Author

admin

Browsing

 

C$532M After-Tax NPV5%, C$175M Initial Capital, Adjacent to Multiple Mills, Still Growing

 

Radisson Mining Resources Inc. (TSXV: RDS,RMRDF) (OTCQB: RMRDF) (‘Radisson’ or the ‘Company’) is pleased to announce a positive Preliminary Economic Assessment (the ‘PEA’) for the O’Brien Gold Project (‘O’Brien’ or the ‘Project’) located in the Abitibi region of Québec. Highlights are as follows (all figures are in Canadian dollars and troy ounces unless noted):

 

Basis of Study:

 

  • Assumes off-site toll milling based on the results of a recent milling assessment and metallurgical study that demonstrated the potential compatibility of the nearby Doyon gold mill, part of IAMGOLD Corporation’s (‘IAMGOLD‘) Westwood Mine Complex1. Off-site milling reduces capital costs, development risk, and project footprint.
  •  

  • Utilizes existing Mineral Resource Estimate (‘MRE‘), re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade.
  •  

  • Presents a base case ‘snap-shot’ study that excludes recent drilling successes outside the existing MRE and below historic mine workings, with a 50-60,000 metre (m) fully funded drill program ongoing.
  •  

Value:

 

  • After-tax Net Present Value at a 5% discount rate (‘NPV5%‘) of $532 million (‘M’), Internal Rate of Return (‘IRR’) of 48%, and payback of 2.0 years at US$2,550/oz gold (‘Au’).
  •  

  • After-tax NPV5% of $871M, IRR of 74%, and payback of 1.1 years at US$3,300/oz Au.
  •  

Cost:

 

  • Initial Capital Cost (‘Capex’) of $175M and Life-of-Mine Sustaining Capital of $173M 
  •  

  • Cash Cost2 of US$861/oz and All-In Sustaining Cost1 (‘AISC’) of US$1,059/oz including conceptual 30% toll milling margin on processing and G&A costs.
  •   

Production Profile:

 

  • 11-Year Mine Life with 740 koz mined and 647 koz recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet.
  •  

  •  70 koz/annum average steady-state gold production (Years 2-8) at an average annual after-tax Free Cash Flow (‘FCF’) of $97M.
  •  

  • Underground mining with long-hole stoping and minimal surface facilities.
  •  

Radisson will host a technical webinar on the O’Brien PEA on Wednesday July 9, 2025 at 11am ET (8am PT). Participants may register here. A recording will be available following the webinar.

 

Matt Manson, President & CEO, commented: ‘We are pleased to be reporting today the first modern mining study for the O’Brien Gold Project. This PEA builds upon the milling assessment completed earlier this year that demonstrated the potential viability of processing O’Brien mined material at a neighbouring mill. The result is a low cost and high value project should a beneficial milling arrangement be secured. By taking advantage of existing infrastructure in the region, the study surfaces considerable value for O’Brien while minimizing its environmental impact. The extremely high NPV5% to cost ratio demonstrates the efficient allocation of capital that this approach offers.

 

‘Rather than high-grading the deposit, as was the case with the historic O’Brien Mine, the PEA is developed from the existing MRE with a lower cut-off, yielding more ounces, more tonnes and better mining continuity at lower average grades. From that starting point, we are presenting a fully underground mine plan, right sized at 1,200 tonnes per day (‘tpd’) and optimized at a cautious US$2,000/oz gold price assumption, delivering 740,000 ounces of gold to the mill at high margins over an 11-year life. The O’Brien Gold Project’s legacy of high grades and visible gold continues to be an attribute of the current mine design and the ongoing exploration.’

 

Pierre Beaudoin, Chairman of the Board of Directors, commented: ‘The PEA announced today is a significant step forward for Radisson. The study outlines a credible mine plan and development strategy for O’Brien, offering shareholders significant value even on the existing mineral resources. This is also just a snap-shot of a project that is continuing to grow. The ongoing drill program is demonstrating impressive new gold mineralization outside the scope of this initial mine design. On the basis upon which the PEA is developed, we believe a significantly larger mineral inventory exists to our exploration horizon of 2,000 m depth. Recent drill results are supporting this thesis.’

 

Matt Manson continued: ‘We see in O’Brien a broad system of mineralization with significant scale potential. Our current focus at Radisson is to maximize this potential through the recently expanded drill program and our strong treasury. Today’s PEA, however, establishes a project development path that is practical and highly rewarding. We intend to further pursue this path with environmental baseline studies, additional engineering and mine plan optimization, community consultation, and dialog with potential processing partners.’

 

VIDEO: President & CEO Matt Manson comments on today’s news

 

O’Brien Gold Project Preliminary Economic Assessment

 

The PEA was completed by Ausenco Engineering Canada ULC (‘Ausenco’) as lead consultant with specific responsibility for metallurgy, processing design, infrastructure and financial modelling. InnovExplo (a member of Norda Stelo Inc.; ‘Norda Stelo’) completed the mine design and mine scheduling, BBA Inc. were responsible for water management, surface facilities, and a review of the Project’s environmental assessment procedure and permitting requirements, and SLR Consulting (Canada) Ltd. (‘SLR’) were responsible for the MRE.

 

The PEA is a companion study to a recently completed milling assessment for the Project in which a metallurgical program was conducted with representative samples of mineralized core from O’Brien. The samples were tested based on a series of flow sheet options which would conceptually be compatible with the nearby Doyon gold mill, part of IAMGOLD’s Westwood Mine Complex, with minimal adjustment to the existing Doyon mill configuration. The milling assessment was conducted under a Memorandum of Understanding (‘MOU‘) with IAMGOLD (Radisson news release dated September 9, 2024). The MOU is non-binding and non-exclusive and contains no specific terms around potential commercial arrangements between the parties. The PEA has been completed independently by Radisson and establishes criteria for the development of O’Brien based on processing and tailings management at an existing off-site facility under a toll milling arrangement.

 

Cautionary statement: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

 

Table 1: Summary of Key Results and Assumptions in the PEA

 

                                                                                                                                                         
 Production Datanote 1 Values Units
Life-of-Mine 11 Years
Total Resource Mined 4,575 kt
Total Waste Mined 3,314 kt
Average Head Grade 5.0 g/t Au
Contained Gold 740 koz
Recovered Gold 647 koz
Average Gold Recovery 87%
 Years 2-8: Steady State Run-Ratenote2 Average Production Mining Rate 1,160 tpd
Average Annual Gold Production 70 koz
Average Head Grade 4.9 g/t Au
Annual Average After-Tax Free Cash Flow $97 C$M
 Capital Costsnote 1 Values Units
Initial Capital $175 C$M
Sustaining Capital (Excluding Closure) $173 C$M
Capital Intensity (Initial Capital/oz milled) $172 US$/oz
 Life-of-Mine Operating Costsnotes 1,3 Values Units
Miningnote 3 $76 C$/t milled
Processing $38 C$/t milled
G&A $31 C$/t milled
30% Processing Toll note 4 $19 C$/t milled
Total Operating Cost $163 C$/t milled
Refining & Transport $6 US$/oz
Royalties $10 C$M
Total Cash Cost $861 US$/oz
All-In Sustaining Costnote 5 $1,059 US$/oz
 Financial Analysisnote 1 Values Units
Gold Price for Financial Analysis $2,550 US$/oz
US$:C$ Exchange $0.73
Pre-Tax NPV5% $782 C$M
Pre-Tax IRR 65%
Pre-Tax Payback 1.4 years
After-Tax NPV5% $532 C$M
After-Tax IRR 48%
After-Tax Payback 2.0 years
Mine Revenue $2,258 C$M
EBITDA $1,496 C$M
EBITDA Margin 66%
Pre-Tax Unlevered Free Cash Flow $1,146 C$M
After-Tax Unlevered Free Cash Flow $803 C$M

 

 

 

Notes: 

 

  1. Denotes a ‘specified financial measure’ within the meaning of NI 52-112. See note on ‘Non-IFRS Financial Measures’.
  2.  

  3. Represents full calendar years
  4.  

  5. LOM operating costs includes cash operating costs during the initial capital period. Mining operating costs exclude waste development costs and mobile equipment costs which are captured as sustaining capital items
  6.  

  7. Processing toll milling charges are conceptual and have been estimated by Ausenco based on recent industry precedent
  8.  

  9. AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs. Excludes corporate G&A.
  10.  

Mineral Resources

 

The MRE for the Project was originally disclosed in March 2023 (Radisson news release dated March 2, 2023) based on 325,509 m of drilling completed to the end of 2022 and authored by SLR. Indicated Mineral Resources were estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au) with additional Inferred Mineral Resources of 0.45 million ounces (1.60 million tonnes at 8.66 g/t Au). The 2023 study utilized a 4.5 g/t Au cut-off at US$1,600/oz Au with certain assumptions for minimum mining width, mining costs, C$:US$ exchange and metallurgical recovery. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

 

For the purposes of the PEA, the 2023 block model was re-blocked by SLR in the Z-direction to 5 m to allow for more flexible underground mine design, and an updated cut-off and set of economic criteria were applied consistent with Deswick Stope Optimizer (‘DSO’) parameters used for the optimization of the underground mine schedule and the Project’s recent milling assessment. The MRE now utilizes a cut-off of 2.2 g/t Au at US$2,000/oz Au. No other changes were made. This has the effect of increasing tonnage and ounces and decreasing average grade compared to the previous estimate (Table 2).

 

Table 2: Mineral Resource Estimate Using a 2.2 g/t Au Cut-Off and US$2,000/oz Gold Price
(Numbers in Italics Represent Changes from the MRE based on a 4.5 g/t Au Cut-Off and US$1,600/oz Gold Price.)

 

                  
Category Tonnes (kt) Grade (g/t Au) Oz (koz Au)
Indicated 2,204 +45% 8.2 -20% 582 +16%
Inferred 6,671 +317% 4.4 -50% 932 +109%

 

 

 

Notes: 

 

  1. Prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014) and Best Practice Guidelines of Mineral Resources and Reserves (2019).
  2.  

  3. Mineral Resources are reported above a cut-off grade of 2.2 g/t Au based on a C$172.5/t operating cost.
  4.  

  5. Mineral Resources are estimated using a long-term gold price of US$2,000/oz Au, a US$:C$ exchange rate of 1:1.33, and a metallurgical recovery of 90%.
  6.  

  7. Wireframes were modelled at a minimum width of 1.2 m.
  8.  

  9. Bulk density varies by deposit and lithology and ranges from 2.00 t/m³ to 2.82 t/m³.
  10.  

  11. Full length composites were capped 40 g/t Au.
  12.  

  13. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  14.  

  15. Numbers may not add due to rounding.
  16.  

Between the end of 2022 and the present, Radisson completed approximately 50,000 m of additional drilling at the Project. Drilling that was completed within the volume of the MRE is assessed to have no material impact on the overall contained mineral resource, such that the MRE is appropriate in SLR’s opinion for mine planning. Drilling that was completed outside the volume of the MRE, including below the level of the historic mine workings at O’Brien, has indicated the presence of significant additional gold mineralization that is not incorporated in the current conceptual mine plan. Radisson expects to complete a further 50,000-60,000 m of drilling in 2025 and 2026, at which time the Company expects to complete an updated MRE.

 

Mining

 

The PEA describes an 11-year mine life based on the mining of 4.57 Mt of mineralized material and 3.31 Mt of waste rock (Table 3). Mining will be fully underground with long-hole stoping and a cemented rock backfill. Stope design is benefitted by good spatial continuity of reported resource blocks at the lower cut-off grade. Minimum and average stope widths are 2.2 m and 2.7 m respectively, including 0.7 m of planned dilution. The mine will be accessed by way of twin 4.5 m by 4.5 m ramps from surface to a depth of 950 m with 86 kilometres (km) of development. Mining equipment includes 20 tonne trucks with rock haulage assisted by vertical conveyors delivering mined material from the 300 m level to a surface run-of-mine pad. The underground mine design does not incorporate any infrastructure from the historic O’Brien Mine. A shaft at the historic Kewagama Mine site east of O’Brien will be reused for ventilation. Mined material will be trucked by road for processing.

 

Table 3: Mined Material

 

                            
Material Tonnes
(kt)
Oz
(koz Au)
Head Grade 
(g/t Au)
Production Stopes 3,146 588 5.8
Marginal Stopes 169 16 2.9
Development 469 91 6.0
Low-Grade Development 790 45 1.8
Total Mineralized Mined Material 4,575 740 5.0
Waste 3,314 n/a n/a

 

 

 

Cannot view this image? Visit: https://images.newsfilecorp.com/files/10977/258183_1e2a85bb743ed9d7_002.jpg

 

Figure 1: Annual Average Production Schedule

 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10977/258183_1e2a85bb743ed9d7_002full.jpg

 

The underground mine was designed and production scheduled on the basis of a DSO optimization at US$2,000 Au and production cut-off grades of 3.05 g/t Au and 3.11 g/t Au depending on the royalty to be considered. ‘Mined Material’ is categorized as Production Stope Material, Marginal Stope Material, Development Material, Low-Grade Development Material and Waste. In Years 2-8 during which the Project maintains steady-state operation, production from stopes averages 1,160 tpd. However, the PEA contemplates up to 2,000 tpd of mill capacity. Consequently, all mineralized mined material is scheduled for processing (Figure 1), resulting in an average head grade of 5.0 g/t Au, delivering an average of 1,410 tonnes of mined material daily to the mill, and eliminating the requirement for a low-grade stockpile.

 

Mineral Resources not included in the mine plan are those considered too isolated or too marginal at a US$2,000/oz DSO optimization. The mine design also excludes Mineral Resources located in the former Thompson Cadillac mine area or in areas considered too close to the historic workings. The quantity of mineralized mined material in the mine design is highly sensitive to the gold price assumption, with the DSO optimization delivering significantly more mined material in both existing production stopes and development areas, as well new stopes and development areas, at higher gold prices.

 

Infrastructure and Site Facilities

 

The Project is located adjacent to the Trans-Canada Highway 117 and has existing road access to the historic O’Brien mine site. The PEA contemplates twin underground mine portals located 2 km to the east of the historic site, with new haul roads, a waste rock pad, a run-of-mine pad, laydown areas, the surface installation of a vertical conveyor, trenches and sumps for water management, and a waste-water treatment plant. The PEA does not contemplate a mill, tailings deposition, accommodation camp, or major maintenance facilities. Small vehicle maintenance and site offices/mine dry will be provided from existing facilities or temporary modules. A new substation will derive power from the adjacent 112 kV high voltage transmission line operated by Hydro-Québec.

 

Processing(See footnote 1)

 

The PEA contemplates processing and tailings deposition at an off-site facility. To assess the viability of this scenario, Radisson conducted a metallurgical study and milling assessment under the auspices of an MOU with IAMGOLD to assess the design criteria for processing O’Brien mined material at the nearby Doyon gold mill, the processing facility for IAMGOLD’s Westwood Mine Complex. The Doyon mill is located 21 km west of O’Brien and directly accessible along Trans-Canada Highway 117.

 

The metallurgical results of this milling assessment were previously reported (see Radisson news release dated February 3, 2025) and are incorporated into the PEA. Gold recoveries of between 86% and 96% were obtained based on a series of flow sheet options, all of which are compatible with the Doyon mill with minimal or modest additional capital. The metallurgical program was undertaken at the Lakefield, Ontario facilities of SGS Canada Inc. under the supervision of Ausenco.

 

The Doyon mill currently operates at approximately 3,000 tpd with a conventional cyanidation process. Mined material is processed with a primary crusher and a two-stage semi-autogenous SAG mill/Ball mill grinding at 75 µm (P80). Leaching is by way of two stage Carbon-in-Leach and Carbon-in-Pulp circuits. The PEA contemplates a Gravity-Flotation-Regrind-Leach flow sheet and assumes Radisson deploying $21M of capital to upgrade the gravity and flotation circuits at Doyon that have been used previously but are currently inactive.

 

The Doyon mill currently processes approximately 1,000 tpd from the underground Westwood mine and approximately 2,000 tpd from the nearby Grand Duc open pit. Processing of Grand Duc material is estimated to be completed in early 2027, as outlined in the Westwood Mine Complex technical report dated September 30, 2024. Hence, the PEA envisions up to 2,000 tpd of mill capacity available for O’Brien at Doyon, allowing for the direct shipment of both production material and lower grade development material at an average of 1,400 tpd. The PEA does not anticipate the stockpiling of low-grade mined material at the O’Brien site, resulting in a significant cost saving.

 

Life-of-mine average gold recovery with the Gravity-Flotation-Regrind-Leach flowsheet is estimated at 87%. This is based on 90% recovery for the O’Brien metallurgical sample at an average grade of 6.3 g/t Au and the application of a grade-recovery model to the average head-grade expected in the PEA of 5.0 g/t Au after the processing of low-grade development materials.

 

O’Brien gold mineralization is associated with pyrite and arsenopyrite. The metallurgical program determined average arsenic values of 0.4% to 0.5% in whole rock, relevant if material is being sent to tailings deposition on-site, and 4.6% in flotation concentrate, relevant if a concentrate is being sold to an off-take agent. These values are consistent with precedent projects in Québec’s Abitibi and offtake threshold limits for concentrates of high-grade gold projects. The PEA contemplates tailings deposition after leach without a segregated tailings impoundment. If one is required, additional capital expenses would be incurred.

 

The PEA contains estimates of operating and capital costs for trucking, processing, tailings management and G&A developed by Ausenco from first principles based on the metallurgical results and precedent projects. These costs correspond well to recently reported operating results from the Doyon facility. The PEA’s financial results reflect an additional 30% charge on processing and G&A costs, corresponding to approximately $19/t, to reflect the impact of a potential toll milling charge. The MOU between Radisson and IAMGOLD contains no specific terms around potential commercial arrangements between the Parties, including the use of the Doyon mill or the terms of potential toll-milling. There is no certainty that any arrangement between the Parties will result from their dealings pursuant to the MOU, which is non-binding and non-exclusive.

 

Capital and Operating Costs(See footnote 1)

 

Initial Capital costs (Table 4) are estimated at $175M and reflect costs incurred during a 21-month period of early works, mill modification and principal mine construction to the end of the first quarter of Year 2 and the attainment of commercial production. The Initial Capital cost estimate excludes both pre-production mine operating costs and revenue, which are reflected in the Life-of-mine operating cost and revenue estimates, and excludes development costs incurred prior to the commencement of early works. Contingencies on individual capital line items in the underground mine design are at 15%, developed within the material, productivity and cost estimates. Contingencies on non-underground mine items, and on mill modifications and surface facilities, are at 25%.

 

Life-of-mine Sustaining Capital costs are estimated at $173M and reflect capital costs incurred after the first quarter of Year 2, including underground mine development costs in waste rock and underground mine infrastructure, but excluding mine closure and salvage. Mobile mining equipment is scheduled to be purchased in installments, and is represented as Initial Capital, to the extent that a payment or deposit occurs within the project construction period, and as Sustaining Capital to the extent it occurs during the operating phase.

 

Table 4: LOM Capital Costs

 

                                          
 Itemnote 1,2 Cost (C$M)
Mining Capex $93
Mobile Equipment $25.7
Mine Development $47.4
Buildings $0.4
Mine Services $19.7
Process Plant $21
Flotation $4.5
Regrind $14.1
Reagents $2.0
Onsite Infrastructure $16
Offsite Infrastructure $8
Indirects $14
Owners Costs $4
Cash Contingency $20
Total Initial Capital $175
   
Sustaining Capital $173
Closure $5
Salvage $(3)
Total $ 350

 

 

 

Notes: 

 

  1. Denotes a ‘specified financial measure’ within the meaning of NI 52-112. See note on ‘Non-IFRS Financial Measures’. 
  2.  

  3. Columns may not sum exactly due to rounding.
  4.  

Mining, haulage and water management operating costs (Table 5) are estimated at $75.66/t milled (LOM). These are developed by Norda Stelo from first principles based on recent precedent projects with similar mining methodologies and location. Total life-of-mine mining costs, including mining related Initial Capital, Sustaining Capital and Operating costs are $581M, or $127/t milled. Processing and G&A cost estimates are developed by Ausenco from first principles based on the results of the milling assessment conducted at the Doyon mill and based on recent precedent projects. Toll Milling Charges are conceptual and have been estimated by Ausenco based on recent industry precedent.

 

Total Cash Costs are US$861/oz with AISC of US$1,059/oz (LOM). AISC³ during the steady-state operations of Years 2-8 is estimated at US$1,106/oz.

 

Table 5: Life-of-Mine Operating Costs and AISC

 

                                                     
 Itemnote1,2 Value Units
Mining, Haulage and Water Management $346 C$M
$75.66 C$/t milled
Processing & Tailings Treatment $173 C$M
$37.71 C$/t milled
 Process Toll note3 $87 C$M
$18.94 C$/t milled
G&A $142 C$M
$31.06 C$/t milled
Total $747 C$M
$163.38 C$/t milled
Off-Site Costs, Refining and Transport $6 C$M
Royalties $10 C$M
Total Cash Costs $861 US$/oz Au
Sustaining, Closure, Salvage Capital $197 US$/oz Au
 Total AISCnote4 $1,059 US$/oz Au

 

 

 

Notes: 

 

  1. Denotes a ‘specified financial measure’ within the meaning of NI 52-112. See note on ‘Non-IFRS Financial Measures’.
  2.  

  3. Columns may not sum exactly due to rounding.
  4.  

  5. Conceptual and estimated based on recent industry precedent.
  6.  

  7. AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs and corporate G&A.
  8.  

Financial Analysis 

 

At a long-term consensus gold price of US$2,550 and an exchange rate of 0.73 (US$/C$) the Project generates an after-tax NPV5% of $532M and IRR of 48% (unlevered; Table 6). Payback on initial capital is 2.0 years. The Project’s valuation is discounted to Year -0.5 when early works would be scheduled to commence.

 

Table 6: Valuation Sensitivities to the Gold Price (after-tax, unlevered)

 

                                                                                                                            
 Gold Price (US$/oz)
Price Case 
 $1,800 Downside  $2,200  $2,550
Base Case 
 $3,000
Upside 
 $3,300
Spot  
$4,000
After Tax NPV (C$M) 0% $340 $587 $803 $1,081 $1,266 $1,698
3% $244 $448 $626 $856 $1,009 $1,366
5% $193 $374 $532 $736 $871 $1,188
8% $134 $286 $419 $591 $705 $971
10% $102 $239 $358 $512 $614 $853
IRR 21% 35% 48% 64% 74% 100%
 NPV5%/Capex  1.1 2.1 3.0 4.2 5.0 6.8
 Paybacknote 2 Years 4.3 2.7 2.0 1.4 1.1 0.7
 Total After Tax FCFnote1, 3 C$M $340 $587 $803 $1,081 $1,266 $1,698
 Average Annual FCFnote1, 4 C$M $48 $74 $97 $127 $147 $194

 

 

 

Notes: 

 

  1.  Denotes a ‘specified financial measure’ within the meaning of NI 52-112. See note on ‘Non-IFRS Financial Measures’. 
  2.  

  3.  Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining. 
  4.  

  5.  Calculated LOM, unlevered. 
  6.  

  7.  Calculated for Years 2-8 of steady state production, unlevered. 
  8.  

LOM EBITDA is estimated at $1.5 billion (‘B’), with an effective EBITDA margin of 66%. LOM after-tax FCF is estimated at $0.8B on an unlevered basis. Annual average after-tax FCF during the steady-state operations of Years 2-8 is estimated at $97M. The Project is forecast to generate federal and provincial income taxes and mining duties of $343M.

 

At spot gold of US$3,300/oz gold, the Project generates an after-tax NPV5% of $871M, IRR of 74%, and payback on initial capital of 1.1 years. The Project is cash positive after-tax at gold prices above US$1,260/oz.

 

The Project is most sensitive to revenue attributes such as gold price, head grade and exchange rate, followed by operating cost and capital cost (unlevered; Table 7). Valuation sensitivities on conceptual toll-milling charges expressed as margins on processing and G&A costs of between 0% and 60%. At 0% toll, the Project has an after-tax NPV5% of $578M and IRR of 52% (unlevered; Table 8).

 

A 2% Net Smelter Royalty (‘NSR’) is applied on gold production on certain claims on the easternmost portion of the property in the favour of Globex Mining Enterprises Inc., covering approximately 22% of the scheduled gold production.

 

Table 7: Valuation Sensitivities to Certain Operating Parameters (after-tax, unlevered)

 

                                                     
Factor -20% -10% 0% 10% 20%
Operating Cost IRR 55% 51% 48% 44% 40%
NPV5% $611 $572 $532 $493 $454
Initial Capital Cost IRR 57% 52% 48% 44% 41%
NPV5% $557 $545 $532 $520 $508
0.65 0.70 0.73 0.80 0.85
$C:$US F/X IRR 59% 52% 48% 40% 35%
NPV5% $674 $582 $532 $432 $370

 

 

 

Table 8: Project Sensitivity to Potential Toll-Milling Charges (after-tax, unlevered)

 

            
Toll Margin 0% 30% 60%
IRR 52% 48% 44%
NPV5% $578M $532M $487M

 

 

 

Cautionary statement: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

 

Permitting and Environmental Assessment

 

The Project is located within the Abitibi-Témiscamingue region of Québec in the township of Cadillac, part of the municipality of Rouyn-Noranda. First Nations (‘FN’) within the Project’s expected area of expected economic and social influence are the Pikogan FN (Abitibiwinni) and Long Point FN (Anishinabeg). BBA Inc. were retained to provide a roadmap for social and environmental assessment and mine permitting based on the project scope presented in the PEA. A 3.5-year process of environmental assessment, technical studies, community consultation and permitting is anticipated prior to the commencement of mine construction. The Project is subject to the Québec Environmental Quality Act (‘EQA’) and, following changes to the EQA proposed in the November 2024 Act to Amend the Mining Act and Other Provisions, is expected to be subject to a Québec Environmental Impact Assessment and Review. The Project is not expected to be subject to a Federal Impact Assessment procedure but will be subject to the Metal and Diamond Mining Effluent Regulations (Fisheries Act).

 

NI 43-101 Technical Report

 

Radisson will file a Technical Report prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’) for the O’Brien Gold Project Preliminary Economic Assessment on SEDAR+ on or before August 21, 2025.

 

Qualified Persons

 

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O’Brien Gold Project.

 

Renée Barrette of Ausenco Engineering Canada ULC, is the Qualified Person responsible for the preparation of the Project’s milling assessment, PEA metallurgy, and for PEA financial model which is based on capital costs, operating costs, and the mining cost provided by other parties.

 

Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the MRE at O’Brien.

 

Mr. Marc R. Beauvais, P.Eng. of InnovExplo, a member of Norda Stelo, is the Qualified Person responsible for the mine design and mine scheduling.

 

Mr. Hugo Latulippe of BBA is the Qualified Person responsible for the permitting, environmental, social, water management and closure cost estimate.

 

Each of Mr. Nieminen, Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA and in this press release in their area of expertise and are considered to be ‘independent’ of Radisson and the O’Brien Gold Project for purposes of NI 43-101.

 

Non-IFRS Financial Measures

 

The Company has included various references in this document that constitute ‘specified financial measures’ within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards (‘IFRS’) and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

 

Total Cash Cost and Total Cash Cost per Ounce

 

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

 

All-in Sustaining Cost (AISC) and AISC per Ounce

 

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

 

Free Cash Flow (FCF)

 

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

 

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

 

EBITDA excludes from net earnings income tax expense, finance costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

 

About Radisson Mining

 

Radisson is a gold exploration company focused on its 100% owned O’Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 ‘Technical Report on the O’Brien Project, Northwestern Québec, Canada’ effective March 2, 2023 and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O’Brien Gold Project.

 

 

For more information on Radisson, visit our website at www.radissonmining.com or contact:

 

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

 

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

 

 

Forward-Looking Statements

 

This news release contains ‘forward-looking information’ within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company’s plans relating to the O’Brien Gold Project as set out in the PEA; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the O’Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O’Brien Gold Project profitable; the Company’s ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future;, planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company’s ability to grow the O’Brien Gold Project; the ability to negotiate and execute an arrangement with IAMGOLD related to the Doyon Mill on satisfactory terms or at all; and the ability to convert inferred mineral resources to indicated mineral resources.

 

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘interpreted’, ‘management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O’Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company’s capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company’s activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; 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; risks relating to the drill results at O’Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

 

Please refer to the ‘Risks and Uncertainties Related to Exploration’ and the ‘Risks Related to Financing and Development’ sections of the Company’s Management’s Discussion and Analysis dated April 29, 2025 for the years ended December 31, 2024, and the Company’s Management’s Discussion and Analysis dated May 28, 2025 for the three-months ended March 31, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

 

1 IAMGOLD has not independently confirmed the processing assumptions, metallurgical results and/or cost assumptions associated with the required mill upgrades in the scenarios outlined in the PEA.
2 Denotes a ‘specified financial measure’ within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators (‘NI 52-112’). See note on ‘Non-IFRS Financial Measures’.

 

Corporate Logo

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258183

 

 

 

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

A new book on the end of Joe Biden’s presidential campaign and the birth of Kamala Harris’ sheds light on the process behind the vice president choosing Minnesota Gov. Tim Walz as her running mate, a decision widely panned by pundits in retrospect. 

‘2024: How Trump Retook the White House and the Democrats Lost America,’ released Tuesday by journalists Josh Dawsey of The Wall Street Journal, Tyler Pager of The New York Times and Isaac Arnsdor of The Washington Post, described a vetting process that came down to three finalists: Walz, Pennsylvania Gov. Josh Shapiro and Arizona Sen. Mark Kelly.

All three candidates did a final interview with Harris at her residence, the book explains, adding that when asked what they wanted to drink, Shapiro and Kelly chose water while Walz chose Diet Mountain Dew.

Appeal with rural voters was a top priority for the Harris ticket and the book states that Harris’s advisors felt that Walz was the best candidate to do that. 

‘Pelosi privately pushed for him too, because she’d worked with him in Congress,’ the book said about the former House speaker. ‘The pitch for Walz was straightforward: He could appeal to white voters across the Blue Wall states (Wisconsin, Michigan, and Pennsylvania) and hopefully help Harris with male voters. He’d never lost election.’

While most political experts felt Shapiro, governor of a key swing state, was the most logical choice, the book states that the interview with Harris and Shapiro ‘revealed the two were not a perfect match.’

‘He came across as overly ambitious, pushing Harris to define what his role would be. He also conceded it would not be natural for him to serve as someone’s number two, leaving Harris with a bad impression,’ the book states. 

Conversely, the authors explain that Walz was ‘deferential’ while ‘showing no interest in himself’ and ‘flatly denied any interest in running for president.’

‘He went so far as to proactively volunteer reasons why she might not want to pick him,’ the book says. ‘In his interview that Friday, he said he had never used a teleprompter before. On Sunday, he told Harris, ‘I would understand if you went with someone else because I’m really nervous about the debate, and I don’t think I’ll do well.’ Still, the vetting team did not fully appreciate his tendency to misspeak, his folksiness sometimes tipping into factual imprecision.’

Walz would ultimately draw intense scrutiny on the campaign trail for his ‘folksiness’ with a series of blunders, including his characterization of his military service and a claim he was present at the Tiananmen Square massacre. 

The book says Harris ‘struggled’ deciding between Shapiro and Walz, believing that she had a better ‘rapport’ with Walz but understood the importance of Pennsylvania. Harris’ team, according to the book, told her that polling did not offer a clear answer as to which of the two candidates would help the ticket more.

‘There was no empirical evidence that Shapiro would deliver Pennsylvania and with it the White House,’ the book said. 

As Shapiro was being considered, many pundits speculated that his staunch support of Israel could be an issue given the progressive wing of the Democratic Party being vocally pro-Palestinian, resulting in protests, sometimes violent, across the country after Oct. 7.

The book said the Harris campaign was aware of that issue. 

‘Much of the progressive wing of the Democratic Party declared war on Shapiro, largely because of his support of Israel,’ the book said. ‘Some Shapiro allies saw the criticism as deeply unfair and borderline antisemitic, since the governor was an observant Jew, but his positions on the Palestinian conflict broadly aligned with the Biden administration and the other vice presidential contenders. The lawyers vetting Shapiro did flag some comments they viewed as more incendiary, particularly as it related to pro- Palestinian protests on college campuses after the October 7 attacks.’

‘One that caught their attention was his commentary on CNN from April: ‘We have to query whether or not we would tolerate this, if this were people dressed up in KKK outfits or KKK regalia, making comments about people who are African American in our communities.’’

Ultimately, the book says Harris ‘went with her gut’ and chose Walz believing he was the ‘better fit’ in a decision her staff was ‘unanimously behind.’

Fox News Digital reached out to the offices of Walz and Shapiro for comment. 

After losing every battleground state and ultimately the presidency to Donald Trump, critics were quick to judge the Walz pick as a misstep by Harris. 

‘The choice of Walz was only one of many disastrous mistakes but symptomatic of one larger problem – the Democratic Party leadership is too scared to say no to the hard-left progressive wing of the party,’ Julian Epstein, longtime Democratic operative and former chief counsel to the House Judiciary Committee, told Fox News Digital shortly after the election. 

Rob Bluey, president and executive editor of The Daily Signal, told Fox News Digital in November that Harris picking Walz ‘proved to be a disastrous decision that doomed Kamala Harris from the moment she made it.’

‘Not only was Walz ill-prepared for the national spotlight and media scrutiny, but Harris passed over several better options,’ Bluey said. ‘Given how little Americans knew about Harris or her policy positions, they were right to question her judgment on this big decision.’

This post appeared first on FOX NEWS

Justice Ketanji Brown Jackson’s dissent in a Supreme Court order handed down on Tuesday stood out enough that it prompted one of her liberal colleagues to voice disagreement with her.

Justice Sonia Sotomayor, an appointee of former President Barack Obama, said in a brief concurrence that the high court’s 8-1 order clearing the way for President Donald Trump to continue downsizing the government was the right decision.

‘I agree with Justice Jackson that the President cannot restructure federal agencies in a manner inconsistent with congressional mandates,’ Sotomayor wrote. ‘Here, however, the relevant Executive Order directs agencies to plan reorganizations and reductions in force ‘consistent with applicable law’ … and the resulting joint memorandum from the Office of Management and Budget and Office of Personnel Management reiterates as much.’

Sotomayor’s remarks were included as part of a short two-page order from the Supreme Court saying the executive order Trump signed in February directing federal agencies to plan for ‘large-scale reductions in force (RIFs), consistent with applicable law’ was likely lawful.

The Supreme Court said it had no opinion at this stage on the legality of any actual job cuts and that that question was not before the high court.

But Jackson felt differently, according to her 15-page dissent affixed to the order.

Jackson, the most junior justice and an appointee of former President Joe Biden, said a lower court judge was right to pause any further reductions to the federal workforce. Jackson lectured her colleagues for thinking otherwise.

‘That temporary, practical, harm-reducing preservation of the status quo was no match for this Court’s demonstrated enthusiasm for greenlighting this President’s legally dubious actions in an emergency posture,’ Jackson said.

Any future government downsizing would come on top of thousands of government employees already losing their jobs or opting to accept buy-out plans as part of Trump’s stated goals to scale down the federal government and make it run more efficiently.

The Supreme Court’s order arose from a lawsuit brought by labor organizations and nonprofits, who alleged that the president’s decision to dramatically slash the federal workforce infringed on Congress’s authority over approving and funding government jobs.

The order was issued on an emergency basis and is only temporary. It will remain in place while the Trump administration appeals the lawsuit in the U.S. Court of Appeals for the Ninth Circuit.

This post appeared first on FOX NEWS

Former White House physician Kevin O’Connor’s closed-door interview with the House Oversight Committee ended after less than an hour on Wednesday morning, with the doctor giving investigators virtually no new insights.

O’Connor pleaded the Fifth Amendment to multiple questions about his time with former President Joe Biden during his sit-down. It resulted in a hasty end to what could have been an hours-long deposition.

‘I’m going to read the first two questions that were asked. ‘Were you ever told to lie about the president’s health?’ He pleaded the Fifth Amendment. He would not answer that question. The second question, ‘Did you ever believe President Biden was unfit to execute his duty?” House Oversight Committee Chairman James Comer, R-Ky., told reporters after the meeting.

‘Again, President Biden’s White House physician pled the fifth. This is unprecedented, and I think that this adds more fuel to the fire that there was a cover-up.’

The doctor’s lawyers said O’Connor’s refusal to answer questions on Fifth Amendment grounds was not an admission of guilt, but rather a response to what they saw as an unprecedented investigatory scope that could have violated the bounds of patient-physician privilege.

‘This Committee has indicated to Dr. O’Connor and his attorneys that it does not intend to honor one of the most well-known privileges in our law – the physician patient privilege. Instead, the Committee has indicated that it will demand that Dr. O’Connor reveal, without any limitations, confidential information regarding his medical examinations, treatment, and care of President Biden,’ the attorney statement said.

‘Revealing confidential patient information would violate the most fundamental ethical duty of a physician, could result in revocation of Dr. O’Connor’s medical license, and would subject Dr. O’Connor to potential civil liability. Dr. O’Connor will not violate his oath of confidentiality to any of his patients, including President Biden.’

The House Oversight Committee has been investigating whether Biden’s former top aides covered up evidence of his mental and physical decline while in office. Biden’s allies have denied such allegations.

But Comer suggested to reporters that O’Connor’s invocation of the Fifth Amendment could have been evidence to the contrary.

‘Most people invoke the fifth when they have criminal liability. And so that’s what would appear on the surface here,’ he said. ‘We’re going to continue to move forward. Obviously, I think his actions today speak loud and clear.’

But O’Connor’s lawyers wrote in their statement, ‘We want to emphasize that asserting the Fifth Amendment privilege does not imply that Dr. O’Connor has committed any crime. In fact, to the contrary, as our Supreme Court has emphasized: ‘One of the Fifth Amendment’s basic functions is to protect
innocent men who otherwise might be ensnared by ambiguous circumstances.”

Meanwhile, Rep. Jasmine Crockett, D-Texas, who made a surprise appearance at the interview and was the only lawmaker there, save for Comer, defended O’Connor’s use of the Fifth Amendment.

‘As someone who has served as a criminal defense attorney and actually been in courtrooms, it’s kind of astounding to hear someone say, if you invoke the Fifth Amendment, that is only because you are guilty,’ Crockett said. 

She pointed out that the Trump administration had launched a contemporaneous criminal probe.

‘We have a constitutional right that anyone who may be under fire can invoke. And unfortunately, with this rogue DOJ, it has decided that it wants to run a contemporaneous investigation, criminal investigation, involving the doctor – I think he did what any good lawyer would advise him to do,’ Crockett said.

O’Connor’s lawyers have asked the committee to pause its investigation while the Department of Justice (DOJ) probe is underway.

He and his legal team appeared to catch reporters by surprise with their hasty exit on Wednesday morning, roughly thirty minutes after entering.

One of O’Connor’s lawyers said they would be making ‘no comments to press’ in response to a shouted question by Fox News Digital.

Comer, for his part, insisted the investigation would go on.

‘This is something I think every American is concerned about. I think that the American people want to know the truth. We’re going to continue this investigation. We’ll move forward,’ Comer said. ‘We have several other witnesses that are going to come in for depositions and transcribed interviews. We will do everything in our ability to be transparent with the media and be transparent with the American people.’

The committee previously interviewed former Biden staff secretary Neera Tanden. Comer has summoned several other ex-White House aides to appear.

This post appeared first on FOX NEWS

Homerun Resources Inc. (TSXV: HMR,HMRFF) (OTCQB: HMRFF) (‘Homerun’ or the ‘Company’) is pleased to announce the receipt of a second budgetary offer to build Latin America’s first dedicated solar glass manufacturing facility with a production capacity of 1,000 tonnes per day of low-iron solar glass. The Company has received a comprehensive offer from GS Engineering GmbH (‘GS’), a consortium between Grenzebach a market leader for glass annealing lehr equipment and cutting lines (cold ends) and Sorg a leading provider of glass melting technology, two family owned and Germany-based leaders in glass manufacturing technology.

The GS project budget is estimated at approximately EURO 150 million for the solar glass manufacturing technology. As detailed previously, in addition to this amount, there will be an industrial construction, utilities and electrical supply budget for the solar glass manufacturing facility located on the government granted land next to the Company’s silica resources in Belmonte, Bahia, Brazil. The output of the manufacturing facility will be the production of ultra-clear solar glass with very low iron content, ideal for high-efficiency and high-quality solar glass for PV modules, based on rolled glass technology.

The Company has recently signed a Memorandum of Understanding (MoU) with the Municipality of Belmonte, in the State of Bahia, Brazil, and other key public entities, for the donation of land and full infrastructure, for the installation of the industrial facilities for the solar glass manufacturing plant (see press releases here and here).

This is a competitive offer to the budgetary offer received from HORN Glass Industries AG, a leading global supplier of state-of-the-art glass production plants (see press release here). The company has sustained detailed technical and commercial discussions with both contenders, in order to refine and compare the two offers and is now focused on the decision making process of selection between these two very experienced firms.

The Company is on schedule with its plans, having completed the pre-feasibility data capture and is now in the process of selecting a short-list of engineering firms to bid for the Bankable Feasibility Study (‘BFS’).

‘Moving from the idea origination, through planning and development and toward construction has been a fast-track process for our internal team and our external consultants. We congratulate these professionals on achieving these deliverables within our expedited timelines. Seeing our design layouts rendered over land use plots is exciting and we now enter the final stage of development with a massive internally developed pre-feasibility data set to reduce the timelines to a completed BFS,’ said Brian Leeners, CEO of Homerun.

About GS Engineering GmbH

GS Engineering (https://gse-glass.com/) offers a wide range of consultancy, engineering and project management services to glass manufacturers. By uniting the hot end and cold end in a holistic approach, GSE can guide customers throughout the entire journey with a one-stop solution and access to the latest technological developments for state-of-the-art glass making. As a joint venture of the companies Grenzebach (https://www.grenzebach.com/en/) and Sorg (https://www.sorg.de/) the company GS Engineering is offering complete solutions especially for solar and float glass projects.

About Homerun (www.homerunresources.com)

Homerun (TSXV: HMR,HMRFF) is a vertically integrated materials leader revolutionizing green energy solutions through advanced silica technologies. As an emerging force outside of China for high-purity quartz (HPQ) silica innovation, the Company controls the full industrial vertical from raw material extraction to cutting-edge solar, battery and energy storage solutions. Our dual-engine vertical integration strategy combines:

Homerun Advanced Materials

  • Utilizing Homerun’s robust supply of high purity silica sand and quartz silica materials to facilitate domestic and international sales of processed silica through the development of a 120,000 tpy processing plant.
  • Pioneering zero-waste thermoelectric purification and advanced materials processing technologies with University of California – Davis.

Homerun Energy Solutions

  • Building Latin America’s first dedicated high-efficiency, 365,000 tpy solar glass manufacturing facility and pioneering new solar technologies based on years of experience as an industry leader in developing photovoltaic technologies with a specialization in perovskite photovoltaics.
  • European leader in the marketing, distribution and sales of alternative energy solutions into the commercial and industrial segments (B2B).
  • Commercializing Artificial Intelligence (AI) Energy Management and Control System Solutions (hardware and software) for energy capture, energy storage and efficient energy use.
  • Partnering with U.S. Dept. of Energy/NREL on the development of the Enduring long-duration energy storage system utilizing the Company’s high-purity silica sand for industrial heat and electricity arbitrage and complementary silica purification.

With six profit centers built within the vertical strategy and all gaining economic advantage utilizing the Company’s HPQ silica, across, solar, battery and energy storage solutions, Homerun is positioned to capitalize on high-growth global energy transition markets. The 3-phase development plan has achieved all key milestones in a timely manner, including government partnerships, scalable logistical market access, and breakthrough IP in advanced materials processing and energy solutions.

Homerun maintains an uncompromising commitment to ESG principles, deploying the cleanest and most sustainable production technologies across all operations while benefiting the people in the communities where the Company operates. As we advance revenue generation and vertical integration in 2025, the Company continues to deliver shareholder value through strategic execution within the unstoppable global energy transition.

On behalf of the Board of Directors of
Homerun Resources Inc.

‘Brian Leeners’

Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)

Tyler Muir, Investor Relations
info@homerunresources.com / +1 306-690-8886 (WhatsApp)

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

The information contained herein contains ‘forward-looking statements’ within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’.

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

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258246

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Wednesday (July 9) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) is priced at US$108,700 a 0.3 percent increase in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$108,198 and a high of US$109,123.

Bitcoin price performance, July 9, 2025.

Bitcoin price performance, July 9, 2025.

Chart via TradingView

Bitcoin pushed past US$109,000 again buoyed by mild support from institutional inflows and risk-on sentiment amid tariff uncertainty.

Ethereum (ETH) is priced at US$2,546.07, up by 3.2 percent over the past 24 hours. Its lowest valuation as of Wednesday was US$2,562.60, and its highest was US$2,659.18.

Altcoin price update

  • Solana (SOL) was priced at US$152.50, up by 1.8 percent over 24 hours. Its lowest valuation as of Wednesday was US$149.74, and its highest was US$154.45.
  • XRP was trading for US$2.33, up 4.1 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.28, and its highest was US$2.39.
  • Sui (SUI) is trading at US$2.91, up by 2.8 percent over the past 24 hours. Its lowest valuation was US$2.87 and its highest was US$2.97.
  • Cardano (ADA) is priced at US$0.5966, up by 5.1 percent in the last 24 hours. Its lowest valuation as of Wednesday was US$0.5801, and its highest was US$0.6148.

Today’s crypto news to know

Tether reveals it holds US$8 billion in gold in private Swiss vault

Tether, the issuer behind the world’s largest stablecoin USDT, has disclosed it holds nearly 80 metric tons of gold worth US$8 billion in a private Swiss vault, according to a Bloomberg report.

The company, which manages over US$159 billion in circulating stablecoins, says most of the gold is directly owned by Tether, making it one of the world’s largest private gold holders outside of sovereign institutions.

CEO Paolo Ardoino confirmed the gold is stored in a highly secure location in Switzerland, though he declined to disclose the exact facility for safety reasons.

The firm also operates a gold-backed token called XAUT, with each coin redeemable for one ounce of physical gold.

Tether’s increasing exposure to gold comes amid rising demand for safe-haven assets and ongoing concerns about US debt sustainability. However, new regulations in the US and EU may force the company to divest gold from USDT’s reserves if it seeks formal approval in those markets.

Trump Media files for ‘Crypto Blue Chip ETF’

Trump Media & Technology Group has filed to launch its third crypto-focused ETF under the Truth Social brand, dubbed the “Crypto Blue Chip ETF.”

The fund aims to allocate 70 percent to Bitcoin, 15 percent to Ether, and the remainder to Solana, Cronos, and XRP.

This marks the latest move by the Trump-affiliated media company to expand its crypto investment footprint following two prior filings focused more narrowly on Bitcoin and Ether. The ETF is set to trade on NYSE Arca, and is being developed in partnership with Crypto.com.

The company had earlier disclosed plans to raise US$2.5 billion to directly acquire Bitcoin. While Trump Media’s stock rose nearly 3 percent on the day of the announcement, it remains down over 40 percent year-to-date.

Sequans Communications soars 43 percent on Bitcoin Treasury Strategy

Chipmaker Sequans Communications saw its stock jump 43 percent after announcing a major pivot to a Bitcoin-based treasury reserve strategy.

The firm raised US$384 million through equity and debt instruments to begin acquiring Bitcoin as a long-term corporate asset, emphasizing Bitcoin’s scarcity and independence from central banks as reasons behind the move and its potential to strengthen the company’s financial footing.

More than 40 institutional investors backed the fundraising, including convertible debentures and warrants that could bring in another US$57 million.

The company plans to allocate future cash flows toward continued Bitcoin purchases.

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

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

This post appeared first on investingnews.com

President Donald Trump confirmed Tuesday (July 8) he would impose a 50 percent tariff on all copper imports, a dramatic escalation of his administration’s use of targeted trade restrictions under national security grounds.

“I believe the tariff on copper, we’re going to make 50 percent,” Trump said during a White House cabinet meeting.

Though he did not provide a timeline, Commerce Secretary Howard Lutnick said in a subsequent CNBC interview that the tariff could take effect by late July or as early as August 1, with details to be posted on Trump’s Truth Social account.

The announcement triggered immediate market reaction. According to Reuters, copper futures for September delivery surged 13 percent on the day, closing at US$5.6855 per pound—its biggest single-day jump since 1989.

Traders cited fears of a supply crunch and price volatility as buyers scrambled to secure US-bound shipments ahead of the tariff implementation.

The decision marks a culmination of a months-long process that began in February, when Trump signed an executive order instructing the Department of Commerce to investigate whether copper imports posed a national security threat under Section 232 of the Trade Expansion Act of 1962.

The rarely used statute gives the president broad authority to impose tariffs or quotas if imports are deemed harmful to national defense or essential industries.

The copper tariff follows a similar pattern established during Trump’s first term, when the White House used Section 232 to levy tariffs on steel and aluminum.

Since returning to office, Trump has expanded his use of the provision to include automobiles, pharmaceuticals, and critical minerals like rare earths.

Countries in the crosshairs

The brunt of the copper tariff is expected to fall on key US trade partners—most notably Chile, Canada, and Mexico, which collectively accounted for the majority of America’s US$17 billion in copper imports in 2024, according to US Census Bureau data.

Chile alone shipped US$6 billion worth of copper to the US last year.

Officials from Chile, Canada, and Peru, have pushed back against the measure, arguing their exports pose no threat to US national security and citing long-standing free trade agreements.

However, none have been granted exemptions as of Wednesday (July 9), and negotiations remain in limbo.

The looming copper tariff comes on the heels of broader trade actions taken by the Trump administration. On Monday (July 7), the White House imposed stiff tariffs on imports from 14 countries, including Japan, South Korea, Malaysia, South Africa, and Kazakhstan.

These levies—effective August 1—targeted a wide range of sectors, from steel and aluminum to automotive parts and textiles.

Despite its relatively small trade deficit in copper—the US exported US$11.3 billion and imported US$9.6 billion worth of the metal in 2024—the White House argues that the country remains dangerously reliant on foreign refining and processing capacity.

National security as justification

The legal foundation for the copper tariff lies in Section 232, which allows the president to act unilaterally on trade when national security is at stake. Experts say the provision gives Trump more durable legal ground than his recent attempts to use emergency powers to implement broad, country-specific tariffs—some of which are being challenged in federal court.

“Section 232 tariffs are central to President Trump’s tariff strategy,” said Mike Lowell, a trade attorney with ReedSmith, in an interview with CNBC. “They aren’t the target of the pending litigation, and they’re more likely to survive a legal challenge and continue into the next presidential administration.”

The administration’s increasing reliance on Section 232 tariffs reflects a shift toward industrial policy motivated by supply chain security, particularly for materials with dual-use applications in civilian and defense sectors.

Copper is a case in point. Used extensively in electrical wiring, motors, semiconductors, and military-grade communications equipment, the red metal has been classified as critical to US infrastructure and defense capabilities.

Analysts point out that demand for the red metal is set to surge in the coming years due to the ongoing energy transition and growing adoption of electric vehicles.

In April, Trump issued a separate executive order launching a Section 232 investigation into US reliance on imported critical minerals and processed rare earths, calling them “essential for national security and economic resilience.” The order cited specific applications in jet engines, missile guidance, radar systems, and advanced electronics.

As of Wednesday, no formal timeline had been posted on Trump’s Truth Social account, and details around carve-outs or exemptions remained unclear.

For now, however, Trump appears undeterred. The head of state has already threatened that pharmaceuticals may be next in line for potential action.

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

This post appeared first on investingnews.com

A Senate Republican wants to give the U.S. a leg up in its race against China and to ween the nation off of its reliance on imports of key raw materials needed for weapons systems.

Sen. Tom Cotton, R-Ark., would like to fast-track the harvesting of raw materials in the U.S. needed for the nation’s defensive capabilities, and plans to blow through federal and judicial red tape to do it.

Cotton plans to introduce legislation that would allow critical mineral mining projects deemed necessary to bolster the nation’s military and defensive readiness by Secretary of Defense Pete Hegseth to skirt environmental laws and possible blockages by the courts.

His bill is designed to give the U.S. an edge against China, the world’s largest producer of critical minerals like cobalt, lithium, graphite and other rare earth minerals used in weapons systems, electric vehicles and consumer electronics.

Currently, China produces roughly 60% of the world’s critical mineral supply, and processes up to 90%.

‘Current environmental laws put our readiness to counter Communist China at risk and waste taxpayer dollars on projects that stall out and die on the vine,’ Cotton said in a statement to Fox News Digital. ‘This bill will create jobs, better arm and prepare our soldiers, and spend taxpayer dollars more efficiently.’

Cotton’s bill, dubbed the Necessary Environmental Exemptions for Defense Act, would create a waiver for mining activities and projects related to countering China and to allow the Pentagon to ‘operate with maximum agility and efficiency to ensure it is prepared to deter and, if necessary, fight and win a conflict with the Chinese Communist Party,’ according to bill text first obtained by Fox News Digital.

Among the regulations and environmental review standards that could be skirted with the waiver are the National Environmental Policy Act, Endangered Species Act, Marine Mammal Protection Act and Federal Water Pollution Control Act.

Cotton argued in his legislation that the aforementioned regulations ‘frequently and unnecessarily delay’ the preparedness of the military without ‘substantial benefit to the environment or protected species,’ and that time is of the essence when it comes to national defense.

The projects that would fall under the umbrella of the regulation exemption include testing and production and deployment of technologies, systems or equipment and the construction, maintenance, expansion, or repair of facilities or Defense Department infrastructure, among others.

It would also prevent projects from being snarled in the courts, as long as the initiative is deemed necessary for military preparedness by the Secretary of Defense.

The bill fits into the White House’s broader plan to jump-start critical mineral mining in the country, be it through executive action, a bid to buy Greenland, a minerals agreement with Ukraine, or opening up more offshore mining in the Gulf of America.

It also comes after President Donald Trump reached a deal with Chinese President Xi Jinping to resume trade of critical minerals after shipments were stopped earlier this year following the White House’s slew of tariffs against China and other countries. 

This post appeared first on FOX NEWS

 

Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; ‘ BRW ‘ or the ‘ Company ‘) is pleased to report the final set of results obtained as part of the 2025 Winter drill campaign conducted on its Mirage Project. The Mirage Project is located in the Eeyou Istchee–James Bay region of Quebec, approximately 40 kilometers south of the Trans-Taiga Road. This press release primarily focuses on the drilling work carried out in the eastern extension of the MR-6 dyke and the ‘Stacked Dyke’ zone.

 

  Highlights include:  

 

  • The discovery of a further three new major dykes located between 200 and 500 meters northeast of MR-6, which returned 33.2 meters at 1.1% Li    O in drill hole MR-25-110, 20 meters at 1.3% Li    O and 11 meters at 1.2% Li    O in drill hole MR-25-112.
  •  

  • The ‘Stacked Dyke’ zone was extended 150 meters to the north, with hole MR-25-106 intersecting 17.4 meters at 1.01% Li    O .
  •  

  • Over the course of the Winter 2025 program, BRW has discovered a total of 4 new major dykes measuring between 10 meters and 35 meters, all located near surface and in the core of the project all of which remain open in all directions.
  •  

  • Elevated tantalum concentrations continue to be strongly associated with lithium mineralization with values consistently ranging from 150 to 350ppm. Further metallurgical work will be completed to determine the viability of producing a tantalum byproduct.
  •  

Mr. Killian Charles, President and CEO of BRW, commented: ‘Brunswick Exploration remains one of the most compelling stories in the mining sector as we leverage the atypical combination of advanced exploration work at Mirage alongside an aggressive global lithium grassroot program which has no comparable peers. As the lithium market regains strength over the coming quarters and years, we are uniquely positioned to benefit from new discoveries and the continued development of Mirage.

 

‘Today’s results serve once more to highlight the exploration potential of Mirage. Even after more than 20,000 meters of drilling over the last 18 months, we have repeatedly and continue to intercept new dykes of appreciable width and grade. As we move toward a maiden resource estimate in late 2025, I am extremely proud of the work the BRW exploration team has achieved across its still growing pipeline of projects.’

 

  Mirage Project Drilling Overview  

 

The Mirage Project comprises 427 claims located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec’s James Bay region and 34 kilometers northeast of Winsome Resources’ Adina Project.

 

The drilling campaign was primarily aimed at extending the mineralized ‘Stacked Dyke’ zone to the northeast. The highlights presented in this press release are shown in Table 1 and Figures 1 and 2. Collar locations are provided in Table 2.

 

  Figure 1 : Zone Location at Mirage Project

 

 Figure 1: Zone Location at Mirage Project

 

  Figure 2 : Central Zone of the Mirage Project

 

 Figure 2: Central Zone of the Mirage Project

 

Drill hole MR-25-110 led to the discovery of a new spodumene-bearing pegmatite dyke, grading 1.1% Li₂O over 33.2 meters from 217 to 251 meters (vertical depth of 180 meters), while drill hole MR-25-112 returned 1.3% Li₂O over 20 meters from 367.9 to 387 meters (vertical depth of 290 meters). These two new dykes are interpreted to be sub-parallel, oriented approximately N130/30. Drill hole MR-25-112 also intersected another dyke grading 1.2% Li₂O over 11 meters from 328 to 339 meters (vertical depth of 250 meters), which is believed to be also parallel to the others. These new intersections highlight the stacking of sub-horizontal mineralized dykes in this area. The dykes remain open in all directions.

 

  Figure 3 : Section A-A’

 

 Figure 2: Section A-A

 

Drill hole MR-25-117 also intersected a 27-meter-wide pegmatite from 329 to 356 meters. This pegmatite is interpreted to be the same one intersected in drill hole MR-25-112 (which returned 1.3% Li₂O over 20 meters from 367.9 to 387 meters). However, due to the proximity of the Lac Orion fault, in MR-25-117, the pegmatite shows significant alteration and the spodumene has been largely replaced by cookeite. As a result, lower values of lithium were reported and only a smaller subinterval returned significant lithium with 1.8% Li₂O over 3.2 meters. Nonetheless, the presence of the dyke over sizeable widths is extremely encouraging and remains an excellent follow-up target for further drilling campaign.

 

Drill hole MR-25-109 extended the ‘Stacked Dyke’ zone by more than 100 meters to the North, with several spodumene-bearing pegmatite intersections. The widest interval returned 1.3% Li₂O over 13.3 meters, from 21.4 to 34.7 meters. The dykes in this hole are sub-horizontal and demonstrate a change in orientation compared to the central zone, where dykes typically dip 60 to 70 degrees to the southeast.

 

Drill hole MR-25-116 intersected over forty moderately mineralized pegmatite dykes, generally of limited thickness. While the lithium grades were modest, this hole highlights the strong potential for the mineralized system to continue toward the Northeast. The intersected dykes remain open in all directions.

 

Drill hole MR-25-113, located approximately 4.5 km northeast of the central zone, was completed as a reconnaissance exploration hole. Unfortunately, no spodumene-bearing pegmatite was intersected in this hole.

 

  Table 1: 2025 Winter Drilling Program Discussed in this Release

 

                                                                                                      
  Hole ID     From (m)     To (m)     Length (m)     Li2O (%)     Ta2O5 (ppm)  
  MR-25-109     21.4     34.7     13.3     1.3     351  
MR-25-109 64.5 69.2 4.7 1.2 266
MR-25-109 106.6 111.8 5.2 1.3 222
MR-25-110 42.6 47.6 5.0 1.0 245
  MR-25-110     217.8     251.0     33.2     1.1     128  
MR-25-112 113.9 116.3 2.3 1.4 183
MR-25-112 251.5 253.7 2.2 0.8 172
MR-25-112 316.0 321.4 5.4 1.2 193
  MR-25-112     328.0     339.0     11.0     1.2     160  
  MR-25-112     367.9     387.8     20.0     1.3     231  
MR-25-116 52.6 55.8 3.2 0.9 172
MR-25-116 74.5 76.8 2.3 0.5 140
MR-25-116 152.0 164.9 13.0 0.3 123
MR-25-116 200.7 203.6 2.9 1.1 141
MR-25-117 210.9 212.9 2.0 1.2 281
MR-25-117 341.5 344.6 3.2 1.8 309

 

  True thickness is estimated to vary between 80% and 90% across all reported holes in the 2025 Winter campaign.  

 

  Table 2 : Drill Hole Collars

 

                                          
  Hole ID     Azimut     Dip     Length (m)     UTM NAD83 z18 – East     UTM NAD83 z18 – North  
MR-25-109 300 -55 279 683432 5941447
MR-25-110 300 -55 267 683227 5941533
MR-25-112 300 -55 399 683324 5941492
MR-25-113 300 -55 169.7 686828 5943668
MR-25-116 340 -45 300 683577 5941438
MR-25-117 300 -50 363 683463 5941701

 

  3D model update  

 

Following the completion of the 2025 Winter drill campaign, Brunswick Exploration, in collaboration with PLR Resources (https://www.plr-resources.com/), updated its 3D model in preparation for a first resource estimate planned for late 2025. Figure 3 shows the location of the sections presented in Figures 5 and 6.

 

  Figure 4: Location of Section B-B’ and C-C’

 

 Figure 3: Location of Section B-B

 

  Figure 5 : Section B-B”

 

 Figure 4: Section B-B

 

  Figure 6 : Section C-C’

 

 Figure 5: Section C-C

 

Observations from field work and drilling indicate that the geometry of the pegmatite dykes in the core of the project (covering North, Central and South Zone) is closely linked to a regional antiformal folding pattern. Although the dykes locally appear to be folded, evidence strongly supports that their emplacement was primarily controlled by the hinges of these antiformal folds, rather than the dykes being simply passively deformed post-emplacement.

 

The emplacement of the pegmatites is interpreted as syn- to post-tectonic, likely occurring towards the final stages of the second deformation event in the region. This timing corresponds with a decrease in regional stress conditions, allowing pegmatitic melts to be focused and emplaced in structurally favorable zones such as fold hinges and lithological contacts.

 

Hydrothermal alteration observed in specific segments of certain pegmatite dykes, notably at MR-3 and MR-6, indicates post-emplacement metasomatic fluid activity. These fluids are believed to be associated with reactivation along nearby structures, particularly the Orion Lake Fault, which likely acted as a fluid conduit during late-stage tectonism.

 

Of note, the role of gabbroic units in the area remains to be fully determined; however, their consistent spatial association with pegmatite dykes suggests they may also have influenced pegmatite emplacement. Some pegmatite dykes could be guided by contacts between metagabbro and metavolcanic rocks, potentially acting as rheological boundaries favorable to dyke propagation.

 

  QAQC  

 

All drill core samples were collected under the supervision of BRW employees and contractors. The drill core was transported by helicopter and by truck from the drill platform to the core logging facility in Val-d’Or. Each core was then logged, photographed, tagged, and split by diamond saw before being sampled. All pegmatite intervals were sampled at approximately 1-meter intervals to ensure representativity. Samples were bagged; duplicated on reject, blanks and certified reference materials for lithium were inserted every 20 samples. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. The sample bags were transported from the BRW contractor facility to the AGAT laboratory in Val-d’Or. All sample preparation and analytical work was performed by AGAT by sodium peroxide fusion with ICP-OES and ICP-MS finish. All results passed the QA/QC screening at the lab and all inserted standard and blanks returned results that were within acceptable limits. All reported drill intersections are calculated based on a lower cutoff grade of 0.3% Li2O, with maximum internal dilution of 5 meters. Host basalts adjacent to the dykes may grade up to 0.3% Li2O but were excluded from the reported intersections.

 

  Qualified Person  

 

The scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.

 

  About Brunswick Exploration  

 

 Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.

 

  Investor Relations/information  

 

Mr. Killian Charles, President and CEO ( info@brwexplo.ca )

 

  Cautionary Statement on Forward-Looking Information  

 

  This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation’s public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.  

 

Photos accompanying this announcement are available at

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/d95734af-c249-4da4-a9c2-bb5fbe0aab0f  

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/41eac253-f61c-43b4-9753-2cd3d0d6d55d  

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/550313e2-f6ad-4966-987c-6d023678ec1f  

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/e588a1b4-6128-41e3-944c-5b1097b8ab98  

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/58151d57-78ac-4465-adbf-aaf2e0b9ff43  

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/2f47949b-b03c-4a78-b3f1-a3c289f8b234  

 

  Primary Logo 

 

 

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

The State Department is investigating an impostor who reportedly pretended to be Secretary of State Marco Rubio with the help of AI. 

The mystery individual posing as one of President Donald Trump’s Cabinet members reached out to foreign ministers, a U.S. governor and a member of Congress with AI-assisted voice and text messages that mimicked Rubio’s voice and writing style, the Washington Post reported, citing a senior U.S. official and State Department cable. 

‘The State Department, of course, is aware of this incident and is currently monitoring and addressing the matter. The department takes seriously its responsibility to safeguard its information and continuously take steps to improve the department’s cybersecurity posture to prevent future incidents. For security reasons, we do not have any further details to provide at this time,’ State Department spokesperson Tammy Bruce said Tuesday. 

When asked by Fox News about Rubio’s reaction to being impersonated, she said, ‘We’re not at a point here where I will discuss or portray what actions are being taken or his reaction.’ 

‘The secretary… is very transparent, quite transparent, and he’s direct with everyone. I think that any description of his reaction, of course, belongs to him. And I would suspect that at some point we’ll have that for you,’ Bruce added. 

She also said that ‘We live in a technological age that we are well enmeshed in.’ 

It’s unclear who is using AI to impersonate Rubio, but it’s suspected they are doing so in an attempt to manipulate government officials ‘with the goal of gaining access to information or accounts,’ the State Department cable said, according to the Washington Post. 

The cable reportedly said the impersonation act started in mid-June when someone created a Signal account with the display name Marco.Rubio@state.gov — which isn’t Rubio’s actual email address. 

The July 3 cable reportedly added that the fake Rubio ‘contacted at least five non-Department individuals, including three foreign ministers, a U.S. governor, and a U.S. member of Congress.’ 

‘The actor left voicemails on Signal for at least two targeted individuals and in one instance, sent a text message inviting the individual to communicate on Signal,’ the Washington Post also cited the cable as saying. 

The impersonation attempt ultimately was unsuccessful and ‘not very sophisticated,’ a senior U.S. official told The Associated Press.

Fox News’ Nick Kalman contributed to this report.  

This post appeared first on FOX NEWS