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United Nations Secretary-General António Guterres has directed staff to slash budgets ahead of the 2026 budgetary vote as part of a wider reform effort through his UN80 Initiative. 

Much of the belt-tightening comes at a time when the Trump administration has looked to save money with the help of DOGE. In March, Guterres warned about cuts to U.S. spending at the U.N., stating that ‘going through with recent funding cuts will make the world less healthy, less safe, and less prosperous.’ The U.S., as the top funder to the world body, has given billions over the last few years, while paying around a third of its budget.

However, organizational belt-tightening does not appear to have hit senior-level U.N. staff. 

‘The American people don’t even see this,’ a diplomatic source told Fox News Digital. ‘These people that are appointed to care for the poor of the world, get better perks than any investment banks out there.’

The diplomatic insider told Fox News Digital that the current ‘zero-growth’ budget for 2026 still includes ‘a lot of perks’ for professional- and director-level U.N. staff along with assistant-secretaries, under-secretaries and the secretary-general. 

Fox News Digital recently reported that Guterres earned $418,348, which is a higher base salary than President Donald Trump receives. And that doesn’t include some of the perks the U.N. chief gets, including a plush Manhattan residence and chauffeur-driven car.

Additionally, though U.N. documents say senior-level U.N. staff are ‘going to be the first thing to be reduced,’ the source says that ‘in the budget of 2026, none of that is touched.’ 

Here is a list of perks:

Salary and Multiplier

U.N. professional staff, including Guterres, are paid a general salary as well as an additional multiplier of their salary based on their post. Multipliers are meant to ‘preserve equivalent purchasing power for all duty stations’ and can range from 16% in Eswatini, Africa, to 86.8% in Switzerland, according to data provided to Fox News Digital by a U.N. source.

The U.N. pay scale has been set to compare with ‘equivalently graded jobs in the comparator civil service in Washington, D.C.,’ with compensation about ’10 to 20% ahead of the comparator service’ to ‘attract and retain staff from all countries, including the comparator.’

Housing Allowance and Tax Exemption

Other expenses that may be compensated for include taxes paid and housing costs.

U.N. staff’s rent may be subsidized by up to 40% if it ‘exceeds a so-called rent threshold’ based on an employee’s income. 

Many member states exempt U.N. employees from paying taxes, but employees of the organization who must pay taxes at their duty station are reimbursed for the cost.

Dependent Costs

There are substantial benefits for staff with dependents.

Staff receive an allowance of 6% of their net income if their spouses earn less than an entry-level general service U.N. salary. 

Staff who are parents receive a flat allowance of $2,929 for children under 18, or who are under 21 and in secondary schooling. A second child allowance for staff without spouses is set at $1,025. 

U.N. employees may receive grants to cover a portion of the education costs for dependent children through up to four years of post-secondary education. Reimbursements are calculated on a sliding scale. In a sample calculation, the U.N. explains that it would reimburse $34,845 of a $47,000 tuition. 

Boarding fees may also be reimbursed up to $5,300 during primary and secondary education.

Pension Fund, Healthcare Fees

U.N. staff have access to the U.N. joint staff pension fund, which allows employees to contribute 23.7% of ‘pensionable remuneration, with two-thirds paid by the organization and one-third by the staff member.’

Travel Fees

The U.N. pays travel expenses for staff ‘on initial appointment, on change of duty station, on separation from service, for travel on official business, for home leave travel, and on travel to visit family members.’ In some instances, the U.N. also pays for eligible spouses and dependent children to travel. 

Travel expenses include a ‘daily subsistence allowance (DSA)’ meant to cover ‘the average cost of lodging and other expenses.’ Eligible family members receive half the DSA, while director-level staff and above receive an additional DSA supplement.

Hardship, Relocation, Mobility and Other Incentives

For staff who change assignments at certain duty stations, U.N. mobility incentives begin at $6,700 and can grow to more than $15,075.

If changing stations for an assignment lasting more than a year, settling-in benefitscomprise30 days’ DSA for staff and half-DSA for eligible families, as well as one month of net pay and one month of post adjustment at the assignment duty station. Moving expenses may include the full or partial removal and transport of household goods, or the storage of those items.

Hardship allowances of between $5,930 and $23,720 may be granted for non-local staff in certain duty stations. The U.N. issues allowances of $19,800 for staff with dependents and $7,500 for staff without dependents stationed at non-family duty stations ‘to recognize the increased level of financial and psychological hardship incurred by involuntary separation.’ Danger pay of $1,645 may also be allocated to staff whose association or employment may make them ‘clearly, persistently, and directly targeted,’ or in duty stations where there is a ‘high risk of becoming collateral damage in a war or active armed conflict.’ 

Terminated Employees

Terminated employees are also allowed separation payments, typically constituting several months’ pay if their appointment has been terminated due to ‘abolition of post or reduction of staff; poor health or incapacitation for further service; unsatisfactory service; agreed termination.’ Those terminated for unsatisfactory service or misconduct may receive half the typical separation payment. 

A repatriation grant may additionally be paid to staff who have been in expatriate service for at least five years, unless staff were ‘summarily dismissed.’

Future Cuts to Senior Pay?

In response to questions about Fox News Digital’s source’s statements about U.N. employee compensation being on par with that of an investment banker, Guterres’ spokesperson Stephane Dujarric said the assertion was ‘ludicrous’ and ‘demonstrates an ignorance of both the United Nations and the investment banking worlds.’

Dujarric did not deny that the 2026 budget proposal includes no cutting of senior personnel or benefits. ‘The budget proposal for 2026 was prepared before the launch of the UN80 initiative,’ he said. ‘We are currently working on identifying efficiencies, including reductions in post, and a revised proposal will be submitted to the General Assembly in the Fall for its deliberations, which usually take place between October and December.’ 

Dujarric added that the International Civil Service Commission, an independent group of 15 expert appointees which creates the system of salaries, benefits and allowances for the U.N., is ‘undertaking a comprehensive review of the compensation package for the international Professional and higher category of staff,’ with the results due for presentation in 2026. 

‘The secretary-general has no authority of the decisions of the ICSC or the appointment of its members,’ he said.

This post appeared first on FOX NEWS

It was a week of downward momentum for the gold price.

The yellow metal neared the US$3,400 per ounce level on Monday (June 23) as investors reacted to the weekend’s escalation in tensions in the Middle East, but sank to just above US$3,300 the next day.

The decline came as US President Donald Trump announced that Israel and Iran had agreed to a ceasefire. While the ceasefire has not gone entirely smoothly, with Trump expressing displeasure about violations, the news appeared to calm investors.

Gold’s safe-haven appeal took another hit toward the end of the week, when Trump said late on Thursday (June 26) that the US had signed a trade deal with China. Although details remain scarce — China’s commerce ministry confirmed the arrangement, but said little else — the gold price dropped on the news, closing Friday (June 27) at about US$3,274.

It was a different story for other precious metals this week.

Silver enjoyed an uptick, rising as high as US$36.79 per ounce before pulling back to the US$36 level. Whether it can continue breaking higher remains to be seen, but many experts are optimistic.

In fact, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said that right now he’s perhaps more excited about silver than he is about gold. Here’s how he explained it:

There’s not a lot of new production coming on stream, just because most silver comes as a by-product from lead, zinc and copper mines — more than half of silver. And we’re just not seeing the investment into the base metals space that we need to sustain that production and grow that production.

As excited as I am about gold, I think silver’s got a few more fundamentals behind it that make it a pretty exciting time to be watching silver … silver’s got some catching up to do with respect to what gold’s done over the last few years.’

Watch the full interview with Smallwood for more on silver, as well as gold and platinum.

Speaking of platinum, it was also on the move this week, rising above US$1,400 per ounce.

The move has turned heads — despite a persistent supply deficit, platinum has spent years trading in a fairly tight range, and it hasn’t crossed US$1,400 since 2014.

Recent trends supporting platinum’s move include a shift toward platinum jewelry due to the high cost of gold, as well as larger platinum imports to the US earlier this year when tariff uncertainty was heating up. At the same time, miners have faced challenges.

‘This has led to tight forward market conditions,’ said Jonathan Butler of Mitsubishi (TSE:8058), ‘with a deep backwardation across the curve.’ In his view, these conditions will continue providing support for the precious metal in the coming weeks.

Bullet briefing — Gold repatriation, Rule Symposium

Germany, Italy to repatriate gold?

Germany and Italy are facing calls to bring home gold stored in the US.

According to the Financial Times, politicians and economists in the two countries are pushing for repatriation as a result of global geopolitical uncertainty, as well as concerns about Trump’s potential influence on the Federal Reserve as he continues to criticize Chair Jerome Powell.

‘We are very concerned about Trump tampering with the Federal Reserve Bank’s independence. Our recommendation is to bring the (German and Italian) gold home to ensure European central banks have unlimited control over it at any given point in time’ — Michael Jäger, Taxpayers Association of Europe

The news outlet calculates that German and Italian gold held in the US has a total value of about US$245 billion. Market participants agree that it would be a blow to relations with America if the countries were to bring their gold home at this time.

At least for now they seem unlikely to do so — although Italy’s central bank hasn’t commented, Germany’s Bundesbank said it sees the New York Fed as ‘trustworthy and reliable.’

Send your questions for the Rule Symposium

The Rule Symposium runs in Boca Raton, Florida, from July 7 to 11, and I’ll be heading there to interview Rick Rule, as well as Adrian Day, Lobo Tiggre, Andy Schectman, Dr. Nomi Prins and more.

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

This post appeared first on investingnews.com

President Donald Trump has secured commitments for a record-shattering $1.4 billion since Election Day 2024, Fox News Digital has learned. 

And advisors say he will be ‘an even more dominant force’ for Republicans in the 2026 midterms. 

The president’s political operation, including the cash on hand at the Republican National Committee, has raised a historic $900 million since November, and other commitments will bring the total to more than $1.4 billion.

Fox News Digital has learned the funds will be used to help Republicans keep their House and Senate majorities.

Republicans control the House with a 220-215 majority and control the Senate with a 53-47 majority. 

Sources say the funds will also be used for whatever the president deems ‘necessary and appropriate.’

‘After securing a historic victory in his re-election campaign in 2024, President Trump has continued to break records, including fundraising numbers that have positioned him to be an even more dominant force going into the midterms and beyond,’ President Trump’s senior advisor and National Finance Director Meredith O’Rourke told Fox News Digital. 

The president headlined a major donor event in Washington, D.C., in April for the National Republican Congressional Committee (NRCC), which is the House GOP’s campaign arm. That fundraiser hauled in at least $10 million for the NRCC, a source familiar with the event told Fox News.

In March, Vice President JD Vance was tapped to serve as the RNC finance chair, the first time in the history of the GOP a sitting vice president is serving in the role.

Vance pledged to work to ‘fully enact the MAGA mandate’ and expand the Republican majority in Congress in 2026.

Fox News Digital’s Paul Steinhauser contributed to this report.

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A Senate Democrat’s push to put a check on President Donald Trump’s powers and reaffirm the Senate’s war authority was shut down by lawmakers in the upper chamber Thursday.

Sen. Tim Kaine’s war powers resolution, which would have required Congress to debate and vote on whether the president could declare war, or strike Iran, was struck down in the Senate on a largely party-line vote, save for Sen. John Fetterman, D-Pa., a staunch advocate of Israel who supported Trump’s strike on the Islamic Republic, and Sen. Rand Paul, R-Ky., who has been vocal in his thoughts about congressional war powers in recent days.

Earlier in the week, the Virginia Democrat vowed to move ahead with the resolution despite a fragile ceasefire brokered between Israel and Iran following weekend strikes on the Islamic Republic’s key nuclear facilities that were not given the green-light by Congress.

Kaine argued that the ceasefire gave his resolution more credence and breathing room to properly debate the role that Congress plays when it comes to authorizing both war and attacks abroad.

He said ahead of the vote on the Senate floor that he came to Washington to ensure that the country does not again get into another ‘unnecessary’ war, and invoked the rush to approve war powers for President George W. Bush over two decades ago to engage with Iraq.

‘I think the events of this week have demonstrated that war is too big to consign to the decisions of any one person,’ Kaine said. 

Indeed, his resolution became a focal point for a debate that has raged on Capitol Hill since Israel began its bombing campaign against Iran: whether the strikes like those carried out during Operation Midnight Hammer constituted an act of war that required congressional approval, or if Trump’s decision was under his constitutional authority as commander in chief.  

Senate Republicans have widely argued that Trump was well within his purview, while most Senate Democrats raised constitutional concerns about the president’s ability to carry out a strike without lawmakers weighing in. 

Experts have argued, too, that Trump was within his executive authority to strike Iran. 

The Constitution divides war powers between Congress and the White House, giving lawmakers the sole power to declare war, while the president acts as the commander in chief directing the military. 

And nearly two centuries later, at the height of the Vietnam War, the War Powers Resolution of 1973 was born, which sought to further define those roles.

But the most impact lawmakers could have is through the power of the purse, and Sen. Mitch McConnell, R-Ky, who plays a large role in controlling the purse strings as the Senate Appropriations Subcommittee on Defense, had a sharp message against Kaine’s resolution. 

McConnell used instances where Democratic presidents over the last three decades have used their authority for limited engagements in Kosovo, Libya, Syria and Yemen, and questioned why ‘isolationists’ would consider the strike on Iran to kneecap its nuclear program a mistake. 

‘I have not heard the frequent flyers on War Powers resolutions reckon seriously with these questions,’ he said. ‘Until they do, efforts like this will remain divorced from both strategic and constitutional reality.’

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Senate Republicans unveiled their long-awaited version of President Donald Trump’s ‘big, beautiful bill,’ but its survival is not guaranteed.

Senate Budget Committee Chair Lindsey Graham, R-S.C., revealed the stitched-together text of the colossal bill late Firday night.

The final product from the upper chamber is the culmination of a roughly month-long sprint to take the House GOP’s version of the bill and mold and change it. The colossal package includes separate pieces and parts from 10 Senate committees. With the introduction of the bill, a simple procedural hurdle must be passed in order to begin the countdown to final passage.

When that comes remains an open question. Senate Republicans left their daily lunch on Friday under the assumption that a vote could be teed up as early as noon on Saturday.

Sen. John Kennedy, R-La., told Fox News Digital that he had ‘strongly encouraged’ Senate Majority Leader John Thune, R-S.D., to put the bill on the floor for a vote Saturday afternoon. 

‘If you’re unhappy with that, you’re welcome to fill out a hurt feelings report, and we will review it carefully later,’ Kennedy said. ‘But in the meantime, it’s time to start voting.’

But Senate Republicans’ desire to impose their will on the package and make changes to already divisive policy tweaks in the House GOP’s offering could doom the bill and derail Thune’s ambitious timeline to get it on Trump’s desk by the July 4 deadline.

However, Thune has remained firm that lawmakers would stay on course and deliver the bill to Trump by Independence Day. 

When asked if he had the vote to move the package forward, Thune said ‘we’ll find out tomorrow.’

But it wasn’t just lawmakers who nearly derailed the bill. The Senate parliamentarian, the true final arbiter of the bill, ruled that numerous GOP-authored provisions did not pass muster with Senate rules.

Any item in the ‘big, beautiful bill’ must comport with the Byrd Rule, which governs the budget reconciliation process and allows for a party in power to ram legislation through the Senate while skirting the 60-vote filibuster threshold. 

That sent lawmakers back to the drawing board on a slew of policy tweaks, including the Senate’s changes to the Medicaid provider tax rate, cost-sharing for food benefits and others. 

Republican leaders, the White House and disparate factions within the Senate and House GOP have been meeting to find middle ground on other pain points, like tweaking the caps on state and local tax (SALT) deductions.

While the controversial Medicaid provider tax rate change remained largely the same, a $25 billion rural hospital stabilization fund was included in the bill to help attract possible holdouts that have raised concerns that the rate change would shutter rural hospitals throughout the country. 

On the SALT front, there appeared to be a breakthrough on Friday. A source told Fox News that the White House and House were on board with a new plan that would keep the $40,000 cap from the House’s bill and have it reduced back down to $10,000 after five years. 

But Senate Republicans are the ones that must accept it at this stage. Sen. Markwayne Mullin, R-Okla., has acted as the mediator in those negotiations, and said that he was unsure if any of his colleagues ‘love it.’ 

‘But I think, as I’ve said before, I want to make sure we have enough that people can vote for than to vote against,’ he said. 

Still, a laundry list of other pocket issues and concerns over just how deep spending cuts in the bill go have conservatives and moderates in the House GOP and Senate pounding their chests and vowing to vote against the bill.

Republican leaders remain adamant that they will finish the mammoth package and are gambling that some lawmakers standing against the bill will buckle under the pressure from the White House and the desire to leave Washington for a short break.

Once a motion to proceed is passed, which only requires a simple majority, then begins 20 hours of debate evenly divided between both sides of the aisle.

Democratic lawmakers are expected to spend the entirety of their 10 allotted hours, while Republicans will likely clock in well below their limit. From there starts the ‘vote-a-rama’ process, when lawmakers can submit a near-endless number of amendments to the bill. Democrats will likely try to extract as much pain as possible with messaging amendments that won’t actually pass but will add more and more time to the process.

Once that is complete, lawmakers will move to a final vote. If successful, the ‘big, beautiful bill’ will again make its way back to the House, where House Speaker Mike Johnson, R-La., will again have to corral dissidents to support the legislation. It barely advanced last month, squeaking by on a one-vote margin. 

Treasury Secretary Scott Bessent hammered on the importance of passing Trump’s bill on time. He met with Senate Republicans during their closed-door lunch and spread the message that advancing the colossal tax package would go a long way to giving businesses more certainty in the wake of the president’s tariffs. 

‘We need certainty,’ he said. ‘With so much uncertainty, and having the bill on the president’s desk by July 4 will give us great tax certainty, and I believe, accelerate the economy in the third quarter of the year.’ 

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U.S. Secretary of State Marco Rubio held his first official meeting in Washington, D.C., with the families of the hostages still held by Hamas in Gaza amid the terror group’s ongoing war with Israel.

Rubio reaffirmed the Trump administration’s commitment to securing the release of all 50 remaining hostages, according to a press release from The Hostages and Missing Families Forum.

The meeting featured Moshe Lavi, brother-in-law of hostage Omri Miran; Ilay David, brother of hostage Evyatar David; Tzur Goldin, brother of Lt. Hadar Goldin; and recently released hostage Iair Horn, whose brother Eitan Horn remains in captivity.

Rubio’s wife, Jeanette, and son, Anthony, were also at the meeting.

During the meeting, the secretary told the families that true victory in Gaza would only be realized when all the hostages returned home, according to the press release.

He also noted that the U.S. government has already demonstrated its ability to lead significant initiatives in the Middle East. He further argued that Israel has achieved victories in Iran and Lebanon and is capable of defeating Hamas.

The families stressed that this is a critical window of opportunity to bring the remaining hostages home in one comprehensive deal rather than phases or partial agreements as has been the case in Israel’s previous hostage deals with Hamas, the press release said.

They expressed trust in the Trump administration to act with urgency and determination to free the remaining people in Hamas’ captivity.

‘We’ve waited long enough,’ the families said. ‘It’s time to make brave decisions and bring all our loved ones back—all at once.’

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President Donald Trump delivered a resounding endorsement of NATO this week, marking a sharp turnaround in his years-long, often contentious relationship with the alliance.

Once known for blasting allies over defense spending and even threatening to pull out of NATO altogether, Trump now appears to have had a change of heart. 

‘I left here differently. I left here saying that these people really love their countries,’ Trump said after the 2025 NATO summit in The Hague.

The pivot comes as NATO nations more than doubled their collective defense spending target – raising the bar from 2% to 5% of GDP.

From Hostile Rhetoric to Royal Receptions

The president’s renewed embrace of the alliance follows years of friction, high-profile clashes with world leaders and controversial comments. Yet at this year’s summit, the tone was strikingly different.

Trump was welcomed by Dutch royals, praised by the NATO secretary-general – who even referred to him as ‘daddy’ – and returned home lauding European allies for their patriotism. ‘It’s not a rip-off, and we’re here to help them,’ Trump told reporters.

The transformation is as dramatic as it is unexpected.

The Iran Factor: Military Action with Global Impact

Trump arrived at the NATO summit on a high note, following U.S. strikes that crippled Iran’s nuclear infrastructure. According to American and allied intelligence sources, the operation set back Tehran’s nuclear ambitions by several years.

The strike was widely seen as both a show of strength and a strategic warning – not just to Iran but to NATO adversaries like Russia and China.

‘He really came in from this power move,’ said Giedrimas Jeglinskas, a former NATO official and current chairman of Lithuania’s national security committee.

‘Among some, definitely Eastern Europe, Central Europe, Nordic Europe, this attack, the use of those really sophisticated weapons and bombers, was the rebuilding of the deterrence narrative of the West, not just of America.’

Timeline: Trump’s Rocky Road with NATO

2016 Campaign Trail

Trump repeatedly called NATO ‘obsolete,’ questioning its relevance and slamming allies for failing to pay their ‘fair share.’

‘It’s costing us too much money… We’re paying disproportionately. It’s too much,’ he said in March 2016.

He criticized NATO for lacking focus on terrorism, later taking credit when it created a chief intelligence post.

February 2017 – Early Presidency

Trump softened his tone after becoming president. 

‘We strongly support NATO,’ he said after visiting Central Command. ‘We only ask that all members make their full and proper financial contribution.’

He continued to push for members to meet the 2% target by 2024.

2018 Brussels Summit

Trump privately threatened to pull the U.S. from NATO unless allies increased spending.

‘Now we are in World War III protecting a country that wasn’t paying its bills,’ he warned.

Despite the posturing, he called NATO a ‘fine-tuned machine’ after extracting new spending commitments. He also accused Germany of being a ‘captive of Russia’ over the Nord Stream 2 pipeline.

2019 London Summit

The drama continued, this time with French President Emmanuel Macron calling NATO ‘brain-dead.’ 

‘NATO serves a great purpose. I think that’s very insulting,’ Trump responded.

He also clashed with Canadian Prime Minister Justin Trudeau – calling him ‘two-faced’ after Trudeau was caught mocking Trump on camera.

2020 – Troop Withdrawal from Germany

Trump ordered 12,000 U.S. troops out of Germany, citing Berlin’s defense shortfalls.

February 2024 – Russia Controversy

Trump ignited backlash after suggesting he’d let Russia ‘do whatever the hell they want’ to NATO countries that failed to meet spending obligations.

The remark sparked urgent contingency talks among European leaders about the future of the alliance if the U.S. did not step up to its defense. 

June 2025: A Different Trump, a Different NATO

The 2025 summit in The Hague unfolded with surprising calm. Trump’s hosts rolled out the red carpet. ‘He’s the man of the hour and the most important man in the world,’ Jeglinskas said.

Jeglinskas credited Trump’s blunt diplomacy – however unorthodox – for helping drive real reform ‘He’s brought in tectonic change to the alliance’s capabilities by… being himself,’ he added. ‘It’s a gift for the alliance.’

Two Forces Behind NATO’s Revival: Russia and Trump

Experts agree NATO’s recent revitalization stems from two major catalysts: Russia’s 2022 invasion of Ukraine and Trump’s relentless pressure on allies to boost defense.

President Trump is riding high this week with two major foreign policy victories,’ said Matthew Kroenig, vice president at the Atlantic Council’s Scowcroft Center, referencing NATO and the recent U.S. strikes on Iran’s nuclear program. ‘It’s terrific. I hope he can keep it up.’

He added, ‘Every president since Eisenhower has complained that NATO allies aren’t doing their fair share.’

Now, Trump was the one who finally got them to listen, he said. 

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Rio Silver Inc. (the ‘Company’ or ‘Rio Silver’) (TSX.V: RYO) (OTC: RYOOF) announces that, further to the announcement on May 1, 2025, it will consolidate (the ‘Consolidation’) its common shares on the basis of five pre-Consolidation common shares for one post-Consolidation share.

The Company expects that the TSX Venture Exchange (the ‘Exchange’) will issue a bulletin in short order, confirming that the Company’s common shares will then commence trading on a post-Consolidation basis effective on or about the opening of trading on Thursday, July 3, 2025. There will be no change to the Company’s name or trading symbol. The new CUSIP and ISIN numbers for the post-Consolidation shares are 76721A113 and CA76721A1131, respectively.

No fractional common shares will be issued, and fractions of less than one-half of a common share will be cancelled and fractions of at least one-half of a common share will be converted to a whole common share. Outstanding options, warrants and other convertible securities will likewise be adjusted for the Consolidation, with the number of underlying common shares and exercise prices being adjusted accordingly.

The Company currently has 84,832,845 common shares issued and outstanding, and immediately following the Consolidation the Company expects to have, subject to rounding adjustment, approximately 16,966,572 common shares issued and outstanding, none of which are subject to escrow.

Letters of Transmittal will be mailed shortly to registered shareholders who hold share certificates, with instructions for the exchange of existing share certificates for new share certificates. Shareholders holding uncertificated shares (such as BEO, NCI and DRS positions) will have their holdings adjusted electronically by the Company’s transfer agent and need not take any further action to exchange their pre-Consolidation shares for post-Consolidation shares.

The Company expects that the Consolidation will provide the Company with increased flexibility in structuring and completing financings and potential business transactions. Shareholder approval for the Consolidation was received at the Company’s Annual General and Special Meeting of Shareholders held on June 12, 2025, as previously announced on June 25, 2025.

ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.
Chris Verrico
Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information,

Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.

News Provided by GlobeNewswire via QuoteMedia

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“(Lithium) is not for the faint-hearted. It demands resilience, foresight and leadership,” said Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) Managing Director and CEO Dale Henderson.

He was speaking at Fastmarkets’ Lithium Supply & Battery Raw Materials Conference, held this week in Las Vegas.

Henderson touched on three main points: current lithium market dynamics, how Pilbara Minerals is navigating the lithium landscape and his recommendations for the global lithium industry.

Lithium’s strong long-term fundamentals

Henderson began by going over key numbers relevant to the lithium sector. According to the CEO, there was a 26 percent year-on-year increase in demand for electric vehicles (EVs) from 2023 to 2024.

Lithium plays a vital role in the production of EVs, as it is a key component of the batteries that power them.

Alongside that EV demand increase, mass energy storage also saw a 51 percent leap.

“I don’t think there’ll be any deniers around the long-term prospects of lithium, but it’s worth reflecting on how quickly it’s changing,’ Henderson told the Fastmarkets audience.

Henderson speaks on stage at the Fastmarkets event.

Image via Georgia Williams.

Looking at areas connected to lithium, Henderson mentioned solar, saying it now surpasses all power-generation technology investment combined. Solar falls under the clean energy umbrella, which receives more than $2.2 trillion in investment per year — twice the amount of investment made in fossil fuels.

“We are witnessing and (are) part of an incredible period. Technology, policy (and) consumer sentiment can continue to drive what is a structural shift towards electrification,’ he said. ‘Lithium remains at the center of this shift.’

The paradox, according to Henderson, is that while scaling up is happening, prices have been cycling down.

“We’re 12 months into a period of curtailments and reset. And where we are now — we sit deep into the cost curve with price levels, of course, at unsustainable levels for many operators,’ he noted.

‘But these cycles, or these resets, offer a fantastic reset for market, albeit they’re painful.”

The Pilbara CEO emphasized that while lithium prices have fallen to “clearly unsustainable” levels, the long-term demand and strategic relevance of lithium will survive it.

“This is not a short-term trend. This is a structural transformation, and lithium remains at core.”

Pilbara Minerals’ lithium strategy

Looking over to Pilbara Minerals, Henderson went over its recent achievements and future plans.

“We’re keeping our lives absolutely committed to our strategy,” he said about the company, adding that the past year was Pilbara Minerals’ “most transformational year for business.”

Highlights from the period include the acquisition of Latin Resources and its flagship Salinas lithium project in Brazil, which was announced in August 2024 and closed this past February.

The CEO also discussed the company’s flagship Pilgangoora operation, which he described as a globally significant tier-one lithium asset with a mine life of 33 years. Pilgangoora is located 140 kilometers from Port Hedland in Western Australia and is one of the world’s largest hard-rock lithium operations.

Pilbara Minerals has completed two expansions, including the buildout of the world’s largest hard-rock ore-sorting plant, which aims to improve lithium recovery, increase final product quality and reduce energy consumption.

In addition to that, Henderson said Pilbara Minerals boosted its reserves by 23 percent last year.

Furthermore, the company became a lithium hydroxide producer via its partnership with POSCO Holdings (NYSE:PKX,KRX:005490), and is working on a demonstration plant for its midstream project.

In January, the Western Australian government’s Investment Attraction Fund contributed AU$15 million for work at the plant, which is a joint venture with Calix (NYSE:CALX,ASX:CXL).

Henderson said the demonstration plant is currently under construction.

Last year, Pilbara Minerals contributed approximately 8 percent to global lithium supply. The company’s cash balance currently stands at AU$1.1 billion.

Lithium industry must align for success

According to Henderson, certainty and efficient operations are everything in today’s lithium market.

“Government policy is forcing change, both in sticks and carrots, and supply chain diversification is underway, but largely the processing remains very much concentrated,’ he said.

Henderson highlighted coordination and collaboration as key points, saying that thriving in this environment means building deeper integration across the supply chain.

Lithium industry challenges and opportunities.

Chart via Pilbara Minerals.

He added that the lithium industry is not the first sector to grow from a small base and has yet to mature on a number of dimensions. Henderson summarized his key recommendations into four points:

  • Support a central and efficient spot market trading location
  • Put a trusted futures exchange in place
  • Align on specifications across the lithium product site
  • Align on standardized trading terms

He also presented a list of challenges and corresponding opportunities regarding the lithium market, saying that while there’s a lot of pain in the industry, it’s also the time for great partnerships to be forged.

“This industry will evolve with or without our stewardship. This is a call to leadership across our group,” he concluded. “The challenge is ours. The opportunity is real. Let’s build it together and turn this market pain into a strategic avenue.”

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

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The platinum price surged above US$1,400 per ounce during Thursday (June 26) morning trading, reaching its highest level in 11 years amid a wave of speculative buying in the US and China.

In the US, industrial demand for the metal is rising as American carmakers scale back their electrification plans. At the same time, new policies are set to walk back consumer subsidies for electric vehicles.

These Trump administration mandates are expected to result in increased demand for traditional internal combustion engines or hybrid vehicles, which require higher platinum loadouts.

Tariff fears have also had an effect, with 500,000 ounces of platinum transferred to US warehouses.

Meanwhile, Chinese jewelry fabricators have been seeking at platinum as they shift away from gold, which continues to trade at record-high prices. In April, platinum imports to China surged to more than 10 metric tons.

Palladium was also up on Thursday, breaking the US$1,100 per ounce mark for the first time in 2025.

Platinum price, June 19 to June 26, 2025

In addition to demand factors, platinum supply has been impacted by reduced output at South African mines, which are facing energy disruptions, aging infrastructure and underinvestment in new operations.

The platinum market is expected to record its third consecutive deficit in 2025 at 966,000 ounces.

But it’s not just platinum fundamentals that are impacting the price. Thursday’s gains came alongside a dip in the US dollar index, which sank more than half a percent during the day’s trading session.

The index fell to 97.13, its lowest level since 2022, indicating weaker sentiment for the US dollar, following the release of the US Bureau of Economic Analysis’ third GDP revision revision for the first quarter of 2025.

The data shows that the US economy contracted by 0.5 percent, following a growth rate of 2.4 percent in the final quarter of 2024. The number is significantly different than the 0.3 percent decline reported in the advanced estimate and the 0.2 percent outlined in the second revision. The agency attributes the change to an increase in imports as US businesses increased their inventories to prepare for tariffs proposed by the Trump administration.

The drop in the US dollar index also follows comments made by President Donald Trump this week, indicating that he may look to replace Federal Reserve Chair Jerome Powell as soon as September or October. Powell’s term as head of the central bank is set to expire in May 2026, and his role as governor is due to end in 2028.

Trump has railed against Powell since the start of his term, suggesting the central bank leader has moved too slowly in cutting interest rates. Whether Trump can remove Powell remains to be seen, as the president would need the consent of Congress to carry out such a move.

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

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