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The National-Security Exception to Free Trade Is Real. So Are Its Tradeoffs.

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The most credible exception to the case for free trade policy is rooted in concerns about national security. If complete freedom of trade jeopardizes our national security, some protectionism arguably is justified because, as even Adam Smith insisted, although free trade is enriching and important, “defence … is of much more importance than opulence.”

As Smith’s statement implies, protectionism pursued for purposes of national defense will reduce the country’s material well-being, but this cost is worth paying if the protectionist measures result in a large enough enhancement of national security. (Caleb Petitt argues, not implausibly, that Smith really didn’t believe that national-security concerns justify a retreat from free trade. But that’s a topic for another time.)

While most free traders today admit the national-security exception, they also warn that it’s very easy to abuse, as shouts of “national security!” are given enormous deference by the public and politicians. Free traders also warn that, even when the national-security exception isn’t intentionally abused, extraordinary care is required to prevent its application from undermining its goal of promoting national security. The surprising practical difficulty of identifying trade-policy measures that are most likely to adequately protect national security is revealed by two recent developments regarding US trade with China.

Semiconductors

The Trump administration lifted controls that restricted Nvidia’s exports of its H200 chips to China. (The administration made this move in exchange for the US government getting 25 percent of Nvidia’s revenues from these sales — an unjustifiable condition, but also a topic for another time.) The Editorial Board of the Wall Street Journal worries that China’s access to these chips will boost that country’s prospects of surpassing the US in AI technology. The reason, as described by the Journal’s Editors, is that advanced chips such as the H200s “are needed to train advanced AI models.” Unable so far to develop their own advanced chips, the Chinese will now use Nvidia’s chips to further “Beijing’s ambitions to dominate biotech, quantum computing and military power.”

Quite possibly, the Trump administration’s lifting of these controls will indeed undermine US national security. But also, quite possibly not. By supplying the bigger market opened to it by access to China, Nvidia can perhaps take advantage of larger economies of scale that will further improve its chip-making efficiency. And more-efficient advanced microchip production by a company such as Nvidia will, in turn, strengthen US national security.

In addition, Nvidia officials and the White House argue that Chinese dependence on non-Chinese advanced chips diminishes China’s prospects of developing its own advanced chips — an effect that also plausibly promotes US national security by retarding Chinese chip technology. Although acknowledging that this argument has some merit, the Journal believes that it doesn’t carry the day. The Journal worries that the improved computing power that China gains as a result of its access to the H200 chips will further, rather than frustrate, Beijing’s quest for AI dominance.

I have no idea which of these two arguments — to not restrict Nvidia’s sales of H200 chips to China or to restrict these sales — is correct. Not only do both have merit, neither argument seems strong enough to clearly defeat the other. And that’s the point. 

Economic arrangements and interdependence today are so enormously complex that the apparent, indisputable validity of simple statements about the need to impose import or export restrictions in the name of national defense often dissolves upon inspection.

Critical Minerals

So-called “rare-earth” minerals present another such conundrum. Rare-earth minerals aren’t rare; they exist all over the globe, including in the United States, where new deposits of such minerals continue to be discovered. China, however, has become the world’s leading producer of these minerals, many of which have military significance. But guess which country is the world’s second-leading producer: the United States.

So why is the White House boasting of its recent deal with the Chinese government,  committing China to avoid restricting its exports of rare earths? The conventional national-security exception to the case for free trade would have the US government impose restrictions on US imports of rare earths in order to stimulate more domestic production of these critical minerals. Therefore, when the Chinese government imposed restrictions on that country’s exports of rare earths, it did for the US economy precisely what conventional national-security trade policy would have the US government do: protect the US market from foreign supplies of these critical minerals as a means of encouraging more US production.

And yet, even on narrow national-security grounds, the White House might here be correct.

The most obvious defense of the White House’s position is that ramping up US production of rare earths would take too long. Perhaps restricted access now to Chinese-supplied rare earths would weaken US national security in the short run so severely as to outweigh any long-run benefits. This possibility is both real and not remote, yet it is typically ignored by most people who invoke the national-security exception to the case for free trade. Tariff-induced expansion of any industry takes time. This reality surely means that, even for resources and outputs that are indisputably vital for national defense, national security sometimes is better served by continuing, without tariffs, our reliance on foreigners.

There’s a second reason why the White House might be justified in bragging of its rare-earths deal with Beijing (although this reason is unlikely actually to have occurred to today’s White House officials). Were China to continue to severely restrict its exports of rare earths to the US, the resulting expansion of the US rare-earths industry would necessarily entail a shrinkage of some other US industries. Even if this expansion in rare-earths production were fully achieved overnight, if the US industries that, as a result, shrink are industries that produce militarily significant outputs, the net effect on US national defense might well be neutral or negative.

This possibility is also one that’s not remote. The specialized knowledge and labor skills that are best used to mine and process rare-earth minerals are likely to be found in disproportionately large numbers in related industries, such as petroleum and ore production, rather than in economically distant industries such as leisure and entertainment. A tariff-induced expansion of US rare-earths production, therefore, might well come at too high a price in terms of the contraction of other militarily important US industries.

I write “might” attentively. This ambiguity is real and has relevance for policy-making. It should always be taken into account. No one knows if the national-security benefits of increased domestic production of rare earths will exceed, or be exceeded by, the national-security detriments of reduced domestic production of other outputs. 

Even if in any particular case the trade-policy decision proves to weaken rather than strengthen national security, greater recognition of such ambiguity would, over time, result not only in improved trade policy but also a stronger national defense.

Security Requires Humility

The above observations are offered not to render the national-security exception to the case for free trade null, but to caution against its overuse. The Trump administration’s recent treatment of the exportation of American-made advanced microchips, along with its actions regarding rare-earth minerals, each in its own way demonstrates (if unintentionally) the shallowness of the conventional advice to protect any and all industries that produce outputs judged to be important for national security.

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New York’s Death Wish

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Zohran Mamdani garnered a bit more than 50 percent of the vote in the recent New York City mayoral election. Have voters learned nothing from history? Apparently not. As Nobel laureate F.A. Hayek quipped, “if socialists understood economics, they wouldn’t be socialists.”

In the past six months, I count no fewer than twelve pieces in The Daily Economy that discuss — directly or indirectly — Mamdani’s socialist policies. Rent controls will decrease the quantity and quality of housing. Millionaire taxes would accelerate the exodus to more friendly states, to the great glee of Texas and Florida real estate agents. City-owned grocery stores would end in a bungle of Soviet proportions, increasing food deserts and raising prices. The drop in tax revenue from increased taxes (Laffer Curve, anyone?), combined with increased expenditures, would lead to another debt crisis. 

Things aren’t looking good for the Big Apple. I remember walking through Manhattan with the late, great economist Jim Gwartney, an early mentor who introduced me to Frédéric Bastiat. He said, “you know, Nikolai… I like to visit New York City once a year to remind myself why I don’t live here.” I don’t think I’d like living in New York City, but I do enjoy visiting a few times a year. The skyline, the commerce, the energy, the Metropolitan Opera, the museums, the restaurants (from posh and exotic to a slice of the world’s best pizza)… and that’s just Manhattan, with less than 20 percent of the population and, with eight percent of total surface, the smallest borough.

I’m going to scramble to make it to New York one last time before it goes to the dogs. Lag effects being what they are, I figure I have a good six to twelve months before things get bad. It will take a while for food and hotel prices to rise, or for the inevitable debt crisis to arrive. The poorest will feel the pain quickly; my tourist bill can take the hit. But it’s the crime that really worries me.

I’m not old enough to remember the 1970s in New York. But I am old enough to remember the late 1980s, which were still pretty gnarly. My family had just returned from a leafy suburb of Paris to leafy Princeton, New Jersey. I missed the café life and the French wines and cheeses — but Princeton is a quiet and peaceful slice of this green Earth. I still remember my first trip to Manhattan in the winter of 1988. I forget if we first arrived at Penn Station or the Port Authority Bus Terminal. Both were ghastly visions of Third World poverty, with hints of Mad Max. Bums were everywhere, in various states of dress — or undress — zonked-out druggies on the streets, sidewalks thick with hobos begging for money. I remember a visceral mix of horror — the memory still makes me reel, even after traveling to 70-plus countries — and pity, as I felt the urge to give something, anything, to every beggar.

Well, I’m sorry to say, despite my inveterate optimism, these sad images are likely to return. We can expect a dramatic uptick in New York City crime rates over the next five to ten years. To be sure, crime in New York has been falling, along with national trends, for the past 30 years. But localized spikes in specific categories demonstrate the fragility of these gains.

Shrinking tax revenues, rising rents and decaying housing, unemployment from higher minimum wages, and other business-punishing policies are likely to raise poverty dramatically. And, while social workers can be a powerful addition to police, Mamdani is already signaling a softer approach to crime. It doesn’t take a Gary Becker to predict a rise in crime.

Lessons from the 1970s

In a recent weekly AIER research meeting, I wondered aloud who might replace Charles Bronson in the next round of inevitable New York vigilante movies.

This led me to return to his 1974 classic, Death Wish. It was a pleasure to revisit the 1970s — the cinematography seems campy now, but it creates a gritty realism. I did not watch the next four movies, or the 2018 Bruce Willis remake. But the 1974 original contained some fascinating nuggets of political philosophy.

The movie opens with a tender, loving, idyllic scene in Hawaii. Middle-aged architect Paul Kersey (Charles Bronson) is on a beach vacation with his wife (Hope Lange). They are in love and happy. Then they go home to New York City. The tropical paradise immediately gives way to traffic jams and graffiti, in the loud concrete and steel jungle, as they make their way home to their Manhattan apartment from the airport.

Back at the office, a colleague complains about the city’s rising crime: “Decent people are going to have to work here and live somewhere else.”

“You mean people who can afford to live somewhere else,” Kersey retorts.

His colleague rolls his eyes. “You’re such a bleeding-heart liberal, Paul,” he says.

“My heart bleeds a little for the underprivileged, yeah,” Kersey replies.

The conversation turns to policing. His colleague suggests the city will need more cops than people to curb rising crime. Kersey is doubtful. “You’ll have to find other options,” he says. “No one could pay the taxes.”

Then comes the crime. Six minutes into the movie, we see our first act of violence. Two minutes later, it’s vandalism, followed by breaking and entering. Then Kersey’s wife is beaten by thugs in her own home, while their adult daughter is sexually assaulted. Kersey’s wife dies from her injuries. His daughter survives but falls into catatonic mutism and ends up institutionalized.

A grieving Kersey finds solace at the office. One night, he tentatively whaps a would-be robber in the head with a sock filled with quarters. Then work calls him to Arizona. There, we learn that he was a conscientious objector in a medical unit during the Korean War, reinforcing his image as a nerdy, mild-mannered, middle-class Manhattan architect. But we also learn he grew up around guns — and he is a crack shot.

The movie then comments on violence and crime. Kersey’s Arizona host argues that New York’s crime wave is no coincidence, given the city’s gun control laws. 

“Muggers operating out here [in Arizona] just plain get their asses blown up,” he tells Kersey. “If you ever get tired of living in that toilet, you’re welcome here.” Then he slips a gift-wrapped case into Kersey’s suitcase: a .32 revolver with ammunition.

Kersey returns to the grim reality of a graffiti-mottled, lawless New York. There is no progress in finding his family’s assailants. The police are overwhelmed, bureaucratic, and uninterested; the two victims are “statistics on a police blotter… and there is nothing we can do to stop it. Nothing but cut and run.”

Shortly thereafter, Kersey shoots and kills a mugger who attempts to rob him. He returns home to vomit — incidentally, much like James Bond in Ian Fleming’s original novels, who didn’t have the casual nonchalance of the Broccoli movies. Minutes later, Kersey opens fire on three muggers, killing two immediately and executing the third as he tries to escape. By the end of the movie, Kersey will have killed a total of ten muggers in self-defense.

From Hollywood to Philosophy

The movie raises a core question: If the police don’t do it, should we not do it ourselves? 

What, really, is “civilized”? Cutting and running, to live among others who have the means to stay safe? Or does a gentleman — or a lady, for that matter — defend himself as an armed citizen, protecting both himself and his community?

It’s notable how the fictionalized NYPD changes its tune when a numbing, overwhelming crime wave sparks vigilante action. Initially, they were apathetic about Kersey’s assault, assigning only a patrolman to the case. But when it becomes clear that the government’s monopoly on violence is being challenged, the case is bumped up — fast — to an inspector. Think of the leap from a single private to a colonel, complete with a task force of about 20 police officers and detectives. 

A crime wave is one thing, but “Murder is no answer to crime in our city; crime is a police responsibility,” complains the Police Commissioner as he pours resources into tracking the vigilante.

I note an important detail. The movie is billed as a vigilante film. I was expecting naqam (biblical vengeance, as taught to me by my late Jesuit mentor). But Kersey doesn’t seek out criminals to execute. In a crime-infested city, it may look like he’s taunting criminals, simply by walking alone after dark. But he is going about his business as anybody would in a functional city, with a functional government and functional police. He just happens to exercise his natural right to self-defense, where the Lockean Commonwealth has failed.

This brings us back to the big question. We’re all uncomfortable with vigilantism. As a good Lockean, I return to Chapter II, Section 13, of the Second Treatise of Government.

To this strange doctrine, viz. That in the state of nature everyone has the executive power of the law of nature, I doubt not but it will be objected, that it is unreasonable for men to be judges in their own cases, that self-love will make men partial to themselves and their friends: and on the other side, that ill nature, passion and revenge will carry them too far in punishing others; and hence nothing but confusion and disorder will follow, and that therefore God hath certainly appointed government to restrain the partiality and violence of men. I easily grant, that civil government is the proper remedy for the inconveniencies of the state of nature, which must certainly be great, where men may be judges in their own case, since it is easy to be imagined, that he who was so unjust as to do his brother an injury, will scarce be so just as to condemn himself for it…

And yet. And yet…

Around the world, long-distance competition, then cellphone competition, replaced state telephone monopolies. Federal Express and UPS have replaced an inefficient monopoly postal service. Even Denmark — a country that has traditionally been enamored of state solutions — recently ended the state’s collection and delivery of letters. Bitcoin is increasingly replacing failed fiat currencies. Private, tax-deferred retirement accounts (IRAs) arrived in the US 50 years ago; they have astronomically higher returns than Social Security.

So, why not security?

In America today, private security guards outnumber police two to one. To be sure, the latter enjoy a vast number of monopoly privileges, from use of force and arrest powers to qualified immunity that shields them from liability for actions committed behind the badge.

Returning to political theory, the anarcho-capitalist argues that security can and should be private, as the state can never be neutral and will inevitably serve its own interests. The minarchist and the Hayek/Friedman/Buchanan super-minimalists have crafted strong arguments for the necessity of neutral state-enforcement of rights. James M. Buchanan was uncharacteristically blunt: “The libertarian anarchists who dream of markets without states are romantic fools who have read neither Hobbes nor history.” 

But what if the state is demonstrably incapable of providing security? This was clearly the case in New York City in the 1970s. Adding insult to injury, the city, at least according to Death Wish, was more interested in protecting its monopoly on force than providing security.

The half of New Yorkers who didn’t vote for Commissar Mamdani don’t deserve the hell he is about to unleash on them. As to the 50 percent of economically illiterate, naïve, and rapacious New Yorkers who voted for socialism, do they deserve what they asked for? Was H.L. Mencken right when he opined that “democracy is the theory that the common people know what they want, and deserve to get it good and hard”? Or can we hope for forgiveness, for they know not what they do?

I hope I’m wrong. I really do. I wish all the best for New York City. I fervently hope Mayor Mamdani’s policies are squarely thwarted by Albany. But I don’t think I am wrong. And this invites a final question. 

Who will replace Charles Bronson in the next round of Death Wish movies?

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DOJ outlines 10 ‘wins’ under Trump, says agency restored after Biden era

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The Department of Justice (DOJ) on Wednesday outlined a list of its accomplishments during President Donald Trump’s first year back in office, arguing that the agency has ended the political weaponization it says existed under the Biden administration.

The DOJ claimed in a statement posted on X that it has ‘turned around’ the agency, restoring fairness and law enforcement priorities.

‘Instead of keeping Americans safe, the Biden DOJ weaponized its power against political opponents: conservatives, parents, pro-lifers, Christians, and most of all, President Trump,’ the DOJ stated.

The DOJ said that after President Trump inherited a justice system it described as ‘in chaos,’ he charged the department with restoring ‘integrity, accountability and equal justice under the law.’

‘In 2025, the DOJ returned to its core mission: upholding the rule of law, vigorously prosecuting criminals, and keeping the American people safe,’ the department wrote.

The announcement comes as the Trump administration continues to face legal challenges and the Justice Department faces potential legal action after missing a statutory deadlinedeadline to release documents related to Jeffrey Epstein under the Epstein Files Transparency Act.

The DOJ outlined 10 ‘wins’ since President Trump took office on Jan. 20, including efforts to pursue major fraud cases, particularly in Minnesota, which it described as ‘rife with fraud.’

According to the DOJ, 98 people have been charged — including 85 individuals identified as being of Somali descent — in Medicaid fraud and related case programs, leading to 64 convictions to date.

The statement outlines actions taken to roll back policies it said were targeting conservatives and parents, reduce crime nationwide, increase law enforcement activity in major cities, seize record amounts of illegal drugs and secure favorable rulings at the Supreme Court.

On Wednesday, FBI Director Kash Patel wrote on X that the bureau is working to restore trust in federal law enforcement.

‘Dismantling public corruption is a top priority of our leadership team here — we’ve worked day and night on that mission and will continue to do so until justice is done,’ he wrote.

The Justice Department said more enforcement actions are planned in 2026, signaling an escalation of arrests, court victories and action ‘against those who threaten the safety and well-being of the American people.’


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Goldgroup Enters Into Agreement To Sell Subsidiary Minera Apolo, S.A. de C.V., Disposing of Pinos Project

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VANCOUVER, BC / ACCESS Newswire / December 31, 2025 / Goldgroup Mining Inc. (‘Goldgroup‘ or the ‘Company‘) (TSXV:GGA,OTC:GGAZF)(OTCQX:GGAZF).

Goldgroup announces that, subject to the final approval of the TSX Venture Exchange (the ‘TSXV‘), it has entered into an agreement with a private arm’s length British Columbia company under which it has agreed to sell all of the issued and outstanding Class ‘A’ shares and Class ‘B’ common shares in the capital (collectively the ‘Apolo Shares‘) of Minera Apolo, S.A. de C.V. (‘Apolo‘), which owns all the issued and outstanding shares of Minera Catanava, S.A. de C.V. (‘MC‘). Apolo and MC collectively hold a 100% interest in the Pinos gold/silver project (‘Pinos‘) located in Zacatecas State, the second largest mining state in Mexico. Pinos comprises 30 contiguous mining concessions over 3,816 hectares. The sale of Apolo is an Arm’s Length Transaction and there are no finder’s fees payable.

Ralph Shearing, Chief Executive Officer, commented: ‘Having received an unsolicited bid for Pinos, management determined that it would be the best use of the Company’s resources to dispose of the Pinos asset based on the Company’s recent acquisition of the San Francisco gold mine, which is a much larger and more advanced project than Pinos. The Company’s focus will be the continued development and optimization of our flagship Cerro Prieto heap-leach gold mine and advancing towards a re-start of gold production at the San Francisco gold mine (see news release dated December 24, 2025). Both assets are located within 44km in a straight line from each other in the state of Sonora, Mexico. The San Francisco gold mine represents a unique opportunity to consolidate a highly prospective gold district.’ Mr. Shearing further stated: ‘At this stage of our Company’s development, with Pinos being a non-core asset, management and the board of directors has elected to monetize Pinos with an attractive, high cash purchase offer, deploying the sale proceeds towards Cerro Prieto optimization and re-starting gold production at San Francisco.

Under the terms of the Share Purchase Agreement, Goldgroup has agreed to sell all the Apolo Shares to a private arm’s length British Columbia company (the ‘Purchaser‘) in consideration of the payment to Goldgroup of US$5,000,000 in stages, with US$2,450,000 deposit payable on signing which will be refunded if the transaction does not close by February 16, 2026, US$550,000 to be paid on closing and US$2,000,000 to be secured by a Promissory Note and paid on or before the date that is six (6) months from the Closing Date. Further, the Purchaser has agreed to assume any and all liabilities of Goldgroup associated with Apolo, MC and the Pinos project, including the assumption of US$400,000 remaining payable on the original purchase agreement in addition to debt in the amount of US$1,500,000 payable to the previous owners of Apolo that will be triggered by the sale of Apolo. Goldgroup, the Purchaser and the previous owners of Apolo have also agreed to enter an Assumption and Acknowledgement Agreement under which the previous owners acknowledge and agree that they will have no further recourse against Goldgroup for any liabilities related to Apolo, MC and the Pinos project, all of which have been assumed by the Purchaser.

Cautionary Statement
The closing of the sale of Apolo is subject to the approval of the TSX Venture Exchange.

Clarification regarding Investor Relations Agreement
At the request of the TSXV, Goldgroup wishes to clarify its news release of October 13, 2025, regarding the retention of Machai Capital Inc. to provide digital marketing services on behalf of the Company. Goldgroup advises that it paid Machai Capital Inc. $200,000 as an upfront fee. Further Goldgroup advises that neither Machai Capital Inc. nor its principal Suneal Sandhu owned any securities of Goldgroup as at October 13, 2025.

About Goldgroup
Goldgroup is a Canadian-based mining Company with two high-growth gold assets in Mexico. In addition to the San Francisco gold mine, the Company has a 100% interest in the producing Cerro Prieto heap-leach gold mine located in the State of Sonora. An optimization and exploration program is underway at Cerro Prieto to significantly increase existing production and resources. The acquisition of Molimentales del Noroeste, S.A. de C.V. (‘Molimentales‘), the owner of the San Francisco gold mine is subject to final approval from the TSXV.

Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico.

For further information on Goldgroup, please visit www.goldgroupmining.com

On behalf of the Board of Directors

‘Ralph Shearing’
Ralph Shearing, CEO

For more information:
+1 (604) 306-6867
410 – 1111 Melville St.
Vancouver, BC, V6E 3V6
www.goldgroupmining.com
ir@goldgroupmining.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 press release.

CAUTIONARY NOTES REGARDING FORWARD-LOOKING INFORMATION
Certain information contained in this news release, including any information relating to future financial or operating performance, may be considered ‘forward-looking information’ (within the meaning of applicable Canadian securities law) and ‘forward-looking statements’ (within the meaning of the United States Private Securities Litigation Reform Act of 1995). These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Actual results could differ materially from the conclusions, forecasts and projections contained in such forward-looking information.

These forward-looking statements reflect Goldgroup’s current internal projections, expectations or beliefs and are based on information currently available to Goldgroup. In some cases forward-looking information can be identified by terminology such as ‘may’, ‘will’, ‘should’, ‘expect’, ‘intend’, ‘plan’, ‘anticipate’, ‘believe’, ‘estimate’, ‘projects’, ‘potential’, ‘scheduled’, ‘forecast’, ‘budget’ or the negative of those terms or other comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to materially differ from those reflected in the forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors including, without limitation: receipt of all required TSXV, regulatory and other interested party approvals in connection with the Concurso Mercantilprocess; uncertainties related to actual capital costs operating costs and expenditures; production schedules and economic returns from Goldgroup’s projects; timing to integrate acquisitions (San Francisco Mine) and timing to complete additional exploration and technical reports; uncertainties associated with development activities; uncertainties inherent in the estimation of mineral resources and precious metal recoveries; uncertainties related to current global economic conditions; fluctuations in precious and base metal prices; uncertainties related to the availability of future financing; potential difficulties with joint venture partners; risks that Goldgroup’s title to its property could be challenged; political and country risk; risks associated with Goldgroup being subject to government regulation; risks associated with surface rights; environmental risks; Goldgroup’s need to attract and retain qualified personnel; risks associated with potential conflicts of interest; Goldgroup’s lack of experience in overseeing the construction of a mining project; risks related to the integration of businesses and assets acquired by Goldgroup; uncertainties related to the competitiveness of the mining industry; risk associated with theft; risk of water shortages and risks associated with competition for water; uninsured risks and inadequate insurance coverage; risks associated with potential legal proceedings; risks associated with community relations; outside contractor risks; risks related to archaeological sites; foreign currency risks; risks associated with security and human rights; and risks related to the need for reclamation activities on Goldgroup’s properties, as well as the risk factors disclosed in Goldgroup’s MD&A. Any and all of the forward-looking information contained in this news release is qualified by these cautionary statements.

Although Goldgroup believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Goldgroup expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except as may be required by, and in accordance with, applicable securities laws.

SOURCE: Goldgroup Mining, Inc.

View the original press release on ACCESS Newswire

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Rio Silver Inc. Completes Securities for Debt Transaction

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Rio Silver Inc. (‘Rio Silver’ or the ‘Company’) is pleased to announce that it has settled an aggregate of $293,250 of indebtedness (the ‘Debts’) through (1) the issuance of an aggregate of 1,396,428 common shares of the Company at a deemed issuance price of $0.21 per share, of which 976,190 shares were issued to non-arm’s length creditors; and (2) the issuance of an aggregate of 420,238 common share purchase warrants entitling the holders to purchase an aggregate of 420,238 common shares of the Company at a price of $0.28 per share until December 31, 2028, none of which share purchase warrants were issued to non-arm’s length creditors. All common shares and share purchase warrants issued to settle the Debts will be subject to a hold period expiring May 1, 2026. Completion of the securities for debt transaction will allow the Company to improve its current working capital deficiency position.

About Rio Silver Inc.

Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF) is a Canadian resource company advancing high-grade, silver-dominant assets in Peru, the world’s second-largest silver producer. The Company is focused on near-term development opportunities within proven mineral belts and is supported by a seasoned technical and operational team with deep experience in Peruvian geology, underground mining, and district-scale exploration. With a clear development strategy, and a growing portfolio of highly prospective silver assets, Rio Silver is establishing the foundation to become one of Peru’s next emerging silver producers. Learn more at www.riosilverinc.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.

Chris Verrico
President, Chief Executive Officer and a Director

To learn more or engage directly with the Company, please contact:

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

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

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Zinc Stocks: 5 Biggest Canadian Companies in 2025

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Zinc companies were supported in 2025 as prices rebounded during the second half of the year and, by the end of December, had crossed above US$3,000 per metric ton.

However, the metal still faces headwinds, as its biggest demand driver is its use in the production of galvanized steel destined for construction projects. Weak outlook comes amid diminishing expectations of a resurgence in the Chinese housing sector.

Additionally, US trade policy has softened demand, as uncertainty has dampened investor sentiment.

Although surpluses in the mined supply of zinc have narrowed, a significant amount of refined product remains in warehouses, which continues to contribute to an oversupply.

Data was gathered on December 24, 2025, using TradingView’s stock screener, and only zinc stocks with market caps greater than C$50 million at that time were considered. Read on to learn more about their operations and plans.

1. Teck Resources (TSX:TECK.A,TSX:TECK.B)

Market cap: C$31.25 billion
Share price: C$62.65

Teck Resources is a major global polymetallic miner, as well as one of the world’s top zinc producers. The company is headquartered in Vancouver, British Columbia.

The Canadian company produced 615,900 metric tons (MT) of zinc in concentrate in 2024, with 555,600 MT coming from its Red Dog zinc mine in Alaska, US. The remaining 60,300 MT came from Teck’s 22.5 percent share of zinc production from the Peru-based Antamina copper-zinc mine.

Teck’s total 2025 production guidance for the base metal is set in a range of 525,000 to 575,000 MT. As of September, the company’s zinc production for the year totaled 456,000 MT.

In addition to the sites mentioned, Teck owns the Trail operations, which it describes as “one of the world’s largest fully integrated zinc and lead smelting and refining complexes.” Located in BC, the Trail operations produced 256,000 MT of refined zinc in 2024, with 190,000 to 230,000 MT of the material expected in 2025.

In September, Teck agreed to combine with mining giant Anglo American (LSE:AAL,OTCQX:NGLOY) in a C$70 billion ‘merger of equals’ to create Anglo-Teck. The merged company would remain headquartered in Vancouver and become BC’s largest company ever.

Then on December 15, Canada’s federal government announced it had approved the deal after both companies committed to securing 4,000 Canadian jobs and spending C$4.5 billion over five years within Canada. The merger’s completion still requires approvals from other countries and regulatory reviews.

2. Foran Mining (TSX:FOM)

Market cap: C$2.62 billion
Share price: C$4.87

Foran Mining is a development company advancing its McIlvenna Bay project in Saskatchewan, Canada, toward production.

The property consists of 113 claims covering an area of 140,445 hectares near Flin Flon on Saskatchewan’s border with Manitoba.

A technical report from the project released in March 2025 demonstrated an indicated resource of 1.86 billion pounds of zinc at an average grade of 2.18 percent from 38.6 million metric tons of ore, plus an inferred resource of 260 million pounds at a grade of 2.6 percent from 4.5 million metric tons.

In December 2025, Foran announced that development on the project was 79 percent complete, advancing on schedule and on budget, and the company remained on track to begin commercial production in mid-2026. It also said that at the end of November, ore stockpiles had reached approximately 165,000 metric tons.

‘Pre-commissioning activities are well underway, and progress to date demonstrates the operational readiness of our team and infrastructure,’ Foran Executive Chairman and CEO Dan Myerson stated. ‘… 2026 (is) an important transition year for Foran as the Company moves into production, while advancing Phase 2 planning and continued exploration focused on unlocking district scale potential.’

3. Trilogy Metals (TSX:TMQ)

Market cap: C$1.14 billion
Share price: C$6.66

Trilogy Metals is focused primarily on copper, zinc and cobalt at its Alaskan Upper Kobuk projects, which are held by Ambler Metals, a joint venture operating company owned equally by Trilogy and South32 (ASX:S32,OTC Pink:SHTLF).

Its most advanced zinc project is the Arctic copper-zinc-lead-gold-silver volcanogenic massive sulfide project, which is in the feasibility stage and has proven and probable reserves of 43.44 million MT grading 3.12 percent zinc.

In addition, early stage 2023 field work at the company’s wholly owned Helpmejack project in Alaska’s Ambler belt outlined two target areas prospective for volcanogenic massive sulfide and shale-hosted zinc deposits.

Trilogy had been focusing on improving access to the region with its Amber Access project, but it was rejected by the US Bureau of Land Management under the Biden administration in June 2024 due to the impact the proposed road could have on the environment and communities in the region, which has seen little development.

However, the current Trump administration has enacted a series of executive and secretarial orders focusing on developing Alaska’s natural resources, leading to the reversal of the decision.

On October 24, the company announced that the Alaska Industrial Development and Export Authority had issued a right-of-way permit for the road, re-establishing federal authorization for the project.

‘The execution of these federal permits marks a pivotal milestone for the Ambler Road and the State of Alaska,’ Trilogy Metals President and CEO Tony Giardini said.

4. Fireweed Metals (TSXV:FWZ)

Market cap: C$579.91 million
Share price: C$2.73

Fireweed Metals is a critical metals company whose flagship Macmillan Pass zinc project is located in Canada’s Yukon. In 2023, the company acquired the Gayna River zinc project in the Northwest Territories, as well as the Mactung tungsten project, which is adjacent to Macmillan Pass and straddles the border between Yukon and the Northwest Territories.

In November 2023, the Fireweed team, led by Dr. Jack Milton, the firm’s vice president of geology, received the Association for Mineral Exploration’s H.H. ‘Spud’ Huestis Award for its work at the Macmillan Pass property.

In September 2024, after its largest regional exploration campaign ever at Macmillan Pass, the company released an updated resource estimate for the Tom and Jason deposits, as well as inaugural resource estimates for the Boundary zone and End zone deposits.

Fireweed launched its 2025 field program in early June, planned to include 12,000 meters of diamond drilling at Macmillan Pass and 3,000 meters at Gayna.

On September 23, Fireweed reported one of the best assays ever recorded at Macmillan Pass from a 115 meter step-out hole at the Tom South target, which hosted a 54.82 meter intersection grading 18.2 percent zinc, including an interval of 7.1 meters with 32.82 percent zinc.

Then, in an update on December 11, the company announced its inaugural drilling at Gayna intersected zinc mineralization, with a highlighted assay of 51.22 meters grading 4.4 percent zinc, including 24 meters with 7.3 percent.

‘Our first season of drilling at Gayna successfully intersected significant zinc and lead mineralization at the Intrepid target, validating the prospectivity of the project,’ Fireweed Metals President and CEO Ian Gibbs said.

5. Emerita Resources (TSXV:EMO)

Market cap: C$167.89 million
Share price: C$0.57

Emerita Resources has a portfolio of high-grade, large-scale polymetallic projects covering more than 26,000 combined hectares in Spain’s Iberian Pyrite Belt. The company’s flagship asset is the Iberian Belt West project, which hosts three massive sulfide deposits: La Infanta, La Romanera and El Cura.

Emerita released a resource estimate for Iberian Belt West in May 2023. It finished environmental baseline studies the following month, and completed supporting documentation for its mining license application in December 2023.

In July 2024, the Andalusian government granted Iberian Belt West a declaration of strategic interest, which will streamline the process of moving the project through development.

Phase 2 metallurgical testing results for the La Romanera and La Infanta deposits released in late 2024 show that commercial-grade copper, lead and zinc concentrates can be obtained from both deposits.

In March of this year, Emerita announced an updated resource estimate for Iberian Belt West, showing a 35 percent increase to the total indicated mineral resource tonnage and a 44 percent increase in total inferred mineral resource tonnage.

The total indicated resource stands at 547,000 metric tons of zinc, with an average grade of 2.88 percent zinc, from 18.96 million metric tons of ore, and the inferred resource is 221,000 metric tons from 6.8 million metric tons grading 3.25 percent zinc.

The company has continued to explore the site through the rest of 2025. On October 17, the company announced it had extended the El Cura deposit by 90 meters and highlighted one intersection measuring 4.1 meters with a grade of 8.5 percent zinc.

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

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55 North Mining Appoints Wayne Parsons as Executive Chair; Strengthens Leadership as the Company Advances the Last Hope Gold Project

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TORONTO, ON / ACCESS Newswire / December 31, 2025 / 55 North Mining Inc. (CSE:FFF,OTC:FFFNF)(FSE:6YF) (‘55 North‘ or the ‘Company‘) is pleased to announce the appointment of Wayne Parsons as Executive Chair of the Board, effective January 1, 2026.

Mr. Parsons brings over 20 years of experience in the investment business, having worked at BMO, RBC and most recently at National Bank Financial. He has since established a consulting practice focused on the mining sector and provides strategic advisory services to mining companies focused on capital markets strategy, financing execution and investor engagement. Mr. Parsons has served on a number of boards, most recently with Bunker Hill Mining Corp.

‘Wayne’s skills and experience are exactly what 55 North needs as we advance this project toward production,’ said Bruce Reid, Chief Executive Officer of 55 North Mining. ‘He is well connected globally and will be a tremendous help in connecting us with the right people to get this project financed. We met in the early days of Bunker Hill Mining, and when that project encountered challenges, Wayne stepped in, personally funded the recapitalization, and helped assemble the team to move it forward. His reputation will be highly valuable to our future success.’

The Company believes Mr. Parsons’ appointment significantly strengthens its leadership and positions 55 North to execute on its strategy of advancing the Last Hope Gold Project toward development and production.

About 55 North Mining Inc.

55 North Mining Inc. is a Canadian exploration and development company advancing its high-grade Last Hope Gold Project located in Manitoba, Canada.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr. Bruce Reid
Chief Executive Officer
55 North Mining Inc.
Phone: 647-500-4495
bruce@mine2capital.ca

Mr. Vance Loeber
Corporate Development
Phone: 778-999-3530
cvl@tydewell.com

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of 55 North contains statements that constitute ‘forward-looking statements.’ Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE: 55 North Mining Inc.

View the original press release on ACCESS Newswire

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Treasury targets oil traders, tankers accused of helping Maduro evade U.S. sanctions

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The U.S. Department of the Treasury on Wednesday sanctioned four companies operating in Venezuela’s oil sector and identified four oil tankers as blocked property, saying the move targets oil traders involved in alleged sanctions-evasion that helps finance Nicolás Maduro’s regime.

Treasury said the vessels, some described as part of a ‘shadow fleet’ serving Venezuela, ‘continue to provide financial resources that fuel Maduro’s illegitimate narco-terrorist regime’ in Tuesday’s press release.

‘President Trump has been clear: We will not allow the illegitimate Maduro regime to profit from exporting oil while it floods the United States with deadly drugs,’ Treasury Secretary Scott Bessent said. ‘The Treasury Department will continue to implement President Trump’s campaign of pressure on Maduro’s regime,’ he added.

Treasury said the sanctions block property and interests in property of the designated entities within U.S. jurisdiction and generally prohibits Americans from transactions involving them.

The action follows U.S. measures against Venezuela’s state-run oil company Petroleos de Venezuela, S.A. (PDVSA).

OFAC designated PDVSA in January 2019 under Executive Order 13850, and President Trump later took additional steps to block PDVSA in August 2019 under Executive Order 13884, Treasury said.

Treasury said Wednesday’s move also complements actions announced Dec. 11 and Dec. 19 targeting PDVSA-linked officials, associates and vessels.

OFAC designated Corniola Limited and Krape Myrtle Co LTD and identified the tanker NORD STAR as blocked property. OFAC also designated Winky International Limited and identified ROSALIND, also known as LUNAR TIDE, as blocked property. OFAC designated Aries Global Investment LTD and identified the tankers DELLA and VALIANT as blocked property, Treasury said.

Treasury said blocked property within U.S. jurisdiction must be reported to OFAC, and warned that violations of U.S. sanctions may result in civil or criminal penalties.

Treasury said the goal of sanctions is to bring about a positive change in behavior, noting there is a formal process for seeking removal from an OFAC list consistent with U.S. law.


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Venezuela arrests more Americans as Trump ramps up pressure on Maduro: report

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The number of American citizens arrested and held in Venezuela has risen in recent months, according to a new report.

Several Americans have been detained by Venezuelan security forces as the Trump administration stepped up efforts to isolate President Nicolás Maduro, including sanctions enforcement and an expanded military presence in the Caribbean, The New York Times reported.

A U.S. official familiar with the matter, speaking on condition of anonymity, told the outlet that while some detainees face what Venezuelan authorities describe as legitimate criminal charges, Washington is considering designating at least two Americans as ‘wrongfully detained.’

.’

This can speed up diplomatic efforts to secure their release.

Those arrested currently are said to include three Venezuelan-American dual nationals and two U.S. citizens with no known ties to Venezuela, the official told the outlet.

Maduro’s government has long been accused by U.S. officials and critics of using detained foreign nationals as leverage in negotiations with the U.S.

President Trump has made the release of Americans held overseas a priority during both of his presidencies. During his first term, he followed a campaign of maximum pressure against Maduro.

On his return to office in January, Trump also sent envoy Richard Grenell to Caracas to push for a prisoner agreement.

Grenell met Maduro in person and was tasked with securing the return of detained Americans, announcing he was bringing home six who had been imprisoned, per Reuters.

In May, Venezuela also released a U.S. Air Force veteran who had been detained for roughly six months. 

Joseph St Clair, who served in Afghanistan, had traveled to South America for treatment for post-traumatic stress disorder.

In July, as reported by Fox News Digital, 10 more Americans and U.S. permanent residents were released after a prisoner swap that saw more than 250 Venezuelans held in El Salvador also returned home. The U.S. State Department confirmed that release on July 18, 2025.

‘Our commitment to the American people is clear: we will safeguard the well-being of U.S. nationals both at home and abroad and not rest until all Americans being held hostage or unjustly detained around the world are brought home,’ Secretary of State Marco Rubio said at the time.

.

That diplomatic push led to talks between U.S. and Venezuelan officials and resulted in the release of at least 16 American citizens and permanent residents by mid-2025.

Those negotiations were later suspended as the administration shifted toward broader pressure.

The U.S. began expanding sanctions enforcement, redeploying naval assets to the Caribbean, and increased operations targeting vessels allegedly linked to drug-trafficking networks tied to Maduro’s regime.

Meanwhile, the New York Times reported Wednesday that among those Americans currently reported missing is James Luckey-Lange, 28, of Staten Island, New York, who went missing after crossing Venezuela’s southern border in early December.

Luckey-Lange is the son of musician Diane Luckey, known as Q Lazzarus.

Another former detainee, Renzo Huamanchumo Castillo, a Peruvian-American, told the outlet he was arrested last year and accused of terrorism and plotting to kill Mr. Maduro.

‘We realized afterward, I was just a token,’ he said. He was released in the July prisoner swap after months of harsh detention.

At least two others with U.S. ties remain imprisoned, according to their families: Aidel Suarez, a U.S. permanent resident born in Cuba, and Jonathan Torres Duque, a Venezuelan-American, according to reporting by The New York Times.

The exact number of newly detained Americans has not been publicly disclosed by U.S. officials.

Fox News Digital has reached out to the Department of State for comment.


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Prismo Metals Announces Closing of Private Placement

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(TheNewswire)

Prismo Metals Inc.

 

Vancouver, British Columbia TheNewswire – December 31st, 2025 Prismo Metals Inc. (‘Prismo’ or the ‘Company’) (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to announce that further to its news release December 3, 2025, the Company has proceeded with an upsized closing (the ‘Closing’) of its previously announced non-brokered private placement of units of the Company (‘Units’) at an issue price of $0.10 per Unit (the ‘Private Placement’). The Closing consisted in the issuance of 2,940,000 Units for gross proceeds of $294,000.

‘With the exception of one investor, every subscriber in this last closing is a new shareholder of Prismo,’ said Alain Lambert CEO of Prismo. ‘Our immediate priority is to undertake our fully funded drill program, as previously announced. This drill campaign will focus primarily on the historic Silver King mine site and will be for a minimum of about 1,000 meters. The objective is to test the upper half of the steeply dipping pipelike Silver King mineralized body as well as potential mineralization adjacent to the dense stockwork that was the focus of historic mining.’

The Company previously announced the first closing of the Private Placement on November 12, 2025 for aggregate gross proceeds of $1,745,000 and a second closing of the Private Placement on December 2, 2025 for aggregate gross proceeds of $165,000. Due to strong investor demand, the Company has now raised aggregate gross proceeds of $2,204,000 through the sale of an aggregate of 22,040,000 Units.

Each Unit consists of one common share in the capital of the Company (a ‘Share‘) and one common share purchase warrant of the Company (a ‘Warrant‘). Each Warrant entitles the holder to purchase one Share for a period of thirty-six (36) months from the date of issue at an exercise price of $0.175.

The Company intends to use the net proceeds of the Private Placement primarily for drilling at its Silver King project and for general corporate purposes. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary. The Company expects to accept additional subscriptions of Units from new shareholders in the coming days for an approximate amount of $75,000.

The Units issued pursuant to the Closing are subject to a four-month hold period from the closing date of the Closing under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

In connection with the Closing, the Company issued an aggregate of 185,200 finder’s warrants (the ‘Finder’s Warrants’) and paid finder’s commissions of $18,520 to a certain qualified finder. Each Finder’s Warrant is exercisable for a period of twenty-four (24) months from the date of issuance to purchase one Share at a price of $0.10. In addition, the Company paid a cash fee of $7,000 to a financial advisor.

The securities being issued in connection with the Closing have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Prismo Metals Inc.

Prismo (CSE: PRIZ,OTC:PMOMF) is a mining exploration company focused on advancing its Silver King, Ripsey and Hot Breccia projects in Arizona and its Palos Verdes silver project in Mexico.

Please follow PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube

Prismo Metals Inc.

1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6 Phone: (416) 361-0737

 

Contact:

Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com

Gordon Aldcorn, President gordon.aldcorn@prismometals.com

 

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

 

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. This information and these statements, referred to herein as ‘forward-looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Silver King; the intended use of any proceeds raised under the Closing; and the completion of an additional tranche.

These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the potential inability of the Company to utilize the anticipated proceeds of the Private Placement as anticipated; the potential inability of the Company to complete an additional tranche on the terms disclosed, or at all; and those risks set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.com) under the Company’s issuer profile.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Closing as currently anticipated and on the timeline currently expected; and that the Company will complete an additional tranche.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward- looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

 

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

Copyright (c) 2025 TheNewswire – All rights reserved.

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