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Silver Surge: Contango and Dolly Varden’s Strategic Merger

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Contango ORE (NYSE:CTGO) and Dolly Varden Silver Corporation (TSXV:DV) have agreed to merge in an all-stock deal that would create a new mid-tier North American precious-metals company, uniting producing and high-grade development assets in Alaska and British Columbia.

Shareholders of each firm will own roughly 50 percent of the new entity, which is expected to be renamed Contango Silver & Gold and listed on the NYSE American. A separate listing application is planned for the Toronto Stock Exchange.

The combined company, informally referred to as “MergeCo,” will be anchored by the cash-flowing Manh Choh gold mine in Alaska and a slate of high-grade silver and gold projects in the Golden Triangle and south-central Alaska.

Clynt Nauman will lead the board as its Chairman, Rick Van Nieuwenhuyse serving as CEO, Shawn Khunkhun as president, and Mike Clark as executive vice president and CFO.

Van Nieuwenhuyse said the combination is designed to take advantage of an unusually strong pricing environment for precious metals.

“This merger is an exciting transaction for both Contango and Dolly Varden shareholders given the complementary and synergistic nature of our North American asset portfolios,” he said. He highlighted that Manh Choh’s cash flow provides “a source of non-dilutive funding to advance development” of Lucky Shot, Johnson Tract and Kitsault Valley.

Meanwhile, Khunkhun added that the combined platform would be Canada and US-centric and will position the company for aggressive exploration and potential acquisitions.

For the new company, higher silver prices enhance the attractiveness of the Kitsault Valley project in British Columbia, where Dolly Varden recently completed more than 56,000 meters of drilling.

Early results included 1,422 grams per metric ton silver over 21.70 meters at the Wolf Vein and high-grade gold intercepts at Homestake Silver. Historic production from the district exceeds 20 million ounces.

In Alaska, Contango brings three advanced projects. Manh Choh, operated by Kinross Gold (TSX:K,NYSE:KGC,OTC:KGCRF), produced 173,400 ounces of gold in the first nine months of 2025, generating US$87 million in distributions to Contango.

The Lucky Shot project, permitted and undergoing a major drill program, is targeting a multi-hundred-thousand-ounce resource.

Johnson Tract, a gold-silver-zinc project recently accepted for FAST-41 federal permitting, carries an Initial Assessment outlining a US$615 million NPV at US$4,000 gold.

The timing is notable as silver has climbed to its highest price on record. The metal broke its previous all-time high in October and repeatedly tested resistance through the fall before decisively surpassing US$54 on November 28.

Silver later surged again following the US Federal Reserve’s December rate cut, with its latest record of US$64.31 set on December 11.

Analysts attribute the rally partially to shifting macro conditions, including renewed expectations of quantitative easing after the Fed signaled it would begin buying short-term Treasuries.

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

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Transition Metal

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Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder’s equity dilution.

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Senate mulls next steps after dueling Obamacare fixes go up in flames

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There is still a desire to solve the looming healthcare cliff after dueling votes in the Senate on partisan Obamacare fixes crashed and burned Thursday, but both sides of the aisle are still miles from finding a middle ground.

The enhanced Obamacare subsidies are set to expire by the end of the year, and Congress is gearing up to leave Washington, D.C., at the end of next week until the new year. There are several options on the table, including numerous Senate Republican proposals or just moving ahead with a short-term extension of the subsidies.

But lawmakers have to land on what exactly they want to do, and what could pass the 60-vote filibuster threshold, first.

‘I think the question is, ‘Do the Democrats, after they got their messaging vote done, actually want to engage in a real conversation about this?’’ Senate Majority Leader John Thune, R-S.D., said. ‘Because it didn’t seem like they had a real high level of interest in reforms, but there are some who do. I don’t know if there are enough, but I think we’re going to get a sense of that here very soon.’

Thune echoed what many Republicans in the upper chamber believed: Senate Democrats’ three-year extension of the subsidies was never meant to succeed, but only served as a political messaging exercise.

Still, four Senate Republicans crossed the aisle to vote for Democrats’ plan. Sen. Lisa Murkowski, R-Alaska, argued that she voted for both proposals not because both were exactly what she wanted, but because she wanted to get the ball rolling toward a solution.

‘Sometimes around the Senate, we have to demonstrate what we can’t do first before we can get to what we need to do,’ she said. ‘Today was the first step in that process of demonstrating what we can’t do now. Let’s get on with it and fix it.’

Conversely, the GOP’s first attempt wasn’t going to pass muster with Senate Democrats, either. Some in the upper chamber are mulling a short-term extension to the subsidies, be it six months to a year, but that idea doesn’t tackle the several reforms Senate Republicans have demanded for their support.

‘Discussions will continue,’ Senate Majority Whip John Barrasso, R-Wyo., told Fox News Digital. ‘Both parties are going to find a solution to actually lower the cost of care and put patients in charge and get rid of the waste and the fraud and the abuse and the corruption that has run rampant in Obamacare.’

Whatever happens next will likely be the product of rank-and-file negotiations, not top-level decisions between Thune and Senate Minority Leader Chuck Schumer, D-N.Y.

But there is a growing sense that President Donald Trump should get more involved and dictate exactly what he wants to be done. Trump previously signaled that he wants to move ahead with health savings accounts (HSAs) but in recent weeks has largely stayed an arms’ length away from the Obamacare turmoil in the Senate.

When asked how lawmakers get out of the healthcare jam, Sen. Chris Murphy, D-Conn., told Fox News Digital, ‘We don’t.’

‘Not until Donald Trump decides we get out of it,’ Murphy said. ‘He’s the President of the United States, his party controls the House and the Senate, so the only way we save people from healthcare disasters for Donald Trump, the leader of the Republican Party, is to decide to fix this.’

Republicans still have several options on the table, including a plan from Sen. Roger Marshall, R-Kan., that marries an extension of the subsidies with HSAs and reforms, and a plan from Sens. Susan Collins, R-Maine, and Bernie Moreno, R-Ohio, that would extend the credits for two years, among others.

There’s also the possibility that the healthcare fight continues on into the next year and goes through the partisan budget reconciliation process, which Republicans used earlier this year to ram through Trump’s agenda.

While that’s an option, many in the upper chamber acknowledge that the best way forward is working with the other side of the aisle.

‘I would rather do it on a bipartisan basis, because that’s the way that Congress is supposed to work,’ Sen. Bill Cassidy, R-La., told Fox News Digital. ‘But if Democrats are intent upon sticking people with either higher premiums and/or $6,000 deductible, we got to do something. So it’s not good for the American people.’

While there are lawmakers who hope the failed votes were the springboard forward, and not a dead end, toward tackling the Obamacare issue, Schumer signaled that it was Republicans’ fault that the subsidies would likely expire.

‘This is their crisis now, and they’re going to have to answer for it,’ he said.


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Omar accused by GOP opponent of opening up the door to massive Minneapolis fraud: ‘Deep, deep ties’

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MINNEAPOLIS, MN – Republican John Nagel, who is running against Dem. Rep. Ilhan Omar in her Minneapolis district, spoke to Fox News Digital about the responsibility she holds in the unfolding massive fraud scandal that has garnered national headlines.

‘Where did this actually start?’ Nagel told Fox News Digital. ‘She passed legislation. Her legislation actually started and it allowed people to get into Feeding Our Future. If you look at where the fraud is, it’s primarily her [5th Congressional District], the district that I’m running in against her. And it’s really odd to think that you know all the fraud just happened in a particular area, and it was a bill that she, you know, particularly put together.’

Nagel is referring to allegations that the free meals at the center of the massive fraud scandal were made possible by the 2020 MEALS Act, introduced by Omar and passed with bipartisan support. He told Fox News Digital the public deserves to know who helped her craft that legislation.

Members of Omar’s inner circle personally profited from the $1 billion welfare fraud scandal in her district that has placed her Somali constituency under a White House microscope, Nagel said. He also said that Omar held events at one of the restaurants, Safari Land, which was named in the fraud case, knew one of its now-convicted owners and had a staffer who was also convicted.

‘If you look at the Safari Land restaurant, if you’re gonna be in politics, you need to go through the people at the Safari Land restaurant,’ Nagel said. ‘They kind of control the politics. She had all of her fundraising things. I mean, that was sort of her hangout. That’s where she spent money, got donations.’

Guhaad Hashi Said, sometimes referred to as an ‘enforcer’ for Omar’s campaign, is one of the over 70 people who have been indicted for his role in the Feeding Our Future scandal. Nagel told Fox News Digital the public deserves answers on that relationship and what Omar knew about the fraud.

‘There’s a lot of really deep, deep ties,’ Nagel said.

‘I think time will tell with the investigation. But again, there’s just too much circumstantial evidence to look at this and say, she had to have known something, or what staff member knew something?’

The Small Business Administration is investigating a network of Somali groups in Minnesota that it says is tied to the scandal, and a House Oversight Committee has opened an investigation into Minnesota Gov. Tim Walz’s role.

President Donald Trump last week criticized Omar and blamed the Somali community for the scope of fraud occurring in Minnesota. 

Nagel also asserted that there was a money trail potentially funneled to Omar from her associates tied to the Feeding Our Future fraud scandal, and he said that she has returned some of the money but not all of it.

‘A whole lot of people that were convicted donated a whole lot of money. Omar says that she gave the money back,’ Nagel said. ‘Well, if you go into public records, she gave some money back, but there’s a whole lot more money there that she didn’t report. And I think if people were just to go through the everyday records that are out there, you’ll find out that her involvement in the money that she has is questionable.’

Nagel told Fox News Digital, ‘If she truly cared about the fraud, her name wouldn’t be attached all over to these other people. She came on and she made a statement about how terrible it is to basically steal food from children. Yeah, okay, that’s a really nice thing to say, but you have way too many people that you’re associated with that actually did that. Now she yells racism anytime somebody puts any pressure on her.’

Fox News Digital asked Nagel what can be done to fix the fraud issues. He said, first and foremost, Minnesota must elect a new governor.

‘The things that we can do to fix this is you get yourself a new competent, honest governor, you get yourself a new honest, competent AG,’ Nagel said. ‘We get rid of Ilhan Omar, and we put people in the state of Minnesota that actually want to do the right thing. They’re not in it for the money, they’re in it because they’re great state employees and they’re serving the public. That’s what we’re gonna have to do. You’re gonna have to entirely root the Democratic Party, and then anybody that’s been appointed to a position, we’re gonna have to root them out too, to find out if you know they’ve been letting things slide.’

Nagel described the fraud situation in Minnesota as a ‘cancer’ that will continue to ‘spread’ unless ‘you cut the entire cancer out.’

Fox News Digital reached out to Omar’s office for comment. 

‘I think what happened is that, you know, when you have these kind of new programs that are, um, designed to help people, you’re oftentimes relying on third parties to be able to facilitate. And I just think that a lot of the COVID programs that were set up — they were set up so quickly that a lot of the guardrails did not get created,’ Omar said last week.

Fox News Digital’s Louis Casiano contributed to this report.


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PPC, Lundin Freeze 2026 Processing Fees As Smelters Near Breaking Point

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Japan’s largest copper smelter has secured a rare reprieve in one of the tightest processing-fee environments the industry has ever seen.

According to media reports Pan Pacific Copper has agreed with Lundin Mining (TSX:LUN,OTC:LUNMF) to roll over treatment and refining charges for 2026 rather than cut them further.

People familiar with the deal said the commercial terms will remain broadly unchanged from this year, preserving a fee structure that has already fallen to historic lows.

TC/RCs, which are the fees miners pay smelters to process copper concentrate, usually move in tandem with global supply trends.

But the collapse this year has been so severe that spot charges have turned decisively negative. Many smelters warn the industry is near breaking point, especially in Asia, where Chinese refiners have built capacity far ahead of available concentrate.

The Lundin–PPC rollover diverges from the wide expectation that fees will fall further next year.

It follows a warning in October from Freeport-McMoRan (NYSE:FCX)) that it plans to abandon the traditional benchmark-setting system to help keep smelters afloat.

The arrangement also suggests miners with long-term industrial ties to Japan are willing to make commercial concessions to avoid further financial stress on their customers.

A spokesperson for Lundin declined to comment on the deal. PPC said it could not address the details of individual contracts.

For decades, annual copper contracts have been anchored by the first major deal of the year, often involving Chinese smelters since the 2010s.

But the system has become strained as the benchmark collapses and Chinese refiners resist setting a price that could turn negative. This year’s benchmark was set at a record low of US$21.25 a ton and 2.125 cents a pound.

The dynamics are particularly complex for Japanese smelters. PPC’s parent, JX Advanced Metals (OTC Pink:JXAMY,TSE:5016), holds a 30 percent stake in Lundin’s Caserones mine in Chile, giving both sides a long-term interest in keeping operations stable.

Last month, PPC announced a plan to merge its purchasing and sales functions with Mitsubishi Materials, a move aimed at strengthening Japan’s collective buying power in a challenging market.

The pressures are most acute in China, where this year’s negative TC/RCs have prompted emergency supply-side intervention.

The China Smelters Purchase Team, representing the country’s largest refiners, recently agreed to cut output by more than 10 percent next year to counter what it called “malignant competition.”

According to Shanghai Metals Market, the CSPT also established new oversight mechanisms to police procurement practices and blacklist suppliers deemed disruptive.

With Chinese smelters at an impasse over the 2026 benchmark, the industry enters the new year without clarity on where the market will settle.

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

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Homerun Resources Inc. Files for Closing of $3m Private Placement Financing

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Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) (‘Homerun’ or the ‘Company’) is pleased to announce that, further to its July 24, 2025, September 22, 2025 and October 6, 2025 news releases the Company has filed documents with the TSX Venture Exchange (the ‘Exchange’) seeking final approval of its $1.00 unit (‘Unit’) private placement financing (the ‘Financing’), for total aggregate gross proceeds of $3,128,384.

Further, the Company has closed a second and final tranche of the Financing for aggregate gross proceeds of $1,560,384 and will issue 1,560,384 Units, for a total of 3,128,384 Units issued in the first and second tranches, each Unit consisting of one common share of the Company and one common share purchase warrant (the ‘Warrants’), the warrants being exercisable for an additional common share of the Company at an exercise price of CA$1.30 for 24 months. The Warrants will be subject to the right of the Company to accelerate the exercise period of the warrants if shares of the company close at or above CA$2 for a period of 10 consecutive trading days.

Proceeds from the financing will be used for project payments, continuing development of the Company’s projects and general working capital. In connection with the Financing and on receipt of Exchange approval, the Company will pay cash finder’s fees of $31,150 and issue 31,150 Non-Transferable Broker Warrants. All securities issued pursuant to the Financing are subject to a four-month and one-day hold period.

About Homerun (www.homerunresources.com / www.homerunenergy.com)

Homerun is building the silica-powered backbone of the energy transition across four focused verticals: Silica, Solar, Energy Storage, and Energy Solutions. Anchored by a unique high-purity low-iron silica resource in Bahia, Brazil, Homerun transforms raw silica into essential products and technologies that accelerate clean power adoption and deliver durable shareholder value.

  • ⁠Silica: Secure supply and processing of high-purity low-iron silica for mission-critical applications, enabling premium solar glass and advanced energy materials.
  • Solar: Development of Latin America’s first dedicated 1,000 tonne per day high-efficiency solar glass plant and the commercialization of antimony-free solar glass designed for next-generation photovoltaic performance.
  • Energy Storage: Advancement of long-duration, silica-based thermal storage systems and related technologies to decarbonize industrial heat and unlock grid flexibility.
  • ⁠Energy Solutions: AI-enabled energy management, control systems, and turnkey electrification solutions that reduce costs and optimize renewable generation for commercial and industrial customers.

With disciplined execution, strategic partnerships, and an unwavering commitment to best-in-class ESG practices, Homerun is focused on converting milestones into markets-creating a scalable, vertically integrated platform for clean energy manufacturing in the Americas.

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/277839

News Provided by Newsfile via QuoteMedia

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As world fixates on other wars, Sudan sees 12 million forcibly displaced in devastating conflict

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While the world’s attention has focused on Russia’s war in Ukraine and Israel’s war with Hamas in Gaza, Sudan remains the world’s largest displacement crisis, with some 12 million people driven out of their homes.

‘Sudan is under the darkest of clouds, a catastrophe that has, for far too long, been met with paralysis by the international community,’ Rep. Chris Smith, R-N.J., chair of the House Foreign Affairs Africa subcommittee, said during his opening statements during a December 11 hearing on crimes against humanity in Sudan.

Smith said the hearing was a global call to action and that there must be an immediate cessation of hostilities between the warring factions.

‘Crimes against humanity — particularly by the Rapid Support Forces — including mass rape, ethnic targeting and systematic looting, must be investigated, and perpetrators held accountable,’ Smith added.

The conflict in Sudan has received renewed attention after President Donald Trump vowed to secure a peace deal in the African nation following his meeting with Saudi Crown Prince Mohammed bin Salman in November. 

Tedros Adhanom Ghebreyesus, director-general of the World Health Organization, recently said repeated drone strikes on Dec. 4 in Sudan’s South Kordofan region struck a kindergarten and nearby hospital, killing 114 people, including 63 children.

‘Disturbingly, paramedics and responders came under attack as they tried to move the injured from the kindergarten to the hospital,’ Tedros said in a statement.

Sudan Doctors Network, a medical organization, said the attacks were perpetrated by the Rapid Support Forces.

The conflict in Sudan has been raging since April 2023, when an uneasy alliance between Sudan’s two warring factions, the government-led Sudanese armed forces and the paramilitary Rapid Support Forces (RSF) collapsed following a tenuous power-sharing agreement struck in 2021. 

Sudan’s army and the RSF had collaborated for years under the previous regime of ousted dictator Omar al-Bashir.

The situation has only escalated since fighting first broke out in 2023 and has not garnered the same level of international effort or outrage that the conflicts in Ukraine and Gaza have generated.

‘The war in Sudan has been one of the most gruesome humanitarian catastrophes in world history. However, there has been frequent paralysis by world leaders and international institutions to solve it, in addition to reduced, fluctuating media attention on the conflict,’ Caroline Rose, director of Military and National Security Priorities at New Lines Institute, told Fox News Digital.

‘This could be attributed to the fact that, unlike wars in Ukraine and Gaza, there is not a component of great-power competition or regional contestation,’ she added.

Rose and other observers of the conflict note that there is inhibited ground access, creating challenges not only for journalistic reporting, but also the documentation of war crimes and testimonies. 

The Sudanese armed forces have prevented access to aid workers in territories they control on the basis of sovereignty and have expelled humanitarian workers that had been in the country.

The RSF has also been accused of committing grave human rights violations and reportedly killed over 400 aid workers and patients in October at the Saudi Maternity Hospital in the North Darfur city of El Fasher. The RSF siege of El Fasher caused at least 28,000 people to flee to neighboring towns, and the U.N. Human Rights Office accused the RSF of ‘summary executions, mass killings, rapes, attacks against humanitarian workers, looting, abductions and forced displacement.’

Even as the Trump administration works for a ceasefire between the warring factions, the killings continue. 

Tom Perriello, the former U.S. special envoy for Sudan, said in a September New York Times interview that he believed up to 400,000 have been killed since the outbreak of violence in 2023. A recent article in Foreign Policy put the figure at 100,000 in what it called the ‘forgotten war.’

In addition to the deaths, it’s been estimated by various groups that more than 30 million people are in need of humanitarian assistance and around 21.2 million, or 45% of the population, are facing high levels of acute food insecurity.


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Crypto Market Update: Fed’s Third Straight Rate Cut Sets Three-Year Low

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Here’s a quick recap of the crypto landscape for Friday (December 12) as of 9:00 a.m. UTC.

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

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$92,265, down by 2.2 percent over 24 hours.

Bitcoin price performance, December 12, 2025.

Bitcoin price performance, December 12, 2025.

Chart via TradingView

Bitcoin extends its bullish tone this week as markets absorbed the Federal Reserve’s latest rate cut and risk sentiment improved across global assets.

US equities returned to all-time highs on Thursday (December 11). The Fed has now cut interest rates three times in three months, bringing the target range down to 3.50–3.75 percent as of the December 10 decision.

Bitcoin has responded in kind. After slipping sharply in the immediate aftermath of the Fed’s latest cut, the cryptocurrency rebounded on Friday, rising more than 2 percent over the past 24 hours to trade above US$92,000. The bounce kept BTC within the upward-sloping channel that has formed since the early-October correction.

Santiment noted that all three rate cuts since September have triggered similar intraday pullbacks in Bitcoin, followed by stabilizing rebounds once volatility eased. According to the firm, the latest episode appears consistent with that historical behavior, suggesting that traders are still recalibrating expectations under looser monetary policy.

Ether (ETH) was priced at US$3,243.92, up by 1 percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$2.03, up by 1.6 percent over 24 hours.
  • Solana (SOL) was trading at US$138, up by 1.8 percent over 24 hours.

Fear and Greed Index snapshot

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

CMC’s Crypto Fear & Greed Index continues to hold firm in fear territory, remaining firmly risk-averse on Friday and STAYING at 29 for a second consecutive day.

Despite Bitcoin’s recent upward trend and stabilization at the US$92,000 mark, investors continue to exercise caution after a volatile fourth quarter and reinforcing the view that traders remain reluctant to take on aggressive positions despite improved liquidity conditions elsewhere.

Today’s crypto news to know

Fed signals pause after third straight rate cut

Federal Reserve officials lowered interest rates for the third consecutive meeting, cutting the benchmark federal-funds rate to a range of 3.5 to 3.75 percent, its lowest level in three years.

The vote also revealed rare division inside the central bank, with three officials dissenting—two saying the cut was unnecessary and one pushing for a larger reduction.

Chair Jerome Powell said the Fed is now positioned to hold a “wait and see” mode for the foreseeable future.

Powell also noted that adjusted job-growth figures may have been slightly negative since April. He also defended the timing of the cut, saying waiting for data delayed by the government shutdown would have created avoidable risks.

After the decision, the Dow posted its strongest reaction to a Fed announcement in two years.

Treasury’s Bessent prepares policy shift on crypto regulation

Treasury Secretary Scott Bessent is preparing a major policy letter that would redirect the Financial Stability Oversight Council away from its post-2008 focus on tightening rules and toward reevaluating whether existing regulations hinder growth.

The draft letter, obtained by CNBC, says FSOC will begin assessing whether certain oversight measures “impose undue burdens” that may actually undermine stability by limiting innovation.

The FSOC, originally created to prevent another financial collapse, coordinates oversight between the Fed, SEC, CFTC and other agencies.

If finalized, the policy would empower agencies to roll back or revise rules that are deemed outdated or overly restrictive.

Pakistan clears Binance and HTX to begin licensing process

Pakistan has granted initial clearance for Binance and HTX to set up local subsidiaries and begin preparing applications for full digital-asset exchange licences.

The Pakistan Virtual Assets Regulatory Authority issued “no objection certificates” after reviewing each platform’s governance, compliance structures, and risk controls, though the approvals stop short of permitting trading activity.

The NOCs also allow both companies to register on Pakistan’s anti-money-laundering system and begin establishing regulated local entities ahead of a forthcoming licensing regime.

PVARA Chair Bilal bin Saqib said the phased model will admit only platforms that meet strict global standards on anti-money-laundering and counter-terror financing.

Pakistan, one of the world’s largest crypto markets by retail activity, is simultaneously developing a Virtual Assets Act, while coordinating with US-based World Liberty Financial on digital-infrastructure proposals.

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

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

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SAGA Metals Completes Phase 2 of Major Drill Program at the Radar Project in Labrador-Confirms Extensive Oxide Mineralization in All Drill Locations at Trapper North and South Zones & Provides Corporate Update

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Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company advancing critical mineral discoveries, is pleased to announce the successful completion of diamond drilling in the Trapper South zone comprised of 977 m in four diamond drill holes. The Trapper North and South zone drilling is located on two cross-sections across an extensive ground magnetic anomaly that stretches over 3 km.

Highlights

  • Phase 1 & 2 have confirmed extensive oxide mineralization in all drill locations validating the entire 3+ km magnetic anomaly within the Trapper zone.
  • Completion of these initial phases of the 2025-2026 mineral resource estimate drill program has further validated about 16 km of the oxide trend that extends from the Hawkeye zone to the Trapper North zone.
  • Trapper South: R-0012, -0013, -0014, and -0015 are located on drill section S-9 and intercepted a continuous rhythmic oxide layering across the full width of the magnetic anomaly.
  • Trapper North: R-0008, -0009, and -0010 on drill section N-11 transected the magnetic anomaly and demonstrated a likely structural repetition of the cumulate oxide layers dominated by semi-massive to massive cumulate oxides , confirming the strong magnetic response.
  • The planned 15,000 m mineral resource estimate drill program is funded marked by the recent closing of the Company’s $6M oversubscribed brokered LIFE Offering .

‘We are thrilled with the momentum building at Saga Metals as we mark the successful completion of Phases 1 and 2 of our mineral resource estimate drill program, where we tested both the North and South targets within the Trapper zone and encountered extensive oxide mineralization at all eight drill locations,’ stated Michael Garagan, CGO & Director, Saga Metals. ‘This achievement, combined with finalizing the largest capital raise in our Company’s history, has positioned us to advance through what is undoubtedly the most critical drill program we’ve ever undertaken. Drilling in Trapper North and South have validated the 2025 ground magnetic survey and provides a template for future definition drilling of the zone. A full 3 km of strike is now open for follow-up drilling across widths of up to 400 m. These milestones not only validate our strategic vision but also fuel our enthusiasm for unlocking the full potential of our assets and delivering substantial value to our shareholders.’

Location of the Phase 1 and Phase 2 of Fall 2025 Drilling at Trapper Zone, showing the TMI of the 2025 Trapper Zone ground magnetic survey.

Figure 1: Location of the Phase 1 and Phase 2 of Fall 2025 Drilling at Trapper Zone, showing the TMI of the 2025 Trapper Zone ground magnetic survey.

Image of drill core from hole R-0013 highlighting the consistent and extensive rhythmic oxide layering.

Figure 2: Image of drill core from hole R-0014 highlighting the consistent and extensive rhythmic oxide layering.

Trapper South Summary

All four holes of cross-section S-9, totalling 977 meters, have now been drilled in Trapper South. Logging is still in progress with respect to drill holes R-0014 & R-0015 with final logs available within the next week. Both holes continued to intercept rhythmic oxide layering, and the team expects to report on the lithological observations and the structure’s width in the coming days.

Drill holes R-0012 & R-0013 intersected significant oxide layering. R-0012 clipped the eastern side of the main oxide layering with a cumulative 59.88 m of rhythmic oxide layering and 13.67 m of Intercumulus oxides. R-0013 intersected a cumulative 174.87 m of oxide comprised of 135.87 m of rhythmic oxide layering and 39 m of intercumulus oxides.

Figure 3 below depicts the impressive intercept of oxide across the main magnetic anomaly within the Trapper South zone, with a significant width that is only half the total width of the multiple-layered sequence of the Trapper South anomalies.

Cross-Section S-9 showing R-0012, -0013, -0014 and -0015 with the 3D Magnetic Inversion of the 2025 Trapper Zone ground magnetic survey. Logging of R-0014 & -0015 oxide mineralization units will be completed in the coming days. Additional targets lie SW of the collar of R-0015.

Figure 3: Cross-Section S-9 showing R-0012, -0013, -0014 and -0015 with the 3D Magnetic Inversion of the 2025 Trapper Zone ground magnetic survey. Logging of R-0014 & -0015 oxide mineralization units will be completed in the coming days. Additional targets lie SW of the collar of R-0015.

Trapper North Summary

Phase 1 of drilling in the Trapper North Zone targeted a strong magnetic anomaly delineated in the 2025 ground geophysical survey. The anomaly traces the shape of an apparent fold structure. Drilling fences are oriented to cross the fold structure at right angles, with drilling directions of mostly N038°E. A total of 1,073 m of drilling has been completed in four diamond drill holes.

Drilling on Section N-11, in diamond drill holes R-0008, -0009, and -0010, demonstrated variations in the structural attitude that map an open anticline in the semi-massive to massive oxides. The exceptional thickness of the oxide units on Section N-11 is partly due to the structural repetition of the units. A mylonitic shear zone occupies the axial plane of the fold. Significantly, this drilling tested both the SW and NE limbs of the fold structure and was dominated by semi-massive to massive cumulate oxides, confirming the strong magnetic response.

The first 420 samples include 202 from the complete R-0008 drill hole and 218 from the complete R-0009 drill hole. All samples have been received by the lab, and assay results are expected in the next few weeks.

Cross-Section N-11 showing R-0008, -0009, -0010 and -0011 with the 3D Magnetic Inversion of the 2025 Trapper Zone ground magnetic survey.

Figure 4: Cross-Section N-11 showing R-0008, -0009, -0010 and -0011 with the 3D Magnetic Inversion of the 2025 Trapper Zone ground magnetic survey.

Drill Program Objectives:

Phase 1 and 2 aimed at garnering early structural, geometrical and mineralogical information in both the North and South Trapper zones in Q4 2025 to set the stage for the remainder of SAGA’s robust 2026 maiden resource estimate.

The Trapper Zone drill campaign will target:

  • Grade continuity across a 3 km strike length.
  • Oxide layering widths and continuity to true depths of about 200 meters.
  • Integration of structural insights from trenching and drilling into collar orientation and drill design.
  • Interpretation of grades, widths and structures before initiating the detailed grid and drill sections in 2026 for an indicated mineral resource estimate.

Completed to date:

  • Testing of both the North and South sections of the Trapper zone with initial drilling of 2,050 meters in 8 holes has been completed as planned before the December break.
  • Confirmation of extensive oxide mineralization at all drill locations validating the entire 3+ km strike within the Trapper zone.
  • Drilling has been complemented by metallurgical sampling through the winter, with core from the Hawkeye zone (results expected in the coming weeks) and further metallurgical sampling will continue with core from the Trapper zone starting in Q1 2026.

Radar Project

Figure 5: Radar Project’s Trapper Zone depicting a 3+ km Total Magnetic Intensity (TMI) anomaly from the 2025 ground survey and the oxide layering trend. The Trapper Trail (in black) will be the target of the planned 15,000 m diamond drilling program aimed at establishing Saga’s maiden mineral resource estimation.

The Radar Property spans 24,175 hectares and hosts the entire Dykes River intrusive complex (~160 km²), a unique position among Western explorers. Geological mapping, geophysics, and trenching have already confirmed oxide layering across more than 20 km of strike length, with mineralization open for expansion.

Vanadiferous titanomagnetite (‘VTM’) mineralization at Radar is comparable to global Fe–Ti–V systems such as Panzhihua (China), Bushveld (South Africa), and Tellnes (Norway), positioning the Project as a potential strategic future supplier of titanium, vanadium, and iron to North American markets.

Radar Project

Figure 6: Radar Project’s prospective oxide layering zone validated over ~16 km strike length through Fall 2025 drilling, as shown on a compilation of historical airborne geophysics as well as ground-based geophysics in the Hawkeye and Trapper zones completed by SAGA in the 2024/2025 field programs. SAGA has demonstrated the reliability of the regional airborne magnetic surveys after ground-truthing and drilling in the 2024 and 2025 field programs .

Corporate Update

Further to the Company’s October 10, 2025 news release, the Company also wishes to announce that it has increased the maximum budget of its October 10, 2025 engagement with i2i Marketing Group, LLC (‘ i2i ‘) for the continued provision of a range of corporate marketing and investor awareness services, including, but not limited to, content creation management, author sourcing, project management and media distribution, by an additional US$250,000. The services are expected to run until the end of January 2026, or until budget exhaustion. No securities have been provided to i2i or its principals as compensation.

Qualified Person

Paul J. McGuigan, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar Titanium Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a 2,200m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares featuring uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U3O8 and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.

With a portfolio that spans key commodities crucial for the clean energy future, SAGA is strategically positioned to play an essential role in critical mineral security.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com

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

Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company’s Radar Project and other corporate initiatives including market awareness contracts. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets, and the risks detailed in the Company’s continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

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Stallion Uranium Announces Flow Through Financing

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

Stallion Uranium Corp. (the ‘ Company ‘ or ‘ Stallion ‘ ) ( TSX-V: STUD ; OTCQB: STLNF ; FSE: B76 ) is pleased to announce that it is proceeding on a non-brokered private placement for gross proceeds of up to $4.55M, consisting of flow-through shares of the Company to be issued as a ‘flow-through share’ within the meaning of the Income Tax Act (Canada) (each, a ‘ FT Share ‘) at a price of $0.45 per FT Share (the ‘ Offering ‘).

The gross proceeds from the FT Shares will be used by the Company to incur eligible ‘Canadian exploration expenses’ that qualify as ‘flow-through critical mineral mining expenditures’ as such terms are defined in the Income Tax Act (Canada) (the ‘ Qualifying Expenditures ‘) related to the Company’s uranium projects in the Athabasca Basin, Saskatchewan, on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2025.

The Offering is subject to TSX Venture Exchange approval. All securities to be distributed under the Offering will be subject to a hold period of four months and one day following the closing date of the Offering.

The Company may pay finders fees in connection with the Offering, in accordance with the policies of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘ U.S. Securities Act ‘), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Stallion Uranium Corp.:

Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of roughly 1,700 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones. With a commitment to responsible exploration and cutting-edge technology such as the use of the proprietary Haystack TI technology, Stallion is positioned to play a key role in the future of clean energy.

Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties. For more information visit stallionuranium.com .

On Behalf of the Board of Stallion Uranium Corp.:

Matthew Schwab
CEO and Director

Corporate Office:
700 – 838 West Hastings Street,
Vancouver, British Columbia,
V6C 0A6

T: 604-551-2360
info@stallionuranium.com

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

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, ‘forward-looking statements’) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as ‘will likely result’, ‘are expected to’, ‘expects’, ‘will continue’, ‘is anticipated’, ‘anticipates’, ‘believes’, ‘estimated’, ‘intends’, ‘plans’, ‘forecast’, ‘projection’, ‘strategy’, ‘objective’ and ‘outlook’) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement .

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