Category: Finance

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Media Council dismisses four complaints against RNZ

Source: Radio New Zealand

RNZ / Samuel Rillstone

The Media Council has found that four complaints against RNZ did not have sufficient grounds to proceed.

In the first, the chief executive of United Flower Growers, Pete Brown, complained about the article Auckland florists say industry ‘in shambles’, plagued by resentment, published on September 15, 2025. The story reported florists facing difficulties relating to the state of the economy and a raft of changes made by their key supplier, United Flower Growers.

The article was based on comment from five florists, and included responses from Brown on behalf of UFG.

The Council noted that a feature of this complaint was Brown’s concern about RNZ’s decision to grant anonymity to the florists. He challenged that on the basis that two florists spoken to by RNZ had told him they were prepared to be named. This was disputed by RNZ.

The Council said it was in no position to consider this issue as it had no information to establish with any certainty what the florists and reporter agreed to. “Besides, the granting of anonymity in these circumstances is a matter of editorial discretion. That is appropriate and not a matter for second guessing by the Media Council.”

Beyond that the Council was not convinced there was sufficient foundation for complaint about this article. The complainant cited Principles (1) Accuracy, Fairness and Balance but there was no evidence that the article was inaccurate. As for fairness and balance, Brown was given the opportunity to respond and key points made by him were reported, albeit at the tail of the article.

“This sort of investigative reporting is supported by the Council,” the judgment said.

***

In the second case, Martin Broadbent complained about a series of articles published between November 17 to November 22, 2025, on the problems caused by feral cats and the decision to allow them to be targeted as predators.

Broadbent complained that RNZ’s reporting on feral cats and Predator Free 2050 blurred the legal distinction between feral and stray cats, thereby misleading the public and undermining animal welfare protections under the law.

RNZ firmly rejected the suggestion that it was blurring the categories. The term feral was widely used and was included in Predator Free 2050’s list of species. It argued the first story in the series clearly explained the difference between companion, feral and stray cats.

The Council agreed the first article spelt out precisely how feral and stray cats were defined and two other stories in the series also defined the word feral to make it clear they are not referring to strays. On that basis it saw nothing to support a claim that this was of “an orchestrated blurring of categories that misleads the public into believing all unowned cats are “feral” and subject to lethal control.”

The Council ruled there was nothing to show the reporting breached Principle (1) Accuracy, Fairness and Balance.

***

In the third case, RNZ published an article on November 23, 2025, titled Israeli airstrikes kill at least 20 people in Gaza, local medics say. This was a Reuters news agency report and was based on information provided by medics and witnesses to the airstrikes. It also included comment from the Israeli military and Hamas, who accused each other of violating a truce which was agreed to six weeks earlier.

Eric Mattlin complained that the story breached Media Council Principles (1) Accuracy, Fairness and Balance; (4) Comment and Fact; and (7) Discrimination and Diversity. He argued: “The article demonstrates a pattern of asymmetrical attribution with uncritical adoption of Israeli military claims, and a lack of context that affected how readers understood the events being reported. This article concerns an ongoing and highly controversial international conflict involving profound power asymmetries. While balance does not require false equivalence, it does require that significant perspectives and relevant context be included.”

In response, RNZ rejected the complaint and sent Mr Mattlin its language guide to the Middle East Conflict, which explained why it used such terms as ‘militant’ and ‘hostage-prisoner’. It added that RNZ had broadcast and published hundreds of pieces over the past two years, providing a wide range of views and the historical context behind the conflict.

The Council noted that RNZ and all other major New Zealand news outlets rely on international news agencies for most of their world news. Agencies like Reuters report for a wide and diverse international audience which requires coverage to be even handed.

The Council considered this story to be a fairly typical news report from Gaza. In accordance with standard journalistic practice it identified where information was obtained, and comment about the alleged ceasefire breaches was attributed to the Israeli military and Hamas. It also provided brief background on how the Gaza war started two years earlier.

Dealing with the complaint about terminology, the Council refered back to its decision on Mr Mattlin’s earlier complaint (No.3725) which stated: “The Council notes RNZ and other New Zealand media outlets are reliant on overseas news agencies for their coverage of the conflict, and it would be risky or possibly even a breach of RNZ’s agreement with those agencies to change the terminology used.”

The Council noted the story cited in this latest complaint was one of many that have been published on the Gaza War. “This is a long and complex story which has been reported extensively, and it is impractical to expect every report to cover all the context and background. It is clear that balance has been provided over time.”

The Council saw no evidence of bias or that the coverage and terminology was unfair or asymmetrical.

***

In the fourth case, Radio New Zealand (RNZ) published an article on December 22, 2025, Winston Peters makes u-turn on Chorus debt sell-off. The story was about the NZ First leader Winston Peters reversing his previous opposition to the Chorus debt sell-off, which in turn would clear the way for the Government to proceed with a plan to sell about $650m in interest-free loans that Chorus owes the government.

Hector O’Brien complained that the comment – “The Government does not have an (equity) stake in Chorus” – was factually incorrect as the Government-owned holding company National Infrastructure Funding and Finance Ltd had around 61.6 percent of shares in Chorus.

RNZ said the article was correct. The Government did not have an equity stake in this privately owned company. However, it was owed debt by Chorus, more specifically Ultra-Fast Broadband securities. It said the word “stake” had been used in a previous report, but this was updated in this story to make it clear that the Government had no equity or ownership in Chorus.

The Council noted that the line was taken directly from the December 17 press statement in which Infrastructure Minister Chris Bishop said: “It is important to note the government does not have an equity stake in Chorus and the securities involved are not ordinary shares.”

It further noted that NIFFCO is not listed as a major Chorus shareholder. Rather, it is shown through official documents and ministerial statements that the company was used to provide Government loan finance to Chorus.

In the circumstances no inaccuracy was shown, nor any unfairness.

All judgments can be found here: Media Council – Search

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://livenews.co.nz/2026/02/09/media-council-dismisses-four-complaints-against-rnz/

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International Entertainment Corporation to Hold EGM on 26 February 2026 for Proposed Convertible Notes Issuance

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 9 February 2026 – International Entertainment Corporation (the “Company“, together with its subsidiaries, the “Group“; HKEX stock code: 1009) will hold an extraordinary general meeting (the “EGM”) on 26 February 2026 at 11:00 a.m. for shareholders to vote on resolutions related to the proposed issuance of up to HK$1.6 billion convertible notes (the “Notes“) to DigiPlus Interactive Corp. (the “Subscriber“) (Philippine Stock Exchange stock symbol: PLUS).

DigiPlus Interactive Corp., named as one of the Fortune Southeast Asia 500, together with its subsidiaries, is an innovative digital entertainment group in the Philippines and is a leader in the casinos and gaming industry. On 17 November 2025, the Company entered into the Subscription Agreement with the Subscriber, pursuant to which the Company conditionally agreed to issue and the Subscriber conditionally agreed to subscribe for the Notes in two tranches with a maturity of five years and an interest rate of 3% per annum.

Upon full conversion of the Notes at the initial Conversion Price, a total of 1,600,000,000 Shares will be issued by the Company, representing approximately 53.89% of the issued share capital of the Company as enlarged by the issue and allotment of the Conversion Shares. As such, the Subscriber will be obliged to make a mandatory general offer pursuant to Rule 26.1 of the Takeovers Code, unless the Whitewash Waiver is granted and approved.

The initial Conversion Price of HK$1.00 per Conversion Share represents a discount of approximately 3.85% to the closing price of HK$1.04 per Share as quoted on the Stock Exchange on the Latest Practicable Date (6 February 2026).

The board of Directors (the “Board“) believes that the Subscription would be beneficial to improving and strengthening the Group’s liquidity and financial position on a longer-term basis. In the event that the Subscriber converts part or the full amount of the Notes into the Conversion Shares, it will also broaden the shareholder and capital base of the Company. The Group intends to apply part of the net proceeds raised from the issuance of the Notes of approximately HK$489.22 million for the early repayment of the Promissory Notes and interest accrued thereon (the “PN Repayment“), and approximately HK$392.39 million to early repay the Secured Bank Borrowing to achieve immediate interest savings.

The remaining net proceeds will primarily be used for funding the Investment Commitment and attractive investment/business opportunity(ies); and as general working capital of the Group. The Investment Commitment is currently expected to include capital investments for acquisition of land for the expansion of the Group’s integrated resort in Manila City in the Philippines (the ”Hotel”) and the construction of additional hotel rooms, for provision of other amenities of the integrated resort, and for ongoing upgrades, refurbishments and renovations to the facilities and infrastructures of both the Hotel and the Group’s existing casino (the “Casino“).

The Independent Board Committee, which comprises all the independent non-executive Directors, is of the opinion that (i) the terms of the Subscription Agreement are on normal commercial terms, and the terms of the Subscription, the Whitewash Waiver and the Special Deal (the PN Repayment to the PN Holder) are fair and reasonable so far as the Independent Shareholders are concerned; and (ii) the Subscription, the Whitewash Waiver and the Special Deal are in the interests of the Company and the Shareholders as a whole and as far as the Independent Shareholders are concerned. It, therefore, recommends the Independent Shareholders to vote in favour of the relevant resolution(s) to be proposed at the EGM.

Hashtag: #InternationalEntertainmentCorporation

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

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

LiveNews: https://livenews.co.nz/2026/02/09/international-entertainment-corporation-to-hold-egm-on-26-february-2026-for-proposed-convertible-notes-issuance/

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NZ-AU: IperionX Receives Prototype Purchase Order for U.S. Army Heavy Ground Combat Systems

Source: GlobeNewswire (MIL-NZ-AU)

CHARLOTTE, N.C., Jan. 22, 2026 (GLOBE NEWSWIRE) — IperionX Limited (IperionX) (NASDAQ: IPX, ASX: IPX) has received a US$0.3 million prototype purchase order from American Rheinmetall for the production of 700 lightweight titanium components for U.S. Army heavy ground combat systems. This initial purchase order has the potential to lead to a significantly larger agreement upon successful delivery of this initial scope of work.

The components will be manufactured in the United States using 100% recycled titanium feedstock, produced through IperionX’s patented Hydrogen Assisted Metallothermic Reduction (HAMR ) and Hydrogen Sintering and Phase Transformation (HSPT ) technologies. These technologies enable the domestic production of high-performance titanium components at materially lower cost relative to conventional titanium production routes.

Replacing steel components with titanium is expected to deliver measurable operational benefits, including a weight reduction of approximately 40–45% per component, translating to a reduction of several hundred kilograms per vehicle depending on final configuration.

Lightweighting is an increasingly critical design consideration for U.S. Army heavy ground combat platforms as the vehicles continues to gain mass through successive survivability and lethality upgrades, including enhanced armor systems and emerging counter-UAS and drone-protection solutions.

Specific benefits also include improved performance through reduced weight, enabling faster acceleration and better agility, increased operational range and survivability, and reduced ground pressure improving traction and flotation on soft or uneven terrain.

IperionX is the only domestic U.S. producer of commercial-scale primary titanium metal, a material that is designated as strategic and critical by the U.S. Government. Historically, the U.S. has relied heavily on foreign-sourced titanium sponge and upstream processing, creating vulnerabilities within defense and aerospace supply chains.

This purchase order directly supports U.S. Government priorities to reshore and secure critical materials supply chains, reduce reliance on foreign titanium sources, and expand domestic manufacturing capacity using recycled feedstocks.

IperionX CEO Taso Arima said:

“This purchase order demonstrates the practical application of IperionX’s recycled titanium technologies on important U.S. ground combat platforms. As the only domestic producer of commercial primary titanium, IperionX is uniquely positioned to support domestic defense priorities with secure, low-carbon, and cost-competitive titanium products manufactured entirely in the United States.”

The full release can be found here.

About IperionX

IperionX is a leading American titanium metal and critical materials company – using patented metal technologies to produce high performance titanium alloys, from titanium minerals or scrap titanium, at lower energy, cost and carbon emissions.

Our Titan critical minerals project is the largest JORC-compliant mineral resource of titanium, rare earth and zircon minerals sands in the United States.

IperionX’s titanium metal and critical minerals are essential for advanced U.S. industries including space, aerospace, defense, consumer electronics, fasteners, automotive and additive manufacturing.

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, the Company’s ability to comply with the relevant contractual terms to access the technologies, commercially scale its closed-loop titanium production processes, or protect its intellectual property rights, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Contacts

Anastasios (Taso) Arima, Founder and CEO
Toby Symonds, President
Dominic Allen, Chief Commercial Officer

Investors: investorrelations@iperionx.com
Media: media@iperionx.com
+1 980 237 8900
www.iperionx.com

– Published by The MIL Network

LiveNews: https://livenews.co.nz/2026/02/09/nz-au-iperionx-receives-prototype-purchase-order-for-u-s-army-heavy-ground-combat-systems/

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NZ-AU: IperionX – December 2025 Quarterly Report

Source: GlobeNewswire (MIL-NZ-AU)

CHARLOTTE, N.C., Jan. 30, 2026 (GLOBE NEWSWIRE) — IperionX Limited (IperionX) (NASDAQ: IPX, ASX: IPX) is pleased to present its quarterly report for the period ending December 31, 2025. Highlights during and subsequent to the end of the quarter include:

Commercial operations

  • Commissioning Complete: Equipment and systems for both titanium powder production and component manufacturing have been fully commissioned at the Titanium Manufacturing Campus in Virginia.
  • Manufacturing Capacity Expansion: Advanced manufacturing capabilities continue to expand. The 100-ton uniaxial press (producing titanium nuts, bolts, and washers) and dry bag cold isostatic press (large titanium fasteners) are now operational. Additionally, a new 300-ton hydraulic press – designed for complex tiered shapes for consumer electronics enclosures or humanoid robotics components – will commence commissioning.
  • Path to Scale: Manufacturing capabilities are projected to grow significantly as IperionX prepares for a production capacity of 1,400 tons per annum (tpa) in 2027, supported by the installation of additional powder metallurgy presses and HSPT sintering furnaces.
  • Commercial Progress: Sales agreements are advancing, with a range of advanced prototyping activities underway across defense, consumer electronics, automotive, oil & gas, sporting goods, and industrial manufacturing.
  • New Agreements: Major milestones include an initial sales order from Carver Pump for titanium naval shipbuilding components, and an order from American Rheinmetall for lightweight titanium components destined for U.S. Army heavy ground combat systems.
  • Inventory Build: In parallel with custom prototyping, IperionX is building inventory for mass distribution channels. This includes a range of standard titanium fasteners, nuts, and washers, alongside dedicated fastener production for the U.S. military.
  • Quality Assurance: Manufacturing operations have achieved ISO 9001 certification, validating the integrity of IperionX’s quality management processes as production scales.

2027 U.S. Department of War (DoW) backed expansion to 1,400 tpa

  • IperionX is advancing its expansion to scale titanium production capacity to 1,400 tpa. This milestone will position IperionX as the largest and lowest-cost titanium powder producer in the United States.
  • The expansion is estimated to cost ~US$75 million. The majority of this capital is secured via the U.S. DoW Industrial Base Analysis and Sustainment (IBAS) program, with the full US$47.1 million award now obligated.

Accelerated Growth Roadmap: Market Leadership in High-Performance Titanium

  • Next-Generation Development: IperionX is advancing the development of a new facility in Halifax County, Virginia. This site is designed to host the next generation of HAMR and HSPT technologies, targeting a step-change reduction in the titanium cost curve.
  • Continuous Production Breakthrough: These next-generation technologies utilize a new, patent-pending continuous production process that have been tested and proven at R&D level by IperionX. This titanium production innovation has the potential to deliver superior unit economics compared to the current batch processes.
  • Validation Timeline: Pilot-scale work is currently underway to validate this continuous production method at higher throughputs, with completion targeted in 2026.

U.S. Government Funding

  • Final IBAS Funding Obligated: IperionX has been obligated the final US$4.6 million under the U.S. Department of Defense’s US$47.1 million IBAS award. All funds allocated under this program have now been fully obligated, and a balance of US$43.1 million remains available for future reimbursement.
  • Production Expansion Capital: This final tranche of funding will be deployed to support IperionX’s scale-up to a production capacity of 1,400 metric tons per annum (tpa).
  • Feedstock Secured: The U.S. Government transferred ~290 metric tons (320 short tons) of high-quality titanium scrap metal to IperionX at no cost. This provides approximately 1.5 years of feedstock at current operating capacity.
  • Government Commitment: The full obligation of IBAS funding and the provision of zero-cost titanium scrap reaffirm the U.S. Government’s commitment to establishing a resilient, fully integrated, and low-cost titanium supply chain for the defense industrial base.

Titan Project Development

  • Critical Minerals Supply Chain Asset: The Titan Critical Minerals Project is a vital link in the U.S. critical mineral supply chain. It remains one of the largest permitted U.S. sources of titanium, zircon, and rare earth minerals.
  • Closing the Heavy Rare Earth Supply Deficit: With limited domestic production of DyTb and Y, the U.S. faces critical heavy rare earth supply gap. Titan’s rare earth concentrate contains high proportions of DyTb and Y, and is uniquely positioned to supply these essential elements, which are required for high-performance permanent magnets in defense and energy sectors.
  • Project Readiness: As a fully permitted project, Titan offers a fast-track solution for domestic DyTb+Y, titanium, and zircon supply. The Department of War funded Definitive Feasibility Study is on schedule for delivery in mid-2026.

Strong financial position

  • As of December 31, 2025, IperionX held a cash balance of US$65.8 million.
  • IperionX has been awarded a total of US$59.8 million in U.S. Government grants via the DoW’s DPA Title III and IBAS/ICAM programs. All funds under these awards have been fully obligated, legally committing the capital to IperionX within the federal accounting system.
  • These funds are accessed via a reimbursement model. IperionX incurs costs for approved activities and subsequently invoices the U.S. Government for repayment.
  • To date, US$13.3 million has been reimbursed to IperionX. A balance of US$46.5 million remains available for future reimbursement to support ongoing operations and expansion.
Program Obligated Reimbursed to date Remaining Balance
DPA Title III $12.7 ($10.3) $2.4
IBAS / ICAM $47.1 ($3.0) $44.1
Total $59.8 ($13.3) $46.5

A link to the full release can be found here.

Contacts

Anastasios (Taso) Arima, Founder and CEO
Toby Symonds, President
Dominic Allen, Chief Commercial Officer

Investors: investorrelations@iperionx.com
Media: media@iperionx.com

+1 980 237 8900
www.iperionx.com

– Published by The MIL Network

LiveNews: https://livenews.co.nz/2026/02/09/nz-au-iperionx-december-2025-quarterly-report/

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NZ-AU: IREN Reports Q2 FY26 Results

Source: GlobeNewswire (MIL-NZ-AU)

$3.6bn GPU Financing Secured for Microsoft Contract1

Targeted 140k GPU Expansion on Track to Deliver $3.4bn ARR by End of CY262

New 1.6GW Data Center Campus in Oklahoma

NEW YORK, Feb. 05, 2026 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today reported its financial results for the three months ended December 31, 2025.

Highlights

  • $3.6bn GPU financing secured for Microsoft contract1
    • Interest rate of
    • Together with Microsoft prepayment ($1.9bn) covers 95% of GPU-related capex
  • Targeted 140k GPU expansion on track to deliver $3.4bn ARR by end of CY262
    • Horizon 1-4 construction progressing to schedule
    • British Columbia AI Cloud expansion ongoing, with ~$0.4bn ARR now under contract for Prince George and remaining contract negotiations supporting >$0.5bn ARR3
  • New 1.6GW data center campus in Oklahoma
    • Increases secured grid-connected power to >4.5GW
    • Grid-studies complete, with power scheduled to ramp from 2028
    • Large scale site (2,000 acres) with low latency network connectivity

Financing

  • IREN continues to strengthen its capital structure and fund growth through diversified sources:
    • Cash and cash equivalents were $2.8bn as of January 31, 20264
    • >$9.2bn funding secured financial year to date across customer prepayments, convertible notes, GPU leasing and GPU financing
  • Ongoing financing workstreams include:
    • GPU financing
    • Data center financing
    • Select corporate level initiatives

Q2 FY26 Financial Results

  • Results reflected continued progress in the transition from Bitcoin mining to AI Cloud, with capacity increasingly allocated to higher-value AI workloads and AI Cloud revenues accelerating as deployments ramped:
    • Total revenue decreased to $184.7m (vs. Q1 FY26 $240.3m)
    • Net income (loss) of $(155.4)m (vs. Q1 FY26 $384.6m)
    • Adj. EBITDA decreased to $75.3m (vs. Q1 FY26 $91.7m)5
    • EBITDA of $(243.9)m (vs. Q1 FY26 $662.7m)5
  • Net income (loss) and EBITDA were impacted by significant non-cash and non-recurring items, primarily:
    • Unrealized losses related to prepaid forwards and capped calls associated with convertible notes (vs. significant unrealized gains on such positions in Q1 FY26), together with a one-time debt conversion inducement expense, totaling $(219.2)m
    • Mining hardware impairments of $(31.8)m related to the ongoing ASIC-to-GPU transition across British Columbia
    • Stock-based compensation expense of $(58.2)m, including $(22.3)m of accelerated amortization on performance-based restricted stock units and stock options, driven by materially higher share prices exceeding defined performance thresholds
    • Partially offset by an income tax benefit primarily on the release of previously recognized deferred tax liabilities relating to the unrealized gain on financial instruments of $182.5m

Management Commentary

“Last quarter marked meaningful progress across capacity expansion, customer engagement, and capital formation, reflecting IREN’s progress as a scaled AI Cloud platform,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.

“We are seeing the strongest demand environment to date, and importantly, that demand is being met by a proven execution capability. Over several years, we have consistently delivered data center capacity on time and at scale, and that delivery track record continues to resonate with customers who value reliability alongside performance.

“With more than 4.5GW of secured power, we are able to advance a broad set of opportunities in our pipeline and support the next phase of growth. Our $3.4bn ARR target represents an early stage of monetization relative to the size of our secured power portfolio, highlighting the scale of the platform we are building.”

Q2 FY26 Results Webcast & Conference Call

IREN will host its Q2 FY26 results webcast and conference call at the following time:

Time & Date: 5:00 p.m. Eastern Time, Thursday, February 5, 2026
  Participant Registration Link
  Live Webcast Use this link
  Phone Dial-In with Live Q&A Use this link
     

The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations

About IREN

IREN is a leading AI Cloud Service Provider, delivering large-scale GPU clusters for AI training and inference. IREN’s vertically integrated platform is underpinned by its expansive portfolio of grid-connected land and data centers in renewable-rich regions across the U.S. and Canada.

Contacts

Investors
ir@iren.com

Media
media@iren.com

Assumptions and Notes

  1. GPU financing and applicable interest rate is subject to agreed pricing parameters, level of base interest rates, execution of definitive long form documentation and customary conditions precedent.
  2. ARR of $3.4bn represents expected $1.94bn average annual revenue under Microsoft contract plus estimated $1.5bn ARR from ~63k GPU deployment at British Columbia sites, based on internal company assumptions regarding GPU models, utilization and pricing. It is not fully contracted, there can be no assurance that it will be achieved, and actual revenue may differ materially. Assumes on time delivery and commissioning of GPUs.
  3. ARR under contract of $0.4bn at Prince George is calculated as GPU/hour pricing for contracted GPUs as of February 5, 2026 multiplied by 8,760 hours per year and includes annualized revenue for storage and ancillaries. ARR under contract includes amounts that are not yet revenue-generating until the relevant GPUs are delivered, commissioned, and in service. There can be no assurance that contracted GPUs will result in such hours or pricing, and actual revenue may vary materially.
  4. Reflects USD equivalent, unaudited preliminary cash and cash equivalents as of January 31, 2026.
  5. EBITDA and Adjusted EBITDA are non-GAAP financial measures. Refer to page 12 for a reconciliation to the nearest comparable GAAP financial measure.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies and trends we expect to affect our business. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “potential,” “could,” “would,” “may,” “will,” “forecast,” and other similar expressions Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this press release.

We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. The forward-looking statements are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations, and could cause actual results to differ materially from those expressed in the forward-looking statements. Factors that may materially affect such forward-looking statements include, but are not limited to: Bitcoin price and foreign currency exchange rate fluctuations; our ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet our capital needs and facilitate our expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any existing or future financing, which could require us to comply with onerous covenants, restrictions or guarantees, and our ability to service our debt obligations; our ability to successfully execute on our growth strategies and operating plans, including our ability to continue to develop our existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high-performance computing (“HPC”) solutions (including the market for AI Cloud Services and potential colocation services such as powered shell, build-to-suit and turnkey data centers (collectively “HPC and AI services”)); our limited experience with respect to new markets we have entered or may seek to enter, including the market for HPC and AI services; our ability to remain competitive in dynamic and rapidly evolving industries; expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the useful life and obsolescence of hardware (including GPUs, hardware for Bitcoin mining and any current or future HPC and AI services we offer); delays, increases in costs or reductions in the supply of equipment used in our operations including as a result of tariffs and duties, and certain equipment (including GPUs, hardware for Bitcoin mining and any other hardware for any current or future HPC and AI services we offer) being in high demand due to global supply chain constraints, and our ability to secure additional hardware (including GPUs, hardware for Bitcoin mining and any other hardware for any current or future HPC and AI services we offer), on commercially reasonable terms or at all; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any current and future HPC and AI services we offer; our ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to our strategy to expand into markets for HPC and AI services; our ability to establish and maintain a customer base for our HPC and AI services business and customer concentration; our ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of our HPC and AI services and other counterparties; the risk that any current or future customers, including customers of our HPC and AI services or other counterparties, may terminate, default on or underperform their contractual obligations; our ability to perform under, and observe our obligations pursuant to, contractual obligations with counterparties, including customers of our HPC and AI services; changing political and geopolitical conditions, including changing international trade policies and the implementation of wide-ranging, reciprocal and retaliatory tariffs, surtaxes and other similar import or export duties, or trade restrictions; Bitcoin global hashrate fluctuations; our ability to secure renewable energy, renewable energy certificates, power capacity, timely grid connections, facilities and sites on commercially reasonable terms or at all; delays and costs associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects, including as a result of the Electric Reliability Council of Texas’s (“ERCOT”) announced amendments to the approval process for large load interconnection requests; our reliance on power, network and utilities providers, third party mining pools, exchanges, banks, insurance providers and our ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; our 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 us; any variance between the actual operating performance of our miner hardware achieved compared to the nameplate performance including hashrate; electricity market risks relating to changes in laws, regulations and requirements of market operators, network operators and/or regulatory bodies, including with respect to interconnection of facilities of large electrical loads to the ERCOT grid (for example, via a process that may batch multiple large load interconnection requests), grid stability, voltage ride-through, frequency ride-through and curtailment obligations; heightened complexity and additional constraints in energy markets including load ramp requirements by utilities or grid operators which may not align with our planned data center development and commissioning timelines; our ability to curtail our electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken or inaction by electricity network and market operators, regulators, governments or communities in the regions in which we operate, including such actions that could result in the estimated power availability at secured sites being materially less than initially expected, available too late, delayed, conditioned upon technical or operational requirements or not available in each case whether at sustainable cost or at all; the availability, suitability, reliability and cost of internet connections at our facilities; our ability to operate in an evolving regulatory environment; our ability to successfully operate and maintain our property and infrastructure; reliability and performance of our infrastructure compared to expectations; malicious attacks on our property, infrastructure or IT systems; our ability to secure connection agreements to access power sources and permits or to maintain in good standing the operating and other permits, approvals and/or licenses required for our operations, construction activities and business which could be delayed by regulatory approval processes, may not be successful or may be cost prohibitive; our ability to obtain, maintain, protect and enforce our intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends we expect to drive growth in our business materialize to the degree we expect them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions, including our ability to consummate any such transactions on terms favorable to the Group or at all; the occurrence of any environmental, health and safety incidents at our sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to our property and infrastructure and the risk that any insurance we maintain may not fully cover all potential exposures; settlement and termination of proceedings relating to the default under certain equipment financing facilities, ongoing securities litigation, 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; our failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of our compliance and risk management methods; any laws, regulations and ethical standards that may relate to our business, including those that relate to data centers, HPC and AI services, Bitcoin and the Bitcoin mining industry and those that relate to any other services we offer, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; our ability to attract, motivate and retain senior management and qualified employees; increased risks to our 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 our 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; damage to our brand and reputation; evolving stakeholder expectations and requirements relating to environmental, social or governance (“ESG”) issues or reporting, including actual or perceived failure to comply with such expectations and requirements; volatility with respect to the market price of our ordinary shares (“Ordinary shares”); that we do not currently pay any cash dividends on our Ordinary shares, and may not in the foreseeable future and, accordingly, your ability to achieve a return on your investment in our Ordinary shares will depend on appreciation, if any, in the price of our Ordinary shares; and other important factors discussed under “Part 1. Item 1.A. Risk Factors” in our Annual Report on Form 10-K for the year ended June 30, 2025 and “Part II. Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as such factors may be updated from time to time in our 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.

The foregoing list of factors is not exhaustive and does not necessarily include all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements.

These and other important factors could cause actual results to differ materially by the forward-looking statements made in this press release. Any forward-looking statement that IREN makes in this press release 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.

Non-GAAP Financial Measures

This press release refers to certain measures that are not recognized under GAAP and do not have a standardized meaning prescribed by GAAP. IREN uses non-GAAP measures including “EBITDA” and “Adjusted EBITDA,” and “Adjusted EBITDA margin,” (each as defined below) as additional information to complement GAAP measures by providing further understanding of the Company’s operations from management’s perspective.

EBITDA is defined as net income (loss), excluding income tax (expense) benefit, finance expense, interest income and depreciation and amortization, which are important components of our net income (loss). Further, “Adjusted EBITDA” also excludes stock based compensation, foreign exchange gain (loss), impairment of assets, certain other non-recurring income, gain (loss) on disposal of property, plant and equipment, unrealized fair value gain (loss) on financial instruments, debt conversion inducement expense, gain (loss) on partial extinguishment of financial liabilities, increase (decrease) in fair value of assets held for sale and certain other expense items. “Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by revenue.

Beginning in the fiscal year ended June 30, 2026, the Company has changed its definition of Adjusted EBITDA to exclude debt conversion inducement expense. This is a change from the presentation of Adjusted EBITDA in prior periods, and these adjustments did not have any impact on the calculation of Adjusted EBITDA in prior periods.

The reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are shown in the Appendix hereto.

     
Consolidated Balance Sheet
US$m As of December 31, 20251 As of September 30, 2025
Assets    
Cash and cash equivalents 3,260.6 1,032.3
Accounts receivable, net 9.6 24.1
Deposits and prepaid expenses 55.3 53.3
Derivative assets – 2.9
Income taxes receivable – –
Assets held for sale 20.1 –
Other assets and other receivables 37.8 11.4
Total current assets 3,383.4 1,124.0
Property, plant and equipment, net 3,170.5 2,115.4
Intangible assets, net 107.6 –
Operating lease right-of-use asset, net 1.3 1.4
Deposits and prepaid expenses 148.8 30.5
Financial assets – 681.4
Derivative assets 215.7 314.4
Other non-current assets 0.3 0.3
Total non-current assets 3,644.2 3,143.4
Total assets 7,027.6 4,267.4
Liabilities    
Accounts payable and accrued expenses 576.3 151.9
Operating lease liability, current portion 0.4 0.4
Finance lease liability, current portion 61.9 –
Deferred revenue 6.8 1.1
Income taxes payable 0.8 0.1
Other liabilities, current portion 36.1 50.2
Total current liabilities 682.1 203.7
Operating lease liability, less current portion 0.9 1.0
Finance lease liability, less current portion 94.1 –
Convertible notes payable 3,685.3 964.2
Deferred revenue, less current portion 39.8 22.2
Deferred tax liabilities 8.1 195.4
Income taxes payable, less current portion 2.3 2.0
Other liabilities, less current portion 3.8 2.7
Total non-current liabilities 3,834.3 1,187.5
Total liabilities 4,516.4 1,391.2
Stockholders’ equity 2,511.2 2,876.2
Total stockholders’ equity 2,511.2 2,876.2
     
Total liabilities and stockholders’ equity 7,027.6 4,267.4

1) For further detail, see our unaudited condensed consolidated financial statements for the quarter ended December 31, 2025, included in our Form 10-Q filed with the SEC on February 5, 2026.

     
Consolidated Statement of Operations
US$m Quarter ended Quarter ended
December 31, 20251 September 30, 2025
Revenue    
Bitcoin Mining Revenue 167.4 233.0
AI Cloud Services Revenue 17.3 7.3
Total Revenue 184.7 240.3
Cost of revenue (exclusive of depreciation and amortization)    
Bitcoin Mining (63.4) (80.0)
AI Cloud Services (2.4) (0.7)
Total cost of revenue (65.8) (80.7)
Operating (expenses) income    
Selling, general and administrative expenses (100.8) (138.4)
Depreciation and amortization (99.2) (85.2)
Impairment of assets (31.8) (16.3)
Gain (loss) on disposal of property, plant and equipment 0.0 (0.0)
Other operating expenses (5.5) –
Other operating income 1.8 3.8
Total operating (expenses) income (235.3) (236.0)
Operating (loss) income (116.4) (76.4)
Other (expense) income:    
Finance expense (10.7) (9.3)
Interest income 15.8 7.1
Increase (decrease) in fair value of assets held for sale (6.4) –
Realized gain (loss) on financial instruments (2.9) (5.8)
Unrealized gain (loss) on financial instruments (107.4) 665.0
Debt conversion inducement expense (111.8) –
Foreign exchange gain (loss) 1.9 (5.4)
Other non-operating income – –
Total other (expense) income (221.5) 651.7
Income (loss) before taxes (337.9) 575.3
Income tax (expense) benefit 182.5 (190.7)
Net income (loss) (155.4) 384.6

1)  For further detail, see our unaudited condensed consolidated financial statements for the quarter ended December 31, 2025, included in our Form 10-Q filed with the SEC on February 5, 2026.

     
Consolidated Statement of Cashflows
 US$m Quarter ended Quarter ended
December 31, 20251 September 30, 2025
Cash flow from operating activities    
Net income (loss) (155.4) 384.6
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:    
Depreciation and amortization 99.2 85.2
Impairment of assets 31.8 16.3
Increase (decrease) in fair value of assets held for sale 6.4 –
Realised (gain) loss on financial instruments 2.9 5.8
Unrealised (gain) loss on financial instruments 107.4 (665.0)
Debt conversion inducement expense 111.8 –
(Gain) loss on disposal of property, plant and equipment (0.0) 0.0
Foreign exchange loss (gain) 5.5 2.2
Stock-based compensation expense 58.2 72.4
Amortization of debt issuance costs 2.0 1.3
Changes in assets and liabilities:    
Accounts receivable and other receivables (11.9) (13.1)
Other assets 0.0 0.2
Tax related receivables (2.6) 2.6
Tax related liabilities (180.3) 187.9
Accounts payable and accrued expenses (12.5) 3.5
Other liabilities (13.0) 48.7
Deferred revenue 23.3 22.5
Prepayments and deposits (1.1) (12.6)
Operating lease liabilities (0.1) (0.0)
Net cash from (used in) operating activities 71.6 142.4
Investing activities    
Payments for property, plant and equipment net of hardware (539.7) (180.3)
Payments for computer hardware (179.4) (100.3)
Payments for Intangible Assets (107.6) –
Payments for prepayments and deposits (14.1) (0.3)
Deposits paid for right of use assets (10.1) –
Net cash from (used in) investing activities (850.9) (280.9)
Financing activities    
Proceeds from the issuance of Ordinary shares 1,632.4 618.4
Payment for induced conversion of convertible notes (1623.5) –
Payment of offering costs for the issuance of Ordinary shares – (18.5)
Proceeds from loan funded shares 0.1 0.6
Proceeds from exercise of options – 6.6
Proceeds from convertible notes 3,299.6 –
Payment of capped call transactions (252.3) –
Payment of borrowing transaction costs (48.8) (0.9)
Repayment of lease liabilities – –
Net cash from (used in) financing activities 3,007.5 606.1
Net increase (decrease) in cash and cash equivalents 2,228.2 467.6
Cash and cash equivalents at the beginning of the financial year 1,032.3 564.5
Effects of exchange rate changes on cash and cash equivalents 0.1 0.1
Cash and cash equivalents at the end of the financial year 3,260.6 1,032.3

1)  For further detail, see our unaudited condensed consolidated financial statements for the quarter ended December 31, 2025, included in our Form 10-Q filed with the SEC on February 5, 2026.

     
Non-GAAP Metric Reconciliation
Adjusted EBITDA Reconciliation
(US$m)		 Quarter ended
December 31, 2025		 Quarter ended
September 30, 2025
Net income (loss) (155.4) 384.6
Net income (loss) Margin1 (84)% 160%
Income tax expense (benefit) (182.5) 190.7
Income (loss) before tax (337.9) 575.3
Finance expense 10.7 9.3
Interest income (15.8) (7.1)
Depreciation and amortization 99.2 85.2
EBITDA (243.9) 662.7
     
Reconciliation to consolidated statement of operations    
Add/(deduct):    
Unrealized (gain) loss on financial instruments 107.4 (665.0)
Stock-based compensation expense 58.2 72.4
Impairment of assets 31.8 16.3
(Gain) loss on disposal of property, plant and equipment (0.0) 0.0
(Increase) decrease in fair value of assets held for sale 6.4 –
Debt conversion inducement expense2 111.8 –
Foreign exchange (gain) loss (1.9) 5.4
Other expense items3 5.5 –
Adjusted EBITDA 75.3 91.7
Adjusted EBITDA Margin4 41% 38%

1)  Net Income Margin is calculated as Net Income divided by Total Revenue.
2)  Debt conversion inducement expense relating to the induced conversion of a portion of the 2030 Convertible Notes and 2029 Convertible Notes.
3)  Other expenses include a one-time liquidation payment incurred in August 2024 resulting from the transition to spot pricing at the Group’s site at Childress, the reversal of the unrealized loss recorded on fixed price contracted amounts outstanding at June 30, 2024, a litigation related settlement provision, loss on theft of mining hardware in transit, one-off professional fees incurred in relation to litigation matters, and transaction costs incurred on entering the capped call transactions in conjunction with the issuance of the convertible notes.
4)  Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue.

– Published by The MIL Network

LiveNews: https://livenews.co.nz/2026/02/09/nz-au-iren-reports-q2-fy26-results/

Posted on

NZ-AU: Innovation Beverage Group Provides Business Update Highlighting Energy Expansion and Proposed Merger with BlockFuel Energy

Source: GlobeNewswire (MIL-NZ-AU)

Oklahoma energy asset acquisition, UAE digital asset mining MOU with Greenbelt Industries, and equity financing from Aegis Capital advance integrated energy and infrastructure strategy

IBG and BlockFuel continue to progress toward completion of previously announced merger, expected to close by end of Q1 2026 pending Nasdaq listing approval

SYDNEY, Jan. 20, 2026 (GLOBE NEWSWIRE) — Innovation Beverage Group Ltd (“IBG” or “the Company”) (Nasdaq: IBG), an innovative developer, manufacturer, and marketer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands, today provided a business update highlighting progress across several strategic initiatives tied to its proposed merger with BlockFuel Energy Inc. (“BlockFuel”). These developments include energy asset acquisitions, international digital infrastructure development, financing activity, and merger-related milestones.

“Today’s business update reflects continued momentum as we work toward completing our proposed combination with BlockFuel Energy,” said Sahil Beri, Chief Executive Officer of Innovation Beverage Group. “We believe the recent operational and strategic developments at BlockFuel underscore the opportunity to create a publicly traded platform with exposure to energy production and digital infrastructure. We remain focused on navigating the remaining regulatory and closing steps to finalize the transaction.”

“Over the past several months, we have made meaningful progress executing on our strategy across energy production, power infrastructure and digital asset development,” said Daniel Lanskey, Chief Executive Officer of BlockFuel Energy. “The completion of the Oklahoma asset acquisition and the signing of our joint venture MOU in the UAE reflect our focus on building a diversified, vertically integrated energy platform as we advance toward the completion of our proposed merger with Innovation Beverage Group.”

Acquisition of Oil and Gas Production Assets in Oklahoma
BlockFuel has completed the acquisition of oil and gas production assets located in the state of Oklahoma, marking a key step in the execution of its vertically integrated energy strategy. The acquired portfolio includes forty-six (46) previously producing horizontal oil and gas wells and eight (8) saltwater disposal wells with surface facilities. The wells are situated across approximately 30,000 acres, with BlockFuel Energy now owning the majority working interest (~86%) and net revenue interest (~70%) in the wells.

The aggregate purchase price was $12.5 million, comprised of cash paid at closing, seller-financed considerations payable under an amortized note bearing interest, and $3.7 million payable in shares of the Company’s common stock. The shares are to be issued on or before April 1, 2026, at a price equal to a 15% discount to the five-day volume-weighted average price prior to issuance.

Following the closing on December 24, 2025, BlockFuel assumed operational control of the oil field assets on December 26 and initiated the process of restoring production. Initial oil sales are underway, and assets generated from these sales are expected to play an important role in supporting BlockFuel’s energy-backed digital infrastructure initiatives while generating near-term operational activity.

An update on production and well status will be made at the end of February 2026.

Natural Gas Power Generation and Launch of Digital Asset Mining Initiative in Oklahoma
BlockFuel has started planning and initial deployment activities are underway to integrate on-site natural gas–fueled power generation with digital asset mining operations across BlockFuel’s Oklahoma asset base. As natural gas production is progressively brought back online, BlockFuel is evaluating the phased commissioning of approximately 6 megawatts of modular generation capacity at select well sites.

This infrastructure is designed to utilize associated natural gas at the wellhead – including stranded, flared, and saleable gas – to support the development of energy-backed digital infrastructure alongside ongoing oil and natural gas liquids production. BlockFuel believes this strategy has the potential to enhance revenue and improve asset-level economics by monetizing natural gas through on-site power generation, with the capacity to mine up to approximately 4.5 bitcoin per month.

Joint Venture MOU with Greenbelt Industries for UAE Digital Asset Mining Project
BlockFuel has entered a binding memorandum of understanding with Greenbelt Industries LLC, a UAE-based energy generation company with proprietary biofuel manufacturing technology and integrated core production plants, to develop and operate a digital asset mining facility in Sharjah, United Arab Emirates.

The parties intend to form a three-year project-specific joint venture combining Greenbelt’s regulatory licenses, infrastructure, and biofuel-based power generation systems with BlockFuel’s ASIC mining equipment and operational expertise. The project is designed to deliver scalable, energy-efficient and fully compliant digital asset mining operations in the Middle East.

Ownership of the joint venture will be split 50.75% to Greenbelt and 49.25% to BlockFuel, with shared governance through a six-member board of directors. Per the agreement, BlockFuel will be responsible for installation, commission and maintenance of all mining equipment and operations at the site, while Greenbelt will manage business administration and provide power supply and generation services.

Equity Financing Activity with Aegis Capital Corp.
BlockFuel has completed an equity financing led by Aegis Capital Corp., providing $2.0 million in working capital to support near-term operational and strategic initiatives. Proceeds are expected to be used primarily to advance BlockFuel’s energy operations and broader corporate objectives.

The Company notes that certain aspects of the financing are subject to customary disclosure considerations, and additional details will be provided as appropriate and in accordance with applicable securities regulations.

Update on Proposed Merger with BlockFuel Energy
IBG and BlockFuel continue to advance toward completion of their previously announced merger, which is expected to result in BlockFuel Energy becoming the operating business of the combined public company listed on the Nasdaq under the ticker symbol “FUEL”. The transaction is expected to close by the end of the first quarter of 2026.

The proposed transaction remains subject to customary closing conditions, including approval from Nasdaq on the listing application of the combined public company. Both companies continue to work collaboratively with advisors and regulators to complete the required processes and advance toward closing. Management believes the combination positions the Company to participate in the intersection of energy production, power generation, and digital infrastructure, while providing IBG shareholders with exposure to a diversified and scalable operating platform.

If you have a question or would like to schedule a meeting with IBG or BlockFuel management, please contact BlockFuel@KCSA.com.

About Innovation Beverage Group
Innovation Beverage Group is a developer, manufacturer, marketer, exporter, and retailer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands for which it owns exclusive manufacturing rights. Focused on premium and super premium brands and market categories where it can disrupt age old brands, IBG’s brands include Australian Bitters, BITTERTALES, Drummerboy Spirits, Twisted Shaker, and more. IBG’s most successful brand to date is Australian Bitters, which is a well-established and favored bitters brand in Australia. Established in 2018, IBG’s headquarters, manufacturing and flavor innovation center are located in Sydney, Australia with a U.S. sales office located in California. For more information visit: https://www.innovationbev.com/

About BlockFuel Energy
BlockFuel Energy is involved in the acquisition, exploration and development of proven oil fields onshore in North America. By turning natural gas at the source, including stranded and flared gas, into a potent resource for the digital era, BlockFuel Energy intends to redefine the energy industry. BlockFuel Energy combines state-of-the-art power generation with oil and gas exploration to power bitcoin mining operations and high-performance data centers. Our vertically integrated concept allows us to use co-location and modular power generation techniques to optimize efficiency and investment returns. Our cutting-edge solutions for energy optimization and extraction will enable us to transform underdeveloped resources into high-margin, scalable, and sustainable revenue streams. For more information visit: https://blockfuelenergy.com/

Forward Looking Statement
This press release contains “forward-looking statements” and “forward-looking information.” These statements include, but are not limited to, statements about the final terms of the potential merger transaction, the structure of such transaction, benefits of the contemplated transaction between IBG and BlockFuel Energy, expected closing conditions and the parties’ ability to complete the transaction, should definitive documentation be reached as well as other statements that are not historical facts. This information and these statements, which can be identified by the fact that they do not relate strictly to historical or current facts, are made as of the date of this press release or as of the date of the effective date of information described in this press release, as applicable.

The forward-looking statements herein relate to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance (often, but not always, using words or phrases such as “expects,” “anticipates,” “plans,” “projects,” “estimates,” “envisages,” “assumes,” “intends,” “strategy,” “goals,” “objectives” or variations thereof or stating that certain action events or results “may,” “can,” “could,” “would,” “might,” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) and include, without limitation, statements with respect to projected financial targets that the Company is looking to achieve.

All forward-looking statements are based on current beliefs as well as various assumptions made by and information currently available to the Company’s management team. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Such factors include, among others, (1) delays in finalizing definitive documentation for the contemplated transaction, (2) the risk that definitive documentation will reflect different terms than the non-binding terms described herein, (3) the risk of delays in consummating the contemplated transaction, including as a result of required regulatory and stockholder approvals, which may not be obtained on the expected timeline, or at all, (4) the risk of any event, change or other circumstance that could cause the parties to terminate the transaction prior to closing, (5) disruption to the parties’ businesses as a result of the announcement and pendency of the transaction, including potential distraction of management from current plans and operations of IBG or BlockFuel Energy and the ability of IBG and BlockFuel Energy to retain and hire key personnel, (6) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the transaction, (7) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (8) the outcome of any legal or regulatory proceedings that may be instituted against IBG or BlockFuel Energy related to the transaction or merger agreement, should definitive documentation be executed, (9) the risks associated with third party contracts containing consent and/or other provisions that may be triggered by the contemplated transaction, (10) legislative, regulatory, political, market, economic and other conditions, developments and uncertainties affecting IBG’s or BlockFuel Energy’s businesses; (11) the evolving legal, regulatory and tax regimes under which IBG or BlockFuel Energy operate; (12) any restrictions during the pendency of the contemplated transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; and (13) unpredictability and severity of catastrophic events, including, but not limited to, extreme weather, natural disasters, acts of terrorism or outbreak of war or hostilities. We caution any person reviewing this press release not to place undue reliance on these forward-looking statements as several important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions, and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur.

The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Company or on behalf of the Company except as may be required by law.

Contact:
Innovation Beverage Group Limited
Sahil Beri
CEO
sahil@innovationbev.com 
www.innovationbev.com

BlockFuel Energy Inc.
Daniel Lanskey
President and CEO
dan.lanskey@blockfuelenergy.com 
www.blockfuelenergy.com

Investor Relations:
KCSA Strategic Communications
Phil Carlson, Managing Director
BlockFuel@KCSA.com

– Published by The MIL Network

LiveNews: https://livenews.co.nz/2026/02/09/nz-au-innovation-beverage-group-provides-business-update-highlighting-energy-expansion-and-proposed-merger-with-blockfuel-energy/

Posted on

Call to levy services to keep financial mentor sector viable

Source: Radio New Zealand

Fincap, the organisation that represents financial mentors around the country, has made the proposal to the Finance and Expenditure Committee.

Financial mentors say organisations that benefit from their services should be willing to pay a levy.

Fincap, the organisation that represents financial mentors around the country, has made the proposal to the Finance and Expenditure Committee.

Forty-four financial mentor services lost funding in the latest round and Fincap spokesperson Jake Lilley said they are increasingly having to ask staff to take pay cuts or work as volunteers to be able to continue operating.

“We’ve had a lot close,” he told RNZ’s Nine to Noon.

He said it was a concern that the industry was also losing experienced people who knew how to navigate the complex situations that clients would seek help with.

But demand for their services has increased, and Lilley says many organisations rely on their services, including KiwiSaver providers who often suggest people making a hardship application seek help from a mentor.

Lilley said while financial services providers would have their own hardship teams, there were usually limits to what it was appropriate for them to discuss with clients. Financial mentors could look at people’s situations as a whole.

“You can get into a situation where the loudest creditor is the one who is paid when someone hasn’t got the assistance to look at the situation as a whole.”

He said some mentors said it took eight hours of their time to help a client with a KiwiSaver hardship withdrawal application.

Telecommunications and power companies also benefited from mentors’ work, he said.

David Baines, of Christchurch’s Kingdom Resources services, said his organisation lost funding in 2024.

“We were in a situation where government funding provided about 80 percent of our total income.” he said.

Of 11 staff, two became volunteers and four reduced their income, he said. But he said Kingdom Resources still received referrals from government agencies, even though funding had been stopped.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://livenews.co.nz/2026/02/09/call-to-levy-services-to-keep-financial-mentor-sector-viable/

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DBS ARTable 2026 Returns with an Elevated Fusion of Art and Culinary Mastery

Source: Media Outreach

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named ” World’s Best Bank” by Global Finance, “ World’s Best Bank” by Euromoney and “ Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “ World’s Best Digital Bank” by Euromoney and the world’s “ Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the ” Safest Bank in Asia” award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

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

LiveNews: https://livenews.co.nz/2026/02/08/dbs-artable-2026-returns-with-an-elevated-fusion-of-art-and-culinary-mastery/

Posted on

Record-breaking year sets Sharesies investors up for 2026 investments

Source: Radio New Zealand

Sharesies logo. Supplied

Last year was a record-breaking year for the do-it-yourself (DIY) Sharesies investment platform, with investors well-positioned for further investments in 2026.

Investor confidence jumped to a three-year high in the last three months of 2025, with the index peaking at 62 in October, before market volatility dampened enthusiasm to end the quarter at 45.

The index ranked the confidence of more than 930,000 Sharesies customers in New Zealand and Australia from zero to 100.

“Record trading in October was followed by subdued sentiment in November and returning stability in December,” Sharesies head of data and analytics Jordan Cunningham said.

Sharesies savings accounts saw an uptick in deposits in November, compared with the buying of shares in October.

However, the share market picked up again following the Reserve Bank’s interest rate cut in late November.

Still, net deposits for 2025 hit a record $1.7 billion at the end of December, compared with $815 million the year before.

“There were several weeks in December where the total amount of deposits were double that of withdrawals,” Cunningham said.

“We’re still really seeing those positive indications of strong net buying over selling and that strong growth in the net deposits.

“This suggests investors were positioning themselves for the year ahead.”

She said an ongoing trend was a declining investor preference for NZX companies, with Fisher & Paykel Healthcare, Meridian Energy and Infratil down in the ranking.

“That has been driven by the increasing focus on US.markets. We have still seen growth in investing in the NZX, but it really hasn’t kept pace with the growth we’ve seen in US markets.

“Almost 80 percent of our trading volumes now are on US [markets], compared with about 10-15 percent in NZX.

“It’s really hard for even those blue chip NZX companies to keep pace with the growth that we’re seeing [in the US], both in trading volumes and also a price.”

By contrast, she said gold-themed, exchange-traded funds saw strong net buying during the quarter.

“Tough to know what’s going to continue, given the global uncertainty that we face really.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://livenews.co.nz/2026/01/21/record-breaking-year-sets-sharesies-investors-up-for-2026-investments/

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Christopher Luxon throwing Chris Bishop under the bus on housing, says Chris Hipkins

Source: Radio New Zealand

Chris Hipkins (Labour) and Chris Bishop (National). RNZ / Marika Khabazi / Reece Baker

Chris Hipkins has accused the prime minister of starting this election year by “panicking” and throwing one of his senior ministers “under the bus”.

The Labour leader made the comments to Morning Report on Wednesday, ahead of the party’s post-break gathering in “wet and windy West Auckland”.

Prime Minister Christopher Luxon last week confirmed the coalition was considering weakening housing intensification laws in Auckland. The subject did not come up during his ‘State of the Nation’ speech on Monday.

Housing and RMA Reform Minister Chris Bishop last year directed Auckland Council to allow for greater housing and development intensification, particularly around rail stations, as the city prepared to open the long-awaited City Rail Link.

Auckland Council in September responded by approving plans that would allow up to 2 million homes in the city.

But Luxon’s apparent backtrack showed he was “running scared” and “willing to throw Chris Bishop under the bus”, Hipkins said.

“Chris Bishop has spent two years working on this plan, and he’s absolutely determined that it’s the right plan, and Christopher Luxon seems to be more interested in panicking rather than actually showing some loyalty to one of his most senior ministers.”

Luxon on Monday dismissed any talk of a clash with Bishop, saying they were in regular discussion.

“I don’t think there’s a problem when you actually say, ‘I’ve listened to feedback and I’m going to do something different about it on the basis of that.’”

David Seymour, deputy prime minister and leader of coalition partner ACT, expressed concern on Tuesday intensification would upset people in his electorate of Epsom, the country’s wealthiest, because high-rise buildings might end up “looking into everyone’s backyards and their swing sets and their pools”.

Hipkins said if Luxon and Bishop have changed the plan, they should “get on and tell New Zealanders what it is that they’ve been cooking up behind the scenes”.

“Because up until now, Chris Bishop is the person who’s been speaking for the government on the matter, and it seems that he’s now been sidelined.”

House prices have fallen since their peak in 2022, and rents have stabilised – and in some places, fallen – after years of almost unbroken above-inflation rises.

Asked if he would like house prices to fall, Hipkins said he wanted a “stabilisation in house prices… giving New Zealanders a chance for their incomes to catch up”.

“The current government aren’t focused on growing people’s incomes at all. They’re only focused on increasing the wealth of those at the top rather than the people who are working hard every day and aspiring to owning their own home.”

Asked if Bishop was “playing on your home ground” by overseeing improving housing affordability, Hipkins talked up his party’s capital gains and Future Fund policies to “ensure that people are investing in productive businesses rather than simply buying up all the available houses and forcing first-time buyers out of the market”.

Luxon said Bishop would “come forward with his views and explain that shortly”.

Paying for pay equity

One way the previous Labour-led government tried to boost incomes – particularly for historically underpaid sectors – was through 2020’s Equal Pay Amendment Act, which was gutted under urgency in early 2025, Luxon saying the changes would save the government “billions” of dollars.

Christopher Luxon and Finance Minister Nicola Willis. RNZ / Calvin Samuel

Labour has promised to restore pay equity, but still would not say how it would be paid for – Treasury’s estimate was that it would cost close to $13 billion over four years.

“We’ll set out before the election a balanced fiscal plan that will show how we will get New Zealand’s books balanced, something [Finance Minister] Nicola Willis has spent two-and-a-half years failing to do and there is no balance in sight. She still hasn’t figured out how to balance the books after her unaffordable tax cuts.

“We’ve been working our way through the costs of all of the commitments that we are making. I am determined that we will make a sensible, responsible set of commitments to the electorate this year that will be different to the current government.

“It will show that our priority of working New Zealanders and making sure that they get their fair share of the economic pie and that the economic recovery that Christopher Luxon keeps touting actually does arrive and it benefits everybody, not just those at the top.”

A portfolio reshuffle was looming, Hipkins said, particularly with the departures of Duncan Webb and Adrian Rurawhe.

“We very much are in this to win it. We think that the election is up for grabs, and we’re quite determined to offer New Zealanders a really compelling alternative.”

National is meeting in Christchurch, where Luxon is to announce this year’s election date.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://livenews.co.nz/2026/01/21/christopher-luxon-throwing-chris-bishop-under-the-bus-on-housing-says-chris-hipkins/