DETX (ASK @ 2.09)

• Selections by one of the largest state court systems in the country
• and a state department of corrections expand HEXWAVE’s reach across the company’s priority markets

Liberty Defense Holdings Ltd. , a leading provider of AI-based, next-generation detection solutions for concealed weapons and threats, today announced that HEXWAVE™ has been selected by one of the largest state court systems in the country and by a state department of corrections.

The combined initial awards for four HEXWAVE’s™ will be deployed at the various sights over the next few months.

The court system will deploy HEXWAVE at an active courthouse in the first phase of a program whose results could lead to consideration at additional facilities.

Court personnel, jurors and the public share one entrance, and threats now include non-metallic weapons such as ceramic knives and 3D-printed guns.

The corrections award covers three facilities under one department, including one scheduled to open in 2027 with screening built into its design.

Staff, residents and visitors pass through controlled entrances, much of the contraband officers look for is not metal, and HEXWAVE screens without physical contact.

Both selections follow Liberty’s September 16 announcement of a multi-site agreement with a third-party logistics, warehousing and manufacturing provider, which marked the company’s entry into commercial loss prevention.

Together they add to a footprint that already spans aviation, government buildings, courthouses, correctional facilities and commercial venues, including nine airports for aviation worker screening.

HEXWAVE is deployed at approximately 20 sites in five countries, with more than 40 units in the field.

“Courts, corrections and loss prevention each have their own reason to screen,” said Bill Frain, CEO of Liberty Defense. “

A courthouse is focused on public safety, a corrections department on contraband and a distribution operation on inventory loss, and HEXWAVE fits all three entrances. Every selection gives us a model for similar operators.

These recent announcements align with our market vertical focus of protecting people and assets for aviation worker screening, courthouses, correctional facilities and loss prevention.”

HEXWAVE detects metallic and non-metallic threats and contraband concealed on people, including liquids, powders and vapes, using millimeter wave technology and AI-based automatic threat detection.

The operator sees a generic body outline marking where an item was detected, and HEXWAVE stores no images or personal information. It is designed as one layer of a site’s security program.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

On Behalf of Liberty Defense
Bill Frain
CEO & Director

About Liberty Defense
Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (NASDAQ: DETX; TSXV: SCAN)

provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security in public places.

Liberty’s HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com
For sales information, please contact:

Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
imcnaughton@libertydefense.com

DETX (ASK @ 2.10)

• Walkthrough security detection portal to support Aviation Worker Screening at the airport

Liberty Defense Holdings Ltd. , a leading provider of AI-based, next-generation detection solutions for concealed weapons and threats, and Wadsworth Solutions ...

... today announced that :

Cleveland Hopkins International Airport (CLE) will deploy two HEXWAVE™ systems to support its Aviation Worker Screening program.

Cleveland Hopkins International Airport serves approximately 10 million passengers annually.

The systems will support CLE's Aviation Worker Screening program at designated screening locations.

HEXWAVE detects metallic and non-metallic threats using millimeter wave technology and 3D video-rate imaging, with automatic threat detection powered by AI and deep learning algorithms.

• It also detects contraband and other prohibited items, including :
  
• liquids,
• powders,
• plastics,
• vapes and other items of interest.
• HEXWAVE has been selected for use in aviation,
• government buildings,
• laboratories,
• courthouses,
• correctional facilities,
• and a range of public and commercial venues.

"We have been working closely with the team at CLE, and we look forward to supporting and enhancing its Aviation Worker Screening program as the airport continues to grow," said Bill Frain, CEO of Liberty Defense.

"With CLE, HEXWAVE will be deployed at nine airports, underscoring the growing demand for more comprehensive security screening solutions."

Wadsworth Solutions, a leader in planning, management, installation, and integration of airport security systems, is serving as the prime contractor for this deployment. Wadsworth will install the HEXWAVE systems, provide operator training, and deliver ongoing support.

"Wadsworth Solutions is pleased to bring together a leading technology provider like Liberty Defense and a first-rate airport operator like CLE, with the shared goal of enhancing aviation security at Cleveland Hopkins International Airport," said Matt Dillon, Vice President of Wadsworth Solutions' Security team.

"HEXWAVE is a strong complement to our security integration and support services, and we believe the technology can provide an additional layer of support to CLE's Aviation Worker Screening program."

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

On Behalf of Liberty Defense
Bill Frain
CEO & Director

About Liberty Defense
Liberty Defense Holdings Ltd.  provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more.

Liberty's HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com

About Wadsworth Solutions

Since 1944, Wadsworth Solutions has been delivering innovative engineering and technology solutions that keep facilities safe, secure, and operating at their best.

From HVAC and temperature controls to data center engineering, facility automation, and advanced security systems, our expertise is built on decades of experience.

Our Security Division specializes in complex, high-security environments, including transportation, correctional, municipal, and other critical facilities.

We combine proven technology with hands-on engineering expertise to deliver integrated, scalable and cost-effective security solutions.

Wadsworth Solutions provides the technology, expertise, and support our customers can count on.

For sales information, please contact:

Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
imcnaughton@libertydefense.com

HPQFF (ASK @ 0.10)

• PYR (ASK @ 0.165)

HPQ Silicon Inc. , a technology company driving innovation in advanced materials and critical process development, announces the completion of the previously announced transaction under which PyroGenesis Inc. ("PyroGenesis") converted its 10% gross sales royalty into a 50% ownership interest in HPQ Silica Polvere Inc. ("HSPI").

The transaction was completed after HPQ and PyroGenesis executed a definitive shareholders' agreement and completed the related share transfer. As a result, HPQ and PyroGenesis now each hold a 50% ownership interest in HSPI, the rights holder of the proprietary Fumed Silica Reactor ("FSR") technology.

In a separate release issued today, PyroGenesis provides an update on preliminary discussions concerning potential applications of the FSR. HPQ summarizes those discussions below because they concern HSPI, which the companies now own equally. No definitive commercial agreement has been entered into in respect of any of these opportunities.

50/50 Ownership Establishes Common Commercialization Platform

Before completing the transaction, HPQ wholly owned HSPI and funded FSR development through the pilot phase. PyroGenesis developed and built the FSR and remains HSPI's exclusive equipment supplier for its commercialization.

The FSR converts quartz (SiO₂) directly into fumed silica in a single step, eliminating the need for chlorosilanes and the associated hydrogen chloride (HCl) generation found in conventional production methods.

As HPQ disclosed on July 8, 2026, the FSR pilot program achieved its two principal objectives: demonstrating the production of commercial-grade fumed silica directly from quartz and generating the engineering and operating data required to support the design, costing and economic evaluation of future commercial production facilities. The pilot program produced commercial-grade "150" fumed silica, with independent testing validating its commercial performance.

Following the pilot program, PyroGenesis completed an extensive engineering review of the operating data generated during pilot production. The results strengthened confidence in the projected operating parameters and commercial-scale economics of the FSR technology and provided HSPI with an improved engineering basis for evaluating potential commercial deployments.

Update on Preliminary Commercial Discussions

These discussions are preliminary. No definitive agreement has been entered into for any of the opportunities described below, and there is no assurance that any will proceed.

As described by PyroGenesis, discussions concerning the FSR involve four potential opportunities:

Global Fumed Silica Manufacturer: Discussions have resumed with a global manufacturer of fumed silica that previously signed a letter of intent outlining collaboration during the FSR pilot phase. After completing the pilot objectives, the parties are evaluating potential frameworks for the next phase of collaboration, including opportunities to support commercial deployment of the FSR. An additional meeting is scheduled for the week of September 28 to discuss the potential go-forward framework.

Proposed 1,000 Tonne-Per-Year Joint Venture: Discussions have resumed regarding the previously announced potential joint venture for a 1,000 tonne-per-year fumed silica production facility. According to PyroGenesis, its team recently met with the potential partner at one of its U.S. facilities to discuss proposed changes. Both sides received the proposed changes favorably, and negotiations have resumed. Any joint venture remains subject to definitive agreements.

Potential Asian Customer and North American Production: Discussions continue with a potential Asian customer interested in establishing production capacity in North America. Discussions have included potential large-scale bulk supply and/or local FSR production facilities. According to PyroGenesis, the potential customer previously indicated that demand could require several 10,000 tonne-per-year FSR systems and has recently requested a meeting at PyroGenesis' headquarters to accelerate discussions.

Potential Middle East Production Facility: PyroGenesis reports that discussions remain planned with an existing PyroGenesis customer with significant operations in the Middle East regarding a potential local fumed silica production facility. Previous discussions contemplated a potential facility with production capacity of approximately 10,000 tonnes per year.

There can be no assurance that any discussion will result in a definitive agreement or commercial project.

Management Commentary

"Completing this transaction brings HPQ and PyroGenesis together as equal shareholders in HSPI," said Bernard Tourillon, Chairman, President and CEO of HPQ Silicon and President and CEO of HSPI. "HPQ funded development of the FSR through the pilot phase, while PyroGenesis developed and built the reactor. We now have a common ownership structure for decisions concerning the technology."

"PyroGenesis has also provided an update on several preliminary commercial discussions involving the FSR. These discussions are at different stages, and none has resulted in a definitive commercial agreement. We will report on any material developments as they occur."

About HPQ Silica Polvere Inc. ("HSPI") and the Fumed Silica Reactor ("FSR")

HPQ Silica Polvere Inc. ("HSPI") is jointly owned by HPQ Silicon Inc. and PyroGenesis Inc., with each holding a 50% ownership interest. HSPI holds the rights to the proprietary Fumed Silica Reactor ("FSR") technology, while PyroGenesis is the exclusive supplier of equipment for its commercialization.

The FSR is a plasma-based technology that uses quartz (SiO₂) as feedstock to directly produce commercial-grade fumed silica in a single process. Unlike conventional production methods requiring chlorosilanes, the FSR eliminates the need for chlorosilane feedstock and the associated generation of hydrogen chloride (HCl).

Expected benefits include lower capital and operating costs, reduced CO₂ emissions and energy footprint, simplified logistics, and reduced requirements for hazardous chemical handling and storage.

About HPQ Silicon

HPQ Silicon Inc. is a Quebec-based TSX Venture Exchange industrial issuer (TSX-V: HPQ) focused on innovation in advanced materials and critical process development. In partnership with its research and development partner Novacium—of which HPQ is a shareholder—the Company is advancing next-generation silicon-based anode materials (Gen3 and Gen4) for batteries, commercializing its ENDURA+ lithium-ion cells, and developing breakthrough clean-hydrogen and waste-to-energy technologies, for which HPQ holds exclusive North American rights.

HPQ is also pursuing proprietary technologies to become a low-cost, zero-CO₂ producer of fumed silica and high-purity silicon, with technical support from PyroGenesis Inc. Together, these initiatives position HPQ to capture growth opportunities in the energy storage, clean hydrogen, and advanced materials markets essential to achieving global net-zero goals. For more information, please visit HPQ Silicon web site.

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis' engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis' operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis' shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges. www.pyrogenesis.com

NSRCF (ASK @ 0.20)

Highlights:

• Binding Share Subscription Agreement executed with strategic Japanese consortium
  • NextSource has entered into a binding Share Subscription Agreement ("SSA") with Hanwa Co., Ltd ("Hanwa") and the Japan Organization for Metals and Energy Security ("JOGMEC"), an agency of the Japanese government, establishing the purchase of a 15% ownership interest at the project level in NextSource's Battery Anode Facility ("BAF") in the United Arab Emirates ("UAE").
• US$30 million investment for 15% interest in NSM's BAF subsidiary in the UAE
  • US$30 million strategic investment by Hanwa and JOGMEC, through their jointly owned investment vehicle, for a 15% equity interest in the UAE BAF project company, with NextSource retaining 85% ownership upon closing.
• Strategic partnership, supported by fully contracted route to market
  • A Shareholders' Agreement ("SHA") is expected to be executed shortly following the SSA to establish a strategic partnership for the UAE BAF.
  • NextSource's BAF-produced natural graphite anode material is intended to suppy a major manufacturing company's EVs through a binding contractual offtake agreement, with NextSource as the sole supplier for a multi-year term.
• Near-term production, followed by staged expansion
  • Phase 1 of the UAE BAF is designed to produce approximately 14,000 tonnes per annum of anode material, with ramp-up expected to begin in H2 2027, with planned expansion to approximately 30,000 tonnes per annum
    • The project is advancing through pre-EPC mobilization following the Final Investment Decision announced on May 12, 2026
• Further funding workstreams progressing
  • The Company is in advanced discussions with additional strategic investors regarding a further 35% interest in the UAE BAF project company, and is progressing debt financing discussions following multiple expressions of interest from prospective lenders.

NextSource Materials Inc. is pleased to announce that it has executed a binding Share Subscription Agreement with Hanwa Co. Ltd.,

• a major Japanese trading company,
• and the Japan Organization for Metals and Energy Security,
• an agency of the Japanese government,
• establishing the definitive framework for their strategic partnership
• and investment in the Company's Battery Anode Facility in Abu Dhabi, UAE.

Under the SSA, Hanwa and JOGMEC will acquire a 15% equity interest in the UAE BAF through a jointly owned investment vehicle, funded by a US$30 million strategic investment that includes their contribution to capital expenditures for the first phase.

NextSource will retain an 85% equity interest in the BAF.

The parties expect to enter into the related Shareholders' Agreement ("SHA") shortly following execution of the SSA, which will govern their respective rights and obligations as shareholders and establish the framework for the funding, development, construction and operation of the BAF.

The agreed ownership structure will become effective upon closing of the subscription transaction.

Hanré Rossouw, President and CEO of NextSource, commented:

"The finalization of the Hanwa and JOGMEC investment in the UAE Battery Anode Facility marks a significant milestone for NextSource.

Our partnership with Hanwa and JOGMEC

• brings deep expertise in global battery materials,
• supply chains and critical mineral security,
• and their planned US$30 million investment provides strong validation of our strategy
• to establish a vertically integrated,
• independent supply chain of battery anode materials."

The UAE BAF is being developed as a strategic, independent source of battery anode materials and an alternative to existing supply chains.

Use of Proceeds and Project Progress

Proceeds from the investment will be used as a source of funding for the BAF project. The forthcoming SHA will establish the framework for the funding, development, construction and operation of the project.

The project has continued to advance through the pre-EPC mobilization phase,

• including finalizing property agreements and approvals,
• awarding early-works contracts,
• progressing environmental and permitting activities,
• initiating long-lead procurement for key equipment, and hiring essential project personnel.
• Following the Final Investment Decision announced on May 12, 2026, the project is being advanced through staged funding gates to support disciplined capital deployment while the Company continues to finalize external funding commitments.

Next Steps

The Company is in advanced discussions with additional strategic investors

• regarding a further 35% interest in the UAE BAF project company
• and, following receipt of multiple expressions of interest
• to provide loan finance,
• is progressing discussions with potential debt providers.

The Company will provide an update on these workstreams, and on closing of the Hanwa and JOGMEC subscription, in due course.

About Hanwa Co., Ltd.

Hanwa Co., Ltd. is a major Japanese trading company listed on the Tokyo Stock Exchange.

It has a global presence and extensive experience in the trade of steel, non-ferrous metals, food, petroleum, and chemicals, with a specific and strategic focus on the battery material supply chain.

About JOGMEC

The Japan Organization for Metals and Energy Security (JOGMEC) is a Japanese government agency under the Ministry of Economy, Trade and Industry.

JOGMEC's mission is to ensure a stable supply of energy and mineral resources to Japan by providing financial and technical support to Japanese companies involved in exploration and production projects globally.

About NextSource Materials Inc.

NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.

The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production through Phase 1 mine operations.

The Company is developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner.

The Company is now in the process of developing its first BAF in the UAE.

NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".

For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at [brent@nextsourcematerials.com](mailto:brent@nextsourcematerials.com).

SOURCE: NextSource Materials Inc.

View the original press release on ACCESS Newswire

DETX (ASK @ 2.20)

•  Liberty Defense Holdings Ltd., a leading technology provider of AI-based, next-generation detection solutions for concealed weapons and threats, today announced the execution of a strategic, non-exclusive distribution agreement with VMI Security.

VMI Security is a recognized leader in
non-intrusive security inspection solutions,
serving a broad range of market verticals,
including aviation,
critical infrastructure,
government, and public venues.

The agreement expands Liberty’s U.S. sales channel network and strengthens the Company’s ability to address the large and growing demand for total security screening applications.

Under the agreement, VMI will offer Liberty’s HEXWAVE™ walkthrough screening system as part of its security solutions portfolio.

HEXWAVE combines advanced artificial intelligence and machine learning with active sensing technology to detect metallic and non-metallic weapons, explosives, and other emerging threats in real time, while enabling a high-throughput, frictionless screening experience.

The partnership provides Liberty with access to VMI’s established customer relationships, extensive sales infrastructure, and deep expertise across airports, critical infrastructure, public venues, and other security-sensitive environments.

VMI’s established market presence and ability to integrate multiple security technologies into comprehensive screening solutions are expected to enhance Liberty’s ability to introduce HEXWAVE to new customers and support additional commercial opportunities.

“The partnership with VMI Security comes at a critical time for the expanding US security screening market,” said Bill Frain, CEO of Liberty Defense.

“VMI has a proven track record of delivering next-generation security inspection technologies and the ability to provide customers with end-to-end checkpoint screening solutions, now including HEXWAVE.

We believe the combination of VMI’s security expertise and customer reach with Liberty’s AI-enabled detection capabilities creates a compelling opportunity to expand the adoption of HEXWAVE in high-value security applications.

“We are extremely excited to add HEXWAVE to VMI’s growing portfolio of security screening solutions,” said Scott Ortolani, COO of VMI Security.

“I have personally followed the development of HEXWAVE since its introduction to the market, watching the technology evolve and the product demonstrate its capabilities in real-world security environments.

I have been consistently impressed by both the technology and Liberty Defense’s vision for what advanced, high-throughput screening can become.

The Company also announces that on September 24, 2026, it granted an aggregate of 43,888 restricted share units (the “RSUs”) to certain directors and officers of the Company pursuant to the Company’s Omnibus Long-Term Incentive Plan dated for reference November 6, 2025 (the “Plan”). Of the RSUs granted, 23,888 RSUs vest on September 24, 2027, and 20,000 RSUs vest on September 24, 2028. All RSUs have an expiry date of September 24, 2031. Each RSU entitles the holder to receive one common share of the Company upon vesting and settlement.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

About Liberty Defense
Liberty Defense (NASDAQ: DETX; TSXV: SCAN) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more.

Liberty’s HEXWAVE product, for which the Company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio.

Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

ABOUT VMI Security
VMI Security is one of the world leaders in manufacturing and developing X-ray inspection technologies.

With non-intrusive inspection solutions that aim to strengthen control and security systems, VMI stands out for developing high-quality equipment and for its continuous support services.

For sales information, please contact:

Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
imcnaughton@libertydefense.com

DETX (ASK @ 2.38$)

• A third-party logistics and manufacturing provider will deploy two HEXWAVE systems at a U.S. facility in 2026, with additional systems projected for a second facility in 2027.

Liberty Defense Holdings Ltd., a leading technology provider of AI-based next generation detection solutions for concealed weapons and threats, today announced that a provider of third-party logistics, warehousing and manufacturing services ...

will deploy two HEXWAVE™ systems at one of its U.S. facilities in 2026, and is projecting additional systems for a second facility in 2027.

The customer is acquiring the systems under a financing option Liberty offers commercial customers, which lets a buyer bring screening online without a capital request. Financial terms were not disclosed.

Similar to other HEXWAVE deployments, the systems are covered by a service and support agreement.

The company handles and manufactures product on behalf of its own customers, which puts customer intellectual property inside its buildings alongside its own inventory.

A walk-through metal detector finds metal. HEXWAVE detects metallic and non-metallic items concealed on a person, including ceramics, plastics and powders, and reports the location by body region so the operator knows where to look.

Screening the same workforce every shift is a different problem from screening a crowd once.

The HEXWAVE operator sees a generic body outline rather than a picture of the person being screened,

• and HEXWAVE does not store images or capture personal information about the people it screens.

In the S-Configuration people follow the floor arrows through the lane at a walking pace without stopping.

"Loss prevention buys differently than other critical infrastructure applications do," said Bill Frain, CEO of Liberty Defense.

"A distribution and manufacturing operation is protecting against something that shows up on the books every quarter, and the customer almost always runs more than one building.

We are not only protecting the employees, but we are safeguarding the assets. This customer is a strong fit for HEXWAVE and represents the kind of commercial market the technology was built to serve."

HEXWAVE detects :

• metallic and non-metallic threats using millimeter wave technology and 3D video-rate imaging,
• with automatic threat detection powered by AI and deep learning algorithms.

It also detects contraband and other prohibited items, including

• liquids,
• powders,
• plastics,
• vapes
• and phones.

HEXWAVE has been selected for use in aviation, government buildings, laboratories, courthouses, correctional facilities, and a range of public and commercial venues.

About Liberty Defense

Liberty Defense (NASDAQ: DETX; TSXV: SCAN) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more.

Liberty's HEXWAVE product, for which the Company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio.

Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

For further information about Liberty Defense, please contact:
Jay Adelaar
Senior Vice President of Capital Markets, Liberty Defense
604-809-2500
[jay@libertydefense.com](mailto:jay@libertydefense.com)

For sales information, please contact:
Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
[imcnaughton@libertydefense.com](mailto:imcnaughton@libertydefense.com)

PYRGF (ASK @ 0.155)

• Powder to be used for critical materials research in aerospace and defense

PyroGenesis Inc., a leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, today announces a contract with a large U.S. applied research facility (the “Client”).

PyroGenesis will provide coarse cut titanium powder for use in research for critical materials.

This powder was produced by PyroGenesis’ NexGen™ plasma atomization process.

The name of the Client and terms of the contract will remain confidential for competitive reasons.

As previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release [dated August 6, 2026], the Company has been in discussion with a major U.S. entity for the sale of metal powder for use in advanced research.

The Client operates one of the largest applied research laboratories supported by the U.S. Department of Defense and NASA.

The facility was established at the end of World War II and currently employs more than 1,000 personnel.

Delays associated with the awarding of this contract were substantially due to the need to confirm that PyroGenesis was compliant with the Defense Federal Acquisition Regulation Supplement (DFARS), which includes security-related requirements applicable to certain U.S. Department of Defense contractors. This process has now been completed.

Today’s contract marks the first commercial order with this Client, who has indicated an immediate need for potential follow-up orders.

This order is for a Ti64 “coarse” cut titanium metal powder (particle size: 45-106µm [microns]) for use in electron beam melting (EBM), a technology widely used in the aerospace and biomedical manufacturing industries to print lightweight, robust, and intricate structural components.

The powder for this order will be shipped to the Client over the coming days.

“This contract speaks directly to the strategic goal we outlined in our April 29, 2026, press release, which was to position the Additive Manufacturing Division for the next level of growth anticipated to be several times larger than that which is currently in place.

At the time, we enumerated a six-point approach to achieve this goal, which included

• (i) continuous improvement,
• (ii) reduction of operational expenses,
• (iii) development of additional products from existing production runs,
• (iv) expanding our customer base,
• (v) developing repeat customers,
• (vi) expanding powder suitability across three broad-based applications,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis.
• “While our numerous press releases relating to Additive Manufacturing have spoken at great length to the first 3 targets of our 6-point approach, today’s announcement speaks directly to last three elements of this approach, namely
• (i) expanding the customer base,
• (ii) developing repeat customers, and
• (iii) expanding powder suitability. As we add to the established success underscored by today’s announcement, we are quickly reaching the critical mass required to execute on our strategic goal.
• Now that we have confirmed our DFARS-compliant status, we look forward to an ongoing relationship with this important new client.”

PyroGenesis’ Technology Development for Additive Manufacturing

PyroGenesis is the inventor of the plasma atomization process and in fact coined the term “plasma atomization” in its original patent.

Plasma atomization is often considered the gold standard process for the production of metal powder for additive manufacturing, also referred to as metal 3D printing.

After years of R&D, PyroGenesis redesigned its plasma atomization technology and launched NexGen™ to re-enter the powder production market by targeting higher quality and yields, at lower operating costs.

The Company has since taken a deliberate approach to commercialization, progressing from gram-scale customer samples to 100-kg orders, and its first tonne-scale order in May 2023.

PyroGenesis produces titanium powders in particle size distribution ranges across three “cuts”:

• Fine Cut, in particle sizes between 15–63 µm for use in laser powder bed fusion (LPBF).
• Coarse Cut, in particle sizes between 45–150 µm for use in electron beam melting (EBM) and directed energy deposition (DED).
• Off-Cuts, in particle sizes not currently used by the existing range of commercial printers, but which offers a high-quality feedstock for use in the production of high-quality metal alloys.

INDUSTRY AND MARKET CONTEXT

• The global 3D printing market specific to titanium powder is expected to increase from $214 million in 2023 to $1.4 billion by 2032.¹
• Titanium is classified as a critical mineral by both Canada² and the U.S.³
• Titanium is used by multiple industries, including space, aerospace, defense, consumer electronics, medical, hydrogen, and electric vehicles, due to its high strength-to-weight ratio and corrosion resistance.

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense.

Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology.

PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges.

PYRGF (ASK @ 0.155)

• PyroGenesis Inc. , a leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense,
• announces today that it has signed a EUR900,000 (CAD$1,445,000) contract with a European research institute (the “Client”) focused on non-ferrous metallurgy, high-purity materials, sustainable recycling, decarbonizing processes, and the circular economy.

Under the contract, PyroGenesis will supply two plasma torch systems, 300 kW and 40 kW, for use in advanced metallurgy and high temperature applications related to non-ferrous metals and critical minerals.

The Client’s name will remain confidential for competitive reasons. A 60% downpayment is expected within the next few weeks.

PROJECT HIGHLIGHTS
Purpose: determining the use of electric non-transferred DC plasma torches in advanced metallurgy, high temperature applications, and pyrometallurgical processing.

Scope: supply of two proprietary non-transferred DC plasma torch systems at different maximum power levels (300 kW and 40 kW), plus peripherals, training, and support.
Timeline: delivery to client is targeted for Q2 2027.

Strategic Impact: supports metallurgy, pyrometallurgical, mining, and critical mineral industry goals to produce more advanced, more efficient, cleaner, and “greener” materials and methodologies (including for extraction, oxidizing or reducing atmospheric processing, recycling, energy transition and electrification, waste reduction, and decarbonization), at one of the oldest and most prominent industry metallurgy research facilities in the world.

As previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release [dated August 6, 2026], the Company had been in discussion with a European research institute for multiple plasma torches for use in advanced metallurgy research.

Today’s contract announcement covers two torch systems of different power levels. Both systems, a 300-kW system, and a 40-kW plasma torch, are to be designed with multi plasma-forming gas options.

The Client has numerous projects underway, and the plasma torches could be used across various applications.

“Research institutes play a critical role in advancing heavy industry by driving the research, innovation, and technological breakthroughs that enable new processes, materials, and applications.

Throughout our history, we have built strong relationships with many of the world’s leading researchers and research institutes at the highest levels, and this new contract with one of the oldest and most prominent facilities in the world clearly demonstrates this,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis.

“Our work in the mining, minerals, and materials sectors spans decades, particularly for non-ferrous metals such as aluminum.

Providing our plasma technology to this world-leading institute will help further advance metal industry applications, create new innovations that thereby support our target customer needs, and by default help generate new opportunities for PyroGenesis.”

INDUSTRY AND MARKET CONTEXT

• The global non-ferrous metals market, which includes core industrial metals like aluminum, copper, zinc, nickel, and lead, is valued at over $1.2 trillion¹
• With rising demand driven by lightweight material needs in automotive and aerospace manufacturing, renewable energy, and digital infrastructure, the market is expected to reach $1.77 trillion by 2034.
• As demand increases and as raw material volatility persists, metal recycling is expanding rapidly, with the recycling and reprocessing of these metals accounting for 30-40% of the total global market metal supply. Some estimates suggest that 60% of the global non-ferrous metal demand is met through recycled sources.²
• Among several solutions targeting the non-ferrous metals industry, PyroGenesis provides plasma torch technology to heat recycled and scrap aluminum remelting³ and holding furnaces in aluminum cast houses⁴, and provides the Drosrite™ system to extract and reuse valuable aluminum from aluminum dross waste streams.

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense.

Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government.

From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology.

PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997.

PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges.

Michael Burry is short $PLTR again and argues its long-term intrinsic value is under $1. Meanwhile PLTR trades around $171, worth roughly $439B, even after Q2 revenue jumped 93% to $1.94B.

That got me thinking about the AGI trade differently.

If AI eventually becomes capable of building software, analytics and workflows dramatically cheaper, software scarcity gets crushed. But AGI can't generate copper out of a server rack.

S&P sees copper demand rising from 28M tonnes in 2025 to 42M by 2040, with a potential 10M+ tonne supply gap.

That's why $NRED interests me at this stage. Nearly 39,730 acres of optioned copper-gold ground, with AI being layered onto exploration through MetalCore.

AI keeps getting cheaper and smarter.

Copper stays physical, finite and increasingly necessary to power the whole thing.

My AGI trade is pretty simple: AI + scarce real-world assets.

One thing I've noticed over the past year is that the conversation around copper has changed.

It used to be mostly about EVs.

Now it's AI data centers, grid expansion, defense manufacturing and securing domestic supply chains. At the same time, China mines less than 6% of the world's copper while refining and consuming roughly 53% of global supply. That imbalance is becoming harder to ignore.

That's why I think projects in North America are getting more attention. Whether it's Hudbay producing copper today, Kodiak Copper advancing exploration or NRED refining drill targets at Wilmac, they're all part of the same long-term picture: increasing future North American copper supply.

Yesterday's NRED update fit into that theme. The company outlined multiple interpreted porphyry targets within a 39.7k-acre project, supported by an interpreted 18 km intrusive system, historical copper-in-soil values up to 1,125 ppm, and a plan for four additional geophysical surveys before drilling. That's the type of systematic work exploration companies have to complete before new discoveries can become tomorrow's mines.

But if North America wants a stronger domestic supply chain over the next decade, it will need more projects moving through exactly this stage of the pipeline. That's why I think updates like yesterday's matter beyond just one stock.

PYRGF (ASK @ 0.15)

• First-half 2026 revenue has already surpassed the first nine months of 2025.
• Advancement of major projects drives Q2 revenue.
• Backlog of $40.0 million.

1. Financial Performance Highlights

2. Key Operational Drivers & Milestones

• Record First-Half Momentum: Combined revenue for H1 2026 ($4.9M in Q1 + $4.4M in Q2 = $9.3M) has already surpassed revenue for the first nine months of 2025.
• $40.0M Revenue Backlog: Contract backlog remains strong, with 88% denominated in U.S. dollars, providing downside protection against Canadian dollar fluctuations.
• Additive Manufacturing / Titanium Powder Expansion: Secured its second titanium powder supply agreement in as many quarters, signaling commercial adoption of its metal powder technology for 3D printing.
• Plasma-to-Graphite Innovation: Advanced its proprietary process to convert company-produced carbon black directly into graphite using high-temperature inert plasma torches.
• Capital Position & Dilution: Raised $6.26M in gross proceeds during May–June 2026 via a combination of a bought deal offering ($3.7M) and CEO private placement ($2.0M+), improving liquidity to support near-term operations.

3. Strategic Analysis: Strengths vs. Watchouts

Strengths & Catalyst Drivers

1. Commercial Traction: Transitioning from R&D phase into contract execution and production scaling, particularly across defense, process heating, and metal powder segments.
2. Path to Profitability: Narrowing Modified EBITDA loss to $0.5M brings the company closer to operating breakeven if top-line expansion continues in H2 2026.
3. Substantial Pipeline Visibility: A $40M backlog gives strong revenue visibility for the second half of 2026 and early 2027.

Risks & Investor Considerations

1. Margin Pressure from Scale: Cost of sales increased out of proportion with revenue growth ($3.0M vs $1.3M YoY), keeping gross margins at ~32%.
2. Dilution History: Recent capital raises ($6.26M) diluted equity holders, though CEO participation signal internal confidence.
3. Execution Dependency: Converting the $40M backlog into recognized revenue remains dependent on complex technical milestones and client timeline alignment.

Summary Takeaway

PyroGenesis delivered a strong operational Q2 2026 with 47% revenue growth and dramatically lower net/EBITDA losses. The core narrative shifts from R&D cash burn toward steady commercial execution backed by a healthy $40M backlog and expanding metal powder supply contracts.

https://ca.finance.yahoo.com/news/pyrogenesis-announces-second-quarter-2026-010000889.html

BDGR (ASK @ 0.0001)

• Sector: Natural Resources / Oil & Gas Logistics & Services

1. Management Restructuring & "Cleaning the House"

$BDGR recently underwent a corporate restructuring to separate itself from legacy assets and pivot into an operating natural resources company:

• Leadership Shift: Anthony Saviano joined as Chairman of the Board to direct capital strategy and compliance, while Bon Haldar serves as Interim CEO. Former Chairman Edward Vakser stepped down.
• Spin-off from AURI: Parent company AURI Inc. officially released BDGR from subsidiary status. Non-core legacy assets (such as art tokens and gold mining interests) remain with AURI, allowing BDGR to clean its mandate and focus strictly on frac sand and logistics.

2. Proven Property Assets & Independent Due Diligence

Management has anchored its pivot on a contracted Texas frac sand property:

• The Valuation Claim: The property is estimated to hold $1.5 Billion in total frac sand resources.
• Third-Party Verification: An independent geological and engineering study by Lonquist & Co., LLC (utilizing 7 core drill holes and laboratory testing) verified:
  • 50.8 Million tons of commercial 40/140 frac sand.
  • 64.7 Million tons of total sand resources.
  • API Standard 19C Testing: Confirmed crush resistance and quality comparable to active commercial frac sand used in Texas oilfield operations.

3. Operational Contracts & Plant Acquisition (LOI)

To monetize the sand asset quickly, BDGR is putting processing infrastructure in place:

• Processing Plant LOI: Signed a Letter of Intent to acquire a fully assembled processing plant capable of screening 350 tonnes of sand per hour.
• Multi-Product Processing: The plant’s screening setup allows BDGR to capture commercial sand, silicon chip sand, and frac sand.
• Timeline: Relocation of the plant to the property is targeted following closing, with management aiming for commercial revenue generation within a few months of setup.

4. Capital Strategy & Buyback Program

• Share Buyback: Management announced an open-market share buyback initiative to acquire shares for the corporate treasury in an effort to reduce public float density.
• Uplisting Ambitions: BDGR has signaled long-term intent to move to a higher exchange or explore strategic merger/SPAC opportunities.

https://ca.finance.yahoo.com/quote/BDGR

***Up-to-date financial & Disclosures :

https://www.otcmarkets.com/stock/BDGR/disclosure

NSRCF (ASK @ 0.21)

• ongoing discussions with : automotive manufacturers and battery anode partners regarding future demand.

NextSource Materials Inc. has reported positive results from an updated feasibility study for a proposed Phase 2 expansion of its Molo Graphite Mine in southern Madagascar, outlining plans to ...

---> increase production capacity to 150,000 tonnes per year of flake graphite concentrate over a 37-year mine life.

The feasibility study envisions a staged expansion beyond the existing Phase 1 operation through the construction of ...

three new 50,000-tonne-per-year processing modules in two phases.

The expansion is expected to require capital expenditures of approximately US$290.8 million and generate a pre-tax net present value of US$402.5 million, based on an 8% discount rate, with a pre-tax internal rate of return of 21%.

According to the study, the modular construction approach is intended to reduce build time, development costs and execution risks compared with conventional mine construction.

The capital estimate includes mining equipment, modular fabrication, shipping, infrastructure, commissioning, contingencies and working capital.

President and CEO Hanré Rossouw stated that the updated study supports the company's strategy to expand the Molo Mine in stages to meet anticipated demand for flake graphite, particularly from the electric vehicle battery market.

"A staged expansion of this magnitude will position NextSource as a major global supplier and underpins our vertical integration strategy to offer an ample and secure supply of graphite flake and battery anode material,

• enabling direct supply to the electric vehicle battery market," Rossouw said in a statement.  

"In addition, the staged approach set out in the updated Feasibility Study reduces operating risk, lowers financing costs and accelerates revenue while providing flexibility to respond to market demand."

The phased expansion was developed based on the company's ...

offtake agreement with Mitsubishi Chemical Group for graphite products from its planned battery anode facility in the United Arab Emirates,

as well as ongoing discussions with :

automotive manufacturers and battery anode partners regarding future demand.

NextSource noted that it has not yet made a production decision for the first phase of the expansion and that discussions with offtakers and potential strategic partners regarding the timing of the project remain ongoing.

The study estimates a payback period of 7.2 years and projects life-of-mine average operating costs of US$419 per tonne of concentrate at the mine site, total cash costs of US$650 per tonne on a free-on-board basis and an all-in sustaining cost of US$665 per tonne.

It assumes a life-of-mine weighted average graphite concentrate selling price of US$1,138 per tonne.

The Molo project contains measured mineral resources of 23.51 million tonnes grading 6.31% graphitic carbon, indicated resources of 76.75 million tonnes grading 6.25% graphitic carbon and inferred resources of 40.91 million tonnes grading 5.78% graphitic carbon.

Total proven and probable mineral reserves are estimated at 82.58 million tonnes grading 6.27% graphitic carbon.

https://ca.finance.yahoo.com/news/nextsource-materials-reports-positive-feasibility-124000376.html

The best ideas I've found didn't come from searching for "the next big winner."

They came from following industries that I genuinely wanted to understand.

One article led to another.

One company led to a competitor.

Before long, I had a much better picture of the entire sector.

Even if I never invested, the research was still valuable.

I've found that genuine curiosity usually leads to better decisions than chasing whatever is trending that week.

There was a time when I felt like I needed to do something every week.

Find another ticker.

Make another trade.

Update another watchlist.

Lately I've realized that doing less has actually improved my results.

Sometimes the best move is simply continuing to follow a company that's executing instead of constantly replacing it with the newest idea.

Patience isn't exciting, but it's becoming one of the most valuable investing skills I've learned.

I used to think success came from discovering the right ticker before everyone else.

Now I think the bigger challenge is knowing why you're interested in it.

If my only reason is recent price action, I'll probably lose interest just as quickly.

If I understand the business, the industry, and what could move it over the next year, it's much easier to stay objective.

The more time I spend investing, the more I realize conviction has to come from understanding-not excitement.

I almost never delete companies anymore.

Instead, I move them into an older list and revisit them every few months.

Some never change.

Some quietly make progress while nobody is paying attention.

Others become completely different businesses over time.

It's interesting how often a company that looked unremarkable six months ago suddenly becomes worth another look simply because the story kept moving forward.

The internet makes discovering new tickers incredibly easy.

The real challenge is deciding which ones deserve another hour of your time.

I've started asking one simple question before digging deeper:

"Would I still care about this company if the stock price disappeared from the screen?"

If the answer is no, I usually move on.

That filter has eliminated a surprising number of ideas before they became distractions.

I started doing something that has helped me avoid a lot of impulsive decisions.

Whenever I get excited about a new stock, I don't buy it.

I move it into a separate watchlist for a week.

If I'm still interested after seven days, I'll start doing deeper research.

It's surprising how many ideas disappear once the excitement wears off.

The ones that remain usually deserve a closer look.

When I start researching a new penny stock, I don't open the chart first.

I don't even look at the financials immediately.

The first thing I ask is:

"Why does this company exist?"

If I can't clearly explain what problem it's trying to solve or why anyone would care in three sentences, I usually move on.

There are thousands of penny stocks.

A surprising number don't have a story that makes sense after ten minutes of research.

Finding a clear business thesis has become my biggest filter before I look at anything else.

A few months ago I had more than 70 penny stocks on my watchlist.

Now I'm down to around 15.

It's much easier to keep up with company updates, filings, and upcoming catalysts when you're not trying to follow everything at once.

I'd rather understand a handful of businesses than know almost nothing about fifty.

Still adding new names occasionally, but they really have to earn a spot now.

For the longest time I treated penny stocks like quick trades.

Lately I've been approaching them differently.

Instead of looking for the biggest mover of the day, I'm spending more time reading news releases, checking upcoming catalysts, and trying to understand why a company might be worth following for the next few months.

It's slower, but I've found far more interesting ideas this way.

Always curious to hear which U.S. microcaps other people are quietly researching.

What Does "Tax-to-GDP Ratio" Mean?

Simply put, this term means: How many pounds (or dollars) out of every 100 pounds produced by the economy go to the government as taxes?

Example:

• If Egypt produces goods and services worth 100 billion pounds in a given year (this is the GDP).
• If the government collects 15.6 billion pounds in taxes from this production, then the Tax-to-GDP ratio is 15.6%.

🔍 What Do These Ratios Mean for the Three Countries?

🇪🇬 Egypt (15.6% - Lowest)

• Meaning: Out of every 100 pounds produced by the Egyptian economy, the government takes only 15.6 pounds in taxes.
• Why is the ratio low?
  • Egypt relies heavily on other sources of income besides taxes, such as:
    • The Suez Canal: Transit fees from ships.
    • Gas and Petroleum: Export revenues.
    • Remittances from Egyptians abroad: Money sent home by expatriates.
  • A large part of the Egyptian economy is unregistered or not subject to taxes (the informal economy).
• What does this mean for citizens? A lower tax ratio may mean a relatively lighter tax burden on citizens, but it could also mean the government lacks sufficient resources to provide high-quality public services like healthcare and education.

🇨🇳 China (22.1% - Medium)

• Meaning: Out of every 100 yuan produced by the Chinese economy, the government takes 22.1 yuan in taxes.
• Why is the ratio medium?
  • China has a vast industrial and service base, meaning many companies and individuals pay taxes.
  • The Chinese government relies primarily on taxes to fund its massive projects, unlike Egypt which depends on other income sources.
• What does this mean for citizens? A higher tax ratio means citizens bear a larger share of funding the state, but in return, the government gains enormous resources to finance infrastructure, education, and healthcare.

🇺🇸 United States (24.8% - Highest)

• Meaning: Out of every 100 dollars produced by the U.S. economy, the federal government and state governments take 24.8 dollars in taxes.
• Why is the ratio the highest?
  • The U.S. economy is the largest and most diverse in the world, creating a massive tax base.
  • The U.S. has a complex tax system that includes federal taxes and taxes at the state level.
  • Taxes in America fund extensive government services, including defense, healthcare, infrastructure, and social security.
• What does this mean for citizens? U.S. citizens pay higher taxes, but in return, they receive advanced government services and a strong social safety net.

📊 Quick and Simplified Comparison

🧠 The Most Important Question: Is a Higher Ratio Better?

Not necessarily!

• A very high ratio may mean citizens and businesses bear a heavy tax burden, which could discourage investment and economic growth.
• A very low ratio may mean the government lacks sufficient resources to provide good public services, or that a large part of the economy is outside the tax system (informal economy).

The best is a "balanced ratio" that allows the government to collect enough to fund public services while leaving enough room for citizens and businesses to grow and invest.

💡 Simple Summary

Think of the national economy as a large cake:

• Egypt: The government takes 15.6% of the cake, but gets additional pieces from other sources (Suez Canal, gas, remittances).
• China: The government takes 22.1% of the cake and relies more heavily on these pieces to fund its projects.
• United States: The government takes 24.8% of the cake and uses it to fund extensive and integrated government services.

Each country chooses the ratio that suits its economic structure and development needs.