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For the first time this summer, all of the NFL’s teams will be strapped up for a weekend’s worth of preseason action. With few exceptions – for better or worse – most of the 32 squads have fully taken shape, though a few important positional battles and contract standoffs await resolution. Still, this is the time of year when most clubs project confidence and optimism that, if everything falls into place, they could wind up in the playoffs and maybe even vie for a Super Bowl berth.

Yet the cold truth for most of them is that some level of disappointment awaits – whether that’s a tough loss on Super Sunday or winding up with a top-five draft pick in 2026 (though that would be an optimal outcome in some quarters). Remember, this is a zero-sum game. Despite the good vibes emanating from most camps, there’s no avoiding the reality of math − meaning for every 14-win team, there’s a mirror image somewhere with 14 losses.

So how will it all shake out? With every roster basically finalized (and maybe optimized) for the season ahead, let’s try to forecast the 2025 season with record projections for every outfit.

(A note on methodology: Using the most current information amid a few iterations of this exercise, I predict winners and losers for all 272 regular-season games to arrive at my projections. The outcomes allow me to apply tiebreakers, when needed, to determine and slot the 14-team playoff field – seedings in parentheses – before arriving at a champion. Warning, past performance is no guarantee of future returns.)

AFC East

(2) Buffalo Bills (13-4): Barring an injury to reigning league MVP Josh Allen, a sixth consecutive division title seems all but inevitable. Following their Sunday night opener against Baltimore, the Bills play six consecutive non-playoff teams from 2024 – an entire circuit through the AFC East with three other games against NFC South crews – which could catapult them to a very good start, which also includes home games in four of the first five weeks. Buffalo could also finish with a strong kick, four of its final five games against opponents who didn’t reach the postseason last year.

New York Jets (7-10): Rookie coach Aaron Glenn has probably inherited a more talented team than his former boss, Dan Campbell, did in Detroit – Campbell’s 2021 Lions losing 13 games. But these Jets could get off to a slow start, four of their first six games against clubs that reached the 2024 postseason, including a “home” game against Denver in London. But if new QB Justin Fields and his talented fellow youngsters jell over the course of the season, they could build momentum going into 2026 – nine of their final 11 opponents failing to reach the playoffs last season.

Miami Dolphins (5-12): Will HC Mike McDaniel, who enters the season under some pressure from ownership, even make it to the stretch drive? If he does, the Fins’ final five games are either in outdoor northern cities and/or against teams that had winning records in 2024 … and, historically, his team hasn’t played well in either of those circumstances.

AFC North

(1) Baltimore Ravens (14-3): Could this finally be the year QB Lamar Jackson takes his team all the way? An upgraded secondary should address what was Baltimore’s Achilles for much of 2024. And how good is an offense that seems to (somehow) get an improved version of Jackson every year, including 2024 when he was probably robbed of a third league MVP? Consider that recently signed WR DeAndre Hopkins, likely a future Hall of Famer, is probably the sixth option when you consider an attack that has a second tight end like … Isaiah Likely. Yes, I like, like, like these Ravens – and considering they have a midseason stretch when they play two games in 27 days, good way to stay fresh as they pursue a second No. 1 playoff seed in three seasons.  

(6) Pittsburgh Steelers (11-6): Optimism is riding high as new/old QB Aaron Rodgers assimilates with his new mates in the sweltering Latrobe, Pennsylvania, camp environment. There’s little question this roster is stacked, more so after a bold offseason plan executed by coach Mike Tomlin and GM Omar Khan. Whether it coalesces remain to be seen. Five of the Steelers’ first six opponents didn’t make the playoffs last year, perhaps a nice layout as Rodgers and Co. work out the kinks, though that stretch also includes a trip to Dublin. But four of the final six games are against 2024 division winners, and Pittsburgh collapsed down the stretch last season against strong competition. Still, it does feel like there’s enough ammo here to end the franchise’s run without a playoff win at nine years.

(7) Cincinnati Bengals (9-8): Since QB Joe Burrow was drafted in 2020, they’re 1-9 collectively in Weeks 1 and 2 – the lone win coming in 2021, when Cincy reached Super Bowl 56. The ongoing drama with All-Pro DE Trey Hendrickson seems to portend another rough start – and the Bengals open at Cleveland, where they rarely win, followed by a stretch of six games that includes five 2024 playoff opponents. Starting in October, the Bengals leave Ohio once in a six-week period, so perhaps that’s when they catch fire. Still, as much money as they’ve already spent this offseason, the Stripes seem to have fallen further behind Baltimore and Pittsburgh, teams that finished ahead of them last season.

Cleveland Browns (3-14): Whoever wins their high-profile four-way quarterback competition will still be the division’s weakest QB1. And with so many other question marks, especially on offense, it does feel like a team that has two first-round picks next year is already somewhat aimed toward the 2026 draft.  

AFC South

Jacksonville Jaguars (8-9): Though they’re not projected to advance to the Super Bowl 60 tournament in this scenario, this could be a team that surprises – especially if rookie HC Liam Coen can elicit results from QB Trevor Lawrence at least somewhat comparable to what he got from Baker Mayfield in Tampa last year. There’s a fair amount of established talent on this roster, and that doesn’t include rookie WR/CB Travis Hunter, who’s now its highest-profile member. Over the season’s final six weeks, the Jags face just one 2024 playoff team.

Tennessee Titans (5-12): A team set to start a rookie quarterback, No. 1 pick Cam Ward, will start out swimming in even deeper water with four of its first six games on the road. But maybe Ward gets on a subsequent roll with three successive games in Nashville following a Week 10 bye.

Indianapolis Colts (4-13): Even if they were settled behind center – which Indy most certainly is not – a schedule loaded with the entirety of the AFC and NFC West was going to present a serious challenge for a team that’s generally hovered around .500 since QB Andrew Luck retired six years ago.

AFC West

(3) Denver Broncos (12-5): The focus will naturally be on Year 2 of the Bo Nix-Sean Payton union, which comes off a spectacular honeymoon. However the Broncos don’t get enough attention for an elite offensive line nor a defense which may be the league’s best – particularly after it was further fortified by free agency and the draft. After playing the Jets in London on October 12, the Broncos will only make one road trip over the ensuing 48 days – a good time to gain altitude at altitude. But ending K.C.’s nine-season run atop the division won’t be easy – particularly when the Chiefs get a bye ahead of their trip to Denver and, later, host the Broncos on Christmas, which lands on a Thursday.

(5) Kansas City Chiefs (11-6): Coming off what was probably the flimsiest 15-victory regular season in league history (average margin of victory 7.1 points), could they actually win four fewer games, relinquish the divisional throne … and still functionally be a better team when the playoffs start? Absolutely, especially with RB Isiah Pacheco and WRs Hollywood Brown and Rashee Rice healthy, though a suspension could still likely curb the latter’s contributions. But don’t be surprised if the dynasty stumbles out of the gate as the new offensive line takes shape – while weathering a trip to Brazil before Arrowhead welcomes the Eagles, Ravens and Lions for its first three home dates.

Los Angeles Chargers (9-8): Coach Jim Harbaugh took the 49ers to the Super Bowl during his second year in San Francisco, so it’s tempting to foresee the Bolts taking a quantum leap, too, despite how badly they performed in last season’s playoffs. But the offense still seems a bit light on weaponry − despite WR Keenan Allen’s return − the defense lost some stalwarts in free agency, and the Chargers must navigate a schedule that includes nine dates with 2024 playoff squads.

Las Vegas Raiders (5-12): They should be more competitive and entertaining with coach Pete Carroll, QB Geno Smith and titillating rookie RB Ashton Jeanty aboard. Yet it’s hard to envision the Silver and Black making up any ground in an otherwise loaded division and, despite DE Maxx Crosby’s presence, this defense could be regularly overrun. Doesn’t help when a team from Sin City is forced to play three 1 p.m. kickoffs in the Eastern time zone in the season’s first five weeks.

NFC East

(1) Philadelphia Eagles (12-5): Viewed through the lens of a single season, the 2024 Eagles are probably one of the top three or four teams of the 21st century, so little reason to think they won’t be really strong again despite significant personnel losses on the defensive side. But though the Chiefs have made it seem routine, defending an NFL title is exceptionally hard – and the Eagles have to do it with a first-place schedule that includes the entirety of the AFC West and NFC North. Brutal. And awesome as Saquon Barkley, 28, was last season – maybe the best season a running back has ever had – it would be more realistic, given his personal history, to expect he misses a few games with injuries than an encore performance. It wouldn’t be a shock if the Eagles repeat … but history is decidedly against them.

(7) Washington Commanders (10-7): Their Cinderella run exceeded everyone’s wildest imagination – especially that of a long-suffering fan base. But are expectations ratcheted up a bit too much now? Washington’s schedule is basically as challenging as Philly’s yet also includes a stretch between Weeks 4 and 8 with just one home game. After what was arguably the greatest rookie season in league history, maybe QB Jayden Daniels takes an MVP step in 2025. But if he plateaus or even suffers something of a sophomore slump … and/or pricey veteran acquisitions like Laremy Tunsil and Deebo Samuel don’t live up expectations … and/or if this defense proves suspect – especially up front – then the Commanders’ season could be defined following a Week 12 bye, a gauntlet that includes the Broncos, Vikings, Cowboys and Eagles … twice.

Dallas Cowboys (9-8): They’re almost always relevant when QB Dak Prescott survives a full season or close to it – which he didn’t in 2024. But the Cowboys are adjusting to a rookie head coach, Brian Schottenheimer, still have a glaring concern at tailback, have yet another change at defensive coordinator (Matt Eberflus) and are currently playing contractual games with DE Micah Parsons, arguably the franchise’s best player. Also? Eagles, Chiefs, Lions, Vikings, Chargers, Commanders, i.e. the murders’ row Dallas must face from Weeks 12-17. Woof.

New York Giants (2-15): A team coming off a 3-14 season somehow draws the league’s toughest schedule based on opponents’ 2024 winning percentages (.574). So much for competitive balance. This record projection isn’t indicative of the young talent on this roster, including WR Malik Nabers, LT Andrew Thomas, rookie OLB Abdul Carter and others. But it’s very hard to find wins on this schedule or expect QB Russell Wilson will enjoy a renaissance at age 36, especially when pressure to play quarterback of the future Jaxson Dart as the season wears on is only likely to incrementally grow.

NFC North

(2) Green Bay Packers (12-5): Unlike the rest of their divisional rivals, they should benefit from continuity. And if QB Jordan Love remains healthy, rookie Matthew Golden makes the consistent impact not always provided by this receiving corps and they get off to a strong start – and the early part of the schedule seems to set up nicely – the Pack might just find themselves in the Super Bowl.

(5) Detroit Lions (11-6): They’re going to have to adapt – without coordinators Ben Johnson and Aaron Glenn and six other staff members from a team that earned the NFC’s top playoff seed in 2024, to say nothing of the retirement of tough-as-rawhide C Frank Ragnow. Talent remains in abundance here, and the return of DE Aidan Hutchinson should bring a needed jolt to the defense. But finding synchronicity could be tough, especially with four of the first six games on the road.

Minnesota Vikings (9-8): They’re going to have to adapt – to new QB1 J.J. McCarthy, who lost his entire rookie season with a knee injury and watched Sam Darnold blossom into a Pro Bowler during his on-field absence. Similar to his time at the University of Michigan, McCarthy should have everything a quarterback could want in a supporting cast, including a fantastic coach in Kevin O’Connell. But the Vikes will have to weather WR2 Jordan Addison’s three-game season suspension to start the season. And following their (voluntary) two-week European vacation, they’ll have the Eagles, Chargers, Lions and Ravens lined up on the opposite side of a Week 6 bye. Replicating last season’s 14-3 record – or even something close to it – seems like a long shot.

Chicago Bears (7-10): They’re going to have to adapt – to Johnson, their new head coach, who’s changing the culture, scheme and expectations (yet again) after this organization’s disastrous 2024 campaign. And the learning curve is amplified by a schedule that, statistically, is second only to the Giants’ in terms of difficulty. Six of the Bears’ final eight opponents made the playoffs last season.

NFC South

(4) Tampa Bay Buccaneers (9-8): They probably don’t get enough credit for their recent dominance of the division, which they’ve won the past four seasons – albeit by an average of one game since the start of the 2022 campaign. That could again be the case with teams like the Panthers and Falcons at least displaying the potential to be threats. The Bucs could also be hamstrung as long as LT Tristan Wirfs, arguably their best player, remains sidelined by recent knee surgery expected to cost him at least a handful of games – and against formidable defenses. But even if they endure a rocky start, Tampa Bay could finish with a surge – its last six games against teams that didn’t make the playoffs in 2024.

Atlanta Falcons (7-10): So much boils down to the quarterback position, but especially here. Michael Penix Jr. flashed in three starts as a rookie but is hardly a proven commodity. QB2 Kirk Cousins is battle-tested … and his presence is likely to add to the burden of Penix, who will almost undoubtedly struggle at some point – and perhaps from the jump, Atlanta facing four postseason squads from last season among its first five opponents.

New Orleans Saints (2-15): A rookie head coach (Kellen Moore). Likely a rookie quarterback (Tyler Shough) or one coming off a rough rookie season (Spencer Rattler). Schematic changes on both sides of the ball. The biggest questions here seem to be if players like RB Alvin Kamara and WR Chris Olave remain beyond the trade deadline and/or if hometown hero Arch Manning winds up back here via the 2026 draft.

NFC West

(3) San Francisco 49ers (11-6): On the opposite side of the scheduling scale from the Giants, the Niners, little more than a year removed from an overtime loss in Super Bowl 58, drew the league’s easiest schedule (.415 opponent winning percentage in 2024) – one that includes all of the AFC and NFC South teams and three additional last-place operations from last year. San Francisco opens with four 2024 non-playoff teams and finishes with seven of the same. Make no mistake, a new-look defense has much to prove, and the team’s best players – RB Christian McCaffrey, LT Trent Williams, WR Brandon Aiyuk – have to stay on the field, and Aiyuk (knee) may not be ready for Week 1.

(6) Los Angeles Rams (11-6): Again, it’s worth noting that this team came the closest to knocking off the loaded Eagles on the road to Super Bowl 59, the Rams nearly pulling off the upset … on the road … in the snow. Imagine what they can do with a promising young defense one year better, not to mention being somewhat past the LA wildfires that affected this team and its city last January. So much hinges on the health of QB Matthew Stafford, 37, whose back has kept him sidelined during training camp, though by design, according to ESPN. But if he can continue posting on game day, as he usually does, he and his team have a legit shot at a second ring in a five-season span.

Arizona Cardinals (9-8): They went from bad (4-13) in HC Jonathan Gannon’s first year to quietly middling last season (8-9). If QB Kyler Murray and the young players around him can take another collective step forward, a postseason return seems very much in play – especially if they can leverage a schedule that opens against six teams that didn’t reach the playoffs in 2024. However the Cards will only have two home games after Thanksgiving.

Seattle Seahawks (9-8): A tiebreaker cost them a playoff berth last season. They might be on the razor’s edge once again but not for lack of trying. Heading into his second year, coach Mike Macdonald and GM John Schneider have done more than retool this roster – especially a passing game that has a new coordinator (Klint Kubiak), quarterback (Darnold) and receiver (Cooper Kupp). Yet it’s also fair to expect these Seahawks to be far more reliant on the run, per Macdonald’s wishes. Seattle seems more philosophically calibrated for the long haul, but that could mean another round of uneven performances in the near term.

AFC playoffs

Wild card: (2) Bills def. (7) Bengals; (6) Steelers def. (3) Broncos; (5) Chiefs def. (4) Texans

Divisional: (1) Ravens def. (6) Steelers; (5) Chiefs def. (2) Bills

Championship game: (1) Ravens def. (5) Chiefs

NFC playoffs

Wild card: (2) Packers def. (7) Commanders; (6) Rams def. (3) 49ers; (5) Lions def. (4) Buccaneers

Divisional: (6) Rams def. (1) Eagles; (2) Packers def. (5) Lions

Championship game: (2) Packers def. (6) Rams

Super Bowl 60 (Santa Clara, California)

Ravens def. Packers

This post appeared first on USA TODAY

Jen Pawol continues to make history as a female baseball umpire.

Announced on Wednesday by Major League Baseball, Pawol is getting called up to be part of the five-team umpire crew for this weekend’s Atlanta Braves-Miami Marlins series, which features a doubleheader on Saturday, making her the first female umpire to work a regular-season MLB game.

Pawol is scheduled to be behind the plate for the Braves and Marlins series finale on Sunday, Aug. 10 at Truist Park in Atlanta. She will be working each of the final three games of the series with the crew, which needed a fifth member for the weekend due to the doubleheader.

The call-up by Major League Baseball comes well after other professional sports leagues broke down the gender barrier with female officials and referees of their own. The first full-time female official to work a professional sports game was Violet Palmer in 1997, who worked the Dallas Mavericks vs. then-Vancouver Grizzlies game to become the NBA’s first woman referee.

Here’s what to know about Pawol:

Who is Jen Pawol?

Pawol, who is 47 years old, comes from a softball background as she played softball at Hofstra University and was a three-time Colonial Athletic Association All-Conference team selection as the Pride’s catcher. She was a member of the U.S. Women’s softball team’s world championship team in 2001.

The New Jersey native first became an umpire in 2010 when she worked college softball games, and then shifted to baseball in 2016 when she was hired for a job in the Gulf Coast League following the completion of the Umpire Training Academy.

She does have some MLB experience on her resume, as she worked a Houston Astros vs. Washington Nationals spring training game in 2024. Starting at third base for that game, Pawol became the first female umpire to work a spring training game since Ria Cortesio did so back in 2007.

‘I greatly appreciate everyone’s enthusiasm, everyone’s welcoming attitude on the field tonight was very, very special,’ Pawol said in 2024 after umpiring her first MLB spring training game. ‘Both managers shared congratulations and were welcoming, along with my (umpiring) partners, the players. I knew a lot of the players on the field already and so many said ‘Congrats, great to see you up here.”

When is Jen Pawol making her MLB umpire debut?

Pawol is set to make her MLB umpiring debut on Saturday in Game 1 of the Braves-Marlins doubleheader. She is set to then work the plate for the first time in the majors on Sunday for the series finale.

The USA TODAY app gets you to the heart of the news — fastDownload for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.

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The Little League Softball World Series inches closer to the final as four teams were eliminated from contention on Tuesday, Aug. 5 and four more kept their championship hopes alive.

Day 4 featured two more win-or-go-home games.

The action started with an Orange bracket match between Cantareira of São Paulo, Brazil vs. Floyds Knobs Community Club of Indiana. Indiana would go on to win that matchup in a 2-0 pitcher’s duel. That game was followed up with an extra innings thriller that saw Florida defeat Washington for the second time this tournament. Florida scored four runs in the top of the seventh, and Washington could not match. Florida advanced with a 5-3 win.

Each of the winners play again Friday, while the losers have been eliminated.

Little League Softball World Series scores today

Orange Bracket: Indiana 2, Brazil 0

Purple Bracket: Florida 5, Washington 3

FINAL: Florida 5, Washington 3

It took a while for both teams’ offenses to get going in this one, but once the floodgates opened, it was mayhem, with all eight runs in this game coming in the final three innings. Starters Penelope Gahan (Washington) and Cayden Hugh (Florida) were outstanding all game long. Gahan tossed over 100 pitches on the day, and although she ultimately took the loss, it wasn’t until the seventh inning when Florida started to figure her out.

The bottom of the seventh inning saw Washington score two runs, but after both runs scored, the bases were empty and there were two outs. Hugh would walk Daphnee Calsyn, bringing the tying run to the plate. Liliana Delgado would fly out to end the game though.

Washington was eliminated from the tournament with the loss, with both of their losses coming against Florida. Florida advances to the purple bracket semifinals on Friday, August 8. They’ll face the losers of the matchup between Oklahoma and Virginia, scheduled for 1 p.m. ET on Thursday, August 7.

Florida score four in rollercoaster inning

The seventh inning started off with a ghost runner on second. Florida would sac bunt to move the runner to third. After a ground ball to third base caught the runner in between third and home, it looked like Florida’s hopes were doomed. Two outs, runner on first. How were they going to score?

Well, a walk and single would do just that, bringing home the go-ahead run. However, Florida wasn’t done. An overthrow on the throw home would push the leftover runners to second and third. A walk to Faith Miller would load the bases for Alana Luu who drove in Florida’s first run of the game.

Washington would make a pitching change after the walk, moving Penelope Gahan to the outfield and moving Anya Miller to the circle to record one more out.

Miller’s first pitch was a high fastball that got past the catcher. Luckily, no runners advanced. However, just three pitches later, Luu would offer a bases-clearing triple, extending Florida’s lead to four runs, going 3-for-4 on the day with arguably the two most important hits.

The inning would end without Luu coming home after a terrific play at shortstop, but the damage had been done. Washington needs four runs to stay alive. It’s 5-1 Florida.

Extra innings up next

For the bottom of the sixth, Florida’s ace Cayden Hugh returned to the circle and she was just as dominant, tossing a three-up, three-down inning, pushing this game to extra innings. We’re tied at 1 apiece as we head into free softball at Stallings Stadium.

Washington answers quickly

Washington had been held without a hit through four innings, but there was a different aura in the air heading into the fifth. Washington led the inning off with their first hit from Daphnee Calsyn, who would come around to score on a double from Liliana Delgado.

Although Delgado would get tagged out trying to stretch the double into a triple, those two hits were more than enough to shift the momentum back to an even playing field. It’s now knotted again at 1-1 with one out in the bottom of the fifth.

Florida finally breaks through

Florida had recorded a few hits and walks throughout this game, but had failed to put any runs on the board, constantly threatening, never coming through. However, that changed in the fifth inning. After getting Rachel Lester to third base with two outs, a walk would put runners on the corners. Florida had struggled in this situation all game, but a base knock from Alana Luu, the same player who prevented Washington’s first hit with a great play from right field, would drive in the runner, giving Florida a crucial 1-0 lead.

Florida would continue threatening, putting runners on second and third but the inning would end before any more runs scored. Still, in what has been a defensive masterclass from both teams, one run may be more than enough to secure the victory.

Florida 9-3 play prevents Washington’s first hit

Through 2.2 innings, the Washington offense had yet to record a hit. However, that streak appeared to be broken when Kaitlyn Stetich smacked the ball to right field. However, right fielder Faith Miller was having none of that launching the ball to first base as soon as she could and nailing the runner at first.

Miller’s heads up play keeps the no-hitter intact. Florida clearly has the defense to win this one. Now they just need their bats to come alive as we head into the fourth inning still scoreless

Rain expected to cease soon

It’s been a lengthy delay at Stallings Stadium at Elm Street Park, but the game between Florida and Washington should resume soon. According to the National Weather Service, there is a 100% chance of rain through 3 p.m. local time, but that percentage drops to a measly 10% soon after 3 p.m. There is still a chance for rain and thunderstorms, and so long as thunder and lightning are in the area, the game will not resume, but it should mostly dissipate within the next half hour.

When the tilt picks back up, Florida will look to put the first run of the game on the board. They currently have a runner in scoring position with two outs in the top of the third.

Tarp comes out as rain falls

Heavy rainfall is putting a damper on these outstanding pitching performances thus far. The top of the third inning will have to wait as Florida, with three hits to their name and a runner in scoring position, looks to finally put a run on the board.

Washington evades a jam of their own

After a leadoff walk, Washington was in danger of surrendering the first run of the game after a comebacker went off the glove of Washington pitcher Penelope Gahan, enabling two runners to reach base. However, a good play at short soon after prevented the runners from advancing. From there, Gahan got the final Florida hitter to pop out, ending the inning and the Florida threat. It’s still 0-0.

Washington-Florida remains scoreless through one

Washington had a good chance to score in the bottom of the first, drawing two walks in the inning, but Florida held tough, forcing the final out of the inning after a rousing pep talk from assistant coach John Miller. This elimination game remains scoreless.

FINAL: Indiana 2, Brazil 0

Indiana’s Briley Mercer was a force in the circle for her team. She tossed a six-inning complete game on 85 pitches with 54 of them strikes. Overall, she had eight strikeouts and retired 17 of the 21 batters she faced on Wednesday. Indiana, playing for a third straight day, wins its second straight elimination game and now gets a day off. Indiana returns to action at 7 p.m. on ESPN2 on Friday, August 8 against the loser of North Carolina vs Japan, which play Thursday, August 7.

Light rain has started, but play continues for now

With Indiana batting, light rain started in Greenville, North Carolina. Indiana got a runner on via a hit and a hit by pitch and a wild pitch put runners in scoring position. However, Brazil’s Dani Fugisaki defused the one-out threat with a strikeout and a line out to close out the fifth inning.

Brazil poises a scoring threat

Brazil’s starting pitcher, Dani Fugisaki, launched a towering shot to left field that bounce on the warning track and hit the fence. She was able to get to second base with one out. But Indiana’s Briley Merce got out of the inning with a pop up from the next batter. After the top of the fifth inning, 2-0, Indiana still.

Indiana (almost) gets another run

With two outs and a runner on third in the bottom of the fourth inning, Indiana’s Kennedy Nickels blasts a fly ball to center field. The runner on third, Scarlett Runn, left third base a little early. Brazil seized the opportunity to appeal and won.

Brazil goes down 1-2-3 in the top of the fourth inning

Indiana’s Briley Mercer got the first batter out with a strikeout and then a batter was out after a bunt attempt hit her outside the batter’s box. The final out was a ground out. 2-0 Indiana still. Mercer has amassed five strikeouts.

Indiana adds another run

A fielding error with two out allow a runner to score pushing the Indiana lead to 2-0 after bottom of the 3rd inning.

Indiana’s Mercer racking up the strikeouts

Mercer has struck out at least one batter in every inning so far and now has four strikeouts for the game as her team still leads 1-0 after the top of the third inning.

Indiana strikes first

After Brazil stranded a runner on second base in the top of the second inning, Indiana’s Reese Carroll gets an RBI-single to left field giving Indiana a 1-0 lead after two innings. It was Carroll’s first hit of the LLSWS, according to ESPN.

Indiana strands a runner at second base

Indiana gets a one-out double but can’t move the runner beyond that. After first inning, 0-0.

Indiana’s Briley Mercer cruises in the first inning

Mercer struck out two of the three batters she faced to keep Brazil off the scoreboard.

4 teams have their season on the line, first up Indiana vs Brazil

The first elimination game on Wednesday features Latin America Region champion Cantareira Little League from São Paulo, Brazil and Central Region champion Floyds Knobs Community Club Little League from Floyds Knobs, Indiana

How to watch 2025 Little League Softball World Series

The 2025 Little League Softball World Series will be broadcast on ESPN platforms, with the championship game airing on ABC. Games will also be available to stream on ESPN+.

  • Dates: Aug. 3-10
  • TV: ESPN | ESPN2 | ABC
  • Stream: ESPN+
  • Location: Greenville, North Carolina

Watch the 2025 LLSWS on ESPN+

2025 Little League Softball World Series Day 4 schedule

Wednesday, Aug. 6

All times Eastern

  • Game 13 (Orange bracket): Latin America region: Cantareira (São Paulo, Brazil) vs. Central region: Floyds Knobs Community Club (Indiana), 10 a.m. | ESPN2
  • Game 14 (Purple bracket): Northwest region: Mill Creek (Washington) vs. Southeast region: Lake Mary (Florida) 1 p.m. | ESPN2

2025 Little League Softball World Series Day 3 results

Tuesday, Aug. 5

  • Game 9: Mill Creek, Washington (Northwest) 10, Westchester-Del Rey Los Angeles (West) 0
  • Game 10: São Paulo, Brazil (Latin America) 10, vs. Repentigny, Quebec (Canada)1
  • Game 11: Floyds Knobs, Indiana (Central) 4, Prague, Czechia (Europe-Africa) 1
  • Game 12: Lake Mary, Florida (Southeast) 9, Guilford, Connecticut (New England) 0

2025 Little League Softball World Series Day 2 results

Monday, Aug. 4

  • Game 5: Pitt County (North Carolina) 5, Floyds Knobs, Indiana (Central) 3
  • Game 6: Tulsa, Oklahoma (Southwest) 2, Lake Mary, Florida (Southeast) 1
  • Game 7: Johnstown, Pennsylvania (Mid-Atlantic) 9, Westchester-Del Rey Los Angeles (West) 0
  • Game 8: Iwate, Japan (Asia-Pacific) 6, Repentigny, Quebec (Canada)1

2025 Little League Softball World Series Day 1 results

Sunday, Aug. 3

  • Game 1: Lake Mary, Florida (Southeast) 9, Mill Creek, Washington (Northwest) 2
  • Game 2: Pitt County (North Carolina) 4, São Paulo, Brazil (Latin America) 3
  • Game 3: Repentigny, Quebec 5 (Canada), Prague, Czechia (Europe-Africa) 4
  • Game 4: Johnstown, Pennsylvania ( Mid-Atlantic) 2, Guilford, Connecticut (New England) 1
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OWINGS MILLS, Md. – For somebody who won’t participate in the Baltimore Ravens’ preseason opener on Aug. 7 against the Indianapolis Colts, Tuesday’s joint practice against the team that used to call Baltimore home can be invaluable to Ravens quarterback Lamar Jackson – even if there is a mid-session melee.

A joint practice means Jackson can mimic the feeling of a preseason game. It also makes for funny reunions, like Jackson’s with Colts defensive coordinator Lou Anarumo. For six seasons, while Anarumo coordinated the Cincinnati Bengals’ defense, Jackson routinely torched Anarumo’s unit. The two-time MVP owns a 10-1 career record against the Bengals with 22 touchdowns and four interceptions in those games, all but one of which came during Anarumo’s Bengals tenure.

Anarumo was fired following last season and landed two hours West down I-74 as the Colts’ defensive coordinator, presenting a chance for Anarumo to approach Jackson on the field in between practice periods.

“He was telling me that was glad he doesn’t have to face me twice a year anymore,” Jackson said. “But I told him it’s always going to be competitive.

“We get great work out of these types of practices.”

For Jackson and the Ravens’ offense, a banged-up Colts secondary wasn’t the most challenging practice opponent. Besides, Baltimore’s starting secondary, as Jackson noted, features multiple first-round talents whose play often explains their draft position.

But going against a different-colored jersey helped get the competitive juices flowing, Jackson said.

“We don’t see these guys every day,” he said. “We get to see different looks from different guys, different types of coverages, see how different guys guard different people, different blitzes and stuff like that. So, definitely, we get a lot out of these types of joint practices.”

Chemistry with receiver DeAndre Hopkins is building, Jackson said; the two had a miscommunication on a hand signal that sent Hopkins on the wrong route, and Jackson was upset with himself after the rep.

That wasn’t the only time Jackson reacted strongly to his own wrongdoings. In the final two-minute drill session of practice, Colts’ seventh-round rookie safety Hunter Wohler intercepted Jackson (Wohler later also picked off backup Cooper Rush to end practice).

Baltimore Ravens and Indianapolis Colts get into joint practice brawl

“Watching how my guys are out there on the field and how we’re moving in the ball during certain periods, I felt like we did pretty good, besides the little ‘BS’ interceptions,” Jackson said. “Too many, but it happens.”

Baltimore, with offensive coordinator Todd Monken calling plays for the third season, has struggled in camp with the procedural penalties as the coaching staff continues to give Jackson additional pre-snap authority at the line of scrimmage.

Jackson doesn’t seem to be too concerned, and No. 8 made plays all day in every setting – 7-on-7, red-zone, 11-on-11 – against the Colts. His connection with tight end Mark Andrews appears stronger than ever. Fellow tight end Isiah Likely out for several weeks with a foot injury, opening the door for Charlie Kolar to have a big day with some wide-open chunk catches.

“We’re right where we need to be right now,” Jackson said.

In 2024, Jackson – who slimmed down during the offseason to become more elusive – led the NFL’s top-ranked offense (424.9 total yards per game) that finished third in scoring. Jackson’s rushing capabilities, along with the offseason acquisition of running back Derrick Henry, produced a balanced attack that became the first in league history to post at least 4,000 passing yards and 3,000 rushing yards in a single season. Baltimore was the first team in league history with more than 40 passing touchdowns and 20 rushing touchdowns. 

Jackson himself set career highs in passing yards (4,172), passing TDs (41) and passer rating (119.6), while throwing just 4 INTs. He also had 915 rushing yards – averaging 6.6 yards per carry with four scores on the ground – to become the first quarterback in NFL history with at least 4,000 passing yards and 800 rushing yards in a season. Jackson’s seven games with a passer rating of at least 135.0 also set a single-season NFL record, and his 119.6 rating for the season ranks fourth all time. He was the first player to ever record more than 40 passing touchdowns and less than five interceptions.

Monken, never shy with a microphone around, said what everybody who watches football in the Mid-Atlantic region has been thinking since Andrews dropped the football in the end zone in Orchard Park, New York, six months ago.

All of the work – even an honest day’s worth in August against another team – will come down to one, likely cold, day in January.

“I think every day is important,” Monken told reporters. “To say that one extra joint practice is going to lend itself … in terms of having a great regular season – which is what we’re trying to do – I mean, then we’ve got to finish it off. You’ve got to have a great regular season to put yourself in position for the backend.”

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ESPN announced Tuesday it had agreed to acquire numerous media assets from the NFL in a landmark agreement.

Most notably, ESPN acquired NFL Network and the league’s ever-popular RedZone channel, which shows every touchdown from every game, as part of the deal. The NFL will acquire a 10% equity stake in ESPN as part of the deal.

ESPN has also acquired the NFL’s fantasy football product, making NFL Fantasy a part of ESPN Fantasy Football.

What will that mean for fantasy football managers? Here’s what we know about that element of the merger as the 2025 NFL season approaches.

How ESPN, NFL fantasy football merger will impact leagues

ESPN announced it was planning to ‘merge [the NFL’s fantasy product] into its existing platform’ after acquiring it from the NFL. That means all NFL Fantasy leagues will eventually be a part of the ESPN Fantasy Football app, and ESPN Fantasy Football will be the official game of the NFL.

A timetable for the app merger has not yet been finalized. That said, it seems unlikely to happen before the 2025 NFL season, as the agreements between ESPN and the NFL are subject to approval from both government regulators and NFL owners. Such a delay would allow those using the NFL Fantasy App to continue doing so in 2025.

ESPN did not immediately respond to USA TODAY Sports’ request for more details about the pending merger of the two products.

It’s worth noting ESPN changed the interface of its fantasy app on Monday, Aug. 4, one day before the agreement with the NFL was announced. ESPN outlined the changes made to the app for the 2025 fantasy football season, ‘will provide improved roster management options and a more personalized experience tailored to your teams and leagues.’

It’s unclear whether the pending merger was part of the impetus for the changes, nor is it clear whether the upgrades will facilitate ESPN’s eventual integration of the NFL Fantasy App’s data into its product.

This post appeared first on USA TODAY

Investor Insight

Westport’ innovative technologies and pioneered alternative fuel delivery systems offer a compelling case for investors looking to participate in the opportunities of a low-carbon economy.

Overview

Westport (NASDAQ:WPRT,TSX:WPRT) specializes in delivering advanced fuel technologies, with a focus on heavy-duty vehicles, aimed at reducing carbon emissions without compromising engine performance. As a key player in the clean transportation space, Westport offers innovative solutions that enable internal combustion engines to operate on alternative low-carbon fuels, including natural gas, renewable natural gas (RNG), propane and hydrogen.

Westport is focused on the following transportation market opportunities:

  1. High-pressure Controls and Systems: Focuses on high-pressure fuel management solutions for hydrogen and other alternative fuel engines. Westport is embracing early-stage hydrogen infrastructure development and offers key components such as pressure regulators, injectors and fuel rails for both internal combustion engines and fuel cell applications. While hydrogen is key to the future decarbonization of transport, Westport’s components and solutions are already powering innovation today across a range of gaseous fuels.

In 2025, Westport completed the sale of its Light-Duty Segment to Heliaca Investments, allowing the company to strengthen its balance sheet and focus on high-growth opportunities in heavy-duty and industrial markets.

Market Position and Competitive Advantage

Westport operates in a rapidly growing and changing clean transportation market driven by stringent emission regulations, increasing fuel costs, and rising demand for sustainable mobility solutions. The company’s competitive edge lies in its proprietary HPDI technology, which uniquely delivers diesel-equivalent performance while significantly reducing carbon emissions. Westport’s joint venture with Volvo Group, under the Cespira name, enhances its ability to scale HPDI solutions globally.

Fleet operators and logistics companies are increasingly turning to alternative fuel vehicles to reduce operational costs and meet stringent ESG goals. In response, Westport continues to invest in innovation, particularly in hydrogen and renewable natural gas solutions.

Company Highlights

  • Westport is a pioneer in the development and commercialization of alternative fuel delivery systems for natural gas, renewable natural gas (RNG), propane, and hydrogen-powered internal combustion engines (ICEs).
  • The company is rooted in heavy-duty vehicle market, leveraging Westport’s proprietary fuel technologies to deliver reductions in carbon emissions for both commercial and passenger vehicles.
  • Westport’s High-Pressure Controls and Systems segment focuses on fuel management solutions for hydrogen and other pressurized alternative fuels.
  • The flagship HPDI technology, now part of the company’s Cespira joint venture with Volvo Group, enables heavy-duty trucks to operate on natural gas or hydrogen, thereby substantially lowering CO₂ emissions while delivering diesel-equivalent or better performance.
  • Westport’s growth trajectory is enhanced by key collaborations, most notably via the formation of Cespira, a joint venture with Volvo Group aimed at accelerating the global adoption of the HPDI technology.

Key Technologies

HPDI Fuel System (transferred into the Cespira JV with Volvo Group)

The HPDI fuel system is engineered for heavy-duty trucks and industrial applications. By injecting high-pressure natural gas or hydrogen directly into the combustion chamber, HPDI delivers diesel-like torque and power with up to 98 percent lower CO₂ emissions when using hydrogen. This technology is critical for long-haul trucking and other high-load applications, where maintaining performance and range is essential. This technology is now owned under the Cespira JV, which generated a revenue of $16.2 million in Q3 2024.

The HPDI system features a revolutionary, patented injector with a dual concentric needle design that delivers small quantities of diesel fuel and large quantities of natural gas, at high pressure, to the combustion chamber.

High-pressure Controls and Components

Westport’s high-pressure gaseous controls segment is at the forefront of the clean energy revolution, designing, developing and producing high-demand components for transportation and industrial applications. The company partners with the world’s leading fuel cell manufacturers and companies committed to decarbonizing transport, offering versatile solutions that serve a variety of fuel types. While hydrogen is key to the future decarbonization of transport, Westport components and solutions are already powering innovation today across a range of gaseous fuels. With decades of experience, market-leading brands, and unmatched engineering expertise, the company is a leader in the market. While still small, its strategic position and innovative capabilities put Westport on the cusp of significant growth, ensuring it is the go-to choice for those shaping the future of clean energy, today and tomorrow.

Management

Westport is helmed by an accomplished executive team with extensive experience in automotive technology, alternative fuels and corporate strategy.

Dan Sceli – CEO

Dan Sceli was appointed as CEO in January of 2024. His distinguished 37-year career in the global manufacturing sector marks him as a visionary leader, whose strategic acumen and commitment to excellence have propelled companies to new heights.

Bill Larkin – CFO

Bill Larkin has been instrumental in strengthening the company’s financial position since joining in 2022. With prior experience as CFO of Fuel Systems Solutions and Westport Innovations, Larkin’s experience spans a diverse set of corporate environments ranging from entrepreneurial startups, high growth small-caps and mature multi-billion dollar enterprises across various industries.

Ashley Nuell – VP of Investor Relations

Ashley Nuell joined Westport in May of 2022 and currently has approximately 20 years of experience in investor relations. Her career includes roles with companies at various parts of the energy sector value chain, as well as in the investor relations and stakeholder communications practice area of a global consulting firm.

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Alvopetro Energy Ltd. (TSXV: ALV,OTC:ALVOF) (OTCQX: ALVOF) announces an operational update and financial results for the three and six months ended June 30 2025.

All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

President & CEO, Corey C. Ruttan commented:

‘Q2 included our first quarter of sales from our recently added Western Canadian assets and overall sales volumes continued to be very strong averaging 2,436 boepd, up 50% from Q2 2024, and consistent with Q1 2025. We have a considerable amount of activity underway and we are looking forward to an exciting Q3 with the completion and tie-in of our 183-D4 well, our Caburé Unit development wells, and our two most recently drilled multi-lateral wells in Western Saskatchewan . Our 2025 capital program is organically funded and focused on high rate of return opportunities in Brazil and also now in the Western Canadian Sedimentary Basin.’

Operational Update

July Sales Volumes

Natural gas, NGLs and crude oil sales:

July

2025

June

2025

Q2

2025

Brazil:

Natural gas (Mcfpd), by field:

Caburé

11,122

11,804

11,811

Murucututu

1,751

1,446

1,191

Total natural gas (Mcfpd)

12,873

13,250

13,002

NGLs (bopd)

130

147

128

Oil (bopd)

9

9

3

Total (boepd) – Brazil

2,284

2,365

2,298

Canada:

Oil (bopd) – Canada

134

149

138

Total Company – boepd (1)

2,418

2,514

2,436

(1) Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes.

July sales volumes averaged 2,418 boepd, including 2,284 boepd from Brazil (with natural gas sales of 12.9 MMcfpd, associated natural gas liquids sales from condensate of 130 bopd, and oil sales of 9 bopd) and 134 bopd from oil sales in Canada , based on field estimates.

Quarterly Natural Gas Pricing Update

Effective August 1, 2025 , our natural gas price under our long-term gas sales agreement was adjusted to BRL1.90 /m 3 and will apply to all natural gas sales from August 1, 2025 to October 31, 2025 . Based on our average heat content to date and the July 31, 2025 BRL/USD exchange rate of 5.60, our expected realized price at the new contracted price is $10.27 /Mcf, net of applicable sales taxes, a decrease of 3% from the Q2 2025 realized price of $10.62 /Mcf due mainly to reduced Henry Hub and Brent prices in the second quarter. Amounts ultimately received in equivalent USD will be impacted by exchange rates in effect during the period August 1, 2025 to October 31, 2025 .

Development Activities – Brazil

On our 100% owned Murucututu field, the 183-D4 well was drilled in the second quarter to a total measured depth of 3,072 metres. The well encountered the Caruaçu Member of the Maracangalha Formation 106 metres structurally updip of our 183-A3 well which has been on production since the fourth quarter of 2024.  Based on cased-hole gamma ray logs and normalized gas while drilling, the well encountered potential natural gas pay in the Caruaçu Member of the Maracangalha Formation, with an aggregate 61 metres total vertical depth (‘TVD’) of potential natural gas pay between 2,439 and 2,838 meters TVD. We’ve now completed the well in seven intervals and expect to have the well on production later in the third quarter. A total of $3.3 million of capital expenditures are estimated on the field in the second half of 2025, including costs for the 183-D4 completion.

Our joint development on the unitized area (‘the Unit’) which includes our Caburé field commenced in the second quarter and three wells (1.7 net) have now been drilled. The fourth well (0.6 net) is expected to be drilled later in the third quarter. Alvopetro’s share of these planned unit development costs in the second half of 2025 is anticipated to be $5.5 million . The timing of drilling the fifth development well (0.6 net) is subject to the receipt of all necessary regulatory approvals.

Development Activities – Western Canada

In June, we further expanded our joint Mannville focused land based to 17,780 gross acres (8,890 net acres) and in July, two additional multi-lateral wells (1.0 net) were drilled with an aggregate of over 19 kilometers of open hole reservoir contact. Both wells will now be completed and equipped and are expected to be on production later in the third quarter. We expect to drill our next two multi-lateral wells (1.0 net) starting later this year.

Financial and Operating Highlights – Second Quarter of 2025

  • Average daily sales in Q2 2025 were 2,436 boepd (+50% from Q2 2024 and consistent with Q1 2025 sales of 2,446 boepd). In Brazil , daily sales averaged 2,298 boepd (+41% compared to Q2 2024) and in Canada , oil sales commenced in April 2025 , contributing 138 bopd in the quarter.
  • Our average realized natural gas price was $10.62 /Mcf in Q2 2025 (-10% from Q2 2024 and +2% from Q1 2025). Our overall averaged realized sales price per boe was $63.20 /boe (-12% from Q2 2024 and -1% from Q1 2025).
  • With higher sales volumes, our natural gas, oil and condensate revenue increased to $14.0 million (+31% from Q2 2024).
  • Our operating netback in the quarter was $54.72 per boe, a decrease of $9.58 per boe compared to Q2 2024 due mainly to lower realized sales prices as well as higher royalties. Compared to Q1 2025, our operating netback increased $3.95 per boe with lower royalties partially offset by lower realized prices.
  • We generated funds flows from operations of $10.4 million ( $0.28 per basic and $0.27 per diluted share), increases of $2.5 million compared to Q2 2024 and $1.1 million compared to Q1 2025.
  • We reported net income of $6.8 million ( $0.18 per basic and diluted share), an increase of $4.5 million compared to Q2 2024 due to higher sales volumes as well as foreign exchange gains (compared to foreign exchange losses in Q2 2024), partially offset by lower realized prices and higher royalties, production expenses, depletion and depreciation expense and tax expense.
  • Capital expenditures totaled $9.0 million , including drilling costs for the 183-D4 well on Alvopetro’s 100% Murucututu field as well as Alvopetro’s share of costs incurred on unit development, including costs for two (1.1 net) of five development wells (2.8 net) which commenced drilling in the quarter.
  • Our working capital surplus was $6.8 million as of June 30, 2025 , decreasing $2.9 million from March 31, 2025 .

The following table provides a summary of Alvopetro’s financial and operating results for the periods noted. The consolidated financial statements with the Management’s Discussion and Analysis (‘MD&A’) are available on our website at www.alvopetro.com and will be available on the SEDAR+ website at www.sedarplus.ca .

As at and Three Months Ended

June 30,

As at and Six Months Ended

June 30,

2025

2024

Change

2025

2024

Change (%)

Financial

($000s, except where noted)

Natural gas, oil and condensate sales

14,010

10,672

31

28,023

22,424

25

Net income

6,830

2,350

191

12,900

6,900

87

Per share – basic ($) (1)

0.18

0.06

200

0.35

0.19

84

Per share – diluted ($) (1)

0.18

0.06

200

0.34

0.18

89

Cash flows from operating activities

10,473

8,860

18

19,290

17,073

13

Per share – basic ($) (1)

0.28

0.24

17

0.52

0.46

13

Per share – diluted ($) (1)

0.28

0.24

17

0.51

0.45

13

Funds flow from operations (2)

10,366

7,910

31

19,588

16,423

19

Per share – basic ($) (1)

0.28

0.21

33

0.53

0.44

20

Per share – diluted ($) (1)

0.27

0.21

29

0.52

0.44

18

Dividends declared

3,660

3,296

11

7,303

6,592

11

Per share (1) (2)

0.10

0.09

11

0.20

0.18

11

Capital expenditures

8,986

3,437

161

17,361

5,876

195

Cash and cash equivalents

15,001

19,681

(24)

15,001

19,681

(24)

Net working capital (2)

6,838

14,692

(53)

6,838

14,692

(53)

Weighted average shares outstanding

Basic (000s) (1)

37,261

37,286

37,278

37,282

Diluted (000s) (1)

37,795

37,600

1

37,770

37,647

Operations

Average daily sales volumes (3) :

Brazil:

Natural gas (Mcfpd), by field:

Caburé (Mcfpd)

11,811

8,822

34

11,761

9,029

30

Murucututu (Mcfpd)

1,191

422

182

1,639

426

285

Total natural gas (Mcfpd)

13,002

9,244

41

13,400

9,455

42

NGLs – condensate (bopd)

128

76

68

131

77

70

Oil (bopd)

3

12

(75)

7

12

(42)

Total (boepd) – Brazil

2,298

1,629

41

2,371

1,665

42

Canada:

Oil (bopd) – Canada

138

69

Total Company (boepd)

2,436

1,629

50

2,440

1,665

47

Average realized prices (2) :

Natural gas ($/Mcf)

10.62

11.83

(10)

10.53

12.21

(14)

NGLs – condensate ($/bbl)

72.32

92.27

(22)

76.78

90.06

(15)

Oil ($/bbl)

47.10

71.87

(34)

48.31

68.54

(30)

Total ($/boe)

63.20

71.97

(12)

63.43

74.00

(14)

Operating netback ($/boe) (2)

Realized sales price

63.20

71.97

(12)

63.43

74.00

(14)

Royalties

(2.97)

(1.94)

53

(5.28)

(1.98)

167

Production expenses

(5.37)

(5.73)

(6)

(5.34)

(6.77)

(21)

Transportation expenses

(0.14)

(0.07)

Operating netback

54.72

64.30

(15)

52.74

65.25

(19)

Operating netback margin (2)

87 %

89 %

(2)

83 %

88 %

(6)

Notes:

(1)

Per share amounts are based on weighted average shares outstanding other than dividends per share, which is based on the number of common shares outstanding at each dividend record date. The weighted average number of diluted common shares outstanding in the computation of funds flow from operations and cash flows from operating activities per share is the same as for net income per share.

(2)

See ‘Non-GAAP and Other Financial Measures’ section within this news release.

(3)

Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes.

Q2 2025 Results Webcast

Alvopetro will host a live webcast to discuss our Q2 2025 financial results at 8:00 am Mountain time on Thursday August 7, 2025. Details for joining the event are as follows:

DATE: August 7, 2025
TIME : 8:00 AM Mountain/ 10:00 AM Eastern
LINK: https://us06web.zoom.us/j/87200931927
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kdLidYPIoO
WEBINAR ID:
872 0093 1927

The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com .

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd

Alvopetro Energy Ltd. is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro’s organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are building off the strength of our Caburé and Murucututu natural gas fields and the related strategic midstream infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Abbreviations:

$000s

=

thousands of U.S. dollars

boepd

=

barrels of oil equivalent (‘boe’) per day

bopd

=

barrels of oil and/or natural gas liquids (condensate) per day

BRL

=

Brazilian Real

e 3 m 3 /d

=

thousand cubic metre per day

m 3

=

cubic metre

m 3 /d

=

cubic metre per day

Mcf

=

thousand cubic feet

Mcfpd

=

thousand cubic feet per day

MMcf

=

million cubic feet

MMcfpd

=

million cubic feet per day

NGLs

=

natural gas liquids (condensate)

Q1 2025

=

three months ended March 31, 2025

Q2 2024

=

three months ended June 30, 2024

Q2 2025

=

three months ended June 30, 2025

USD

=

United States dollars

GAAP or IFRS

=

IFRS Accounting Standards

Non-GAAP and Other Financial Measures

This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure . Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. While these measures may be common in the oil and gas industry, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP and other financial measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are used by management in assessing the Company’s financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures used in this news release. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the ‘ Non-GAAP Measures and Other Financial Measures ‘ section of the Company’s MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .

Non-GAAP Financial Measures

Operating Netback

Operating netback is calculated as natural gas, oil and condensate revenues less royalties, production expenses, and transportation expenses. This calculation is provided in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations.

Non-GAAP Financial Ratios

Operating Netback per boe

Operating netback is calculated on a per unit basis, which is per barrel of oil equivalent (‘boe’). It is a common non-GAAP measure used in the oil and gas industry and management believes this measurement assists in evaluating the operating performance of the Company. It is a measure of the economic quality of the Company’s producing assets and is useful for evaluating variable costs as it provides a reliable measure regardless of fluctuations in production. Alvopetro calculated operating netback per boe as operating netback divided by total sales volumes (boe). This calculation is provided in note 3 of the interim condensed consolidated financial statements and in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations on a per boe basis.

Operating netback margin

Operating netback margin is calculated as operating netback per boe divided by the realized sales price per boe. Operating netback margin is a measure of the profitability per boe relative to natural gas, oil and condensate sales revenues per boe and is calculated as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Operating netback – $ per boe

54.72

64.30

52.74

65.25

Average realized price – $ per boe

63.20

71.97

63.43

74.00

Operating netback margin

87 %

89 %

83 %

88 %

Funds Flow from Operations Per Share

Funds flow from operations per share is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by the weighted average shares outstanding for the respective period. For the periods reported in this news release the cash flows from operating activities per share and funds flow from operations per share is as follows:

Three Months Ended June 30,

Six Months Ended June 30,

$ per share

2025

2024

2025

2024

Per basic share:

Cash flows from operating activities

0.28

0.24

0.52

0.46

Funds flow from operations

0.28

0.21

0.53

0.44

Per diluted share:

Cash flows from operating activities

0.28

0.24

0.51

0.45

Funds flow from operations

0.27

0.21

0.52

0.44

Capital Management Measures

Funds Flow from Operations

Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company’s ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities however management finds that the impact of working capital items on the cash flows reduces the comparability of the metric from period to period. A reconciliation of funds flow from operations to cash flows from operating activities is as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Cash flows from operating activities

10,473

8,860

19,290

17,073

Changes in non-cash working capital

(107)

(950)

298

(650)

Funds flow from operations

10,366

7,910

19,588

16,423

Net Working Capital

Net working capital is computed as current assets less current liabilities. Net working capital is a measure of liquidity, is used to evaluate financial resources, and is calculated as follows:

As at June 30,

2025

2024

Total current assets

22,915

25,300

Total current liabilities

(16,077)

(10,608)

Net working capital

6,838

14,692

Supplementary Financial Measures

Average realized natural gas price – $/Mcf ‘ is comprised of natural gas sales as determined in accordance with IFRS, divided by the Company’s natural gas sales volumes.

Average realized NGL – condensate price – $/bbl ‘ is comprised of condensate sales as determined in accordance with IFRS, divided by the Company’s NGL sales volumes from condensate.

Average realized oil price – $/bbl ‘ is comprised of oil sales as determined in accordance with IFRS, divided by the Company’s oil sales volumes.

Average realized price – $/boe ‘ is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company’s total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

Dividends per share ‘ is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

Royalties per boe ‘ is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

Production expenses per boe ‘ is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

Transportation expenses per boe ‘ is comprised of transportation expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

BOE Disclosure

The term barrels of oil equivalent (‘boe’) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Contracted Natural Gas Volumes

The 2025 contracted daily firm volumes under Alvopetro’s long-term gas sales agreement of 400 e 3 m 3 /d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Alvopetro’s reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro’s natural gas is approximately 7.8% higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e 3 m 3 /d (13.1MMcfpd).

Well Results

Data obtained from the 183-D4 well identified in this press release, including hydrocarbon shows, cased-hole logging data, and potential net pay should be considered preliminary until testing, detailed analysis and interpretation has been completed. Hydrocarbon shows can be seen during the drilling of a well in numerous circumstances and do not necessarily indicate a commercial discovery or the presence of commercial hydrocarbons in a well. There is no representation by Alvopetro that the data relating to the 183-D4 well contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future.

Forward-Looking Statements and Cautionary Language

This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘may’, ‘believe’, ‘estimate’, ‘forecast’, ‘anticipate’, ‘should’ and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning the expected natural gas price, gas sales and gas deliveries under Alvopetro’s long-term gas sales agreement, future production and sales volumes, the expected timing of production commencement from certain wells, plans relating to the Company’s operational activities, proposed exploration and development activities and the timing for such activities, capital spending levels, future capital and operating costs, the timing and taxation of dividends and plans for dividends in the future, anticipated timing for upcoming drilling and testing of other wells, and projected financial results. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulations relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of  redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro’s SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

www.alvopetro.com
TSX-V: ALV, OTCQX: ALVOF

SOURCE Alvopetro Energy Ltd.

View original content: http://www.newswire.ca/en/releases/archive/August2025/06/c8138.html

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Lithium prices continued their downward trajectory in Q2 2025, with battery-grade lithium carbonate hitting a four-year low of US$8,329 per metric ton in late June.

Lithium hydroxide followed suit, as oversupply and bearish sentiment weighed on the market.

Despite strong electric vehicle (EV) demand, mined supply — driven largely by China, Australia, Argentina and emerging African producers — has outpaced consumption, with Fastmarkets forecasting a 260,000 metric ton surplus for 2025.

“The industry is navigating a period of complexity,” said Paul Lusty, head of battery raw materials at Fastmarkets, speaking at the firm’s June lithium conference.

Still, he emphasized that long-term fundamentals remain “anchored in mega trends,” including the global energy transition, AI expansion and climate change mitigation.

In China, production ramp-ups and new fair competition rules have added volatility, while US policy uncertainty under the Trump administration has dampened investor sentiment. Brief price rebounds in July, spurred by speculation over supply cuts, were short-lived, reflecting the market’s sensitivity to rumors over fundamentals.

Even with near-term headwinds, analysts say the structural case for lithium is solid, offering opportunities for long-term-focused investors.

Against this backdrop, some lithium stocks are seeing share price gains. Below, we profile the lithium stocks in Canada, Australia and the US that have performed the best so far in 2025, updating investors on the lithium companies’ news and activities.

This list of the top-gaining lithium companies is based on year-to-date as per TradingView’s stock screener. Data for Canadian stocks and US stocks was collected on July 22, 2025, and data for Australian stocks was gathered on July 23, 2025. Lithium stocks with market caps above $10 million in their respective currencies were considered.

Top Canadian lithium stocks

1. NOA Lithium Brines (TSXV:NOAL)

Year-to-date gain: 58.82 percent
Market cap: C$488.32 million
Share price: C$0.30

NOA is a lithium exploration and development company with three projects in Argentina’s Lithium Triangle region. The company’s flagship Rio Grande project and prospective Arizaro and Salinas Grandes land packages total more than 140,000 hectares.

As NOA works to advance its flagship asset, the company brought on Hatch in April to lead the preliminary economic assessment (PEA).

The PEA will evaluate the project’s economic and development potential with a target production of 20,000 metric tons of lithium carbonate equivalent (LCE) annually, with a scalable plant design that could double capacity to 40,000 metric tons per year.

NOA has also been working to secure a water source in the arid region through a drilling program targeting fresh water. In late June, the company discovered a fresh water source at the project, located near high-grade lithium zones in the project’s northeast area. According to the company, the location means the water source could support future production facilities or evaporation ponds.

The well, drilled to 190 meters in the northern part of the property, is being tested and developed.

Shares of NOA reached a year-to-date high C$0.425 on July 17, 2025.

2. Wealth Minerals (TSXV:WML)

Year-to-date gain: 40 percent
Market cap: C$23.93 million
Share price: C$0.07

Wealth Minerals is focused on the acquisition and development of lithium projects in Chile, including the Yapuckuta project in Chile’s Salar de Atacama, as well as the Kuska Salar and Pabellón projects near the Salar de Ollagüe.

Wealth Minerals’ shares spiked to a year-to-date high of C$0.095 on February 9, 2025, following the company’s acquisition of the Pabellón project.

According to Wealth, Pabellón has been shortlisted by Chile’s Ministry of Mining as a potential site for a Special Lithium Operation Contract based on its geological and environmental suitability. Located in Northern Chile near the Bolivia border, the project spans 7,600 hectares across 26 exploration licenses about 70 kilometers south of the Salar de Ollagüe.

In May, Wealth formed a joint venture with the Quechua Indigenous Community of Ollagüe to advance the Kuska project. The new entity, Kuska Minerals SpA, is 95 percent owned by Wealth and 5 percent by the community, which also holds anti-dilution rights and a seat on the five-member board.

3. Avalon Advanced Materials (TSX:AVL)

Year-to-date gain: 37.5 percent
Market cap: C$38.26 million
Share price: C$0.055

Avalon Advanced Materials is a Canadian mineral development company focusing on integrating the Ontario lithium supply chain. Avalon is developing the Separation Rapids and Snowbank lithium projects near Kenora, Ontario, and the Lilypad lithium-cesium project near Fort Hope, Ontario.

Separation Rapids and Lilypad are part of a 40/60 joint venture between Avalon and SCR Sibelco, with Sibelco serving as the operator.

Avalon started the year with a revised mineral resource estimate for the Separation Rapids project, which boosted resources in the measured and indicated category by 28 percent.

Company shares rose to C$0.07, a year-to-date high, on July 15, the day after Avalon released its results for its fiscal quarter ended May 31.

A week later, Avalon announced an additional C$1.3 million in funding through its C$15 million convertible security agreement with Lind Global Fund II. The drawdown, expected to close within two weeks, will support project development and general corporate needs, according to the company.

Top US lithium stocks

1. Sociedad Química y Minera (NYSE:SQM)

Year-to-date gain: 10.43 percent
Market cap: US$10.82 billion
Share price: US$40.64

SQM is a major global lithium producer, with operations centered in Chile’s Salar de Atacama. The company extracts lithium from brine and produces lithium carbonate and hydroxide for use in batteries.

SQM is expanding production and holds interests in projects in Australia and China.

Shares of SQM reached a year-to-date high of US$45.61 on March 17, 2025. The spike occurred a few weeks after the company released its 2024 earnings report, which highlighted record sales volumes in the lithium and iodine segments. However, low lithium prices weighed on revenue from the segment, and the company’s reported net profit was pulled down significantly due to a large accounting adjustment related to income tax.

In late April, Chile’s competition watchdog approved the partnership agreement between SQM and state-owned copper giant Codelco aimed at boosting output at the Atacama salt flat. The deal, first announced in 2024, reached another milestone when it secured approval for an additional lithium quota from Chile’s nuclear energy regulator CChEN.

Weak lithium prices continued to weigh on profits, with the company reporting a 4 percent year-over-year decrease in total revenues for Q1 2025.

2. Lithium Americas (NYSE:LAC)

Year-to-date gain: 9.67 percent
Market cap: US$719.1 million
Share price: US$3.29

Lithium Americas is developing its flagship Thacker Pass project in Northern Nevada, US. The project is a joint venture between Lithium Americas at 62 percent and General Motors (NYSE:GM) at 38 percent.

According to the firm, Thacker Pass is the “largest known measured lithium resource and reserve in the world.”

Early in the year, Lithium Americas saw its share rally to a year-to-date high of US$3.49 on January 16, coinciding with a brief rally in lithium carbonate prices.

In March, Lithium Americas secured US$250 million from Orion Resource Partners to advance Phase 1 construction of Thacker Pass. The funding is expected to fully cover development costs through the construction phase. On April 1, the joint venture partners made a final investment decision for the project, with completion targeted for late 2027.

Other notable announcements this year included a new at-the-market equity program, allowing the company to sell up to US$100 million in common shares.

3. Lithium Argentina (NYSE:LAR)

Year-to-date gain: 8.46 percent
Market cap: US$467.28 million
Share price: US$2.90

Lithium Argentina produces lithium carbonate from its Caucharí-Olaroz brine project in Argentina, developed with Ganfeng Lithium (OTC Pink:GNENF,HKEX:1772).

The company is also advancing additional regional lithium assets to support EV and battery demand.

Previously named Lithium Americas (Argentina), the company was spun out from Lithium Americas in October 2023.

While shares of Lithium Argentina spiked in early January to a year-to-date high of US$3.10, the share price has been trending higher since June 19 to its current US$2.90 value.

Notable news from the company this year includes its name and ticker change and corporate migration to Switzerland in late January and the release of the full-year 2024 results in March.

In mid-April, Lithium Argentina executed a letter of intent with Ganfeng Lithium to jointly advance development across the Pozuelos-Pastos Grandes basins in Argentina. The plan includes a project fully owned by Ganfeng as well as two jointly held assets majority-owned by Lithium Argentina.

The company released its Q1 results on May 15, reporting a 15 percent quarter-over-quarter production reduction, which it attributed to planned shutdowns aimed at increasing recoveries and reducing costs.

Overall, the production guidance for 2025 is forecasted at 30,000 to 35,000 metric tons of lithium carbonate, reflecting higher expected production volumes in the second half of the year.

Top Australian lithium stocks

1. Jindalee Lithium (ASX:JLL)

Year-to-date gain: 123.26 percent
Market cap: AU$35.94 million
Share price: AU$0.48

Perth-based Jindalee Lithium is currently focused on its McDermitt lithium project, which it regards as a potential low-cost and long-life lithium source for North America.

On April 22, McDermitt was declared among the US Trump administration’s first 10 resource projects designated as Fast-41 Transparency Projects, which is intended to fast track resource projects important to the US’s critical minerals supply chain. The designation secures publicly accessible permitting timelines and enhances interagency cooperation for the project.

Shares of Jindalee Lithium spiked to a year-to-date high of AU$0.565 April 30, the day after Jindalee released its March 2025 quarterly activities report.

On July 10, Jindalee announced a memorandum of understanding with US-based LiChem Operations, which is developing its lithium refining process for battery grade lithium. Jindalee will initially supply LiChem with 100 kilograms of ore from McDermitt for testwork.

If both companies are satisfied with the result, Jindalee will provide up to 20 metric tons of further ore to LiChem in stages. There is also potential for Jindalee to negotiate for a license to use LiChem’s process in place of the sulfuric acid flowsheet from its prefeasibility study.

2. Liontown Resources (ASX:LTR)

Year-to-date gain: 75.47 percent
Market cap: AU$2.34 billion
Share price: AU$0.93

Liontown Resources has two assets in Western Australia, including the producing Kathleen Valley mine and processing plant. The mine entered open-pit production during the second half of 2024, and the plant reached commercial production in January 2025.

The company is currently transitioning from open-pit to underground mining operations at Kathleen Valley. Underground production stoping kicked off in April of this year, making Kathleen Valley Western Australia’s first underground lithium mine.

Liontown also owns the Buldania lithium project in the Eastern Goldfields province of Western Australia. The project has an initial mineral resource of 15 million metric tons at 1.0 percent lithium oxide.

On June 30, Liontown announced executive leadership changes, appointing Graeme Pettit as interim chief financial officer and Ryan Hair as chief operating officer after CFO Jon Latto and COO Adam Smits decided to step down from the positions.

The company released its fiscal 2025 results on July 29, reporting that Kathleen Valley produced over 300,000 wet metric metric tons of spodumene concentrate during its first 11 months of operations.

Shares of Liontown Resources reached a year-to-date high of AU$1.03 on July 21.

3. Anson Resources (ASX:ASN)

Year-to-date gain: 57.14 percent
Market cap: AU$145.61 million
Share price: AU$0.11

Newport Beach-based Anson Resources is advancing development of its flagship Paradox lithium project and its Green River lithium project, both located the Paradox Basin of Utah, US. It plans to produce lithium from the projects using direct lithium extraction (DLE).

Anson Resources has shared significant developments at Green River this year. According to its March quarterly activities report, the company completed a DLE pilot program with Koch Technology Solutions, producing 43,000 gallons of lithium chloride eluate with an average lithium recovery of 98 percent from brine extracted from Green River’s Bosydaba #1 well.

A June maiden JORC mineral resource for Green River estimated 103,000 metric tons of lithium carbonate equivalent based solely on drilling at the Bosydaba #1 well. The prior month, the company negotiated a lower royalty rate agreement with the Utah government.

On July 1, the company announced it signed a non-binding memorandum of understanding with POSCO Holdings (NYSE:PKX,KRX:005490) to co-develop a DLE demonstration plant at Green River, which POSCO will fully fund.

Anson Resources’ share price spiked in mid-July, ultimately climbing to a year-to-date high of AU$0.11 on July 21, following a pair of announcements.

On July 14, Anson reported it shipped about 2 tons of lithium brine to POSCO in South Korea for test work and due diligence. Two days later, it announced that its polishing system, which is installed at Green River, successfully reduced the minor contaminants from the lithium chloride eluate produced in the KOCH DLE pilot program.

FAQs for investing in lithium

How much lithium is on Earth?

While we don’t know how much total lithium is on Earth, the US Geological Survey estimates that global reserves of lithium stand at 22 billion metric tons. Of that, 9.2 billion MT are located in Chile, and 5.7 billion MT are in Australia.

Where is lithium mined?

Lithium is mined throughout the world, but the two countries that produce the most are Australia and Chile. Australia’s lithium comes from primarily hard-rock deposits, while Chile’s comes from lithium brines. Chile is part of the Lithium Triangle alongside Argentina and Bolivia, although those two countries have a lower annual output.

Rounding out the top five lithium-producing countries behind Australia and Chile are China, Argentina and Brazil.

What is lithium used for?

Lithium has many uses, including the lithium-ion batteries that power electric vehicles, smartphones and other tech, as well as pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. Still, it is largely the electric vehicle industry that is boosting demand.

How to invest in lithium?

Those looking to get into the lithium market have many options when it comes to how to invest in lithium.

Lithium stocks like those mentioned above could be a good option for investors interested in the space. If you’re looking to diversify instead of focusing on one stock, there is the Global X Lithium & Battery Tech ETF (NYSE:LIT), an exchange-traded fund (ETF) focused on the metal. Experienced investors can also look at lithium futures.

Unlike many commodities, investors cannot physically hold lithium due to its dangerous properties.

How to buy lithium stocks?

Through the use of a broker or an investing service such as an app, investors can purchase lithium stocks and ETFs that match their investing outlook.

Before buying a lithium stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it’s critical to complete due diligence before making any investment decisions.

It’s also important for investors to keep their goals in mind when choosing their investing method. There are many factors to consider when choosing a broker, as well as when looking at investing apps — a few of these include the broker or app’s reputation, their fee structure and investment style.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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OpenAI’s ChatGPT is one of the latest technological breakthroughs in the artificial intelligence space. But what is ChatGPT, and can you invest in OpenAI?

This emerging technology is representative of a niche subsector of the AI industry known as generative AI — systems that can generate text, images or sounds in response to prompts given by users.

Precedence Research expects the global AI market to grow at a compound annual growth rate (CAGR) of 19.2 percent to reach US$3.68 trillion by 2034. Just how much of an impact OpenAI’s ChatGPT will have on this space is hard to predict, but Fortune Business Insights estimates that the total market revenue of generative AI will see a CAGR of 39.6 percent through 2032, increasing from US$67.18 billion last year to US$967.65 billion in 2032.

In September 2024, Reuters reported that OpenAI was planning a restructuring from a non-profit to a for-profit company in order to make it ‘more attractive to investors.’ However, after encountering backlash and potential legal conflicts, in May 2025 OpenAI’s management decided to remain a non-profit while still converting its for-profit arm into a public benefit corporation.

OpenAI completed a new round of funding totaling US$40 billion in late March 2025 projected to bring its valuation to US$300 billion. Japanese multinational investment firm SoftBank made up 75 percent of the funding, while Microsoft (NASDAQ:MSFT), and investment firms Coatue Management, Altimeter Capital and Thrive Capital also took part in the raise.

The US Department of Defense (DoD) awarded a US$200 million contract to OpenAI in June 2025 to provide the DoD with artificial intelligence tools for addressing national security challenges, including cyber defense and warfare.

In this article

    What is OpenAI’s ChatGPT?

    Created by San Francisco-based tech lab OpenAI, ChatGPT is a generative AI software application that uses a machine learning technique called reinforcement learning from human feedback (RLHF) to emulate human-written conversations based on a large range of user prompts. This kind of software is better known as an AI chatbot.

    ChatGPT learns language by training on texts gleaned from across the internet, including online encyclopedias, books, academic journals, news sites and blogs. Based on this training, the AI chatbot generates text by making predictions about which words (or tokens) can be strung together to produce the most suitable response.

    More than a million people engaged with ChatGPT within the first week of its launch for free public testing on November 30, 2022. The introduction of ChatGPT quickly ushered in a new era in the tech industry.

    Based on this success, OpenAI created a more powerful version of the ChatGPT system called GPT-4, which was released in March 2023. This iteration of ChatGPT can accept visual inputs, is much more precise and can display a higher level of expertise in various subjects. Because of this, GPT-4 can describe images in vivid detail and ace standardized tests.

    Unlike its predecessor, GPT-4 doesn’t have any time limits on what information it can access; however, AI researcher and professor Dr. Oren Etzioni has said that the chatbot is still terrible at discussing the future and generating new ideas. It also hasn’t lost its tendency to deliver incorrect information with too high a degree of confidence.

    Further improving on its product, in May 2024 OpenAI launched Chat GPT-4o, with the o standing for omni. OpenAI describes GPT-4o as ‘a step towards much more natural human-computer interaction—it accepts as input any combination of text, audio, image, and video and generates any combination of text, audio, and image outputs.’

    This version has done away with the lagging response time afflicting GPT-4. This proves especially helpful for producing immediate translations during conversations between speakers of different languages. It also allows users to interrupt the chatbot to pose a new query to modify responses.

    More recently, in December 2024, OpenAI introduced ChatGPT Pro subscriptions targeting engineers and academics. For US$200 monthly, users have nearly unlimited access to all ChatGPT models and tools.

    The ChatGPT 3.5 and ChatGPT-4 platforms are free to use, and can be accessed via the web. Those with an iPhone or iPad can also use ChatGPT through an app, and an Android version launched in July 2023. OpenAI also launched a paid subscription, ChatGPT Plus for business use, in August 2023. ChatGPT Plus gives users access to GPT-4 and the newest iteration GPT-4o.

    What is the Stargate Project?

    The Stargate Project is an AI joint venture focused on building new AI infrastructure in the US through US$500 billion in investments. It was announced on January 21, 2025.

    Stargate’s initial funding is coming from OpenAI, SoftBank, Oracle (NYSE:ORCL) and UAE-based technology fund MGX. In addition to OpenAI and Oracle, Stargate’s technology partners include Microsoft, NVIDIA, and British semiconductor and software design company Arm Holdings (NASDAQ:ARM).

    Newly re-elected US President Trump unveiled Stargate during a press conference at the White House highlighting the importance of investment in US AI infrastructure. During the announcement, OpenAI’s Altman, Oracle co-founder Larry Ellison and Softbank CEO Masayoshi Son credited President Trump’s return to office as a major catalyst in making Stargate a reality. The construction of data centers for the Stargate Project are already underway in Texas, according to Ellison.

    How much has Microsoft invested in OpenAI?

    Ascannio / Shutterstock

    Over the years, Microsoft has reportedly invested nearly US$14 billion in OpenAI to help the small tech firm create its ultra-powerful AI chatbot.

    As for how Microsoft could benefit from its investment in OpenAI, OpenAI officially licensed its technologies to Microsoft in 2020 in a then-exclusive partnership. Indeed, Pitchbook has described the deal as an “unprecedented milestone” for generative AI technology. Since then, Microsoft has made good use of OpenAI’s technology in developing new advancement in its Azure cloud computing business.

    However, the relationship between the two has changed in recent months.

    Notably, Microsoft is not a financier of the Stargate Project joint venture, and is instead just described as a technology partner. According to OpenAI’s press release, the new joint venture builds on its existing partnership with Microsoft.

    Microsoft’s lack of a funding role in Stargate led some to wonder if the trillion-dollar tech firm had soured on its relationship with OpenAI. This conclusion was understandable given reports that Microsoft refused to make a bigger contribution than the US$750 million it invested during the OpenAI US$6.6 billion funding round in October 2024.

    Additionally, Microsoft changed the contract between the two companies and is no longer the exclusive cloud provider for OpenAI, but has the right of first refusal for deals the AI firm may make with other cloud companies.

    As Bloomberg technology reporter Dina Bass explained, Microsoft stands to benefit from its role as a technology partner without having to invest a dime into the project.

    “Microsoft views the revised contract with OpenAI as advantageous, according to people familiar with the company’s thinking. The software giant retains its share of OpenAI’s revenue and is the largest investor in a company that may now become even more valuable — though the size of that stake could change as the startup works to restructure as a for-profit,” wrote Bass. “And Microsoft also still has access to OpenAI models, even if they’re trained in a data center funded by Softbank or Oracle.”

    Yet, there are reports that Microsoft and OpenAI’s relationship is on the brink of a big breakup. The tech giant has been pushing for a much larger percentage of OpenAI’s revenues than the 20 percent it currently enjoys. According to the Wall Street Journal, OpenAI is considering making antitrust complaints about Microsoft to regulators even though the two companies are still undergoing high level discussions about the future of the partnership.

    Elon Musk’s position on OpenAI

    DIA TV / Shutterstock

    OpenAI was founded in 2015 by Altman, its current CEO, as well as Tesla (NASDAQ:TSLA) CEO Elon Musk and other big-name investors, such as venture capitalist Peter Thiel and LinkedIn co-founder Reid Hoffman. Musk left his position on OpenAI’s board of directors in 2018 to focus on Tesla and its pursuit of autonomous vehicle technology.

    A few days after ChatGPT became available for public testing, Musk took to X, formerly known as Twitter, to say, “ChatGPT is scary good. We are not far from dangerously strong AI.” That same day, he announced that X had shut the door on OpenAI’s access to its database so it could no longer use it for RLHF training.

    His reason: “OpenAI was started as open-source & non-profit. Neither are still true.”

    Furthering his feud with OpenAI, Musk filed a lawsuit against the company in March 2024 for an alleged breach of contract. The crux of his complaint was that OpenAI has broken the ‘founding agreement’ made between the founders (Altman, Greg Brockman and himself) that the company would remain a non-profit. Altman and OpenAI have denied there was such an agreement and that Musk was keen on an eventual for-profit structure.

    Musk dropped the lawsuit three months later without giving a reason, reported Reuters. The day before he dropped the lawsuit, he reacted to the news that Apple (NASDAQ:AAPL) is partnering with OpenAI to incorporate ChatGPT with Apple devices. On X, Musk declared, ‘If Apple integrates OpenAI at the OS (operating system) level, then Apple devices will be banned at my companies. That is an unacceptable security violation.” It should be noted that OpenAI has said queries completed on Apple devices will not be stored by OpenAI. By August 2024, Musk had resumed his litigation in federal court.

    It seems that the US government also has questions about the restructuring of the private company and the involvement of tech giant Microsoft, as reported by Bloomberg. In early January 2025, the Financial Press also reported the Federal Trade Commission (FTC) has raised questions about the potential anti-trust violations in the newly emerging AI technology space arising from Microsoft’s partnership with and investments in OpenAI.

    Of course, Musk took to X to weigh in on the Stargate Project, suggesting OpenAI and its partners don’t actually have the US$500 million they’ve pledged to invest. Sam Altman was quick to reply, telling Musk he’s mistaken and inviting him to visit their data center under construction in Texas.

    However, Musk is not alone in his skepticism. For example, Atreides Management Chief Investment Office Gavin Baker also questioned the deal on X. “Stargate is a great name but the $500b is a ridiculous number and no one should take it seriously,” Baker wrote, backing up his statement by explaining the financial positions of each of the partners. “Nowhere close to $500b. Everyone should just start issuing press releases for $1 trillion AI projects.”

    OpenAI criticisms and lawsuits

    While ChatGPT has served as a major step forward in generative AI technology, there are many technical and ethical concerns with the program that have emerged since it launched, including fears over job destruction and targeted disinformation campaigns.

    Accuracy of information in ChatGPT’s answers is not guaranteed. Its selection of which words to string together are actually predictions — not as fallible as mere guesses, but still fallible. Even the 4.0 version is “still is not fully reliable (it “hallucinates” facts and makes reasoning errors),” says the company, which emphasizes that users should exercise caution when employing the technology.

    Indeed, ChatGPT’s failings can have dangerous real-life consequences. Among other negative applications, the tech can be used to spread misinformation, carry out phishing email scams or write malicious code.

    There’s also the fear among teachers that the technology is leading to an unwelcome rise in academic dishonesty, with students using ChatGPT to write essays or complete their homework.

    “Teachers and school administrators have been scrambling to catch students using the tool to cheat, and they are fretting about the havoc ChatGPT could wreak on their lesson plans,” writes New York Times tech columnist Kevin Roose.

    Many lawsuits against OpenAI have emerged as well. Multiple news outlets, including the the New York Times, have launched copyright lawsuits against OpenAI, and some of the plaintiffs are also seeking damages from the private tech firm’s very public partner Microsoft.

    Additionally, the Authors Guild, which represents a group of prominent authors, launched a class-action lawsuit against OpenAI that is calling for a licensing system that would allow authors to opt out of having their books used to train AI, and would require AI companies to pay for the material they do use.

    In October, OpenAI researcher Suchir Balaji blew the whistle on the company, reporting that the firm was violating US copyright laws. He died one month later in what was ruled a suicide, but the investigation is still open.

    Cybersecurity risks are also a concern for ChatGPT users, and recent events along these lines add validity to Musk’s warning. For one, in 2024 ChatGPT for macOS was discovered to be breaching Apple’s security rules by storing data as plain text rather than encryption, making it possible for other apps to access.

    What’s the future of OpenAI and ChatGPT?

    What about the long-term goals for OpenAI and ChatGPT? For most of the tech leaders in this space, the end game is artificial general intelligence (AGI) — a system that can perform any function the human brain can, including self-teaching, abstract thinking and understanding cause and effect.

    As uptake increases, AI technology is taking over the role of humans and will likely continue doing so in a number of fields, from content creation and customer service to transcription and translation services, and even in graphic design, software engineering and paralegal fields.

    In addition to Microsoft’s use of the ChatGPT technology as part of Copilot, other companies are working with OpenAI to incorporate the technology into their platforms, including Canva, Duolingo (NASDAQ:DUOL), Expedia Group (NASDAQ:EXPE), Intercom, Salesforce (NASDAQ:CRM), Stripe, Tinder, Upwork (NASDAQ:UPWK) and Visa (NYSE:V).

    For 2025, OpenAI is focusing on developing agentic AI capabilities into its ChatGPT platform. Agentic AI, a part of the evolution towards AGI, involves AI systems and models that can act autonomously and complete tasks without much human guidance. Early in January, OpenAI announced the rollout of new task features for ChatGPT Pro, Plus and Teams users. While still in the beta stage, these features allow users to schedule future tasks to be completed by ChatGPT, such as a weekly news brief or reminders about important meetings.

    OpenAI first debuted its foray into agentic AI in September 2024 with the introduction of ChatGPT o1, stating ‘We’ve developed a new series of AI models designed to spend more time thinking before they respond.’ The release of the next iterations of this model, ChatGPT o3 mini and o4 mini happened in the first half of 2025.

    The recent release of Chinese startup DeepSeek’s AI assistant may present a problem for OpenAI and the US tech industry as a whole. In what tech gurus like Marc Andreesen call AI’s Sputnik moment, DeepSeek unseated ChatGPT as the most downloaded free app in the Apple App Store, at reportedly a fraction of the cost. For reference, in 1957 the Soviets launched Sputnik, the earth’s first artificial satellite, beating out the United States and sparking a Cold War space exploration race between the two nations.

    The DeepSeek launch set off a significant sell off in technology stocks on January 27, 2025, especially among the Magnificent Seven members, including NVIDIA, Microsoft and Alphabet (NASDAQ:GOOGL).

    When will OpenAI go public?

    OpenAI stock is not currently publicly traded, and following the May 2025 decision to remain a non-profit, there are no signs of an on initial public offering (IPO) in the works for 2025. For now, investors can gain exposure through related tech companies discussed below.

    Which stocks will benefit the most from AI chatbot technology?

    Other than companies directly tied to generative AI technology, which stocks are likely to get a boost from generative AI advancements?

    There are several verticals in the tech industry with indirect exposure to AI chatbot technology, such as semiconductors, network equipment providers, cloud providers, central processing unit manufacturers and internet of things.

    Some of the publicly traded companies in these verticals include:

      You can also take a look back at the market with our AI Market 2024 Year-End Review and AI Market Update: Q2 2025 in Review, or read projections for AI this year in our AI Market Forecast: 3 Top Trends that will Affect AI in 2025. Generative AI is also a major theme in the Top 10 Emerging Technologies to Watch.

      FAQs for investing in OpenAI and ChatGPT

      How is OpenAI funded?

      OpenAI raised US$57.9 billion over 11 funding rounds from 2016 to March 2025.

      Top investors include technology investment firm Thrive Capital, venture capital firm Andreessen Horowitz and revolutionary technology investment firm Founders Fund.

      What is the market value of ChatGPT/OpenAI?

      OpenAI has a market valuation of US$300 billion as of June 2025. The company’s annualized revenue reached the US$10 billion mark in June 2025, up from the US$5.5 billion achieved in December 2024.

      Does ChatGPT use NVIDIA chips?

      ChatGPT’s distributed computing infrastructure depends upon powerful servers with multiple graphics processing units (GPUs). High-performance NVIDIA GPU chips are preferred for this application as they also provide excellent Compute Unified Device Architecture support.

      What is DeepSeek?

      DeepSeek is a Chinese AI company that launched new AI-driven, open-source language models known as DeepSeek-V3 and DeepSeek-R1 into the market in January 2025. Reuters reports that ‘the training of DeepSeek-V3 required less than $6 million worth of computing power from Nvidia H800 chips.’

      DeepSeek-R1 is designed to compete with the performance of OpenAI-o1 across math, code, and reasoning tasks.

      Can ChatGPT make stock predictions?

      A University of Florida study from 2023 highlighted the potential for advanced language models such as ChatGPT to accurately predict movements in the stock market using sentiment analysis.

      During the course of the study, ChatGPT outperformed traditional sentiment analysis methods, and the finance professors conducting the research concluded that “incorporating advanced language models into the investment decision-making process can yield more accurate predictions and enhance the performance of quantitative trading strategies.”

      When to expect ChatGPT 5?

      In June 2025, during an OpenAI podcast Sam Altman responded with, ‘Probably some time this summer,’ when asked about when the market can expect to see ChatGPT-5.

      Previously, OpenAI filed a trademark application for ChatGPT-5 in mid-July 2023, which hinted that the next iteration of the generative AI technology is currently under development. There were rumors the company planned to complete training for ChatGPT-5 by the end of 2023, but this did not materialize. PC Guide noted in April 2024 that Sam Altman had teased an “amazing new model this year’ in an interview on the Lex Fridman podcast.

      In November 2024, Altman confirmed that ChatGPT-5 wouldn’t likely hit the market until later in 2025 as the company switched its focus to ChatGPT o1 and its successors.

      Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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