Why comparisons between AI and human intelligence miss the point

Source: The Conversation (Au and NZ) – By Celeste Rodriguez Louro, Associate Professor, Chair of Linguistics and Director of Language Lab, The University of Western Australia

Aelitta / Getty Images

Claims that artificial intelligence (AI) is on the verge of surpassing human intelligence have become commonplace. According to some commentators, rapid advances in large language models signal an imminent tipping point – often framed as “superintelligence” – that will fundamentally reshape society.

But comparing AI to individual intelligence misses something essential about what human intelligence is. Our intelligence doesn’t operate primarily at the level of isolated individuals. It is social, embodied and collective. Once this is taken seriously, the claim that AI is set to surpass human intelligence becomes far less convincing.

These claims rest on a particular comparison: AI systems are measured against individual human cognitive performance. Can a machine write an essay, pass an exam, diagnose disease, or compose music as well as a person? On these narrow benchmarks, AI appears impressive.

Yet this framing mirrors the limitations of traditional intelligence testing itself: cultural bias, and a reward for familiarity and practice. The rise of AI should therefore prompt more thought about what we mean by intelligence, pushing us to move beyond narrow cognitive metrics, and even beyond popular expansions such as emotional intelligence, toward richer, more contextual definitions.

Intelligence is not individual brilliance

Human cognitive achievements are often attributed to exceptional individuals, but this is misleading. Research in cognitive science and anthropology shows that even our most advanced ideas emerge from collective processes: shared language, cultural transmission, cooperation and cumulative learning across generations.

No scientist, engineer or artist works alone. Scientific discovery depends on shared methods, peer review and institutions. Language itself – arguably humanity’s most powerful cognitive technology – is a collective achievement, refined and modified over thousands of years through social interaction.

Studies of “collective intelligence” consistently show that groups can outperform even their most capable members when diversity of perspectives, communication and coordination are present. This collective capacity is not an optional add-on to human intelligence; it is its foundation.

AI systems, by contrast, do not cooperate, negotiate meaning, form social bonds or engage in shared moral reasoning. They process information in isolation, responding to prompts without awareness, intention or accountability.

Embodiment and social understanding matter

Human intelligence is also embodied. Our thinking is shaped by physical experience, emotion and social interaction. Developmental psychology shows that learning begins in infancy through touch, movement, imitation and shared attention with others. These embodied experiences ground abstract reasoning later in life.

AI lacks this grounding. Language models learn statistical patterns from text, not meaning from lived experience. They do not understand concepts in the way humans do; they approximate linguistic responses based on correlations in data.

This limitation becomes clear in social and ethical contexts. Humans navigate norms, values and emotional cues through interaction and shared cultural understandings we are socialised into. Machines do not.

A narrow slice of humanity

Proponents of AI progress often point to the vast amounts of data used to train modern systems. Yet this data represents a remarkably narrow slice of humanity.

Around 80% of online content is produced in just ten languages. Although more than 7,000 languages are spoken worldwide, only a few hundred are consistently represented on the internet – and far fewer in high-quality, machine-readable form.

This matters because language carries culture, values and ways of thinking. Training AI on a largely homogenised data set means embedding the perspectives, assumptions and biases of a relatively small portion of the world’s population.

Human intelligence, by contrast, is defined by diversity. Eight billion people, living in different environments and social systems, contribute to a shared but plural cognitive landscape.

AI does not have access to this richness, nor can it generate it independently. The data on which it is trained stems from a highly biased sample, representing only a percentage of world knowledge.

The limits of scaling

Another issue rarely addressed in claims about “superhuman” AI is data scarcity. Large models improve by ingesting more high-quality data, but this is a finite resource. Researchers have already warned that models are approaching the limits of available human-generated text suitable for training.

One proposed solution is to train AI on data generated by other AI systems. But this risks creating a feedback loop in which errors, biases and simplifications are amplified rather than corrected. Instead of learning from the world, models learn from distorted reflections of themselves.

This is not a path to deeper understanding. It is closer to an echo chamber.

Useful tools, not superior minds

None of this is to deny that AI systems are powerful tools. They can increase efficiency, assist research, support decision-making and expand access to information. Used carefully and with oversight, they can be socially beneficial.

But usefulness is not the same as intelligence in the human sense. AI remains narrow, derivative and dependent on human input, evaluation and correction. It does not form intentions, participate in collective reasoning or contribute to the cultural processes that make human intelligence what it is.

The rapid progress of AI has generated excitement – and, in some quarters, exaggerated expectations. The danger is not that machines will out-think us tomorrow, but that inflated narratives distract from real issues: bias, governance, labour impacts and the responsible integration of these tools into society.

A category error

Comparing AI to human intelligence as though they are competing on the same terms is ultimately a category error. Humans are not isolated information processors. We are social beings whose intelligence emerges from cooperation, diversity and shared meaning.

Until machines can participate in that collective, embodied and ethical dimension of cognition – and there is no evidence they can – the idea that AI will surpass human intelligence remains more hype than insight.

Celeste Rodriguez Louro receives funding from Google.

Jennifer Rodger does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

ref. Why comparisons between AI and human intelligence miss the point – https://theconversation.com/why-comparisons-between-ai-and-human-intelligence-miss-the-point-274621

Evening Report: https://eveningreport.nz/2026/02/06/why-comparisons-between-ai-and-human-intelligence-miss-the-point-274621/

Wellington’s sewage diverted away from shore, out to Cook Strait

Source: Radio New Zealand

Sewage can be seen on Wellington’s South Coast after a leak from the Moa Point wastewater plant. Kate Taptiklis

Wellington Water says screened wastewater is now being discharged straight into the Cook Strait again after days of being discharged near the shoreline on the South Coast.

On Wednesday the Moa Point wastewater plant’s lower floors completely flooded when sewage backed up in the 1.8km outfall pipe, which normally sends treated wastewater into the Cook Strait.

Since then raw sewage has been spewing from a five-metre pipe directly into the southern coastline.

In an discharge notice on Friday morning, Wellington Water said screened wastewater was now discharging to the long outfall pipe again.

Late on Thursday evening staff were able to get the long outfall pipe partially operating and the screens at the treatment plant working, Wellington Water said.

The screens remove items like sanitary pads and wet wipes from the wastewater, before it is discharged.

Wellington Water board chair Nick Leggett said currently they were only able to pump 900 litres per second of wastewater through the long outfall pipe.

“Which is most of the wastewater during an average day, but during peak flows throughout the day we will need to use the short outfall pipe,” he said.

Wellington Water said discharging screened wastewater out to sea via the 1.8km long outfall pipe allowed for greater dilution of the wastewater in the Cook Strait, reducing the amount of untreated wastewater flowing around the coastline, but the risk to public health still remained.

“For this reason, our advice to the public remains the same: we strongly advise that people avoid the coastal area along the south of Wellington until further notice. Do not enter the water or collect kaimoana from this area. Do not walk your dog along the beach,” said Leggett.

Leggett said while the situation remained serious, it was good to see progress.

“The team are working carefully throughout the weekend to increase the volume of flow through the long outfall pipe as much as possible, to reduce the use of the short outfall pipe,” said Leggett.

“However, the situation remains complex and at this stage we are unable to provide a timeframe of when this may be.”

Material being drained from longfall pipe, diver inspections taking place

Wellington Water said on Friday work was also being done to drain the clarifier tanks.

“There is some biological material that settles in the clarifier tanks that cannot be trucked, and the plan is to drain this via the long outfall pipe, where it is diluted.”

It said it was important to remove this material as soon as possible before it has a chance to become anaerobic and septic.

“This would cause an odour problem and pose a significant health and safety risk to workers onsite.”

However it cautioned that while the material was being drained people could see an increase of murky water in the area 1.8km out to sea.

Wellington Water said divers were also inspecting diffusers at the end of the outfall pipe on Friday.

“Shoreline inspections and clean-up of debris on the coastline around the short outfall continue three times daily, with a focus on completing these at low tide.”

A rāhui remains in place and covers anything the water touches/can touch with the high or low tides. While it is in effect, no public activities should be undertaken on or around the beaches on the southern coastline.

Mayor Andrew Little previously described the event a “catastrophic failure”, and said there must be an independent inquiry into what happened.

There were also concerns the leak could contaminate a nearby marine reserve and put several species at risk.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/wellingtons-sewage-diverted-away-from-shore-out-to-cook-strait/

RIF funding supports 100 new homes in Kaikohe

Source: New Zealand Government

The Government is investing $4 million from the Regional Infrastructure Fund for infrastructure to support the Bisset Road social housing project in Kaikohe, Regional Development Minister Shane Jones and Māori Development Minister Tama Potaka say.

The Regional Infrastructure Fund (RIF) will support essential infrastructure such as roads, stormwater and wastewater, and infrastructure for carrying utilities like power and telecommunications. 

“The RIF is designed to support projects that deliver regional benefits, and Bisset Road is a prime example. Kaikohe needs more warm, secure, affordable homes, especially for workers for its growing businesses, and this funding will help,” Mr Jones says.

“More widely, the project means Ngāpuhi rangatahi and local tradespeople can gain apprenticeships and hands-on experience as this project rolls out. It means jobs for locals and a stronger regional workforce. 

“The build will help strengthen regional supply chains by using local timber and contractors and will provide good quality, affordable homes for whānau,” Mr Jones says.

The RIF grant follows on from the more than $50m government investment into housing in the Far North last year.

The Bisset Road development, which has been approved for Fast-Track, will provide up to 100 new affordable rentals, meaning rents will be capped at 80 percent of market rates for at least 25 years.

“The project demonstrates how community-led activities can deliver long-term outcomes for whānau, hapū, and communities across Te Tai Tokerau,” Mr Potaka says

The development is being undertaken by community housing provider Te Hau Ora o Ngāpuhi Limited – the health and social services delivery arm of the iwi authority Te Runanga a Iwi o Ngāpuhi

Additional funding comes from the Ministry of Housing and Urban Development, which is providing a grant of $29.7m, along with a $13.6m loan from Auckland-based social enterprise Community Finance. 

“We’re creating long-term stability for whānau in an area with high housing need, demonstrating what can be achieved when iwi and government work in partnership.” 

“Ngāpuhi is delivering on its plan to provide homes for its people. Together, we’re creating warm homes, local jobs, and opportunities that will last across generations,” Mr Potaka says.

Infrastructure work is underway and expected to finish this year, whilst the whole development project is expected to be finished in 2027. 

LiveNews: https://nz.mil-osi.com/2026/02/06/rif-funding-supports-100-new-homes-in-kaikohe/

The Voice campaign entrenched immature politics. We must do better for First Nations people

Source: The Conversation (Au and NZ) – By Geoff Scott, Department of Pro Vice Chancellor (Society), UNSW Sydney; Indigenous Knowledge

The defeat of the Voice referendum was not simply a political loss. It was a political and cultural failure. It exposed, yet again, the profound immaturity of Australia’s political life when it comes to First Nations people. It’s an immaturity that’s shared, in different ways, by governments, by sections of the Australian public and by parts of the Indigenous body politic itself.

For more than a century, Aboriginal and Torres Strait Islander peoples have said the same thing in different ways: we need political voice. Not symbolism. Not better programs designed for us by others. Not endless reviews that gather dust.

We need a recognised, authoritative place within Australia’s democratic system where our voices can be heard, argued over, refined and carried forward. That was the core insight of the Uluru Statement from the Heart.

The referendum failed. But what followed has been worse. Rather than a period of reflection, listening and recalibration, we have seen a rapid return to the habits that produced failure in the first place: coercion, denial, performative outrage and a retreat into slogans.

The politics of denial

Nowhere is this clearer than in the annual ritual that follows Australia Day.

Every January, Australia re-enacts the same argument. On one side, barely veiled racism and contempt toward Aboriginal people who ask for a respectful acknowledgement of the violence and dispossession that began on 26 January 1788.

On the other, calls for sovereignty and treaty that are often detached from any serious engagement with history, constitutional reality or political strategy.

Neither side is helping.


This article is an edited extract from our chapter in the new book The Failure of the Voice Referendum and the Future of Australian Democracy, edited by professors Gabrielle Appleby and Megan Davis.


Australia Day has become a symbol not of unity, but of political immaturity. Governments insist on a one-size-fits-all celebration in a country that is culturally, historically and politically diverse.

Aboriginal leaders are expected to absorb the pain quietly, while local councils are threatened if they make any changes to celebrations.

Unity also cannot be achieved through symbolic gestures alone. Changing the date, by itself, will not empower our people. Without constitutional reform – without structures that allow Aboriginal and Torres Strait Islander people to participate meaningfully in decisions that affect us – we are left arguing over symbols while the underlying power imbalance remains untouched.

That is the tragedy of the post-referendum moment. The failure of the Voice has not produced humility or learning. It has produced entrenchment.

A failed political culture

Non-Indigenous Australia continues to demand unanimity from Aboriginal people — a standard applied to no other group in the country. Disagreement among First Nations people is treated as evidence of illegitimacy rather than as a normal feature of democratic life.

At the same time, parts of Indigenous politics have absorbed the worst habits of the dominant culture. Calls for sovereignty and Treaty are made without articulating what these concepts mean in practice, how they would be achieved, or how they would materially improve the lives of our children.

Culture is invoked rhetorically but not practised — elders ignored, process dismissed, deliberation replaced by performance.

The Regional Dialogues that produced the Uluru Statement were powerful precisely because they involved the crucial work of listening, patience and collaboration. For the first time in more than a decade, Aboriginal and Torres Strait Islander people had the time, resources and authority to debate our political future on our own terms.

People disagreed — strongly — but they did so within a shared commitment to process.

The Voice was meant to formalise that space for debate. Its loss has returned us to political fragmentation.

Victoria and the long work of maturity

Against this bleak national picture, Victoria offers a partial — but important — counter example.

Victoria’s treaty and truth-telling processes did not emerge overnight. They followed years of groundwork: community consultation, institutional development, and sustained political commitment. The First Peoples’ Assembly was not imposed; it was built, slowly and imperfectly, through engagement and consent.




Read more:
Victoria’s groundbreaking treaty could reshape Australia’s relationship with First Peoples


This process has not been easy. There are disagreements within Indigenous communities and tensions with government.

But that is precisely the point. Political maturity is not the absence of conflict; it is the capacity to work through conflict without tearing institutions down at the first sign of strain.

Victoria has created political space where Aboriginal people can argue among ourselves, negotiate with government, and begin to develop a more stable relationship between Indigenous and non-Indigenous authority. It’s not a model that can simply be copied nationally. But it demonstrates what is possible when process is taken seriously.

Nationally, we have done the opposite. We rushed a referendum without adequate civic education, without genuine engagement of non-Indigenous Australians, and without listening to Aboriginal leadership when concerns were raised about timing and design.

So, what now?

The temptation after defeat is to retreat into anger, into denial, into purity politics. That temptation must be resisted.


Anthem Press

The Voice is still needed. The underlying problem has not changed. Aboriginal and Torres Strait Islander people remain locked out of meaningful participation in the decisions that shape our lives. Governments continue to manage symptoms rather than address structural causes. Closing the Gap reports record failure with increasing precision, but with diminishing impact.

We need to rebuild political space. That will take time. It will require discipline, humility and a willingness to stay in difficult conversations. It will require non-Indigenous Australians to accept that listening is not weakness, and Indigenous leaders to accept responsibility for process, not just protest.

It will require a political maturity that’s long alluded us. Growing up is the only way to meaningfully improve the lives of First Nations people.

Geoff Scott is the CEO of youth community organisation Just Reinvest. Geoff’s previous positions include: CEO of the Darkinjung Local Aboriginal Land Council; CEO of the National Congress of Australia’s First Peoples; CEO of the NSW Aboriginal Land Council; Director General NSW Department of Aboriginal Affairs; and Deputy CEO Aboriginal and Torres Strait Islander Commission. Geoff was the Executive Officer to the Referendum Council during the Regional Dialogues and Constitutional Convention and was a key leader throughout the Uluru Dialogue process. He maintains an affiliation with UNSW Sydney.

ref. The Voice campaign entrenched immature politics. We must do better for First Nations people – https://theconversation.com/the-voice-campaign-entrenched-immature-politics-we-must-do-better-for-first-nations-people-272267

Evening Report: https://eveningreport.nz/2026/02/06/the-voice-campaign-entrenched-immature-politics-we-must-do-better-for-first-nations-people-272267/

Green Party celebrates decision to decline ‘dead end’ Taranaki seabed mining

RNZ Pacific

The Green Party is celebrating the decision to decline plans to mine the Taranaki seabed.

In a draft decision on Thursday, the fast-track approvals panel declined Trans-Tasman Resources’ (TTR) bid to mine 50 million tonnes of seabed a year for 30 years in the South Taranaki Bight.

The panel found there would be a credible risk of harm to Māui dolphins, kororā/little penguin and fairy prion.

Green Party co-leader Marama Davidson said it was a huge win for the environment and the community.

“We’re absolutely delighted to see the proposal not backed. Even the government’s own panel have come out and said seabed mining has little regional or national benefit and that it would only benefit destructive corporations.

“It’s an incredible win for the environment, but massive props to the local campaigns, local community people, iwi, NGOs, researchers, scientists, fishers, just regular, ordinary people who care, who have said the same thing for many years and have fought hard and long.”

TTR have until February 19 to comment on the decision.

Putting profit before people
Davidson said the mining company would be putting profit before people and the environment if they tried to appeal it.

“How silly would they look. The message is already very clear. This is destructive, overrides local community voices and Te Tiriti, and it’s harmful and dangerous to our environment, which people actually care about.

“They have no support.”

She said the draft decision set a precedent and sent a message to the government that seabed mining was a “dumb idea”.

“Stop putting forward your stupid ideas.”

Davidson said if the government was relying on seabed mining as a way to grow the economy, they were “at a dead end”.

“It’s short-sighted, it’s stupid and it will not work.”

Trans-Tasman Resources said it would now consider its next options.

This article is republished under a community partnership agreement with RNZ.

Article by AsiaPacificReport.nz

Evening Report: https://eveningreport.nz/2026/02/06/green-party-celebrates-decision-to-decline-dead-end-taranaki-seabed-mining/

Flying start: All three NZ snowboarders through to Olympic Big Air final

Source: Radio New Zealand

New Zealand’s Lyon Farrell reacts after competing in the snowboard men’s big air qualification at the Milano Cortina 2026 Winter Olympic Games at Livigno Snow Park, in Livigno. AFP

New Zealand’s Lyon Farrell competes in the snowboard men’s big air qualification at the Milano Cortina 2026 Winter Olympic Games at Livigno. AFP

New Zealand has made a flying start to the Winter Olympics in Italy, with all three men qualifying for the final of the snowboard Big Air event.

Lyon Farrell, Rocco Jamieson and Dane Menzies all finished inside the top 12 in a 30-man field to secure their spots in the high-pressure showdown at Livignio Snow Park on Sunday morning (NZT).

Farrell was the best of them, locking down seventh with his third and final run, reacting with animation when he landed his run and then again when the judges’ score was announced.

Needing to score 73.50 to finished inside the 12, Farrell produced a score of 81.50.

New Zealand’s Lyon Farrell competes in the snowboard men’s big air qualification at the Milano Cortina 2026 Winter Olympic Games at Livigno. AFP

“Olympic finalist sounds incredible, I can’t believe it, it’s so good,” he told Sky Sport, reflecting on the additional pressure of being the 30th and last competitor to complete his run.

“There were a lot of people getting their runs done and I’m just waiting.

“I’ve got the best team ever, to keep me going forward. Everyone believes so much in me, it’s the best formula I could possible have to doing well.

“They kept me in a place where I felt like I could do anything and somehow in the last run I made it happen. Just crazy.”

Farrell, the oldest member of New Zealand’s 17-strong Olympic team at age 27, produced a combined score of 170.00. It was found by adding his two best runs.

That was enough to lift him one place ahead of Jamieson (168.25) while Menzies snuck through in 11th place with 164.00.

The top qualifier was Japan’s Hiroto Ogiwara (178.50), followed by Italy’s Ian Matteoli and Japan’s Kira Kimura.

The next New Zealanders in action will be Ruby Star Andrews and Sylvia Trotter in women’s freeski slopestyle qualifying on Saturday night (NZT).

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

LiveNews: https://nz.mil-osi.com/2026/02/06/flying-start-all-three-nz-snowboarders-through-to-olympic-big-air-final/

Watch live: Waitangi Day celebrations continue

Source: Radio New Zealand

Waitangi Day celebrations are ongoing, starting with a dawn service which included a rowdy reception for the deputy prime minister and a waka flotilla and poewrful haka.

Follow coverage on our live blog below.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/watch-live-waitangi-day-celebrations-continue/

If Australia and Indonesia agreed to end new thermal coal mines, it could drive the green transition.

Source: The Conversation (Au and NZ) – By Jonathan Symons, Director of Research and Innovation, School of International Studies, Macquarie University

In the 1960s, major oil-producing nations formed a cartel to drive up the price of oil. It worked. For decades, nations in the Organization of the Petroleum Exporting Countries (OPEC) have agreed to manage supply and raise prices.

Economists have long recognised cartel market power can bring accidental environmental benefits. By driving up prices, demand for polluting products drops. One recent analysis found OPEC’s actions had avoided 67 billion tonnes of carbon dioxide emissions between 1971 and 2021 – equivalent to around three years of global oil consumption.

There’s no OPEC for thermal coal. However, Australia and Indonesia together account for around two thirds of seaborne thermal coal exports. If these two nations began acting in tandem to end the approval of new mines, falling future supply would gradually increase prices.

Our recent research points out that a formal treaty to phase out new thermal coal mine approvals would not only bring climate benefits, but could also benefit national budgets, state royalties and regional jobs.

What we’re proposing blends climate action and self-interest. If restricting coal supply boosted prices, producer states would benefit from increased royalties. Owners and workers at existing mines would benefit from stabilising prices. Finally, the green energy transition would be protected from being undermined by a race to consume ultra-cheap coal.

In the 1970s, OPEC’s engineering of higher oil prices drove a shift to more fuel-efficient cars and triggered intense interest in alternative energy sources such as solar. In our time, solar, wind and energy storage have come of age. A treaty to end new coal mines would make the shift even more appealing.

Soaring oil prices during the 1970s drove a shift to fuel efficient cars and accelerated research in new energy sources such as solar.
U.S National Archives

What would this look like?

If Australia, Indonesia and others formed a new “Organisation for Coal Transition”, the environmental motivation wouldn’t be the only difference with OPEC. For a start, a much high share of oil is traded internationally than coal, as more countries have their own coal supplies.

But major coal importers such as Japan, South Korea and Taiwan now depend on seaborne coal. These nations are committed to accelerating climate action overall and have shown signs of structural demand decline already. Stronger coal prices would spur on the change.

The limited number of major coal exporters also creates potential for cooperation. In 2024, Indonesia controlled almost half of global exports, while Australia’s share was nearly 20%. Projections. If South Africa and Colombia joined a treaty alongside Australia and Indonesia, they would together account for 80% of seaborne exports.

What’s more, a thermal coal export treaty would not be easy to undermine. It takes years to get new mines producing, and deepwater ports able to take coal carriers are limited.

Coal importers could reinforce this treaty, pledging to buy from treaty members alone. Japan and South Korea (which account for 20% of global coal imports) are both seeking a predictable energy transition. These countries have shown willingness to pay a green premium and are investors in existing mines.

Australia has no exit strategy

Despite efforts to close domestic coal plants, Australian policymakers have done nothing to limit coal mining and exports.

New South Wales and Queensland state governments still benefit significantly through royalties and regional jobs. Australia’s coal exports, mine expansion approvals and new applications show little sign of slowing.

This is an increasingly risky strategy. With profit margins falling from recent highs and shifting demand in key markets, the thermal coal industry risks a chaotic future for mining towns.

While policymakers are beginning to focus on transition challenges for a small number of coal mines slated to close, they have largely avoided active intervention. After the NSW Productivity Commission and Net Zero Commission recommended limiting new coal mine approvals, Premier Chris Minns described the idea as “irresponsible”.

A ban backed by industry?

For operators of existing mines, agreeing to limit expansion opportunities is a challenging proposition. But the longer-term benefits would be much clearer if it was coordinated with international competitors and supported by buyers.

The coal export sector is showing signs of shifting to a buyers’ market, as long-term demand plateaus and then declines. This puts exporters such as Australia, Colombia, Indonesia and South Africa at a clear disadvantage.

We’ve already seen the fallout of coal’s market-driven decline in the United States’ Appalachian region Repeating the same mistake would undermine regional communities.

If, however, the shift was well managed, it would be a crucial step towards a coordinated just transition.

Japanese, Chinese, South Korean, Indian and Singaporean firms hold major stakes in Australian and Indonesian coal projects. These investors would benefit if existing assets are safeguarded from oversupply. These same investors would likely rally against more forceful interventions to close existing mines or raise mining taxes.

Climate action for pragmatists

Thermal coal is still mined in almost 60 countries. But only 11 have new mines seeking approval. At the same time, key international importers such as China, India, the European Union, Japan and South Korea are actively aiming to cut coal imports. A no-new-mines treaty would meet countries where they are.

What we are proposing is a pragmatic way to advance climate action. Rather than shuttering existing mines and risking blowback, the treaty and its cartel logic would align Australia’s economic self-interest and its climate goals.

At the United Nations climate talks last year, federal Minister for Climate and Energy Chris Bowen supported efforts to map a fossil fuel phase-out. To date, there’s no clarity on how Australia, a fossil fuel export giant, could do that.

Firmly closing the door to new mines alongside other exporters could offer a way to do this while giving policymakers agency.

The approach we’re proposing wouldn’t end coal use. But it would solve several problems at a stroke – and take a big step forward in the energy transition.

Jonathan Symons is an ordinary member of WePlanet NGO.

Chris Wright is the Principal Analyst at CarbonBridge, a small consulting group aiming to bridge critical decarbonisation challenges. He has been involved in work around the UN climate negotiations for over a decade.

ref. If Australia and Indonesia agreed to end new thermal coal mines, it could drive the green transition. – https://theconversation.com/if-australia-and-indonesia-agreed-to-end-new-thermal-coal-mines-it-could-drive-the-green-transition-271309

Evening Report: https://eveningreport.nz/2026/02/06/if-australia-and-indonesia-agreed-to-end-new-thermal-coal-mines-it-could-drive-the-green-transition-271309/

Screened wastewater now being discharged straight into Cook Strait

Source: Radio New Zealand

Sewage can be seen on Wellington’s South Coast after a leak from the Moa Point wastewater plant. Kate Taptiklis

Wellington Water says screened wastewater is now being discharged straight into the Cook Strait again after days of being discharged near the shoreline on the South Coast.

On Wednesday the Moa Point wastewater plant’s lower floors completely flooded when sewage backed up in the 1.8km outfall pipe, which normally sends treated wastewater into the Cook Strait.

Since then raw sewage has been spewing from a five-metre pipe directly into the southern coastline.

In an discharge notice on Friday morning, Wellington Water said screened wastewater was now discharging to the long outfall pipe again.

Mayor Andrew Little previously described the event a “catastrophic failure”, and said there must be an independent inquiry into what happened.

There were also concerns the leak could contaminate a nearby marine reserve and put several species at risk.

Wellington Water strongly advised the public to stay away from South Coast beaches, and not to collect kaimoana in the area.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/screened-wastewater-now-being-discharged-straight-into-cook-strait/

Basketball: Undermanned Breakers beaten by Phoenix in playoff blow

Source: Radio New Zealand

Tai Webster of the Breakers is challenged by John Brown of the South East Melbourne Phoenix. photosport

The New Zealand Breakers have been left with a mountain to climb to reach the NBL playoffs after being outplayed on their home court 114-83 by the South East Melbourne Phoenix.

Missing a number of key players, the Breakers fell away in the second half after going to the main break with the scores locked at 52-52.

It completed a season-sweep for the Phoenix over the Breakers, having won all four of their games, and lifted the Melbourne club to the top of the table.

The Breakers dropped one place to eighth and will probably need to win all of their four remaining games to have any hope of reaching the top six, starting with tonight’s quick-turnaround contest against the Illawarra Hawks – also in Auckland.

Coach Petteri Koponen’s team will need to be better if they’re to beat the seventh-placed visitors, having been eclipsed in most departments by the Phoenix.

Izaiah Brockington on the dribble for the Breakers. photosport

They were without rising star Karim Lopez, who picked up an injury in the buildup, adding to a medical list that also includes Sam Mennenga and Rob Baker, whose seasons have been ended prematurely by injury.

Izaiah Brockington stepped up to score 19 points while Tai Webster had 16 points and eight rebounds before he was ejected in the fourth quarter.

Guard Parker Jackson-Cartwright mixed 15 points with seven rebounds, five assists and two steals before he was ejected in the final quarter after earning two technical fouls.

South East Melbourne’s defence also forced New Zealand into 14 second half turnovers and they dominated the third quarter, winning it 34-15.

Six of their players scored double figures, led by Ian Clark with 23 points.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/basketball-undermanned-breakers-beaten-by-phoenix-in-playoff-blow/

Lower pollution during Covid boosted methane: study

Source: Radio New Zealand

[repuv]

By Julien Mivielle and Laurent Thomet, AFP

Methane levels rose at a record pace in the wake of the pandemic, research has found. 123RF

In an ironic twist, lower air pollution during Covid lockdowns fuelled an unprecedented surge in the powerful greenhouse gas methane in the early 2020s, a study said Thursday.

Methane levels rose at a record pace in the wake of the pandemic as the super pollutant’s main natural “cleaning agent” weakened during that period, the research found.

The rise was also partly attributed to an increase in emissions from wetlands, lakes, rivers and agriculture, the result of wetter-than-average conditions in tropical areas, according to the study published in the journal Science.

Methane, the second biggest contributor to climate change, stays in the atmosphere far less longer than CO2, but its warming effect is roughly 80 times more potent over a 20-year period.

The greenhouse gas is scrubbed from the atmosphere over time by hydroxyl radicals (OH), molecules that act as natural “cleaning agents” and have a very short lifespan.

As Covid lockdowns limited travel and kept businesses shut, it caused a decline in a key ingredient – nitrogen oxide – which is needed to produce hydroxyl radicals.

“These drops in OH are partly linked to the fact that we emitted less nitrogen oxide,” Philippe Ciais, the study’s lead author, said in a press briefing.

“It seems paradoxical: We pollute less but it’s not good for methane [levels],” said Ciais, associate director at the Laboratory of Climate and Environment Sciences outside Paris.

The sharp drop in hydroxyl radicals in 2020 and 2021 explains roughly 80 percent of the annual variation in methane accumulation, the study said.

Methane levels had been rising steadily since 2007 but their growth accelerated during the pandemic, peaking at 16.2 parts per billion per year in 2020 before declining by half by 2023.

“The impressive increase in methane in the air at the beginning of the 2020s is mainly due to a reduction in the oxidizing capacity of the atmosphere,” Ciais said.

The paradox raises questions about how to ensure that clean air policies and efforts to cut pollution from cars, planes and ships do not have a negative effect on climate.

Marielle Saunois, a co-author of the study, described it as “collateral damage”.

“For me, this means we need to improve air quality and, even more importantly, mitigate greenhouse gas emissions, to offset these negative effects linked to the chemical-climate relationship,” Saunois said.

The methane pledge

The paper also linked the rise in methane levels to exceptionally wet conditions due to the cooling La Niña weather phenomenon between 2020 and 2023, especially in tropical Africa and southeast Asia.

Some 40 percent of methane emissions come from natural sources, mainly wetlands.

The rest are from human activities, particularly agriculture and the energy sector.

“As the planet becomes warmer and wetter, methane emissions from wetlands, inland waters, and paddy rice systems will increasingly shape near-term climate change,” said Hanqin Tian, a Boston College professor and co-author of the study.

The scientists said these effects need to be better understood and factored into global efforts to reduce methane emissions.

Under the Global Methane Pledge, launched at COP26 in Glasgow in 2021, nearly 160 countries have committed to cutting global methane emissions by 30 percent by 2030 compared with 2020 levels.

– AFP

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

LiveNews: https://nz.mil-osi.com/2026/02/06/lower-pollution-during-covid-boosted-methane-study/

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://feedcreatorngin2.fifthestate.nz/2026/02/06/iren-reports-q2-fy26-results/

Watch live: Waitangi Day celebrations continue, as waka hit the water

Source: Radio New Zealand

Celebrations have begun at Waitangi Day, starting with a dawn service which included a rowdy reception for the deputy prime minister.

Follow coverage on our live blog below.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/watch-live-waitangi-day-celebrations-continue-as-waka-hit-the-water/

Pedestrian dies after being hit by vehicle in Ōtara

Source: Radio New Zealand

A pedestrian died in Ōtara after being hit by a vehicle. RNZ/ Marika Khabazi

A pedestrian has died after being struck by a vehicle on a northbound lane of the Southern Motorway at Ōtara early on Friday morning.

Emergency services were called about 12.30am on Friday, between the Te Irirangi Drive on-ramp and the East Tamaki Road off-ramp.

First responders attended to the person, who died at the scene.

The northbound lanes were closed until 6am Friday.

Police said enquiries into the crash were ongoing.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/pedestrian-dies-after-being-hit-by-vehicle-in-otara/

Pedestrian killed after being hit by vehicle in Ōtara

Source: Radio New Zealand

A pedestrian died in Ōtara after being hit by a vehicle. RNZ/ Marika Khabazi

A pedestrian has died after being struck by a vehicle on a northbound lane of the Southern Motorway at Ōtara early on Friday morning.

Emergency services were called about 12.30am on Friday, between the Te Irirangi Drive on-ramp and the East Tamaki Road off-ramp.

First responders attended to the person who died at the scene.

The northbound lanes were closed until 6am Friday.

Police said enquiries into the crash are ongoing.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/pedestrian-killed-after-being-hit-by-vehicle-in-otara/

Body found at Napier beach

Source: Radio New Zealand

123rf

A body has been located at a beach in Napier, police say.

At around 8:25pm on Thursday, police were notified that a body was seen in the water off The Esplanade, Westshore.

Police and Coastguard responded and conducted a search for the body, which was recovered just before 1:30am.

A formal identification process is underway, and the death will be referred to the Coroner.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/body-found-at-napier-beach/

Green Party celebrates decision to decline Taranaki seabed mining

Source: Radio New Zealand

Green Party co-leader Marama Davidson RNZ / Mark Papalii

The Green Party is celebrating the decision to decline plans to mine the Taranaki seabed.

In a draft decision on Thursday, the fast-track approvals panel declined Trans-Tasman Resources’ (TTR) bid to mine 50 million tonnes of seabed a year for 30 years in the South Taranaki Bight.

The panel found there would be a credible risk of harm to Māui dolphins, kororā/little penguin, and fairy prion.

Green Party co-leader Marama Davidson said it was a huge win for the environment and the community.

“We’re absolutely delighted to see the proposal not backed.

“Even the government’s own panel have come out and said seabed mining has little regional or national benefit and that it would only benefit destructive corporations.

“It’s an incredible win for the environment, but massive props to the local campaigns, local community people, iwi, NGOs, researchers, scientists, fishers, just regular, ordinary people who care, who have said the same thing for many years and have fought hard and long.”

TTR have until 19 February to comment on the decision.

Davidson said the mining company would be putting profit before people and the environment if they tried to appeal it.

“How silly would they look. The message is already very clear. This is destructive, overrides local community voices and Te Tiriti, and it’s harmful and dangerous to our environment, which people actually care about.

“They have no support.”

She said the draft decision set a precedent and sent a message to the government that seabed mining was a “dumb idea”.

“Stop putting forward your stupid ideas.”

Davidson said if the government was relying on seabed mining as a way to grow the economy, they were “at a dead end.”

“It’s short-sighted, it’s stupid, and it will not work.”

Trans-Tasman Resources says it will now consider its next options.

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

LiveNews: https://nz.mil-osi.com/2026/02/06/green-party-celebrates-decision-to-decline-taranaki-seabed-mining/

No diagnoses and no gap fees for physios and speechies. What else do we know about Thriving Kids?

Source: The Conversation (Au and NZ) – By Helen Dickinson, Professor, Public Service Research, UNSW Sydney

Kindel Media/Pexels

Thriving Kids is back in the spotlight, after the states and territories agreed last week to match the federal government’s A$2 billion dollar investment.

The new national program is targeted at children aged 0-8 with developmental delay and/or autism with low to moderate support needs. Under the proposal, many children currently supported through the NDIS would instead access assistance through this new “foundational supports” program.

But Thriving Kids has been clouded by uncertainty since its surprise announcement last August.

Nearly 500 submissions to a senate inquiry showed many families, advocates and service providers are anxious about the lack of clarity and fear kids could miss out on essential support.

On Tuesday, the government released a report that finally provides more detail.

This is welcome news. But important questions remain about how Thriving Kids will be rolled out, who for, and how the government will measure whether it’s working.

The new detail we have about Thriving Kids

In last week’s deal, the Commonwealth agreed to a delay, pushing back the start date to October.

Changes to NDIS access will not take effect until January 2028, allowing more time for service transition, workforce development and quality assurance.

The long-awaited report from the Thriving Kids Advisory Group has also set out guiding principles and key design features.

Thriving Kids will deliver a mix of universal supports – such as advice and skill-building for families – and targeted supports, “delivered where children live, learn and play”.

Precisely how these will be rolled out depends on each state and territory’s approach and will vary, building on existing services.

Targeted supports could involve group or one-on-one sessions with a specialist to work on particular skills (such as language or social interaction) and take place online or at home, school or childcare, depending on what the child and family needs.

There will be multiple pathways to get onto the program, such as referral from teachers, early childhood educators, and GPs. There will also be formal intake mechanisms but these are up to the states and territories to design.

Significantly, children will not need a formal diagnosis to receive support, removing a process that can be time-consuming, costly and inequitable.

Some children will likely still need a functional analysis of their support needs to access allied health professionals, such as occupational therapists, speech pathologists and physiotherapists.

Butler also indicated these targeted allied health supports would not involve gap fees – an issue that had raised concerns about access and equity.




Read more:
Occupational therapists tackle obstacles in the home, from support to cook a meal, to navigating public transport


Thriving Kids will include greater supports for parents. These aim to build self-advocacy skills, help them support their child’s development and navigate complex service systems.

The report also commits to evaluating the program. This means making sure public investment leads to meaningful improvements in children’s lives.

Importantly, children with significant and permanent disability will remain eligible for the NDIS, including those with developmental delay or autism.

What we still don’t know

Despite the additional information released this week, there are outstanding questions.

On Tuesday, Butler commented that “there was a life before the NDIS”, indicating a return to state-run service models for children.

Under Thriving Kids, families will not receive individualised budgets as they did under the NDIS, to purchase supports. Instead, children will access services commissioned and delivered by states and territories.

But this prospect may concern families who recall limited choice, long waiting lists and uneven quality prior to the establishment of the NDIS.

The report does not yet explain how Thriving Kids will avoid replicating these problems, particularly in areas where services are thin on the ground.

It does identify workplace development as critical, and there will be a focus on building disability capability across health services, early childhood education and care, and schools.

However, research consistently shows that workforce capability depends on more than individual skills. So training – while necessary – will not be enough by itself.

School leadership, staffing levels, time, resources and families’ capacity to navigate complex systems all shape whether inclusive practices are possible in practice.

Without addressing these factors, there is a risk responsibility will be shifted onto front-line workers without the conditions they need to succeed. These challenges are likely to be particularly acute in regional and rural areas.

What would make Thriving Kids successful?

In late 2025, we helped convene a policy forum involving 35 stakeholders from across education, health, early childhood and disability sectors to consider what would enable Thriving Kids to succeed.

This forum agreed that Thriving Kids must be holistic and universal, meaning it’s properly embedded wherever children live, play and learn. From the GP office to their school and beyond, there should be as few barriers to entry as possible.

It should be locally led, free of charge and neuro-affirming. This means there is recognition and support for the diverse ways people’s brains function – and this is valued as a strength, not a deficit.

Beyond these principles – which are shared by the Thriving Kids Advisory Group – success will depend on several practical commitments, ensuring:

  • families, advocates and workers are involved in its design

  • those working with children with disability are well-resourced and have the right skills, abilities and supports

  • Thriving Kids and the NDIS work together, rather than operating as separate systems

  • there are clear pathways for children to transition between services within Thriving Kids and, at age 9, into other supports or the NDIS, and

  • funding is sustained to prevent geographic inequities.

Supports must be delivered in genuinely inclusive, mainstream settings. Otherwise, routinely withdrawing children from the places they live, play and learn for therapy risks reinforcing their exclusion, rather than participation.

The report’s guiding principles are encouraging. But whether Thriving Kids delivers meaningful change will hinge on the detail of its implementation.

Helen Dickinson receives funding from ARC, NHMRC, MRFF and Australian governments.

Molly Saunders does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

ref. No diagnoses and no gap fees for physios and speechies. What else do we know about Thriving Kids? – https://theconversation.com/no-diagnoses-and-no-gap-fees-for-physios-and-speechies-what-else-do-we-know-about-thriving-kids-274951

Evening Report: https://eveningreport.nz/2026/02/06/no-diagnoses-and-no-gap-fees-for-physios-and-speechies-what-else-do-we-know-about-thriving-kids-274951/

Super Rugby Pacific preview: Moana Pasifika

Source: Radio New Zealand

Super Rugby Pacific is back after a real return to form last year, with the competition kicking off in Dunedin on 13 February. As usual, each team has gone through an eventful off season, so today we’re checking in on last year’s fairytale team, Moana Pasifika.

Highlanders team preview

Overview

Moana Pasifika head coach Fa’alogo Tana Umaga before the Super Rugby Pacific – Moana Pasifika v Waratahs at North Harbour Stadium, Auckland – on Saturday 5th April 2025. Photo credit: Brett Phibbs / www.photosport.nz Brett Phibbs / www.photosport.nz

Moana pretty much saved themselves from extinction by finishing in seventh place and memorably making the play-offs last year. That was done off the back of a gigantic workload by Ardie Savea, who will not be with the team this year as he plies his trade in Japan. His absence will be the talking point over Moana this year, as they look to keep the momentum going on and off the field.

The Good

Photosport Ltd 2020

Despite Savea leaving, the squad assembled by coach Tana Umaga is definitely beginning to make Moana look more like a favoured destination than second or third resort. Former Hurricane and All Black Ngani Laumape is the big addition to the midfield, while Jimmy Tupou and 132 kg Alefosio Aho will add a lot in the second row.

The Bad

Moana Pasifika. Andy Radka/ActionPress

While they’ve stepped out of last resort category, Moana are seemingly in another stage they probably don’t want to be in. Kyren Tamouefolau’s departure to the Chiefs is a sign that other teams are now very much eyeing up any young talent Moana produces, so the pressure is on to be a title contender simply to make those players stick around.

Big boots to fill

Moana Pasifika Miracle Faillagi scores his third try during the Super Rugby Pacific match, Moana Pasifika v Hurricanes, North Harbour Stadium, Auckland. Michael Thomas/ActionPress

Miracle Faiilagi has been handed the unenviable task of replacing Savea as not only captain, but also the key loose forward. However, he will have plenty of help in the form of Semisi Paea and last year’s breakout star Semisi Tupou Ta’eiloa.

What makes Moana fans different

Moana Pasifika fans during the Super Rugby Pacific – Moana Pasifika v Waratahs at North Harbour Stadium. Photosport

Moana went from playing in front of three men and a dog to establishing a fan base so dialled in they made North Harbour Stadium feel like Ellis Park. The most important game on the calendar is now definitely the crosstown derby with the Blues, which will likely be ramped up through both sides’ willingness to take shots at each other on social media.

Big games

Once again, it’s all of them. There will be an extra edge when Moana travel across town to play the Blues at Eden Park in round five, while they host their rivals in round 11. That run from round three on sees them play the Chiefs twice and the Crusaders once as well, after which we’ll have a decent barometer of what sort of post-Ardie reality Moana are in.

2026 squad

Props: Abraham Pole, Chris Apoua, Feleti Sae-Ta’ufo’ou, Malakai Hala-Ngatai, Paula Latu, Tito Tuipulotu

Hookers: Mamoru Harada, Millennium Sanerivi, Samiuela Moli

Locks: Alefosio Aho, Allan Craig, Jimmy Tupou, Ofa Tauatevalu, Tom Savage

Loose Forwards: Dominic Ropeti, Miracle Faiilagi, Niko Jones, Ola Tauelangi, Semisi Paea, Semisi Tupou Ta’eiloa, Tupou Afungia

Halfbacks: Augustine Pulu, Jonathan Taumateine, Melani Matavao, Siaosi Nginingini

First Fives: Faletoi Peni, Jackson Garden-Bachop, Patrick Pellegrini

Midfield: Julian Savea, Lalomilo Lalomilo, Ngani Laumape, Tevita Latu

Outside Backs: Glen Vaihu, Israel Leota, Solomon Alaimalo, Tevita Ofa, Tuna Tuitama, William Havili

Next up on Monday: The Blues

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

LiveNews: https://nz.mil-osi.com/2026/02/06/super-rugby-pacific-preview-moana-pasifika/

Green MP seeks recognition of tohorā/whales as legal persons

Source: Radio New Zealand

Whole blue whale fluke credit Mark Carwardine

A Green MP wants tohorā/whales to be recognised as legal persons.

In New Zealand, laws have been passed to grant legal personhood to natural features, allowing them to be represented in court and have rights similar to those of individuals.

Teanau Tuiono has lodged a member’s bill, the Tohorā Oranga Bill, which would give whales inherent rights, including the right to freedom of movement, a healthy environment, and the ability to thrive alongside humanity.

“Because they’re such an iconic taonga species, they’re like an avatar for the environment, it’s incredibly important to protect them as a species and protect their habitat as well, and the part that they play in the fuller ecosystem,” Tuiono said.

Green MP Teanau Tuiono RNZ / Mark Papalii

With whales under threat from commercial fishing, pollution, and the climate crisis, a different approach to marine protection was needed.

“Humans, we often see ourselves as the centre of the world and the centre of our universe. Actually, we share the planet with other species and with other sentient species as well.

“I think recognition would shift the mindset of decision-makers across a range of environmental laws to make sure they’re paid specific attention.”

He said iwi Ngāti Wai and the Hinemoana Halo Ocean Fund had been heavily involved in the kaupapa.

“I’d like to acknowledge the work of Ngāti Wai as part of Hinemoana Halo, who are in many ways the genesis of this and other iwi around the country who are looking at different ways to do whale conservation around whale strandings as well, and everyone who loves the moana.”

Members’ bills are put forward by an MP who is not a minister, and are drawn via a ballot system.

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LiveNews: https://nz.mil-osi.com/2026/02/06/green-mp-seeks-recognition-of-tohora-whales-as-legal-persons/