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Daesang Participates in IFT 2025, the World’s Largest Food Technology Expo, Demonstrating Global Ingredient Competitiveness

 International Buyers Converge in Chicago, July 14-16, to Explore Next Generation Food Ingredients

 Highlights 69 years of Expertise Driving Innovation in Specialty Ingredients, from Alternative Sweeteners to Natural Seasonings

SEOUL, South Korea, July 18, 2025 /PRNewswire/ — Daesang announced on July 17 that it successfully showcased its lineup of specialty food ingredients at the world’s largest food technology exhibition, the IFT 2025 (IFT Food Expo 2025), held from July 14 to 16 in Chicago, USA. The company demonstrated its global competitiveness in the food ingredient market through a diverse offering of innovative products.

Daesang Participates in IFT 2025, the World’s Largest Food Technology Expo, Demonstrating Global Ingredient Competitiveness
Daesang Participates in IFT 2025, the World’s Largest Food Technology Expo, Demonstrating Global Ingredient Competitiveness

The IFT Food Expo is a large-scale annual exhibition hosted by the Institute of Food Technologists (IFT), bringing together experts and companies from the global food technology sector. This year’s event took place at McCormick Place in Chicago, IL, attracting over 1,200 companies and more than 20,000 buyers from around 90 countries. Following its participation last year, Daesang once again showcased its portfolio of high-functionality specialty ingredients and its 69 years of accumulated technological expertise, further reinforcing its presence in the global ingredient market. The company received enthusiastic responses from visitors through live demonstrations that highlighted its unique umami and low-sodium solutions.

One of the highlights was the introduction of Allulose, a next-generation sweetener under Sweevero, Daesang’s integrated alternative sweetener brand launched last year. Allulose is a rare sugar naturally found in small quantities in fruits like figs and raisins. It offers a sweetness similar to that of sugar but is largely unmetabolized by the body, resulting in near-zero calories. Amid growing consumer interest in healthier diets, demand for low-sugar and low-calorie products is on the rise, positioning allulose as a key future ingredient. In 2023, Daesang established a dedicated allulose production facility in Gunsan, North Jeolla Province, and has since been expanding its low-sugar and low-calorie product range. The company is also preparing to enter markets in the United States, Europe, Japan, and Southeast Asia.

Daesang also introduced a variety of natural seasoning ingredients. Its NAMINO® series is a next-generation natural flavor enhancer that aligns with global food trends such as clean label and vegan. NAMINO® adds a deep umami taste while reducing sodium intake by up to 30%. The lineup includes NAMINO UH (Upfront Umami High), which delivers an immediate depth of flavor, and NAMINO LH (Lingering Umami High), which provides a clean and lasting finish. Also featured was Dsavory, a natural flavoring ingredient that imparts meaty and roasted aromas. These ingredients, categorized as natural flavors that can replace conventional seasonings, meet the FEMA-GRAS (Food Extract Manufacturers Association – Generally Recognized as Safe) standards, which are widely accepted by the U.S. Food and Drug Administration (FDA), ensuring both safety and consumer trust.

Another standout product was EMULAID, a plant-based emulsion stabilizer. EMULAID ensures the uniform and stable mixing of otherwise immiscible substances like oil and water. It can replace animal-based emulsifiers such as egg whites and casein, making it ideal for vegan and allergen-free product development, while also reducing production costs. Additionally, EMULAID offers effective protection for active ingredients such as flavors, omega-3s, and vitamins, helping to extend shelf life and enhance product value. The stabilizer is suitable for a wide range of applications including coffee creamers, dressings, plant-based beverages, and pastry creams. A key strength of EMULAID is the availability of tailored solutions depending on the specific application.

Hyo-hoon Lee, Head of Ingredient Marketing at Daesang, stated, “IFT 2025 provided a valuable opportunity to showcase Daesang’s high-functionality specialty ingredients to experts from the global food industry and engage directly with international buyers.” He added, “Building on our 69-year heritage of ingredient technology, we will continue to pursue continuous innovation and development to deliver optimal solutions that respond to evolving global trends, further strengthening our competitiveness on the international stage.”

About Daesang Corporation 

Founded in 1956, Daesang Corporation has been one of the world’s largest producers of fermented food products for over 60 years, and has grown to be the global leading Korean based food company by operating global brands such as Jongga, and O’Food which provides sauce, ready-to-eat meals, and many more products. Headquartered in South Korea, the company has also manufacturing subsidiaries in United States, Poland, China, Indonesia, and Vietnam. Visit www.daesang.com/en for more information. 

Jianzhi Announces Results of Extraordinary General Meeting

BEIJING, July 18, 2025 /PRNewswire/ — Jianzhi Education Technology Group Company Limited (the “Company” or “Jianzhi”) (NASDAQ: JZ), a leading provider of digital educational content in China, today announced the results of an extraordinary general meeting held at 9:30 A.M. on July 17, 2025, Beijing time (9:30 P.M. on July 16, 2025, U.S. Eastern time) at 15F, Tower A, Yingdu Buiding, Zhichun Road, Haidian District, Beijing, People’s Republic of China, 100086 (the “Extraordinary General Meeting”).

At the Extraordinary General Meeting, shareholders of the Company passed the following resolution:

(i) Resolved as an ordinary resolution, that the authorized share capital of the Company be amended with immediate effect by:

(a) re-designating and re-classifying 400,000,000 authorized ordinary shares of par value of US$0.0001 each (including all of the existing issued ordinary shares) in the Company as 400,000,000 class A ordinary shares of par value US$0.0001 each (the “Class A Ordinary Shares”), where the rights of the existing ordinary shares shall be the same as the Class A Ordinary shares; and

(b) cancelling 100,000,000 authorized but unissued ordinary shares in the Company and creating a new class of shares comprising of 100,000,000 class B ordinary shares the (“Class B Ordinary Shares”), which will be entitled to fifty (50) votes per share,

such that the authorized share capital of the Company shall become US$50,000 divided into (a) 400,000,000 class A ordinary shares of a par value of US$0.0001 each and (b) 100,000,000 class B ordinary shares of a par value of US$0.0001 each (collectively, the “Share Capital Reorganization”)

(ii) Resolved as an ordinary resolution, that the authorized share capital of the Company be increased with effect immediately after the Share Capital Reorganization taking effect from US$50,000 divided into (a) 400,000,000 class A ordinary shares of a par value of US$0.0001 each and (b) 100,000,000 class B ordinary shares of a par value of US$0.0001 each to US$1,000,000 divided into (a) 9,900,000,000 class A ordinary shares of a par value of US$0.0001 each and (b) 100,000,000 class B ordinary shares of a par value of US$0.0001 each, by creation of an additional 9,500,000,000 class A ordinary shares of a par value of US$0.0001 each (the “Increase of Authorized Share Capital”).

(iii) Resolved as a special resolution, that the proposed second amended and restated memorandum and articles of association of the Company (the “Second Restated MAA”), the form of which is annexed as Exhibit A to the notice of EGM be adopted in their entirety and in substitution for and to the exclusion of the existing memorandum and articles of the Company with effect immediately after both the Share Capital Reorganization and the Increase of Authorized Share Capital taking effect.

(iv) Resolved as a special resolution, that subject to the Share Capital Reorganization, Increase of Authorized Share Capital and Second Restated MAA taking effect and the Company’s receipt of the consent to repurchase and application for shares duly executed by RongDe Holdings Limited (“RongDe”), 54,790,000 Class A Ordinary Shares held by RongDe be repurchased by the Company in consideration of and out of the proceeds of the Company’s new issuance of 54,790,000 Class B Ordinary Shares to RongDe.

(v) Resolved as an ordinary resolution, that the Extraordinary General Meeting be adjourned to a later date or dates, if necessary.

About Jianzhi Education Technology Group Company Limited

Headquartered in Beijing and established in 2011, Jianzhi is a leading provider of digital educational content in China and has been committed to developing educational content to fulfill the massive demand for high-quality, professional development training resources in China. Jianzhi started operations by providing educational content products and IT services to higher education institutions. Jianzhi also provides products to individual customers. Leveraging its strong capabilities in developing proprietary professional development training content and success in consolidating educational content resources within the industry, Jianzhi has successfully built up a comprehensive, multi-dimensional digital educational content database which offers a wide range of professional development products. Jianzhi embed proprietary digital education content into the self-developed online learning platforms, which are provided to a wide range of customers through its omni-channel sales system. Jianzhi is also fully committed to the digitalization and informatization of the education sector in China. For more information, please visit: www.jianzhi-jiaoyu.com

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

DBS conferred three global awards, including the most prestigious ‘World’s Best Bank’ accolade, by Euromoney

Also recognised as ‘World’s Best Bank for Customer Experience’ and ‘World’s Best Bank for Corporate Responsibility’

SINGAPORE, July 18, 2025 /PRNewswire/ — DBS scored a hat-trick win at the Euromoney Awards for Excellence 2025. This included receiving the “World’s Best Bank” accolade, marking the third time that the bank has clinched Euromoney’s top accolade since 2019. The recognition is a testament to DBS’ solid financial performance, unwavering commitment to customer excellence, relentless focus on innovation and strong sense of purpose. DBS was also named the inaugural winner in the “World’s Best Bank for Customer Experience” category and “World’s Best Bank for Corporate Responsibility” for the second time.

“At a time of economic uncertainty and rapid technological change, DBS stands out for its future-forward approach, focus on trust and reliability, and proven ability to realise value from technology investments,” said Dominic O’Neill, Head of Banking, Euromoney, in its award citation.

“The bank’s agile-at-scale transformation has shown fruits in revenues and customer satisfaction, and low staff turnover rates are a result of investing in its employees throughout their careers, and of an underlying sense of purpose, including to social and environment causes. DBS has also demonstrated how banks can steer their organisations towards excellence in customer service. All this has had an impact on its financial results and shareholder returns, which have both reached record levels.”

In 2024, DBS’ total income of SGD 22.3 billion and net profit of SGD 11.4 billion were both at new highs. Return on equity of 18.0% was one of the highest among developed market banks. The bank was also the first Singapore-listed company to cross USD 100 billion in market capitalisation.

On the customer front, DBS has continued to innovate to make banking simpler, more effortless and highly personalised. In 2024, this included engaging more than 13 million customers across the region through 1.2 billion AI-powered personalised nudges to guide them towards better investment and financial decisions. Last year, the bank more than doubled economic outcomes from AI to SGD 750 million through over 370 use cases. It also continued to mature the way it manages through journeys, improving customer satisfaction, turnaround times and other customer outcomes in the process.  

DBS’ commitment to corporate responsibility cuts across the environmental, social and governance pillars. To help drive Asia’s transition to a low-carbon economy, DBS has committed SGD 89 billion in sustainable financing commitments net of repayments. It has also pledged up to SGD 1 billion and over 1.5 million volunteer hours in the coming decade, starting 2024, to improve lives and livelihoods of the low-income and underprivileged in Asia.

Tan Su Shan, DBS CEO, said: “We are very honoured to be conferred three global awards, including the ‘World’s Best Bank’ accolade, by Euromoney. Innovation and purpose are integral to the DBS culture, driven by our desire to make banking simpler and more effortless for customers, as well as to do real things for real people. To be recognised for our commitment to customers and society, who are at the heart of everything we do at DBS, is very gratifying. We will continue to be that trusted, purpose-driven and transformative partner that everyone can count on.”

DBS received its first global Best Bank title in 2018, when New York-based Global Finance named it the Best Bank in the World. That same year, The Banker, a publication by the Financial Times, awarded DBS the title of Global Bank of the Year. In the years that followed, DBS continued to earn top honours, with Euromoney and Global Finance conferring their highest accolades in 2019 (Euromoney), 2020 (Global Finance), and 2021 (Euromoney). This latest World’s Best Bank win marks the eighth time DBS has been recognised for its global leadership.

About DBS
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 16 consecutive years from 2009 to 2024.

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 supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

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.

DP WORLD DELIVERS SAILGP FLEET TO PORT TARGETING NET-ZERO STATUS

DP World, SailGP’s Global Smart Logistics Partner, delivers racing fleet into Port of Southampton, ahead of the Emirates Great Britain Sail Grand Prix event in Portsmouth, 19-20 July.

SOUTHAMPTON, England, July 18, 2025 /PRNewswire/ — DP World, the Global Smart Logistics Partner of SailGP, has successfully delivered SailGP’s high-performance F50 catamarans and equipment to the Port of Southampton. This marks the global racing league’s return to British shores for the first times in three years, ahead of the highly anticipated Emirates Great Britain’s SailGP Grand Prix in Portsmouth.

SailGP equipment arriving into the port of DP World Southampton.
SailGP equipment arriving into the port of DP World Southampton.

DP World Southampton, where the SailGP fleet arrived in the UK, is targeting the achievement of being the first UK port to operate as a net-zero hub, using 100% hydrotreated vegetable oil (HVO) to power its fleet of straddle carriers and handling equipment.

This switch has resulted in an 80%+ reduction in net emissions, offering a forward-looking glimpse into the future of portside operations.

Mark Rosenberg, Executive Vice President and Chief Commercial Officer, Ports and Terminals, at DP World, said: “It’s a privilege to play a key role in helping SailGP deliver a truly global race calendar, with our Port of Southampton setting a powerful example of how modern logistics can evolve.

“Our target of net zero emissions really underlines our enthusiasm for progress and innovation in our industry, something we share very closely with our partners SailGP.”

The delivery marks another key milestone in DP World’s partnership with SailGP, which sees the company oversee the end-to-end movement of critical race infrastructure across multiple continents.

From packing and transporting the carbon-fibre catamarans to coordinating port operations, DP World plays a vital role in ensuring the seamless arrival of SailGP’s fleet to 12 events across the globe this season.

Following their arrival into Southampton, the F50s and accompanying infrastructure has now been transported to Portsmouth for the next stage of SailGP’s international calendar, which gets underway on 19 July.

The UK event is expected to draw thousands of fans to the south coast, with DP World’s logistical expertise helping to ensure the fleet is race-ready and on time.

Fiona Morgan, Chief Purpose Officer at SailGP, said: “Returning to the UK for the first time in three years is incredibly exciting for everyone at SailGP. There’s a real sense of anticipation to be back racing in front of British fans, and it’s great to be working hand in hand with DP World on getting SailGP’s fleet and equipment through the UK’s first net-zero hub port,” said Fiona Morgan, Chief Purpose Officer at SailGP.

“Together we’re showcasing what’s possible when sport and industry work hand in hand, and long may that continue.”

As the series continues its journey around the world, DP World’s supply chain expertise will continue to underpin the smooth operation of the championship behind the scenes.

For more information, visit both DPWorld.com and SailGP.com.

Autoliv: Financial Report April – June 2025

STOCKHOLM, July 18, 2025 /PRNewswire/ —

Q2 2025: Q2 records for sales, operating income and margin as well as EPS

Financial highlights Q2 2025
$2,714 million net sales
4.2% net sales increase
3.4% organic sales growth*
9.1% operating margin
9.3% adjusted operating margin*
$2.16 diluted EPS, 27% increase
$2.21 adjusted diluted EPS*, 18% increase

Full year 2025 guidance
Around 3% organic sales growth
Around 0% FX effect on net sales
Around 10-10.5% adjusted operating margin
Around $1.2 billion operating cash flow

All change figures in this release compare to the same period of the previous year except when stated otherwise.

Key business developments in the second quarter of 2025

  • Net sales increased organically* by 3.4%, which was 0.7pp higher than the global LVP increase of 2.7% (S&P Global July 2025). Regional and customer LVP mix is estimated to have had about 2.5pp negative impact on sales, while tariff compensations added around 1pp to growth. We outperformed in Americas, Europe and Asia excl. China, mainly due to product launches and tariff compensations. In China, our growth gap vs. LVP was smaller compared to recent quarters, due to improved sales performance with Chinese OEMs. We expect that our record number of new launches will significantly improve our relative sales performance in China in the second half of 2025.
  • Profitability improved significantly, mainly due to organic sales growth and successful execution of cost reductions. Total headcount decreased by 5%. We estimate that the negative impact from U.S. tariffs was around 35bps on operating margin, as we managed to pass on most of the tariff costs to our customers. Operating income increased by 20% to $247 million and adjusted operating income* increased by 14% to $251 million. Operating margin was 9.1% and adjusted operating margin* was 9.3%. ROCE was 23.8% and adjusted ROCE* was 24.1%.
  • Operating cash flow was lower than last year, as Q2 2024 was boosted by positive, timing related working capital effects, while working capital changes in 2025 were more normal. This was partly offset by lower capex, net. The leverage ratio* of 1.3x is well below our target limit of 1.5x. In the quarter, a dividend of $0.70 per share was paid and 0.5 million shares were repurchased and retired.

*For non-U.S. GAAP measures see enclosed reconciliation tables.

Key Figures

(Dollars in millions, except per share data)

Q2 2025

Q2 2024

Change

6M 2025

6M 2024

Change

Net sales

$2,714

$2,605

4.2 %

$5,292

$5,220

1.4 %

Operating income

247

206

20 %

502

400

25 %

Adjusted operating income1)

251

221

14 %

506

420

21 %

Operating margin

9.1 %

7.9 %

1.2pp

9.5 %

7.7 %

1.8pp

Adjusted operating margin1)

9.3 %

8.5 %

0.8pp

9.6 %

8.0 %

1.5pp

Earnings per share – diluted

2.16

1.71

27 %

4.31

3.23

34 %

Adjusted earnings per share – diluted1)

2.21

1.87

18 %

4.36

3.45

27 %

Operating cash flow

277

340

(18) %

355

462

(23) %

Return on capital employed2)

23.8 %

21.0 %

2.7pp

24.8 %

20.4 %

4.3pp

Adjusted return on capital employed1,2)

24.1 %

22.5 %

1.6pp

25.0 %

21.4 %

3.6pp

1) Excluding effects from capacity alignments and antitrust related matters. Non-U.S. GAAP measure, see reconciliation table.
2) Annualized operating income and income from equity method investments, relative to average capital employed.

Comments from Mikael Bratt, President & CEO

I am pleased to, in a turbulent market environment, report a record breaking second quarter for sales, operating income and margin as well as EPS. The performance was driven by good sales development coupled with successful actions to reduce costs and achieve tariff compensations. We outperformed in Americas, Europe and Asia excl. China and continued to outperform global LVP despite strong headwinds from LVP mix shifts, particularly in China. Based on a positive trend during the second quarter and a record number of new launches we continue to expect significantly improved sales vs. LVP in China in the second half year.

We remain focused on operational efficiency, commercial excellence and our cost reduction programs. Direct headcount was reduced by 6% while sales grew 3% organically, which together with continued repurchases of shares, contributed to a 27% increase in EPS. We remain confident that we can continue to successfully receive compensation from our customers for tariffs, although the industry outlook for tariffs is uncertain. We recovered around 80% of tariff costs in the second quarter, and we expect to recover most of what remains later in the year. We continue to closely monitor and evaluate the situation, focusing on being adaptive and agile.

At our Capital Markets Day in June, we reiterated our financial targets and communicated a new share repurchase program of up to $2.5 billion until the end of 2029 as well as announced a 21% dividend increase for the third quarter to $0.85 per share. Our increased shareholder return ambitions are supported by our strong balance sheet and cash conversion.

Our 2025 guidance for organic sales growth has increased to around 3% due to tariff compensations, and we reiterate our guidance of an adjusted operating margin of around 10-10.5%.

Next Report

Autoliv intends to publish the quarterly earnings report for the third quarter of 2025 on Friday, October 17, 2025.

Inquiries: Investors and Analysts 

Anders Trapp
Vice President Investor Relations
Tel +46 (0)8 5872 0671

Henrik Kaar
Director Investor Relations
Tel +46 (0)8 5872 0614

Inquiries: Media 

Gabriella Etemad
Senior Vice President Communications
Tel +46 (0)70 612 6424

Autoliv, Inc. is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the VP of Investor Relations set out above, at 12.00 CET on July 18, 2025.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/autoliv/r/financial-report-april—june-2025,c4208810

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BLUETTI Apex 300 Hits $4.9M on Indiegogo Ahead of Retail Launch

Apex 300 redefines portable power for 2025, with strong demand across home and outdoor applications.

SYDNEY, July 18, 2025 /PRNewswire/ — BLUETTI, a global leader in clean energy solutions, has raised over $4.9 million from nearly 2,400 backers on Indiegogo for its new Apex 300 Portable Power Station, a versatile power system designed for home backup, Caravans, and off-grid use. With the campaign ending July 20 and retail availability set for August 1, demand continues to surge as early adopters validate its performance in real-world scenarios—from Emergency preparedness to road trips.

BLUETTI Apex 300 portable power station raised over $4.9 million on Indiegogo, becoming a standout innovation in energy and utilities tech.
BLUETTI Apex 300 portable power station raised over $4.9 million on Indiegogo, becoming a standout innovation in energy and utilities tech.

As BLUETTI’s latest flagship, the Apex 300 is built for a simple start and scales into a smarter energy ecosystem. From home cooking and cooling to hybrid emergency setups, it delivers reliable standalone performance and scalable potential in emergency power backup for home, caravan adventures, and everyday scenarios. “Feedback shared online continues to inspire the Apex 300’s development and reflects the genuine spirit of the BLUETTI community,” said James Ray, spokesperson for BLUETTI. “We’ll continue listening to our users and growing together—bringing clean energy into more homes, in more meaningful ways.”

Apex 300 Nears Indiegogo Finish, Retail Launch Ahead

The Apex 300 Portable Power Station is available now on Indiegogo starting at A$2,150, with exclusive ecosystem bundles and early backer perks. The campaign ends July 20, after which the Apex 300 enters Indiegogo InDemand at a higher price through July 31. Retail availability begins August 1 on the official BLUETTI store.

About BLUETTI

As a pioneer in clean energy technology, BLUETTI is committed to delivering reliable and innovative portable power stations for home backup and outdoor living. Trusted by over 3.5 million users across more than 110 countries and regions, BLUETTI continues to advance energy independence with a focus on long-term sustainability and responsible innovation. Through initiatives like LAAF (Light An African Family), the company supports broader access to clean, reliable energy in underserved regions—underscoring its ongoing commitment to environmental, social, and governance (ESG) values.

First Phosphate Signs Agreement with Port Saguenay to Establish Phosphoric Acid Plant

Saguenay, Quebec – Newsfile Corp. – July 18, 2025 – First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) announces that it has finalized an industrial land option agreement with Port of Saguenay (the “Port“) located in Saguenay, Quebec, Canada (the “Agreement“).

The Agreement marks progress on the memorandum of understanding (“MOU”) signed between the Company and the Port on October 12, 2022. Under the Agreement, First Phosphate has the exclusive right to enter into a definitive land lease with the Port by December 31, 2027, subject to various financial and development milestones and prior to anticipated facility construction beginning in 2028.

The Agreement covers lands where the Company plans to develop a phosphoric acid plant using advanced clean technology from Prayon SA of Belgium and to be implemented by international engineering firm Ballestra S.pA. of Italy. These lands offer strategic benefits and a competitive position, including:

  • Direct rail and vessel access to North American and global markets, especially to the company’s European offtakers
  • Access to large-scale industrial infrastructure, utilities and expansion lands
  • Eventual vertical integration between upstream phosphoric acid and downstream LFP battery material production

The Agreement was signed today in Montreal at the premises of the Wallonia Export & Investment Agency (“AWEX”). In attendance for the signing were:

  • Claude Guay, Member of Parliament for LaSalle-Émard-Verdun, Parliamentary Secretary to the Minister of Energy and Natural Resources, Canada
  • Mario Simard, Member of Parliament for Jonquière, Vice-Chair, Standing Committee on Natural Resources, Canada
  • Andrée Laforest, Deputy, Chicoutimi, Minister of Municipal Affairs and Housing, Government of Quebec
  • François Tremblay, Deputy, Dubuc, Government of Quebec
  • Anne Defourny, Trade/Investment Counsellor, Wallonia Export & Investment Agency
  • Carl Laberge, President and Board Chair, Port Saguenay
  • John Passalacqua, CEO, First Phosphate Corp.
  • David Dufour, Executive Vice-President, First Phosphate Corp.

Signing of Agreement between Port Saguenay and First Phosphate, in Montreal, at Wallonia Export & Investment Agency

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8917/259192_26de631ed464e9de_001full.jpg

“Our government’s ongoing investments in Port Saguenay will enable companies such as First Phosphate to process phosphate into phosphoric acid right here in Saguenay. We continue our efforts to ensure that our infrastructure is up to par for attracting businesses to the port and to our surrounding communities. We remain proactive and positive for our Saguenay-Lac-Saint-Jean region,” said Andrée Laforest, Member of Parliament for Chicoutimi, Minister of Municipal Affairs and Minister responsible for the Saguenay-Lac-Saint-Jean region, and François Tremblay, Member of Parliament for Dubuc.

“The new Government of Canada supports the development of critical minerals and the infrastructure needed to support them. Phosphate has been included by the federal government in the Canadian list of critical minerals to open doors for phosphate projects across Canada. This agreement demonstrates the economic opportunities these minerals bring to Canada and Quebec in the production and processing of critical minerals. We thank First Phosphate and the Port of Saguenay for their work in pursuing these opportunities. By working together, we will build the strongest economy in the G7,” said Claude Guay, Member of Parliament for LaSalle-Émard-Verdun and Parliamentary Secretary to the Minister of Energy and Natural Resources.

“I am delighted with today’s announcement: this is a major project for both the region and the whole of Quebec. Today, Saguenay-Lac-Saint-Jean is carving out a place for itself in the battery industry, and not just any place. This project is a symbol of sustainable economic development and is in line with our commitment to promoting projects that contribute to the energy transition,” said Mario Simard, Member of Parliament for Jonquière and Bloc Québécois spokesperson for Natural Resources.

“This agreement with First Phosphate confirms Saguenay’s central role in the development of the critical minerals sector in both Quebec and Canada,” said Saguenay Mayor Julie Dufour. “With our industrial infrastructure, strategic access to rail and maritime networks, and our strong commitment to welcoming innovative projects, Saguenay is proving its ability to attract major investment. This project aligns with our ambition to establish Saguenay as a key economic hub in northeastern Canada.”

“This agreement with First Phosphate confirms the strategic advantages and role of the Port of Saguenay as a natural logistics hub in northeastern Canada for the development of the critical minerals sector. It follows major investments and infrastructure projects currently underway in its industrial port zone and is in line with the collaboration agreement recently signed with North Sea Port, a strategic port area in Europe,” said Mr. Carl Laberge, President and CEO of Port Saguenay. “This agreement represents a significant step forward for economic diversification and the establishment of a promising industrial sector for Quebec and Canada.”

To view details on the facilities at Port Saguenay, please see: https://youtu.be/_mQZfQdA8Yw

Signature of Agreement between Port Saguenay and First Phosphate, in Saguenay, at Port Saguenay

To view an enhanced version of this graphic, please visit:
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About First Phosphate Corp

First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company’s vertically integrated approach connects sustainable phosphate mining in Quebec with North American battery supply chains, targeting the energy storage, data center, robotics, mobility, and defense sectors. First Phosphate’s flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean is one of North America’s rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities.

About Port Saguenay

The Saguenay Port authority (SPA), also known as the “Port of Saguenay”, is an autonomous federal public enterprise incorporated under the Canada Marine Act in 1999. It is one of the 17 Canadian Port Authorities (CPAs), recognized for its strategic importance and its contribution to the country’s economy. Located in the heart of Saguenay-Lac-St-Jean industrial region, the Port of Saguenay is a natural gateway to Northern Quebec and its extensive natural resources. Accessible all year round, its deep-water marine facilities are capable of accommodating some of the world’s largest ships. Accessible directly from major North American rail and highway networks, the Port is also renowned for the quality and availability of its infrastructure.

About the Walloon Export & Investment Agency in Quebec

The Wallonia Export and Investment Agency (“AWEX”) is a public interest organization created by the Walloon Region in 1998. It is the key partner for any Walloon company wishing to expand internationally and acts as a one-stop shop for any foreign company interested in establishing a presence in Wallonia. AWEX has maintained an office in Montreal for many years to strengthen trade relations between Wallonia and Quebec. It works in collaboration with the General Delegation Wallonia-Brussels based in Quebec City and the Embassy of Belgium in Ottawa.

For additional information, please contact:

Bennett Kurtz
Chief Financial Officer
bennett@firstphosphate.com
Tél: +1 (416) 200-0657

Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com

Follow First Phosphate:

X: https://x.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

Forward-Looking Information and Cautionary Statements

This news release contains certain statements and information that may be considered “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward-looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; the Company’s plans for vertical integration into North American supply chains, the Company’s plans relating to the design, build, operation and maintenance of the Bégin-Lamarche Phosphate Mine (and the possibility of eventual economic extraction of minerals from therefrom); the Company’s entering into of a definitive land lease for one or both of the Phase 1 and Phase 2 lands and the achievement of preconditions thereto; the achievement and completion of all required steps, including, without limitation, access to financing, and regulatory and environmental approvals, to build and operate a phosphoric acid and gypsum valorization facility, and lithium iron phosphate (LFP) cathode active material (CAM) production facility; the vertical integration between upstream phosphoric acid and downstream LFP CAM production; and the Company’s access to international markets and any future partner co-location.

These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company’s public disclosure record including the short form base prospectus dated June 5, 2024, as well as: there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company’s expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company’s relationship with First Nations and other Indigenous parties remaining consistent with the Company’s expectations; the Company’s relationship with other third party partners and suppliers remaining consistent with the Company’s expectations; government relations and actions being consistent with Company expectations.

There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company’s other documents filed with the Canadian and United States securities authorities, including without limitation the “Risk Factors” section of the Company’s Management Discussion and Analysis dated June 27, 2025 and Annual Report on 20-F dated July 8, 2024, which are available on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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

Azerbaijan’s Sovereign Wealth Fund to Acquire Minority Stake in 402 MW of Solar Assets in Italy from Enfinity Global

  • SOFAZ to acquire 49% stake in a 402 MW portfolio of solar power plants in Italy from Enfinity Global who retains 51% and will be the long-term asset manager
  • The portfolio includes 14 solar power plants across the Lazio and Emilia-Romagna regions, with electricity output contracted through long-term PPAs

ROME, July 18, 2025 /PRNewswire/ — The State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Enfinity Global, a leading renewable energy company, communicate to have entered into an agreement under which SOFAZ will acquire a 49% equity interest in a 402 MW portfolio of solar photovoltaic (PV) plants in Italy. Upon completion of the deal, Enfinity will retain a majority stake and continue to lead the management of the assets, leveraging its leading position in the Italian renewable energy sector.

The investment aligns with SOFAZ’s strategic objectives by offering a stable and predictable income stream, while also contributing to global efforts in the transition to sustainable energy — consistent with the Fund’s mandate as a long-term investor.

Through this agreement, Enfinity brings in capital partners to support its Italian portfolio, enabling reinvestment and accelerating the deployment of its 2.6 GW solar and 5.3 GW energy storage pipeline, reinforcing its position as the leading Independent Power Producer in the country.

The investment comprises 14 solar PV plants, both operational and under construction, located in the Lazio and Emilia-Romagna regions of Italy. The energy generated by these facilities is contracted through long-term power purchase agreements (PPAs), ensuring predictable energy prices for customers and stable cash flows. The portfolio is expected to produce approximately 685 GWh of clean electricity annually, which will lead to an estimated reduction of 184,950 tons of CO₂e emissions per year—equivalent to the annual electricity consumption of over 250,000 Italian households.

Carlos Domenech, CEO of Enfinity Global: “We are honored and welcome SOFAZ as a long-term partner and investor to our first vintage Italian contracted PV portfolio. This investment is a meaningful example of transitioning to sustainable energy with a win-win outcome for all countries, investors, and customers involved.”

Israfil Mammadov, CEO of SOFAZ: “Through this strategic collaboration with Enfinity Global, SOFAZ supports the delivery of competitive, clean energy to meet Italy’s growing energy needs, while contributing to local economic development and household energy access. As a forward-looking institutional capital provider we remain committed to supporting strategic investment opportunities in Italy and across Europe.”

The transaction was supported by a team of advisors to Enfinity, including Mediobanca as financial advisor, Legance as legal counsel, and Fichtner as technical advisor. SOFAZ was advised by JLL as M&A advisor, Dentons Europe Studio Legale Tributario as legal counsel, EY as financial and tax advisor, and DNV as technical advisor.