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Albemarle Swings to Profit, Lowers Spending Amid Prolonged Lithium Slump

Albemarle (NYSE:ALB), one of the world’s largest lithium producers, is cutting costs and narrowing its capital investment plans as it adjusts to ongoing weakness in lithium prices, even as demand from electric vehicle and energy storage sectors holds up better than expected.

The Charlotte-based company reported a second-quarter profit of US$22.9 million, a significant turnaround from the US$188.2 million loss it posted a year ago.

While total revenue fell 7 percent to US$1.33 billion, the figure still came in ahead of Wall Street’s US$1.22 billion estimate, buoyed by stronger-than-expected results in its specialties division and disciplined cost management.

“Our job is just to keep working on the things that are in our control, because we don’t really have a clear line of sight to where pricing is going,” Chief Financial Officer Neal Sheorey told investors Thursday.

Sheorey said Albemarle has reached its US $400 million annualized cost-savings and productivity target, citing measures such as supply chain restructuring and improved operations at lithium conversion and mining sites.

The company now expects to spend between US$650 million and US$700 million in capital expenditures for the full year, narrowing its previous guidance of US$700 million to US$800 million.

With lower spending and continued operational execution, Albemarle said it expects to achieve positive free cash flow for 2025—so long as current lithium prices, which have hovered around US$9 per kilogram, persist.

Lithium prices down, but demand remains resilient

Lithium prices have come off their historic highs of 2021–2022, when a global EV boom and constrained supply sent costs soaring above US$70 per kilogram.

But that surge spurred rapid supply growth, and by late 2022, the market entered a surplus. Prices have since declined sharply and now sit near levels that are not considered economically viable for many new or greenfield projects.

Despite the pricing downturn, Sheorey emphasized that demand for lithium has not collapsed. During the company’s earnings call, he maintained that demand has held up better than expected this year, pointing to robust growth in China and Europe that is offsetting a more subdued US market.

“The outlook in North America is less certain, particularly in the United States due to the potential impact of tariffs and the removal of the 30D tax credit in September,” Sheorey said, adding that the US accounts for only about 10 percent of global electric vehicle sales.

In contrast, EV sales in China rose 41 percent year-to-date, including a 44 percent jump in battery electric vehicles spurred by recent subsidies, while Europe also showed double-digit growth.

Still, Sheorey cautioned that pricing remains under pressure. “We continue to expect the full-year EBITDA margin [for energy storage] to average in the mid-20 percent range assuming our $9 per kilogram price scenario,”

According to Albemarle’s internal analysis, the market could return to balance as early as next year if current price levels persist. “New project development has begun to slow, while demand continues to be robust,” the company said. It estimates that demand growth could outstrip supply growth by up to 10 percent per year between 2024 and 2030.

Much of the company’s current optimism stems from performance at its integrated production and processing facilities, particularly due to strong volumes from Albemarle’s Wodgina mine and the Salar yield improvement project.

With lithium demand expected to more than double by 2030, Albemarle is betting that its investments in operational excellence and global reach will pay off once the market stabilizes.

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

This post appeared first on investingnews.com

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Top 5 Canadian Mining Stocks This Week: Helius Metals Jumps 67 Percent

On Thursday (July 31) Statistics Canada released gross domestic product figures for May. The data shows the Canadian economy shrank for the second month in a row, edging down by 0.1 percent.

The decline was headlined by decreases in the resource sector, which posted a 1 percent contraction, led by a 2.1 fall in the mining and quarrying subsector. Oil and gas extraction was also down, recording a drop of 0.8 percent, marking the first back-to-back months of negative growth for the subsector since April and May 2023.

However, the agency reported that advance figures for June show a reversal, with its data indicating a 0.1 percent growth during the month, and flat GDP for the second quarter. StatsCan will post its official figures on August 29.

The Bank of Canada held its rate meeting this week, opting to hold its interest rate steady at 2.75 percent, citing resilience in the economy despite the trade dispute with the United States.

The economic news comes against a backdrop of tariff threats from the United States. In July, the White House vowed to increase the tariff rate of non-CUSMA-compliant goods from Canada from the 25 percent imposed earlier in the year to 35 percent if a deal wasn’t negotiated by the August 1 deadline.

On Thursday evening, the night before the deadline, Donald Trump signed an executive order increasing levies on goods entering the US from Canada. While CUSMA-compliant goods are largely exempt, the new tariff rate will have a significant impact on Canada’s auto, steel and softwood lumber industries.

Canada is not alone, as new tariffs rates will be applied on imports from all countries that were part of his original April 2 announcement. Those countries that have successfully negotiated agreements will also pay tariffs, but at a lower rate. However, the US also announced that it won’t begin collecting tariffs on imports until August 7. The delay is intended to allow more time for completing negotiations and for US Customs to adjust to the new policy.

The United States also released a slew of economic news this week, with fresh GDP, inflation and jobs data.

The US Bureau of Economic Analysis (BEA) released its second-quarter advance GDP estimate on Wednesday (July 30). While it shows solid growth of 3 percent after a 0.5 decline in the first quarter, analysts suggest it may be masking underlying weakness in the overall economy.

Decreases in Q1 were mainly due to a rise in imports, which are deducted from GDP calculations, as companies stockpiled goods in anticipation of US tariffs taking effect. However, the second quarter’s increase was due to companies reducing imports and working through their pre-tariff stockpiles.

US GDP is up a modest 1.2 percent since the start of the year, well below the 2.5 percent growth rate in 2024.

On Thursday, the US BEA released its personal consumption expenditures index (PCE) data. The report shows that inflation surged to 2.6 percent in June on an annual basis, above analysts’ expectations of a 2.5 percent rise and up from May’s 2.4 percent. Less the volatile food and energy categories, PCE came in at 2.8 percent, matching numbers from the previous month.

How much tariffs played a role in that increase is uncertain, but the PCE is a critical factor for the Federal Reserve’s decision in setting its benchmark Federal Funds Rate.

The central bank board met for its July meeting on Tuesday (July 29) and Wednesday, and ultimately decided to continue to hold the rate at 4.25 to 4.5 percent. Although it noted there was less uncertainty compared to its last meeting, Powell noted that they were still unsure whether inflation due to tariffs would be a one-time increase or if it would have longer-term implications.

Finally, the US Bureau of Labor Statistics released July’s nonfarm payroll report on Friday (August 1), reporting that an estimated 73,000 jobs were added to the economy in July. While additional government and business reports resulted in significant downward revisions to the initial May and June job estimates, dropping May’s numbers from 144,000 to 19,000 added jobs and June’s from 147,000 to 14,000. The figures indicate a rapid slowdown in employment growth in the United States.

Outside of the pandemic, employment growth in the United States has recorded the slowest start to the year since 2010.

Following the report’s release, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer, accusing her without evidence of manipulating job data to make him look worse. The decision has drawn wide-spread criticism and concern that government sources on economic data will no longer be trustworthy.

Markets and commodities react

In Canada, equity markets were negative this week as Canada was unable to secure a deal with the United States. Although it reached a new all-time high Wednesday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) ultimately declined 1.3 percent over the week to close at 27,020.43 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell further, moving down 5.08 percent to 761.21. The CSE Composite Index (CSE:CSECOMP) was the lone gainer, rising 0.76 percent to 134.37.

US equity markets were broadly down on Friday on the new US tariffs and poor job data. The S&P 500 (INDEXSP:INX) fell 2.07 percent to 6,238.00, the Nasdaq 100 (INDEXNASDAQ:NDX) dropped 1.89 percent to 22,763.31 and the Dow Jones Industrial Average (INDEXDJX:.DJI) shed 2.61 percent to 43,588.57.

In precious metals, after falling mid-week, the gold price rebounded sharply on Friday, ultimately ending the week up 0.77 percent to US$3,362.94 by Friday at 4 p.m. EDT. Meanwhile, the silver price dropped dramatically during the week. While it also bounced Friday, it still fell 5.66 percent to US$37.01.

In base metals, copper prices plummeted 23.16 percent to US$4.48 per pound after President Trump announced refined copper exemptions to the 50 percent copper tariff earlier in the week. The S&P GSCI (INDEXSP:SPGSCI) was up mid-week but slumped on Friday, registering a 0.57 percent loss to finish the week at 545.59.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Helius Minerals (TSXV:HHH)

Weekly gain: 72.94 percent
Market cap: C$48.93 million
Share price: C$1.47

Helius Minerals is a precious metals exploration company with a portfolio of assets in Nevada and Brazil.

The company has spent the first part of the year fundraising in support of the acquisition of Colossus Minerals and its 75 percent stake in the Serra Pelada gold-platinum-palladium project in the Para state of Brazil.

In 2009, Colossus reported significant assay results following its early exploration of the site, with one drill hole returning 8.04 grams per metric ton (g/t) gold, 154.5 g/t platinum and 245.8 g/t palladium.

The company had already completed most of the construction for the underground mine in 2013 when its dewatering measures at the site failed to prevent water ingress in the mine. Colossus was not able to finance the work necessary to fix the issues and became insolvent, putting the mine on care and maintenance.

In 2023, Colossus’ former geologist Christian Grainger was named Helius President and CEO.

On May 8, Helius reported that Colossus shareholders approved the sale of the company and its assets. Under the terms of the deal, Helius said it has a 12 month exclusivity period to conduct financing and also to develop a plan that is compliant with local mining laws and regulations. It also stated that it will need to address outstanding debts and a rehabilitation strategy for the site.

Shares gained this week, but the company has not issued further news.

2. Labrador Gold (TSXV:LAB)

Weekly gain: 58.82 percent
Market cap: C$20.4 million
Share price: C$0.13

Labrador Gold is an explorer focused on the advancement of its assets in Newfoundland and Labrador, and Ontario, Canada.

The company owns the Hopedale gold project in Eastern Labrador. The site hosts 998 claims and five licenses covering an area of 249 square kilometers in the Florence Lake greenstone belt.

In an announcement on February 8, the company reported high-grade gold from 2023 rock samples at the Fire Ant target, with grades of up to 106 g/t gold and 20.4 g/t silver. Additional rock and soil samples from other targets at Hopedale show grades of up to 0.28 percent nickel, 0.97 percent zinc and 3,493 parts per million copper.

Labrador also owns the Borden Lake project near Timmins, Ontario. Exploration at the site has been limited, mainly consisting of till samples and geophysical surveys to target areas for drill testing.

In a news release on February 19, Labrador said it was planning to conduct exploration work at both properties in 2025. On June 19 the company announced that it had mobilized to the Hopedale property and would focus on an area along the Thurber Gold trend at the northern portion of the site. It did not provide an update on exploration at the Borden Lake.

The company has not released news in the past week.

3. Torq Resources (TSXV:TORQ)

Weekly gain: 52.94 percent
Market cap: C$21.37 million
Share price: C$0.13

Torq Resources is an exploration company working to advance its Santa Cecilia gold and copper project in Chile.

Torq acquired the property through an option agreement in October 2021. The company can earn a 100 percent stake in the property if it makes a total of US$25 million before October 21, 2028, and exploration expenditures of US$15.5 million by October 21, 2025.

The deal will also see the original owner retain a 3 percent net smelter return, half of which can be purchased by Torq based on the fair value of the project.

The site covers an area of 3,250 hectares and lies adjacent to the Newmont (TSX:NGT,NYSE:NEM) and Barrick Mining (TSX:ABX,NYSE:B) owned Norte Abierto project, the fourth largest undeveloped gold project in the world.

In late 2024, Torq entered into a joint venture with Gold Fields (NYSE:GFI), in which Gold Fields can earn up to a 75 percent indirect interest in the project through a US$48 million investment over six years, with minimum annual spending of US$6 million.

On July 17, Torq completed the first drill program at the project under the joint venture, The work consisted of five holes covering 4,062 meters and was designed to test the undrilled Gemelos Norte target and to follow up on the Pircas Norte target discovered during the 2024 drill campaign.

Torq’s most recent announcement came on July 31, when it terminated its option to acquire the Margarita project in Chile due to financial constraints and a shift in focus to Santa Cecilia. It also said it would retain its 100 percent interest in the La Cototuda concession, which is surrounded by Margarita and which it believes would be necessary for any future development at Margarita.

4. Happy Creek (TSXV:HPY)

Weekly gain: 41.18 percent
Market cap: C$18.45 million
Share price: C$0.12

Happy Creek Minerals is an explorer focused on advancing a portfolio of assets in British Columbia, Canada.

Its primary focus has been on its Fox tungsten property located in the South Caribou region of the province. It comprises 135.9 square kilometers of mineral tenure and hosts deposits containing tungsten, molybdenum, zinc, indium, gold and silver. In total, 21,125 meters of exploration drilling have been carried out at the site.

The most recent news came on July 16 when Happy Creek announced a non-brokered private placement to raise gross proceeds of up to C$3.25 million in flow-through units at C$0.07 per share and non-flow-through units at C$0.05 per share. The following day, Happy Creek upsized the offering to C$3.75 million.

The company plans to use the gross proceeds for drilling, exploration and development at Fox, as well as other exploration work in the Caribou.

5. Star Copper (TSXV:STCU)

Weekly gain: 38.78 percent
Market cap: C$58.81 million
Share price: C$2.04

Star Copper is an exploration company with a portfolio of assets in British Columbia.

Its flagship Star project, located in BC’s Golden Triangle, consists of 19 mineral claims covering an area of 6,829 hectares of crown lands. The property hosts five high-priority targets, which have seen exploration dating back to 2013.

The most recent exploration update from Star came on Tuesday, when the company provided a summary of its ongoing drill program at the site and said it was halfway through a six-hole, 4,000 meter drill campaign designed to test mineralized zones laterally and at depth.

The company has also been advancing work at its Indata property, where it holds a 60 percent optioned interest. The site in northern BC consists of 16 mineral claims across 3,189 hectares and hosts mineralization of copper, gold and molybdenum.

In a July 10 news release, the company reported that soil grids that were deployed to test for gold and copper have also returned clusters of anomalous antimony that exceed 100 parts per million over 5 kilometers.

Additionally, the company announced on July 16 that it had entered into an agreement to acquire a 100 percent interest in the Copperline property in North-central BC. The project consists of eight mineral claims covering 4,502 hectares and exploration at the site has produced a highlighted assay of 2.54 percent copper, 50.4 g/t silver over 25 meters.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

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

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

This post appeared first on investingnews.com

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Quimbaya Gold Announces Termination of LOI with Denarius Metals

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN 
THE UNITED STATES

Quimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya’ or the ‘Company’) announces that Denarius Metals Corp. has elected to terminate the binding Letter of Intent (the ‘LOI’) previously announced on May 7, 2025. The LOI contemplated the formation of a 50:50 joint venture to advance the formalization of artisanal mining at Quimbaya’s Tahami Project in the Segovia District of Colombia.

Quimbaya thanks Denarius for the time and consideration given to this opportunity. While the parties were unable to reach a definitive agreement, the Company appreciates the constructive dialogue and shared interest in advancing responsible development in one of Colombia’s most prolific gold regions.

Quimbaya retains 100% ownership of the Tahami Project, including the drill-ready Tahami South. The Company remains focused on executing its fully funded 2025-2026 exploration program, which includes a 4,000-meter drill campaign scheduled to commence at Tahami South soon.

In parallel, Quimbaya will continue to pursue alternative structures to support the formalization of artisanal mining in the region, aligning with its long-standing commitment to responsible mining, inclusive economic participation, and strong community engagement.

‘This is a strategically important district, and we remain confident in both the geological potential of Tahami and the strength of our position,’ said Alexandre P. Boivin, Chief Executive Officer. ‘Our exploration plans are on track, and we continue to evaluate opportunities that can responsibly advance the project and generate long-term value for all stakeholders.’

About Quimbaya
Quimbaya aims to discover gold resources through exploration and acquisition of mining properties in the prolific mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Province, Colombia.

Contact Information

Alexandre P. Boivin, President and CEO apboivin@quimbayagold.com 

Sebastian Wahl, VP Corporate Development swahl@quimbayagold.com

Quimbaya Gold Inc.
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Cautionary Statements

Certain statements contained in this press release constitute ‘forward-looking information’ as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, but not always, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’, ‘expects’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. Forward-looking statements herein include statements and information regarding the Offering’s intended use of proceeds, any exercise of Warrants, the future plans for the Company, including any expectations of growth or market momentum, future expectations for the gold sector generally, the Colombian gold sector more particularly, or how global or local market trends may affect the Company, intended exploration on any of the Company’s properties and any results thereof, the strength of the Company’s mineral property portfolio, the potential discover and potential size of the discovery of minerals on any property of the Company’s, including Tahami South, the aims and goals of the Company, and other forward-looking information. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to, that the Company’s exploration and other activities will proceed as expected. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds being received as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion; investor participation in the Offering; and the Company’s ability to comply with environmental, health and safety laws. Although Quimbaya’s management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change. 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261086

News Provided by Newsfile via QuoteMedia

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Kavanaugh cites 3 presidents in explaining Supreme Court’s ballooning emergency docket

As President Donald Trump has faced an onslaught of legal bids to block his agenda during his second term in office, Trump-nominated Supreme Court Justice Brett Kavanaugh spoke at the U.S. Court of Appeals for the Eighth Circuit judicial conference on Thursday, according to reports.

‘Executive branches of both parties over the last 20 years have been increasingly trying to issue executive orders and regulations that achieve the policy objectives of the president in power,’ Kavanaugh said, according to the New York Times.

‘And I think presidents, whether it’s President Obama – I think the phrase was ‘pen and phone’ – or President Biden or President Trump, have really done more of that, and those get challenged pretty quickly in court,’ he said, according to CNN.

Unlike regular Supreme Court rulings that fully explain the rationale behind the decision, decisions on the high court’s emergency docket may go unexplained.

‘We’ve been doing certainly more written opinions on the interim orders docket than we’ve done in the past,’ Kavanaugh said, according to CNN.

Though he noted that issuing written opinions may pose the ‘risk’ of ‘lock-in effect’ in which that opinion does not ‘reflect the final view,’ reports indicate.

Kavanaugh described the court’s ‘collegiality’ as ‘very strong,’ noting that the nine members on the bench ‘look out for each other’ and consider one another ‘patriots’ and ‘good people,’ according to reports.

Trump nominated Kavanaugh to the Supreme Court during his first term in office. 

He also nominated Amy Coney Barrett and Neil Gorsuch, meaning he chose one third of the current justices.

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China’s growing nuclear arsenal aims to break US alliances and dominate Asia, report warns

China is no longer building nuclear weapons solely for deterrence — it’s using them to fuel its ambitions as a dominant power in Asia, seeking to intimidate U.S. allies and undermine American influence across the region, according to a new report. 

The Hudson Institute warns that by the mid-2030s, China is expected to become a nuclear peer of the United States in both quantity and quality, fielding a modern, survivable and diverse arsenal that includes over 1,000 warheads, a fully developed nuclear triad and tactical nuclear capabilities.

However, Beijing’s goal isn’t to win a nuclear war, the report argues. It’s to manipulate and degrade trust in America’s nuclear umbrella, particularly among U.S. allies in East and Southeast Asia. By sowing doubt that Washington would defend them in a crisis, China hopes to pressure countries like Japan, the Philippines and South Korea into strategic passivity, giving Beijing more room to act — including a potential move on Taiwan — without triggering a broader allied response.

‘The purpose of amplifying uncertainty is to manipulate notions of risk to China’s advantage,’ the report states. ‘This is primarily about exacerbating hesitancy among U.S. allies by exploiting persistent fears of abandonment and doubts regarding America’s commitment.’

China’s military strategy blends rapid nuclear modernization with psychological operations and information warfare. The country is investing in advanced technologies such as hypersonic boost-glide vehicles and fractional orbital bombardment systems — space-based platforms that can deliver nuclear strikes from low-Earth orbit with little warning. Its warheads can now be launched from silos, submarines, road-mobile launchers and aircraft.

The report urges the U.S. to ‘abandon the false hope of arms control’ with China and instead embrace a doctrine of strategic ambiguity and instability, one that deters Beijing through strength and unpredictability rather than bilateral disarmament.

President Donald Trump has expressed interest in future arms control talks with both China and Russia, but analysts say Beijing has shown little genuine interest in limiting its nuclear forces.

The Hudson report devotes case studies to three key allies — the Philippines, Japan and South Korea — and how China uses nuclear intimidation differently in each case.

Philippines 

While Manila is more concerned with gray-zone conflicts in the South China Sea, China may increasingly use implied nuclear threats to dissuade it from hosting U.S. missile systems like the Typhon launcher, which can strike deep into Chinese territory. China has already begun deploying messaging via state-linked outlets that hint at targeting Philippine-based assets.

Japan 

Heavily dependent on the U.S. nuclear umbrella but constrained by strong domestic anti-nuclear sentiment, Tokyo faces an information campaign from Beijing designed to shake confidence in U.S. commitments. China applies psychological pressure to prevent Japan from building counterstrike capabilities or assisting in a conflict over Taiwan.

South Korea 

Seoul remains narrowly focused on North Korea’s nuclear threat, not China’s. It has been reluctant to fully align with U.S. efforts to deter Beijing, and it’s unclear whether South Korea would permit U.S. forces to use its bases in the event of a Taiwan contingency. China, the report says, is working to keep Seoul compartmentalized and disengaged from the broader East Asian conflict.

The report outlines four core recommendations: 

  • Abandon arms control illusions: China’s opacity and doctrine of ambiguity make traditional arms control agreements unworkable.
  • Avoid allied nuclearization: U.S. allies like Japan and Australia should resist calls to build their own nuclear arsenals, which could backfire strategically.
  • Double down on conventional deterrence: Strengthen and modernize allied conventional forces to raise the cost of Chinese aggression.
  • Fight fire with fire in the information domain: Expose China’s nuclear coercion publicly and link allied military buildups directly to Beijing’s behavior.

READ THE REPORT BELOW. APP USERS: CLICK HERE

‘Washington and its allies must show that China’s buildup is backfiring — leading not to fear and passivity, but to renewed resolve and regional rearmament,’ the report says.

The report lands ahead of the Pentagon’s forthcoming global force posture review, expected later this year. The Department of Defense is widely expected to announce a shift in forces from Europe to the Indo-Pacific, reflecting the Biden administration’s—and potentially Trump’s — emphasis on great power competition with China.

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Trump ally Bukele’s party amends El Salvador constitution to allow indefinite presidential re-election

Salvadorian President Nayib Bukele’s New Ideas Party has paved the way for him to potentially retain power in the Central American nation by overhauling the country’s electoral system.

The new bill extends presidential terms to six years and allows for indefinite presidential re-election.

The country’s presidential terms were initially five years long and immediate re-election was prohibited. However, in 2021, the country’s Supreme Court — packed with justices picked by Bukele’s party — ruled that the president could seek a second term, The Associated Press reported. 

Critics said Bukele’s re-election in 2024 was unconstitutional.

Members of New Ideas and their allies in the Legislative Assembly used their supermajority to pass changes to five articles of the country’s constitution and passed the measure in a 57–3 vote on July 31. According to The Associated Press, New Ideas lawmaker Ana Figueroa’s proposal also included a provision to eliminate the second round of elections in which the top two candidates go head-to-head.

‘This is quite simple, El Salvador: only you will have the power to decide how long you wish to support the work of any public official, including your president,’ Figueroa said, according to Reuters. ‘You have the power to decide how long you support your president and all elected officials.’

Meanwhile, other lawmakers expressed their frustration with the bill, with one lamenting the death of democracy.

Nationalist Republican Alliance legislator Marcela Villatoro declared to her fellow lawmakers that ‘Democracy in El Salvador has died!’

‘You don’t realize what indefinite reelection brings: It brings an accumulation of power and weakens democracy … there’s corruption and clientelism because nepotism grows and halts democracy and political participation,’ Villatoro said, according to The Associated Press.

Bukele, who was first elected in 2019, has become somewhat of a polarizing figure as his crackdown on crime has made him popular with voters, while critics worry that he is trying to consolidate power. While Bukele’s tough-on-crime policies have caused homicides to plummet, human rights groups say that innocent people were caught up in mass arrests.

Human Rights Watch issued a report in July 2024 in which it found that approximately 3,000 children had become victims of the crackdown, which began in 2022. In the report summary, the group tells the story of a 17-year-old girl who was arrested without a warrant and eventually forced to plead guilty to collaborating with the notorious MS-13 gang, something she denied.

Last year, Bukele told Time magazine that he would not seek a third term, though he could change his tune following the constitutional reforms.

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Trump takes jab at GOP senator, urging Republicans to ‘vote the exact opposite of’ how she does

President Donald Trump targeted Sen. Susan Collins, R-Maine, in a Thursday night Truth Social post, urging Republicans to vote in the opposite of the way that she does.

‘Republicans, when in doubt, vote the exact opposite of Senator Susan Collins. Generally speaking, you can’t go wrong. Thank you for your attention to this matter and, MAKE AMERICA GREAT AGAIN!’ the president declared in the post.

Fox News Digital reached out to Collins’ office early on Friday morning to request a comment from the senator.

Last month Collins voted against passage of the One Big Beautiful Bill Act and against passage of a rescissions measure, both of which Trump ultimately signed.

Earlier this year she voted against confirming Pete Hegseth to serve as secretary of defense and against confirming Kash Patel to serve as FBI director.

In February 2021, she voted to convict Trump after the House impeached him in the wake of the Jan. 6, 2021 Capitol riot, but that Senate vote, which occurred after Trump had already departed from office, did not reach the threshold necessary for conviction.

Collins has served in the Senate since 1997.

This post appeared first on FOX NEWS

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Trump Clashes With Reporter Over Tariffs, Citing Pandemic and ‘Fighting Lunatics’

President Donald Trump clashed with a reporter Thursday over questions about a newly signed tariff, telling him that he had spent his first term ‘fighting lunatics like you.’ The intense exchange follows a White House signing ceremony for a series of executive actions aimed at expanding reciprocal tariffs and strengthening U.S. trade policy.

While speaking with reporters at the White House after the signing, a reporter confronted Trump on why he is emphasizing tariffs more in his second term. 

‘You’re weighing your decision to do that, your authority to do that based on a 1977 law. It’s never been invoked before,’ said the reporter. ‘Why didn’t you invoke this law in your first term? You could have taken in billions upon billions of dollars in your first term, but you waited until your second term?’

Without missing a beat, the president shot back: ‘Yeah, because in my first term, I was fighting lunatics like you who were trying to do things incorrectly and inappropriately to a president that was duly elected.’ 

‘And we did do certain tariffs in the first term,’ he continued. ‘If you look at China, China, we took in hundreds of billions of dollars from China.’ 

He also said that the COVID-19 pandemic also played a factor in his decision to not emphasize tariffs as much in his first term.

‘When Covid came the last thing I was going to do is tell France and Italy and Spain and a couple of other countries that we’re going to hit you with tariffs,’ he explained. ‘We had to fight the Covid situation when that came.’ 

‘But if you look at my first term,’ he went on, ‘We took in hundreds of billions of dollars’ worth of tariffs, but you people didn’t cover it very well.’ 

A statement by the White House said that Trump’s executive actions taken on Thursday ‘reflects the President’s continued efforts to protect the United States against foreign threats to the national security and economy of the United States by securing fair, balanced, and reciprocal trade relationships to benefit American workers, farmers, and manufacturers and to strengthen the United States’ defense industrial base.’ 

This comes shortly after Trump and European Commission President Ursula von der Leyen announced a trade deal between the U.S. and E.U. on Sunday.

‘We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%,’ Trump said.

‘So, we have a tariff of 15%. We have the opening up of all of the European countries, which I think I could say were essentially closed. I mean, you weren’t exactly taking our orders. You weren’t exactly taking our agriculture,’ he added, addressing von der Leyen.

Von der Leyen said Europe will also purchase $150 billion worth of U.S. energy as part of the deal, in addition to making $600 billion in other investments into the U.S.

Fox News Digital’s Anders Hagstrom and Stephen Sorace contributed to this report.

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Investing

Element79 Gold Corp Announces Execution of Definitive Agreement to Acquire Gold Mountain Project in Nevada

 

(TheNewswire)

 

     

   
             

 

Vancouver, BC TheNewswire – August 1, 2025 Element79 Gold Corp. (CSE: ELEM,OTC:ELMGF) (OTC: ELMGF) (FSE: 7YS0) (‘Element79 Gold’, the ‘Company’) is pleased to announce that it has executed a definitive Asset Purchase Agreement (the ‘Agreement’) dated July 31, 2025, with Donald James McDowell (the ‘Vendor’) for the acquisition of a 100% interest in the Gold Mountain Project located in Lander County, Nevada.

 

  The Gold Mountain Project consists of 34 unpatented mining claims covering highly prospective ground in the heart of Nevada’s Battle Mountain trend. Under the terms of the Agreement, Element79 Gold, through its wholly owned subsidiary ELEM Battle Mountain LLC, has agreed to acquire all rights, title, and interest in the Gold Mountain assets in exchange for the issuance of 100,000,000 common shares of the Company at a deemed price of C$0.02 per share, as well as a cash payment of US$137,485.85 payable following the closing of the Company’s next equity financing.  

 

  As part of the transaction, the Vendor will retain a 3% Net Smelter Return (NSR) royalty on all future mineral production from the project.   This arm’s length transaction is not considered a fundamental change for the Company.  No finder’s fees will be paid in conjunction with the transaction. The Company Will ensere that all required regulatory Filings are made in regards to this transaction.  

 

  Full details of the acquisition are available in the Asset Purchase Agreement filed on SEDAR+.  

 

  James Tworek, CEO of Element79 Gold, commented   :  

 

  ‘This acquisition marks a significant step in advancing our strategic focus in Nevada. The Gold Mountain Project provides a drill-ready opportunity with strong geological fundamentals in one of the most prolific gold regions in the world. Our technical team is preparing an exploration program for later this year to begin unlocking the value of this asset.’  

 

  About Element79 Gold Corp  

 

  Element79 Gold Corp is a mining company focused on gold and silver exploration, with a portfolio of assets in Nevada and Peru. The Company is actively advancing its Elephant project in the Battle Mountain trend of Nevada, as well as the drill-ready Gold Mountain project in Battle Mountain, Nevada. The Company also holds an option to purchase the high-grade Lucero mine in southern Peru.   Element79 Gold has completed the transfer of its Dale Property in Ontario to its wholly owned subsidiary, Synergy Metals Corp., and is progressing through the Plan of Arrangement spin-out process.   Element79 Gold is listed on the Canadian Securities Exchange (CSE: ELEM,OTC:ELMGF), the Frankfurt Stock Exchange (FSE: 7YS0), and the OTC Markets (OTC: ELMGF).  

 

  Investor Relations Contact:  

 

  Investor Relations Department  

 

  Email:     investors@element79.gold     
Phone: +1.604.319.6953  

 

  Corporate Contact:  

 

  James C. Tworek, Chief Executive Officer and Director  

 

  Email:     jt@element79.gold    

 

  Cautionary Note Regarding Forward Looking Statements  

 

  This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words ‘anticipate,’ ‘plan,’ ‘continue,’ ‘expect,’ ‘estimate,’ ‘objective,’ ‘may,’ ‘will,’ ‘project,’ ‘should,’ ‘predict,’ ‘potential’ and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company’s exploration plans, development plans and the Force Majeure Event. Although the Company believes that the expectations and   assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on these statements because the Company cannot provide assurance that they will prove correct. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those anticipated. Factors that could cause actual results to differ include conditions in the duration of the Force Majeure Event, and receipt of regulatory and shareholder approvals. These forward-looking statements are made as of the date of this press release, and, except as required by law, the Company disclaims any intent or obligation to update publicly any forward-looking statements.  

 

  Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.  

 

Copyright (c) 2025 TheNewswire – All rights reserved.

 

 

News Provided by TheNewsWire via QuoteMedia

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Silver47 and Summa Silver Complete Merger to Create a Premier U.S. High Grade Silver Explorer & Developer

 

Silver47 Exploration Corp. (TSXV: AGA,OTC:AAGAF) (OTCQB: AAGAF) (‘Silver47’) and Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (‘Summa’) (together, the ‘Companies’) are pleased to announce the completion of their previously announced at-market merger (the ‘Transaction’) by way of a court-approved plan of arrangement (the ‘Arrangement’). The combined company (the ‘Combined Company’) will continue under the name ‘Silver47 Exploration Corp.’.

 

Gary R. Thompson, Executive Chairman of Silver47, stated: ‘We are excited to have reached this transformative milestone which begins our rapid growth phase to become a large high-grade USA-focused silver company. I’m looking forward to unlocking the value of these assets.’

 

Galen McNamara, Chief Executive Officer of Silver47, stated: ‘Silver47 now emerges as a premier United States-focused high-grade silver explorer and developer. Uniting projects in Alaska, Nevada, and New Mexico cumulatively hosting well over 200 million silver equivalent ounces with clear upside potential, we’re poised to benefit from a renewed interest in United States mineral development at a time when the importance of domestic production has returned to the national spotlight. With a talented team, strong cash position, and support from our shareholders, we plan to aggressively drive exploration, growth, and development. This combination enhances our scale and visibility in an emerging silver and critical metals market, positioning us to advance our vision and deliver ongoing value to shareholders.’

 

Following the Transaction, the Combined Company is a premier high-grade silver focused explorer and developer with a portfolio of silver-rich mineral resource staged projects in the United States (Alaska, Nevada and New Mexico). Collectively, the Companies’ mineral resources equal approximately 10 Moz AgEq at 333 g/t AgEq of indicated mineral resources and 236 Moz AgEq at 334 g/t AgEq inferred mineral resources (see mineral resource table below for full details) with substantial upside and a shared vision for significant additional silver discovery and consolidation.

 

Under the terms of the Transaction, Summa shareholders received 0.452 common shares of Silver47 (each whole share, a ‘Silver47 Share‘) in exchange for each Summa common share (each a ‘Summa Share) held (the ‘Exchange Ratio‘).

 

As a result of the Transaction, Summa has become a wholly-owned subsidiary of Silver47 and the Summa Shares are anticipated to be delisted from the TSX Venture Exchange at market close on or about August 5, 2025. Following the delisting, Summa intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.

 

Strategic Rationale for Transaction

 

  •  Creation of a Leading High-Grade US-Focused Silver Explorer and Developer: The combination of Silver47’s Red Mountain project in Alaska with Summa’s Hughes project in Nevada and Mogollon project in New Mexico establishes a premier portfolio of high-grade silver-focused assets in the United States enhancing the Combined Company’s scale, leverage to silver and appeal to investors.
  •  Expanded Resource Base for Accelerated Growth: The Transaction consolidates significant mineral resources of approximately 10 Moz AgEq at 333 g/t AgEq of indicated mineral resources and 236 Moz AgEq at 334 g/t AgEq inferred mineral resources (see mineral resource table below for full details) with significant growth potential between the three United States-based projects positioning the combined company to accelerate exploration and development towards production.
  •  Significant Re-Rate Potential Based on Valuation of Peers: The Combined Company is currently undervalued on an EV/oz metric of US$0.33/oz AgEq for their pro forma current total MI&I resource endowment. The Combined Company has significant growth potential through re-rating relative to peers, through systematic exploration, resource growth, and strategic acquisitions.
  •  Enhanced Capital Markets Profile and Liquidity: By consolidating projects and increasing market capitalization, the Combined Company can be expected to benefit from improved visibility and access to capital, appealing to institutional investors seeking exposure to high grade U.S.-based silver projects, supported by a tight share structure with strong backing from investors including Eric Sprott.
  •  Continued Growth and Value Creation: The Combined Company will pursue organic and acquisitive growth to consolidate and create a high-quality silver portfolio in the U.S. The Combined Company will plan to (i) advance the current portfolio, creating strong silver development projects by expanding on resources and grade; and (ii) continue to consolidate the silver market, acquiring high-quality silver projects in tier 1 jurisdictions at accretive valuations.
  •  Exceptional Technical & Capital Markets Team, and Commitment to Shareholder Value Creation: The board of directors and management team of the Combined Company includes members with deep experience in the capital markets as well as proven mine finding and mine development histories.

Benefits to Silver47 and Summa Shareholders

 

  • Shareholders of the Combined Company will have exposure to a diversified portfolio of high-grade United States silver projects, reducing risk while positioning for upside in a rising silver market.
  • The Combined Company’s enhanced scale will strengthen its ability to attract strategic partnerships, unlocking capital for exploration and development to drive share price appreciation.
  • Shareholders of the Combined Company will benefit from a unified management team with complementary expertise, optimizing project execution at Red Mountain, Hughes, and Mogollon for efficient resource growth and development.
  • The Transaction’s all-share structure aligns long-term shareholder interests, ensuring shared commitment to advancing projects and pursuing value-accretive opportunities.
  • An expected increase in market exposure from high-profile United States assets should enhance the Combined Company’s appeal to global investors, supporting potential inclusion in silver-focused indices and ETFs.
  • Shareholders of the Combined Company are expected to benefit from reduced G&A, cost savings, and prioritized work programs and asset catalysts to drive a potential re-rating for the Combined Company.

Combined Silver Mineral Resource Summary

 

                                                                                                                                            

Classification Company Project Tonnes Ag Au Zn Pb Cu AgEq Ag Au Zn Pb Cu AgEq
(Mt) (g/t) (g/t) (%) (%) (%) (g/t) (Moz) (koz) (kt) (kt) (kt) (Moz)
Inferred Silver47 Red Mountain 15.6 71 0.4 3.4 1.4 0.2 336 36.0 214 532 216 26 168.6
Indicated Summa Hughes 1.0 188 1.6 – – – 333 5.8 49 – – – 10.3
Inferred Summa Hughes (In Situ) 2.4 204 2.4 – – – 421 15.9 188 – – – 32.9
Inferred Summa Hughes (Tailings) 1.3 44 0.3 – – – 68 1.8 11 – – – 2.7
Inferred Summa Mogollon 2.7 139 2.7 – – – 367 12.1 238 – – – 32.1
Total Indicated Mineral Resources 1.0 188 1.6 – – – 333 5.8 49 – – – 10.3
Total Inferred Mineral Resources 22.0 92 0.9 2.4 1.0 0.1 334 65.8 651 532 216 26 236.3

 

 

 

Notes to Silver47 Mineral Resources:

 

1. The 2024 Red Mountain mineral resource estimate (‘MRE‘) was estimated and classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) ‘Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines’ dated November 29, 2019, and the CIM ‘Definition Standards for Mineral Resources and Mineral Reserves’ dated May 10, 2014.
2. Mr. Warren Black, M.Sc., P.Geo. of APEX Geoscience Ltd., a ‘qualified person’ (‘QP‘) as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101‘), is responsible for completing the MRE, effective January 12, 2024.
3. Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have been calculated for Red Mountain. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
4. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
5. The quantity and grade of reported inferred mineral resources is uncertain, and there has not been sufficient work to define the inferred mineral resource as an indicated or measured mineral resource.
6. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Reported grades are undiluted.
7. A standard density of 2.94 g/cm³ is assumed for mineralized material and waste rock. Overburden density is set at 1.8 g/cm³. For mineralized material blocks with iron assays close enough to estimate an iron value for the block, density is calculated using the formula: density (g/cm³) = 0.0553 * Fe (%) + 2.5426.
8. Metal prices are US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1,850/oz Au, and US$23/oz Ag.
9. Recoveries are 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au.
10. ZnEQ (%) = [Zn (%) x 1] + [Pb (%) x 0.6364] + [Cu (%) x 2.4889] + [Ag (ppm) x 0.0209] + [Au (ppm) x 1.923]
11. AgEQ (ppm) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (ppm) x 1] + [Au (ppm) x 91.93]
12. Open-pit resource economic assumptions are US$3/tonne for mining mineralized and waste material, US$19/tonne for processing, and 48° pit slopes.
13. Underground resource economic assumptions are US$50/tonne for mining mineralized and waste material and US$19/tonne for processing.
14. Open-pit resources comprise blocks constrained by the pit shell resulting from the pseudoflow optimization using the open-pit economic assumptions.
15. Underground resources comprise blocks below the open-pit shell that form minable shapes. They must be contained in domains of a minimum width of 1.5 m at Dry Creek or 3 m height at West Tundra Flats. Resources not meeting these size criteria are included if, once diluted to the required size, maintain a grade above the cutoff.

 

Notes to Summa Mineral Resources:

 

1. Silver Equivalent (AgEq) cut-off grade for the Hughes Project in situ Mineral Resources is based on a silver price of $25/oz, recovery of 90% Ag, and cost assumptions including: USD$88.2/t average mining cost for approximately 70% longhole stoping and 30% cut and fill mining, USD$36.3/t processing cost, USD$9.7/t G&A cost, USD$0.20/oz Ag refining cost for a total mining, processing and G&A cost of USD$134.2/tonne. A 3% royalty has also been applied to the cut-off grade determination.
2. Silver Equivalent (AgEq) cut-off grade for the Hughes Project tailings Mineral Resources is contained within an optimized pit and based on a silver price of $25/oz, recovery of 90% Ag, and cost assumptions including: USD$2.25/t mining cost, USD$21.0/t processing cost, USD$9/t G&A cost, USD$0.50/oz Ag refining cost for a total mining, processing and G&A cost of USD$33.34/tonne. A 3% royalty has also been applied to the cut-off grade determination.
3. Silver Equivalent (AgEq) cut-off grade for the Mogollon Project Mineral Resources is based on a silver price of $25/oz, recovery of 97% Ag, and cost assumptions including: USD$83/t mining cost for longhole stoping, USD$36.3/t processing cost, USD$9.7/t G&A cost, USD$0.20/oz Ag refining cost for a total mining, processing and G&A cost of USD$129/tonne A 3% royalty has also been applied to the cut-off grade determination.
4. AgEq is based on silver and gold prices of $25/oz and $2100/oz respectively, and recoveries for silver and gold of 90% and 97%, respectively for the Hughes Project, and 97% and 97%, respectively, for the Mogollon Project. AgEq Factor= (Ag Price / Au Price) x (Ag Rec / Au Rec); g AgEq/t = g Ag/t + (g Au/t / AgEq Factor).
5. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.
6. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves. The quantity and grade of reported Inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred mineral resources as Indicated mineral resources. It is uncertain if further exploration will result in upgrading them to the Indicated mineral resources category.
7. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
8. There are no known environmental, permitting, legal, or other factors which could materially affect the MREs.

 

Management Team and Board of Directors

 

Silver47 will be led by Gary R. Thompson as Executive Chairman, Galen McNamara as Chief Executive Officer and Martin Bajic as Chief Financial Officer. Galen McNamara and Thomas O’Neill have been appointed to Silver47’s board of directors, joining Gary R. Thompson and Ryan Goodman.

 

Subscription Receipt Financing

 

Prior to the completion of the Transaction, the 27,600,000 Subscription Receipts issued by Summa pursuant to its previously announced subscription receipt financing (the ‘Subscription Receipt Financing‘) automatically converted into units of Summa, which units have been exchanged, adjusted, or converted into securities of Silver47 at the Exchange Ratio, resulting in the issuance of an aggregate of 12,475,400 Silver47 Shares, and warrants entitling the holders to acquire an additional 6,237,600 Silver47 Shares at an exercise price of $0.796 per Silver47 Share.

 

The Subscription Receipt Financing was led by Research Capital Corporation, as co-lead agent and sole bookrunner, and together with Haywood Securities Inc., as co-lead agent, on behalf of a syndicate of agents, including Eventus Capital Corp.

 

Additional Issuances

 

Upon the closing of the Transaction, Haywood Securities Inc. and Eventus Capital Corp. were each issued 723,325 units of Silver47 (the ‘Advisory Units‘) in consideration of financial advisory services provided to Silver47 and Summa, respectively, in connection with the Transaction. The Advisory Units were issued at a deemed price of $0.553 per unit.

 

Each Advisory Unit is comprised of one Silver47 Share and one-half of one Silver47 share purchase warrant with each whole warrant exercisable to acquire one Silver47 Share at an exercise price of $0.796 for a period of 24 months from issuance.

 

Information for Registered Summa Shareholders

 

In order to receive Silver47 Shares in exchange for Summa Shares, registered shareholders of Summa must complete, sign, date and return the letter of transmittal that was mailed to each Summa shareholder prior to closing. The letter of transmittal is also available under Summa’s profile on SEDAR+ at www.sedarplus.ca. For those shareholders of Summa whose Summa Shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, they should contact such nominee for assistance in depositing their Summa Shares and should follow the instructions of such intermediary or nominee.

 

Convertible Securities

 

Summa Options

 

Pursuant to the Arrangement, each Summa option (a ‘Summa Option‘), whether vested or unvested, has been transferred to Silver47, with the holder thereof receiving as consideration an option to purchase from Silver47 such number of Silver47 Shares equal to the Exchange Ratio multiplied by the number of Summa Shares subject to the Summa Option, at an exercise price per Silver47 Share equal to the current Summa Option exercise price divided by the Exchange Ratio, exercisable until the original expiry date of such Summa Option and otherwise governed by the terms of the Summa stock option plan.

 

Summa Warrants

 

Pursuant to the Arrangement, each Summa warrant to purchase common shares (a ‘Summa Warrant‘) will, upon the exercise of such rights, entitle the holder thereof to be issued and receive for the same aggregate consideration, upon such exercise, in lieu of the number of Summa Shares to which such holder was theretofore entitled upon exercise of such Summa Warrants, the kind and aggregate number of Silver47 Shares that such holder would have been entitled to be issued and receive if, immediately prior to the effective time of the Arrangement, such holder had been the registered holder of the number of Summa Shares to which such holder was theretofore entitled upon exercise of such Summa Warrants. All other terms governing the warrants, including, but not limited to, the expiry date, exercise price and the conditions to and the manner of exercise, will be the same as the terms that were in effect immediately prior to the effective time of the Arrangement, and shall be governed by the terms of the applicable warrant instruments.

 

Further information about the Transaction is set forth in the materials prepared by Summa in respect of the special meeting of the shareholders of Summa which were mailed to Summa shareholders and filed under Summa’s profile on SEDAR+ at www.sedarplus.ca.

 

Early Warning Disclosure

 

Prior to the Transaction, Silver47 held nil Summa Shares. Following the completion of the Transaction, Silver47 holds all of the issued and outstanding Summa Shares. An early warning report will be filed by Silver47 under Summa’s SEDAR+ profile at www.sedarplus.ca in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact Martin Bajic at mbajic@silver47.ca.

 

Advisors and Counsel

 

Haywood Securities Inc. acted as exclusive financial advisor to Silver47. Fasken Martineau DuMoulin LLP acted as Canadian legal advisor to Silver47.

 

Eventus Capital Corp. acted as exclusive financial advisor to Summa. Forooghian + Company Law Corporation acted as Canadian legal advisor to Summa.

 

Technical Disclosure and Qualified Persons

 

The scientific and technical information contained in this news release has been reviewed and approved by Galen McNamara, P. Geo., Chief Executive Officer of Silver47, a QP as defined by NI 43-101.

 

About Silver47

 

Silver47 Exploration Corp. is a Canadian-based exploration company that wholly-owns six silver and critical metals (polymetallic) exploration projects in Canada and the US. These projects include the Red Mountain Project in southcentral Alaska, a silver-gold-zinc-copper-lead-antimony-gallium VMS-SEDEX project. The Red Mountain Project hosts an inferred mineral resource estimate of 15.6 million tonnes at 7% ZnEq or 335.7 g/t AgEq, totaling 168.6 million ounces of silver equivalent, as reported in the NI 43-101 Technical Report dated January 12, 2024. Silver47 also owns a 100% interest in the Hughes Project located in central Nevada and the Mogollon Project located in southwestern New Mexico. The high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes Project. The Mogollon Project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to Summa’s involvement.

 

 

Silver47 Contact Information
Gary R. Thompson
Executive Chairman
gthompson@silver47.ca

 

Galen McNamara
Chief Executive Officer
gmcnamara@silver47.ca

 

Silver47 Investor Relations Contact:
Giordy Belfiore
gbelfiore@silver47.ca

 

 

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 release.

 

Forward looking and other cautionary statements

 

Certain information set forth in this news release contains ‘forward‐looking statements’ and ‘forward‐looking information’ within the meaning of applicable Canadian securities legislation and applicable United States securities laws (referred to herein as forward‐looking statements). Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the potential benefits to be derived from the Transaction; the future financial or operating performance of Silver47 and Silver47’s mineral properties and project portfolios; Silver47’s intended use of the net proceeds from the sale of Subscription Receipts; the results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of technical reports on mineral properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of Silver47’s mineral properties and project portfolios; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of mineral properties; future growth potential of mineral properties; and future development plans.

 

Forward-looking statements are often identified by the use of words such as ‘may’, ‘will’, ‘could’, ‘would’, ‘anticipate’, ‘believe’, ‘expect’, ‘intend’, ‘potential’, ‘estimate’, ‘budget’, ‘scheduled’, ‘plans’, ‘planned’, ‘forecasts’, ‘goals’ and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the integration of the Companies, and realization of benefits therefrom; Silver47’s ability to complete its planned exploration programs; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render mineral properties economic; Silver47’s ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: risks related to the Transaction, including, but not limited to, integration risks; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties and management’s ability to anticipate and manage the foregoing factors and risks. Although Silver47 has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Silver47’s management’s discussion and analysis for the three and six months ended April 30, 2025 and 2024, and Summa’s annual information form dated December 20, 2024 for the fiscal year ended August 31, 2024.

 

There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Silver47 undertakes no obligation to update forward‐looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding Silver47’s plans, objectives and goals and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements. This news release also contains or references certain market, industry and peer group data, which is based upon information from independent industry publications, market research, analyst reports, surveys, continuous disclosure filings and other publicly available sources. Although Silver47 believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. Silver47 has not independently verified any of the data from third party sources referred to in this news release and accordingly, the accuracy and completeness of such data is not guaranteed.

 

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

 

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260955

 

 

 

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