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Former President Joe Biden suggested that the U.S. is currently facing ‘dark days.’

During a ceremony where he was honored with a lifetime achievement award for inspired leadership from the Edward M. Kennedy Institute, Biden described the current state of affairs as the ‘worst’ he has seen in his many decades of ‘elected public life,’ opining that ‘our very democracy is at stake in my view.’

‘Friends, I can’t sugarcoat any of this. These are dark days,’ Biden asserted.

But the Democrat said the U.S. is one of the only nations that comes out of each crisis it faces ‘stronger’ than before.

Biden said he believes the U.S. will ’emerge… stronger, wiser, more resilient, more just, so long as we keep the faith,’ urging people to ‘fight like hell.’

The lifetime achievement award recognizes Biden for serving 36 years as a senator, eight years as vice president alongside President Barack Obama, and four years as president. Before his time in federal posts, he served on the New Castle County Council in Delaware.

Biden, who left office earlier this year at the age of 82, was the oldest person ever to serve as president in American history.


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Taiwan’s Ministry of National Defense said China has been conducting training missions in the western Pacific aimed at limiting U.S. and allied military access. The exercises reflect Beijing’s effort to expand its anti-access/area-denial, or A2/AD, capabilities – a strategy meant to keep opposing forces from entering or operating freely in nearby regions.

The military spokesman for Taiwan – officially known as the Republic of China (ROC) – Lt. Gen. Sun Li-fang, told Fox News Digital in exclusive comments that the armed forces of the independently governed island fully understand the threats posed by China’s expanding military might. 

Sun said Taiwan has prepared a series of responses if the People’s Liberation Army’s (PLA) provocations escalate into acts of war and has detailed plans to counter and survive a potential Chinese naval blockade.

Taiwan’s military is on alert for the possibility that Communist China could turn ‘training’ or an exercise into an actual war. Some analysts warn that a Chinese blockade would be difficult to break, but Sun said Taiwan has ‘holistic plans to breach [any] blockade.’ He added that Taipei would ‘urge its allies and like-minded partners to treat any blockade as an act of war that should trigger a coordinated international response,’ noting that shipping disruptions in the seas near Taiwan would have serious effects on the global economy.

Sun said Taiwan expects the PLA to continue its campaign of ‘hybrid warfare’ or ‘gray-zone operations,’ a mix of nonmilitary and paramilitary actions designed to pressure and harass Taiwan without formally declaring war. He warned that the PLA seeks to ‘exhaust [Taiwan’s] defense capability and blur the battlespace.’

An example of this can be seen in the near-daily incursions by Chinese warplanes into Taiwan’s air defense identification zone, resulting in Taiwanese air force jets scrambling to intercept them. The tactic, analysts say, is deliberate – part of a broader effort to wear down Taiwan’s air force, degrade equipment and exhaust Taiwan’s personnel.

Beijing has never ruled Taiwan for even a single day, and Taiwan’s military insists it will not allow China to dictate the rules of any future conflict. Instead, the island democracy is prioritizing the development of asymmetric warfare, a strategy in which, as Sun put it, ‘the weaker party strikes at the weak point of the stronger party with appropriate tactics and weapons in order to gain advantages on the battlefield and change the outcome of the war.’

The general said Taiwan’s top priorities are to build asymmetric capabilities, strengthen operational resilience, expand reserve force capacity and improve defenses against gray-zone harassment. To achieve these goals, he said, Taiwan is expanding production and deployment of unmanned and AI-driven systems while dispersing command-and-control networks to make a knockout punch much more difficult. He also noted that Taiwan’s surveillance and reconnaissance units are ‘vigilant’ and that they ‘exchange intelligence and perspectives on PLA activities with our allies and partners.’

Sun also rejected the idea that Taiwan lacks the will to defend itself and believes people here would strongly resist any attempt by the PRC to take Taiwan by force. Taiwan’s military wants the world to know it is committed to its own defense, Sun said, pointing to the proposed 2026 defense budget, which will exceed 3% of GDP. Furthermore, he said, the government is actively pursuing reforms to make training ‘as realistic as possible,’ is expanding reserve forces, and has already extended mandatory military service to one year.

Taiwan’s government is stressing that an attack or blockade by Beijing would not just be a local confrontation but a global crisis. Government and military leaders of democratic Taiwan hope their statements and actions will convince China – and the world – that Taiwan will fight back with everything it’s got.


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The Trump administration is warning that millions of Americans could lose out on federal food benefits within days if Democrats do not accept Republicans’ plan to end the government shutdown.

The U.S. Department of Agriculture (USDA) said it does not have the ability to independently reshuffle funds into the Supplemental Nutrition Assistance Program (SNAP), commonly known as food stamps, according to a recent memo obtained by Fox News Digital.

‘Due to Congressional Democrats’ refusal to pass a clean continuing resolution (CR), approximately 42 million individuals will not receive their SNAP benefits come November 1st,’ the memo said.

‘This jeopardizes all SNAP recipients in November, including those that have applied for benefits in the last half of October, and furloughed Federal employees who will not receive their combined October/November benefits.’

Democrats had been pressing the Trump administration to use the federal government’s SNAP contingency fund, which they said contains about $5 billion, to cover at least some of the shortfall.

It takes about $8 to $9 billion per month to cover all SNAP benefits.

But the USDA argued that the emergency funding was not ‘legally available’ for use.

‘SNAP contingency funds are only available to supplement regular monthly benefits when amounts have been appropriated for, but are insufficient to cover, benefits. The contingency fund is not available to support [fiscal year (FY) 2026] regular benefits, because the appropriation for regular benefits no longer exists,’ the memo said.

‘Instead, the contingency fund is a source of funds for contingencies, such as the Disaster SNAP program, which provides food purchasing benefits for individuals in disaster areas, including natural disasters like hurricanes, tornadoes, and floods, that can come on quickly and without notice.’

The department also argued that shuffling existing funds from other areas would harm Americans who rely on those programs.

‘Transfers from other sources would pull away funding for school meals and infant formula,’ the memo said. ‘This Administration will not allow Democrats to jeopardize funding for school meals and infant formula in order to prolong their shutdown.’

USDA emphasized its point with an announcement on its website seen Monday morning that said, ‘Senate Democrats have now voted 12 times to not fund the food stamp program, also known as the Supplemental Nutrition Assistance Program (SNAP).’

‘Bottom line, the well has run dry. At this time, there will be no benefits issued November 1. We are approaching an inflection point for Senate Democrats. They can continue to hold out for healthcare for illegal aliens and gender mutilation procedures or reopen the government so mothers, babies, and the most vulnerable among us can receive critical nutrition assistance,’ the department said.

A letter signed by nearly all House Democrats sent to the USDA on Friday said the SNAP contingency fund was available ‘precisely for this reason.’

‘We urge USDA to use these funds for November SNAP benefits and issue clear guidance to states on how to navigate benefit issuance. Additionally, while the contingency reserve will not cover November benefits in full, we urge USDA to use its statutory transfer authority or any other legal authority at its disposal to supplement these dollars and fully fund November benefits,’ they wrote.

Democrats have said they would not accept any federal funding bill that does not also include an extension of Obamacare subsidies that were enhanced during the COVID-19 pandemic — but which are set to expire at the end of this year.

Republicans’ plan, a short-term extension of FY2025 federal funding called a continuing resolution (CR), passed the House on Sept. 19 but has since stalled in the Senate.


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Here’s a quick recap of the crypto landscape for Monday (October 27) as of 9:00 a.m. UTC.

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

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$115,014, a 0.9 percent increase in 24 hours. Its lowest valuation of the day was US$113,083, and its highest was US$116,032.

Bitcoin price performance, October 27, 2025.

Bitcoin price performance, October 27, 2025.

Chart via TradingView

Bitcoin (BTC) climbed to two-week highs on Monday, breaking above US$115,600 as investors priced in expectations of an upcoming Federal Reserve interest rate cut. The cryptocurrency has now risen for five consecutive sessions, with Sunday’s 2.6 percent gain pushing BTC past the 50-day exponential moving average at US$114,176.

Technical analysts see the move as a potential prelude to a fresh rally, contingent on continued market support and Fed signals.

Trader Ted Pillows noted on X that Bitcoin has “fully reclaimed the $114,000 support zone” and emphasized that the next key hurdle is US$118,000. He added that, if momentum holds, “a new ATH could happen in 1–2 weeks.”

Market watchers are now closely monitoring the Fed meeting for confirmation of rate-cut expectations, which could provide further bullish fuel for BTC and broader crypto markets.

Ether (ETH) was priced at US$4,167.45, a 1.5 percent increase in 24 hours. Its lowest valuation of the day was US$4,053.35, and its highest was US$4,246.23.

Altcoin price update

  • Solana (SOL) was priced at US$200.39, trading flat over the last 24 hours. Its lowest valuation of the day was US$197.24, and its highest was US$205.03.
  • XRP was trading for US$2.62, a decrease of 0.7 percent over the last 24 hours. Its lowest valuation of the day was US$2.60, while its highest was US$2.67.

ETF data and derivatives trends

Bitcoin derivatives metrics indicate ongoing caution and positioning for downside risk.

Liquidations for Bitcoin contracts have totaled approximately US$6.42 million in the last four hours, the majority of which were long positions, reflecting short-term selling pressure.

Ether liquidations showed a similar pattern, with long positions dominating US$15.55 million in liquidations, though long and short liquidations were more evenly split.

Futures open interest for Bitcoin fell 0.50 percent to US$75.51 billion, and Ether futures declined 0.57 percent to US$49.89 billion, suggesting modest rotation or renewed altcoin activity.

The perpetual funding rate for Bitcoin was 0.008 and 0.009 for Ether, indicating a mild long bias among remaining positions. Bitcoin’s relative strength index stood at 54.84, reflecting neutral-to-moderately bullish momentum and room for price growth before overextended conditions.

Today’s crypto news to know

Binance eyes US return after Trump pardon for CZ

Binance is weighing a US market re-entry following President Trump’s pardon of founder Changpeng Zhao, exploring options to consolidate its American affiliate or allow direct access for US investors, Bloomberg reported.

The pardon clears Zhao’s 2023 conviction for failing to maintain anti-money laundering controls, restoring his ability to lead financial ventures.

Hours after the announcement, Zhao expressed ambitions to make the US “the Capital of Crypto” and expand Web3 globally. Binance’s BNB token jumped 8 percent in response.

Zhao currently oversees a blockchain ecosystem with around US$8.7 billion in assets, ranking third behind Ethereum and Solana.

Japan’s first regulated Yen Stablecoin launches

JPYC launched Japan’s first regulated yen-pegged stablecoin on October 27.

The stablecoin aligns with Japan’s Payment Services Act, requiring full reserve backing in yen deposits and government bonds. JPYC aims to issue 10 trillion yen (US$67 billion) over three years, challenging the US-dominated stablecoin market where USDC holds roughly US$40 billion.

The framework prioritizes consumer protection and financial stability, lessons drawn from the 2022 TerraUSD collapse.

JPYC offers zero-fee issuance, redemption, and transfers, earning income via interest on reserves in deposits and government bonds. Each transfer is capped at 1 million yen under the regulatory structure.

American Bitcoin boosts strategic reserve to 3,865 BTC

American Bitcoin (ABTC) expanded its strategic reserve to 3,865 BTC, acquiring 1,414 BTC through both open-market purchases and in-house mining, according to a company release.

The accumulation lifts the company’s Satoshis per Share (SPS) metric to 418, a 52 percent increase since September 1.

Integrated mining enables ABTC to secure BTC at lower costs than external acquisitions, giving it a structural advantage over competitors.

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

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

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Apex Resources Inc. (TSXV: APX) (OTCID: SLMLF) (‘Apex’ or the ‘Company’) is pleased to announce the commencement of a drilling program at its Jersey Emerald Property (the ‘Property’), located in southern British Columbia. This program will target deposits of critical minerals, specifically tungsten and zinc.

The drilling campaign will encompass several holes designed to explore a new area of tungsten mineralization, south of the area of historic mining on the Property and south of the current tungsten resource.

The Property, located close to a major highway and within 20 km of the Metaline Falls/Nelway Canada-US border crossing, has historical significance as an accessible site rich in tungsten and other critical minerals, making it an ideal candidate for further exploration to support the growing market needs.

This initiative is critical as demand for tungsten continues to rise due to its essential applications in various industries, including aerospace, defense, and manufacturing.

The increasing global emphasis on securing critical minerals, including tungsten, aligns with Apex’s strategic objectives. The Company aims to position itself as a key player in the supply chain of essential materials necessary for technological advancements.

Apex will provide regular updates on the progress of the drilling program, including results and findings that may impact overall project value. The team is committed to responsible exploration practices and maintaining open communication with stakeholders.

Lithium Creek Project Option Agreement Amendments

The Company also announces that terms of the option agreement on the Lithium Creek Project in Nevada (the ‘Option Agreement’) have been amended by the parties as follows:

  1. The cash option payment of US$150,000 that was due on August 25, 2025 was reduced to US$75,000;

  2. The exploration and development expenditures due to have been completed on or before August 25, 2025 were reduced from US$700,000 to US$434,000;

  3. The exploration and development expenditures due to be completed on or before August 25, 2026 have been increased from US$1,200,000 to US$1,266,000; and

  4. The Company is to issue 2,700,000 common shares to the optionor within five (5) business days following receipt of TSX Venture Exchange approval.

All other terms of the Option Agreement remain in full force and effect.

About Apex Resources Inc.

Apex is a Vancouver-based exploration company with a suite of precious and critical minerals projects and historic mines located in the United States and Canada.

The Jersey-Emerald Property is wholly owned by Apex and encompasses the historic Jersey Lead-Zinc Mine – British Columbia’s second largest historic zinc mine, and the Emerald Tungsten Mine – Canada’s second largest historic tungsten mine, both located in southern British Columbia.

The Lithium Creek Project is Apex’s flagship project with placer claims covering hundreds of square miles within the aerially extensive Fernley, Humboldt, and Carson Sinks, and includes widespread naturally flowing lithium brine groundwater. The Lithium Creek Project is strategically located near the City of Reno and within 40 minutes of the principle North American battery hub, hosting the Tesla Gigafactory and other key industry players in the Lithium Ion battery supply chain.

On Behalf of the Board of Directors of

Apex Resources Inc.
Ron Lang,
President & CEO

Ph. +1(250) 212-7119 or info@apxresources.com website: www.apxresources.com

The technical information in this news release, prepared in accordance with Canadian National Instrument standards (‘NI 43-101’), has been reviewed and approved by Linda Caron, P. Eng., a Qualified Person, who is independent of Apex.

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information within the meaning of applicable securities laws (‘forward-looking statements’). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential’ and similar expressions, or that events or conditions ‘will,’ ‘would,’ ‘may,’ ‘could’ or ‘should’ occur. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund exploration work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Project; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in conducting work programs; the risk of environmental contamination or damage resulting from Apex’s operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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The historical Ranger-Page workings and mineralized zones are geologically continuous with the Bunker Hill system

Silver Dollar Resources Inc. (CSE: SLV,OTC:SLVDF) (OTCQX: SLVDF) (FSE: 4YW) is pleased to announce it has signed an asset purchase agreement (the ‘Agreement’) with Bunker Hill Mining Corp., whereby Bunker Hill Mining Corp. and its subsidiary (together, ‘Bunker Hill’) will acquire from Silver Dollar Resources Inc. and its subsidiary (together, ‘Silver Dollar’ or the ‘Company’), the right, title and interest in the assets related to the Ranger-Page Project located in Shoshone County, Idaho, USA (the ‘Target Assets’), which includes Silver Dollar’s 75% interest in the Government Gulch property and its related option rights under the Government Gulch Option and Joint Venture Agreement (the ‘Government Gulch Agreement’) and the Page Mine Mineral Rights Lease and Option Agreement (the ‘Page Mine Agreement’).

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Figure 1: Plan map showing combined Bunker Hill – Ranger-Page land package.

To view an enhanced version of this graphic, please visit:
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Sam Ash, President and CEO of Bunker Hill Mining, stated: ‘The addition of the Ranger-Page Mines represents another step in our vision to re-establish Bunker Hill as a leading producer in the Silver Valley. The Ranger-Page workings and mineralized zones are geologically continuous with the Bunker Hill system, offering immediate synergies for exploration, development, and potential future production.’

‘Amalgamating the Ranger-Page Project with Bunker Hill Mining is a strategic and logical transaction that aligns perfectly with the plan we contemplated when we acquired the Project last year,’ said Greg Lytle, President and CEO of Silver Dollar. ‘While the transaction has happened faster than expected, we are confident the timing is optimal for both companies. Ranger-Page enhances Bunker Hill’s exploration prospects and provides Silver Dollar with a strong equity position in a near-term producer, benefiting from the upside of the combined assets.’

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7232/271979_39a2aa04d46b4906_002.jpg

Figure 2: Cross Section showing the Bunker Hill – Ranger-Page underground workings and target area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7232/271979_39a2aa04d46b4906_002full.jpg

Strategic Highlights:

  • Consolidated Land Position: The acquisition unites the Ranger-Page and Bunker Hill properties into a contiguous land package, creating one of the largest and most prospective holdings by any single company in the Silver Valley.
  • Exploration Upside: Historical drilling and production data from the Ranger-Page indicate high-grade silver-lead-zinc mineralization along the Page vein system, which remains open at depth and along strike.
  • Infrastructure Synergies: The Ranger-Page Mines’ existing underground workings and surface access points could provide additional flexibility for future mine planning, ventilation, and exploration access to deeper levels of the Bunker Hill system.
  • Complementary to Restart Plan: The acquisition is aligned with Bunker Hill’s ongoing restart of operations at the Bunker Hill Mine, targeted for H1 2026, and enhances the Company’s upside optionality for future resource expansion and mill feed sources.
  • Community benefits: This has the potential to create more local employment opportunities within the Silver Valley and stimulate procurement from regional suppliers in ways that benefit the local communities.

Transaction Summary

Under the terms of the agreement, Bunker Hill agreed to acquire all of Silver Dollar’s interest in the Ranger-Page Project and associated claims from Silver Dollar for total consideration of CAD$3,500,000, payable by the issuance of 23,333,334 Bunker Hill Common Shares at a deemed price of CAD$0.15 per share. The Bunker Hill Common Shares will be subject to a statutory six-month hold period and contractual escrow and will be released in accordance with the following schedule:

Release Date Payment Shares Release Schedule
from Contractual Escrow
6-month anniversary of Closing Date 2,333,333 Shares
9-month anniversary of Closing Date 2,333,333 Shares
12-month anniversary of Closing Date Balance of Shares (18,666,668 Shares)

The Agreement is subject to Bunker Hill’s due diligence review in respect of the title to the Ranger-Page Project within 15 business days of the date of the Agreement and it also includes representations, warranties, covenants and indemnities customary in transactions of this nature. Silver Dollar will, subject to Canadian Securities Exchange acceptance, pay a finder’s fee by the allocation of 1,166,667 of the Bunker Hill Common Shares to each of Kluane Capital FZCO and Canal Front Investments Inc. in respect of the transaction. The finders’ shares will be subject to the same statutory and contractual escrow restrictions as described above.

Closing of the transaction is expected to be completed on or before November 28, 2025.

About the Ranger-Page Project

Located in a world-class silver district, the Ranger-Page land package covers six historic mines and adjoins the Bunker Hill Mining property. The primary target areas are up and down plunge from historic underground mining, along strike where ground induced polarization (IP) surveys have identified anomalies, and where surface trenching identified near surface mineralization. Additional exploration targets have also been identified away from historic mine infrastructure, using soil geochemical data, mapping, and ground IP survey data.

About Bunker Hill Mining Corp.

Bunker Hill is an American mineral exploration and development company focused on revitalizing its historic mining asset: the renowned zinc, lead, and silver deposit in northern Idaho’s prolific Coeur d’Alene mining district. This strategic initiative aims to breathe new life into a once-productive mine, leveraging modern exploration techniques and sustainable development practices to unlock the potential of this mineral-rich region. Bunker Hill Mining Corp. aims to maximize shareholder value by responsibly harnessing the mineral wealth in the Silver Valley mining district, focusing its efforts on this single, high-potential asset. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR+ and EDGAR databases.

About Silver Dollar Resources Inc.

Silver Dollar is a dynamic mineral exploration company focused on two of North America’s premier mining regions: Idaho’s prolific Silver Valley and the Durango-Zacatecas silver-gold belt. Our portfolio includes the advanced-stage Ranger-Page and La Joya projects, as well as the early-stage Nora project. The Company’s financial backers include renowned mining investor Eric Sprott, our largest shareholder. Silver Dollar’s management team is committed to an aggressive growth strategy and is actively reviewing potential acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions.

For additional information, you can visit our website at silverdollarresources.com, download our investor presentation, and follow us on X at x.com/SilverDollarRes.

ON BEHALF OF THE BOARD

Signed ‘Gregory Lytle’

Gregory Lytle,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (604) 839-6946
Email: greg@silverdollarresources.com
179 – 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release contains forward-looking statements and forward-looking information (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the closing of the transaction are forward-looking statements. Often, but not always, forward looking information can be identified by words such as ‘pro forma,’ ‘plans,’ ‘expects,’ ‘will,’ ‘may,’ ‘should,’ ‘budget,’ ‘scheduled,’ ‘estimates,’ ‘forecasts,’ ‘intends,’ ‘anticipates,’ ‘believes,’ ‘potential’ or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.

In making the forward-looking statements in this news release, the Company has made certain assumptions, including without limitation, the receipt of any necessary regulatory approvals in connection with the transaction and the purchaser’s satisfaction with its due diligence review.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, the ability of the Company to obtain any necessary regulatory approvals and the purchaser’s satisfaction with its due diligence review.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.

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Inflation eased slightly in September, the Bureau of Labor Statistics (BLS) reported late last week, after a delay in the release due to the government shutdown. The Consumer Price Index (CPI) rose 0.3 percent last month, down from 0.4 percent in August. On a year-over-year basis, headline inflation ticked up slightly to 3.0 percent, compared with 2.9 percent in August.

Core inflation, which excludes volatile food and energy prices, rose 0.2 percent in September, down slightly from 0.3 percent in August. On a year-over-year basis, it ticked down from 3.1 percent in August to 3.0 percent last month.

Gasoline was the main driver of inflation last month. Gasoline prices rose 4.1 percent in September, after rising 1.9 percent in August. Overall energy prices climbed 1.5 percent. 

Food prices, in contrast, rose just 0.2 percent in September, which was less than half the change observed in August. Prices for food at home increased 0.3 percent, while food away from home rose 0.1 percent. Both grew more slowly in September than in the previous month. 

Most components of core CPI declined last month, with the notable exceptions of apparel and medical care.

While inflation is currently much lower than it was for much of 2021, 2022, and 2023, newly imposed tariffs have caused prices to rise more rapidly in recent months. Inflation averaged 0.3 percent per month in July (0.2 percent), August (0.4 percent), and September (0.3 percent), which is equivalent to a roughly 3.7 percent annual rate. That is well above the year-over-year figure of 3.0 percent.

Recent core CPI data tell a similar story. Core prices rose 0.3 percent in July, 0.3 percent in August, and 0.2 percent in September — an average monthly rise of roughly 0.3 percent, which is again equivalent to a roughly 3.7 percent annual rate. Hence, core inflation has risen faster in recent months compared to its year-over-year pace, as well.

Although the Fed officially targets the personal consumption expenditures price index (PCEPI), CPI data provide timely and relevant information for policymakers. The two measures generally track each other closely, though CPI tends to overstate inflation relative to the PCEPI. That makes the latest CPI readings a useful (if slightly higher) measure for Fed officials — and, hence, for determining how those Fed officials will likely conduct policy.

The fact that recent inflation is running hotter than its year-over-year pace is not altogether unexpected. The consensus view is that tariffs are likely to result in a one-time increase in the price level. If Fed officials accept that view, they will likely go through with the widely-expected rate cut this week, despite both headline and core inflation exceeding the 2 percent target.

According to the CME Group’s FedWatch tool, markets are assigning a 96.7 percent probability to an October rate cut. Last week’s CPI release appears to have had little effect on expectations: the implied odds of a 25-basis-point cut were over 98 percent on Thursday and have remained in the high 90s since the Fed’s September meeting.

The Fed was slow to act when inflation first accelerated. It should avoid making the opposite mistake now. Although policymakers cut rates last month, monetary policy remains restrictive. 

Some officials may be tempted to pause this week. They should remember that tariffs, not excessive money growth, are the main driver of recent inflation. Rather than risk overcorrecting, the Fed should stay the course and cut rates again. Failing to do so would mean falling behind the curve once more—this time by allowing overly tight policy to push the economy into a needless recession.

Leading gold analysis firm Metals Focus published its annual Precious Metals Investment Focus report on Saturday (October 25).

The report outlines the investment options available for those interested in leveraging rising demand for precious metals such as gold and silver. The report also highlights key supply and demand trends shaping the precious metals market and driving prices now and over the next 12 months.

Gold surged more than 65 percent from the start of 2025 to its record high of US$4,379.13 per ounce on October 17. Not to be outdone, silver skyrocketed by more than 88 percent to peak at its highest-ever price of US$54.47 per ounce on the same day.

Although prices for both precious metals have since pulled back on profit-taking, Metals Focus believes the conditions that created these record high prices are still very much in play.

US trade policy driving gold prices in 2025

Metals Focus analysts attribute gold’s stellar performance in 2025 to a number of factors largely centered on growing global economic uncertainty and ongoing geopolitical conflicts. Gold’s safe haven status is highly favored in these conditions, attracting both retail and institutional investors as well as central banks.

However, the firm sees US President Donald Trump’s trade policies as the most influential: “In our view, the single most important factor has been uncertainty around US trade policy.”

Trump’s constant trade war waffling has businesses and governments scrambling to keep up and unable to plan for the future. As tariffs increase the price of goods while disrupting supply chains, inflation is becoming stickier. This is baking in more macroeconomic risks into the global economy, and in turn raising the risk for stagflation—an ideal environment for higher gold prices.

The Federal Reserve’s reversal of its monetary policy in mid-September 2025 with its first interest rate cut and the anticipation of further rate cuts to come are further boosting the gold price. The sustainability of growing US debt and the waning strength of the US dollar on the global stage are also price supporting factors for the yellow metal.

Central bank gold buying, which has reached record levels in recent years, also continued to be net positive in 2025, further driving demand. “Put together, these drivers explain why gold has not only reached fresh highs in 2025, but also why pullbacks have been shallow and short-lived, as investors have been rushing to buy dips,” states Metals Focus.

Silver shoots up on liquidity squeeze

The same forces sending gold prices to new heights are also bringing silver along for the ride.

Silver often lags behind its sister metal, and this latest price cycle was no exception. However, investor belief that silver remains undervalued given strong industrial demand and unprecedented tight supply finally pushed the metal to break on through to the other side of a 45-year record high.

Metals Focus also points to the liquidity squeeze in the silver futures market, specifically concerning the COMEX in London. As the immediate supply of silver has not been enough to meet rising demand, the spot price for silver has risen higher than the price of futures contracts, a phenomenon known as backwardation. This creates a squeeze on short sellers who must now buy back silver contracts at higher prices.

The situation amplified silver’s rally in early to mid-October. However, later in the month shipments of silver from New York and China helped to alleviate this pressure.

Gold price outlook for 2026

Looking forward, the trends underlying much of gold’s record-breaking price momentum are expected to remain strong well into next year.

Metals Focus sees the price of gold posting another annual average high of US$4,560 per ounce as it heads toward US$5,000 in 2026, potentially reaching a record US$4,850 in the fourth quarter.

These gains in gold are projected to materialize despite supply side growth. Metals Focus is forecasting a surplus of 41.9 million ounces in 2026, up 28 percent year-over-year. The firm sees gold mine production reaching another record high in 2026 at the same time that gold recycling could climb by 6 percent to a 14-year high in jewellery demand is likely to be affected by high prices, low consumer confidence, and economic uncertainty.

What will move gold prices higher in 2026?

Gold investors should take cues from interest rate moves, inflation levels, strength or weakness in the US dollar and sentiment surrounding the independence of the Federal Reserve. Of course, US trade policy will continue to be a main theme for precious metals over the next 12 months.

“As we have witnessed since the beginning of the Trump 2.0 administration, the abrupt and often unpredictable nature of US policy moves and the resulting uncertainty for the global trade system, and in turn the global economy, is expected to be a key driver of sentiment towards gold,” stated the firm.

Further driving demand, central banks around the world are expected to remain net buyers of safe-haven gold as the global push toward de-dollarization continues.

Gold and silver price outlook

Gold and silver price outlook

Chart via Metals Focus, Bloomberg

Silver price outlook for 2026

As for silver, the white metal will continue to be seen as a more affordable alternative to gold. Metals Focus is looking for silver to average US$57 per ounce next year and even take a run at the US$60 level in mid-to-late 2026.

Silver has not only benefitted from safe-haven investor demand and strong industrial demand but also tight supply. Yet, the firm notes that the ongoing supply deficit for silver is expected to fall from 143.6 million ounces in 2024 to 63.4 million ounces in 2025. That figure is expected to shrink further to 30.5 million ounces in 2026.

Nevertheless, the silver market remains in a supply deficit at a time when demand is strong. “We therefore remain bullish towards silver for the rest of this year and 2026,” noted the report’s authors, who expect silver to continue outperforming gold at least in the first half of the new year.

In response, the gold:silver ratio has the potential to continue falling in 2026. However, Metals Focus believes the market will see this trend reverse in the back half of the year as silver loses some steam.

Gold:silver ratio

Gold:silver ratio

Chart via Metals Focus, Bloomberg

Investor takeaway

Overall, Metal Focus is confident the precious metals bull market will continue throughout the remainder of 2025 and into 2026. Gold is especially benefitting from its safe-haven status at a time of heightened macroeconomic and geopolitical uncertainty. Silver is tracking gold’s ascent for the same reasons, in addition to tight above ground supply and sustained industrial demand.

For those who think they’ve missed out on the gains to be made in this latest precious metals bull cycle, there’s still plenty of upside to be had in the gold and silver markets in Q4 2025 and heading into 2026.

Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.

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for dissemination in the United States.’

Forte Minerals Corp. (‘Forte’ or the ‘Company’) ( CSE: CUAU ) ( OTCQB: FOMNF ) ( Frankfurt: 2OA ) is pleased to announce that it has entered into an agreement for a C$5.7 million strategic investment through a non-brokered private placement of 6,333,333 common shares at C$0.90 per share with a second strategic investor (the ‘Second Strategic Investment’).

Patrick Elliott , President and CEO of Forte Minerals, commented: ‘This is a pivotal moment for Forte. Having a second well-distinguished strategic investor join our shareholder base further validates the strength of our exploration portfolio and the progress we’ve made in advancing drill-ready projects in Peru. This investment adds further depth, local partnership, and momentum as we continue building a pipeline of copper and gold discoveries.’

Investment Overview
The Second Strategic Investment is expected to close on or before November 5, 2025, subject to regulatory approvals. All securities issued will be subject to a statutory four-month-and-one-day hold period under applicable Canadian securities laws. No finder’s fees or commissions will be paid in connection with the financing.

Proceeds from the financing will be used to advance Forte’s portfolio of four exploration projects in Peru. A portion of the proceeds will also be allocated to general working capital and corporate purposes.

In connection with this financing, the Company notes that its First Strategic Investor, which participated in Forte’s July 2025 private placement , has a contractual right to participate in future financings to maintain a 9.9 percent ownership interest.

Should that investor elect to exercise this right in the current financing, they may purchase up to an additional 994,598 common shares at C$0.90 per share, on the same terms. If such participation occurs, total gross proceeds will increase to approximately C$6.6 million through the issuance of up to 7,327,931 common shares.

Strengthening Forte’s Position in Peru
The Second Strategic Investor’s commitment underscores the quality of Forte’s exploration portfolio and reinforces the Company’s credibility as an explorer with deep operational experience and partnerships in Peru. The addition of a second strategic investor within three months strengthens Forte’s base of long-term shareholders and it supports its mission to responsibly advance a 19,000-hectare portfolio of copper and gold assets within the country’s most prospective mineral belts.

Patrick Elliottt

‘This is more than an investment,’ said Elliott.

‘It’s a partnership built on a shared vision to unlock the next generation of discoveries that will help sustain Peru’s position as a global leader in copper and gold production.’

ABOUT Forte Minerals CORP.
Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper (Cu) and gold (Au) assets in Peru. Through a strategic partnership with GlobeTrotters Resources Perú S.A.C. , the Company gains access to a rich pipeline of historically drilled, high-impact targets across premier Andean mineral belts. The Company is committed to responsible resource development that generates long-term value for shareholders, communities, and partners.

On behalf of Forte Minerals CORP.

(signed) ‘ Patrick Elliott’
Patrick Elliott, MSc, MBA, PGeo
President & Chief Executive Officer
Forte Minerals Corp.
info@forteminerals.com
www.forteminerals.com

Investor Inquiries
Kevin Guichon, IR & Capital Markets
E: kguichon@forteminerals.com
C: (604) 612-9976
Media Contact
Anna Dalaire, VP Corporate Development
E: adalaire@forteminerals.com
T: (604) 983-8847

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Certain statements included in this press release constitute forward-looking information or statements (collectively, ‘forward-looking statements’), including those identified by the expressions ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘should’ and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements relating to the intended use of proceeds of the Strategic Placement. These forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matter described in this press release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under ‘Risk Factors and Uncertainties’ in the Company’s latest management’s discussion and analysis, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.

Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information or statements to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.

Neither the Canadian Securities Exchange (the ‘CSE’) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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Corcel Exploration Inc. (CSE: CRCL) (OTCQB: CRLEF) (the ‘Company’ or ‘Corcel’) today announced the identification of significant historical occurrences of two United States-designated critical minerals, tungsten and graphite, at its 100%-owned Yuma King Project in Arizona, USA. This information has been compiled from historical mining data, drilling logs, geochemical sampling, and historical technical assessments conducted by prior operators and has not been verified by the Company.

Key Highlights

  • High-grade tungsten occurrences across a 5 km² district with historic production and assays returning up to 19.15% WO3, located within past-producing mines at the Three Musketeers district (see 43-101 Report dated December 1, 2024, available on Corcel’s website).

  • Broad tungsten-in-soil anomalies identified from Corcel’s 2024 surface geochemical sampling extend beyond the Three Musketeers area, highlighting the broader district potential.

  • Graphite mineralization, including flake graphite and graphene-bearing carbonaceous mudstone, was intersected in drilling between 2011 and 2016, with a reported interval up to 150 metres thick and a 25-metre zone containing high carbon content with mineralogy confirmed by Raman spectroscopy (see 43-101 Report dated December 1, 2024, available on Corcel’s website).

  • Tungsten and graphite are listed as critical minerals by the U.S. government due to strategic applications in manufacturing, energy technologies, and defense systems, and the U.S. currently relies on foreign sources for both.

  • No modern exploration has been conducted to evaluate resource size or grade continuity which have not been evaluated with modern exploration methods and may warrant follow-up assessment.

‘The available historical records indicate that the Yuma King Project contains multiple areas where tungsten and graphite mineralization were documented and, in some cases, mined on a small scale,’ commented Jon Ward, CEO of Corcel Exploration. ‘Our objective is to review this historical data to determine whether these targets merit systematic follow-up alongside our copper-gold exploration plans.’

Historical Tungsten Occurrences

Tungsten was historically mined from several prospects within the Yuma King Project area, primarily at the Three Musketeers, Jewel Anne, Pee Wee, Ace, and Trioni claims. Historical reports document two tabular mineralized bodies at the Three Musketeers Mine, although their full extent was not delineated due to limited underground development. Production was intermittent from the early 1950s through the 1970s. Tungsten occurs predominantly as scheelite within quartz veins, greisen-altered zones, and thrust faults and is largely related to Late Cretaceous to Early Tertiary intrusive events (see 43-101 Report dated December 1, 2024, available on Corcel’s website).

Sampling and surface mapping indicate that tungsten-bearing structures are present over an area of approximately 5 sq km, with localized high-grade pods and lenses. Soil sampling completed by Corcel highlights the presence of tungsten anomalies associated with the area hosting the historical mines.

In addition, soil sampling indicates that Yuma King Mine area contains tungsten anomalies. This commodity has not been a focus of exploration in this area so the geological context of these anomalies is not yet known.

Table 1: Selected samples from the Three Musketeer Tungsten District from 2006. (see 43-101 Report dated December 1, 2024, available on Corcel’s website).

The Company’s QP has not verified the historical data due to the absence of original records and therefore such data should not be relied upon.

Sample
ID
Au
 (ppb)

(%)
WO3 Mine Type Length 
(inches)
Ore
R003 1260 0.217 0.27 3M Channel 18 UG Ore
R004 0.774 0.98 3M Channel 24 UG Ore
R009 0.235 0.30 3M Channel 12 UG Ore
R014 1.85 2.33 3M Channel 60 Outcrop of Ore
R015 26 0.153 0.19 3M Channel 48 Outcrop of Ore
R039 4.94 6.22 3M Channel 12 UG Ore
R040 2.88 3.63 3M Channel 3 UG Ore
R041 15.2 19.15 3M Channel 8 UG Ore
R020 48 0.439 0.55 JA Channel UG Ore
R021 18 0.254 0.32 JA Channel 32 UG Ore
R023-HG 0.918 1.16 JA Channel 3 UG Ore
R024 32 0.145 0.18 JA Channel 36 UG Ore
R025 0.6 0.76 JA Channel 2 HG Ore
R026 9.66 12.17 JA Channel 2 HG Ore
R027 9.12 11.49 JA Channel 2 HG Ore
R028 2.67 3.36 JA Channel 2 HG Ore
R029 3.88 4.89 PW Channel 2 HG Ore
R036 0.24 0.31 PW Channel 1 HG Ore
R037 7.57 9.54 PW Channel 2 HG Ore
R032 45 0.16 0.20 Channel HG Ore
R033 0.98 1.24 Channel HG Ore
R038 3.04 3.83 Channel 3
R043 0.47 0.59 Ace 18 Copper Prospect

 

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Figure 1: Location of the mines and prospects in the Three Musketeers Tungsten District with W in soils. 

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Graphite and Graphene Mineralization

Graphite and graphene mineralization at the Yellowbird deposit on the Yuma King Project was first identified in 2011 by a drill campaign by VANE while exploring a porphyry copper target (See 43-101). The graphite is contained in a relatively flat-lying, dark gray, carbonaceous, phyllitic meta-mudstone body about 150 m thick, intercepted in drill hole AV-2. A 25-metre interval within the middle of the 150-metre section consists of approximately 89% carbonaceous mudstone. Follow-up geochemical sampling and Raman spectrometry in 2015 confirmed graphite with significant graphene (see 43-101 Report dated December 1, 2024, available on Corcel’s website).

In 2016, Cash Capital completed a four-hole, 1,220-metre drill program accompanied by geologic core logging, continued lab geochemical assays, mineralogic studies, and reconnaissance field sampling, which demonstrated that the mineralized horizon extends southward and identified additional graphite-bearing zones within the Yellowbird black shale formation. Corcel is working to obtain technical data from this program – at present, the precise drill hole locations and other data are not available (see 43-101 Report dated December 1, 2024, available on Corcel’s website).

The graphite mineralization is interpreted to be related to thrust-related deformation and metamorphism during the early Laramide orogeny.

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Figure 2: Area of the Yellowbird graphite-graphene deposit, showing discovery drill hole AV-02 and low magnetic signature from drone magnetic survey total magnetic intensity (reduced to pole). 

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US Critical Minerals

The United States is currently entirely reliant on imports for both tungsten and graphite, which are classified as critical minerals by the U.S. Department of the Interior (U.S. Geological Survey, USGS, 2024 Critical Minerals List) and recognized as essential to national defense by the U.S. Department of War (U.S. Army, Defense Logistics Agency Strategic Materials). Tungsten is used in electronics, aerospace components, defense systems, while graphite is the primary material in lithium-ion battery anodes and plays a central role in electrification and energy storage technologies.

Evaluation of Critical Minerals at Yuma King

The Company will incorporate the historical tungsten and graphite datasets into the broader geological model for the Yuma King Project. This work is being undertaken in parallel with the copper-gold exploration strategy to assess whether these critical mineral systems warrant follow-up evaluation as potential complementary targets.

Qualified Person as defined under National Instrument 43-101

Roy Greig, Ph.D., P.Geo, a Qualified Person (‘QP’) as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, and advisor to Corcel Exploration Inc. has reviewed and approved the technical content in this news release. The QP has not been able to verify the historical exploration data disclosed herein since the original materials and documentation are presently inaccessible. Nonetheless, this data is believed to be accurate and sufficient for purposes of guiding future exploration on the Yuma King project.

About Corcel Exploration Inc.

Corcel Exploration is a mineral resource company engaged in the acquisition and exploration of precious and base metals properties throughout North America. The Company has entered a long-term lease agreement to acquire the Yuma King Cu-Au project in Arizona, which spans a district-scale land position of 3,200 hectares comprising 515 unpatented federal mining claims in the Ellsworth Mining District, including the past-producing Yuma King Mine which saw underground production of copper, lead, gold and silver between 1940 and 1963. The Company also holds a 100% interest in the Willow copper project. For more information, please visit our website at https://corcelexploration.com/.

For further information, contact:

Jon Ward, CEO & Director
Email: info@corcelexploration.com
Tel: +1 (604) 355-0303

Caution Regarding Forward-Looking Information

This news release contains ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian securities laws (collectively, ‘forward-looking information’). Forward-looking information in this news release includes, without limitation, statements with respect to: the Company’s plans to conduct additional drilling and other exploration work on the Property; the anticipated timing, scope, costs and objectives of such work; the expected receipt and interpretation of additional assay results; the potential for the expansion of known mineralized zones; the potential discovery of new zones; the Company’s plans to update mineral resource estimates and advance technical studies; the potential for future development decisions; the timing of future news flow; the ability to secure permits, approvals, community support and financing on acceptable terms; and the potential for the Property to host an economic mining operation in the future.

Forward-looking information is based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic, competitive, operational and regulatory uncertainties and contingencies. These assumptions include, without limitation: future commodity prices and exchange rates; availability of financing on reasonable terms; availability of equipment, personnel and infrastructure; maintenance of title and access to properties; obtaining all required regulatory, surface and community approvals on expected terms and within expected timelines; accuracy of current technical information; and the absence of material adverse changes in applicable laws, political conditions, taxation, or capital markets.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such risks include, without limitation: commodity price volatility; exploration, development, metallurgical and geological risk; permitting, environmental and regulatory risk; title and access risk; financing and liquidity risk; reliance on contractors and third parties; community, ESG and social licence risk; political and security risk in foreign jurisdictions; operational disruptions, accidents and labour matters; changes in laws and taxation; dilution and capital markets risk; and the other risks more fully described under ‘Risk Factors’ in the Company’s continuous disclosure filings available under its profile at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws..

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