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Radisson Mining Resources Inc. (TSXV: RDS,OTC:RMRDF) (OTCQX: RMRDF) (‘Radisson’ or the ‘Company’) is pleased to announce assay results from six new drill holes completed at its 100%-owned O’Brien Gold Project (‘O’Brien’ or the ‘Project’) located in the Abitibi region of Québec. The six holes are the latest completed as part of the Company’s ongoing 140,000-metre step-out drill program designed to test the overall scope of gold mineralization at the Project (see Radisson news release dated October 16, 2025). Two of the holes represent the twelfth and thirteenth directional wedges completed from pilot hole OB-24-337 and serve to expand the broad area of new high-grade mineralization being delineated across multiple veins beneath the historic O’Brien Gold Mine. All six of the holes released today intersected gold mineralization, and five of the holes returned intercepts with grades and thicknesses consistent with the Project’s existing mineral resources, continuing the very high success rate of the current drill program. Highlights include:

  • OB-25-337W13 intersected 90.60 grams per tonne (‘g/t’) gold (‘Au’) over 1.0 metre within a mineralized interval averaging 30.59 g/t Au over 3.0 metres and 9.14 g/t Au over 2.7 metres, including 16.35 g/t Au over 1.4 metres;

  • OB-25-337W12 intersected 25.10 g/t Au over 1.5 metres and 14.20 g/t Au over 1.5 metres and 11.40 g/t Au over 1.3 metres;

  • OB-25-322W2 intersected 3.11 g/t Au over 8.0 metres including 5.93 g/t Au over 1.5 metres and 3.62 g/t Au over 4.0 metres including 6.33 g/t Au over 1.5 metres;

  • OB-25-322W1 intersected 4.02 g/t Au over 4.5 metres, including 8.29 g/t Au over 1.5 metres;

Matt Manson, President and CEO: ‘Today we are releasing six new drill holes from our ongoing deep step-out drill program at O’Brien. These continue to illustrate the extension of the Project’s system of gold mineralization below the historic O’Brien mine and the current mineral resources. Of particular note are the two new wedges completed from pilot hole OB-24-337 located beneath the former mine’s final stope. These are the twelfth and thirteenth such wedges completed. Once again, we are seeing multiple high-grade intercepts of quartz-sulphide veins within broader alteration envelopes. This represents a system of gold mineralization that we have modelled as up to six veins delineated over a 250-metre (east-west) by 500-metre (vertical) area that remains open. With this step-out drill program we are steadily pushing the limits of known mineralization at O’Brien outwards and downwards. Overall, we have now completed 74 drill holes in the 140,000 metres program, 61 of which have intersected mineralization with grades and thicknesses consistent with the Project’s current mineral resources, an 82% success rate. As we start 2026, we will be operating seven drill rigs at site and ramping up to our eighth rig presently. Twelve additional step-out drill holes, including the final OB-24-337 wedges, have been completed and are awaiting assays.’

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Figure 1: Longitudinal Vertical Section and Plan View of Gold Vein Mineralization and Mineral Resources at the O’Brien Gold Project, with Today’s Drill Holes Illustrated

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Table 1: Assay Results from Select Drill Holes

DDH Zone    From (m)   To (m)  Core Length (m) Au g/t – Uncut Host Lithology
OB-25-322W1 Trend #1      1,226.0    1,227.5 1.50 3.88  V3-S 
     1,359.5    1,364.0 4.50 4.02  S1p 
Including    1,362.5    1,364.0 1.50 8.29  S1p 
OB-25-322W2 Trend #1      1,401.0    1,402.0 1.00 2.82  POR-S 
     1,409.0    1,410.5 1.50 3.61  S1p 
     1,421.0    1,429.0 8.00 3.11  S1p 
Including    1,424.5    1,426.0 1.50 5.93  S1p 
     1,434.5    1,438.5 4.00 3.62  S1p 
Including    1,435.5    1,437.0 1.50 6.33  S1p 
     1,465.0    1,466.5 1.50 3.67  POR-N 
OB-25-337W12 O’Brien Mine
East
     1,274.5    1,276.0 1.50 25.10  V3-S 
     1,293.5    1,295.0 1.50 3.50  POR-S 
     1,306.5    1,308.0 1.50 14.20  POR-S 
     1,318.7    1,320.0 1.30 11.40  V3-CEN 
OB-25-337W13 O’Brien Mine
East
        862.0       865.0 3.00 30.59  PON-S3 
Including       864.0       865.0 1.00 90.60  PON-S3 
     1,211.5    1,214.2 2.70 9.14  POR-S 
Including    1,212.8    1,214.2 1.40 16.35  POR-S 
OB-25-371W7 Trend #2      1,143.2    1,144.7 1.50 3.94  S1p 
     1,152.5    1,154.0 1.50 4.61  POR-N 
     1,169.9    1,171.4 1.50 3.51  V3-N 

 

Notes on Calculation of Drill Intercepts:
The O’Brien Gold Project Mineral Resource Estimate effective May 6, 2025 (‘MRE’) utilizes a 2.20 g/t Au bottom cut-off, a US$2,000 gold price, a minimum mining width of 1.2 metres, and a 40 g/t Au upper cap on composites. Intercepts presented in Table 1 are calculated with a 3.00 g/t Au bottom cut-off. True widths, based on depth of intercept and drill hole inclination, are estimated to be 30-80% of core length. Table 2 presents additional drill intercepts calculated with a 1.00 g/t bottom cut-off over a minimum 1.0 metre core length so as to illustrate the frequency and continuity of mineralized intervals within which high-grade gold veins at O’Brien are developed. Lithology Codes: PON-S3: Pontiac Sediments; V3-S, V3-N, V3-CEN: Basalt-South, North, Central; S1P, S3P: Conglomerate; POR-S, POR-N: Porphyry South, North; TX: Crystal Tuff; ZFLLC: Larder Lake-Cadillac Fault Zone.

Gold Mineralization at O’Brien

Gold mineralizing quartz-sulphide veins at O’Brien occur within a thin band of interlayered mafic volcanic rocks, conglomerates, and porphyritic andesitic sills of the Piché Group occurring in contact with the east-west oriented Larder Lake-Cadillac Break (‘LLCB’). Gold, along with pyrite and arsenopyrite, is typically associated with shearing and a pervasive biotite alteration, and developed within multiple Piché Group lithologies and, occasionally, the hanging-wall Pontiac and footwall Cadillac meta-sedimentary rocks.

As mapped at the historic O’Brien mine, and now replicated in the modern drilling, individual veins are generally narrow, ranging from several centimetres up to several metres in thickness. Multiple veins occur sub-parallel to each other, as well as sub-parallel to the Piché lithologies and the LLCB. Individual veins have well-established lateral continuity, with near-vertical, high-grade shoots developed over significant lengths. Based on the historic data available, it is clear that the former mine was ‘high-graded’, with mining focussed on a main central stope and parallel veins identified but left undeveloped.

The historic O’Brien mine produced over half a million ounces of gold from such veins and shoots at an average grade exceeding 15 g/t Au and over a vertical extent of at least 1,000 metres. Modern exploration has focussed on delineating well developed vein mineralization to the east of the historic mine, with additional high-grade shoots becoming evident in the exploration data over what has been described as a series of repeating trends (‘Trend #s 0 to 5’).

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Figure 2: Deep Step-Out Drill Holes Completed and/or Published by the Company since December 2024

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Step-Out Drilling at O’Brien

Since the end of 2024, Radisson has been pursuing a program of broad step-outs beneath the historic O’Brien Gold mine and the existing mineral resources designed to test the extent of mineralization at the Project. This drilling is accomplished with pilot holes followed by wedges and directional drilling to maximize drill efficiency. On October 16, 2025, Radisson announced the expansion of the step-out drill program to 140,000 metres employing an eventual eight drill rigs.

The origin of the step-out drill program was the deep pilot hole OB-24-337, which was the first exploration drill hole located below the former mine workings since mining ended in 1957. This hole intersected 31.24 g/t Au over 8.0 metres, including 242.0 g/t Au over 1.0 metre at approximately 1,500 metres vertical depth (see Radisson news release dated December 16, 2024). With today’s results, assay results from a total of thirteen wedges from OB-24-337 have now been reported and up to six gold-bearing veins have been delineated over an area of approximately 250 metres (east-west) by 500 metres (vertical). The thirteenth wedge, released today, intersected 9.14 g/t Au over 2.7 metres including 16.35 g/t Au over 1.4 metres within Piché rocks just 40 metres below the final historic mining stope (Figures 1 and 3). The final two wedges, the fourteenth and fifteenth, have been completed and assay results are expected shortly. Future drilling in this area will utilize new pilot holes and wedge extensions to test the full scope of mineralization down to 2 kilometres depth.

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Figure 3: Vertical Cross Section through the Historic O’Brien Mine with Deep Pilot Hole OB-24-337 and Wedges OB-25-337W1 to W13

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Table 2: Detailed Assay Results (see ‘Notes on Calculation of Drill Intercepts’)

DDH Zone    From (m)   To (m)  Core Length (m) Au g/t – Uncut Host Lithology
OB-25-322W1 Trend #1      1,226.0    1,227.5 1.50 3.88 V3-S
     1,285.5    1,287.0 1.50 1.05 V3-S
     1,315.2    1,322.5 7.30 1.14 POR-S
     1,331.5    1,337.5 6.00 1.42 POR-S
     1,349.0    1,353.5 4.50 1.77 S1p
     1,359.5    1,364.0 4.50 4.02 S1p
Including    1,362.5    1,364.0 1.50 8.29 S1p
     1,371.5    1,373.0 1.50 1.80 S1p
     1,390.0    1,391.0 1.00 2.22 V3-N
OB-25-322W2 Trend #1      1,401.0    1,402.0 1.00 2.82 POR-S
     1,409.0    1,410.5 1.50 3.61 S1p
     1,415.0    1,416.5 1.50 2.37 S1p
     1,421.0    1,429.0 8.00 3.11 S1p
Including    1,424.5    1,426.0 1.50 5.93 S1p
     1,434.5    1,438.5 4.00 3.62 S1p
Including    1,435.5    1,437.0 1.50 6.33 S1p
     1,450.5    1,451.6 1.10 2.36 S1p
     1,465.0    1,468.0 3.00 2.93 POR-N/V3-N
     1,465.0    1,466.5 1.50 3.67 POR-N
OB-25-337W12 O’Brien Mine
East
     1,262.5    1,264.0 1.50 1.78  V3-S 
     1,267.0    1,268.5 1.50 1.39  V3-S 
     1,274.5    1,276.0 1.50 25.10  V3-S 
     1,281.8    1,283.3 1.50 1.17  V3-S 
     1,293.5    1,299.0 5.50 1.53  POR-S 
Including    1,293.5    1,295.0 1.50 3.50  POR-S 
     1,306.5    1,308.0 1.50 14.20  POR-S 
     1,313.2    1,317.7 4.50 1.01  V3-CEN 
     1,318.7    1,320.0 1.30 11.40  V3-CEN 
     1,378.5    1,379.9 1.40 1.04  POR-N 
     1,388.5    1,391.5 3.00 1.34  V3-N 
OB-25-337W13 O’Brien Mine
East
        862.0       865.0 3.00 30.59 PON-S3
Including       864.0       865.0 1.00 90.60 PON-S3
     1,211.5    1,214.2 2.70 9.14 POR-S
Including    1,212.8    1,214.2 1.40 16.35 POR-S
     1,263.1    1,265.5 2.40 1.25 V3-N
     1,279.0    1,280.5 1.50 1.03 V3-N
OB-25-371W7 Trend #2      1,092.5    1,095.5 3.00 1.25 V3-S
     1,120.0    1,121.5 1.50 1.60 V3-S
     1,141.8    1,147.0 5.20 2.36 V3-CEN/S1p
Including    1,143.2    1,144.7 1.50 3.94 S1p
     1,152.5    1,154.0 1.50 4.61 POR-N
     1,168.4    1,171.4 3.00 2.90 V3-N
Including    1,169.9    1,171.4 1.50 3.51 V3-N
OB-25-377 O’Brien Mine
West
        767.0       768.0 1.00 1.46 PON-S3
        791.0       792.0 1.00 1.08 PON-S3
     1,151.5    1,153.0 1.50 1.71 V3-S
     1,191.0    1,192.1 1.10 1.63 V3-CEN
     1,230.9    1,232.4 1.50 1.01 S1p
     1,248.8    1,250.1 1.30 1.58 S1p
     1,262.2    1,263.3 1.10 1.52 POR-N
     1,310.0    1,311.0 1.00 1.46 V3-N

 

Table 3: Drill Hole Collar Information for Holes contained in this News Release

DDH Zone Easting Northing Azimuth Dip Hole Length (m)
OB-25-322W1 Trend #1 694199 5345098 1 -85.0 627.0
OB-25-322W2 Trend #1 694199 5345098 1 -85.0 687.0
OB-25-337W12 O’Brien Mine East 693700 5345070 346 -79.5 651.5
OB-25-337W13 O’Brien Mine East 693700 5345070 346 -79.5 710.0
OB-25-371W7 Trend #2 694531 5345147 334 -82.0 347.0
OB-25-377 O’Brien Mine West 693272 5345054 345 -79.5 1337.0

 

Notes:
Hole lengths for wedges represent meterage from point of wedge. Drill hole OB-24-337 was completed in 2024 while its wedge branches were drilled in 2025.

Today’s results also include the first and second wedges completed from pilot drill hole OB-24-322, which intersected high-grade mineralization on the downwards extension of Trend #1 at 1,280 metres and 1,360 metres vertical depth, respectively. These two wedges appear to have intersected the same mineralized zone over a vertical separation of 80 metres, returning similar intercepts of 4.02 g/t Au over 4.5 metres, including 8.29 g/t Au over 1.5 metres (OB-25-322W1) and 3.11 g/t Au over 8.0 metres including 5.93 g/t Au over 1.5 metres and 3.62 g/t Au over 4.0 metres including 6.33 g/t Au over 1.5 metres (OB-25-322W2). Additional drill wedges from OB-24-322 have been completed and assays are pending.

Drill hole OB-25-371W7 is the seventh wedge from a pilot hole centered on the deep extension of Trend #2. It returned three separate intercepts of gold mineralization that were short, but with grades and thicknesses consistent with the Project’s mineral resources, in an untested area on the western side of Trend #2 towards the deep extension of Trend #1 (Figure 1). The Company considers the apparent ‘gap’ between the deep extensions of these two mineralizing trends to be a function of drill coverage rather than mineralization (Figure 2). This area offers a significant opportunity to delineate future mineral resources at relatively shallow depths and within the scope of the mine design contained in the Project’s 2025 Preliminary Economic Assessment. Further drill testing here will be an important part of the upcoming 2026 work program. The sixth drill hole release today, OB-25-377, was located in a gap area between the western and eastern portions of the former mine and intersected three narrow zones of minor mineralization.

QA/QC

All drill cores in this campaign are NQ in size. Assays were completed on sawn half-cores, with the second half kept for future reference. The samples were analyzed using standard fire assay procedures with Atomic Absorption (AA) finish at ALS Laboratory Ltd, in Val-d’Or, Quebec. Samples yielding a grade higher than 10 g/t Au were analyzed a second time by fire assay with gravimetric finish at the same laboratory. Mineralized zones containing visible gold were analyzed with metallic sieve procedure. Standard reference materials, blank samples and duplicates were inserted prior to shipment for quality assurance and quality control (QA/QC) program.

QP Disclosure

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the MRE at O’Brien. Each of Mr. Nieminen and Mr. Evans is independent of Radisson and the O’Brien Gold Project.

About Radisson Mining

Radisson is a gold exploration company focused on its 100% owned O’Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 ‘O’Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada’ effective June 27, 2025, and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O’Brien Gold Project. For more information on Radisson, visit our website at www.radissonmining.com or contact:

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

Forward-Looking Statements

This news release contains ‘forward-looking information’ within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company’s plans relating to the O’Brien Gold Project as set out in the Preliminary Economic Assessment; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the O’Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O’Brien Gold Project profitable; the Company’s ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies; local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future; planned and ongoing drilling; the significance of drill results; the ability to continue drilling; the impact of drilling on the definition of any resource; and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company’s ability to grow the O’Brien Gold Project; and the ability to convert inferred mineral resources to indicated mineral resources.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘interpreted’, ‘management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O’Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company’s capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company’s activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O’Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Please refer to the ‘Risks and Uncertainties Related to Exploration’ and the ‘Risks Related to Financing and Development’ sections of the Company’s Management’s Discussion and Analysis dated April 29, 2025 for the year ended December 31, 2024, and the Company’s Management’s Discussion and Analysis dated November 26, 2025 for the three month period ended September 30, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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President Donald Trump’s announcement that the United States will temporarily ‘run’ Venezuela following the capture of Nicolás Maduro may prove to be a defining moment for the Western Hemisphere — either a disciplined effort to restore regional stability or the opening chapter of an avoidable, open-ended entanglement.

At his Mar-a-Lago press conference on Saturday, the president stated plainly, ‘We will run the country until such time as we can do a safe, proper and judicious transition.’ He added that members of his national security team standing behind him would oversee the effort and did not rule out ‘boots on the ground.’ Hours later, speaking aboard Air Force One, he sharpened the message further: ‘We’re going to run it, fix it.’

The strategic logic is easy to understand. Venezuela sits atop the world’s largest proven oil reserves and has become a hub for narcotics trafficking, corruption and malign outside influence. The administration’s December 2025 National Security Strategy explicitly embraces what it calls a ‘Trump Corollary’ to the Monroe Doctrine — pledging to deny non-hemispheric competitors such as China, Russia and Iran control over strategically vital assets in the Americas. In that framework, Venezuela is not merely a humanitarian tragedy; it is a test case.

But this is precisely where experience should sober ambition.

The first problem: Who is actually in charge?

A central contradiction now confronts Washington. How does the United States ‘run’ Venezuela when its constitutionally designated vice president, Delcy Rodríguez, has already been sworn in domestically as interim president following Maduro’s removal?

Rodríguez’s claim to authority — backed by Venezuela’s Supreme Tribunal of Justice and regime-loyal institutions — is rejected by Washington as illegitimate. Yet in practical terms, ministries, security forces and regional authorities inside Venezuela remain staffed by officials loyal to the old system. That means the United States is not governing Venezuela in name, law or day-to-day administration — even as presidential rhetoric suggests otherwise.

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This disconnect between declared authority and actual control is where post-conflict operations often fail.

Lessons written in blood: Iraq and the cost of improvisation

I learned that lesson firsthand. In 2002 and 2003, I served as a member of then–Defense Secretary Donald Rumsfeld’s Military Analyst Group. We were given extensive access — briefings, travel and candid discussions with officials planning both the Iraq invasion and what would follow.

In early 2003, several of us met with retired officers outlining postwar governance plans. We asked basic but essential questions: Who would secure ministries? How would local governance function? How would electricity, water and fuel distribution be restored? The answers were often vague, more aspirational than operational.

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After the invasion, I visited Baghdad and met with Coalition Provisional Authority officials under Ambassador Paul Bremer. Again, the gaps were obvious. We had removed a regime but had not built the machinery needed to prevent the vacuum that follows. 

One decision still echoes: the CPA’s order dissolving Iraq’s security institutions, including the Ministry of Defense. RAND’s official history records that the order was issued with little objection at senior levels, even as misunderstandings were masked by apparent consensus. The result was predictable — security collapsed, insurgency surged and the U.S. presence expanded far beyond its original scope.

Venezuela now risks a similar mistake. Capturing Maduro may prove to be the easy part. Governing what comes next is the hard part — and the part America has too often improvised.

Panama is the wrong analogy

Some have compared Venezuela today to Panama in 1989, when U.S. forces captured Manuel Noriega and quickly installed Guillermo Endara as president. The comparison is tempting — and deeply misleading.

Panama was small, U.S. forces were already present, and a recognized successor government was ready to assume power. Venezuela, by contrast, has 30 million people, no broadly accepted transitional authority and entrenched military-criminal networks embedded throughout the state. What worked in Panama cannot simply be scaled up to Caracas.

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‘Not day-to-day governance’— what that really means

Secretary of State Marco Rubio has since clarified that the United States does not intend to govern Venezuela ‘day-to-day.’ That clarification matters — but it raises its own questions. If Washington is not running ministries, courts, budgets or police forces, what does that leadership look like?

In real terms, it appears the administration is signaling a model of indirect control rather than occupation. The primary lever is economic, especially oil.

Venezuela’s political and military elites survive on access to oil revenues. Whoever controls export permissions, sanctions relief, insurance access and dollar-denominated transactions controls the real center of gravity. Conditioning access to those revenues — while freezing assets abroad and coordinating sanctions enforcement with allies — offers Washington leverage over the top of the system without governing the country outright.

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That approach amounts to influence without occupation: pressure without American administrators running Caracas.

A narco-state is not a one-man show

There is also a dangerous illusion at work — that removing Maduro dismantles the regime.

Maduro sat at the apex of a narco-state and was indicted in U.S. courts on charges of drug trafficking and narco-terrorism. But he did not act alone. His power rested on a network of generals, intelligence chiefs, judges, energy officials and cartel intermediaries who enriched themselves under the existing system. Many of those figures remain in place today.

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They are unlikely to surrender quietly. Some will seek accommodation; others will resist through bureaucratic sabotage, violence or the manipulation of public fear. Without a credible transitional framework anchored in Venezuelan civil society and supported by international legitimacy, the system Maduro built may survive him.

The questions that must be answered — now

If the administration wants to avoid repeating Iraq, it must answer several questions publicly and soon.

What is the legal basis — and limit — of U.S. authority? Who provides immediate security, and under what rules? Which Venezuelan partners will be empowered to lead? What economic plan serves Venezuelans first, not just foreign interests? And how does this mission end?

Once the United States assumes responsibility for ‘running’ another country, it inherits responsibility not only for success but for failure.

The Trump administration can still make Venezuela a model rather than a warning. But doing so will require discipline: clearly defined objectives, credible Venezuelan partners, continuity in security forces, transparent reconstruction tied to humanitarian relief and an exit strategy that is real — not rhetorical.

Venezuela is not Iraq. But history has a way of repeating itself when preparation yields to improvisation.


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President Donald Trump is set to huddle with House Republicans on Tuesday morning, days after the U.S. government executed strikes in Venezuela and captured the country’s leader Nicolás Maduro. 

Trump will address GOP lawmakers at the newly renamed Donald J. Trump and John F. Kennedy Memorial Center for the Performing Arts, multiple sources told Fox News Digital. 

A White House schedule released late on Monday said Trump will speak around 10 a.m., and that his remarks will be streamed live.

House Republicans will be at the Trump Kennedy Center for an all-day policy forum Tuesday aimed at discussing their agenda for 2026, according to an email obtained by Fox News Digital.

It comes the day House lawmakers return from a two-week recess for the end-of-year holiday period.

Part of the day’s agenda was meant to include remarks by Trump to rally Republicans around their legislative priorities, but three sources told Fox News Digital they anticipate Venezuela will be a focus of the day as well.

‘My guess is he does 30 minutes on Venezuela and five on policy,’ one House GOP source told Fox News Digital.

Another source told Fox News Digital, ‘I would expect him to give a pretty typical rally-type speech … but who knows.’

That source expressed frustration that Republicans were waiting ‘until we get back to work to strategize.’

Meanwhile, Rep. Mike Haridopolos, R-Fla., also said he expected Trump’s remarks to focus heavily on Venezuela.

‘I think the president is going to walk through not only the justification he had for it, which is the court of law in the United States, but also the fact that, how legitimate is a country if the… Canadians, the [European Union], and the United States, no one recognizes this guy? The only people who recognize him are our enemies,’ the Florida Republican said.

Rep. Wesley Hunt, R-Texas, who is challenging Sen. John Cornyn, R-Texas, for his Senate seat, said he anticipated Trump to discuss November’s elections as well.

Asked what he thought he’d hear from the president, Hunt told Fox News Digital he could see Trump discussing ‘the successes of the administration, how important it’s been, what happened in Caracas a couple of days ago…codifying his agenda, and winning the midterms.’

‘I think we’re going to hear a lot of that,’ Hunt said.


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Venezuelan opposition leader Maria Corina Machado has vowed to return to Venezuela ‘as soon as possible’ following America’s capture of dictator Nicolás Maduro, warning that the current regime is escalating an internal crackdown on dissent and journalists.

Speaking to ‘Hannity’ on Monday, Machado said the moment is now right for her return after spending more than a year in hiding. She secretly escaped Venezuela last month and traveled to Norway to receive the Nobel Peace Prize, which she dedicated to President Donald Trump.

‘Well, first of all, I’m planning to go back to Venezuela as soon as possible,’ Machado said. 

‘As I’ve always said, Sean, every day I make a decision where I am more useful for our cause. That’s why I stayed in hiding for over 16 months, and that’s why I decided to go out, because I believed that at this moment I’m more useful to our cause, being able to speak out from where I’m at right now. But I’m going to go as soon possible back home.’

Machado said developments in the past 24 hours have been deeply concerning, pointing to what she described as a sweeping executive order signed by Maduro on the same day he was captured and flown out of the country by U.S. forces.

‘What we’re seeing right now in the last 24 hours is really alarming,’ she said.

Machado said the order mandates the persecution of Venezuelans who support Trump’s actions and claimed at least 14 journalists have been detained. A state of emergency decree issued Saturday, but published Monday, orders police to ‘immediately begin the national search and capture of everyone involved in the promotion or support for the armed attack by the United States,’ the text of the decree reads, according to Reuters.

She said the situation must be closely monitored by the United States and the Venezuelan people, arguing that the transition away from Maduro must continue.

‘So this is very alarming. This is something that has to be followed carefully, I’m sure, by the United States government and by the Venezuelan people,’ she said. ‘And certainly we believe that this transition should move forward.’

Machado also sharply criticized Venezuelan Vice President Delcy Rodríguez, calling her unfit to lead any transitional authority. Rodríguez, who has been vice president under Maduro since 2018, was sworn in as interim president on Monday.

‘Delcy Rodriguez, as you know, is one of the main architects of torture, persecution, corruption, narco trafficking,’ Machado said. ‘She’s the main ally and liaison with Russia, China, Iran, certainly not an individual that could be trusted by international investors. And she’s really rejected, repudiated by the Venezuelan people.’

Machado’s comments came just two days after the Trump administration announced that U.S. forces had captured the dictator and his wife, Cilia Flores, after successful ‘large-scale’ military strikes targeting the Venezuelan government. The dictator and his wife are now being held in New York while they await trial on narco-terrorism charges.

Fox News’ Maria Lencki and Louis Casiano contributed to this report.


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Venezuelan President Nicolás Maduro’s wife arrived to court in New York City wearing bandages on her face and complaining of bruises on her ribs, according to her lawyer.

Her attorney, veteran prosecutor Mark Donnelly, told the court that Cilia Flores suffered ‘significant injuries’ when U.S. forces raided the couple’s compound in Caracas on Saturday. Donnelly requested that Flores receive a full X-ray to determine whether she fractured a rib in the incident.

Flores was already wearing two bandages on her face, one on her forehead and another above her eye.

Both she and her husband pleaded not guilty to narco-terrorism and other charges in their first appearance on Monday.

Maduro faces four charges: narco-terrorism conspiracy, cocaine importation conspiracy, possession of machine guns and destructive devices and conspiracy to possess machine guns and destructive devices.

Flores faces three charges, including cocaine importation conspiracy, possession of machine guns and destructive devices, and conspiracy to possess machine guns and destructive devices.

Donnelly filed a motion to serve as counsel for Flores earlier Monday. He previously served 12 years at the Department of Justice, including as senior advisor to the United States Attorney for the Southern District of Texas.

Maduro

‘Mark has extensive experience investigating white collar cases, having run the Southern District’s fraud division for over two years. His white collar practice included FCPA investigations, Healthcare Fraud, joint SEC matters, large scale investor fraud, and cyber security matters,’ Donnelly’s biography on the website for the Parker Sanchez & Donnelly law firm reads.

The Texas House of Representatives also enlisted Donnelly to assist in the 2023 investigation and impeachment trial for Texas Attorney General Ken Paxton. Paxton’s impeachment case made it to the Texas Senate, but he was ultimately acquitted on all charges.

Maduro and Flores, who have been married for 12 years, were first introduced while working closely with Maduro’s predecessor, Hugo Chávez. At the time, Maduro described her as having a ‘fiery character,’ according to Reuters.

The pair did not marry until nearly two decades after first meeting, after Maduro was elected president in 2013.

Fox News’ Emma Bussey contributed to this report.


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Danish Prime Minister Mette Frederiksen on Monday warned about the implications of President Donald Trump’s threats to annex Greenland, saying it could be the end of the North Atlantic Treaty Organization (NATO).

Frederiksen told Danish broadcaster TV2 in an interview that Trump’s threats about Greenland should be taken seriously.

‘But I also want to make it clear that if the U.S. chooses to attack another NATO country militarily, then everything stops. Including our NATO and thus the security that has been provided since the end of the Second World War,’ she said, according to the outlet.

President Donald Trump told reporters on Air Force One over the weekend that the U.S. needs Greenland, a Danish territory, for ‘national security.’

European and Nordic leaders pushed back against the comments, with Finnish President Alexander Stubb, Norwegian Prime Minister Jonas Gahr Støre and Denmark’s Ambassador to the United States Jesper Møller Sørensen underscoring their support for Denmark’s sovereignty over Greenland and stressing that its future must be determined by Greenland and Denmark alone.

White House deputy chief of staff for policy Stephen Miller doubled down on Trump’s remarks, telling CNN in an interview on Monday that Greenland ‘should be part of the United States.’

CNN anchor Jake Tapper pressed Miller about whether the Trump administration could rule out military action against the Arctic island.

‘Greenland has a population of 30,000 people,’ Miller said. ‘The real question is by what right does Denmark assert control over Greenland. What is the basis of their territorial claim? What is their basis of having Greenland as a colony of Denmark?’

‘The United States is the power of NATO. For the United States to secure the Arctic region, to protect and defend NATO and NATO interests, obviously Greenland should be part of the United States,’ he added.

Greenlandic Prime Minister Jens-Frederik Nielsen said in a Monday statement posted on Facebook that his country is ‘not an object of superpower rhetoric.’

‘We are a people. A land. And democracy. This has to be respected. Especially by close and loyal friends,’ Nielsen wrote in part.

‘Threats, pressure and talk of annexation do not belong anywhere between friends,’ he added. ‘That’s not how you talk to a people who have repeatedly shown responsibility, stability and loyalty. This is enough.’


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A deepening political realignment across Latin America came into focus over the weekend at a summit of the Community of Latin American and Caribbean States, or CELAC, and sharpened further Monday at the United Nations Security Council, where governments publicly split over the U.S. role in the capture of Venezuelan strongman Nicolás Maduro.

At CELAC, several leftist governments attempted to push through a joint statement condemning Maduro’s detention. The effort failed after a bloc of countries consisting of Argentina, Bolivia, Paraguay, Peru, Ecuador, El Salvador, Panama, the Dominican Republic, and Trinidad and Tobago blocked consensus, preventing the regional body from issuing a unified defense of the Venezuelan leader, Merco Press agency reported.

The breakdown exposed growing fractures within what has long been a left-leaning regional forum and underscored the erosion of automatic solidarity with Caracas.

Melissa Ford Maldonado, director of the Western Hemisphere Initiative at the America First Policy Institute, said the fractures reflect a broader regional reckoning with the consequences of socialist and narco-authoritarian rule.

‘We are witnessing a regional awakening across Latin America,’ Maldonado told Fox News Digital. ‘The failure of socialism, communism and narco-authoritarian rule has become impossible to ignore.’

The shift is increasingly visible at the ballot box, where voters in several countries — last month alone in Chile and Honduras — have moved away from entrenched left-wing governments and toward right-of-center leaders campaigning on themes of security, sovereignty, border control and law and order — messages that echo aspects of President Donald Trump’s political approach in the United States.

‘The developments at CELAC this weekend reflect that reality,’ Maldonado said. ‘The fact that several governments blocked a collective defense of Nicolás Maduro shows how divided the authoritarian left has become. Venezuela has become a cautionary tale.’

That division carried over into the Security Council on Monday, where Latin American and Caribbean states took sharply different positions, with some openly backing Washington and others denouncing the U.S. action as a violation of international law.

Argentina emerged as the most forceful regional supporter of the United States, praising President Donald Trump and framing Maduro’s capture as a decisive blow against organized crime.

‘The Government of the Argentine Republic values the decision and determination demonstrated by the President of the United States of America and his government, and the recent actions taken in Venezuela that resulted in the capture of dictator Nicolás Maduro, leader of the Cartel of the Suns,’ Argentina’s representative Francisco Fabián Tropepi told the council, adding the Maduro regime ‘has not only constituted a direct threat to the citizens systematic violation of human rights in the state appropriation of the country’s resources and destruction of democratic institutions, but also to the entire region by leading and exploiting its networks of drug trafficking and organized crime.’

Paraguay echoed that framing, claiming Maduro’s continued presence ‘was a threat to the region,’ adding that ‘the removal of the leader of a terrorist organization should immediately lead to the restoration of democracy and the rule of law in Venezuela, making it possible for the will of the people, expressed at the ballot box, to become the foundation for the country’s reconstruction,’ its representative Marcelo Eliseo Scappini Ricciardi said.

Other CELAC members took the opposite view, condemning the U.S. action and warning that it set a dangerous precedent.

Brazil ‘categorically and firmly’ rejected what it called armed intervention on Venezuelan territory, describing the capture of Maduro as ‘a very serious affront to the sovereignty of Venezuela and an extremely dangerous precedent for the entire international community.’ 

Mexico denounced the operation as a violation of the U.N. Charter, arguing that external efforts to impose political change historically worsen conflicts and destabilize societies. Chile also condemned what it called unilateral military action and warned against foreign interference, while Cuba and Nicaragua delivered blistering denunciations of Washington, accusing the United States of imperial aggression and calling for Maduro’s immediate release.

The split at the U.N. mirrored the breakdown at CELAC, where governments increasingly appear unwilling to speak with one voice on Venezuela, even as they stop short of endorsing U.S. military force.

According to Maldonado, ‘Governments are increasingly forced to choose between defending failed autocracies, corruption and repression or responding to their own citizens,’ she said. ‘More governments are unwilling to carry that burden.’

Maldonado described Maduro’s capture as a break with decades of U.S. restraint in the region, ‘It shows that the United States is deadly serious about defending itself and the hemisphere, about stopping the flow of drugs, dismantling cartel-state alliances and about fighting back against the influence of China, Russia and Iran in our neighborhood.’

She argued that the regional reaction, split though it is, reflects a broader ideological shift.

‘There is a clear rightward shift underway in the region, and it is a healthy one,’ Maldonado said. ‘It reflects a growing alignment around the core principles of freedom, liberty, personal responsibility, national sovereignty and prosperity.’

While critics at the U.N. warned that U.S. action risks undermining international law, supporters argue the status quo had already collapsed under the weight of Venezuela’s humanitarian and security crisis.

‘Venezuela’s collapse has taught the region what happens when the state becomes your everything,’ Maldonado said. ‘When the state controls your job, your housing, your healthcare, your education, your courts and your information, freedom becomes conditional.’


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The shocking capture and extradition of former Venezuelan President Nicolas Maduro and his wife over the weekend is the culmination of months of US pressure on the regime. President Trump and other administration officials have labeled Maduro and his close associates “narco-terrorists, accusing him of leading a huge criminal organization and profiting by violating US laws, selling large quantities of illegal narcotics which may have potentially killed Americans. 

But while the future of the Venezuelan regime is uncertain, it is worth taking a few minutes to understand how Venezuela got to where it is today and what Americans can learn from its descent into a tyrannical/criminal regime.

The time for a warning may be especially appropriate. Zohran Mamdani’s election as New York City’s next mayor and Katie Wilson’s election as mayor of Seattle, both late last year, have people worrying about a surge in socialist sentiment across the US. Both Mamdani and Wilson openly campaigned as democratic socialists who believe: “No problem is too big, no issue is too small for the government” and “We will replace the frigidity of rugged individualism with the warmth of collectivism.” 

Many with a lick of sense correctly criticize the naivety of these socialist economic policy ideas and collectivist sentiments. But fewer recognize the true horrors that can be unleashed by entitled college graduates voting for massive wealth redistribution.  

The tragedy of Venezuela serves as a cautionary tale.

Socialism plays the major role in the story of Venezuela’s descent into poverty, desperation, and organized crime (Tren de Aragua). David Friedberg, a venture capitalist and a member of the All-In Podcast, recently interviewed Nobel Peace Prize winner María Corina Machado about the fraudulent 2024 national election in Venezuela — highlighting the tragedy of socialism and the resulting tyranny in Venezuela. 

Twenty-five years ago, its GDP was roughly $4,800 per person. In 2014, it was nearly $16,000. But the latest estimates for 2024 and 2025 are about $4,000 per person — roughly 20 percent less than in 2000 and a shocking 75 percent less than in 2014. Poverty rates in Venezuela have skyrocketed from less than a quarter of its population to over half. Yet, Venezuela has the largest known oil reserves of any country in the world – an estimated 300 billion barrels — 10 percent more than Saudi Arabia and seven times more than the United States. 

GDP per capita in Venezuela, 1960-2024. World Bank data.

At least seven million Venezuelans have fled the country in the past ten years, most of them college-educated. The Maduro regime was a criminal enterprise. Besides Maduro himself, several of his family members have been arrested for trafficking cocaine. The government stole the property of its people as well as plundering the country’s natural resources. The regime has also been accused of cooperating with drug trafficking and cartel activity — hence the Trump administration’s focus on Venezuelan gangs, and trafficking described as “narco-terrorism.” 

Venezuela’s 2024 presidential election showcased remarkable courage and ingenuity on the part of those who opposed the Maduro regime. It was also the clearest expression yet of how utterly criminal and corrupt Maduro was. The main opposition candidate, María Corina Machado, after a resounding victory in the primaries, was prohibited by the government from running.  

Her lesser-known proxy, Edmundo González, still won overwhelmingly. And we know he won because Venezuelans documented their election results in incredible ways and reported those results to the rest of the world. The European Union, the European Parliament, and Human Rights Watch all rejected Maduro’s victory, as did other election watchers, who declared González the winner. 

Yet today, González is in exile, and many of those who worked on the campaign are in prison or worse. Maduro claimed victory, against all evidence, and threw dissidents and those who supported them, or even associated with them, into prison. We see truly Mafia-like behavior in disappearing and blacklisting people simply for doing business with the “opposition.” A United Nations report found “evidence of unlawful executions, enforced disappearances, arbitrary detentions and torture” in Venezuela under the Maduro regime.

The state of things in Venezuela is dire and complicated. Much has been written about the highly tenuous legality of military strikes on Venezuelan drug traffickers. And much more will be written about the apprehension of Maduro and his wife in the dead of the night. While the Trump administration should do more to align with constitutional norms and the rule of law, this is not exactly a repeat of the drug war of the 1990s. 

The Maduro regime was actively supporting oppressive parties across Latin America as well as strengthening drug cartels that, in many countries, basically constitute paramilitary forces. Those who want to advance freedom, property rights, and prosperity across the western hemisphere should not overlook the geopolitical force of Venezuela. 

It’s tragic how far Venezuela has fallen. From a prosperous, successful, cultured society, it has become destitute, crime-ridden, and ruled by military thugs. But its initial step towards modern serfdom was much more innocent — and should serve as an eerie warning for the collectivist inclinations of the young and entitled. 

Hugo Chávez, the architect of Venezuelan socialism and tyranny, paved the way for Nicolas Maduro to rule by military fiat. Chávez, though, was popularly elected and portrayed himself as an outsider and a man of the people — someone who would refuse to go along with the corrupt “neoliberalism” that he claimed had disenfranchised so many.  

Sound familiar? 

There has been a lot of talk about how hard young people have it in the US. Buying a house is more difficult, because homes are more expensive and financing costs are high. Unemployment among 20-24-year-olds is more than double the unemployment rate for the rest of the population. Student debt continues to rise at an alarming rate — both in aggregate and for individual young college graduates.

But the recent interview with María Corina Machado reveals how the young and entitled, and their sympathizers, miss the central justification of a free society. Machado notes that the young socialists in Venezuela when they were warned to watch out, would “always answer, ‘Venezuela is not Cuba. That’s not going to happen to us.’ And at the end, look at the disaster and devastation.” 

Socialists have exploited this discontent. In New York City, Mamdani tapped into the frustration with housing, with jobs, with rent, with prices, and with uneven wealth gains in the stock market. Income and wealth inequality frustrate many young people. Declining income mobility frustrates them. They increasingly feel like the deck is stacked against them. 

Although such concerns are real, they hardly justify a socialist impulse — and not just because socialism won’t fix these problems. What these young idealists (or entitled ignoramuses) don’t know is the story of Venezuela and nearly a dozen other countries who’ve tread this path already. In Venezuela, they don’t just have an expensive housing problem, or an income mobility problem, or an income and wealth inequality problem.  

They have much deeper problems: lack of hope and lack of opportunity. In the United States, even with the challenges mentioned above, people can still find jobs, even if those jobs pay less than they would like. They can usually choose to work more hours if they want to make more money. They can move about freely. They are not beaten or imprisoned for social media posts or for supporting the “wrong” candidates. They can improve their lives. They can build for the future. Even if achieving success has become harder than in the past, that is far different from success not being possible. 

And that’s the real danger, and the real tragedy, of Venezuela. Socialism isn’t just about inefficiency and becoming poorer — though it does cause both those things. Socialism leads to tyranny where the worst rise to the top, civil society is destroyed by political power, and the opportunity to improve one’s life doesn’t just diminish, it is extinguished. 

Although Venezuelans’ future prospects have brightened considerably with the removal of Maduro, we should continue to point out the dangers of socialist regimes with increasing urgency to generations of people who know little about history or global affairs, care even less, and are merrily traipsing down the Road to Serfdom

Bitcoin and other cryptocurrencies are widely – but wrongly – panned as unregulated casinos or Ponzi schemes that create no real value. For example, US Senator Elizabeth Warren called crypto a “threat to financial stability,” while the UK’s Treasury Select Committee said that cryptocurrency ownership “more closely resembles gambling than a financial service.”

While some cryptocurrencies are mainly speculative, many serve specific business or functional purposes. We can identify some of the value created by cryptocurrencies by breaking them into four general categories: Bitcoin, stablecoins, meme coins, and utility tokens.

1. Bitcoin

Bitcoin (BTC) is the original cryptocurrency. It is the base token of the Bitcoin protocol, a decentralized proof-of-work blockchain based on the 2008 whitepaper by Bitcoin’s anonymous founder Satoshi Nakamoto. The protocol has a limited supply, with an eventual maximum of 21 million bitcoins.

Unlike most cryptocurrencies, Bitcoin has only one purpose: to be used as money – or, more specifically, as a system of payment. It has no other features. The Bitcoin network is decentralized, which makes it highly resilient and hard to disrupt, though coin prices can be quite volatile.

With a market capitalization of around $2 trillion, Bitcoin is by far the largest cryptocurrency by market value. No other blockchain has anywhere near its history, its reliability, or its dedicated flock of fans and users. Bitcoiners often say that “Bitcoin is not crypto” because it is so fundamentally different from other blockchains that it deserves a category of its own.

2. Stablecoins

Stablecoins are tokens whose value is tied to a particular asset, most commonly the US dollar. They are widely used in electronic payments since they provide the benefits of blockchain-based payments without Bitcoin’s price volatility. Stablecoin payments are especially prominent in countries with unstable national currencies, whose governments cannot be trusted to maintain the value of their money.

The two most widely used stablecoins, Tether (USDT) and Circle’s USDC, have market capitalizations of about $148 billion and $62 billion, respectively. Both tokens are readily redeemable for US dollars. Circle is regulated as a money transmitter in the United States. Tether is a foreign entity, but is in the process of launching a regulated US subsidiary.

The opposite of gambling, stablecoins are safe, stable assets that serve as an electronic version of US dollars.

3. Utility tokens

Utility tokens are cryptocurrencies created by blockchains that provide some utility or service.

One example is Filecoin (FIL), which offers online storage, likeiCloud or Microsoft OneDrive, but on a decentralized public blockchain. The Filecoin blockchain provides safe and private file storage on the decentralized Filecoin network. The FIL token is used to pay for storage and is paid to participants to provide storage space on the Filecoin network.

A subset of utility tokens known as Decentralized Physical Infrastructure (DePIN) uses decentralized blockchains as a replacement for government or corporate-based infrastructure.  The Helium network (HNT), for example, provides a block-chain based marketplace for buying, selling, and transmitting WiFi and mobile phone data.

In addition, the decentralized finance (DeFi) industry is building a parallel financial system on blockchain technology, which is cheaper and more transparent than traditional exchanges. Larry Fink, CEO of Blackrock, the world’s largest asset manager, has said that the tokenization of traditional assets will be “the next major evolution in market infrastructure.”

Unsurprisingly, utility tokens – those with actual functionality and business purposes – tend to be the category most attractive to major cryptocurrency investment funds and venture capitalists.

4. Meme coins

There is one category of crypto tokens meant purely for speculation: Meme coins. These tokens have no functional purpose and no intrinsic value aside from the fun of trading. They are based on “meme” characteristics, like symbol or story that drives their prices. Many use pictures of dogs, frogs, and hats. The most popular meme coin DOGE, represented by a picture of a Shiba Inu dog and frequently referenced by Elon Musk, has a market cap above $26 billion. Another token, FARTCOIN, is based on, well, fart jokes.

There are political meme coins for candidates like BODEN and TREMP, whose prices bounced around before the 2024 elections as candidates moved in and out of favor, with both eventually crashing. After the election but before taking office, President Trump launched his own meme coin TRUMP, which peaked in late January, then lost 80 percent of its value within a few months.

Most meme coins trade for the fun of participating in a shared joke or the excitement of betting that the price will rise. They are indeed gambling in the truest sense, but despite these tokens being amongst the most well-known to non-crypto folk, this category of tokens represents only a small segment of the crypto market.

While there is certainly much speculation in cryptocurrencies, as in all financial markets, the cryptocurrency industry is more than meme coins. Bitcoiners hope Bitcoin will become the world’s dominant means of payment or at least a common reserve currency. Stablecoins provide an efficient means of payment and a relatively stable store of value, at least as far as the US dollar does. Utility tokens create real value or serve some business function.

Collectively, cryptocurrencies provide a variety of functions and use cases, ranging from specific business purposes to no purpose at all. Users can gamble if they want to, or they can make more informed strategic investments. Crypto is more than just a meme coin casino.

From established players to up-and-coming firms, Canada’s pharmaceutical landscape is diverse and dynamic.

Canadian drug companies are working to discover and develop major innovations amidst an increasingly competitive global landscape. Rising technologies such as artificial intelligence are playing a role in the landscape as well.

Read on to learn about what’s been driving the share prices of the best-performing Canadian pharma stocks.

1. HLS Therapeutics (TSX:HLS)

Year-on-year gain: 26.6 percent
Market cap: C$149.8 million
Share price: C$4.76

HLS Therapeutics focuses on drugs for cardiovascular and central nervous system problems, often through partnerships. The company specializes in acquiring and commercializing pharmaceuticals that address unmet needs, including Vascepa to reduce cardiovascular risk and Clozaril for treatment-resistant schizophrenia.

HLS in-licensed the exclusive rights to the treatments Nilemdo and Nexlizet, both of which are already approved in other countries, from Esperion (NASDAQ:ESPR) in May.

The November 2025 Health Canada approval of LDL-cholesterol lowering treatment Nilemdo represents the most significant catalyst for the company since the launch of Vascepa, positioning HLS as a dominant leader in the Canadian cardiovascular market. The company is targeting Nilemdo’s commercial launch in Q2 2026.

Along with the approval, Health Canada issued a notice of non-compliance for its Nexlizet cholesterol-reducing treatment. According to HLS, the decision was related to chemistry, manufacture and controls data, not clinical data or safety.

Additionally, the company generates revenue from a diversified portfolio of royalty interests on various products marketed by third parties.

2. Satellos Bioscience (TSXV:MSCL)

Year-on-year gain: 14.49 percent
Market cap: C$141.04 million
Share price: C$0.79

Satellos Bioscience is a Canadian pharmaceutical company expanding treatment options for muscle disorders. The company has focused specifically on Duchenne muscular dystrophy, developing therapies that target the specific biological pathways involved in regenerating and repairing muscle tissue.

Its lead candidate, SAT-3247, targets a protein called AAK1, which regulates the activity of stem cells that activate and differentiate new muscle fibers.

In Q4 2025, Satellos administered the first dose to a patient in its 11-month open-label follow-up study for adults who completed its initial Phase 1b trial. The study seeks to demonstrate the lasting impact of the significant functional improvements observed earlier in the year.

On December 9, the company received Investigational New Drug (IND) clearance from the US Food and Drug Administration (FDA) and several other global regulators to initiate BASECAMP, a global Phase 2 randomized, placebo-controlled study to evaluate SAT-3247 in pediatric patients.

3. Knight Therapeutics (TSX:GUD)

Year-on-year gain: 14.29 percent
Market cap: C$592.59 million
Share price: C$6.00

Knight Therapeutics is a specialty pharmaceutical company headquartered in Montreal, Québec. It operates on an acquisition and in-licensing model, obtaining the rights to innovative medicines from global pharmaceutical companies and commercializing them across Canada and Latin America.

The company was originally founded by the former leaders of Paladin Labs, which was acquired by Endo International in 2014. In June 2025, Knight bought the Paladin business back from Endo for C$107 million, adding over 40 products to Knight’s Canadian roster.

The additions, helped drive 32 percent revenue growth year-over-year to a record C$122.55 million in Q3. The company projects its Knight Canada subsidiary will be the company’s top revenue-contributor within two years.

4. BioSyent (TSXV:RX)

Year-on-year gain: 10.07 percent
Market cap: C$146.89 million
Share price: C$12.90

BioSyent is a specialty pharmaceutical company focused on in-licensing or acquiring established, high-margin healthcare products for the Canadian and international markets. Its growth is anchored by brands in iron health and women’s wellness. Its flagship brand, FeraMAX, has been Canada’s leading iron supplement for over a decade.

The company’s 2024 acquisition of Tibella, a treatment for menopausal symptoms, has been a major growth driver. According to its Q3 earnings report. BioSyent’s sales grew 19 percent year-over-year in Canada and 94 percent in the international market.

5. NurExone Biologic (TSXV:NRX)

Year-on-year gain: 6.45 percent
Market cap: C$47.54 million
Share price: C$0.66

NurExone Biologic is behind ExoTherapy, a drug-delivery platform that uses exosomes, which are nano-sized extracellular vesicles, to create treatments for central nervous system disorders, spinal cord injuries and traumatic brain injuries. It is a less invasive alternative to cell transplantation, which requires surgery and carries the risk of rejection.

NurExone’s first nano-drug, ExoPTEN, uses a proprietary sIRNA sequence delivered with the ExoTherapy platform to treat spinal cord injuries. ExoPTEN received orphan drug designation from the US FDA in October 2023.

The company expects to initiate its Phase 1/2a first-in-human trial for acute spinal cord injury in the second half of 2026, targeting patients with traumatic injuries.

It continues to make significant progress, with recent preclinical studies demonstrating strong, dose-dependent vision recovery in glaucoma models and improved motor function in spinal cord injury models.

The company announced plans for a US exosome production facility in Indianapolis, Indiana, in September. According to the release, ‘The GMP compliant site would produce exosomes both for NurExone’s therapeutic pipeline and for a growing business-to-business opportunity in regenerative aesthetics.’

In December, the company began planning for small-scale production of ExoPTEN in Israel to support its clinical trial.

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

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