led by the Centre for Sustainable Finance with support from the Ministry for the Environment, was providing “global leadership in the development of science-based criteria for agriculture and forestry, two of the most difficult sectors for taxonomy development.”

The New Zealand Taxonomy is intended to identify economic activities that either meet sustainability criteria or are actively transitioning towards doing so, thereby helping qualifying New Zealand businesses access global and local green finance.

It is also recognised as one of the first such initiatives to explicitly incorporate climate change adaptation and resilience measures.

Terina Williams (pictured above), a member of the Forestry & Agriculture Technical Advisory Group, said that as well as encouraging investment in local primary industries, the Taxonomy will also help New Zealand exporters maintain access to important overseas markets.

“A growing number of countries are introducing carbon border adjustment mechanisms or mandatory climate-related disclosures. The Taxonomy provides a practical mechanism for exporters to demonstrate their environmental credentials.”

The broader New Zealand Taxonomy project covers agriculture and forestry, energy, buildings and construction, and transport. It will be submitted to the Government to consider for endorsement in December 2026.

Established in 2010, Climate Bonds Initiative is a UK-based non-governmental organisation focused on developing a large and liquid Green and Climate Bonds market that will help drive down the cost of capital for climate projects and improve access to lower-cost debt in emerging markets https://www.climatebonds.net/

More information about the New Zealand Taxonomy can be found on the Centre for Sustainable Finance website: https://sustainablefinance.nz/nz-taxonomy/

Super Fund features as case study in new ICPM study

The Super Fund is one of five funds profiled in a paper that looks at the various ways in which the Total Portfolio Approach to investing is being implemented. Guardians Head of Asset Allocation Charles Hyde was one of the contributors to the study, which was published by the Toronto-based  International Centre for Pension Management and is available on their website.

Annual Report wins Gold

In June, the Guardians’ 2025 Annual Report won Gold at the Australasian Reporting Awards, our 13th consecutive Gold Award, and was named best report in the Financial Services sector.

Latest SOI and SPE now available

The Guardians’ 2026-31 Statement of Intent, and 2026/27 Statement of Performance Expectations, have been published and are available on our website.

People News

The Guardians recently announced the appointments of Will Fletcher as Head of Private Equity and Alternatives and Dr Anastasia Moskvina as Head of Data Analytics.

Dean Hill, formerly of the Reserve Bank of New Zealand, has been appointed Strategic Relationship Manager, overseeing some of our most important external partnerships, including with Northern Trust and Bloomberg.

Finally, Eleanor Morrison has been appointed Fund Finance Manager, leading financial accounting and reporting for the NZ Super Fund.

And special congratulations to former Guardians’ staffer Joe Margison, recently appointed CEO of Virgin Hotels Collection.

Co-CIOs in the Media

Brad Dunstan tells Investment Magazine’s Darcy Song how our assessment that equity risk premia are likely to reduce has led to us lowering the long-term expected return for our benchmark reference portfolio.

Will Goodwin writes in the NZ Herald that sustainability is fundamental to risk, return, and portfolio resilience over decades, making it a core component of any long-term investment strategy.

MIL OSI

HONG KONG SAR – Media OutReach Newswire – 6 July 2026 – Hong Kong consumers have very low tolerance for brands and organisations that are deemed not believable, responding with rapid and decisive backlash when corporate promises trigger doubt. According to a new study on “The Believability Economy” by Ogilvy and YouGov, local residents quickly escalate from questioning claims to complaining on social media, switching to competitors, and fully disengaging. Part of a seven-market Asia Pacific initiative, the Hong Kong SAR edition of Ogilvy’s “Believability Index: The Power of Proof” reveals how critical proof has become to maintaining brand survival.

Silent Disengagement Directly Threatens Revenue

When believability falters, consumer action is almost universal. Of the 1,032 Hong Kong residents aged 18 and over surveyed between late April and early May 2026, 94% stated that they take punitive action once they harbour doubts about a brand or organisation, leaving only 6% with their behaviours unchanged. The local backlash is only slightly below the APAC average of 96%.

This belief-triggered disengagement also inflicts immediate financial consequences: 61% of Hong Kong respondents (70% in APAC) have stopped engaging with or purchasing from a brand or organisation over the past 12 months due to a lack of belief in its claims.

More importantly, silent forms of disengagement dominate the Hong Kong market. Nine in 10 Hongkongers (89%) opt for “silent disengagement”, walking away without saying a word. This quiet exit also carries a severe commercial penalty: it includes 46% who stop purchasing altogether and 32% who migrate to a competitor.

“The research findings are a stark wake-up call for brands and organisations, and show believability makes or breaks consumer decisions in immediate and severe ways,” said Clara Shek, President, Ogilvy Public Relations Hong Kong. “The Hong Kong findings reflect a broader trend in the Asia Pacific region: disengagement often combines quiet withdrawal with more visible signals. Brands and organisations must recognise that what they see publicly is only part of the picture — the quieter, unseen behaviours are dangerous and could be the silent killers of an organisation’s success.”

Vocal punishment is common. Over half (58%) of the respondents say they would take public or semi‑public action, such as:

• Telling friends, family or colleagues not to support the brand or organisation (30%)
• Reporting or flagging organisational content as misleading (17%)
• Leaving a negative review or public comment (15%)
• Actively and publicly avoid their content (14%)
• Contacting them directly to express concerns (12%)
• Posting personal experiences directly on social media (10%)

Lack of Competence and Ethics Triggers Consumer Disengagement

When consumers abandon a brand or organisation due to a breakdown of belief, the top reasons that prompted them to stop engaging or stop purchasing in the past 12 months tie directly to operational execution:

• Products and services didn’t deliver what was promised (34%)
• The brand or organisation handled an issue or mistake poorly (29%)
• Poor business ethics (27%)

Communication missteps also erode foundational belief. A quarter of consumers (25%) state that exaggerated or misleading communications have prompted them to disengage, and 24% disengage when a brand or organisation is unresponsive to issues they raise. In contrast, influencers and spokespeople play a smaller role in believability-driven disengagement — only 15% of respondents report that they would stop engaging with a brand or organisation because a spokesperson or influencer loses credibility.

Drivers of Believability

In Hong Kong, believability is driven far more by the credibility of the source than by the creative style of the content, and people rely primarily on their own judgement or official sources, rather than influencers or highly-polished content. Three quarters (76%) of Hong Kong residents rely on credibility-related influences (such as credible sources and multiple sources), 62% rely on personal perception (whether information aligns with existing knowledge), 59% turn to reviews, and 43% turn to peer validation.

Across all ages, the top drivers of belief are consistently rooted in familiarity and prior experience:

1. A source they already find credible (43%)
2. Information that aligns with their own knowledge or experience (34%)
3. Official or institutional sources (30%)

Conversely, the signals that dominate digital and social media culture — polished and professionally produced content (8%), the amount of people engaging with or sharing the information (16%), and “authentic” creator content (12%) — sit at the bottom of the list as factors that influence whether they believe new information about a brand or organisation.

The Channel Paradox – Where Belief and Scepticism Collide

The Ogilvy Believability Index 2026 finds that mainstream media and official brand channels remain the most influential sources of increased belief in Hong Kong. Almost two-thirds (58%) of Hong Kong residents say information from mainstream media increases their belief in brands and organisations that matter to them, and half (50%) say official brand channels improve belief. Both sources were greeted with relatively minimal scepticism (7% and 8% respectively).

Influencer content and private messaging apps tell a more complex story. The study shows that 30% of Hong Kong consumers say information from social media influencers and KOLs increase their belief, but 26% express heightened scepticism. Private group chats such as WhatsApp show the same near‑equal split: 30% say these channels strengthen their belief, while 26% say they make them more doubtful. In these environments, brands and organisations aren’t generating belief alone — they’re generating belief and doubt in almost equal measure.

“Social media channels may be influential in reach and visibility for brands and organisations, but they are far less effective at strengthening belief,” Ms. Shek said. “In fact, they often create a mix of belief and doubt – a paradox that organisations need to navigate carefully. Traditional tracking tools can create a blind spot for senior leadership as organisations run the risk of over-indexing spending on the exact platforms that are triggering scepticism.”

The importance of mainstream media echoes the latest findings in South China Morning Post’s (SCMP) Intersection of Influence study released on June 24, 2026. The SCMP study shows news media commands the highest attention of any channel in Hong Kong, significantly outperforming other channels (such as social media) in terms of audience focus and staying power. Sixty-one percent (61%) say news reports stay with them long after reading, and 16% use the information to make important decisions. For believability, this shows that news environments don’t just attract attention; they generate intentional, lasting and active engagement in the content.

Negative Ripple Effect for Other Brands

When believability breaks, it spreads. A third (31% local; 36% in APAC) of consumers admit that when their belief in a brand or organisation is lost, they become more wary or suspicious, with 38% of Hong Kong consumers (29% in APAC) reporting that they will subsequently minimise their use of similar products or services from other brands and organisations.

Restoring Belief – Action is Louder Than Words in Hong Kong

On the bright side, 82% of Hong Kong residents (85% in APAC) say belief can be restored. Only 14% of Hong Kong residents (11% in APAC) say that once belief in a source is lost — whether an organisation, media outlet, or public figure — it can never be regained.

When it comes to restoring belief, Hong Kong consumers respond most positively to concrete action. Half (50%) say an organisation must “actively fix the issue” before they will believe them again – a requirement that ranks well above a “public acknowledgement” (40%). Furthermore, another 40% believe it is important to “demonstrate consistent accuracy.”

For Hongkongers, these concrete actions carry far more weight than shifts in communication style alone. Only 29% of respondents feel that being “more transparent or further evidence-based” in their communication helps restore belief, while only 13% say “endorsements from respected individuals” helps restore belief. In other words, accountability and follow‑through are the real drivers of believability.

“Consumers are open to brands and organisations that take actions to repair that credibility. The path to redemption clearly lies in tangible action – correcting problems, publicly acknowledging mistakes and demonstrating consistency. As the findings show, accountability is the ultimate currency of belief,” said Ms. Shek at Ogilvy.

“Despite the popularity of social media and digital channels, Ogilvy’s Hong Kong edition of the ‘Believability Index: The Power of Proof’ calls for a rethink on marketing and issue management approach,” Ms. Shek concluded. “To protect against silent disengagement, leaders must deliver on their core promise, tackle issues transparently, and anchor their communications in mainstream media and official channels, with mindful management of social media and influencer strategy recognising these channels’ belief-scepticism double-edged impact on consumers.”

Hashtag: #Ogilvy

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HONG KONG SAR – Media OutReach Newswire – 6 July 2026 – Oldham, Li & Nie (OLN) is pleased to announce the launch of its dedicated Family Office Services practice, expanding its capabilities in private wealth, trusts, succession planning, and cross-border structuring to meet the growing needs of international families.

Hong Kong has established itself as a premier destination for family offices, underpinned by common law system, attractive tax regime, and government-backed initiatives such as FamilyOfficeHK, tax concessions for Family-Owned Investment Holding Vehicles (FIHVs), and the New Capital Investment Entrant Scheme (New CIES). In 2026, the city has become the world’s largest cross-boundary wealth management centre, according to the Boston Consulting Group[i], reinforcing its appeal for global wealth planning,

OLN’s new Family Office Services practice will provide integrated legal support across the following areas:

• Family Office Establishment and Structuring
• Wills and Succession Planning
• Trusts and Asset Protection
• Complex Estate Planning
• Cross-Border Tax and Structuring Advice, including the US and France elements
• International Family Office Coordination
• Ongoing Accounting and Reporting
• Outsourced CFO and COO Support
• Strategic Business Advisory Services Tailored to Family Offices and Private Investment Structures
• Litigation Support
• Immigration Law

“Hong Kong offers an exceptional platform for families seeking to build a lasting presence in Asia while staying closely connected to opportunities around the world,” said Gordon Oldham, Senior Partner. “At OLN, we understand that every family’s journey is unique. Drawing on our longstanding strengths across private client, tax and corporate services – as well as our dedicated US tax and French practices – we take a truly personal approach. We work alongside our clients to create tailored structures that not only protect and grow their wealth, but also reflect their values, aspirations and long-term legacy.”

The firm’s Family Office Services practice adopts a multidisciplinary approach, working closely with third-party fund managers and financial advisers.

For more information about the Family Office Services practice, please visit https://oln-law.com/practice-areas/family-office-services/

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Hashtag: #familyoffice #oln #successionplanning

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MIL OSI

Ongoing Industry Cyclical Volatility Continues to Weigh on Financial Results
Technological Certainty as a Hedge against Cyclical Headwinds

HONG KONG SAR – Media OutReach Newswire – 1 July 2026 – L.K. Technology Holdings Limited (Stock code: 558, the “LK TECH”, and together with its subsidiaries, the “Group”) announces the annual results for the twelve months ended 31 March, 2026 (the “Year”).

During the Year, although the lightweighting and integrated die-casting technology trends in new energy vehicles continued to accelerate and the policy dividends from large-scale equipment renewal were released, the intelligent equipment manufacturing industry in which the Group operates underwent a cyclical adjustment, with demand-side pressures being particularly pronounced. These included downward pressure on new orders for large and extra-large die-casting equipment, as downstream vehicle enterprises faced slowing retail sales growth and tightened capital expenditures; intensifying competition in the traditional mature sectors, which weakened the growth momentum of orders for small and medium-sized die-casting equipment; and the strain arising from multiple strategic technology investments made in advance during the Year and timing differences in revenue recognition for certain orders. As a result, the Group’s overall performance for the Year came under significant strain. During the Year, the revenue amounted to HK$5,609 million; gross profit amounted to HK$1,375 million, with gross margin at 24.5%; net profit was adjusted to HK$49.5 million, with a net profit margin of 0.9%.

During the Year, the Group maintained a solid financial position, with total assets of HK$13.3 billion, representing a year-on-year increase of 11.2%, and net cash of HK$1.32 billion.

Deep Synergy and Complementary Empowerment across the Three Core Businesses

The Group has three major business segments: die-casting, which handles metal blank forming; injection molding, which enables plastic part forming; and CNC machining centre, which performs high-precision finishing. Together, they cover the key processes of the entire precision forming industry chain. Despite the challenging market environment, the Group adheres to a technology‑led and market-first approach, upholding its core strategies of technology leadership and global expansion. With deep synergy among the three businesses, the Group’s leading industry position and competitive foundation remain solid.

The die-casting machinery business is the Group’s core business, with automotive vehicles industries continuing to be the primary revenue source for this sector. However, during the Year, the sector’s performance came under significant pressure due to weak downstream demand, industry competition that squeezed revenue, and the multiple effects of various strategic investments made in advance. Die-casting machinery business’s revenue for the Year amounted to HK$3,663 million, accounting for 65.3% of the Group’s total revenue. The injection molding segment generated revenue of HK$1,798 million during the Year, representing 32.1% of the Group’s total revenue, while its business achieved diversified growth breakthroughs. Notably, revenue from the toy industry achieved growth of over 55% for the second consecutive year, with its revenue contribution increasing to 16.7%, making it the second-largest application sector. The segment also achieved a three-year compound annual growth rate of 38.7%, demonstrating the Group’s strong ability to capture opportunities in high-growth industries and the competitiveness of its products. Revenue from the CNC machining centre business amounted to HK$148 million, representing 2.6% of total revenue.

Dual Leadership in Delivery and Product, Deepening Core Advantages

The Group’s key industry clients are currently undergoing cyclical structural adjustments, which is further driving the competitive landscape toward consolidation among leading enterprises that possess technological barriers, economies of scale, and comprehensive full-lifecycle service capabilities. Simultaneously, higher requirements are being placed on equipment products, which must be highly precise, intelligent and suited to lightweight manufacturing processes. Therefore, the Group remains committed to technology-driven development, focusing on core technological breakthroughs and capacity building across the entire industry chain. Its research and development (R&D) investment continues to maintain high intensity, high precision, with R&D expenses reaching HK$318 million during the Year, representing a year-on-year increase of 24.6%. This effectively constructs a technological moat and provides strong support for the expansion of its product markets.

In the core field of ultra-large integrated die-casting, the Group continues to deepen its strategic cooperation with leading automobile manufacturers and suppliers, empowering the new energy vehicle industry. During the Year, the Group successfully commercialised the world’s first 16,000T ultra-large intelligent die-casting unit, setting a new industry benchmark for ultra-large tonnage die-casting equipment applications; at the same time, the Group continues to secure and deliver multiple 9000T-class ultra-large die casting machines. The Group’s 6,000T–16,000T ultra-large intelligent die-casting cells, which deeply integrate digital twin technology with the LK-NET cloud die-casting management system, were selected as one of the “Outstanding Cases of New Quality Productive Forces in the Automotive Industry 2025”. These solutions are fully compatible with the mass production requirements for full vehicle body structural components of automobile manufacturers. As at the end of the Year, the Group continued to rank first in the industry globally in terms of the cumulative number of ultra-large die-casting machines delivered, solidifying its leading position.

In the field of magnesium alloy forming technology, the Group’s TPI semi-solid magnesium alloy forming technology has formed a full-scale product matrix covering everything from small precision parts to ultra-large structural parts. It also supports modular transformation of traditional die-casting equipment, enabling a 50% reduction in energy consumption and a 20% increase in product toughness, thereby providing critical support for the commercialisation of magnesium alloys application. During the Year, the Group’s self-developed 5,000-tonne TPI semi-solid forming module successfully secured an order from a leading OEM for the production of inner tailgate panels for new energy vehicles. By integrating into a single component the functions that previously required nine separate sheet metal parts to form the inner tailgate panels, the equipment achieves a 45% reduction in weight and increases material utilisation to 70%, effectively balancing lightweighting and cost control.

The Group’s TPI semi-solid forming technology, leveraging unique process advantages, offers customers a better technical route for magnesium alloy die casting equipment layout; its modular upgrade solution also provides existing industry customers with a practical pathway to rapidly adopt magnesium alloy technology. Benefiting from this, orders for the Group’s TPI magnesium alloy equipment continued to grow strongly, with shipment value exceeding RMB100 million. Revenue generated from the related business increased by 291.1% in the second half of the financial year as compared with the first half of the financial year.

In the field of advanced materials and special casting, the Group’s self-developed zirconium-based amorphous alloy die casting equipment integrates vacuum melting, automatic solid material feeding and full-process automation into a single system. Having reached internationally advanced standards in technical performance, this equipment addresses a key gap in the domestic equipment market. This equipment can be used for large-scale production of high-end products such as foldable screen hinges and medical implants. In expanding its portfolio of special casting equipment, the Group’s low-pressure die-casting machines feature innovative inert gas pressurisation and waste heat recovery technologies, reducing overall energy consumption by 30%. These machines are now widely used in the manufacture of products such as automotive wheels and motor end covers. The horizontal extrusion casting machine is equipped with a dual pressure and speed control system, meeting the production requirements for high-performance components such as automotive steering knuckles, subframes, and battery end plates.

In the field of high-end intelligent machining and industrial big data, the Group has developed an integrated intelligent machining system in response to industry challenges associated with the post-processing of large die-cast components. The system’s local data processing rate exceeds 90% and it achieves an accuracy rate of over 95% in predicting machining abnormalities. Its key technical performance indicators have reached internationally advanced standards. The technology has completed engineering validation on five-axis gantry machining centres and post-processing equipment for large die-cast components, and forms a more competitive, integrated intelligent manufacturing solution. Additionally, the Group successfully overcame technical challenges in the high-precision forming process for hydraulic valves, further enhancing its in-house capabilities in the supply of core components. On the other hand, leveraging digital twin technology, the Group developed intelligent die-casting cells capable of intelligent prediction of process parameters, remote equipment diagnostics and digitalised management and control throughout the entire production process.

Further Advancement in Strategic Layout and Sustained Improvement in Operational Efficiency

Diversified Track Strategy: To effectively respond to cyclical fluctuations in the traditional automotive industry, the Group proactively adjusted its business structure. On the basis of deepening its presence in the new energy vehicle track to consolidate its core foundation, it comprehensively laid out new productivity tracks such as energy storage, AI computing power, humanoid robots, and specialised casting, thereby achieving diversified expansion of customer structure and application scenarios.

Global Expansion Strategy: The Group’s “going global” strategy proved highly effective over the year, and it has successfully built a development framework that combines “high-end breakthroughs in Europe and the US” with “deep cultivation of emerging markets”. In particular, revenue from Europe surged by 64.4% year-on-year, benefitting from robust demand for new energy equipment and high-end manufacturing. The Group also successfully secured a high-end equipment order from a well-known European vehicle enterprise, breaking the long-standing market barrier that made it difficult for Chinese companies to enter the supply chains of mainstream European and American vehicle enterprises. Driven by the ongoing industrial relocation, revenue from other emerging markets and the Asia-Pacific region increased by 76.9% year-on year as orders grew rapidly. The localised sales and service network now covers countries such as Thailand, Vietnam, and Malaysia. Although revenue from the North American market declined year-on-year, the Group’s diversified global market presence effectively mitigated the impact of fluctuations in any single regional market.

Reducing Costs and Improving Efficiency Strategy: The Group has continuously optimised its production layout and advanced the digitalisation of its supply chain. It has also been advancing in-house R&D and production of core components in a systematic manner, complemented by long-standing and stable relationships with upstream suppliers and centralised procurement of bulk raw materials to mitigate cost volatility. Meanwhile, the Group will steadily upgrade its manufacturing facilities with intelligent production lines, further reinforcing its cost-reduction foundation from the production side.

Mr. Liu Zhuo Ming, Chief Executive Officer of L.K. Technology Holdings Limited stated, “Looking back over the past year, we see that the global equipment manufacturing industry was undergoing structural adjustment. Although earnings are under significant pressure, the Group’s leading position remains secure. As at the end of the Year, the Group continued to rank first in the industry globally in terms of the cumulative number of ultra-large die-casting machines delivered, underpinning a solid competitive foundation. Looking ahead, the Group will leverage technological strengths as a strategic anchor against cyclical headwinds, drive deep breakthroughs across multiple fronts, and position itself to emerge stronger from the cycle. Going forward, the Group remains committed to a strategy of technology leadership, capitalising on market opportunities while deepening the Group’s global presence and making a comprehensive push into diverse sectors such as energy storage, photovoltaics, robotics, and computing power cooling. In addition, the Group is building a smart service system centred on ‘AI + Equipment’, adhering to a dual-track approach driven by both customised and forward-looking R&D, with the goal of becoming our customers’ ‘full-lifecycle value partner’ and delivering sustainable, substantial returns to shareholders and investors.”

Hashtag: #LKTechnology

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AI Business on the Rise, Revenue Soared by Nearly 2.8 Times Fuelling Future Growth

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From AI crypto cons to fake holiday bookings, Norton reveals the scams catching out Kiwis, plus advice to stay ahead of the scammers

As winter sets in the ruthless scams targeting Kiwis heat up. Norton, a global leader in consumer Cyber Safety and part of, has released information about the 5 biggest scams facing Kiwis this winter, along with practical advice on how to avoid them.

MIL OSI

HONG KONG SAR – Media OutReach Newswire – 26 June 2026 – HONMA Golf Limited (“HONMA”; together with its subsidiaries, the “Group”; HKEX stock code: 6858), one of the world’s most prestigious golf brands, announces its consolidated annual results for the year ended 31 March 2026 (the “Period”).

Financial Highlights

• Despite continued global economic and geopolitical challenges which negatively impacted consumer sentiments, the Group reported a year-on-year revenue growth of 2.7% to JPY22,259.7 million (equivalent to USD147.7 million).
• Korea rebounded robustly with a year-on-year sales growth of 55.2%, resulting from continued investment in HONMA’s brand and product awareness in the country and success with both retail and wholesale channels in the country.
• Revenue from golf clubs, accounting for 70.7% of total revenue, reported a solid year-on-year growth of 4.5%. Golf ball sales grew by 12.2%, on the back of solid recovery in Japan, Korea and China (including Hong Kong and Macau), which markets grew by 5.1%, 4.8% and 87.3% respectively.
• Full year net profit increased to JPY1,119.8 million (equivalent to USD7.4 million), up from a loss of JPY264.2 million for the year ended 31 March 2025.
• Net operating cash flow remained positive at JPY1,109.3 million (equivalent to USD7.4 million) and net gearing reduced to 21.4%, down from 23.5% as at March 31, 2025.
• Continuously delivering working capital efficiency with inventory turnover days improved significantly from 315 to 251.

Major Achievements

During the twelve months period ended 31 March 2026, the golf industry was faced with intensified competition amidst economic slowdown and regional geopolitical instabilities in some parts of the world. Despite these challenges, HONMA firmly executed its growth strategy while continuously investing in product innovation, optimising its distribution network, and strengthening brand marketing efforts.

Korea Market Outperformed All Other Markets with Exponential Growth in Both Retail and Wholesale Channels

While overall market conditions and consumer sentiment remained subdued, Korea outperformed all other markets and delivered a year-on-year growth of 56.7% from its wholesales channel and 34.3% from its retail channel, thanks to continued investment in HONMA’s brand awareness among Korean golfers, its direct-to-consumer businesses in the country and the renewal of its distributor arrangements. During the Period, gross profit margin in Korea improved by 10 percentage points resulting from continued improvement in the Group’s price management, product offering and consumer journey in this dynamic and evolving golf market.

Newly Launched Products Received Positive Consumer Acceptance

HONMA launched a number of products in the twelve months’ period ended March 31, 2026. These products symbolized the highest level of Japanese craftsmanship and HONMA’s signature aesthetics and performance features and have in turn received positive feedback and acceptance from its customers and end consumers. In addition, the Company incorporated several proprietary, cutting-edge technologies into the design and development of its latest BERES and TOUR WORLD series, targeting affluent and avid golfers. As a result, revenue from BERES golf clubs rose by 3.9% and from country specific golf clubs surged by 41.5%, reconfirming HONMA’s strong brand equity and its resilience amid economic headwinds.

Optimised Distribution Network

During the Period, the Group continued to optimise its distribution network in Asia, gradually shifting towards a more balanced channel mix and customers who are capable of delivering sustainable and profitable sales growth in their respective markets. While revenue from self-operated stores decreased by 6.2% due to strong headwinds in Japan, sales from third-party channels increased by 12.3% year on year, benefiting from ongoing channel optimisation in its key markets.

Re-defining the HONMA Brand

HONMA implemented a series of marketing initiatives to strengthen its global brand positioning, brand awareness, to expand reach and to deepen engagement with its target consumers. To reposition the brand as a dynamic, relevant, and premium golf lifestyle offering for digitally savvy younger golfers, the Group has continued to enhance its global website and social media presence through the delivery of regular, high-quality visual content, supporting increased brand awareness and product appeal.

Supported by a full-channel strategy and increased investment in digital marketing, the Group recorded consistent enhancements in organic traffic and conversion rates during the Period, with certain markets achieving double-digit monthly growth. HONMA’s e-commerce sales recorded a year-on-year growth of 13.1% and 18.1% in Chinese Mainland and North America market.

Business Outlook

Looking ahead, HONMA will continue to advance its long-term growth strategy, with the ambition of establishing itself as a leading global golf lifestyle brand. This strategic direction builds on the Group’s strong heritage, expanding distribution footprint, advanced technologies, and renowned Japanese craftsmanship. Key priorities include enhancing and revitalizing brand value to deepen customer loyalty, reinforcing leadership in the super-premium segment, and accelerating growth in the fast-expanding premium-performance category. HONMA also aims to drive sustainable expansion in North America and Europe through a more refined product offering and optimized distribution strategy, while broadening its portfolio of complementary non-club products to deliver a more holistic golf lifestyle experience. At the same time, the Group will continue to prioritize innovation and product development to remain aligned with evolving market dynamics and shifting consumer preferences.

Mr. LIU Jianguo, Chairman of the Board, President, and Executive Director of HONMA Golf Limited, said: “Despite ongoing operating challenges and business uncertainties, HONMA delivered resilient results, underpinned by solid margin performance and continued progress in its direct-to-consumer strategy. Through a disciplined focus on premium positioning, enhanced digital engagement, and an optimized distribution footprint, we have established a robust platform for sustainable long-term growth and remain committed to delivering value for our stakeholders.”

Hashtag: #HONMA

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The Fund is beginning to generate tangible international outcomes, including awards, nominations and co-productions across music, film, games and the arts, while expanding opportunities for overseas performances, international events and cross-border collaborations.

To date, projects supported by the Fund have been implemented across 23 countries and regions, generating new forms of international collaboration within the creative industries.

TOKYO, JAPAN – Media OutReach Newswire – 25 June 2026 – Held on Friday, June 5, 2026, the “Japan Creator Support Fund Progress Report Meeting” served as a platform for organizations selected under the “Support Programs for Creator Development & Cultural Facilities Function Enhancement” and the “Creator Support Program (Program Development and Implementation)” to present the outcomes of their projects from FY2025. The event, took place at the Ministry of Education, Culture, Sports, Science and Technology (MEXT), Tokyo, highlighted growing international engagement through overseas performances, participation in major international events, and cross-border collaborations, with supported projects generating tangible results including awards, nominations, co-productions, and institutional partnerships across music, film, games, visual arts, and the performing arts.

Now entering its third year, the Japan Creator Support Fund is a government-backed, multi-year national initiative supported by the Agency for Cultural Affairs that aims to nurture emerging creators and artists while strengthening cultural institutions that serve as hubs for creative activity and public engagement. The Fund, delivered through the Japan Arts Council, also promotes international exchange and overseas expansion opportunities, helping Japanese creators and cultural organisations build global networks and reach new audiences.

The progress report meeting opened with remarks from Mr. Shigeki Kobayashi, Vice Minister of Education, Culture, Sports, Science and Technology. Noting the government’s commitment to strengthening Japan’s creative industries, Vice Minister Kobayashi emphasised that “creators and artists themselves are the source of compelling content,” reaffirming the importance of sustained investment in creative talent and international exchange. At the report meeting, representatives from the Japan Arts Council provided an overview and progress update on the Japan Creator Support Fund, reporting that supported projects have generated international activity across 23 countries and regions, spanning Asia, Europe, North America and beyond. Achievements reported for FY2025 included selections at the Berlin International Film Festival, Cannes Directors’ Fortnight and Annecy International Animation Film Festival, performances at London’s Royal Opera House, international touring projects, and new collaborations between Japanese and overseas cultural organisations. Further information on program results, case studies and upcoming international activities can be found in the Notes to Editors below.

At the report meeting, four organizations each introduced its project, reporting on progress to date as well as key challenges, future plans and areas for further development.

• Japan Performing Arts Solidarity Network introduced SOIL Fellowship Program (Stage for Originality, Innovation, and Leadership), an initiative designed to cultivate producers and strengthen the international positioning of Japanese performing arts. In FY2025, program participants took part in pitching events in London and Edinburgh, presenting their work to performing arts professionals from around the world. The project aims to enhance the global presence of Japanese theatre, facilitate the international circulation of works, and foster the accumulation and sharing of professional expertise.
• Tokyo Metropolitan Theatre presented TMT Gear – The Creator Support Project, which seeks to strengthen Japan’s international presence in contemporary performing arts through the development of globally active creators and the enhancement of theatre staff expertise. FY2025 activities included on-the-job training during overseas performances, international networking with performing arts professionals, work-in-progress presentations in the fields of performing arts and music, and 8K recording and technical training initiatives undertaken by the theatre’s video media team.
• KINEMA CIRTUS reported on the Global Anime Challenge (GAC), a program designed to provide learning opportunities for emerging talent and foster the next generation of leaders in Japan’s animation industry. In FY2025, participants attended domestic workshops and undertook internships at overseas animation studios, gaining practical knowledge across key areas of the industry, including international collaboration, production and business development. The project also identified future priorities, including strengthening support from participating studios and expanding opportunities for internationally focused animation production.
• Jikei Gakuen School Corporation – Tokyo Communication Arts College introduced Immersive Media Lab++, an immersive content creator development program delivered in collaboration with XR company STYLY. During FY2025, the project focused on establishing the foundations of its curriculum and conducting overseas research visits to inform program development. Participants also reported on experiences gained through hackathons and study visits to the United States. Beginning in FY2026, the program plans to introduce year-round courses for students alongside overseas training opportunities and expanded international partnerships.

For further information, please visit the official Japan Creator Support Fund website, which provides updated information on selected organizations, upcoming exhibitions and performances, event information, creator interview videos, and creator profiles. https://creator.ntj.jac.go.jp

APPENDIX: KEY FY2025 RESULTS, INTERNATIONAL ACHIEVEMENTS AND UPCOMING FY2026 ACTIVITIES

Support Program Achievements

Creator & Artist Development Support Program
Activities carried out under the supported projects have included participation in overseas events, performances in Europe, research conducted abroad, and other initiatives. These initiatives have produced results such as awards, nominations, and co-productions across various fields, including music, film, and games. Through the strengthening of domestic and international networks and professional guidance, a solid foundation is being steadily built for full-scale overseas expansion.

Key FY2025 Results:

• Number of creators supported: 544
• Number of advisors involved: 301
• Domestic performances/exhibitions: 163
• Overseas performances/exhibitions: 165
• Total attendance across domestic and international events: 873,761
• Countries and regions involved (23 total): Ireland, United States, Italy, India, United Kingdom, Australia, Canada, Singapore, Switzerland, South Korea, China, Germany, France, Vietnam, Malta, Taiwan, Hong Kong, Indonesia, Thailand, Malaysia, Spain, Argentina, and Portugal

Support Program for Cultural Facilities Function Enhancement
Through initiatives funded by the Japan Creator Support Fund, international collaboration has advanced through various hubs including museums, theaters, concert halls, and other institutions. Talent development has also been strengthened through the invitation of overseas curators, co-commissions, mentoring by leading figures in Japan and abroad, and critical writing by development candidates. Progress is also being made in forming foundations for international expansion and network-building, including the establishment of new organizations, overseas performances, professional development, and exchange.

Key FY2025 Results:

• Number of creators supported: 133
• Number of advisors involved: 88
• Overseas performances/exhibitions: 5
• Domestic performances/exhibitions: 92
• Total attendance across domestic and international events: 1,900,597
• Countries and regions involved (8 total): South Korea, China, Germany, France, Taiwan, Indonesia, Slovakia, and Mexico

Creator Support Program (Program Development & Implementation)
Individual projects are undertaking specific measures to develop and implement training programs. In particular, selected educational organizations are making progress in their preparations to establish new departments and courses. As part of these measures, many overseas study visits have been conducted in order to understand needs for Japanese content around the world and survey the state of education for developing global talent. Destinations included approximately 15 countries worldwide, including countries in Africa.

The selection of training candidates is moving forward, and some projects have already launched practical programs. In addition to seminars and workshops held in Japan, overseas dispatches have also taken place. Initiatives included participation in the Berlin International Film Festival in Germany by Tokyo Docs, Atmovie Inc., and Tokyo University of the Arts; an observation visit to MIT Reality Hack in the United States by Jikei Gakuen; and training at higher education institutions, such as the dispatch by VIPO to the Griffith Film School in Australia.

Building on Recent International Successes: Looking Ahead to FY2026

Various organizations are expected to launch full-scale overseas exhibitions, performances and collaborative initiatives in FY2026, further expanding the global reach of Japanese creators and cultural institutions. These upcoming activities build on a growing number of international achievements already generated through projects supported by the Japan Creator Support Fund.

Upcoming FY2026 Activities

As part of ROHM Theatre Kyoto‘s “Repertory Premiere: ‘Hopes’” program, Kichijitsu Saikai, a work created by one of the program’s supported artists, is scheduled to be presented at the Beitou Art Festival in Taiwan from 7–9 August 2026.

In September 2026, WITH LiMBO, created by participants of Aichi Prefectural Art Theater’s “Constellation ~ Connecting Worlds with Aichi Prefectural Art Theater Dance Project ~” is scheduled to be performed in Slovakia.

In the visual arts sector, Syuto Kanazawa is presenting the exhibition Ethnography of the Body and Material — Slowness and Depth in an Accelerated Society as part of “Kogei Artists Promotion Project”in Venice, Italy, from 9 May to 22 November 2026.

Recent International Successes

Under the New National Theatre, Tokyo‘s “Project for Training World-class Dancers Through International Performances”, Giselle was staged at London’s Royal Opera House from 24–27 July 2025. The performances attracted significant attention and played to near-capacity audiences throughout the run. Building on this success, the National Ballet of Japan was named Outstanding Company at the UK’s National Dance Awards 2025 by the Critics’ Circle Dance Section, becoming the first Japanese ballet company to receive the prestigious honour. The award recognised the company’s achievements in the UK, including its Royal Opera House performances under the artistic direction of Miyako Yoshida.

As part of Shochiku‘s “Creator Development Aimed at Expanding Kabuki Overseas”, joint lectures and performances with Korean pansori artists were held in South Korea, laying the groundwork for the European tour of How an Onnagata Is Made. In April 2026, the production undertook its first European tour in eight years, presenting six performances across Paris, Rome and Cologne.

Under “Film Frontier”, a feature animation creator support program administered by UNIJAPAN, Hanarokushō ga Akeru Hi ni was selected for the Competition section of the 76th Berlin International Film Festival, competing for the Golden Bear. Directed by Japanese painter Yoshitoshi Shinomiya, the film marks his feature directorial debut and received support through the program for its international development. The selection represents a significant milestone for Japanese animation, following Spirited Away and Suzume, which were previously selected for the festival’s Competition section.

Also supported through “Film Frontier”, Housenka was selected for the Feature Film Competition at the Annecy International Animation Film Festival 2025. The original animated feature was created by director Baku Kinoshita and writer Kazuya Konomoto, the creative team behind the acclaimed television series Odd Taxi. The program supported the film’s international development and overseas promotion.

Under “New Way, New World: Program for Connecting Japanese Animators to the World”, administered by Computer Graphic Arts Society (CG-ARTS), Eri, directed by first-cohort selected artist Honami Yano, was selected for Directors’ Fortnight at the 79th Cannes Film Festival.

As part of Mori Art Museum‘s “Global Art Professional Development Project”, the exhibition The Architecture of Sou Fujimoto: Primordial Future Forest attracted 236,705 visitors, achieving 160% of its attendance target, and received positive reviews across more than 50 media outlets. Following its successful presentation in Tokyo, the exhibition is scheduled to tour Asia in 2026.

Under Aichi Prefectural Art Theater‘s “Constellation: Aichi Prefectural Art Theater Dance Project Connecting the World”, Giselle: A Summary, featuring program participant Hana Sakai, was invited to the Lessingtage theatre festival in Hamburg, Germany, in February 2026 and to the SPRING Performing Arts Festival in Utrecht, the Netherlands, in May 2026. The performances received positive critical attention, with local reviewers highlighting Sakai’s exceptional technical skill and artistry.

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– Published and distributed with permission of Media-Outreach.com.

The Better Taxes for a Better Future campaign welcomes the Green Party’s tax policy announcements released earlier today is an important step towards rebalancing New Zealand’s tax system: to close the gaps in tax on big corporates; to tax wealth, not just hard work; and to generate the revenue we need to fund the things that matter.

“Right now, ordinary people and small to medium local business are paying their tax and contributing the most to funding essential public services, like schools, hospitals and transport infrastructure, while big corporates and the wealthiest people aren’t paying their fair share,” said Kate Stone, Better Taxes campaign manager and spokesperson.

“In 2023 IRD research showed that the wealthiest families were paying less than half (9%) the tax rate of average Kiwis (20%), because while we tax every dollar workers’ earn, we do not tax wealth properly in New Zealand. The Green’s commitment to tax the super-rich 2.5% on net assets over $10m (excluding the family home), and to tax assets and gifts that people receive without working for them where they exceed $1m (excluding family farms and homes), are critical moves if we are going to tackle this unfairness and the inequality it perpetuates. We believe that pairing these policies with a comprehensive Capital Gains Tax would be even better!”

The Better Taxes Campaign considers these policies, alongside the commitment to a $10,000 tax-free threshold and more progressive tax rates, have the potential both to address immediate cost of living pressures, and to tackle skyrocketing wealth inequality that was on full display in last week’s Rich List.

“We’re not anti-wealth or opposed to success. But it’s a question of balance. Over the last 40 years the wealth of the super rich in NZ has increased from $5.3b to $126bn, while child poverty rates have tripled. It is clear that the “success” of the wealthiest few is not lifting up everyone in Aotearoa, and we need to make significant changes now, if we’re to avoid even greater inequality and the breakdown of social cohesion and democracy that come with it, as we’re seeing globally.”

“Better Taxes also welcomes the moves to close some of the gaps in taxes on big corporates, to level the playing field for local small and medium businesses and to ensure the biggest corporations are contributing back into our economy, from which they’re extracting huge profits,” said Stone.

Last year, alongside Tax Justice Aotearoa, we released the Big Tech Little Tax report which  demonstrated that some of the biggest tech companies were making billions of dollars in New Zealand and paying barely any tax. Last week we released expanded and updated research, which estimated tax minimisation practices by Big Tech have conservatively cost over $600m in the last five years.

“Our analysis shows these companies already have obligations under existing law to pay withholding taxes of at least 5% on much of the funds that they send to their parent company overseas and it is great to see the Green Party commit to cracking down on Big Tech,” said Stone.

“Finally, it’s a no brainer to introduce a bank levy on the big four banks. Our recent polling showed there is majority support for such a levy, including amongst voters who support the current government. It was clear during Budget announcements that the Minister of Finance had been keen to advance such a levy, so we hope that there can be cross-party support for this measure that has already been adopted in Australia, the UK and some other EU countries.”

“If the big four try to pass the levy on to their customers then smaller banks will be given an opportunity to compete and people can vote with their feet. We would also recommend an excess profits tax on the big banks, which the UK has adopted, to create a disincentive for the major Australian-owned banks to take Kiwis for a ride, ” said Stone.

You can read the full Better Taxes and Tax Justice Aotearoa policy platform here: https://www.bettertaxes.nz/tax_policy_statement?utm_campaign=greens_tax_policy_2026&utm_medium=email&utm_source=tja

The Better Taxes for a Better Future Campaign is a coalition of over 20 organisations led by Tax Justice Aotearoa.

MIL OSI

HONG KONG SAR – Media OutReach Newswire – 18 June 2026 – Hong Kong jumped one place to become the world’s second most competitive economy, according to the 2026 World Competitiveness Ranking published today (June 18) by the Swiss-based International Institute for Management Development (IMD). It is Hong Kong’s highest ranking since 2019, and builds on three consecutive years of improvement.

Welcoming the report, a spokesperson for the Hong Kong Special Administrative Region (HKSAR) Government said, “The World Competitiveness Yearbook (WCY) 2026 reaffirms Hong Kong as one of the most competitive economies in the world, and notes that Hong Kong’s rise to second sustains the strong upward trajectory from 2024 and 2025.”

In announcing the results, the IMD noted that, amid rising geopolitical tensions, competitive advantage hinges on credible institutions, predictable rules, enforceable commitments and public trust.

According to WCY 2026, Hong Kong’s rise reflects sustained performance across the four competitiveness factors measured. Among these factors, Hong Kong ranks second in “Government efficiency” and third in “Business efficiency”. “Infrastructure” and “Economic performance” rank eighth and 11^th respectively.

As regards the various competitiveness sub-factors, Hong Kong tops the rankings in “Tax policy” and “Business legislation”, ranks second in “Finance”, third in “International trade”, “International investment”, “Management practices” and “Education”, and fourth in “Public finance” and “Basic infrastructure”.

“In the competitiveness factor ‘Government efficiency’, Hong Kong continues to rank second globally, reflecting the HKSAR Government’s ongoing efforts to promote free and open, stable, predictable and business-friendly economic policies, as well as the international community’s trust in Hong Kong’s legal and regulatory environment,” the spokesperson said.

“Hong Kong’s ‘Business efficiency’ is ranked third globally, reflecting the strong support for industry development rendered by our robust financial ecosystem, as well as the seamless alignment of the city’s business practices and environment with international best standards.”

Amid rapidly evolving geopolitical dynamics, Hong Kong, with its close connectivity to both the Chinese Mainland and the world under the “one country, two systems” principle, and its sound institutions, open markets and sustained investments in innovation, has become a “value hub” that offers both security and growth opportunities.

In fact, Hong Kong continues to excel in various international rankings including those for economy, finance, and talent. The International Monetary Fund has also given positive recognition to Hong Kong in recent months, and major credit rating agencies have successively reaffirmed Hong Kong’s credit ratings and ‘stable’ outlook.

“All these echo the WCY 2026 results,” the spokesperson said.

Currently, Hong Kong is formulating at full speed its first Five-Year Plan, to proactively align with the National 15^th Five-Year Plan.

“With the staunch support of our country, the HKSAR Government will work together with all sectors of society to strengthen our role and function as a ‘super connector’ and ‘super value-adder’, with a view to better integrating into and serving the overall national development, achieving our own high-quality development, creating more new room for development for our people and businesses, as well as opening up new opportunities for global investors and enterprises,” the spokesperson said.

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– Published and distributed with permission of Media-Outreach.com.

Recent reporting has highlighted Facebook’s practice of minimising the tax they pay in Aotearoa New Zealand, but fresh analysis released by the Better Taxes for a Better Future campaign shows this is a widespread practice among multinational tech companies – not just Facebook, and the amount of money being moved offshore is increasing, taking our tax revenue with it.

In an update to the 2025 Big Tech Little Tax report, author Nick Miller reviews the most recent financial statements of some of the biggest technology companies and looks back over the last 5 years to examine the trends.  

“Google NZ paid away about 92% of its revenue in so called “service fees” to an associated company in Singapore in 2021 and has continued to do so every year, In that [5 year] period, its New Zealand revenues have increased by 66%…Google NZ has paid an aggregate sum of nearly $4.75bn to Google Asia Pacific Pte in Singapore while its average annual payment of corporate income tax [in New Zealand] has been about $6m.”

“[Amazon Web Services New Zealand Ltd’s] revenues have increased by over 400% in the same 5 year period. The amount paid out as a service fee to its parent and other group companies quickly rose in 2022 to over 70%  of revenue and has remained at that level. AWS NZ has therefore paid away almost $1.25bn to Amazon group companies  over the 5 years while paying just over $10m in tax.”

[Report extract]

The updated report also looks at the two Uber operating companies and finds that they appear remarkably similar to Google and Facebook in terms of the size of the “service fees” paid to associated companies, how little taxable profits are reported and that almost no corporate income tax is paid here.

“This updated research shows that for at least the past five years, many of these Big Tech companies have been describing as “service fees” payments to group companies that appear likely to be mainly for the use of intellectual property. These ought to be regarded as “royalties” under existing New Zealand law and double taxation agreements, and subject to withholding taxes,” says report author, Nick Miller.

“By miscategorising these payments, companies that are earning aggregate revenues of billions of dollars in New Zealand are avoiding these taxes and minimising the overall tax they are contributing back into our economy.”

Another area of concern is the  practice adopted by Microsoft and Amazon data centres operating in New Zealand whereby the local subsidiaries receive a service fee from group companies while the actual revenue earned by the centre seems likely to be reported elsewhere.

There are still more companies that we don’t know anything about because they are not required to file financial statements because their assets were less than $22 million or their revenue was less than $11 million.

“These companies include MasterCard NZ, Netflix NZ, Booking,Com, AirBnB even though it is obvious that the revenues earned in New Zealand by these groups are going to be many times greater than $11m…these companies operate a “service company” model  in which the New Zealand subsidiary is remunerated for services while the revenue generated by the activities of the subsidiary here is paid offshore.”

[Report extract]

“Overall a conservative estimate of the tax loss to New Zealand over the last five years is over $600 million from just eight of the big tech companies. This excludes many tax minimising multinationals, including those that aren’t disclosing their financials,” says Miller.  

“Just this week we’ve seen Elon Musk be crowned the first trillionaire, and tech loomed large in the NBR’s Rich List. These companies are generating enormous profits for their executives and shareholders, relying on our infrastructure and services, but are not paying their fair share to maintain them. The Government needs to stand up for local businesses and hard working New Zealanders and make Big Tech pay.”

Read the updated analysis: https://www.bettertaxes.nz/big_tech_little_tax_update?e=a058f8e1b0ba0a060f4e57ba89e35ae1&utm_source=tja&utm_medium=email&utm_campaign=big_tech_update&n=3

Read the 2025 Big Tech Little Tax full report. See recommendations from Big Tech Little Tax report here: https://www.bettertaxes.nz/big_tech_little_tax?e=a058f8e1b0ba0a060f4e57ba89e35ae1&utm_source=tja&utm_medium=email&utm_campaign=big_tech_update&n=5

MIL OSI

40 years of the Rich List reveals just how much of our wealth in Aotearoa New Zealand is increasingly accumulating at the very top, while ordinary people see their living standards and opportunities decline – the Better Taxes for a Better Future Campaign says this inequality highlights the pressing need for tax changes.

“NBR released its 40th anniversary Rich List today, touting that in that time the collective wealth of the richest people in New Zealand has increased 23-times over, from $5.3bn to $129bn. But this massive accumulation of wealth by a few at the very top has occurred while child poverty rates have tripled,” said Kate Stone, spokesperson for the Better Taxes for a Better Future Campaign.

“In the early 1980s the average child poverty rate in New Zealand was about 8%, by 2025 that rate had risen to 21.5%*. That is 248,500 children living in poverty. And for every child living in poverty, their parents, their whānau are living in poverty too.”

“Not only does this represent significant deprivation for many whānau in Aotearoa, but it also represents a significant cost to our society and economy – estimates from the Institute for Democratic and Economic Analysis (IDEA) indicate the cost of child poverty is equivalent to 3.4% of our GDP or $14bn a year,” said Stone.

“So while members of the Rich List might claim they’re creating wider economic benefits, it is clear that rapidly increasing wealth inequality in Aotearoa New Zealand has significant costs. As IDEA points out, the costs manifest in weaker educational results, poor physical and mental health, higher social welfare and justice system costs.”

“Wealth in and of itself is not the problem, the starkly unequal distribution of our wealth as a country is a really serious problem. But there are practical steps we can take to address this issue,” said Stone.

“Right now ordinary people are contributing through taxes on their wages and salaries to funding the things that support people to stay out of poverty and succeed in life – education, healthcare, housing and so on. But those who make money from their accumulated wealth, are not paying their fair share because in New Zealand we tax wealth very lightly, if at all. As a result we are not gathering enough revenue to fund these essential services.”

“If we look around the world we can see that there are sensible tax changes we could make to bring us in line with countries we like to compare ourselves to and gather the revenue we need to give our people the best chance in life. These changes include a comprehensive capital gains tax, a wealth transfer tax on large gifts and inheritances, taxing the accumulated wealth of the super rich and sizable trusts,” Stone points out.

“Rebalancing our tax system so we’re taxing wealth fairly, and not just work, is critical to generating the revenue we need to fund the things that matter. And it is critical to tackling inequality and the concentration of our wealth in the hands of a few, undermining our living standards, social cohesion and democracy.”

Better Taxes for a Better Future Campaign Manager

*Note: That is taking the more conservative measure of children in households below the 50% median income after household costs – the numbers are even more stark if expanded to include those below 60% median income, see: Boston (2013); StatsNZ (2026).

The Better Taxes for a Better Future Campaign is a coalition of over 20 organisations led by Tax Justice Aotearoa.

MIL OSI