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Brunswick Exploration Announces Upsized Non-Brokered Life Private Placement

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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ) (‘BRW’ or the ‘Corporation’) is pleased to announce that as a result of strong investor demand, it has increased the maximum gross proceeds of its previously announced non-brokered private placement from $4,000,000 to $5,500,000 (the ‘Offering’). The upsized Offering now consists of the sale of up to 22,000,000 units of the Corporation (‘Units’) at a price of $0.25 per Unit. For more information about the Offering, please refer to the Corporation’s news release dated February 25, 2026.

Mr. Killian Charles, President & CEO of BRW, commented: ‘With these additional funds, we will accelerate the consolidation of multiple targets across several jurisdictions that we have identified as high-priority alongside the advancement of our Quebec portfolio. We look forward to sharing the result of these initiatives as rapidly as possible over the coming weeks.’

Each Unit will consist of one common share of the Corporation and one half of one common share purchase warrant (each whole warrant, a ‘Warrant‘). Each Warrant will entitle the holder thereof to purchase one common share of the Corporation at a price of $0.35 at any time for a period of 36 months following the Closing Date (as defined herein).

The Offering is conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the ‘Listed Issuer Financing Exemption‘). The securities issued under the Listed Issuer Financing Exemption are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.

There is an amended and restated offering document related to the upsized Offering that can be accessed under the Corporation’s profile at www.sedarplus.ca and on the Corporation’s website at www.brwexplo.ca. Prospective investors should read this offering document before making an investment decision.

The Offering is expected to close on or about March 18, 2026 (the ‘Closing Date‘) and is subject to customary conditions including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Brunswick Exploration Inc.

Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Corporation is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The Corporation is rapidly advancing the most extensive grassroots lithium property portfolio in Canada, Greenland and Saudi Arabia underpinned by its Mirage project, one of the largest undeveloped hard-rock lithium Inferred Mineral Resource Estimate in the Americas, with 52.2Mt grading 1.08% Li2O.

Investor Relations/information

Mr. Killian Charles, President and CEO
Phone: (514) 861-4441
Email: info@BRWexplo.com

Cautionary Statement on Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Generally, forward-looking information can be identified using forward-looking terminology such as ‘plans’, ‘seeks’, ‘expects’, ‘estimates’, ‘intends’, ‘anticipates’, ‘believes’, ‘could’, ‘might’, ‘likely’ or variations of such words, or statements that certain actions, events or results ‘may’, ‘will’, ‘could’, ‘would’, ‘might’, ‘will be taken’, ‘occur’, ‘be achieved’ or other similar expressions. Such forward-looking information includes, but is not limited to, statements concerning the completion of the Offering and the date of such completion, and approval of the TSX Venture Exchange. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information including, without limitation, risks and uncertainties relating to mining exploration, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration industry; and those risks set out in the Corporation’s public documents filed on SEDAR+ at www.sedarplus.ca. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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.

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Domestic Metals Expands Targeting Initiative at Smart Creek Copper Project

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–

Domestic Metals Corp. (the ‘Company‘ or ‘Domestic Metals‘) – (TSXV: DMCU,OTC:DMCUF; OTCQB: DMCUF; FSE: 03E0) has expanded its exploration targeting budget based on high-grade copper, gold and silver results from the Company’s recently completed surface exploration program (see news release dated January 8, 2026) at the Smart Creek Copper Project. Surface rock sampling and surface geological mapping has increased the size of each of these target areas and confirms the potential for high-grade copper, gold and silver mineralization in the porphyry and epithermal environments as well as confirms the presence of related Carbonate Replacement Deposit style mineralization. The Company has now confirmed the presence of each of these styles of mineralization exposed at surface at Smart Creek and is now planning follow up diamond drilling scheduled for April 2026.

Summary of High-Grade Assay Results from 2026 Exploration

  • 102 g/t Au (Sample G019007)
  • 74.7 g/t Au, 13.8% Cu, 3810 g/t Ag (Sample G019235)
  • 30.4 g/t Au (Sample G019001)
  • 26.6 g/t Au (Sample G019353)
  • 23.1% Cu, 424 g/t Ag (Sample G019225)
  • 19.65% Cu, 458 g/t Ag (Sample G019031)
  • 19.05% Cu, 582 g/t Ag (Sample G019038)

For additional details regarding the surface sampling results at Smart Creek please see news release dated January 8, 2026.

Smart Creek Copper Porphyry Target

Previous exploration drilling is concentrated at the Smart Creek target where surface alteration and mineralization is consistent with the distal porphyry environment. Domestic Metals has leveraged historical drilling data and newly collected surface geological and geochemical data to establish a robust exploration drilling target west of the historical drilling footprint (Figure 1). In addition, exotic copper mineralization south of the Smart Creek target (Smart Creek Exotic Copper) appears to be superimposed on distal copper porphyry related mineralization suggesting there is the potential for a second porphyry center westward of the historical drilling footprint (Figure 1).

Figure 1

Figure 1. Favourable geology, surface mineralization, historical drilling and drill targets at Smart Creek, Montana.

Sunrise Porphyry Copper Target

Domestic Metals has identified mineralized porphyry dykes approximately 1 kilometer east of the past producing Sunrise Mine (see NR dated September 11, 2025; Figure 1). These mineralized porphyry intrusions are exposed at surface and are interpreted to represent the top of a new porphyry system at Smart Creek. The depth extent of this surface mineralization will be tested as part of the upcoming diamond drill program at Smart Creek

Radio Tower Carbonate Replacement Targets

The 2025 Surface exploration program has identified several previously unrecognized semi massive and massive sulphide CRD lenses exposed at surface internal to the Radio Tower alteration footprint (Figure 1). These high-grade copper-gold-silver lenses have been prioritize for drill delineation and will be tested after a second round of permitting is complete for the project. Additional mapping and sampling will be conducted in the Spring to further derisk these targets.

Marketing Agreement

The Company has entered into an agreement with Machai Capital Inc. dated February 27, 2026 (the ‘Machai Agreement’), pursuant to which Machai will provide public awareness activities and deploy a comprehensive digital media marketing program including multi-platform digital campaigns, social media amplification, and targeted investor communications.

The services will be conducted in accordance with the applicable policies of the TSX Venture Exchange (‘TSXV’) and the engagement of Machai is subject to the approval of the TSXV.

Machai has been engaged by the Company for a 2 month period commencing immediately. In consideration for the services provided, the Company has paid Machai CAD 300,000 plus GST. Machai is arm’s-length to the Company, has no other relationship with the Company and neither Machai nor its principal, Suneal Sandhu, has any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest, other than as disclosed herein. Machai can be contacted at suneal@machaicapital.com.

Engagement of Michael Pound

Pursuant to the Company’s news releases dated December 11, 2025 and January 23, 2026, and at the request of the TSXV, the Company provides additional further clarification, Mr. Pound was engaged on February 17, 2025 and his fees at that time were C$5,000 per month, in May of 2025, his fees increased to C$7,500 per month.

Technical Information

All scientific and technical information in this news release has been reviewed and approved by Daniel MacNeil, P.Geo. Mr. MacNeil is a Technical Advisor to the Company and is a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Domestic Metals Corp.

Domestic Metals Corp. is a mineral exploration company focused on the discovery of large-scale, copper and gold deposits in exceptional, historical mining project areas in the Americas.

The Company aims to discover new economic mineral deposits in historical mining districts that have seen exploration in geologically attractive mining jurisdictions, where economically favorable grades have been indicated by historic drilling and outcrop sampling.

The Smart Creek Project is strategically located in the mining-friendly state of Montana, containing widespread copper mineralization at surface and hosts 4 attractive porphyry copper, epithermal gold, replacement and exotic copper exploration targets with excellent host rocks for mineral deposition.

Domestic Metals Corp. is led by an experienced management team and an accomplished technical team, with successful track records in mine discovery, mining development and financing.

On behalf of Domestic Metals Corp.

Gord Neal, CEO and Director
(604) 657 7813

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For more information on Domestic Metals, please contact:
Gord Neal, Phone: (604) 657 7813 or Michael Pound, Phone: (604) 363 2885

Please visit the Company website at www.domesticmetals.com or contact us at info@domesticmetals.com.

For all investor relations inquiries, please contact:
John Liviakis, Liviakis Financial Communications Inc., Phone: +1 415 389 4670.

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

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed ‘forward-looking statements’. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur. Forward-looking statements may include, without limitation, statements relating to the planned exploration activities on properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to: competition within the industry; actual results of current exploration activities; environmental risks; changes in project parameters as plans continue to be refined; future price of commodities; failure of equipment or processes to operate as anticipated; accidents, and other risks of the mining industry; delays in obtaining approvals or financing; risks related to indebtedness and the service of such indebtedness; as well as those factors, risks and uncertainties identified and reported in the Company’s public filings under the Company’s SEDAR+ profile at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a3fbbc8-0774-414b-a587-29526425e414

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‘Nice upgrade’: Fetterman says Mullin has the votes as Trump moves to replace Noem at DHS

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Sen. Markwayne Mullin, R-Okla., will have at least one Democratic ‘yes’ vote in support of his nomination to become President Donald Trump’s next Department of Homeland Security (DHS) secretary. 

Trump announced Thursday afternoon that he tapped Mullin to replace outgoing DHS Secretary Kristi Noem, who will leave the agency March 31. Sen. John Fetterman, D-Pa., immediately threw his support behind Mullin’s nomination, dubbing the Oklahoma lawmaker a ‘nice upgrade’ compared to Noem. 

Fetterman repeatedly called for Noem’s ouster and said Thursday he was pleased with Trump’s decision. 

‘We’re in a different party, but this is the choice. I want to work together for making our America more secure,’ he said. 

Fetterman also said that he strongly believes Mullin already has the votes to win confirmation. Senate Republicans are widely expected to back Mullin’s nomination, and the jovial Oklahoma lawmaker could win over some Democrats. Sen. Lisa Murkowski, R-Alaska, who has voted against some Trump nominees, said she has a ‘great deal of respect’ for Mullin and is ‘OK’ with his nomination.

Under Senate rules, Cabinet nominations are set at a 51-vote threshold. 

However, many of Fetterman’s Democratic colleagues were either noncommittal about Mullin’s nomination or suggested they would not support him.

‘Whoever follows Kristi Noem is going to have to be totally and radically different in their approach to running this agency,’ Sen. Richard Blumenthal, D-Conn., said Thursday. ‘Changing the person at the top is no substitute for changing the practices and the power structure of a department that is out of control.’

Blumenthal added that Mullin would have to commit to Democrats’ various reforms seeking to rein in immigration enforcement in order to win his vote. 

Mullin has repeatedly criticized Democrats’ proposal to prohibit federal immigration officers from wearing masks and requiring judicial warrants during enforcement operations.

‘I like him personally,’ Sen. Brian Schatz, D-Hawaii, a member of Senate Democratic leadership, said of Mullin before adding that it was too early to debate his nomination.

Sens. Jack Reed, D-R.I., and Elissa Slotkin, D-Mich., told Fox News Digital that they would not yet weigh in on Mullin’s nomination. Slotkin notably voted for Noem’s confirmation despite later souring on the secretary.

Sen. Markwayne Mullin takes questions after Trump taps him for DHS

Mullin appeared somewhat taken aback by the news of his nomination when talking with reporters outside the U.S. Capitol on Thursday afternoon.

‘No, the president and I still have to communicate, so we’ll talk about it moving forward,’ Mullin said. ‘The president and I have already talked… I’ll talk to you all [later].’

Fetterman has been the lone Democrat to advance a DHS spending measure amid a funding standoff over the agency’s appropriations that has no clear end in sight.

He poured cold water on the prospect of his Democratic colleagues reversing course to support funding DHS in response to Mullin’s nomination, telling reporters he expected ‘no change’ with the partial shutdown.

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‘It was time’: Despite rare criticism, some Hill Republicans welcome Kristi Noem’s ouster

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President Donald Trump took Washington by surprise Thursday with his decision to remove Department of Homeland Security Secretary Kristi Noem, but few lawmakers on Capitol Hill questioned his decision. 

Though Republicans rarely criticized Noem during her tenure, many GOP lawmakers argued Thursday that the secretary’s ouster was the right move. Trump quickly nominated Sen. Markwayne Mullin, R-Okla., a close ally, to head the sprawling agency Thursday afternoon.

‘I think the president is doing what’s necessary to make sure the department is going to be operating effectively,’ Rep. Byron Donalds, R-Fla., who welcomed the news of Mullin’s appointment, said Thursday. ‘It was time.’

Mullin, a 48-year-old lawmaker, is a member of Senate Republicans’ leadership team and previously served several terms in the House of Representatives.

Noem’s time helming DHS was rocked by a series of controversies involving an expensive ad campaign she claimed had Trump’s approval and her widely-panned response to the fatal shootings of two Americans in Minneapolis by federal immigration officers earlier this year.

‘Obviously, it did not go well,’ Donalds added when asked about Noem’s appearance during two hearings on Capitol Hill this week.

Several GOP lawmakers, including Sens. Thom Tillis, R-N.C., and John Kennedy, R-La., tore into Noem during her appearance before the Senate’s judiciary panel on Tuesday. 

Rep. Don Bacon, R-Neb., a moderate lawmaker retiring at the end of his term, echoed Kennedy’s criticism questioning Noem’s prominent role in the costly ad campaign and her ties to recipients awarded contracts.

‘There’s legit concerns. When there was a $200 million advertising [campaign], we should be better stewards of our money,’ Bacon said. ‘I think the president probably saw a need for change.’

DHS has fired back that the massive ad campaign resulted in millions of self-deportations.

Rep. Mike Lawler, R-N.Y., told Fox News Digital Thursday that Noem’s departure would eliminate ‘distractions’ and ‘conflicts’ that erupted at DHS under her leadership.

‘The department needs to be entirely focused on its mission, given the situation in the Middle East right now,’ Lawler said, referring to Operation Epic Fury in Iran. 

Rep. Dan Newhouse, R-Wash., who is not running for reelection, wrote on social media Thursday that a ‘change in leadership at the Department of Homeland Security was long overdue.’

House Democrats, many of whom fiercely criticized Noem’s role in the Trump administration, appeared to agree.

‘She’s done enough damage that the president finally came to his senses,’ Rep. Bennie Thompson, D-Miss., the lead Democrat on the House homeland security panel, said Thursday. 

‘I think it’s the right decision by the president. It’s been a long time coming,’ Rep. Jared Moskowitz, D-Fla., told Fox News Digital.

Moskowitz, who tussled with Noem during her testimony to the House Judiciary Committee on Wednesday, argued that she would go down as the worst DHS secretary in the agency’s two-decade history. He declined, however, to sign on to articles of impeachment circulated by House Democrats.

When asked about Mullin’s appointment, Moskowitz said he wished him good luck. ‘She’s left him a disaster, but obviously I want him to succeed,’ the Florida Democrat said of Noem’s tenure. ‘We should all want that, so let’s give him that opportunity.’

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A Praxeology of Productivity: Messy Humans, Not Machines, Run the Economy

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The industrial age reshaped production and reorganized work, elevating coordination to a central concern for firms. In response, early approaches to management emphasized structure and control, with performance judged primarily by output levels. Productivity was treated as a technical problem — something to be engineered through better systems, clearer procedures, and tighter oversight — while the role of people as active contributors to performance was largely overlooked. 

Business owners, influenced by scientific management in the early twentieth century, assumed workers were primarily motivated by pay and the need for efficiency. Productivity was therefore framed as an engineering problem. If outputs were low, the solution lay in better procedures, better incentives, clearer rules, or tighter supervision. Such a perspective failed to recognize the power of human relations and the role of individual aspirations for sustaining productivity and securing business success. Organizations are not merely processes layered on top of processes; they are social spaces populated by people who interpret, respond, resist, and cooperate in deeply interpersonal ways. And fortunately, the prevailing viewpoints of task-oriented managers were challenged when the Hawthorne Studies, conducted at Western Electric’s Hawthorne Works, emerged in the 1920s and 1930s. 

The Hawthorne Studies, closely associated with Elton Mayo, were initially designed to examine how physical conditions — such as lighting and break schedules — affected worker productivity. What researchers found, however, was surprising: productivity often increased regardless of whether conditions improved or worsened.

The explanation was not mechanical. It was social. Workers responded to being observed, consulted, and treated as participants in a process rather than as cogs in a machine. They cared about group norms and social approval, and they valued recognition and the feeling that their work mattered. The insight derived from these studies was simple yet profound: people want to belong and to contribute to something of value. 

Task alignment and structure matter, but so too do incentives and relationships. Business performance is shaped not only by strategy, but also by human relations. This insight connects with a broader tradition in economic thought that emphasizes human action rather than abstract systems. Ludwig von Mises famously argued that economics must begin with praxeology — the study of purposeful human action. For Mises, markets, firms, and institutions do not act; only individuals do. Organizations are not entities with minds of their own, but frameworks within which individuals pursue goals, interpret constraints, and adjust to uncertainty.

This perspective is particularly salient for business owners and policymakers amid a steady stream of headlines highlighting large-scale disruptions happening across the globe. Globalization has produced a complex web of interdependent supply chains, integrated capital flows, dynamic ecosystems, and interfering government systems that continuously shape or shift business behavior. Even small domestic firms that aspire to profit from simply serving the local populations around them can be impacted by forces that extend far beyond their control or community. To be sure, macro-level disruptions can easily ripple down to the micro level. 

A poor coffee harvest abroad or changes in trade policy that alter import costs can make or break the ability of a café owner to stock up on inventory. A startup founder hoping to bring in top-tier talent may be hampered by the rising costs or restrictions of H-1B visas. A grad student studying in the US and hoping to put their education to use, may discover it is best to leverage their knowledge and know-how elsewhere. Stipulations for regulatory compliance, too burdensome to pursue, may make a budding entrepreneur think twice about establishing a small business venture. And shifting political priorities and subsidy regimes seem to now pose a greater challenge for today’s farmers as compared to trying to predict the weather. 

Policy shifts, supply-chain shocks, and institutional barriers are often discussed in aggregate terms, yet they are ultimately borne by specific people making difficult adjustments in real time. Treating such disruptions as mere data points risks overlooking the human cost involved — and it also shields those who are involved in designing, managing, and influencing these systems. The division of labor and an ever evolving marketplace will always mean that systems matter, but we must remember that people empower or impede the efficacy of systems. 

Ayn Rand rightly insisted that society does not exist apart from individuals. There is no collective mind that thinks or chooses. Progress begins with the individual’s capacity to reason, create, and act with purpose. And since individual action rarely occurs in a vacuum, individuals are both independent in judgment and deeply interdependent in practice.

The enduring value of the Hawthorne Studies is that it reminds us that even within complex global systems, the social nature of human beings remains central. Any serious understanding of markets, organizations, or societies must begin there — with purposeful individuals embedded in social relationships. Social order is not centrally designed but emerges spontaneously as individuals respond to dispersed knowledge, incentives, and expectations. Accounts of markets and organizations must therefore examine not only how systems function, but how their breakdowns reshape the aspirations and opportunities — not merely the output — of individuals.

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America’s Debt Is a National Security Risk 

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Wars test nations. They test military readiness, alliance cohesion, and political resolve. But they also test something less visible and just as important: fiscal strength. 

Just days before the United States entered war with Iran, President Trump was arguing for a $500 billion defense spending increase. The Washington Post reported that administration officials were struggling to justify such a massive military budget blowout in this year’s executive budget proposal, while warning about what it would mean for an already crisis-level federal deficit. 

Although the absurdity of President Trump’s arbitrary defense budget request hasn’t changed, the terms of the debate have. Whether justified or not, war places immediate pressure on defense budgets. The real question is whether the United States has put itself in a position to afford it. 

Washington politicians have spent irresponsibly in times of peace and war, during economic expansion and contraction, through pandemics — you name it.  

Debt held by the public is already near historic highs as a share of the economy and is surpassing its World War II record high in fewer than four years. According to the Congressional Budget Office (CBO), the federal government is projected to continue running structural deficits indefinitely, with debt rising to fiscally dangerous levels over the next few decades.

This is not the result of war mobilization. It is not the result of an economic collapse. It is the consequence of congressional cowardice paired with fiscal indiscipline. 

This deterioration has not been driven primarily by defense spending or even by temporary war outlays. Over the past 35 years, Congress has enacted roughly $15 trillion in emergency spending and associated interest costs, according to research by Cato Institute budget analyst Dominik Lett — responding to wars, recessions, natural disasters, and the pandemic.  

But what distinguishes the current moment is not the existence of an emergency spending spike. It is the failure to reverse course afterward. Since the COVID-19 pandemic, crisis-level deficits have become routine, not emergency measures.  

Throughout American history, large temporary increases in federal spending — during World War II, the Cold War, the Great Recession, and the COVID-19 pandemic — were possible because bond markets had confidence in the long-term stability of US public finances. Investors were willing to absorb additional Treasury issuance because the underlying fiscal foundation was perceived as sound. 

But unlike after World War II, the COVID-19 emergency spending spike was not followed by congressional resolve to reduce deficits. Instead, deficits have stayed elevated as entitlement spending continues climbing on autopilot, with spending on the elderly projected to consume half of the entire federal budget in just a few years. To add insult to injury, Congress further increased Social Security and Medicare benefits to curry favor with voters and cut taxes without cutting spending commensurately.  

The United States government is borrowing at crisis levels even in normal times and testing bondholders’ confidence in US fiscal management.

National security leaders across eight Republican and Democratic administrations warned a decade ago: “Long-term debt is the single greatest threat to our national security.”  

Excessive debt slows economic growth, reduces income levels, raises interest rates, and constrains funding for core government functions, like national defense.  

Ironically, fiscally irresponsible emergency spending in the name of national security can make the country less safe. A fiscal crisis would erode America’s military and economic strength simultaneously. High debt can also magnify the severity of future crises by limiting the government’s capacity to respond. 

This is the paradox now confronting Washington. The case for spending more on defense will only grow louder now that the country is at war. But financing a larger military by borrowing yet more, when interest costs on the existing debt already exceed what the nation spends on defense, becomes fiscally untenable. 

When politicians spend every year as if we are confronted with an emergency and treat every special interest group’s request as a priority, they diminish the nation’s capacity to respond when a real emergency arrives. 

Rising interest costs are consuming a growing share of federal revenues, with the CBO projecting that major entitlement programs, Medicare, Medicaid, Social Security, and interest on the debt will consume all tax revenues by the end of this decade. And this was before the United States decided to get involved in an active battle in the Middle East.   

With US debt approaching the size of the economy, even modest increases in interest rates significantly raise borrowing costs. Every dollar devoted to servicing past debt is a dollar unavailable for current government functions, including defense. When bond markets begin to question America’s fiscal trajectory, borrowing costs could rise even higher, and do so quickly.  

America’s defense should not depend on the assumption that investors will always finance unlimited deficits at favorable rates. Fiscal security is a prerequisite for military security. 

Running sustainable budgets in normal years preserves borrowing capacity for extraordinary circumstances. It ensures that when genuine emergencies arise, the government can respond decisively without risking financial instability. 

If Congress decides that military needs require higher spending, legislators should identify offsets elsewhere in the budget. Emergency funding should not become an excuse for permanent fiscal expansion. Congress is already discussing a possible emergency supplemental to finance the war against Iran, while some have suggested doubling down on reconciliation to boost military expenditures without requiring Democrats to support such a package. 

If Congress continues current fiscal practices — running multi-trillion-dollar deficits while increasing spending and cutting taxes — the country may soon discover that there is a limit to how much debt US bondholders will tolerate before inflation expectations adjust. Higher interest rates soon follow, potentially triggering a vicious debt doom loop, where higher debt drives up interest rates, which then drives up debt, and so forth. An accommodating Fed would only add to those inflation expectations, should monetary policy surrender to the Treasury’s immediate financing needs. This is not a theoretical concern. It is a strategic vulnerability. 

In times of peace, balance sheets matter. In times of war, they matter even more. 

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Milei’s Argentina: Between Liberation and the Institutional Trap

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What is President Javier Milei, really: a savior, or a bankruptcy trustee? An anarchist, a populist, or a classical-liberal reformer? Is he dismantling the casta — the entrenched political establishment — or is the casta undermining his reform agenda? In the end, will freedom prevail, or will the corrupt system reassert itself and absorb the would-be reformer?

I recently formed my own impressions in Buenos Aires. What I saw is a fascinating country that, after decades of decline, is regaining its footing, pushing back widespread poverty, and rediscovering confidence. Some key indicators have already attracted international attention: sharply falling inflation, a visibly declining poverty rate, unemployment that is easing despite massive and long-overdue layoffs in the public sector, the first balanced federal budget in years, and a recovery in economic growth.

Other developments receive less attention. On the newly liberalized housing market, the supply of apartments has increased almost overnight. Mobile coverage is expanding rapidly thanks to Starlink. Following deregulation of air transport, investment in aircraft is picking up again. And even without subsidized credit rates, Argentines are once again purchasing durable consumer goods — washing machines rather than just a block of cheese here or a drinking glass there. Until recently, even such small items were often bought on installment plans, a symptom of distorted incentives under chronic inflation and massive subsidies.

Market activity is also increasing as import barriers and protective tariffs are dismantled. Yet branded foreign goods remain unaffordable for many Argentines. In an upscale shopping mall, a simple Samsung USB adapter can cost around $75, while an equivalent product from a small neighborhood shop sells for about one dollar.

Some reforms that Milei managed to push through quickly — despite initially weak congressional backing — are only now beginning to take effect. Through a more open trade stance toward the United States and the European Union, a pragmatic approach toward China, and a new investment framework (the “RIGI regime”), Argentina is opening itself to foreign direct investment in energy, natural resources, and data-intensive industries. Greater investment, planning, and legal certainty for large-scale projects are beginning to bear fruit.

Equally striking is the work of Federico Sturzenegger. The classical liberal economist and minister for deregulation and state transformation, together with his team, is dismantling or simplifying regulations, price controls, taxes, and administrative burdens at a remarkable pace. Still, supply chains must first adjust to new incentives, and investors need time to rebuild trust in Argentina’s institutional foundations.

Whether this succeeds will matter far more for Argentina’s future than debates about Milei’s personal eccentricities or his use of provocative political symbolism. Those elements appear to matter little to most Argentines. In conversations with Uber drivers, economics students, and service workers, I encounter predominantly positive — often enthusiastic — assessments of the president; only a determined minority remains clearly opposed.

Classical-liberal economists in Buenos Aires tend to be more cautious. They are skeptical of any cult of personality and acutely aware of the scale of the task facing Milei — and any future government. The catastrophic situation he inherited was the result of a state that had grown bloated and overstretched over decades, dominated by organized interests — the casta — and embedded in a political culture where personal connections and forceful rhetoric mattered more than expertise and adherence to general rules.

Previous presidents also promised to confront corruption and clientelism — most notably Carlos Menem in the 1990s, often described as a “neoliberal populist.” His mixed legacy reflects the fact that he was primarily a populist and Peronist who employed (neo-)liberal instruments selectively. With Milei, the order appears reversed. He is, first and foremost and by conviction, a libertarian who pragmatically uses populist rhetoric and style to advance a reform agenda.

This increases the likelihood that Milei’s reforms could have lasting effects. Yet the reform path remains narrow, risky, and long before reaching the institutional core. Above that core lies a dense thicket of cronyism and mismanagement. Provinces such as Tierra del Fuego cling to special privileges, while the federal system creates weak incentives for provinces to govern efficiently and spend public funds responsibly. Well-organized labor unions can be expected to resist long-overdue reforms. The judiciary remains only formally independent. Despite improvements, the tax system still discourages investment. Rigid pre-reform labor regulations leave roughly four in ten workers outside formal employment. And the casta — which successfully advanced its interests under successive governments — has not simply disappeared under Milei. On the contrary, Milei relies on experienced political operators, many of whom already served under former President Macri and are now tightly coordinated and disciplined by his sister, Karina Milei.

Most Argentines, however, appear willing to overlook questionable connections as well as Milei’s personal idiosyncrasies. Nearly everyone who knows him personally — even critics who disagree with him substantively — agrees that Milei is genuinely committed to libertarian reform and to improving the country’s prospects. There is still much to do in this regard. Major reforms of social security, labor markets, the monetary regime, taxation, the rule of law, and federal relations remain pending. Without them, recent successes will remain fragile.

The chances of success vary across policy areas. For a radical monetary shift such as dollarization, Milei likely still lacks sufficient political and financial capital. Political capital is also required for reforms of the justice system, where the path toward a truly independent judiciary appears even steeper than the path toward monetary stability. Yet judicial independence is essential for further reforms — such as credible fiscal rules that could anchor balanced budgets over time or a restructuring of Argentina’s federal system.

The most concrete hopes rest on the recently adopted labor-market reform and a more investment-friendly tax code, areas where the government can capitalize on having more seats after mid-term elections. The new legislature convened in December with an ambitious reform agenda framed by Milei in an optimistic “Make Argentina Great Again” message.

For this agenda to succeed durably, however, it will take more than Milei alone. A broad share of Argentines must support the transformation — and many appear ready to do so. After repeated crises, Argentines possess remarkable economic literacy. Especially younger Argentines understand inflation, financial markets, and the relative stability of different assets all too well — knowledge that has long been essential for everyday survival.

Less developed, however, is a shared understanding of how robust rules and institutional checks and balances can constrain political discretion and limit abuses of power. Too often in the past, rules were ignored and safeguards circumvented.

Argentina’s current reform experiment takes this reality into account. It does not follow classical-liberal textbook advice, but rather reflects the political constraints of a deeply cronyist state — constraints that Milei seeks to navigate in order to pursue a libertarian reform agenda. In this sense, he attempts to use the logic of the existing system against itself. It is a genuine experiment, one whose results are likely to matter well beyond Argentina.

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WPIC: Platinum Market Heading for Fourth Straight Deficit in 2026

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The global platinum market is expected to remain in deficit for a fourth consecutive year in 2026, even as supply begins to stabilize and demand moderates following a sharp rally in the metal’s price.

New projections from the World Platinum Investment Council (WPIC) show a deficit of about 240,000 ounces for 2026 following a significantly larger shortfall of 1.082 million ounces in 2025.

That’s the deepest deficit recorded in the group’s Platinum Quarterly data series since it began in 2014. According to data, the cumulative deficit since 2023 will approach 3 million ounces by the end of 2026.

As a result, aboveground platinum stocks are expected to remain historically low, falling to about 2.613 million ounces, which is equivalent to just over four months of global demand for the precious metal.

WPIC CEO Trevor Raymond said the factors that fueled platinum’s strong performance last year are expected to remain.

“The key drivers of platinum’s price rally in 2025, namely strong supply/demand fundamentals, a depletion of above ground stocks, and macropolitical uncertainty-driven precious metals demand, are expected to persist in 2026,” he said.

“Consequently, market tightness is likely to continue, maintaining investor interest in platinum, and further supporting bar and coin and ETF demand throughout the year.”

Platinum investment strength offsets softer overall demand

The forecast marks a shift from earlier expectations that the platinum market would return to balance in 2026.

Instead, strong investment sentiment and resilient exchange-traded fund holdings have pushed the market back into deficit territory. Even so, total demand for platinum is expected to decline moderately this year.

The WPIC projects overall demand will fall about 8 percent year-on-year to roughly 7.619 million ounces.

Much of that drop reflects a normalization in investment demand after a surge in 2025, when inflows into platinum exchange-traded funds and physical investment products climbed sharply.

However, demand for physical platinum bars and coins is expected to continue growing.

The WPIC forecasts that bar and coin investment will jump 35 percent in 2026 to 725,000 ounces, reaching the highest level recorded in the Platinum Quarterly dataset.

Investment purchases of platinum are increasing as the metal gains attention as a lower-priced alternative to gold, and as retail investment products become more widely available.

Supply growth lags as platinum deficit persists

While demand patterns shift across sectors, platinum supply growth remains limited.

Total platinum supply is expected to rise just 2 percent in 2026 to about 7.379 million ounces.

Mine output is forecast to remain essentially flat at roughly 5.553 million ounces, with production gains in South Africa and Zimbabwe offset by declines in North America and Russia.

The modest increase in supply will largely come from recycling. Higher platinum prices have encouraged the recovery of spent autocatalysts and recycled jewelry, pushing recycling supply up about 10 percent in 2025. That trend is expected to continue this year, with recycled metal rising another 10 percent to approximately 1.827 million ounces.

Still, the additional recycled material is unlikely to fully offset the underlying market tightness. As Raymond noted, another factor that could further deepen the deficit has yet to be fully reflected in current forecasts.

“One item not yet captured in the supply/demand balance is any exchange stocks warehoused with the Guangzhou Futures Exchange, which could potentially deepen the deficit versus current projections once these are made publicly available,” he said. For platinum investors, the persistence of deficits suggests that the market’s underlying fundamentals remain supportive even as demand moderates from last year’s highs.

“The price rally we’ve seen this year has not solved the deficit,” he said.

“Normally, in a deficit market, you would expect the price to increase. Clearly, the elevated prices we’ve experienced is still insufficient to attract more supply into the market or drag more metal out of aboveground stocks.”

With supply growth limited and inventories shrinking, the platinum market is likely to remain structurally tight, sustaining investor interest through 2026.

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

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Oreterra Metals: Close on the Trail of a Potentially Major New BC Copper-Gold Discovery

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Oreterra Metals (TSXV:OTMC) is a mineral exploration company focused on delivering large-scale discoveries and the shareholder value that typically follows. Its strategy targets copper-gold porphyry systems in North America, selected for their scale, comparatively lower discovery costs versus high-grade vein systems, and strong appeal to major mining companies as potential long-life operations. The company emerged in February 2026 following the restructuring and rebranding of its predecessor, driven by the exceptional potential of the Trek South prospect.

Oreterra’s flagship asset is the wholly owned Trek South copper-gold porphyry prospect on the 6,379-hectare Trek property in British Columbia’s Golden Triangle. The prospect has only recently become accessible due to glacial retreat and remains effectively new to modern geological exploration. First identified in 2019, work conducted since 2021 has advanced the project to drill-ready status.

Aerial view of Oreterra MetalsA large-scale porphyry copper-gold prospect ready for its first-ever drilling, in 2026

The company is led by a veteran management team with more than 100 years of combined experience in exploration, finance, and governance. Following a recent $9.7 million financing and supported by a lean share structure, Oreterra is fully funded to test its high-conviction targets, with the first-ever drill program at Trek South planned for the 2026 field season.

Company Highlights

  • Fully Funded for 2026 Exploration: Recently completed a massively oversubscribed $9.7 million financing to support the first-ever drilling this summer of the wholly owned, large-scale Trek South prospect, only recently revealed by glacial ice melt.
  • Drill‑Ready Flagship: The Trek South target has everything one seeks in a new porphyry copper-gold discovery prospect: i.e. large scale, terrific rock exposure, intense porphyry-style changes and metal values on surface in those rocks, and stacked (coincident), strongly positive, magnetic and geophysical anomalies directly below.
  • Infrastructure Advantage: The Trek South prospect is just 3 kilometres up-slope from the nearest work camp, bridges and road presently under construction by the Teck/Newmont GCMC joint venture, and 12 kilometers from their proposed mill site.
  • Proven Management: Led by CEO Kevin Keough, founding CEO of GT Gold Corp. which delivered the Saddle North porphyry copper-gold discovery (Dec. 13, 2017), later sold to Newmont for $523 million cash in current dollars following just $16.7 million of exploration outlays (Saddle North only).
  • Asset Portfolio: Beyond the flagship, Oreterra holds high-grade gold and porphyry copper-gold assets in Nevada and Ontario.

This Oreterra Metals profile is part of a paid investor education campaign.*

Click here to connect with Oreterra Metals (TSXV:OTMC) to receive an Investor Presentation

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Oreterra Metals

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Investor Insight

Oreterra Metals is focused on the discovery of large-scale porphyry copper-gold systems in Canada and the US, led by a management team with a proven track record delivering multi-million dollar exits in the same world-class mining jurisdictions.

Overview

Oreterra Metals (TSXV:OTMC) is a focused mineral exploration company dedicated to delivering for its shareholders large-scale discoveries and the capital gains opportunities that typically come with such discoveries. The company’s strategy centers on copper-gold porphyry systems in North America, chosen for their scale, relatively low finding and resource proving costs in relation to high grade vein systems, and their high attractiveness to major mining operators as potential long-life mines. Oreterra emerged early in February 2026 following the comprehensive restructuring and rebranding of its predecessor company, a restructuring warranted by the exceptional prospectivity of the Trek South prospect.

Oreterra’s flagship asset is the wholly owned Trek South porphyry copper-gold prospect, located on the 6,379-hectare Trek property situated in the heart of British Columbia’s Golden Triangle. Effectively new to modern geological science, the prospect has emerged due to rapid glacial ice retreat. First identified in 2019, all of the work required to reveal it as a highly prospective porphyry copper-gold prospect and to bring it to drill-ready status has occurred only in the period since 2021.

The company is led by a veteran management team with over 100 combined years of experience in mineral exploration, finance, and corporate governance. With a lean share structure and strong institutional support following its recent $9.7 million financing, Oreterra is fully funded and ideally positioned to test its high-conviction targets, starting with the first-ever drill of Trek South commencing in the approaching 2026 field season.

Oreterra Metals rocky terrain under a clear blue sky.

Company Highlights

  • Fully Funded for 2026 Exploration: Recently completed a massively oversubscribed $9.7 million financing to support the first-ever drilling this summer of the wholly owned, large-scale Trek South prospect, only recently revealed by glacial ice melt.
  • Drill‑Ready Flagship: The Trek South target has everything one seeks in a new porphyry copper-gold discovery prospect: i.e. large scale, terrific rock exposure, intense porphyry-style changes and metal values on surface in those rocks, and stacked (coincident), strongly positive, magnetic and geophysical anomalies directly below.
  • Infrastructure Advantage: The Trek South prospect is just 3 kilometres up-slope from the nearest work camp, bridges and road presently under construction by the Teck/Newmont GCMC joint venture, and 12 kilometers from their proposed mill site.
  • Proven Management: Led by CEO Kevin Keough, founding CEO of GT Gold Corp. which delivered the Saddle North porphyry copper-gold discovery (Dec. 13, 2017), later sold to Newmont for $523 million cash in current dollars following just $16.7 million of exploration outlays (Saddle North only).
  • Asset Portfolio: Beyond the flagship, Oreterra holds high-grade gold and porphyry copper-gold assets in Nevada and Ontario.

Key Projects

Trek Project – Golden Triangle, British Columbia

Potential for a Major Discovery in the First Few Drill Holes

Aerial view of Oreterra Metals

A large-scale porphyry copper-gold prospect ready for its first-ever drilling, in 2026

The wholly owned Trek property spans 6,379 hectares in the heart of BC’s Golden Triangle, one of North America’s geologically most fertile copper‑gold-silver belts. Within the property, the Trek South target represents a very large, entirely new, porphyry system identified in the period since 2021 by mapping, sampling and geophysical programs.

Map of Golden Triangle mining district with Oreterra claims and prospects demarcated.

Strategically positioned approximately 10 km from Teck–Newmont’s rich Galore Creek porphyry copper-gold project and just 3 km up slope from partially completed road access, Trek South is poised for its maiden drilling program in 2026. The project is supported by a National Instrument 43‑101 technical report delivered on January 20, 2026.

The property also hosts additional exploration targets that provide district‑scale upside under a single land package.

Kinkaid Project – Nevada

An Emerging Porphyry Copper-Gold Project on a Proven Nevada Mining Trend

Rough turquoise stone with a mix of blue and earthy tones on rocky ground from Oreterra Metals

Kinkaid comprises 131 claims covering 1,101 hectares in Mineral County, Nevada, an attractive mining jurisdiction with established infrastructure. The project is subject to a 2% net smelter returns royalty. Exploration has identified two distinct mineralization styles: epithermal to mesothermal veins, and garnet skarns, with evidence for buried porphyry centres.

Oreterra is planning further exploration at Kinkaid, including both airborne and ground geophysical surveys. These programs are intended to refine drill targets ahead of planned diamond drilling on the most prospective areas of the property.

Lundmark Project – Ontario

Emerging copper-gold in northwestern Ontario and an extensive drilling-defined mineral system

Oreterra Metals

The 5,386‑hectare Lundmark property adjoins the Musselwhite gold mine in northwestern Ontario and is subject to a 3 percent NSR royalty. Drilling since 2019 has outlined a significant volcanogenic massive sulphide (VMS) system characterized by multiple mineralizing events.

These include individual high-grade gold-bearing quartz–pyrrhotite veins, broad zones of stockwork-style copper–gold vein mineralization, and three VMS-style gold–silver–enriched base metal zones. In total, the alteration and mineralization system identified to date now extends for approximately 11 kilometres along strike.

Scossa Project – Nevada

Scossa, a 541‑hectare property, encompasses the historic high‑grade Scossa gold mine, active in the 1930s and 1940s. The epithermal gold system features five known veins, with historical mining limited to the 400‑foot level. Exceptional grades from historical records and previous drilling by the company in the 2003 timeframe, indicates meaningful potential remains.

Management Team

Kevin M. Keough — Chief Executive Officer & Director

A geologist by training, Mr. Keough brings 45 years global exploration, corporate leadership, and capital markets experience, and has founded and led exploration companies that delivered major discoveries of the type Oreterra seeks, later sold for considerable profit.

Stephen Burega — President & Director

With 25+ years in mining and resources, Mr. Burega specializes in corporate development, fundraising, and stakeholder engagement and played an instrumental role in Oreterra’s strategic repositioning.

Brian Crawford — Chief Financial Officer

A chartered professional accountant with deep public company finance and governance experience, Mr. Crawford has co‑founded several TSXV and CSE‑listed companies and continues to support growth‑stage exploration entities.

John Biczok — Vice‑President, Exploration

A professional geologist with over 45 years of field and discovery experience, Mr. Biczok has been involved in significant discoveries globally and brings robust technical leadership to Oreterra’s exploration programs.

Ashley Nadon — Corporate Secretary

Ashley Nadon, a Chartered Professional Accountant, supports governance and financial reporting with a depth of expertise in public company compliance.

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