President Donald Trump’s legal team filed a ‘powerhouse’ appeal in Manhattan District Attorney Alvin Bragg’s case against him, demanding the verdict be thrown out and that the ‘most politically charged prosecution in our Nation’s history,’ as they called it, be dismissed altogether.
Fox News Digital obtained the 111-page appeal filed in New York Supreme Court’s Appellate Division late Monday night.
Sullivan & Cromwell’s Robert J. Giuffra Jr. is representing the president in the matter.
Trump pleaded not guilty to all 34 counts of falsifying business records in the first degree but was found guilty in May after a six-week unprecedented criminal trial in New York in 2025.
New York v. Trump is on a halt until 2029.
‘President Trump’s legal team filed a powerhouse appeal in the Manhattan DA’s Witch Hunt, as the President continues his fight to put an end to the Radical Democrat Lawfare once and for all,’ a spokesman for the president’s legal team told Fox News Digital.
‘The Supreme Court’s historic decision on Immunity, the Federal and New York State Constitutions, and other established legal precedent mandate that this meritless hoax be immediately overturned and dismissed,’ the Trump spokesman continued.
‘President Trump will keep defeating Democrat weaponization at every turn as he focused on his singular mission to Make America Great Again.’
The 111-page filing details Giuffra’s argument for complete dismissal and reversal.
‘This is the most politically charged prosecution in our Nation’s history,’ the filing states. ‘After years of fruitless investigation into decade-old, baseless allegations — and under immense political pressure to criminally charge President Donald J. Trump for something—New York’s district attorney (DANY) manufactured felony charges against a once-former and now-sitting President of the United States. The DA, a Democrat, brought those charges in the middle of a contentious Presidential election in which President Trump was the leading Republican candidate.’
Trump’s legal team called the charges against Trump ‘as unprecedented as their political context.’
‘Targeting alleged conduct that has never been found to violate any New York law, the DA concocted a purported felony by stacking time-barred misdemeanors under a convoluted legal theory, which the DA then improperly obscured until the charge conference,’ the filing states. ‘This case should never have seen the inside of a courtroom, let alone resulted in a conviction.’
Trump’s lawyers are asking the court to ‘now reverse.’
‘Federal law expressly preempts DANY’s misdemeanor-turned-felony charges because those charges rest on an alleged violation of federal campaign regulations that States cannot (and have never) enforced,’ the filing states. ‘The trial was fatally marred by the introduction of 2 official Presidential acts that the Supreme Court has made clear cannot be used as evidence against a President.’
Trump’s lawyers went on to argue that ‘the jury was instructed incorrectly, allowing a conviction without the unanimity required by both New York law and basic due process.’
‘Beyond these fatal flaws, the evidence was clearly insufficient to convict,’ the filing states. ‘In addition to all this overwhelming error, the trial was conducted by a judge who refused to recuse himself despite having made political contributions to President Trump’s electoral opponents and despite having disqualifying family conflicts. For each of these independent reasons, President Trump’s conviction must be set aside.’
Trump’s attorneys also noted that the review of the by federal prosecutors in 2021 led to ‘no actions against President Trump even after he left office in 2021,’ which ‘should have barred any prosecution’ in the Manhattan district attorney’s efforts.
Trump attorneys also argued that the trial court violated the presidential evidentiary immunity confirmed by the U.S. Supreme Court, which bars the ‘use of evidence about’ a president’s official acts while in office.
‘The jury improperly heard extensive testimony about at least four different kinds of official acts by President Trump,’ the filing states, including discussions between the president and the White House communications director in the Oval Office over the White House’s response to allegations of presidential wrongdoing; official presidential statements on social media; alleged discussions between the president and the attorney general about the enforcement of federal campaign regulations; and the president’s practices in discharging his presidential duties, including from the Situation Room.
‘The U.S. Supreme Court mandated that violations of Presidential evidentiary immunity require automatic reversal of a conviction without any harmless-error analysis,’ the filing states. ‘Even if such analysis were applied, the introduction of the prohibited testimony—which DANY repeatedly relied on and called ‘devastating’ in its summation, A7815—was far from harmless beyond a reasonable doubt.’
Trump attorneys also argued that the trial court ‘erred in instructing the jury that it could convict President Trump of having conspired to ‘promote or prevent the election of any person to a public office by unlawful means,’ Election Law § 17-152, without unanimously agreeing on what those ‘unlawful means’ actually were.’
‘Instead, the court permitted the jury to convict if some jurors believed only that President Trump had conspired to violate FECA, while others believed only that he had conspired to help others commit tax fraud, and still others believed only that he had conspired to help others make false statements to a 5 bank. Due process and Section 17-152 do not permit a conviction based on such a haphazard ‘combination of jury findings,’’ the filing states.
Trump lawyers also said the district attorney ‘had no proof that President Trump ever had the ‘intent to defraud’ expressly required by the business-records statute.’
‘There was zero evidence that President Trump intended to deprive anyone of money or property, and in fact no such deprivation occurred,’ the filing states. ‘Having no other choice, DANY advanced the flawed theory, erroneously blessed by the trial court, that ‘intent to defraud’ can include either (i) intent to interfere with unspecified government regulators, or (ii) intent to deceive ‘the voting public.’ Making matters worse, DANY did not prove that President Trump acted with either of those intentions in mind.’
The lawyers also argued that Judge Juan Merchan refused to recuse himself from the case, and questioned his impartiality due to his past political contributions — donating to both then-President Joe Biden and to a group called ‘Stop Republicans PAC.’
The lawyers also called into question, again, Merchan’s daughter’s work as the president and part-owner of an advertising company that was paid millions by the Kamala Harris campaign and other Democrats — ‘including for running advertisements specifically invoking DANY’s prosecution of President Trump in her father’s courtroom.’
Loren Merchan sits as the president for Authentic Campaigns — a company that has done political work for top Democrat clients like Biden and former Vice President Kamala Harris.
‘In the face of all these undisputed and damaging facts, Justice Merchan’s refusal to recuse created, at the very least, ‘the appearance of bias,’ which ‘erode(s) public confidence in the judicial system’ and is yet another clear ground for reversal,’ Trump lawyers argued.
Trump’s attorneys concluded by saying that ‘despite years of rifling through President Trump’s business, DANY could not find a felony charge.’
‘So it concocted an elaborate theory that has never before been pursued in this State and is plainly preempted by federal law,’ the filing states. ‘Like every criminal defendant in a New York courtroom, President Trump was entitled to a fair trial before a properly instructed jury and a neutral judge.’
‘Instead, he was convicted after a trial that featured repeated and clear violations of his constitutional rights, federal law, and New York law, presided over by a judge who was required to recuse,’ they argued. ‘For all these reasons, this Court should reverse the judgment of conviction and dismiss the indictment.’
President Donald Trump spoke to U.S. service members aboard the nuclear-powered aircraft carrier George Washington in Yokosuka, Japan, Tuesday morning to promote his administration’s ‘peace through strength’ military messaging on the world stage.
‘A year and a half ago, we had a different country than we do right now,’ Trump told the military members. ‘Now we’re the most respected country in the world, we’re the hottest country anywhere in the world. And it hasn’t taken too long. But, I had no doubt. I just didn’t know we were going to do it this fast. We’ve done it fast because of people like you.’
Trump is in the midst of a whirlwind tour through Asia, including beginning his trip in Malaysia, before heading to Japan and later holding a planned meeting with Chinese President Xi Jinping during his final stop in South Korea Thursday. The president also oversaw the signing of a peace agreement between Cambodia and Thailand Sunday.
Trump’s tour this week focuses on trade and regional security, and comes as China asserts greater control in the South China Sea and North Korea increases its weapons testing.
Trump was joined by Japan’s newly elected Prime Minister Sanae Takaichi aboard the U.S. aircraft carrier Tuesday, as well as by U.S. military leaders such as Secretary of War Pete Hegseth. Trump celebrated in his remarks that the U.S. military is once again respected after bucking ‘political correctness’ out of an effort to better defend the U.S.
‘When it comes to defending the United States, we’re no longer politically correct,’ Trump said. ‘We’re going to defend our country any way we have to. And that’s usually not the politically, politically correct way. From now on, if we’re in a war, we’re going to win the war. We’re going to win it like nobody ever before.’
The service members were heard chanting ‘Trump, Trump, Trump’ when the president first took the stage.
Trump thanked the military for their service and added that he’s supporting a pay increase for every U.S. service member in the armed forces.
‘I’m also supporting an across-the-board pay raise for every sailor and service member in the United States armed forces,’ Trump told the crowd, which earned widespread applause. ‘Now, if you don’t want it, you want to give back to your country. Just let us know. We won’t give it to you. Is there anybody in that category?’ he joked before adding that Democrat lawmakers would approve the plan.
‘But now all we really have to do is get the Democrats to approve it. But they’ll come along. They always do. You know, they always do that,’ he continued.
The government is currently in the midst of a shutdown that has lasted since Oct. 1, when Senate lawmakers failed to reach a funding agreement.
Takaichi, Japan’s first female prime minister, also addressed U.S. troops to thank them, as well as the Japanese military, for their dedication to protecting the region.
‘I am truly honored to have this opportunity to deliver remarks with President Trump aboard the aircraft carrier USS George Washington, a symbol of protecting freedom and peace in this region,’ the Japanese leader said, according to a translator at the event.
‘First and foremost, I would like to express my deep respect and sincere gratitude to all the men and women in uniform. From Japan’s Self-Defense Forces and the U.S. forces, Japan, for your dedication and commitment to safeguard peace and security of our nation and the region, day and night,’ she continued.
Trump lauded the Japanese prime minister as a ‘winner’ in his remarks, while celebrating the U.S.’s relationship with Japan following World War II.
‘This woman is a winner. So, you know, we’ve become very close friends all of a sudden because their stock market today and our stock market today hit an all-time high. That means we’re doing something right,’ he said.
Trump and Takaichi signed a rare earths framework agreement on Tuesday as the U.S. looks to back away from its reliance on China for critical minerals for items such as cell phones.
‘The cherished alliance between the United States and Japan is one of the most remarkable relationships in the entire world,’ Trump continued. ‘Really, there’s never been anything like it. Born out of the ashes of a terrible war, our bond has grown over eight decades into the beautiful friendship that we have. It’s a foundation of peace and security in the Pacific.’
Trump also announced that the first batch of missiles for Japan’s Self-Defense Forces will be delivered to the country later this week as Takaichi underscored that Japan is ‘committed to fundamentally reinforcing its defense capability’ and ‘ready to contribute even more proactively to peace and stability in the region.’
‘It’s the first batch of missiles to be delivered to the Japanese Self-Defense forces for Japan’s F-35s. And they’re coming this week, so they’re ahead of schedule,’ Trump said.
The president concluded his speech by highlighting that the U.S. went ‘through four bad years, but now America will always be first,’ citing the U.S. military’s strength.
‘Every sailor here today inherits a legacy of valor and grit and glory unmatched in the long history of mankind’s voyage on the seas,’ he said. ‘It’s a voyage like nobody’s ever had, like you have. For two and a half centuries, America’s Navy has preserved the vision of our first commander in chief who gave this ship its storied name, its righteous soul and its timeless motto, ‘first in war, first in peace.’ Very famous phrase, George Washington. After 250 years, that is exactly what our country is today. It’s first in war, first in peace, first in wealth, first in power, first in science, first in spirit and first in freedom.’
Fox News Digital’s Amanda Macias contributed to this report.
Medicaid, Title XIX of the Social Security Act, is a joint federal-state program that finances health care to the poor.[1] When it was first signed into law, Medicaid eligibility was limited to low-income children, pregnant women, parents of dependent children, the elderly, and people with disabilities. In the sixty years since the program was enacted, however, it has strayed from its mission of providing healthcare for the most vulnerable and has become a steppingstone toward universal government-run health insurance.
This explainer will outline how Medicaid functions, the program’s costs, its influence on healthcare in the United States, and how the proposed policy changes in 2025 could reshape the program.
How Does Medicaid Work?
Medicaid is divided into two groups: traditional Medicaid and the Medicaid Expansion group. Before discussing the differences between the two, it’s important to understand that there are strings attached. For a state to participate in Medicaid (either traditional or expansion), the federal government requires that state to provide Medicaid coverage for certain eligibility groups, including[2]:
Certain low-income families, including parents, that meet the financial requirements of the former Aid to Families with Dependent Children (AFDC) cash assistance program;
Pregnant women with annual income at or below 133% of the Federal Poverty Level (FPL);
Children with family income at or below 133% of FP;
Aged, blind, or disabled individuals who receive cash assistance under the Supplemental Security Income (SSI) program;
Children receiving foster care, adoption assistance, or kinship guardianship assistance under the Social Security Act (SSA) Title IV–E;
Certain former foster care youth;
Individuals eligible for the Qualified Medicare Beneficiary program; and
Certain groups of legal permanent resident immigrants.
Federal law provides two primary benefit packages for state Medicaid programs: traditional benefits and alternative benefit plans (ABPs). These benefit categories (taken from the Congressional Research Service) are recreated in Table 1. States also have some flexibility through Medicaid program waivers, which allow them to be exempt from certain federal requirements. These include research and demonstration projects (Section 1115), managed care/freedom of choice programs (Section 1915(b)), and home and community-based services (Section 1915(c)). To receive a waiver, a state must meet federal financing requirements such as budget neutrality, cost-effectiveness, or cost-neutrality.[3]
It is also important to note that Medicaid spending is often lumped in with the Children’s Health Insurance Program (CHIP) and similar federal subsidies created under the Patient Protection and Affordable Care Act (Affordable Care Act or ACA). The CHIP program provides health coverage to eligible children in families with incomes above the Medicaid threshold, either through Medicaid or separate state programs. The federal subsidies created under the ACA include premium tax credits (which subsidize the cost of an insurance premium) and cost-sharing reductions (reducing out-of-pocket costs such as deductibles, copays, and coinsurance) for those who purchase health insurance through a government-created healthcare marketplace.
Traditional Medicaid
Traditional Medicaid covers both primary and acute care as well as long-term services and supports (such as care for disabled adults and individuals with chronic illnesses). Eligibility is limited to low-income children, pregnant women, parents of dependent children, the elderly, and people with disabilities. In this program, states are guaranteed federal matching dollars without a cap for qualified services, based on a formula that matches at least 50 percent of state spending. The portion of the federal government’s share of most Medicaid expenditures is known as the Federal Medical Assistance Percentage (FMAP). This matching rate increases as state per-capita income decreases.
Under traditional Medicaid, states define the specific features of each covered benefit within four broad federal guidelines:
Each service must be sufficient inamount, duration, and scope to reasonably achieve its purpose. States may place appropriate limits on a service based on such criteria as medical necessity.
Within a state, services available to the various population groups must be equal in amount, duration, and scope (the comparability rule).
With certain exceptions, the amount, duration, and scope of benefits must be the same statewide (the statewideness rule).
With certain exceptions, enrollees must have freedom of choice among health care providers.[4]
Looking ahead to FY 2026 (October 1, 2025 – September 30, 2026), the federal matching rates for state funds are expected to range from 50 percent (the mandatory minimum matching rate) to nearly 77 percent.[5] Figure 1 shows the federal Medicaid FMAP matching rate for each state.
Figure 1: Federal FMAP Percentages, FY 2026
Sources: KFF estimates of increased FY 2026 FMAPs based on Federal Register, November 29, 2024 (Vol 89, No. 230), pp 94742-94746.
Note: Estimates are rounded to the nearest whole number.
The Medicaid Expansion Group
Under the Affordable Care Act (ACA), states had the option to expand Medicaid to non-elderly adults with income up to 133 percent of the Federal Poverty Level. When states were initially allowed to expand Medicaid starting January 1, 2014, the federal government promised to cover 100 percent of Medicaid expansion costs to encourage states to participate. With this promise of a “free lunch,” many states rushed to expand Medicaid, sharply increasing enrollment. By 2020, however, the federal match rate for the expansion program was reduced to 90 percent. As a result, states had to increase their own Medicaid spending, on average, $26.7 billion from 2017 to 2022 from their own sources.
As of 2025, all but 10 states have expanded Medicaid.[6] Those states are shown in Figure 2.
Figure 2: States that Have Not Expanded Medicaid as of 2025
Sources:KFF tracking and analysis of state actions related to adoption of the ACA Medicaid expansion and Searing, Adam. “Federal Funding Cuts to Medicaid May Trigger Automatic Loss of Health Coverage for Millions of Residents of Certain States.” Say Ahhh! Georgetown Center for Children and Families, November 27, 2024
How Much Does Medicaid Cost? Who Pays?
Given that Medicaid is a joint federal and state program, it is important to examine the costs of Medicaid at the federal and state levels. At the federal level, Medicaid, the Children’s Health Insurance Program (CHIP), and other healthcare marketplace subsidies enacted by the ACA cost $759 billion in FY 2024. Put another way, for every dollar the federal government spent, eleven cents of that dollar went to Medicaid, CHIP, and the ACA subsidies.[7]
At the state level, Medicaid accounts for about 30 percent of total state spending (capital inclusive) and is the single largest expenditure in all state budgets. For every dollar the average state spends, thirty cents go to Medicaid—only ten cents come from state revenue while the remaining 20 cents come from federal transfers.[8]
Although Medicaid was designed to be a “joint” funding program, state policymakers have found ways to get the federal government to cover the lion’s share of Medicaid spending. This reflects the incentives elected officials face: using accounting gimmicks to offer more generous Medicaid spending while passing the cost to federal taxpayers can help them win reelection.
This problem was exacerbated by Medicaid expansion under the ACA. Figure 3 (recreated from the CRS report) shows the breakdown of federal and state Medicaid spending. The percentages atop each column indicate the federal share of total Medicaid spending.
Figure 3: Federal and State Shares of Medicaid Spending
Sources: Congressional Research Service “R43357: Medicaid: An Overview,” Figure 6: Federal and State Actual Medicaid expendituresCMS, Form CMS-64 Data as reported by states to the Medicaid Budget and Expenditure System, as of May 29, 2024, at https://www.medicaid.gov/medicaid/financial-management/state-expenditure-reporting-for-medicaid-chip/expenditure-reports-mbescbes. CPI-U inflation data collected from US Bureau of Labor Statistics
Notes: CMS, Form CMS-64 Data as reported by states to the Medicaid Budget and Expenditure System, as of May 29, 2024, at https://www.medicaid.gov/medicaid/financial-management/state-expenditure-reporting-for-medicaid-chip/expenditure-reports-mbescbes.
In the end, federal taxpayers are footing the bill for Medicaid. However, as the national debt continues to strain the federal budget and crowd out other priorities, policymakers in DC are desperate to cut costs. One likely area is federal Medicaid spending. If the federal government were to change the matching rates of either traditional Medicaid or Medicaid expansion, state spending on Medicaid would rapidly increase and crowd out other spending. In more fiscally distressed states, this could spur a fiscal crisis.
How Does Medicaid Impact Healthcare?
The size of Medicaid means that it shapes almost every corner of the American healthcare system, from hospital and acute care to long-term care to medical research. The program covers one in five Americans and finances 19 percent of all health spending in the United States. Here are some of the results of that influence.[9]
Increasing Coverage with Little to Show for Health Access or Outcomes
Medicaid increases healthcare coverage. Thanks to the Medicaid Expansion under the ACA and more generous federal matching programs created during the COVID-19 era and through the Biden administration’s stimulus packages, enrollment in Medicaid dramatically increased and the percentage of uninsured Americans decreased, reaching an all-time low in 2022.[10]
Additionally, while use of healthcare services increased, other negative outcomes emerged that decreased access to care, especially for those in traditional Medicaid. Cannon (2022a) notes that the Medicaid Expansion under the ACA creates an incentive for state policymakers to prioritize Medicaid expansion group recipients over traditional Medicaid recipients.[11] Blase and Gonshorowski (2025) confirmed these findings, noting that Medicaid expansion decreased access to care, crowded out private options, and shifted funds away from the poorest Medicaid recipients.[12]
In a review of the literature, Sigaud (2025) also finds depressing results[13] States that expanded Medicaid saw longer wait times and reduced access to care for traditional Medicaid enrollees. Additionally, he notes that symptoms of depression increased among near-elderly adults on Medicaid before and after expansion, especially among rural residents with extremely limited access to mental health providers. He also notes slower ambulance response times and greater delays in the emergency room.
Cementing the Relationship Between Employment and Healthcare
Medicaid expansion under the Affordable Care Act further entrenched employer-sponsored insurance (ESI) as the backbone of American healthcare. The ACA kept the ESI tax structure in place, essentially creating what Cannon (2022b) calls “an implicit penalty on workers who do not (a) surrender control of a sizable portion of their earnings to an employer; (b) enroll in a health plan that their employers choose, control, and revoke upon separation; and (c) pay the balance of the premium directly.”[14]
In an ideal world, Americans would not need to leave their jobs to change healthcare provider networks. Unfortunately, if Americans want a different health insurance package, they must “fire” their employer, pay a large tax penalty for choosing an employer-sponsored plan, or be stuck with an inferior, public option.
Increasing the Cost of Healthcare
Medicaid costs for healthcare are much greater than the costs of healthcare in the private sector. In my AIER paper “The Work vs Welfare Tradeoff Revisited,” I found that Medicaid paid more per full-year equivalent enrollee than the average annual single premium for an employer-sponsored plan in 43 states.[15] Despite the higher payments, health outcomes for Medicaid recipients are not better than those of Americans with private insurance.
The reason why Medicaid is so costly comes from the incentives created under the joint federal-state funding relationship, as discussed in the previous section. Cannon (2022a) elaborates, “Spending $1 on police buys $1 of police protection. Spending $1 on Medicaid, however, buys $2 to $10 of medical or long-term care. Medicaid rewards states for spending the marginal dollar on medical and long-term care even when spending it on police, education, or transportation would provide greater benefit.”[16]State officials have an incentive to maximize Medicaid while cutting basic public services. The open-ended federal matching system allows states to maximize federal matching dollars (especially for expansion populations) through gimmicks such as provider tax loopholes.[17]As spending on the expansion population increases, traditional Medicaid enrollees are pushed aside, leading to less access to care and worsening health outcomes.
The Government Accountability Office (GAO) regularly lists Medicaid (and its relative Medicare) among the “High-Risk” list for improper payments. The GAO notes that Medicaid program integrity must be strengthened through both legislation and “coordinated effort across multiple entities.”[18] Additionally, America is one of the most charitable nations in the world. In closing, Mueller opines,
In other words, Medicaid is rife with waste, fraud, and abuse, and fixing it is no small task.
Increased Regulatory Complexity
Medicaid also has a significant impact on the nature and shape of healthcare regulations. Federal rules dictating how states shape their Medicaid policies discourage innovation, research, and flexibility because state policymakers want to maximize those federal matching dollars. Furthermore, states will shape their own healthcare regulations to ensure compliance with federal Medicaid guidelines and maximize federal Medicaid funding. This results in states limiting access to new therapies to control costs.
What Do the 2025 Policy Changes Mean for Medicaid?
In 2025, two major policy changes have impacted Medicaid: proposed changes under the “One Big Beautiful Bill” (H.R. 1) and a Centers for Medicare and Medicaid Services proposed rule to close a provider tax loophole. These changes have the potential to provide immediate fixes to Medicaid, but much deeper reforms are needed.
The largest change comes from the legislative and CMS rule changes toward Medicaid provider taxes. The changes in H.R. 1 phase the Medicaid provider tax rate from 6 percent to 3.5 percent and freeze any new provider taxes created[19] It would also mandate waiver resubmissions and suspend existing approvals in noncompliant states. These reforms would ensure Medicaid financing aligns with federal intent, helps reduce wasteful spending, and prevents states from misusing federal Medicaid funds for other general fund programs.[20] It would also mandate waiver resubmissions and suspend existing approvals in noncompliant states. These reforms would ensure Medicaid financing aligns with federal intent, helps reduce wasteful spending, and prevents states from misusing federal Medicaid funds for other general fund programs.
Additionally, H.R. 1 also strengthens work requirements and eligibility checks, ensuring that verification standards are improved and states are allowed to remove ineligible enrollees from Medicaid.
These reforms, unfortunately, only scratch the surface. Deeper changes to Medicaid (as well as healthcare broadly) are needed. One such change is offered by economist David Rose. Rose writes,
“To put it simply, eliminate Obamacare, Medicare, and Medicaid and replace them with a national healthcare voucher system. This transformative change for American healthcare could be limited to the level paid for with a national sales tax, and our unfunded liability problems would simply disappear. While, for practical reasons, this would likely have to start at the national level, the goal could be to then spin it off to the states.”[21]
There is no shortage of ideas available for healthcare reform. The problem lies in changing the incentives that millions in the healthcare sector face (both in government and the private sector) that keep them maintaining the status quo.
Conclusion
Medicaid was designed to provide a safety net for the most vulnerable Americans. After sixty years, trillions spent, and millions of Americans enrolled, the program has little to show for it. It has strayed from its mission of helping the poor because policymakers prioritize maximizing federal matching rates. Medicaid spends more yet fails to provide better health care access or health outcomes, increases costs, and discourages choice and innovation in healthcare.
The United States—the wealthiest nation in history—and its people deserve health care that delivers access, valuable health outcomes, affordability, and choice. Market-driven solutions can provide such a system.
Footnotes
[1] Social Security Administration. Medicaid. In Annual Statistical Supplement to the Social Security Bulletin, 2015. https://www.ssa.gov/policy/docs/statcomps/supplement/2015/medicaid.html.
[2] Congressional Research Service. Medicaid: An Overview. R43357. Washington, DC: Library of Congress, 2023. https://www.congress.gov/crs-product/R43357.
[3] Ibid.
[4] Ibid.
[5] KFF. “Federal Matching Rate and Multiplier.” KFF State Health Facts. Accessed July 9, 2025. https://www.kff.org/medicaid/state-indicator/federal-matching-rate-and-multiplier.
[6] KFF. “Status of State Medicaid Expansion Decisions.” KFF. Accessed July 9, 2025. https://www.kff.org/status-of-state-medicaid-expansion-decisions.
[7]
[8]
[9] Office of the Assistant Secretary for Planning and Evaluation. The Benefits of Expanding Medicaid Eligibility to Low-Income Adults: Evidence from State Expansions. U.S. Department of Health and Human Services, March 28, 2022. https://aspe.hhs.gov/reports/benefits-expanding-medicaid-eligibility.
[10] Office of the Assistant Secretary for Planning and Evaluation. 2022 Uninsurance Rate at an All-Time Low: New Estimates Highlight the Role of the ACA and Medicaid Expansion. U.S. Department of Health and Human Services, September 2022. https://aspe.hhs.gov/reports/2022-uninsurance-at-all-time-low.
[11] Cannon, Michael F. Cato Institute. “Medicaid and the Children’s Health Insurance Program.” In Cato Handbook for Policymakers, 9th ed., 2022. https://www.cato.org/cato-handbook-policymakers/cato-handbook-policymakers-9th-edition-2022/medicaid-childrens-health-insurance-program#perverse-incentives.
[12] Blase, Brian and Gonshorowski, Drew. “Resisting the Wave of Medicaid Expansion: Why Florida Is Right.” Paragon Institute. May 1, 2024. https://paragoninstitute.org/medicaid/resisting-the-wave-of-medicaid-expansion-why-florida-is-right.
[13] Sigaud, Liam. “Losing Focus: How the ACA’s Medicaid Expansion Left Traditional Enrollees Behind.” Paragon Prognosis, February 10, 2025. https://paragoninstitute.org/paragon-prognosis/losing-focus-how-the-acas-medicaid-expansion-left-traditional-enrollees-behind/#:~:text=A%202021%20analysis%20in%20Health,adverse%20outcomes%2C%20including%20higher%20mortality.e.
[14] Cannon, Michael F. Cato Institute. “The Tax Treatment of Health Care.” In Cato Handbook for Policymakers, 9th ed., 2022. https://www.cato.org/cato-handbook-policymakers/cato-handbook-policymakers-9th-edition-2022/tax-treatment-health-care#the-tax-exclusion-for-employer-sponsored-health-insurance.
[15] Savidge, Thomas. “The Work vs. Welfare Tradeoff Revisited.” American Institute for Economic Research, June 17, 2022. https://aier.org/article/the-work-vs-welfare-tradeoff-revisited/#medicaid.
[16] Cannon (2022a). supra note 11.
[17] Blase, Brian. Medicaid Provider Taxes: A Gimmick that Exposes the Flaws in Medicaid’s Financing. Arlington, VA: Mercatus Center at George Mason University, June 20, 2023. https://www.mercatus.org/research/research-papers/medicaid-provider-taxes-gimmick-exposes-flaws-medicaids-financing.
[18] U.S. Government Accountability Office. Medicaid Financing: Actions Needed to Ensure Provider Taxes Do Not Undermine Federal Oversight. GAO-25-107743, May 2025. https://www.gao.gov/products/gao-25-107743.
[19] U.S. Congress.H.R. 1: “One Big Beautiful Reconciliation Act of 2025,” 119th Cong., 1st sess., § 71115, “Provider Taxes” (2025). https://www.congress.gov/bill/119th-congress/house-bill/1/text
[20] Centers for Medicare & Medicaid Services. Preserving Medicaid Funding for Vulnerable Populations by Closing Health Care-Related Tax Loophole: Proposed Rule. Fact Sheet. Washington, DC: U.S. Department of Health and Human Services, May 2, 2024. https://www.cms.gov/newsroom/fact-sheets/preserving-medicaid-funding-vulnerable-populations-closing-health-care-related-tax-loophole-proposed#_ftn2.
[21] Rose, David C. “Want to Fix Medicaid? Look to Milton Friedman.” The Daily Economy, June 6, 2025. https://thedailyeconomy.org/article/want-to-fix-medicaid-look-to-milton-friedman.
Platinum and palladium are both basking in gold’s glow, however their performance is tempered by each metal’s unique market dynamics.
Of the two, platinum has been the biggest winner in 2025. The price of the precious metal climbed by 90 percent to its year-to-date high of US$1,725 per ounce it reached briefly on October 16. Although the market has since experienced a pull back below the US$1,600 level, platinum prices remain at 12-year highs.
As for palladium, the precious metal rose by nearly 80 percent to reach a peak of US$1,630 on October 16. However, the palladium price has since fallen back to the US$1,430 level.
In its annual Precious Metals Investment Focus report published October 25, Metals Focus showcased key supply and demand trends moving the market and prices for precious metals such as platinum and palladium.
Platinum market reflecting more than gold’s shine
Platinum is no doubt benefitting from strong investor demand for precious metals on stagnation fears in 2025. But the metal’s robust supply and demand fundamentals are also at play, according to Metals Focus analysts.
Above ground inventories of platinum remain tight while future mine production is bogged down in operation challenges. “In Southern Africa, outages and heavy rainfall have disrupted production, while North America is undergoing restructuring,” noted the report.
On the demand side, the platinum demand from the jewelry sector has posted significant gains this year, especially in China. As the price of gold skyrockets, platinum jewelry has become a much more attractive alternative. Investment flows into platinum exchange-trade products in China and the US are another key demand driver for the metal this year.
Platinum and palladium prices
Chart via Metals Focus, Bloomberg
While platinum prices are at levels not seen in 12 years, palladium prices are only experiencing a 2-year high. “Palladium has also benefited at the margin, but remains a laggard, with a more lacklustre fundamental outlook limiting investor enthusiasm,” according to Metals Focus.
2026: Platinum bull and palladium bear
Platinum prices will continue to benefit from the overall upward trend in precious metals prices in the remainder of 2025 and well into 2026. The ongoing supply deficit in the platinum market is also highly price supportive.
Metals Focus is forecasting a third consecutive year of physical deficit for 2025, totaling 415,000 ounces as platinum mine output is expected to decline by 6 percent year-over-year. Demand is projected to fall by 4 percent largely due to lower outputs in the glass and automotive sectors.
Platinum’s supply deficit is expected to continue into 2026 and grow to an estimated 480,000 ounces as mine supply is forecast to fall by 2 percent to a 12 year low (excluding COVID 2020). “With few new projects coming online after years of underinvestment, mine supply is undergoing structural decline,” noted the report’s authors.
This will be happening at the same time that demand is expected to rebound by 1 percent on renewed industrial demand, specifically out of the glass and chemical sector in China. Yet, Metals Focus cautions that demand out the automotive and jewelry sectors are likely to contract.
The trend toward electrification is the auto industry may have slowed, but it’s still expected to erode platinum demand, especially as catalytic converter manufacturers shift back to more cost-effective palladium.
Metals Focus is forecasting a 2026 average platinum price of US$1,670 per ounce, up 34 percent over the previous year.
Platinum and palladium price outlook
Chart via Metals Focus, Bloomberg
Looking over to palladium, Metals Focus has a more bearish view. The firm is projecting palladium prices to average US$1,350 per ounce in Q4 2025, falling to US$1,150 by Q4 2026. Although the palladium market has been in a physical deficit for the past few years, that deficit is expected to shrink from 566,000 ounces in 2024 to 367,000 ounces in 2025 before narrowing even further to 178,000 in 2026.
The same structural issues plaguing platinum are also of course weighing on palladium mine supply, which is forecast to fall by 3 percent in 2026. However, secondary supply is projected to increase by 10 percent as recycling activity recovers. Overall, total palladium supply is expected to grow by 1 percent for the year. At the same time, demand for palladium is set to decline by just over 1 percent in 2026 on a drop from the automotive sector.
Investor takeaway
Both platinum and palladium are considered precious metals based on their rarity and use in jewelry fabrication and physical bullion. As such, they both are known to benefit when investor sentiment for safe-haven gold is high.
However, not all precious metals are precious to investors at the same time. Just ask silver. The industrial uses for these metals is a much bigger driver of demand compared to the investment space. For 2026, it’s platinum that will continue to ride gold’s rally and provide investors with plenty of upside based on its strong fundamentals.
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Three samples from the mineralized zone within the Pinos Cuates underground mine were sent to the SGS Lab in Durango, Mexico for grinding, bottle roll cyanide leach and gravity tests.
Initial grind calibration tests in a ball milling application achieved a target grind of 80% passing 270 mesh (53 micron) particle size.
Average unoptimized reagent consumption was 0.71 kg/t NaCN and 1.62 kg/t CaO, both within expected ranges for a preliminary test.
Initial gravity tests utilising a Knelson concentrator and Mozley table resulted in variable recoveries ranging from 29.1% to 76.38% for gold and 3.98% to 15.91% for silver.
‘We are very pleased with the results from this preliminary round of metallurgical tests , especially for gold recoveries, and considering that there were only three samples from one of the three historic mines,’ stated Robert Archer, Pinnacle’s President & CEO. ‘These tests were run using simple baseline parameters and without any optimization. The results indicate that we need to conduct mineralogical tests on the mineralization to determine the nature of the gold and silver occurrences. While it is likely that gold occurs either as free particles or in electrum, silver can occur in electrum, silver sulphides or silver sulphosalts. Once this has been established, further testing will be able to fine tune the metallurgical processes in order to increase recoveries, particularly for silver. Metallurgical testing is an iterative process, and it is expected that sampling of the other mines on the property will result in further variations. However, this is the whole point of the testing as we aim to maximize recoveries and streamline the flow sheet prior to rebuilding the plant.’
The Pinos Cuates mine is the central mine of the three historic workings on the Dos de Mayo low sulphidation epithermal vein system at El Potrero. The three metallurgical samples were taken from the raise and upper level of the mine, based upon the results of previous channel sampling. Each sample weighed approximately 25 kg. Samples were fire assayed with AAS finish for gold and silver, in duplicate, and analysed for 32 elements by 4-acid digestion and ICP finish. The latter confirmed that there are negligible amounts of copper, lead, zinc, arsenic, mercury or any other deleterious elements present. Some variation between gold analyses of the channel samples versus the metallurgical samples suggests the presence of a nugget effect, likely due to fine free gold, as silver analyses were comparable. A comparison of the two sets of analyses can be seen in the table below:
Channel sample
MET sample
Au g/t
Ag g/t
EPUG25097
2.91
108
EPMET25001
6.20
99
EPUG25136
13.00
56
EPMET25002
5.10
52
EPUG25421
34.60
228
EPMET25003
17.30
210
Prior to the bottle leaching tests, a grinding calibration was carried out for each sample using a ball mill in order to achieve the target particle size for the leaching and gravity concentration tests, which was 80% passing 270 mesh (53 microns). This information will be used in future tests on hardness and work index.
A bottle roll test was carried out for each sample, separately from the gravity test, in order to evaluate the gold and silver extraction response for each method. The bottle roll test was performed in a 2-gallon Nalgene bottle, using 1,000 g of sample, with a retention time of 72 hours. Monitoring was conducted at intervals of 12, 24, 48, and 72 hours to collect solution samples and evaluate the gold and silver extraction kinetics. Additionally, sodium cyanide and lime consumptions were determined.
Dissolution kinetics showed rapid recoveries of 79-92% for gold after only 24 hours, increasing gradually to their ultimate levels of 92.81%, 95.68% and 96.79%, averaging 95.09%, after 72 hours. Silver recoveries increased more gradually towards 41.41%, 73.53% and 49.11%, with an average of 54.68%, after 72 hours. It is considered that a longer leach time could improve the silver recoveries.
Sodium cyanide (NaCN) consumption ranged from 0.49 to 0.94 kg/t, while lime (CaO) consumption ranged from 0.93 to 2.03 kg/t, both within expected ranges for unoptimized tests.
According to the SGS report, ‘Gravity concentration using the Knelson concentrator is based on the separation of mineral particles according to their density differences, applying centrifugal force. This equipment concentrates the heavy minerals (such as free gold or high-density sulfides) into a small volume of concentrate, while the lighter material is discharged as tailings.
The concentrate obtained from the Knelson is subsequently subjected to cleaning on a Mozley table, which allows for a finer and more selective separation. This stage improves the purity of the final concentrate by removing gangue minerals and obtaining a fraction richer in valuable minerals.
For metallurgical balance purposes, the sum of the Knelson concentrate and the Mozley ‘middlings’ is necessary, since both products belong to the same gravity concentration stream and contain a significant portion of the recovered metallic values. Combining these products provides a more accurate representation of the total recovery attributable to the gravity circuit, preventing underestimation of the metallic content in the overall balance.’
Approximately 20 kg of each sample with a particle size of 53 microns was used for the gravity tests. Gold recoveries were somewhat variable, yielding 29.10%, 33.02% and 76.38%, whereas silver was a little more consistent, albeit lower, with recoveries of 3.98%, 7.77% and 15.31%. As gold is heavier than silver, it is normal for gold to yield higher recoveries in a gravity circuit. The particularly high gold recoveries of 76.38% in one sample is likely due to the presence of a higher percentage of free gold. It is worth noting that this sample also had the highest head assay of 17.2 g/t Au and the highest recovery from leaching of 96.79%.
In subsequent metallurgical work, gravity and leaching tests will likely be conducted in series, with the high-grade gravity concentrate being removed and the tails being leached. While it is normal for higher grade material to yield higher recoveries, it is also considered that a finer grind and extended leach times may improve recoveries at the lower end. These along with other optimized process details will be addressed in the next testing stage.
Qualified Person
Mr. David Salari, P.Eng., a Director of Pinnacle and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved this news release.
Mr. Jorge Ortega, P. Geo, a Qualified Person as defined by National Instrument 43-101, and the author of the NI 43-101 Technical Report for the Potrero Project, has also reviewed and approved this news release.
About the Potrero Property
El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four operating mines, including the 4,000 tonnes per day (tpd) Ciénega Mine (Fresnillo), the 1,000 tpd Tahuehueto Mine (Luca Mining) and the 250 tpd Topia Mine (Guanajuato Silver).
High-grade gold-silver mineralization occurs in a low sulphidation epithermal breccia vein system hosted within andesites of the Lower Volcanic Series and has three historic mines along a 500 metre strike length. The property has been in private hands for almost 40 years and has never been systematically explored by modern methods, leaving significant exploration potential.
A previously operational 100 tpd plant on site can be refurbished / rebuilt and historic underground mine workings rehabilitated at relatively low cost in order to achieve near-term production once permits are in place. The property is road accessible with a power line within three kilometres. Surface rights covering the plant and mine area are privately owned (no community issues).
Pinnacle will earn an initial 50% interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the Company’s ownership to 100% subject to a 2% NSR. If successful, this approach would be less dilutive for shareholders than relying on the equity markets to finance the growth of the Company.
About Pinnacle Silver and Gold Corp.
Pinnacle is focused on the development of precious metals projects in the Americas. The high-grade Potrero gold-silver project in Mexico’s Sierra Madre Belt hosts an underexplored low-sulphidation epithermal vein system and provides the potential for near-term production . In the prolific Red Lake District of northwestern Ontario, the Company owns a 100% interest in the past-producing, high-grade Argosy Gold Mine and the adjacent North Birch Project with an eight-kilometre-long target horizon . With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long -term , sustainable value for shareholders.
Signed: ‘Robert A. Archer’
President & CEO
For further information contact :
Email: info@pinnaclesilverandgold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.pinnaclesilverandgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Copyright (c) 2025 TheNewswire – All rights reserved.
Brossard, Quebec TheNewswire – le 28 octobre 2025 CORPORATION CHARBONE (TSXV: CH,OTC:CHHYF; OTCQB: CHHYF; FSE: K47) (« CHARBONE » ou la « Société »), un producteur et distributeur nord-américain spécialisé dans l’hydrogène propre Ultra Haute Pureté (« UHP ») et les gaz industriels stratégiques, a le plaisir d’annoncer que les travaux de construction civil ont officiellement débuté hier, le 27 octobre 2025 sur le site de Sorel-Tracy, conformément à l’échéancier présenté dans le communiqué du 22 octobre dernier .
Ce jalon marque le lancement concret de la phase de construction du premier module de production d’hydrogène propre UHP de CHARBONE au Québec. Les travaux visent la préparation complète des infrastructures techniques et la mise en place des fondations nécessaires à la réinstallation des équipements principaux, dont la livraison avait été complétée avec succès plus tôt ce mois-ci.
« Nous sommes très fiers de voir le projet progresser exactement selon le plan établi , grâce à l’engagement exceptionnel de nos équipes et de nos partenaires , » a déclaré Dave B. Gagnon, PDG de CHARBONE . « Le début des travaux civils concrétise notre vision d’une production locale et décarbonée d’hydrogène propre UHP au Québec. Chaque étape franchie nous rapproche de la mise en service prévue en novembre et du déploiement de notre modèle modulaire . »
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À propos de CORPORATION CHARBONE
CHARBONE est une entreprise intégrée spécialisée dans l’hydrogène propre Ultra Haute Pureté (UHP) et la distribution stratégique de gaz industriels en Amérique du Nord et en Asie-Pacifique. Elle développe un réseau modulaire de production d’hydrogène vert tout en s’associant à des partenaires de l’industrie pour offrir de l’hélium et d’autres gaz spécialisés sans avoir à construire de nouvelles usines coûteuses. Cette stratégie disciplinée diversifie les revenus, réduit les risques et augmente sa flexibilité. Le groupe Charbone est coté en bourse en Amérique du Nord et en Europe sur la bourse de croissance TSX (TSXV: CH,OTC:CHHYF) ; sur les marchés OTC (OTCQB: CHHYF) ; et à la Bourse de Francfort (FSE: K47) . Pour plus d’informations, visiter www.charbone.com .
Énoncés prospectifs
Le présent communiqué de presse contient des énoncés qui constituent de « l’information prospective » au sens des lois canadiennes sur les valeurs mobilières (« déclarations prospectives »). Ces déclarations prospectives sont souvent identifiées par des mots tels que « a l’intention », « anticipe », « s’attend à », « croit », « planifie », « probable », ou des mots similaires. Les déclarations prospectives reflètent les attentes, estimations ou projections respectives de la direction de Charbone concernant les résultats ou événements futurs, sur la base des opinions, hypothèses et estimations considérées comme raisonnables par la direction à la date à laquelle les déclarations sont faites. Bien que Charbone estime que les attentes exprimées dans les déclarations prospectives sont raisonnables, les déclarations prospectives comportent des risques et des incertitudes, et il ne faut pas se fier indûment aux déclarations prospectives, car des facteurs inconnus ou imprévisibles pourraient faire en sorte que les résultats réels soient sensiblement différents de ceux exprimés dans les déclarations prospectives. Des risques et des incertitudes liés aux activités de Charbone peuvent avoir une incidence sur les déclarations prospectives. Ces risques, incertitudes et hypothèses comprennent, sans s’y limiter, ceux décrits à la rubrique « Facteurs de risque » dans la déclaration de changement à l’inscription de la Société datée du 31 mars 2022, qui peut être consultée sur SEDAR à l’adresse www.sedar.com; ils pourraient faire en sorte que les événements ou les résultats réels diffèrent sensiblement de ceux prévus dans les déclarations prospectives.
Sauf si les lois sur les valeurs mobilières applicables l’exigent, Charbone ne s’engage pas à mettre à jour ni à réviser les déclarations prospectives.
Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n’acceptent de responsabilité quant à la pertinence ou à l’exactitude du présent communiqué.
Pour contacter Corporation Charbone :
Téléphone bureau: +1 450 678 7171
Courriel: ir@charbone.com
Benoit Veilleux
Chef de la direction financière et secrétaire corporatif
Copyright (c) 2025 TheNewswire – All rights reserved.
1911 Gold Corporation (‘1911 Gold’ or the ‘Company’) (TSXV: AUMB; OTCQB: AUMBF; FRA: 2KY) is pleased to announce the appointment of Éric Vinet as Chief Operating Officer (COO), effective December 1, 2025. The Company has also made several key site-level appointments to further strengthen its operations team, including Sam Bates (Mine Superintendent), David Towle (Mill Manager), and Dan Barrie (Director, Special Projects). These appointments reflect the Company’s strategic focus on building the operational leadership required to advance the 100%-owned and fully permitted True North Gold Project toward a planned restart of operations in 2027.
‘I am excited to welcome Éric Vinet to 1911 Gold as Chief Operating Officer,’ stated Shaun Henrichs, President & CEO. ‘Éric has already played a key role in shaping our technical and operational strategy through his current advisory work with the Company. His extensive experience in mine development, operational optimization, and risk management will be instrumental as we complete the Preliminary Economic Assessment and prepare for the trial mining program next year – important steps toward the restart of the True North Gold mine. Alongside other recent senior site-level appointments, Éric’s leadership further strengthens our capability to execute a safe, efficient, and successful restart of operations at True North.’
‘I look forward to joining 1911 Gold as it moves toward the restart of the True North gold mine,’ stated Éric Vinet. ‘The combination of a proven, high-grade gold system, a skilled operations team, and existing, permitted infrastructure creates an exceptional foundation for success. Having worked on similar underground operations throughout my career (and having spent the past year working alongside the 1911 Gold team as the project advanced), I see a tremendous opportunity to apply my technical and operational experience to safely and efficiently bring the mine back into production. I’m also eager to help evaluate other areas across the Rice Lake property that have strong potential to support additional near-term production.’
ÉricVinet, Chief Operating Officer
Mr. Vinet brings over 30 years of progressive technical and operational experience in the mining industry and has held several senior positions, including Senior Vice President (SVP) Operations at New Gold, where he was also General Manager at the Rainy River mine (2019-2020), repositioning the asset and reinitiating underground mining operations. Prior to this, Mr. Vinet served for several years as General Manager at Semafo Inc.’s gold operations in both Niger and Burkina Faso.
Prior to joining 1911 Gold, Mr. Vinet held key technical roles in several underground mining operations with production ranging from 800 to 4,800 tonnes per day. His experience includes the El Mochito Mine in Honduras with Breakwater Resources Ltd., the Nuestra Señora Mine in Sinaloa, Mexico with Scorpio Gold Corporation, and with African Barrick at the Bulyanhulu Mine in Tanzania. He also held progressively more senior positions at multiple underground operations in the Val-d’Or region, including the Louvicourt Mine, Sigma Mines, and the Kiena Gold and Copper Rand Mines in Chibougamau.
The breadth of this experience – spanning diverse mining methods, operational and capital budgeting, cost management, capital construction, contractor oversight, health and safety management, and the preparation of numerous technical studies – provides Mr. Vinet with a comprehensive and practical skill set that will greatly benefit the Company. He is a graduate of École Polytechnique de Montréal, earning his degree in Mining Engineering in 1989.
In connection with Mr. Vinet’s appointment as COO and under the terms of his current advisory agreement, he has been granted 800,000 options to purchase common shares of the Company, pursuant to the Company’s Long-Term Incentive Plan (the ‘LTIP’). Such options have an exercise price of $0.93 per common share and expire on October 28, 2030. The options vest as to one-third immediately and one-third after the first and second anniversaries of the date of grant. Mr. Vinet has also been granted 300,000 restricted share units (‘RSU’) under the LTIP, vesting one-third on December 1, 2025 and one-third after the first and second anniversaries of the effective date of his appointment.
Sam Bates, Mine Superintendent
Mr. Bates brings over 20 years of mining experience, primarily in the Red Lake gold camp, most recently serving as Mine Operations Superintendent at the Madsen Mine, where he oversaw underground development in support of the mine’s restart. His strong leadership and commitment to safety, combined with experience at operations such as McIlvenna Bay, Keno Hill, and Red Lake, further strengthen 1911 Gold’s site team.
David Towle, Mill Manager
Mr. Towle has over 40 years of milling and processing experience and was most recently Mill Manager at the Madsen Mine in Red Lake, where he managed mill commissioning and startup to achieve nameplate production. His extensive background in plant operations, commissioning, and leadership across multiple Canadian gold projects will be invaluable as 1911 Gold advances toward the restart of operations.
Dan Barrie, Director, Special Projects
Mr. Barrie brings over 30 years of experience in supply chain management, contract administration, and project execution across major Canadian mining projects. His proven expertise in procurement, logistics, and operational readiness will be instrumental as 1911 Gold strengthens its supply chain capabilities in support of long-term operational excellence.
About 1911 Gold Corporation
1911 Gold is a junior developer with a highly prospective, consolidated land package totaling more than 61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, Canada. The Company also owns the True North mine and mill complex in Bissett, Manitoba. 1911 Gold believes its land package represents a prime exploration opportunity, with the potential to develop a mining district centred on the True North complex.
In addition, the Company holds the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and remains focused on advancing organic growth while pursuing accretive acquisition opportunities across North America.
1911 Gold’s True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs President and CEO
www.1911gold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or describes a ‘goal’, or variation of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.
All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the completion of the Preliminary Economic Assessment, and the timing and results thereof, commencement of trail mining next year, and the potential re-start of mining operations in 2027, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither 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.
SOURCE 1911 Gold Corporation
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International Lithium Corp. (TSXV: ILC,OTC:ILHMF) (OTCQB: ILHMF) (FSE: IAH) (the ‘Company’ or ‘ILC’) is pleased to announce, further to its announcement on September 09, 2025, that on October 24, 2025 Lepidico met all the drawdown conditions for completion of its secured loan from ILC and that this has now been increased to the full amount of CAD$ 510,000. Of this loan amount CAD$420,000 earns interest at the rate of 10% p.a.
There were various conditions for the drawdown of the remaining loan, including a key condition now met that, by full drawdown, there would be no debt owed by Lepidico Mauritius or its subsidiaries to its ultimate Australian parent, Lepidico Ltd., which is in liquidation.
ILC now holds without any conditions an option from Lepidico (Canada) Inc. (‘Lepidico Canada’) to buy 100% of the shares of Lepidico (Mauritius) Ltd. (‘Lepidico Mauritius’) on a debt-free basis for consideration of CAD$975,000 plus certain payments in the future that are contingent on and linked to various possible receipts by Lepidico Canada. Lepidico Mauritius in turn owns 80% of Lepidico Chemicals Namibia (Pty) Ltd. (‘Lepidico Namibia’), which owns the Karibib Lithium, Rubidium and Cesium project in Namibia. The actual net amount payable by ILC on option exercise will be the difference between CAD$975,000 payable by ILC for the option exercise and the repayment to ILC of loan principal of CAD$510,000 plus interest accrued to the date of option exercise. The option has been granted until the later of November 30, 2025, and 30 days after the arbitration outcome is known (see below).
It is important to reiterate that there is a possibility that the option may not be exercised, especially if Lepidico Namibia encounters an adverse outcome in an arbitration dispute with the Chinese company Jiangxi Jinhui Lithium Co. Ltd., which involves claims and counterclaims. This arbitration in Singapore is now expected to conclude at any time from now until the end of 2025. Conversely, if the arbitration is resolved positively, ILC and Lepidico Canada have agreed that 30% of the net proceeds after legal and other costs will be retained by the part of the Lepidico group that ILC would be acquiring, with the remaining 70% paid to Lepidico Canada. The deal structure reflects ILC’s reluctance to assume the risk of a negative arbitration award arising from events that occurred seven years ago.
Assuming the transaction goes ahead with ILC exercising its option, the Company would leapfrog, by several years, the development stage of other projects it is interested in, including those in Zimbabwe and:
have one of the largest rubidium resources in Africa and (per our own research and also using Grok) the largest disclosed rubidium resource in Africa, as well as one of the most extensive rubidium resources in North America through ILC’s existing Raleigh Lake project in Ontario;
be well-positioned for an upswing in the lithium market; and
strengthen its stance as one of the leading global players in the rubidium market and a company with some of the most significant cesium interests of any non-Chinese company.
Lepidico’s ownership of Karibib resulted from its 2019 acquisition of TSXV-listed Desert Lion Energy in exchange for shares and other securities valued at that time at AUD$ 22.9 million (approximately CAD$20.7 million). Since acquiring the company in 2019, Lepidico has invested a further AUD$ 12.1 million (approximately CAD$ 10.9 million) in the Karibib project, excluding central group overheads, with a significant portion directed towards drilling, an environmental study and subsequently a Definitive Feasibility Study and a further Resource Estimate both under JORC standards.
The Karibib Project comprises two areas near Karibib, Namibia, with fully permitted mining licences known as Rubicon and Helikon (also in various reports spelled Helicon), along with an Exclusive Prospecting Licence EPL5439 for an adjacent area. Fuller details are as set out in our news release of September 9, 2025.
It is believed, based on published data, that as well as its significant lithium resource, the Karibib project contains the largest (or one of the two largest) rubidium resources of any project in Africa (the others being in Zimbabwe and Zambia). At the same time, the amount of cesium is smaller but nevertheless equal to about one year of global demand. For cesium Sinomine has historically been the largest producer in Africa, and has recently restarted cesium production at its Bikita project in Zimbabwe by extracting pollucite from petalite tailings. Sinomine is also known to have rubidium from the lepidolite at Bikita, but we are not aware of any resource estimate.
If the option is exercised, ILC would, subject to confirming the resource as its own resource (and not a historical resource as it is presently treating it) have the largest known or at least the largest disclosed rubidium resource in Africa. The Company also has extensive rubidium resources in North America through its Raleigh Lake project in Ontario. Please refer to the Company’s ‘The Raleigh Lake Project – NI 43-101 Technical Report PEA’ dated January 18, 2024 by ERM Consultants Canada Ltd. and the seven named QPs in the report.
John Wisbey, Chairman of ILC, stated: ‘This potential acquisition marks a significant advancement for ILC globally – particularly in Southern Africa. With this single transaction for a project that reached the Definitive Feasibility Study stage under JORC in 2020 and was upgraded in 2022, the Company would leapfrog, by several years, the development stage of other projects we are interested in, including those in Zimbabwe.’
‘Assuming the transaction goes ahead with ILC exercising its option, ILC will be well-positioned for an upswing in the lithium market, as well as strengthening its stance as one of the leading global players in the rubidium market and a company with some of the most significant cesium interests of any non-Chinese company.’
About International Lithium Corp.
International Lithium Corp. is a Critical Minerals exploration company with exploration activities in Ontario, Canada, with intentions to expand into Southern Africa. It has projects at various stages, ranging from Definitive Feasibility Study at Rubicon in Namibia (note that ILC currently has an option only and is treating this as historic information at this point and not a current resource for ILC) to Preliminary Economic Assessment at Raleigh Lake (as noted above) to Pre-Drilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland) in which ILC has sold its share but where we stand to receive future payments from either a resource milestone being achieved or from a Net Smelter Royalty. In Namibia the Karibib project contains lithium, rubidium and cesium.
While the world’s politicians are currently divided on the future of the energy market’s historic dependence on oil and gas and on ‘Net Zero’, there is in any scenario an ever increasing and significant demand for electricity driven by AI and data centres, and by a likely unstoppable momentum towards electric vehicles and grid-scale electricity storage. All these contribute to rising demand for lithium and copper as well as other metals. Rubidium is also a valuable critical metal that is strategic for high-precision clocks and for space technology. We have seen the politically driven and increasingly urgent wish by the USA, Canada, EU and other major economies to safeguard their supplies of critical metals and to become more self-sufficient. Our Canadian and Southern African projects, which contain lithium, rubidium, cesium and copper, are strategic in that respect.
Our key mission for the next decade is to generate revenue for our shareholders from lithium and other battery metals, as well as rare metals, while also contributing to the creation of a greener, cleaner planet and less polluted cities.
This includes optimizing the value of our existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. We have announced that we regard Southern Africa as a key strategic target market for ILC and, in addition to Namibia, we have applied for and hope to receive EPOs in Zimbabwe. We hope to make further announcements on the portfolio developments over the next few weeks and months.
The Company’s interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:
Name
Metal
Location
Stage
Area in Hectares
Current Ownership Percentage
Future Ownership % if options exercised and/or residual interest
Operator or JV Partner
Rubicon + Helikon + Exclusive Prospecting Licence
Lithium Rubidium Cesium
Karibib, Namibia
2021 : Feasibility Study completed for Li, Rb and Cs
29,500
0 %
80%
Lepidico; ILC if option exercised
Raleigh Lake
Lithium Rubidium
Ontario
Dec 2023 : PEA for Li completed Apr 2023 Maiden Resource Estimates for Li and Rb
32,900
100%
100%
ILC
Firesteel
Copper Cobalt
Ontario
Aeromagnetics and Drilling started mid 2024
6,600
90%
90%
ILC
Wolf Ridge
Lithium
Ontario
Pre-Drilling
5,700
0%
100%
ILC
Mavis Lake
Lithium
Ontario
May 2023 Maiden Resource Estimate
2,600
0%
0% (carries an extra earn-in payment of AUD$ 0.75 million if resource targets met)
Critical Resources Limited
Avalonia
Lithium
Ireland
Drilling
29,200
0%
0% 2.0% Net Smelter Royalty
GFL Intl Co Ltd. (owned by Ganfeng Lithium Group Co. Ltd)
Forgan/ Lucky Lakes
Lithium
Ontario
Drilling
0%
0% 1.5% Net Smelter Royalty
Power Minerals Limited
The Company’s primary strategic focus at this point is on the Raleigh Lake Project, comprising lithium and rubidium, and the Firesteel copper project in Canada, as well as obtaining EPOs and mineral claims in Zimbabwe. The Karibib projects in Namibia, including further development on the EPL there, will become a high focus if ILC exercises its option there.
The Raleigh Lake Project now encompasses 32,900 hectares (329 square kilometres) of mineral claims in Ontario and represents ILC’s most significant project in Canada. To date, drilling has occurred on less than 1,000 hectares of our claims. A Preliminary Economic Assessment was published for ILC’s lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC’s separate rubidium resource still pending. Raleigh Lake is 100% owned by ILC, free from any encumbrances and royalties. The Raleigh Lake Project boasts excellent access to roads, rail, and utilities.
A continuing goal has been to remain a well-funded company to turn our aspirations into reality. Following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in 2022, and the Avalonia project in 2025, ILC continues to achieve sufficient inward cash flow to be able to make progress with its exploration projects.
With the increasing demand for high-tech rechargeable batteries used in electric vehicles, electrical storage, and portable electronics, lithium has been designated ‘the new oil’ and is a key part of a green energy, sustainable economy. By positioning itself with projects that have significant resource potential and solid strategic partners, ILC aims to be one of the preferred lithium and rare metals resource developers for investors and to continue building value for its shareholders for the rest of the 2020s, the decade of battery metals.
On behalf of the Company,
John Wisbey Chairman and CEO www.internationallithium.ca
For further information concerning this news release, please contact +1 604-449-6520 or info@internationallithium.ca or ILC@yellowjerseypr.com.
Neither 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 Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain ‘forward-looking information’ within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the timing of completion of any offering and the amount to be raised, the likelihood or otherwise of the Company exercising its option on Lepidico Mauritius, the outcome of arbitration involving Lepidico Namibia, the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Karibib or Raleigh Lake or Firesteel or Wolf Ridge projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company’s projects, the Company’s budgeted expenditures, future plans for expansion in Southern Africa and planned exploration work on its projects, increased value of shareholder investments in the Company, the potential from the Company’s third party earn-out or royalty arrangements, the future demand for lithium, rubidium, cesium and copper, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects or royalty partners. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled ‘Risks’ and ‘Forward-Looking Statements’ in the interim and annual Management’s Discussion and Analysis which are available at www.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272194
Brossard, Quebec TheNewswire – October 28, 2025 CHARBONE CORPORATION (TSXV: CH,OTC:CHHYF; OTCQB: CHHYF; FSE: K47) (‘ CHARBONE ‘ or the ‘ Company ‘), a North American producer and distributor specializing in clean Ultra High Purity (‘ UHP ‘) hydrogen and strategic industrial gases, is pleased to announce that civil construction work officially began yesterday, October 27, 2025, at the Sorel-Tracy site in accordance with the timeline presented in the Company’s October 22 press release.
This milestone marks the concrete launch of the construction phase for CHARBONE’s first clean UHP hydrogen production module in Quebec. The work involves the complete preparation of technical infrastructure and the installation of foundations required for the reassembly of the main equipment, the delivery of which was successfully completed earlier this month.
‘ We are extremely proud to see the project progressing exactly according to plan, thanks to the outstanding commitment of our teams and partners ,’ said Dave B. Gagnon, CEO of CHARBONE . ‘ The start of civil construction work brings our vision of local, decarbonized clean UHP hydrogen production in Quebec to life. Each milestone achieved brings us closer to commissioning in November and to the broader deployment of our modular model .’
Click Image To View Full Size
About CHARBONE CORPORATION
CHARBONE is an integrated company specializing in clean Ultra High Purity (UHP) hydrogen and the strategic distribution of industrial gases in North America and Asia-Pacific. Through a modular approach, the Company is building a distributed network of green hydrogen production plants while diversifying revenues via helium and specialty gas partnerships. This disciplined model reduces risk, enhances flexibility, and positions CHARBONE as a leader in the transition to a low-carbon future. CHARBONE is listed on the TSX Venture Exchange (TSXV: CH,OTC:CHHYF) , the OTC Markets (OTCQB: CHHYF) , and the Frankfurt Stock Exchange (FSE: K47) . Visit www.charbone.com .
Forward-Looking Statements
This news release contains statements that are ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’). These forward-looking statements are often identified by words such as ‘intends’, ‘anticipates’, ‘expects’, ‘believes’, ‘plans’, ‘likely’, or similar words. The forward-looking statements reflect management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under ‘Risk Factors’ in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither 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 .
Contact Charbone Corporation
Telephone: +1 450 678 7171
Email: ir@charbone.com
Benoit Veilleux
CFO and Corporate Secretary
Copyright (c) 2025 TheNewswire – All rights reserved.
Brossard, Quebec TheNewswire – October 28, 2025 CHARBONE CORPORATION (TSXV: CH,OTC:CHHYF; OTCQB: CHHYF; FSE: K47) (‘ CHARBONE ‘ or the ‘ Company ‘), a North American producer and distributor specializing in clean Ultra High Purity (‘ UHP ‘) hydrogen and strategic industrial gases, is pleased to announce that civil construction work officially began yesterday, October 27, 2025, at the Sorel-Tracy site in accordance with the timeline presented in the Company’s October 22 press release.
This milestone marks the concrete launch of the construction phase for CHARBONE’s first clean UHP hydrogen production module in Quebec. The work involves the complete preparation of technical infrastructure and the installation of foundations required for the reassembly of the main equipment, the delivery of which was successfully completed earlier this month.
‘ We are extremely proud to see the project progressing exactly according to plan, thanks to the outstanding commitment of our teams and partners ,’ said Dave B. Gagnon, CEO of CHARBONE . ‘ The start of civil construction work brings our vision of local, decarbonized clean UHP hydrogen production in Quebec to life. Each milestone achieved brings us closer to commissioning in November and to the broader deployment of our modular model .’
Click Image To View Full Size
About CHARBONE CORPORATION
CHARBONE is an integrated company specializing in clean Ultra High Purity (UHP) hydrogen and the strategic distribution of industrial gases in North America and Asia-Pacific. Through a modular approach, the Company is building a distributed network of green hydrogen production plants while diversifying revenues via helium and specialty gas partnerships. This disciplined model reduces risk, enhances flexibility, and positions CHARBONE as a leader in the transition to a low-carbon future. CHARBONE is listed on the TSX Venture Exchange (TSXV: CH,OTC:CHHYF) , the OTC Markets (OTCQB: CHHYF) , and the Frankfurt Stock Exchange (FSE: K47) . Visit www.charbone.com .
Forward-Looking Statements
This news release contains statements that are ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’). These forward-looking statements are often identified by words such as ‘intends’, ‘anticipates’, ‘expects’, ‘believes’, ‘plans’, ‘likely’, or similar words. The forward-looking statements reflect management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under ‘Risk Factors’ in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither 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 .
Contact Charbone Corporation
Telephone: +1 450 678 7171
Email: ir@charbone.com
Benoit Veilleux
CFO and Corporate Secretary
Copyright (c) 2025 TheNewswire – All rights reserved.
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