Universities – ‘Inequities stick out to me’, says new Professor Sir Collin Tukuitonga – UoA

February 7, 2025

Source: University of Auckland (UoA)

This month, Sir Collin Tukuitonga became one of two professors of Niuean descent in the world.

Professor Sir Collin says it’s an honour to join the ranks of his University of Auckland colleague, Professor of Pacific Health Vili Nosa, also from Niue – one of the smallest countries on the globe, with a population of less than 1,700 people.

“I’m not a true-blue academic. I didn’t do a PhD and stay in the university forever. I gained a lot of practical experience elsewhere, so it’s nice to be accepted by my peers in academic medicine,” says Sir Collin.

He is a director of Poutoko Ora a Kiwa – Centre for Pacific and Global Health at the University, was knighted in 2022 and is a man with his own Wikipedia page. His ‘practical experience’ spans everything from being chief executive of the New Zealand Ministry of Pacific Affairs from 2007 to 2012 to developing a global strategy to improve diet and physical activity that was adopted by the World Health Organisation (WHO) in 2004.

Addressing health inequities faced by Pacific and Māori people has been the motivating force behind Sir Collin’s career over the past 45 years.

“People with the means often get too much medicine and those who need it the most get the least.

“Those inequities stick out to me – Māori and Pacific people have poorer health and it’s entrenched.

“We have the resources, skills, equipment and facilities to make a change and yet we haven’t.

“It seems unfair, unacceptable to me – and that’s the key driver, why I’m involved in public health,” he says.

Growing up in Niue, seeds of caring for family and community were planted that have borne fruit during his career in public health.

“We didn’t have much, not many books. We first had the radio when I was 10, electricity wasn’t a regular thing, so it was a pretty basic existence.

“You didn’t expect much for yourself – you didn’t think about whether you had the latest flashy clothes or shoes.

“You helped in the plantation, going fishing, it was all centred around contributing to the family and helping in the village.

“I guess that’s where I got my sense of social justice – your talents are not just for yourself.”

At the age of 15, Sir Collin’s fate was shaped by gaining a scholarship to study medicine.

“I was lucky I had a decent brain and I got one of two New Zealand government scholarships to go to university in Fiji.

“I had always been interested in helping people, so medicine was a natural selection, but the availability of the scholarship was a big factor.

“My family would not have been able to send me to university – I would have been a fisherman,” he says.

Leaving behind his “charmed life” in Niue, where he had been pampered by three sisters and surrounded by cousins, was a huge step, but Fiji still offered the simple pleasures of island life.

Sir Collin graduated as a junior doctor in 1979 and worked as a “real doctor” in family medicine for about 15 years.

He returned to Niue to offer his skills to his island community, before being appointed to teach public health at the Fiji School of Medicine in 1987. A military coup later that year raised fears for the safety of his first wife and their young children, so they fled to New Zealand – a place Sir Collin has called home ever since.

In the late 1980s, he was a key figure involved in setting up a Pacific healthcare clinic in West Auckland, which is now called The Fono.

Having mainly Pasifika staff and low fees has helped make healthcare more accessible for many Pacific people.

While working as a GP in West Auckland, he saw patterns of hardship and poor health that made him determined to help change the health system.

“It was predominantly families with young children and you saw the same things over and over again – chesty coughs, skin infections, those kinds of things, which if you’re a thinking person, you have to say, ‘there has to be a better way than waiting for them to come back to the clinic with the same thing’.

“Those things were to do with cold, damp, overcrowded housing, poor nutrition and delayed access to health care.

“I thought if I was involved in public health, you could theoretically prevent those problems.”

He became Director of Public Health at the New Zealand Ministry of Health in 2001.

In this role, he contributed to programmes designed to reduce smoking harm in Pacific communities. Over the past 30 years, smoking rates have halved, though about twice as many Māori and Pacific people still smoke, compared to Pakeha New Zealanders.

“Smoking in young people in New Zealand is now 4.2 percent, compared to 27 percent of adults smoking in 1993. So that’s a significant achievement for New Zealand and I helped contribute to that.”

Sir Collin helped introduce a vaccine for meningitis B, during an epidemic of the disease in the early 2000s.

“We had high mortality rates among young Māori and Pacific people in New Zealand and the vaccine led to a significant drop in occurrence of the disease, so I was pleased to help that along.”

His overseas roles have included three years at the World Health Organisation in Geneva, Switzerland, and seven years in New Caledonia, where he was director-general of the Pacific Community.

More recently, he played an important role in advising the New Zealand government and communicating with Pacific communities during the Covid pandemic.

However, in December 2023, he resigned from his role as chairperson of Te Whatu Ora Pacific Senate and spoke out regarding his concerns about the new government’s direction.

“I was really incensed when they repealed our smoke-free legislation. I know that by undoing that world-leading legislation, Māori and Pacific people are going to be the worst affected – and all for the purpose of them meeting their commitment to their friends to make tax cuts.

“I couldn’t continue on the advisory committees when clearly they were not interested in anything apart from what was on their agenda.”

The roots of Pacific people having higher rates of health problems, ranging from cancer to measles, lie in deeper disadvantages, says Sir Collin.

“Health is a symptom of underlying social conditions. It’s an extension of disparities in education, income, housing and diet.

“We can’t just deal with it in the health sector, we have to deal with those issues – and they’re difficult issues.”

Through the hard times, Sir Collin has been buoyed up by Pacific people thanking him for looking out for their wellbeing and speaking up for them.

These days, the 67-year-old father of five is enjoying mentoring and supporting young people at the University, while much of his spare time is spent developing and planting native trees on his family’s lifestyle block near Pakiri.

“There’s no set retirement age these days and I love working with my many clever colleagues at the university.

“My friends say that when you retire and you don’t use your brain, it rots. I’m terrified of that possibility,” he laughs.

MIL OSI

Opposition to seabed mining remains strong as Fast-Track process opens for applications – Kiwis Against Seabed Mining (KASM)

LiveNews Publisher

February 7, 2025

Source: Kiwis Against Seabed Mining (KASM)

As the government opens the floodgates today for project applications under its new Fast-Track Approvals Act, opposition to seabed mining is as strong as ever, Kiwis Against Seabed Mining (KASM) said today.

The KASM team spent Waitangi Day in Patea, one of the closest settlements to the proposed mine site in the South Taranaki Bight, and found nothing but fierce opposition, from iwi to fishermen, from surfers to teachers and pensioners – and local councils.

“There’s a real anger in this community at the prospect that this project could still go ahead after being so roundly and repeatedly rejected by the highest court in the land,” said KASM chairperson Cindy Baxter.

“This seabed mining project is called a zombie project because it simply did not stand up to scrutiny: there’s so many uncertainties, and the company simply hasn’t done the work.”

This was evident in the hearing Trans Tasman Resources walked away from last year, when it gave up on trying to meet the Supreme Court’s test of causing “no material harm.”

KASM doesn’t expect the TTR application to be vastly different from what the company presented to those hearings. Trans Tasman Resources appears to only have focussed on lobbying politicians and spending as little money as possible on the mahi it needed to do, while grossly exaggerating the projected economic impact.

“Right around the country today communities like Patea are gearing up for a fight to keep their land, their water and their oceans free from pollution, pitted against a government determined to ride roughshod over their future. It shouldn’t have to be this way.”

The Fast-Track website is now online, advertising that it will post “news” today (ref. https://kasm.us6.list-manage.com/track/click?u=40fd433e2f2344060946f0bb8&id=378af0d022&e=26e06db549 )

MIL OSI

Universities – Can artists really take back their music like Swift? – UoA

LiveNews Publisher

February 7, 2025

Source: University of Auckland

Taylor Swift’s re-recordings rocked the music industry – can other artists reclaim their music too? A journal article explores the options.

Taylor Swift and her millions of fans may be disappointed by her 2025 Grammys ‘snub’, but the billionaire artist still has much to celebrate, most notably, her successful fight to take ownership of her music in an industry long dominated by influential record labels.

University of Auckland copyright expert Dr Joshua Yuvaraj says Swift significantly impacted the industry when she re-recorded several of her albums after the rights to her music were sold from under her.

In his paper, published in the Journal of Intellectual Property Law and Practice and presented at the University of Melbourne’s Taylor Swift-themed academic conference, Swiftposium, the senior law lecturer examines how re-recording can help artists gain control of their music. He compares this strategy with the primary mechanism available under US copyright law: statutory reversion. (ref. https://academic.oup.com/jiplp/article/19/12/884/7913103 )

His article looks at how reversion applies to sound recordings, focusing on the US copyright ‘termination’ provision, which lets creators reclaim copyright, typically after around 35 years. The size of the US recording market makes this scheme the most high-profile reversion system in the world. However, Yuvaraj argues that re-recording may offer a more accessible alternative to these legal processes.

“In theory, copyright reversion gives artists a second chance at controlling their recordings. But in practice, the US system has significant obstacles: a long waiting period, complex legal requirements, and uncertainty over whether sound recordings are even covered.”

Many artists simply don’t have the time or resources to navigate this legal quagmire, says Yuvaraj.

“There are considerable power imbalances between artists and record companies,” he says. “For example, copyright is often assigned before the true value of a song is even known.”

Re-recording, as Swift did, allows artists to sidestep these legal barriers. While the copyright in an original sound recording remains with the label, a newly recorded version, if produced independently, is treated as a separate work under copyright law – as long as the artist retained control, or had a license to reproduce the song itself, which has a separate musical copyright to the recording.

“Taylor Swift’s success put re-recording in the spotlight as a way for artists to regain control over their music without waiting decades for copyright reversion laws to take effect,” says Yuvaraj.

He says that unlike statutory reversion, re-recording requires much shorter waiting periods, allowing musicians to capitalise on market demand more quickly. There’s also less procedural complexity, and as long as artists comply with contractual waiting periods, they are unlikely to face legal action.

Despite Swift’s success – her re-recorded albums were critically praised and financially lucrative – Yuvaraj notes that re-recording isn’t a viable solution for everyone.

“It requires a strong fan base willing to embrace the new versions, and not all musicians have that level of market power,” he says.

And while Swift’s re-recording battle highlighted power imbalances in artist contracts, it also saw record labels tighten their grip. There are reports of extended re-recording restrictions in contracts from the standard three to seven years to 20 or 30 years, making re-recording a less accessible option for future artists.

Despite this roadblock, Yuvaraj says Swift’s case sparked important conversations about artist rights, and some musicians are now negotiating deals that allow them to retain ownership of their master recordings from the outset, eliminating the need for re-recording altogether.

“Swift’s case brought re-recording into the public eye, but it doesn’t replace the need for fairer contracts and stronger copyright protections.”

MIL OSI

Minister thanks outgoing Chief Executive

LiveNews Publisher

February 7, 2025

Source: New Zealand Government

Health Minister Simeon Brown has today thanked outgoing Health New Zealand Chief Executive Fepulea’i Margie Apa for her service.

“Margie Apa was the first to hold the position of Chief Executive at Health New Zealand, taking on the challenge of transitioning New Zealand’s health system from regional district health boards into a single entity following the previous government’s reforms in the middle of a pandemic.

“Prior to this, Margie was Chief Executive of the Counties Manukau District Health Board, having built a career in public service.

“As Chief Executive at Health New Zealand, Margie remained committed to ensuring access to healthcare services while Health New Zealand grappled with significant operational and financial challenges stemming from the health system reforms.

“I acknowledge Margie’s decision to step down as Chief Executive of Health New Zealand and thank her for her service,” Mr Brown says.

Dr Dale Bramley will become acting Chief Executive of Health New Zealand, while a formal recruitment process is underway to find Ms Apa’s replacement.

“I look forward to working with Dr Bramley to ensure Health New Zealand focusses on its core role of ensuring access to timely, quality healthcare for all New Zealanders.”

MIL OSI

Police seek motorists and footage to SH20 fatality

LiveNews Publisher

February 7, 2025

Source: New Zealand Police (National News)

Police are appealing for motorists to come forward following a fatality on the South-Western motorway this morning.

A man died on a section of State Highway 20 near Mt Roskill after entering live lanes on the motorway network.

Detective Senior Sergeant Kathy Bostock, of Auckland City CIB, says the pedestrian was struck by at least three vehicles.

“From our enquiries so far, we have established the man entered the northbound on-ramp at Dominion Road at around 1.30am,” she says.

“None of the vehicles stopped at the time.

“Police are asking these motorists to contact us as they are an important part of us establishing the circumstances of this tragic event.”

A scene examination was carried out on a section of State Highway 20 in the early hours of the morning, with those closures having since been lifted.

“An investigation is now underway and it’s important those motorists do the right thing and come forward,” Detective Senior Sergeant Bostock says.

Police are seeking witnesses in the area to come forward that were travelling through the area on State Highway 20, between 1.30am and 2am, to come forward.

“We know there were a number of vehicles passing through, so we’d especially like to hear from anyone who has dashcam footage.”

Anyone with information can contact Police on 105 or attend their local Police station using the reference number 250207/4077.

Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

ENDS.

Jarred Williamson/NZ Police

MIL OSI

Independent arbiter to determine torture redress

LiveNews Publisher

February 7, 2025

Source: New Zealand Government

The Government has appointed Hon Paul Davison KC as an independent arbiter to determine financial redress for survivors tortured at the Lake Alice Psychiatric Hospital Child and Adolescent Unit (the Lake Alice Unit).

In December, Cabinet set aside up to $22.68 million for redress for torture which consists of three components; a one-off payment which recognises an individual’s experience of torture as a child, a new written apology which explicitly acknowledges torture, and facilitating access to support and rehabilitative services.

Eligible survivors can choose either an expedited payment of $150,000 or an individual payment process where each claim is independently assessed by an independent arbiter who will determine payment amounts.

Hon Paul Davison KC is a retired judge of the High Court who also sat as a member of a Divisional Court of Appeal. He retired from the High Court in August 2023 and has since resumed practice at the Bar as a mediator and providing litigation and consultancy advice. In 1983, Hon Davison was the Counsel Assisting the Committee of Inquiry into Oakley Hospital that investigated the death of a patient following the administration of ECT. The Chair of the Committee of Inquiry was Sir Rodney Gallen who was later appointed to oversee the distribution of $6.5m to survivors of the Lake Alice in what is known as the first-round settlement.

“We wanted to ensure people have choice when going through this process. The individualised option allows survivors to opt for a payment that considers their personal experiences of torture at the Lake Alice Unit. Guided by terms of reference, Hon Davison KC will independently assess the claims of those who choose this pathway. I would like to thank him for his willingness to undertake this important role,” Lead Coordination Minister Erica Stanford says.

So far 77 survivors of the Lake Alice Unit have been confirmed as eligible to make their claim for redress. Survivors will have until 30 April 2025 to choose the individual payment process and until 30 September 2025 for the expedited pathway.

Payments for the expeditated process will begin in March, both processes will be complete by the end of 2025. All eligible survivors can access free independent legal advice to support them during this process.

Notes to editors:

Hon Paul Davison KC’s appointment will commence on 10 February 2025 and will end no later than 30 September 2025.
Payments will be made on a final settlement basis and will be exempt from being treated as income and will not affect the recipient’s tax-status or their entitlement to Ministry of Social Development (MSD) administered assistance.

MIL OSI

Search for man missing in river, Mt Aspiring National Park

LiveNews Publisher

February 7, 2025

Source: New Zealand Police (National News)

Police Search and Rescue are searching this morning for a man missing in a river in Mt Aspiring National Park.

Emergency services were alerted shortly before 5pm yesterday that a man had fallen from a rock into the river and had failed to resurface.

A search team immediately deployed to the area however he was unable to be located.

The search resumed this morning about 8am.

Any further information will be released as it becomes available.

ENDS

Issued by Police Media Centre

MIL OSI

Incidents on South-Western Motorway and Southern Motorway

LiveNews Publisher

February 7, 2025

Source: New Zealand Police (District News)

Motorists on Auckland’s South Western and Southern Motorway network may experience delays this morning, after two fatal incidents on the network in the early hours of this morning.

Emergency services attended an incident on South Western Motorway, Mount Roskil reported at around 1am. A person had entered the motorway on foot and had been struck by a vehicle. The person died at the scene, no other injuries are reported. Enquiries into the circumstances of the incident are ongoing.

Emergency services attended a crash involving a single vehicle on Southern Motorway, Otara, reported at around 2.20am. One person died at the scene, two people were transported to Auckland Hospital in a critical condition and two other people were transported to Middlemore Hospital in a serious condition. Enquiries into the circumstances of the incident are ongoing.

ENDS

Issued by Police Media Centre

MIL OSI

Caraz & Parklon BB Playpen Series Now Available at 【Doremi3babies】

MIL OSI

February 7, 2025

Source: Media Outreach

Hong Kong’s Professional Baby Products Store 【Doremi3babies】 Introduces Caraz & Parklon BB Playpen Series

HONG KONG SAR – Media OutReach Newswire – 6 February 2025 -【Doremi3babies】 has recently announced the launch of the Caraz & Parklon BB playpen series. As two of the most popular baby brands in South Korea, Caraz & Parklon are known for their practicality and safety, catering to the diverse needs of modern families and providing local parents with comprehensive childcare solutions.

Now available at 【Doremi3babies】, the Caraz & Parklon BB playpen series offers parents a high-quality, safe, and flexible new option for baby care. Designed to create a dedicated activity space for babies, these products integrate innovative features with international safety standards, helping parents easily manage daily childcare needs with confidence.

Features of Caraz & Parklon BB Playpen

International Safety Certification: Certified by KC, CE, and other international safety standards, ensuring quality and reliability.
Stable & Minimalist Design: Easy and quick to install, equipped with a non-slip base for stable and durable use, suitable for various home environments.
Flexible Adjustment: The playpen size and shape can be freely adjusted according to home space needs, making it adaptable to different scenarios.
Eco-Friendly & Non-Toxic Materials: Made with baby-safe, eco-friendly, and non-toxic materials, giving parents peace of mind.

Designed for modern families, this series helps create a dedicated activity space for babies while allowing parents to manage their daily routines with ease. Caraz & Parklon have been highly popular among parents in South Korea, and their official launch at 【Doremi3babies】 brings more high-quality childcare product choices to local families.

Exclusive New Member Shopping Offer

To celebrate the official launch of the Caraz & Parklon BB playpen series at 【Doremi3babies】, a special shopping discount is available for new members. Starting today, customers who register as members and make their first purchase of HKD 600 or more will enjoy a 10% discount on their entire order.

More Information

For more product details and promotional activities, visit the 【Doremi3babies】 Facebook page (search for “Doremi3babies”) or contact the customer service team for further inquiries.

Hashtag: #Doremi3babies

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

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

NZ-AU: IREN January 2025 Monthly Update

MIL OSI

February 7, 2025

Source: GlobeNewswire (MIL-NZ-AU)

SYDNEY, Feb. 06, 2025 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today published its monthly update for January 2025.

January Highlights

On-track for 50 EH/s in 5 months
Installing direct-to-chip liquid cooling for AI / HPC
Advancing construction at 1.4GW Sweetwater Project
Progressing multi-GW development pipeline

Key Metrics	Jan 25	Dec 24	Nov 24

Bitcoin Mining
Average operating hashrate	29.0 EH/s	28.1 EH/s	19.7 EH/s
Bitcoin mined¹	521 BTC	529 BTC	379 BTC
Revenue (per Bitcoin)	$99,789	$98,524	$86,065
Electricity cost (per Bitcoin)²	($24,683)	($22,799)	($22,575)
Revenue	$52.0m	$52.1m	$32.6m
Electricity costs²	($12.9m)	($12.1m)	($8.6m)
Hardware profit³	$39.2m	$40.1m	$24.1m
Hardware profit margin⁴	75%	77%	74%

AI Cloud Services
Revenue	$0.8m	$0.8m	$0.9m
Electricity costs²	($0.04m)	($0.02m)	($0.03m)
Hardware profit³	$0.8m	$0.8m	$0.9m
Hardware profit margin⁴	96%	98%	97%

Management Commentary

“In January, our Bitcoin mining business continued to deliver strong hardware profits. We also announced a new at-the-market facility that provides flexibility to fund accretive investments across the business and continue to explore alternative funding options to accelerate our growth,” said Daniel Roberts, IREN Co-Founder and Co-CEO.

“Recent announcements regarding Stargate highlight the strategic value of IREN’s 2,310 MW grid-connected power portfolio, with an increase in observed demand for our cloud and colocation services since the start of this year, and following the DeepSeek release. We look forward to addressing the market and sharing additional detail on our financial performance, strategic priorities and growth outlook at our upcoming Q2 FY25 earnings.”

Technical Commentary

Operating hashrate averaged 29 EH/s, driven by voluntary price curtailment at Childress and de-racking of certain miners to facilitate S21 XP miner upgrades
Mining unit economics remained robust with hardware profit margin of 75% achieved and average revenue per Bitcoin of $99,789
Childress power price of 3.6 c/kWh (3.0 c/kWh since transition to spot pricing)⁵
AI Cloud Services revenue increased 6%, new NVIDIA H200 contracts closed post month-end. Slightly higher electricity costs were attributable to NVIDIA H200 commissioning and customer testing activities

Upcoming Events

Q2 FY25 Results Presentation
5:00pm ET, Feb 12, 2025 (Register here)
Bitcoin Investor Day
New York, Feb 28, 2025
Cantor Tech Conference
New York, Mar 11, 2025
Roth Investor Conference
New York, Mar 17 – 18, 2025
NVIDIA GTC
San Jose, Mar 17 – 20, 2025

Glenn Harrison, VP Operations – Panel Session on Liquid Cooling Solutions (PTC Conference, Jan 25)

Project Update

750MW Childress Project

Expanding to 750MW: construction of final 400MW underway (Phase 4 – 6)

1.4GW Sweetwater Project

Engaged leading EPC contractor: construction of 1.4GW substation commencing in early 2025
General site-works: commencing in coming weeks, including construction and installation of site access points, interior roads, office, warehousing, lay-down areas and security

Multi-GW development pipeline

Internal development team: progressing new grid-interconnection agreements with focus on large power capacity sites

Childress Construction (Feb 2025)

Sweetwater Utility Substation

Childress Project Status

Site Overview

Assumptions and Notes

Bitcoin and Bitcoin mined in this investor update are presented in accordance with our revenue recognition policy which is determined on a Bitcoin received basis (post deduction of mining pool fees).
Electricity costs are presented on a net basis and calculated as IFRS electricity charges, ERS revenue (included in other income) and ERS fees (included in other operating expenses). Figures are based on current internal estimates and exclude REC purchases.
Hardware profit is calculated as revenue less electricity costs. Hardware profit is a non-IFRS financial measure and is provided in addition to, and not as a substitute for, measures of financial performance prepared in accordance with IFRS. Refer to the Forward-Looking Statements disclaimer.
Hardware profit margin for Bitcoin Mining and AI Cloud Services is calculated as revenue less electricity costs, divided by revenue (for each respective revenue stream) and excludes all other costs.
Childress power price since transition to spot pricing calculated on a monthly average basis for the period from August 2024 to January 2025.

Contacts

Media

Jon Snowball
Sodali & Co
+61 477 946 068
+61 423 136 761

Gillian Roberts
Aircover Communications
+1 818 395 2948
gillian.roberts@aircoverpr.com

Investors

Lincoln Tan
IREN
+61 407 423 395
lincoln.tan@iren.com

To keep updated on IREN’s news releases and SEC filings, please subscribe to email alerts at
https://iren.com/investor/ir-resources/email-alerts.

Forward-Looking Statements

This investor update includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. For example, forward-looking statements include but are not limited to the Company’s business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to be materially different from any future results performance or achievements expressed or implied by the forward looking statements, including, but not limited to: Bitcoin price and foreign currency exchange rate fluctuations; IREN’s ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet its capital needs and facilitate its expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any future financing, which could require IREN to comply with onerous covenants or restrictions, and its ability to service its debt obligations, any of which could restrict its business operations and adversely impact its financial condition, cash flows and results of operations; IREN’s ability to successfully execute on its growth strategies and operating plans, including its ability to continue to develop its existing data center sites and to diversify and expand into the market for high performance computing (“HPC”) solutions it may offer (including the market for AI Cloud Services); IREN’s limited experience with respect to new markets it has entered or may seek to enter, including the market for HPC solutions (including AI Cloud Services); expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any current and future HPC solutions (including AI Cloud Services) that IREN offers; IREN’s ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to its strategy to expand into markets for HPC solutions (including AI Cloud Services); IREN’s ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of its HPC solutions (including AI Cloud Services) and other counterparties; the risk that any current or future customers, including customers of its HPC solutions (including AI Cloud Services), or other counterparties may terminate, default on or underperform their contractual obligations; Bitcoin global hashrate fluctuations; IREN’s ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects; IREN’s reliance on power and utilities providers, third party mining pools, exchanges, banks, insurance providers and its ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; IREN’s participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to IREN; any variance between the actual operating performance of IREN’s miner hardware achieved compared to the nameplate performance including hashrate; IREN’s ability to curtail its electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken by electricity network and market operators, regulators, governments or communities in the regions in which IREN operates; the availability, suitability, reliability and cost of internet connections at IREN’s facilities; IREN’s ability to secure additional hardware, including hardware for Bitcoin mining and any current or future HPC solutions (including AI Cloud Services) it offers, on commercially reasonable terms or at all, and any delays or reductions in the supply of such hardware or increases in the cost of procuring such hardware; expectations with respect to the useful life and obsolescence of hardware (including hardware for Bitcoin mining as well as hardware for other applications, including any current or future HPC solutions (including AI Cloud Services) IREN offers); delays, increases in costs or reductions in the supply of equipment used in IREN’s operations; IREN’s ability to operate in an evolving regulatory environment; IREN’s ability to successfully operate and maintain its property and infrastructure; reliability and performance of IREN’s infrastructure compared to expectations; malicious attacks on IREN’s property, infrastructure or IT systems; IREN’s ability to maintain in good standing the operating and other permits and licenses required for its operations and business; IREN’s ability to obtain, maintain, protect and enforce its intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends IREN expects to drive growth in its business materialize to the degree it expects them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions; the occurrence of any environmental, health and safety incidents at IREN’s sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to IREN’s property and infrastructure and the risk that any insurance IREN maintains may not fully cover all potential exposures; ongoing proceedings relating to the default by two of IREN’s wholly-owned special purpose vehicles under limited recourse equipment financing facilities; ongoing securities litigation relating in part to the default; and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom; IREN’s failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of IREN’s compliance and risk management methods; any laws, regulations and ethical standards that may relate to IREN’s business, including those that relate to Bitcoin and the Bitcoin mining industry and those that relate to any other services it offers, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; IREN’s ability to attract, motivate and retain senior management and qualified employees; increased risks to IREN’s global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect IREN’s business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease and any governmental or industry measures taken in response; IREN’s ability to remain competitive in dynamic and rapidly evolving industries; damage to IREN’s brand and reputation; expectations relating to Environmental, Social or Governance issues or reporting; the costs of being a public company; the increased regulatory and compliance costs of IREN ceasing to be a foreign private issuer and an emerging growth company, as a result of which it will be required, among other things, to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC commencing with its next financial year, and it will also be required to prepare its financial statements in accordance with U.S. GAAP rather than IFRS and to modify certain of its policies to comply with corporate governance practices required of a U.S. domestic issuer; and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 20-F filed with the SEC on August 28, 2024 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https://investors.iren.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this investor update. Any forward-looking statement that IREN makes in this investor update speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Preliminary Financial Information

The financial information presented in this investor update is not subject to the same closing procedures as our unaudited quarterly financial results and our audited annual financial results, and has not been reviewed or audited by our independent registered public accounting firm. The preliminary financial information included in this investor update does not represent a comprehensive statement of our financial results or financial position and should not be viewed as a substitute for unaudited financial statements prepared in accordance with International Financial Reporting Standards. Accordingly, you should not place undue reliance on the preliminary financial information included in this investor update.

Non-IFRS Financial Measures

This investor update includes non-IFRS financial measures, including electricity costs (presented on a net basis) and hardware profit. We provide these measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with IFRS. There are a number of limitations related to the use of non-IFRS financial measures. For example, other companies, including companies in our industry, may calculate these measures differently. The Company believes that these measures are important and supplement discussions and analysis of its results of operations and enhances an understanding of its operating performance.

Electricity costs are calculated as our IFRS Electricity charges, ERS revenue (included in Other income) and ERS fees (included in Other operating expenses), and excludes the cost of RECs.

Hardware Profit is calculated as revenue less electricity costs (excludes all other site, overhead and REC costs).

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/bdf96bfc-e243-4b33-8dff-1f750d982ad1
https://www.globenewswire.com/NewsRoom/AttachmentNg/2e8e57d7-f056-463d-877a-35e04e52d448
https://www.globenewswire.com/NewsRoom/AttachmentNg/31eb1c42-1974-4828-8520-654d517bd436
https://www.globenewswire.com/NewsRoom/AttachmentNg/269f1dae-b1ed-40e0-a97e-bb05aa571dd8
https://www.globenewswire.com/NewsRoom/AttachmentNg/9691a596-630d-481b-bf7f-71b7b0732447
https://www.globenewswire.com/NewsRoom/AttachmentNg/f31b7897-a31c-4352-b191-cd57f5547e6c

– Published by The MIL Network

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