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David Beito argues that Franklin Delano Roosevelt was a self-serving politician who cared very little for the civil liberties of Americans. In FDR: A New Political Life, Beito challenges historians who explain away Roosevelt’s horrid record on civil rights as politically strategic (in the case of black Americans) or as an exception (in the case of Japanese internment).

Instead, Beito contends that FDR’s glib view of civil liberties was core to his worldview. Additionally, Beito emphasizes that Roosevelt’s economic policies were ineffective and at times counterproductive, and that his reliance on top-down solutions to the Great Depression violated the economic liberties of Americans. In short, FDR was the worst president on individual liberty since Woodrow Wilson, and he might have been even worse.

Beito begins by recounting Roosevelt’s actions as Assistant Secretary of the Navy under Wilson. FDR “gave unquestioning support” to Wilson’s attack on free speech and expression during the conflict and demonstrated no “strong ideological commitments to the Bill of Rights.” During the notorious white violence against black Americans during the “Red Summer” of 1919, Roosevelt did nothing as white sailors attacked black streetcar passengers. The violence spread to 26 cities and when the NAACP demanded that the sailors and marines be arrested, FDR and the rest of the Wilson administration initially did nothing. Writing to a Harvard classmate, FDR joked, “With your experience in handling Africans in Arkansas, I think you had better come here and take charge of the police force.” 

In addition to his lack of a response to the racial violence of 1919, Roosevelt also played an active role in the Newport Sex Scandal. There were reports that there were “perverts” at the Newport Naval base and Ervin Arnold, a chief petty officer, began an investigation using entrapment as a tool to root out homosexual activity. Lacking funds, Arnold’s violation of the sailors’ dignity and civil liberties might have ended, but Roosevelt “almost single-handedly saved the investigation” by pushing his superiors to create Section A (nicknamed the Newport Sex Squad) to continue looking into the matter.

Roosevelt believed that “homosexuality was immoral and he would expend every effort to ferret out offenders.” Section A used “heavy-handed tactics” that “soon backfired” and led to “public backlash.” FDR ultimately had to testify and defend the methods of the investigation. On the stand, he “denied any knowledge that his investigators had engaged in same-sex acts to obtain evidence.” To which the judge skeptically inquired, “How did you think evidence of unnatural crimes could be obtained?” Humiliated, Roosevelt responded simply, “I didn’t think.” 

Beito uses FDR’s time in the Wilson administration to demonstrate that his indifference to the plight of black Americans and his support for mass internment of Japanese Americans were not aberrations but rather the fulfillment of Roosevelt’s worldview. He did not care about American civil liberties. The Senate Committee of Naval Affairs issued a stunning rebuke of FDR following its investigation of the Newport scandal. It asserted that Roosevelt’s office had violated “the moral code of the American citizen, and the rights of every American boy who enlisted in the Navy to fight for his country.” Further, it found FDR “morally responsible” for entrapment and the other “immoral acts” and came to the conclusion that he “must have known” the methods that were being used by the investigation. 

Beito also demonstrates how Roosevelt came of age and was influenced by an intellectual climate that was sympathetic to central planning and social control. His later penchant for top-down economic solutions was a product of “the spread of progressive ideas all around him.” Drawing on the work of historian Daniel T. Rodgers, Beito explains that much of this progressivism was coming from Germany where Bismarck’s emphasis on “paternalism and military-style efficiency” had captured the imaginations of American students who studied abroad. They brought back with them “German-inspired policies” such as “compulsory insurance, public housing, and zoning.” For his part, Roosevelt praised Germany because it had moved “beyond the liberty of the individual to do as he pleased with his own property and found it was necessary to check this liberty for the benefit of the freedom of the whole people.” Far from being the pragmatist that most historians cast Roosevelt as, Beito argues that he bathed in progressive waters and concluded early in his political career that American society needed to be “centered on cooperation rather than excessive competition.” 

Beito shows that FDR harbored racist views of both Jews and Japanese Americans and infers that these contributed to the president’s poor treatment of both groups. The story of Japanese internment is well documented, and Roosevelt is beginning to get the blame that he deserves for that gross violation of justice. Beito’s discussion of FDR’s treatment of potential Jewish refugees, however, is newer and demonstrates a further dimension of his bigotry. As Nazi atrocities against German Jews began to surface in the mid-1930s, Roosevelt did nothing to help them migrate to the United States. Following Kristallnacht, his State Department rejected the United Kingdom’s willingness “to donate the unused capacity of its quota so the US could admit sixty thousand more German Jews.”

Further, FDR rejected calls from Secretary of Labor Frances Perkins “to admit the maximum combined quota for the next three years (82,000 in all).” Most tragically, when the German liner, the SS St. Louis, arrived off the coast of Florida carrying over 900 Jewish refugees, the administration not only did not admit them, the Coast Guard ensured that none of the refugees would be able to swim to freedom. Even after evidence of mass genocide in Europe reached Roosevelt, “the administration’s stance toward refugees showed no sign of shifting.” Beito concludes that “while FDR and his advisors certainly viewed the Nazis as international gangsters, the plight of the Jews was never a priority.” 

For those focused on FDR’s economic policy, Beito agrees that the New Deal was ineffective and even counterproductive for bringing about economic recovery. He condemns the National Recovery Administration, the Federal Housing Administration, the Wagner Act, and the Agricultural Adjustment Administration for harming black Americans. Beito argues that Roosevelt created massive amounts of uncertainty that prevented economic recovery and did so by embracing a corporatism that emulated fascist Italy and Nazi Germany. Even in areas where FDR is sometimes praised, such as his emphasis in encouraging more international trade, Beito demonstrates how progress sometimes came in spite of the president rather than because of him. In fact, Beito details how Roosevelt undermined the efforts of Cordell Hull to expand trade and reduce tariffs. 

Finally, Beito challenges the narrative that FDR was a great wartime leader. In contrast, he depicts Roosevelt as prolonging the war with his insistence on “unconditional surrender.” Beito argues that the rigidity of these terms led the Nazis and the Japanese to fight on when they might have laid down their arms. He concludes that “after the US entered the war, the president’s rigid stand for unconditional surrender worsened the destructive nature of the conflict.”

In making his case against FDR, Beito marshals evidence from his numerous publications, including his previous book The New Deal’s War on the Bill of Rights. The result is a magnificently researched narrative that also serves as an introduction to numerous topics that Beito has long studied, including mutual aid societies, self-help organizations, the tax revolt of the 1920s, and more.

In a sense, FDR: A New Political Life feels like the crescendo of all the work that came before it. The book is a damning portrayal of America’s thirty-second president.

Beito ultimately concludes that “FDR was a failed president primarily because he repeatedly put his considerable abilities at the service of far less laudable goals, including a ruthless preoccupation with personal and political advancement, self-defeating economic policies, and the erection of a vast and unaccountable centralized federal bureaucracy.” This short biography is worth the read, even for those who are well acquainted with Roosevelt’s shortcomings. Beito has produced the most accessible and comprehensive critical account of FDR to date. 

President Donald Trump said Iran appears to be looking to negotiate with the U.S. amid a growing military buildup in the Middle East.

In a Monday interview with Axios, Trump suggested that Tehran had reached out on ‘numerous occasions’ and ‘want[s] to make a deal.’

‘They want to make a deal. I know so. They called on numerous occasions. They want to talk,’ the president told the outlet.

According to U.S. officials, also cited by Axios, any potential agreement would need Tehran to remove all enriched uranium, cap its long-range missile stockpile, a change in support for regional proxy forces, and cease independent uranium enrichment, terms Iranian leaders have not agreed to.

Trump also described the situation with Iran as ‘in flux,’ and pointed to the arrival of what he called ‘a big armada next to Iran. Bigger than Venezuela,’ referencing the recent deployment of U.S. naval assets.

As previously reported by Fox News Digital, the USS Abraham Lincoln aircraft carrier entered CENTCOM waters in the Indian Ocean on Monday amid increasing threats from Iran, a senior U.S. official said.

Trump had told reporters Jan. 21, ‘We have a big flotilla going in that direction, and we’ll see what happens. We have a big force going towards Iran. I’d rather not see anything happen, but we’re watching them very closely.’

The U.S. military buildup comes amid widespread unrest inside Iran following protests that began Dec. 28.

According to a recent report from Human Rights Activists News Agency (HRANA), the confirmed death toll from the protests has reached 5,848, with an additional 17,091 deaths under investigation.

Supreme Leader Ayatollah Ali Khamenei has been sheltering in a fortified underground facility, according to Iran International.

Trump is expected to hold further consultations this week, Axios said, before adding that White House officials said an attack is still on the table.

Fox News Digital has reached out to the White House for comment.


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A top Senate Republican is demanding that the heads of several immigration-focused units at the Department of Homeland Security (DHS) testify publicly before the Senate. 

Sen. Rand Paul, R-Ky., called on the heads of Immigration and Customs Enforcement (ICE), Customs and Border Patrol (CBP) and the U.S. Citizenship and Immigrations Services (USCIS) to come before his panel, the Senate Homeland Security and Governmental Affairs Committee, next month. 

In three separate letters to acting ICE Director Todd Lyons, CBP Commissioner Rodney Scott and USCIS Director Joseph Edlow, Paul noted that DHS had received ‘an exceptional amount of funding to secure our borders and enforce our immigration laws.’

‘Congress has an obligation to conduct oversight of those tax dollars and ensure the funding is used to accomplish the mission, provide proper support for our law enforcement, and, most importantly, protect the American people,’ Paul wrote.

‘I write to request your testimony before the U.S. Senate Committee on Homeland Security and Governmental Affairs at an open hearing by February 12, 2026,’ he continued. ‘Please provide your availability to appear before the Committee by the close of business on January 28, 2026.’

Paul’s request comes on the heels of the second fatal shooting involving a border patrol agent and U.S. citizen in the last month since the Trump administration ordered DHS to enter Minnesota. 

Alex Pretti and Renee Nicole Good were both fatally shot by border patrol agents, which has prompted pushback from Senate Democrats and some Republicans on the Trump administration’s activity in the state. 

But Paul’s request is more focused on the funding element of the situation.

Senate Democrats are gearing up to block the upcoming DHS funding bill, which could thrust the government into another shutdown. And Paul wants to know how the billion already allocated to the agency, likely through President Donald Trump’s ‘one, big beautiful bill,’ are being used. 

Paul’s request also comes as DHS Secretary Kristi Noem is set to appear before the Senate Judiciary Committee in early March after several months of not responding to a pair of requests from Senate Judiciary Chair Chuck Grassley, R-Iowa.


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The White House appears to be rejecting Democrats’ demands in the burgeoning government funding fight, as the chances of a partial shutdown grow larger by the day.

Senate Minority Leader Chuck Schumer, D-N.Y., is threatening that Democrats will vote against the massive federal spending bill set to get a vote this week unless funding for the Department of Homeland Security (DHS) is stripped out and renegotiated.

Republicans have already signaled they’re not inclined to do so, which White House Press Secretary Karoline Leavitt reaffirmed during her Monday afternoon press conference.

Leavitt also pointed out that all the bills wrapped into the massive spending package are the product of bipartisan negotiations between the House and Senate — meaning Democrats already had a say in the legislation they are now rejecting.

‘At this point, the White House supports the bipartisan work that was done to advance the bipartisan appropriations package, and we want to see that passed,’ President Donald Trump’s spokeswoman said. 

‘Policy discussions on immigration in Minnesota are happening. Look, the president is leading those discussions, as evidenced by his correspondence with Governor Walz this morning. But that should not be at the expense of government funding for the American people.’

Democrats are coming out against the DHS funding bill en masse in the wake of another deadly federal law enforcement-involved shooting in Minneapolis. A Border Patrol agent shot Alex Pretti, a nurse who worked with veterans at the Minneapolis Veterans Affairs Medical Center, during a wider protest against Trump’s immigration crackdown in the city.

Both Republicans and Democrats have called for investigations into the fatal encounter, but only Democrats are threatening to put federal funding at risk.

Leavitt pointed out that the DHS funding portion would also allocate dollars to the Federal Emergency Management Agency (FEMA), not just the Border Patrol and Immigration and Customs Enforcement (ICE) spending that Democrats object to.

‘We are in the midst of the storm that took place over the weekend, and many Americans are still being impacted by that. So we absolutely do not want to see that funding lapse,’ she said. ‘We want the Senate to move forward with passing the bipartisan appropriations package that was negotiated on a bipartisan basis.’

The legislation negotiated between Republicans and Democrats already includes guardrails for ICE, including mandating body-worn cameras and more training on public engagement and de-escalation.

But Pretti’s killing and DHS’s handling of it infuriated Democrats — at least several of whom will be needed to meet the Senate’s 60-vote threshold to advance the legislation.

Senate Republicans had wanted to pass the package as early as Thursday and send it to Trump’s desk just before the Jan. 30 shutdown deadline.

Senate Democrats held a private, caucus-wide call on the matter on Sunday, after which a source familiar told Fox News Digital that Schumer’s plan was to reject any DHS bill without several reforms, but that the broader, five-bill funding package could move ahead. 

‘Basically, DHS is the problem and should be split from the package,’ they said.

But with Senate Majority Leader John Thune, R-S.D., taking the first procedural step to set up this week’s vote on the larger package on Monday, Democrats’ prospects of strong-arming the GOP are thin.

Even if Senate Democrats did prevail, it’s virtually guaranteed that Congress would miss the Friday shutdown deadline at this point.

Any changes to the spending package would require it to return to the House to be considered again, despite it passing the lower chamber last week.

But a House GOP leadership source told Fox News Digital of that prospect on Saturday, ‘We passed all 12 bills over to the Senate, and they still have six in their possession that they need to pass to the president. We have no plan to come back next week.’

Fox News Digital reached out to Schumer’s office for a response.


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Russia criticized the U.S.’ proposed Golden Dome missile defense system Monday, warning it could destabilize global nuclear deterrence, according to reports.

According to TASS, Deputy Chairman of the Russian Security Council Dmitry Medvedev told Kommersant newspaper that the ambitious project is extremely ‘provocative.’

‘Problems in the strategic sphere resulting from destabilizing U.S. actions only continue to grow. It is enough to recall the highly provocative anti-missile project ‘Golden Dome for America,’’ he said, TASS reported.

‘It fundamentally contradicts the assertion of the inseparable interrelationship between offensive and defensive strategic arms, which, by the way, was enshrined in the preamble of New START,’ Medvedev added, citing the treaty that protects U.S. national security by placing limits on Russia’s deployed intercontinental nuclear weapons.

A defense expert says Russia’s reaction underscores the Golden Dome’s power as a geopolitical signal to the world.

‘Even before it has been built, the dome is military focused and politically focused and an incredible bargaining chip with U.S. adversaries,’ defense expert Cameron Chell told Fox News Digital.

‘In this case, it is Russia and China in particular, in terms of how the U.S. postures for negotiating peace terms, treaty terms and whether the U.S. will be negating their already existing arsenal,’ the Draganfly CEO claimed.

The Golden Dome is a long-term missile defense concept aimed at protecting North America from ballistic, cruise and hypersonic missile threats.

Chell spoke after the Pentagon released its National Defense Strategy on Jan. 23, outlining a renewed focus on homeland defense, expanded missile defense, counter-drone systems, cyber capabilities and long-range strike forces.

The planned Golden Dome missile defense shield is designed to defeat ‘large missile barrages and other advanced aerial attacks,’ the strategy said, while also hardening military and key civilian infrastructure against cyber strikes as Russia and China continue expanding their hypersonic weapons programs.

As previously reported by Fox News Digital, China has also pushed back against the Golden Dome missile defense initiative, accusing Washington of undermining global strategic stability and risking the weaponization of outer space.

‘There’s big value in the talk and the build-out of Golden Dome, even long before it gets built, not to mention the research and technology development that comes out of it,’ Chell said.

‘The posturing and the economic benefits of building something like this are also factored into why the dome is so important.’

The project’s sheer scale is expected to drive its strategic impact but could also come with an enormous price tag.

‘The dome is going to take trillions to build and is the largest military project, probably the largest engineering and technology project ever attempted, so there are going to be challenges getting it done,’ Chell explained.

‘The U.S. has ten years of planning, including where they are going to have communication links, radar systems, and early warning systems.’ That planning, Chell noted, is shifting focus north.

‘In order to protect the U.S., you want to take things down before they get over the top of the country,’ Chell said.

‘Places like Canada, or even further north, become the dropping ground. You want to get these threats as soon as possible.’

Canada and Greenland are viewed by U.S. defense planners as critical for radar coverage, space tracking and early-warning infrastructure.

‘The idea is something being shot down from space, but to do that you need very detailed landscape data of the entire North and you need access to the North,’ Chell said.

President Trump has long argued the U.S. must control Greenland for national security reasons, citing its strategic Arctic location and natural resources.

‘There needs to be infrastructure and oversight in the far north, in Canada, in Greenland, and places like that,’ Chell said. ‘All that planning has to be done well ahead of time, before we have anything operational.’

Chell also pointed to the potential role of drones in supporting the Golden Dome’s broader mission.

‘Drones could be part of informing the Golden Dome as reconnaissance, surveillance and intelligence tools,’ he said, adding that the ‘entire military complex is integrated.’

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


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The Pentagon’s newly released National Defense Strategy warns that future wars may no longer be fought solely overseas, arguing the U.S. military must be prepared to conduct combat operations directly from the American homeland as adversaries gain the ability to strike the United States itself.

The strategy, released Friday evening, elevates homeland defense above all other missions, calling for expanded missile defense, counter-drone systems, cyber capabilities and long-range strike forces capable of launching decisive operations from U.S. soil. Pentagon planners describe a global threat environment that is faster, more dangerous and far less forgiving than in past decades.

‘The Joint Force must be ready to deter and, if called upon, to prevail … including the ability to launch decisive operations against targets anywhere — including directly from the U.S. Homeland,’ the strategy states.

‘More direct military threats to the American Homeland have also grown in recent years, including nuclear threats as well as a variety of conventional strike and space, cyber, electromagnetic warfare capabilities,’ it adds.

Russia and China both field intercontinental ballistic missiles that can reach the continental United States, while North Korea has tested long-range missiles that U.S. officials say are capable of hitting U.S. territory. Iran is not believed to possess intercontinental ballistic missiles capable of reaching U.S. soil.

As a result, the Pentagon will prioritize President Donald Trump’s planned Golden Dome missile defense shield, with a focus on defeating ‘large missile barrages and other advanced aerial attacks,’ while also hardening military and key civilian infrastructure against cyber strikes. 

‘The United States should never — will never — be left vulnerable to nuclear blackmail,’ the strategy says, as it calls for continued modernization of the nation’s nuclear deterrent.

After years of focusing on a potential conflict with China in the Indo-Pacific, the strategy makes clear the Pentagon will seek what it calls a ‘stable peace’ with Beijing, including expanded military-to-military communications.

‘We will also be clear-eyed and realistic about the speed, scale, and quality of China’s historic military buildup,’ the document says. ‘Our goal … is simple: To prevent anyone, including China, from being able to dominate us or our allies.’

Pentagon planners argue deterrence will rely less on confrontation and more on denying China the ability to win a fight outright, particularly in the western Pacific, by blocking attempts to dominate U.S. allies or control key maritime routes.

But China is not the only concern.

The strategy warns the United States could face multiple crises at the same time, with adversaries acting together or exploiting moments of distraction — raising the risk that conflicts overseas could overlap and reach the homeland early.

To manage that risk, the Pentagon is pressing allies to shoulder more of the burden. The strategy calls on European and Indo-Pacific partners to dramatically increase defense spending, freeing U.S. forces to focus on homeland defense and the most dangerous threats.

The document also sharpens the Pentagon’s focus closer to home, treating border security, drug trafficking and access to key terrain as core military missions. It calls for readiness to take decisive action against narco-terrorist groups and to protect strategic locations including the Panama Canal and Greenland.

Distance, the strategy argues, is no longer a shield. Long-range missiles, cyber weapons and drones now allow adversaries to reach the United States directly, compressing warning times and raising the risk that future wars could hit American soil early.

To keep pace, the Pentagon calls for a rapid rebuild of the U.S. defense industrial base, warning that America must be able to produce weapons and equipment at scale if it hopes to deter — or survive — a prolonged fight.

The strategy describes Russia as a serious but declining threat, warning Moscow still poses dangers through its nuclear arsenal and cyber, space and undersea capabilities, even as the Pentagon argues Europe is now capable of taking the lead in its own defense.

‘Russia will remain a persistent but manageable threat to NATO’s eastern members for the foreseeable future,’ the document says, noting Russia continues to modernize ‘the world’s largest nuclear arsenal.’ The strategy makes clear Washington expects NATO allies to shoulder far more responsibility, arguing Europe’s economic and military potential far outpaces Russia’s if allies invest accordingly.

On Iran, the Pentagon paints a picture of a regime weakened by recent U.S. and Israeli military action but still dangerous and unpredictable.

‘Iran’s regime is weaker and more vulnerable than it has been in decades,’ the strategy says, while warning Iran’s leaders ‘have left open the possibility that they will try again to obtain a nuclear weapon.’

The document stresses Tehran’s continued hostility toward the United States and Israel, noting Iran ‘has the blood of Americans on its hands,’ and emphasizes empowering allies, particularly Israel and U.S. partners in the Gulf, to deter Iran and respond decisively if American interests are threatened.

Iran regularly touts its ballistic missile arsenal as a central pillar of its deterrent and retaliatory strategy, showcasing new medium-range and ‘hypersonic’ systems and warning they can strike regional rivals and U.S. interests in the Middle East. 

China, meanwhile, has pushed back strongly against the U.S. Golden Dome missile defense initiative, accusing Washington of undermining global strategic stability and risking the weaponization of outer space.


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Coelacanth Energy Inc. (TSXV: CEI,OTC:CEIEF) (‘Coelacanth’ or the ‘Company’) announces that its board of directors approved the granting of incentive stock options (‘Options’) under its stock option plan to acquire up to an aggregate of 8,634,250 common shares (‘Common Shares’) of the Corporation (6,298,250 granted to certain of its directors and officers and 2,336,000 granted to certain of its employees) and to the granting of restricted share units (‘RSUs’) under its restricted share unit plan to obtain up to an aggregate of 5,369,500 Common Shares (4,224,250 granted to certain of its directors and officers and 1,145,250 granted to certain of its employees).

All of the Options are exercisable for a period of five years at a price of $0.80 per Common Share and 33⅓% of the Options will vest on the date that is one year after the date of the grant of such Options and the remainder will vest 33⅓% per year thereafter. All of the RSUs are exercisable for a period of three years at no additional cost and 33⅓% of the RSUs will vest on the date that is one year after the date of the grant of such RSUs and the remainder will vest 33⅓% per year thereafter.

Following the grant of Options and RSUs, Coelacanth has an aggregate of 30,220,931 Options and 9,865,698 RSUs outstanding. Coelacanth’s share based incentive plans limit the total number of Common Shares underlying the aggregate outstanding Options and RSUs to no more than 10% of the issued and outstanding Common Shares of 535,316,833. As of the date of this press release, the total number of Common Shares underlying the outstanding Options and RSUs on an aggregate basis is 40,086,629 or approximately 7.5% of the issued and outstanding Common Shares.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Coelacanth Energy Inc.
2110, 530 – 8th Ave SW
Calgary, Alberta T2P 3S8
Phone: 403-705-4525
www.coelacanth.ca

Mr. Robert J. Zakresky
President and Chief Executive Officer

Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

NOT FOR DISTRIBUTION IN TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281716

News Provided by TMX Newsfile via QuoteMedia

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New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) (‘New Found Gold’ or the ‘Company’) is pleased to announce key advancements at its 100%-owned Queensway Gold Project (‘Queensway’ or the ‘Project’) in Newfoundland and Labrador, Canada, which includes entering into a Phase I engineering, procurement and construction management services (‘EPCM’) contract.

Highlights of Key Project Advancements:

  • Offsite Mill Selection: The Company owns the fully permitted Pine Cove Mill (‘Pine Cove‘) and Nugget Pond Hydrometallurgical Gold Plant, both located in central Newfoundland. EPCM work will include upgrading and expanding Pine Cove for Queensway Phase 1 to benefit from the synergies of processing both Hammerdown and Queensway Phase 1 feed from a single facility.

  • Environmental Assessment: The Company has substantially completed its environmental baseline work at Queensway and plans to submit an Environmental Registration (‘ER‘) to the Newfoundland and Labrador (‘NL‘) Department of Environment, Conservation and Climate Change in late Q1/26. The ER serves to initiate the environmental assessment (‘EA‘) process for the Project, as per the NL Environmental Protection Act. Updates on the status of the EA process will be provided when available.

  • Project Finance: As previously announced, the Company has engaged Cutfield Freeman & Co. Ltd., an independent global mining finance advisory firm, to act as its project finance advisor with the objective of selecting the optimal financing package for the initial capital expenditure required to fund Queensway Phase 1 production2.

  • Technical Report: the Company plans to file an updated Technical Report, which will include an updated mineral resource estimate, in mid-2026.

  • Timeline: The Queensway Phase 1 project finance process is ongoing and EPCM work is underway with the objective of achieving first gold pour from Queensway Phase I in H2/27, pending receipt of all required permits.

Keith Boyle, CEO of New Found Gold stated ‘Commencing EPCM work is a key milestone in advancing Queensway. We believe our rapid timeline from initial mineral resource in early 2025 to a planned first gold pour in late 2027 is supported by a unique combination of factors, namely: significant drilling and technical work completed on a deposit with an at-surface, high-grade core; ownership of the recently acquired Pine Cove operation, equipped with a fully permitted milling and tailings facilities; and being located in a mining-positive region. Newfoundland and Labrador is a jurisdiction ranked in the top 10 globally in the Fraser Institute’s 2024 Annual Survey of Mining Companies and offers excellent access, infrastructure and a skilled labour force. Having executed on a number of key steps in 2025 and building a strong technical and operating team over the past year has put the Company in an excellent position to accelerate the development of Queensway in a strong gold price environment.’

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under National Instrument 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and owns the Hammerdown Operation, Pine Cove Operation and Nugget Pond Hydrometallurgical Gold Plant. The Company is currently focused on advancing Queensway to production and bringing the Hammerdown Operation into steady-state gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold news release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

New Found Gold has a new board of directors and management team and a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Contact

For further information on New Found Gold, please visit the Company’s website at www.newfoundgold.ca, contact us through our investor inquiry form at https://newfoundgold.ca/contact/contact-us/ or contact:

Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 910-4653
Email: contact@newfoundgold.ca

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp, https://x.com/newfoundgold

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

Forward-Looking Statement Cautions

This press release contains certain ‘forward-looking statements’ within the meaning of Canadian securities legislation, including relating to WSP’s engagement to provide EPCM services for Queensway Phase 1 project development; the expected start of the EPCM work in Q1/26; the planned work on Pine Cove for Queensway Phase 1; the expected submission of an ER to the NL Department of Environment, Conservation and Climate Change in late Q1/26; the future updates on the status of the EA process; the anticipated filing of an updated Queensway technical report; and the expected first gold pour from Queensway Phase I, pending receipt of all required permits. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts, they are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘interpreted’, ‘intends’, ‘estimates’, ‘projects’, ‘aims’, ‘suggests’, ‘indicate’, ‘often’, ‘target’, ‘future’, ‘likely’, ‘pending’, ‘potential’, ‘encouraging’, ‘goal’, ‘objective’, ‘prospective’, ‘possibly’, ‘preliminary’, and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘can’, ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company’s ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s Annual Information Form and Management’s Discussion and Analysis, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

1 for additional information see the Company’s news release dated July 21, 2025.
2 for additional information see the Company’s news release dated November 28, 2025.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281691

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