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SAGA Metals Completes Phase 1 & Commences Phase 2 of Drilling at Radar Project in Labrador-Confirms Extensive Oxide Mineralization Over 1.5 Km & Provides Corporate Update

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Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company advancing critical mineral discoveries, is pleased to announce the successful completion of the first phase of drilling in the Trapper Zone’s northern section (‘Trapper North’) including four drill holes over 1,073 m and has initiated phase 2 in the south (‘Trapper South’) including two drill holes over 445 m completed to date. Phase 1 and 2 drill holes have intercepted and confirmed extensive oxide mineralization over 1.5 km of the 3+ km strike within the Radar Project’s Trapper Zone.

Highlights

  • R-0008, -0009 and -0010 on Drill Section N-11 transected the magnetic anomaly and demonstrated a likely structural repetition of the cumulate oxide layers dominated by semi-massive to massive cumulate oxides, confirming the strong magnetic response.
  • R-0008: Comprising semi-massive to massive oxide mineralization, with a cumulative total of 156 m of core length.
  • R-0009: Over half the length of the hole intersected semi-massive to massive oxide layering, with a cumulative total of 165 m of core length.
  • R-0010: Was drilled off the same drill pad as R-0009 to test the NE limb of the fold. R-0010 contained a cumulative core intercept of 139.5 m of semi-massive to massive oxides, as well as 11.5 m of intercumulus oxide in 251 m of coring.
  • R-0011 : Intersected equal portions of semi-massive to massive cumulate oxides and intercumulus oxides. Importantly, the drilling encountered a separate unit of rhythmic banded oxide mineralization.
  • R-0012 & R-0013: Are the first two drill holes of the initial cross section in Trapper South and contains rhythmic oxide layering and further confirms oxide mineralization over 1.5 km of the 3+ km strike within the Trapper Zone.

Figure 1

Figure 1: Location of the Phase 1 and Phase 2 of Fall 2025 Drilling at Trapper Zone, showing the TMI of the 2025 Trapper Zone ground magnetic survey.

Figure 2

Figure 2: A Gladiator Driller crew member carefully places core from R-0013 into the core box at the drill in Trapper Zone.

Drill Hole Program Details

Phase 1 of drilling in the Trapper North Zone targets a strong magnetic anomaly delineated in the 2025 ground geophysical survey. The anomaly traces the shape of an apparent fold structure. Drilling fences are oriented to cross the fold structure at right angles, with drilling directions of mostly N038°E. A total of 1,073 m of drilling has been completed in four diamond drill holes. Phase 2 is focused on Trapper South and will concentrate on multiple fences through the magnetic anomalies. A total of 445 m has been completed in two diamond drill holes thus far.

Drilling is conducted with oriented drill core to provide definitive structural information. Dr. Boukare Tapsoba, of Cambria Geological Inc., is attending the first phase of drilling to establish robust protocols for documenting the magmatic layering, folding and mylonitic shearing.

  • R-0008 (Azimuth 38°, Dip -45°, EOH 272 m) , was collared in the SW limb of a large fold closure in gabbronorite in Trapper North. Over half the length of the hole passed through intervals of semi-massive to massive oxide mineralization, with a cumulative total of 156 m out of 272 m of core length.
  • R-0009 (Azimuth 38°, Dip -45°, EOH 299 m) , tested the remainder of the Trapper North fold structure. The drill hole was collared to intercept the NE limb of the fold and to complete the cross-section started with R-0008. Over half the length of the hole intersected semi-massive to massive oxide layering, with a cumulative total of 165 m out of 299 m of core length.
  • R-0010 (Azimuth 0°, Dip -45°, EOH 251 m) , was drilled off the same drill pad as R-0009 to verify the most appropriate angle for drilling the NE limb of the fold. Additionally, this hole provides a control for understanding the structural position of a mylonitic shear that occupies the fold’s axial plane. R-0010 contained a cumulative core intercept of 139.5 m of semi-massive to massive oxides, as well as 11.5 m of intercumulus oxide in 251 m of coring.
  • R-0011 (Azimuth 0°, Dip -45°, EOH 251 m), the fourth drill hole in Trapper North was a 100 m step out to the east from R-0009 & R-0010. The hole successfully demonstrated the continuity of the semi-massive to massive layering while also intersecting a unit of Rhythmic Magnetite layering, similar to the holes drilled in Hawkeye in Q1 of 2025. R-0011 intercepted a cumulative interval of 58.3 meters of semi-massive to massive oxide, 27.39 meters of intercumulus and 52.12 meters of rhythmic magnetite banding.

Drilling on Section N-11, in diamond drill holes R-0008, -0009, and -0010, demonstrated variations in the structural attitude that map an open anticline in the semi-massive to massive oxides. The exceptional thickness of the oxide units on Section N-11 is partly due to the structural repetition of the units. A mylonitic shear zone occupies the axial plane of the fold. Significantly, this drilling tested both the SW and NE limbs of the fold structure and was dominated by semi-massive to massive cumulate oxides, confirming the strong magnetic response. Assays are pending.

Figure 3

Figure 3: Cross-Section N-11 showing R-0008, -0009, -0010 and -0011 with the 3D Magnetic Inversion of the 2025 Trapper Zone ground magnetic survey.

Drill Core Sample Update

Saga Metals has successfully shipped the first 420 core samples from the Fall 2025 Drill Program. A close sample spacing of 0.5 to 1.0 m was used in the Hawkeye zone Q1 drill program of 2025. After reviewing the assay results on that zone, the team has reduced the sampling interval to 2.0 m.

The first 420 samples include 202 from the complete R-0008 drill hole and 218 from the complete R-0009 drill hole. These samples were shipped at the start of this week and are expected to arrive by the end of the week, with assay results available within 3 to 4 weeks.

Figure 4

Figure 4: R-0012 DDH at Trapper South with a full stack of core boxes ready for logging.

Figure 5

Figure 5: Geologists Boukare Tapsoba, Grace Mombourquette and Katie Ward in the core shack. Both the drillers and geologists have benefited from competent ‘stick’ rock, as seen in the core held up by Boukare Tapsoba.

Next Steps

Drill has successfully moved from Trapper North to Trapper South and has begun drilling a four-hole section across the linear magnetic anomalies with the zone. R-0012 and R-0013 are completed, and Gladiator Drilling has successfully moved the drill shack to the site of R-0014 with drilling already underway.

With the same concept of the first four holes in the North, drilling in the South will concentrate on multiple fences through the magnetic anomalies to allow Saga’s geological team to best understand and plan for the remainder of the mineral resource estimate drill program that will continue in Q1 of 2026.

‘Saga Metals Radar Project, Fall 2025 Drill Program is aggressively testing for the presence of, and continuity of layered magnetite mineralization that has been defined by their recent ground magnetic surveys. Their targeting of fold noses is logical, and their use of oriented core to define layering attitudes and facing directions will greatly aid their geological interpretation of these large, property-scale folded formations. Their early use of structural geological expertise is well thought out and will be of great value in the definition of this emerging layered mafic intrusive complex,’ commented Vernon Shein, former B2Gold Executive & Advisory Board Member of Saga Metals.

Drill Program Objectives:

The Phase 1 Trapper Zone drill campaign will target:

  • Grade continuity across a 3 km strike length.
  • Oxide layering widths and continuity to true depths of about 200 meters.
  • Integration of structural insights from trenching and drilling into collar orientation and drill design.
  • Initial drilling of ~2,000 meters in 8 holes, each averaging about 250 m in depth, will be completed before the December break.
  • Test both the North and South sections of the Trapper zone before the seasonal break to fully determine grades, widths and structures before initiating the detailed grid and drill sections in 2026 for a mineral resource estimate.
  • Drilling will be complemented by metallurgical sampling through the winter, with core from both the Hawkeye and Trapper zones undergoing detailed metallurgical testing.

Figure 6

Figure 6: Radar Project’s Trapper Zone depicting a 3+ km Total Magnetic Intensity (TMI) anomaly from the 2025 ground survey and the oxide layering trend. The Trapper Trail (in black) will be the target of the planned 15,000 m diamond drilling program aimed at establishing Saga’s maiden mineral resource estimation.

The Radar Property spans 24,175 hectares and hosts the entire Dykes River intrusive complex (~160 km²), a unique position among Western explorers. Geological mapping, geophysics, and trenching have already confirmed oxide layering across more than 20 km of strike length, with mineralization open for expansion.

Vanadiferous titanomagnetite (‘VTM’) mineralization at Radar is comparable to global Fe–Ti–V systems such as Panzhihua (China), Bushveld (South Africa), and Tellnes (Norway), positioning the Project as a potential strategic future supplier of titanium, vanadium, and iron to North American markets.

Figure 7

Figure 7: Radar Project’s prospective oxide layering zone extends for an inferred 20 km strike length, as shown on a compilation of historical airborne geophysics as well as ground-based geophysics in the Hawkeye and Trapper zones completed by SAGA in the 2024/2025 field programs. SAGA has demonstrated the reliability of the regional airborne magnetic surveys after ground-truthing and drilling in the 2024 and 2025 field programs .

Corporate Update

Additionally, further to SAGA’s news release dated May 27, 2025, where it announced the completion of the first tranche of a private placement of units (the ‘ May Placement ‘), the Company has paid additional cash finder’s fees in the amount of $1,659 and issued an additional 5,530 finder’s warrants. The total finder’s fees paid by the Company in connection with the first tranche of May Placement were $33,369.01 in cash and 114,146 finder’s warrants.

The Company also announces that further to its news release dated October 10, 2025 where it announced the completion of a private placement of units (the ‘ October Placement ‘), the Company has paid additional cash finder’s fees in the amount of $21,187.88 and issued an additional 77,546 finder’s warrants. The total finders fees paid by the Company in connection with the October Placement were $151,190.88 in cash and 555,750 finder’s warrants.

Qualified Person

Paul J. McGuigan, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar Titanium Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a 2,200m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares featuring uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U 3 O 8 and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.

With a portfolio that spans key commodities crucial for the clean energy future, SAGA is strategically positioned to play an essential role in critical mineral security.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com

Neither the TSX Venture Exchange nor its Regulation Service 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 Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company’s Radar Project. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets, and the risks detailed in the Company’s continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

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News Provided by GlobeNewswire via QuoteMedia

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Charbone Hydrogen

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Investor Insight

Charbone Corporation offers investors exposure to the rapidly expanding clean ultra high purity (UHP) hydrogen and specialty gases market through a modular, capital-efficient strategy that accelerates deployment and revenue generation. With first helium and UHP hydrogen deliveries, successful financings, and a growing network of long-term supply agreements, the company is entering a pivotal commercial phase supported by robust industry and policy tailwinds.

Overview

Charbone Corporation (TSXV:CH,OTCQB:CHHYF,FWB:K47) is an integrated company specialized in clean UHP hydrogen and the strategic distribution of industrial gases in North America and the Asia-Pacific region. It is developing a modular network of clean UHP hydrogen production while partnering with industry players to supply helium and other specialty gases without the need to build costly new plants. This disciplined strategy diversifies revenue streams, reduces risks and increases flexibility.

Charbone Hydrogen

Charbone has accelerated its growth trajectory, negotiating a US$50 million financing, as one of possibilities in its toolbox, to expand across North America, executing a US$1 million collaboration agreement to advance a clean UHP hydrogen project in Malaysia, and achieving multiple milestones at its flagship Sorel-Tracy facility in Quebec. In 2025, the company completed the construction and equipment installation at Sorel-Tracy and began commissioning, after acquiring from Harnois Énergies and relocating the operating hydrogen production and refueling equipment to the site to enable faster commissioning and earlier hydrogen sales.

Charbone also launched its Industrial Gases Distribution Division and made its first helium delivery of 161,000 cubic feet of helium to an independent distributor in the Greater Toronto Area, underpinned by a three-year supply agreement. The company also signed a five-year clean UHP hydrogen supply contract with an Ontario-based distributor, with first deliveries scheduled to begin in December 2025. These agreements mark the company’s entry into the Ontario market and its integration into the North American specialty gases supply chain.

With its exclusive focus on clean UHP hydrogen, Charbone is positioning itself as a first mover in a multi-billion-dollar market. Leveraging Canada’s hydroelectric power and expanding nuclear capacity, Charbone plans to deliver sustainable hydrogen solutions that meet rising demand from both governments and global industries.

Company Highlights

  • Canada’s only publicly listed clean UHP hydrogen company: Charbone Corporation offers investors unique exposure to the fast-growing hydrogen economy as a company focused on clean UHP hydrogen production and distribution.
  • Building a North American clean UHP hydrogen pipeline: Advancing multiple projects, anchored by its flagship Sorel-Tracy facility in Quebec, to establish a scalable production and distribution network.
  • Well-financed for growth and expansion: Charbone negotiated US$50 million financing, facilitated by US Capital Global, as one of its possibilities in its toolbox to accelerate funding of modular build-out and expand its footprint across North America.
  • Expanding into international markets: Through a US$1 million master collaboration agreement, Charbone is supporting the deployment of a clean UHP hydrogen project in Malaysia, highlighting its global reach.
  • Aligned with strong policy and market tailwinds: For years, Canada leaned on centralized, fossil-based reformers. That playbook is obsolete. Now, Quebec’s hydropower can supply electrolyzers that split H₂O into H₂ and O₂ with zero carbon footprint. Charbone’s plug-and-play approach repurposes proven gear, slashing lead times and trimming capex. Charbone is well-placed for long-term growth.
  • Focus on clean UHP hydrogen production: Charbone is dedicated to producing hydrogen using baseload renewable energy, such as hydroelectric and nuclear energy — a critical pathway to decarbonization with a reliable and efficient production capacity.
  • New Industrial Gases Distribution Division: Achieved its first helium delivery and signed a three-year supply agreement, establishing a new revenue stream in specialty gases.

Project Pipeline and Key Partnerships

Charbone forged strong partnerships to execute its business model. Here’s where it gets cool: renewable hydroelectricity powers electrolyzers that split water into hydrogen and oxygen. Purification skids then crank it up to 99.999% purity – true industrial grade. This hydrogen production model serves everything from fuel-cell fleets and semiconductor fabs to specialty metal processing and next-gen refueling stations.

Charbone isn’t flying solo. The company has built a network of strategic partners across production, infrastructure and commercial distribution, including:

  • Energy and technology partners such as Hydro-Québec and ABB, supporting clean power supply and the development of modular hydrogen facilities across North America.
  • Equipment and construction partners responsible for the delivery, relocation and installation of Charbone’s operating hydrogen production assets and the completion of civil works at Sorel-Tracy.
  • A US Tier-One industrial gas producer, with whom Charbone recently formed a strategic alliance to expand access to helium and specialty gases and strengthen North American market penetration.
  • Commercial distributors in Ontario and the Greater Toronto Area under multi-year agreements for clean UHP hydrogen and UHP helium, marking Charbone’s entry into these fast-growing specialty gas markets.
  • Public listings on the TSX Venture Exchange, OTCQB, and Frankfurt Stock Exchange, supporting access to global capital.

Charbone’s memorandum of understanding (MOU) with ABB includes the development of up to 16 modular and scalable green hydrogen production facilities across North America over the next five years. Under the MOU, ABB will support Charbone in standardizing basic engineering for systems and components across its project portfolio to increase energy efficiency and reliability.

Among the sites covered by the collaboration is Charbone’s flagship Sorel-Tracy facility near Montreal in Quebec, Canada. In 2025, the project reached several major milestones: the safe reception and transfer of all major hydrogen production components, the launch and completion of civil works, and the equipment installation and the start of Phase 1a commissioning on schedule in November 2025. These advances were enabled by Charbone’s acquisition from Harnois Énergies and relocation of operating hydrogen production assets, accelerating deployment and reducing capital requirements.

The construction of its Sorel-Tracy facility is being done with the participation of EBC, one of the largest construction companies in Quebec. EBC has a proven track record of designing and building facilities in Canada and the US. The partnership agreement gives EBC the right of first refusal to construct additional Sorel-Tracy phases, as well as one or all of Charbone’s facilities within the North American market.

Charbone Hydrogen Sorel Tracy Project

In addition, Charbone has entered into several other strategic partnerships, all aimed at expanding its footprint in North America. The company entered into a special consultancy agreement with Enki GéoSolutions for potential partnership proposals as a co-operator and distributor of an emerging form of clean and renewable hydrogen, known as white or natural hydrogen.

In June 2024, Charbone executed a supply agreement for a complete containerized electrolyzer system ready for shipment to its flagship clean UHP hydrogen site in the City of Sorel-Tracy, Quebec. Since then, the company has completed grid and water connections, obtained its first hydrogen tube trailer for bulk transport, and introduced a dedicated helium tube trailer to support new commercial activity in Ontario. These logistics capabilities now support both hydrogen and helium deliveries under multi-year supply agreements.

Charbone also signed commercial supply agreements (CSAs) with a top-tier US industrial gas producer and distributor. The first CSA secures hydrogen supply ahead of Charbone’s own production, while the second expands its product offerings to include helium and other industrial gases. In 2025, this relationship expanded into a broad strategic alliance, strengthening Charbone’s access to high-value gases and enhancing its commercial footprint across North America.

Superior Plus

This partnership allows Charbone to sell hydrogen produced at the Sorel-Tracy facility to Certarus, a subsidiary of Superior Plus. Such supply agreements ensure that Charbone can generate cash flow immediately following the commencement of production.

NEK Community Broadband

The agreement with NEK Community Broadband ensures the supply of green hydrogen in the Northeast Kingdom of the state of Vermont, USA. NEK Broadband is building a high-speed broadband infrastructure and plans to install a hydrogen fuel cell backup system for a reliable power supply.

Oakland County Economic Development Department, Michigan

Further advancing its goal of US expansion, Charbone signed a memorandum of understanding in December 2023 with Michigan’s Oakland County Economic Development Department to set up Charbone’s first clean UHP hydrogen facility in the US. Oakland County is home to major automakers, and a clean UHP hydrogen facility in their proximity will support the effort of producing environmentally friendly mobility options.

Being the only publicly listed clean UHP hydrogen player in Canada, Charbone offers investors a unique opportunity to participate in the rise of Clean UHP hydrogen as a potential low-emitting alternative to fossil fuels.

Management Team

Dave Gagnon – Chairman and CEO

Dave Gagnon has been chairman and chief executive officer of Charbone Corporation since April 21, 2022. With over 20 years of executive leadership experience in Cleantech, Wind Power, Hydropower, Lithium Resources, and Industrial Gases, he has built a career focused on scaling innovative infrastructure, accelerating sustainable energy solutions, and leading cross-border growth initiatives in high-impact sectors.

Benoit Veilleux – Chief Financial Officer

Benoit Veilleux was appointed as the CFO of Charbone on August 15, 2022. Veilleux has over 15 years of experience in corporate accounting and finance. He began his professional career at KPMG in 2003, where he managed and coordinated audit teams for public companies until 2010. Since then, he has worked with a number of companies including Air Liquide Canada and the Hypertec Group.

Daniell Charette – Chief Operating Officer

Daniell Charette has been the chief operating officer of Charbone since February 2019. He brings over 25 years of experience in running and managing renewable energy companies. He has worked in senior leadership roles with several renewable companies including NEG Micon A/S, Vestas and Brookfield Power. He has served on various association boards and councils, including the Canadian Wind Energy Association, Association Québécoise des Producteurs d’Énergie Renouvelable, and Latin Wind Energy Association.

Francois Vitez – Director

Francois Vitez is a hydropower and energy storage expert with more than 24 years of experience in development, engineering and construction management as well as operations and maintenance of hydropower and energy storage projects in North America and internationally. He is a board member and chair of the Value of Hydropower committee at Waterpower Canada, vice-chair of the Energy Storage Association of Canada, board member of the California Energy Storage Association, and member of the International Hydropower Association.

Patrick Cuddihy – Industrial Gases Operations Team

Patrick Cuddihy is a seasoned operations leader with over 20 years of experience at Air Liquide Canada, to its hydrogen operations team. Patrick brings a wealth of expertise in managing industrial gas production and distribution, having held senior roles including network sales director for Quebec Region, general manager for Pacific Region, director of procurement services, and director of logistics and assets for the Eastern Region.

Jean Watelle – Hydrogen Production

Jean Watelle is an engineer with more than 25 years of experience in technical and manufacturing management, including 11 years as director, hydrogen and site operations, large industries – Eastern Region at Air Liquide Canada, five years in Lean Manufacturing and as a Tier 1 specialist for Chrysler and Ford. Known for his dynamism, creativity and excellent knowledge of continuous improvement tools, Watelle enjoys successfully completing stimulating challenges with a committed team.

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MIKE DAVIS: Why SCOTUS must reinstate Trump US Attorneys Alina Haba and Lindsey Halligan

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On about two dozen occasions, the Supreme Court had to step in during President Trump’s second term because many inferior courts refused to accept that he is the president. The justices must do so again, after lower courts invalidated the appointments of acting U.S. attorneys Alina Habba of the District of New Jersey and Lindsey Halligan of the Eastern District of Virginia.

The Senate has a tradition that is over a century old called the blue slip. Home-state senators have an extraordinary power: the ability to veto U.S. marshals, U.S. attorneys and U.S. district judges. In order for nominees to proceed, home-state senators must return a blue slip approving the nominations. Senators will never let this power go, so administrations have to bear the consequences. In New Jersey, leftist Senators Cory Booker and Andy Kim have refused to allow the nomination of Alina Habba to serve as U.S. attorney. Likewise, in Virginia, their fellow leftist Senators Tim Kaine and Mark Warner will not acquiesce to the nomination of Lindsey Halligan to serve as U.S. attorney. As such, Attorney General Pam Bondi appointed Habba and Halligan to 120-day terms to serve on an interim basis, as 28 U.S.C. § 546 allows. Halligan replaced another interim prosecutor, Eric Siebert, who departed shortly before his 120 days lapsed.

After 120 days have expired, leftists asserted that Bondi can make no more appointments; only district judges can. The Executive Branch, this argument goes, has no say whatsoever after 120 days. This result would lead to a scheme where leftist senators can block President Trump’s nominees. Then, courts composed mostly of leftist judges in these blue states can install leftist puppet U.S. attorneys, and the Executive Branch must grin and bear it, just as with the blue slip process.

The 120-day limit first appeared in a statute in 1986. During the years of Presidents Clinton and Bush, attorneys general made successive 120-day appointments under the statutory scheme in effect from 1986-2006, the same scheme as today. Yet, Clinton Judge Cameron Currie of South Carolina did not view this historical evidence as persuasive when she invalidated Halligan’s appointment. Halligan secured indictments against New York Attorney General Letitia James for mortgage fraud and former FBI Director James Comey for false statements to and obstruction of Congress concerning the Russiagate hoax.

Those indictments are, for the moment, invalid. Currie’s opinion drips with disdain for Halligan, noting Halligan’s lack of prosecutorial experience. This issue is irrelevant to the legal question. Halligan, under Currie’s analysis, could have had three decades of prosecutorial experience, and her appointment would still have violated the Constitution’s Appointments Clause. Currie also quoted another irrelevant piece of evidence: President Trump’s social media post demanding Bondi move faster on prosecutions. Whether Halligan’s appointment is valid has nothing to do with that post. Its inclusion thus has no valid legal purpose.

The Appointments Clause vests appointment power in a president, by and with the advice and consent of the Senate, for principal officers. Congress can also require the advice and consent process to apply to inferior officers, and it did so with respect to U.S. attorneys. As such, presidents nominate U.S. attorneys, and the Senate confirms them. When there are vacancies, attorneys general can fill them for 120 days at a time, and a separate part of Section 546 allows for district courts to make appointments after the 120 days have expired. The Constitution grants department heads and courts the power to appoint inferior officers. District judges, for example, appoint magistrate judges.

Section 546 does not vest the authority to appoint U.S. attorneys exclusively in district courts. Under the reading of the judges who have invalidated the appointments of Habba and Halligan, President Trump’s attorney general could not make a 120-day appointment, either. The text of Section 546 does not specify a 120-day appointment per president. When one president’s attorney general makes a 120-day appointment, these judges absurdly prevent any future president’s attorney general from doing so in that district. District judges, therefore, have all the power until the Senate confirms a nominee one of these years or decades.

Fortunately, the issue now is ripe for Supreme Court review. This week, a Third Circuit panel ruled that Habba’s appointment is invalid. The justices should decide the cases together, even though the Fourth Circuit has not ruled on the Halligan appeal. There is only one circuit with all states that have Republican senators: the Fifth. This district court control could continue into the terms of a President Vance.

Trump attorney Lindsey Halligan: Indictment goes ‘for the jugular’

The easiest way to correct the lower court’s error is for the Supreme Court to hold that Section 546 allows attorneys general to make more than one 120-day appointment. Alternatively, the justices could hold that Section 546’s stripping of appointment power from the Executive Branch with respect to its officials violates the separation of powers.

In the face of immense criticism from Democrat politicians, the leftist media, and academic elites, the justices have intervened time and again to thwart unlawful interference by resistance lower courts. Because of the Supreme Court’s intervention on issues ranging from the ability to fire Executive Branch employees to the ability of the president to revoke temporary protected status from illegal immigrants, President Trump has been able to do his job far more effectively.

Bondi, Solicitor General John Sauer, and their team of stellar lawyers have amassed a success rate of over 90% at the Supreme Court. The justices must restore Habba and Halligan to preserve the separation of powers and prevent U.S. attorneys from being servants of district courts instead of presidents.


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Osisko Metals Announces $32.5 Million Private Placement with Strategic Investors

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

Osisko Metals Incorporated (the ‘ Company ‘ or ‘ Osisko Metals ‘) (TSX: OM,OTC:OMZNF; OTCQX: OMZNF; FRANKFURT: OB51) is pleased to announce that it expects to complete a non-brokered private placement with certain strategic investors for an aggregate of approximately 67,666,666 common shares of the Company (the ‘ Common Shares ‘) at an offering price of $0.48 per Common Share for aggregate gross proceeds to the Company of approximately $32,480,000 (the ‘ Private Placement ‘).

The Private Placement is expected to include subscriptions from certain strategic investors, including:

  • Hudbay Minerals Inc. : 29,166,666 Common Shares for gross proceeds of $14,000,000;
  • Agnico Eagle Mines Limited : has indicated that it intends to subscribe for 26,000,000 Common Shares for gross proceeds of $12,480,000 pursuant to an existing participation right;
  • Franco-Nevada Corporation : 4,166,667 Common Shares for gross proceeds of $2,000,000; and
  • A strategic institutional investor : 8,333,333 Common Shares for gross proceeds of $4,000,000.

The size of the Private Placement will depend on, among other things, certain contractual participation rights granted by the Company to Glencore Canada Corporation (the ‘ Glencore Participation Right ‘).

Osisko Metals CEO Robert Wares commented: ‘ We are pleased to welcome Hudbay Minerals as a new significant shareholder of Osisko Metals. We also appreciate the continued participation of Agnico Eagle and two of our existing principal and strategic shareholders. We view the participation in the private placement by these investors as support for the potential of the Gaspé Copper project and we look forward to continued support from these shareholders as we advance our project. ‘

After giving effect to the Private Placement, but before giving effect to any other issuance of Common Shares (including pursuant to the Glencore Participation Right): (i) Hudbay Minerals Inc. (‘ Hudbay ‘) is expected to beneficially own or control 29,166,666 Common Shares, representing approximately 4.3% of the issued and outstanding Common Shares, calculated on a non-diluted basis; and (ii) Agnico Eagle Mines Limited (‘ Agnico ‘) is expected to beneficially own or control 87,815,000 Common Shares, representing an ownership interest in the Company equal to approximately 12.5% (calculated on a partially-diluted basis). As part of the Private Placement, the Company and Hudbay have agreed to enter into an investor rights agreement, pursuant to which Hudbay will be granted certain rights, including top-up rights and the right to participate in future offerings of securities of the Company upon Hudbay’s ownership interest increasing to 9.9% and, subject to certain minimum ownership thresholds and other conditions, the right to board representation.

The net proceeds of the Private Placement are expected to be used to advance the Company’s Gaspé Copper project (including drilling, permitting and technical studies) and for general corporate purposes. The Private Placement is expected to close on or about December 16, 2025, subject to the negotiation and execution of definitive agreements and the satisfaction of certain customary closing conditions therein, including the conditional approval of the Toronto Stock Exchange (the ‘ TSX ‘).

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

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in its flagship project, the past-producing Gaspé Copper mine, from Glencore Canada Corporation in July 2023. The Gaspé Copper project is located near Murdochville in Québec’s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals’ November 14, 2024 news release entitled ‘ Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ‘. Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP, through the Pine Point Mining Limited joint venture, to advance one of Canada’s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals’ June 25, 2024 news release entitled ‘Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq’ . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.

For further information on this news release, visit www.osiskometals.com or contact:

Don Njegovan, President
Email: info@osiskometals.com
Phone: (416) 500-4129

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. Any statement that involves 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’, ‘potential’, ‘feasibility’, ‘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, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the ability for the Company to complete the Private Placement on the terms contemplated (if at all); the size of the Private Placement; the expected ownership interest of certain participants in the Private Placement; the negotiation and execution of definitive agreements in connection with the Private Placement; the exercise of the participation rights by Agnico and Glencore Canada Corporation; the closing date of the Private Placement; the ability for the Company to obtain the conditional and final approval of the TSX; the anticipated use of proceeds of the Private Placement; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the advancement of the Pine Point project; the anticipated resource expansion of the Gaspé Copper system; and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; and availability of mining equipment and positive relations with local communities and groups. 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. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR+ ( www.sedarplus.ca ) under Osisko Metals’ issuer profile. Although the Company 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 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, other than as required by law.

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Hidden in hangars, the Navy’s FA-XX could decide the China fight — if Trump moves now

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In March, President Donald Trump announced the Air Force’s new F-47 stealth fighter, built by Boeing.  So where is the Navy’s secret new carrier plane?

Fifteen years ago, the U.S. Navy read the signals from China and secretly started development of a long-range, stealthy plane to launch from aircraft carriers.  The Navy’s newest bird is more like a fighter-bomber, with the AI smarts to lead drones into combat and enough range to scare China.

Today that plane – known only as F/A-XX or fighter attack, experimental – is ready to go. Both Boeing and Northrop Grumman have flown test planes. Their prototypes are waiting in the wings; or rather, in discreet guarded hangars, most likely in Missouri and Florida. 

Yet, for some reason, the Pentagon isn’t in the mood to make the ‘downselect’ purchase decision. The delay is shocking and dangerous.

Sen. Hagerty highlights

Congress wants the Navy plane so much they added nearly $1 billion to the budget to accelerate F/A-XX. ‘The U.S. Navy needs sixth-generation fighters. I’m concerned that any hesitancy on our part to proceed with the planned procurement of the sixth-gen fighters for the Navy will leave us dangerously outmatched in a China fight,’ Rep. Ken Calvert, R-Calif., the head of the House Appropriations Subcommittee on Defense, said on May 14. 

Of course, U.S. Navy F/A-18EFs have pounded Middle East targets during various air campaigns for almost three decades.  Just look at the damage they did to Houthi missile sites and weapons caches in Yemen during Operation Rough Rider this past spring.  But for the fierce fighting scenarios of the Pacific, the Navy pilots that fly from aircraft carriers need a new plane. 

All that President Trump has to do now is take this opportunity to pick the best plane for the Navy.

Here are six things to know about the Navy’s secretive project.

The Navy has not let us see photographs of the F/A-XX, obviously. Tantalizing concept art released over the summer reveals a smooth stealth shape, with a cockpit canopy similar to the F-35.  The diamond or delta-wing shape provides lift and range, especially at higher cruise altitudes. 

Navy secretary: To be a

  In April, the Navy announced F/A-XX would have at least 25% more range than current fighters.  The range could be up to 1,000 miles, according to a top analyst’s estimate. Add in air refueling, longer-range missiles, and you have the ability to take the fight all across the Pacific.  I can tell you this: the Navy has been short of a true long-range fighter since the retirements of the A-6 Intruder and the F-14 Tomcat of TOPGUN fame, so range is a priority.

  While the F-35C excels with just one engine, the Navy preference has always been for two engines, due to all that flying over water. You won’t see the engines because they are tucked inside the plane to diminish heat signature. U.S. engine technology is far ahead of China’s, in areas like thermal management and overall thrust. 

Palantir official warns of ‘new Cold War’ with China amid tense AI race

Early stealth aircraft like the SR-71, F-117 and the B-2 sported flat black coatings to help absorb radar waves.  The current trend in stealth materials is an avian grey, like the B-21 Raider bomber now in production.  Fortunately, the U.S. is the world leader in aerospace-grade carbon fiber composites.

  Expect an impressive bomb bay for internal carriage of long-range missiles.  Current fighters like the Superhornet hang missiles from hard points under the wings.  To achieve stealth, the FA-XX will follow the path of the F-35C, and tuck missiles inside.  Sawtooth bomb bay doors help maintain the aircraft’s stealth profile.

Part of the Navy’s plan is to stock carriers with drone refuelers like the new MQ-25 Stingray to accompany the F/A-XX on its stealthy missions.  Since you ask, no, drones cannot do it all.  Naval strike demands payload to carry heavy bombs and missiles.  Plus, it turns out a pilot is pretty useful. The FA-XX can also control wingmen drones in the battlespace. With FA/XX, the Navy can target enemy ships, land bases, and radar sites.

Jocko Willink, Chad Robichaux mark 250 years of Marines and Navy with

Trump certainly understands the value of stealth after the B-2 bomber’s obliteration of Iran’s nuclear sites.  It’s unclear whether anyone has laid out for the president just how a massive risk the Pentagon is taking with naval aviation by slowing down F/A-XX.

Please note that China flew a stealthy demonstrator designed for carrier landings over a year ago.  On Nov. 7, China commissioned its third carrier, the Fujian, and is laying modules for a fourth carrier — designed to be bigger than the USS Gerald R. Ford and to run on nuclear power for the first time. In a few years, China may have six of its own carriers. That’s a serious threat.

Put simply, the Navy must have this long-range, stealthy fighter. The idea is to pair the FA/XX with long-range missiles so the carrier airwing regains the long-range punch they will need to maneuver and strike against China in the Pacific.

No one wants to say this, but without FA-XX, the carrier mission may diminish in the future.    

It’s past time for President Trump to make a decision. 


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Taiwan unveils $40B defense spending plan to counter China military threat over next decade

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: Last week, Taiwan President William Lai unveiled a massive $40 billion supplemental defense procurement proposal, casting it as proof that the independently ruled, democratic island is serious about countering escalating military pressure from the People’s Republic of China (PRC). The PRC has not governed Taiwan for even a single day but claims it as its territory.

A State Department spokesperson told Fox News Digital that, ‘We welcome Taiwan’s announcement of a new $40 billion special defense procurement budget. Consistent with the Taiwan Relations Act and more than 45 years of commitment across multiple U.S. Administrations, the United States supports Taiwan’s acquisition of critical defense capabilities, commensurate with the threat it faces.’ 

The spokesperson also commended Taipei, ‘We also welcome the Lai administration’s recent commitments to increase defense spending to at least 3% of GDP by 2026 and 5% of GDP by 2030, which demonstrates resolve to strengthen Taiwan’s self-defense capabilities.’

The American Institute in Taiwan (AIT) – the de facto American embassy – responded very positively almost immediately after Lai’s proposal was announced. Courtney Donovan Smith, a political columnist for the Taipei Times, told Fox News Digital that the strong support from AIT, ‘Amounts to a public American stamp of approval.’

A day after Lai’s announcement, Taiwan’s Defense Minister, Wellington Koo, told the media that preliminary talks have already been held with the United States about the kinds of weapons it wants to buy as part of this budget that would run from 2026 to 2033. But Koo said he could not make any details of discussions public until Congress receives a formal notification.

Yet some in Taiwan expressed concern that the language from the administration was somewhat understated, and didn’t come from senior-enough officials. 

Those worried about what they perceive as a muted tone from the Trump administration wondered if the timing could be sensitive, coming shortly after President Trump and Chinese leader Xi Jinping agreed to a trade deal, and just days after Xi phoned Trump to reiterate Beijing’s claims over Taiwan, claims the U.S. ‘acknowledges’ but does not accept.

Even so, Taipei-based political risk analyst and Tamkang University assistant professor Ross Feingold told Fox News Digital that U.S. support fundamentally has not shifted and that when it comes to U.S. weapons sales to Taiwan, ‘If Taiwan is a willing buyer, the Trump administration is likely to be a willing seller.’

Also causing distress to the fragile egos of China’s communist leaders is Japan’s new Prime Minister Sanae Takaichi, a conservative who became Japan’s first female prime minister in October. She appeared to break long-standing Japanese strategic ambiguity over Taiwan when, asked on Nov. 7 in parliament whether a Chinese attack on Taiwan would qualify as ‘a situation threatening Japan’s survival.’

Takaichi didn’t deflect with a ‘I don’t comment on hypotheticals.’ Instead, she said, ‘If there are battleships and the use of force, no matter how you think about it, it could constitute a survival-threatening situation.’

Under Japan’s 2015 security law, that designation could allow Japanese military action in defense of an ally.

China predictably lashed out, immediately calling her remarks ‘egregious.’ A Chinese diplomat in Osaka escalated further, reposting coverage on X with a threat-like warning: ‘The dirty head that sticks itself in must be cut off.’

Kerry K. Gershaneck, a visiting scholar at National Chengchi University and a former U.S. Marine counterintelligence officer, told Fox News Digital that the U.S. needed to clearly denounce China for threats against Japan and the Japanese prime minister. Gershaneck warned that Asian allies remember past U.S. abandonment’ under what he called the ‘do not provoke China!’ policy of the Obama administration. ‘Unless high-level Washington officials signal stronger support, he said, ‘the Trump 47 administration risks going down in history as Barack Hussein Obama’s third term.’

Feingold noted that while Takaichi’s stance was enthusiastically received in Taiwan, the excitement ‘was unsustainable and not based on a formal policy decision by Japan to defend Taiwan.’

Following reports that President Trump phoned the Japanese prime minister and requested that she dial down talk about Taiwan, Japan’s Chief Cabinet Secretary Kihara Minoru issued a strong denial, saying Trump did not advise Takaichi to ‘temper the tone of her comments about Taiwan.’

While the geopolitical shifts grabbed headlines, Lai’s real challenge is domestic. Taiwan has a single-chamber legislature, and Lai’s Democratic Progressive Party does not have a majority.

Cheng Li-wun, the new chair of the main opposition Kuomintang (KMT), campaigned against boosting defense spending to 5% of GDP and has repeatedly argued Taiwan is ‘not an ATM’ for ‘unreasonable’ military budgets. The KMT supports renewed engagement with Beijing and acceptance of the ‘1992 Consensus,’ a proposed framework that allows both sides to claim there is ‘one China’ while interpreting the meaning differently. Lai rejects that position entirely, calling it a path toward subordination to China.

Bryce Barros, associate fellow at GLOBSEC and a former U.S. Senate national security advisor, told Fox News Digital that there are serious hurdles. ‘Opposition leaders have cited cuts to other essential services like healthcare, lack of details on how the budget will be paid for and concerns over more hostilities with China,’ he said. But Barros said the head of the de facto American embassy has called for bipartisan support for the bill, and he noted Lai needs only six opposition defections for the vote to pass.

Analysts also stress the proposal is not solely for U.S. weapons. Lai wants major investment in domestic defense manufacturing, including a ‘dome’ anti-missile system, which could help blunt accusations of excessive spending to curry favor with Washington. But the plan still faces a volatile parliament and certain retaliation from China.


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Prismo Metals Announces Assay & IP Results at Silver King

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(TheNewswire)

Prismo Metals Inc.

Additional Financing Closes

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia TheNewswire – December 3rd, 2025 Prismo Metals Inc. (‘ Prismo ‘ or the ‘ Company ‘) (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to announce it has received assay results for samples recently taken at the Silver King Project from two exploration targets located on the east side of the property, namely the Black Diamond replacement target and the newly named Crown porphyry intrusion target (Fig. 1).

Figure 1 .  Map showing the location of the Black Diamond replacement and Crown porphyry intrusion exploration targets at the Silver King project.  Claim boundaries are shown in yellow.

The assays show high grade copper mineralization present at Black Diamond (Fig 1). The rock chip samples yielded generally high copper assays with several samples analyzing in excess of 1 % Cu and two samples in excess of 5 % Cu (Table 1, Fig. 2).  Gold is generally anomalous for the Black Diamond samples.

Rock chip samples from the Crown porphyry intrusion generally exhibited lead and zinc values with elevated silver and low copper and gold (Table 2).  Importantly, however, two samples of vein material from the stockwork target yielded high gold values of 4 and 5 g/t (Fig. 2). The mineralization in the stockwork veining at Crown provides impetus to complete additional exploration in the area.

Table 1. Assay results for samples from the Black Diamond replacement target.

Sample

Location

Easting

Northing

Width m

Au g/t

Ag g/t

Cu %

Pb %

Zn %

544572

Black Diamond

492601

3687624

1.5

0.007

0.30

0.18

0.009

0.02

544573

Black Diamond

492601

3687625

1.5

0.052

0.34

0.29

0.013

0.03

544574

Black Diamond

492603

3687623

1.5

0.008

0.47

0.12

0.009

0.02

544575

Historic adit 3

492642

3687624

0.5

1.08

0.15

5.56

0.013

0.03

544576

Historic adit 3

492641

3687625

0.5

0.045

1.08

0.44

0.022

0.02

544577

Historic adit 3

492643

3687621

1.0

0.012

0.76

0.07

0.014

0.02

544578

Historic adit 1

492670

3687639

0.8

0.285

12.43

6.02

–

0.01

544581

Historic adit 1

492672

3687640

1.1

0.125

10.5

1.14

0.011

0.02

544582

Historic adit 1

492667

3687640

1.4

0.285

6.66

2.63

0.006

0.02

544583

Black Diamond

492678

3687626

0.5

0.034

2.18

0.15

0.009

0.02

544584

Historic adit 2

492670

3687625

0.5

0.35

7.99

1.24

0.006

0.01

544585

Historic adit 2

492679

3687628

0.5

0.125

8.87

0.45

0.013

0.02

544586

Historic adit 2

492672

3687638

1.0

0.053

8.97

1.42

0.013

0.02

Table 2 . Assay results for samples from the Crown porphyry intrusive target.

Sample

Location

Easting

Northing

Width m

Au g/t

Ag g/t

Cu %

Pb %

Zn %

544566

Crown

492633

3687859

1.5

0.008

3.7

0.005

0.03

0.04

544567

Crown

492805

3687910

1.3

0.011

1.3

0.006

–

0.01

544568

Crown

492803

3687910

2.0

0.006

1.28

0.008

0.03

0.03

544569

Crown

492836

3687898

1.0

0.012

0.25

0.008

–

–

544570

Crown

492499

3687669

1.0

0.011

2.31

0.035

0.07

0.09

544571

Crown

492534

3687657

0.5

0.016

2.65

0.002

0.09

0.03

544588

Crown

492737

3687901

2.5

0.015

2.76

0.005

0.01

0.01

544589

Crown

492746

3687884

1.0

0.022

4.21

0.010

0.03

0.02

544590

Crown

492763

3687867

0.5

0.07

11.26

0.013

0.05

0.11

544591

Crown

492799

3687851

1.0

5.19

46.44

0.048

0.21

0.06

544592

Crown

492793

3687823

1.0

4.06

13.97

0.021

0.10

0.07

544593

Crown

492701

3687858

1.5

0.027

1.0

0.011

0.03

0.04


Click Image To View Full Size

Figure 2. Copper assays and high gold values for samples mentioned from the Black Diamond
and Crown areas at Silver King.

IP Survey Update

The Company also has received the report for initial phase of its IP survey at Silver King.  The IP survey consisted of a gradient array to test for resistivity and chargeability anomalies at a depth of about 300m below the surface.

The IP survey shows low resistivity lows associated with the Black Diamond replacement body as well as the stratigraphically controlled Cu bearing replacements that extend toward the nearby Magma mine (Fig. 3).  A second nearly east-west trending resistivity low occurs in the central portion of the claim block and coincides with a hypothesized structure that may control the Black Diamond body and also may be important in the formation of the Silver King deposit.  This type of structure is similar to the Magma vein, the main mineralized structure at the high-grade Magma mine, and is a prime exploration target.

The IP survey also shows several chargeability anomalies that are presumably associated with disseminated sulfides, largely pyrite (Fig. 4).  The stockwork intrusion mentioned previously is associated with one of these chargeability anomalies and provides a second important exploration target with characteristics similar to mineralization at high structural levels in porphyry systems.  A second similar chargeability anomaly occurs nearby to the southwest in an area overlain by a mostly barren quartz diorite intrusive and may represent a similar blind porphyry target.

Based on the results of the initial IP survey, a follow-up pole-dipole survey to further define the anomalies from shallow to deeper levels along section lines is planned to be conducted in December.

Figure 3. IP resistivity map showing exploration targets: yellow line-Silver King glory hole,
magenta line-polymetallic vein, green line-copper vein, red outlines-Black Diamond replacement
body and stratigraphically controlled replacement horizons, black outline-stockwork intrusion.

Figure 4. IP chargeability map showing exploration targets: yellow line-Silver King glory hole,
magenta line-polymetallic vein, green line-copper vein, red outlines-Black Diamond replacement
body and stratigraphically controlled replacement horizons, black outline-stockwork intrusion.

Drilling Update

Alain Lambert, CEO of Prismo commented: ‘The results announced today confirm the vast exploration potential at Silver King. While we look forward to drilling these new targets in the future, our plans remain unchanged. Our immediate priority is to undertake our fully funded drill program, as previously announced. This drill campaign will focus primarily on the historic Silver King mine site and will be for a minimum of about 1,000 meters. The objective is to test the upper half of the steeply dipping pipelike Silver King mineralized body as well as potential mineralization adjacent to the dense stockwork that was the focus of historic mining.’

Mr. Lambert added: ‘We are pleased with the steady progress on the permitting front. The collaboration of Forest Service officials demonstrates a clear commitment to supporting mining activities in Arizona.’

Prismo recently announced that the Forest Service, the federal surface land management entity for Silver King, had determined that the Company’s proposed drill plan meets the regulatory requirements for processing, and that such plan is complete, as described in the regulations at 36 CFR 228.4(c).

The Forest Service will now proceed with the environmental analysis pursuant to 36 CFR 228(a)(5) in conformity with the National Environmental Policy Act (NEPA). This analysis will proceed as a Categorical Exclusion, the lowest level of environment reviews applicable to projects that are not expected to have a significant effect on the environment, such as Silver King.

Financing Update

Prismo also announced that further to its news releases dated October 20, 2025 and November 13, 2025, the Company has proceeded with an upsized second closing of its previously announced non-brokered private placement of units of the Company (‘ Units ‘) at an issue price of $0.10 per Unit (the ‘ Private Placement ‘). The second closing of the Private Placement was increased from 1,250,000 Units to the issuance of 1,650,000 Units for gross proceeds of $165,000 (the ‘ Second Tranche ‘). The Company previously announced a first closing of the Private Placement on November 12, 2025 for aggregate gross proceeds of $1,745,000. Due to strong investor demand, the Company has now raised aggregate gross proceeds of $1,910,000.

Each Unit consists of one common share in the capital of the Company (a ‘ Share ‘) and one common share purchase warrant of the Company (a ‘ Warrant ‘). Each Warrant entitles the holder to purchase one Share for a period of thirty-six (36) months from the date of issue at an exercise price of $0.175.

The Company intends to use the net proceeds of the Private Placement primarily for drilling at its Silver King project and for general corporate purposes. The Company expects to accept additional subscriptions of units in the coming days for an approximate amount of $125,000.

The Units issued pursuant to the Second Tranche are subject to a four-month hold period from the closing date of the Second Tranche under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

In connection with the Second Tranche, the Company issued an aggregate of 68,000 finder’s warrants (the ‘Finder’s Warrants’ ) and paid finder’s commissions of $6,800 to a certain qualified finder. Each Finder’s Warrant is exercisable for a period of twenty-four (24) months from the date of issuance to purchase one Share at a price of $0.10. In addition, the Company paid a cash fee of $2,000 to a financial advisor.

The securities being issued in connection with the Second Tranche have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

QA/QC

Samples were analyzed by SGS, an internationally recognized analytical lab, with preparation at the Tempe, Arizona facility and analyses at the Burnaby laboratory.  Prismo inserts controls samples consisting of a standard pulps and a coarse blanks in the sample stream, and the lab also inserts control samples.

Qualified Person

Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release.

About Prismo Metals Inc.

Prismo (CSE: PRIZ,OTC:PMOMF) is a mining exploration company focused on advancing its Silver King, Ripsey and Hot Breccia projects in Arizona and its Palos Verdes silver project in Mexico.

Please follow @PrismoMetals on Twitter , Facebook , LinkedIn , Instagram , and YouTube

Prismo Metals Inc.

1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6 Phone: (416) 361-0737

Contact:

Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com

Gordon Aldcorn, President gordon.aldcorn@prismometals.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘ intends’ or ‘ anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘ may’, ‘ could’, ‘ should’, ‘ would’ or ‘ occur’. This information and these statements, referred to herein as ‘forward-looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Silver King; and the intended use of any proceeds raised under the Second Tranche.

These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the potential inability of the Company to utilize the anticipated proceeds of the Private Placement as anticipated; and those risks set out in the Company’s public disclosure record on SEDAR+ ( www.sedarplus.com ) under the Company’s issuer profile .

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Second Tranche as currently anticipated and on the timeline currently expected.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward- looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward- looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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What Uber and AirBnB Really Sell: Sharing with Transaction Costs Slashed

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Americans love a garage, but we don’t park cars there. We store old bikes with bent wheels, parts of beds and dressers, and a wide variety of tools and old clothes. Personally, I have a box of old electronic parts and cables that I’m sure I’ll use…. someday.

It was not always like this. People had only a few things, and shared by allowing reciprocal borrowing. Often there was some communal arrangement for bigger things, as with the neighborhood bread ovens of medieval Europe.

Today, though, separate private ownership is the norm. To understand why, one has to understand transaction costs. Of course, I would say that, since I think the answer to almost every question in economics is “transaction costs.” But in this case, it’s actually true.

Coase’s Other Question: Why Do We Own Instead of Rent?

Ronald Coase famously asked, “If markets are so great, why are there firms?” His answer was “transaction costs.” Using markets is costly. Prices are important signals at broad levels, but for many small and routine choices, it’s much cheaper to “internalize” the costs of using markets. Firms arise to bypass markets and reduce transaction costs.

If Coase were alive today, he might ask a different question: If renting is cheaper and more efficient for most durables, why do we own almost everything?

Different question, but the same answer: transaction costs. Ownership internalizes the costs of using rental markets or sharing arrangements. The transaction cost of renting a ladder, a car, a spare room, or kitchen appliance wildly exceeded the value to the potential user, or the revenue an owner could hope to earn.

To share any asset or tool, you must account for certain costs:

  1. Triangulation – finding someone who wants to rent it to you.
  2. Transfer – moving the item or coordinating access and payments.
  3. Trust – ensuring the renter will not damage, steal, or misuse the asset.

Ownership was a workaround for high transaction costs. We purchased goods we barely used because we wanted reliable access to them without depending on others.

But what if dependence and sharing were easy, and as cheap, even invisible?

Platforms as Middlemen Selling Reductions in Transaction Costs

Transactions “take place.” That means exchanges happen, but they also require a “location.” That place was once a physical market, or a mall. Today, the “place” can be virtual, on a platform. A platform’s true output is not a product but a service: the reduction of transaction costs that make commodifying excess capacity expensive. Amazon, Uber, Airbnb, and thousands of other platforms sell connections. If I have a car, and a few minutes, and you need a ride, we can now transact at low cost. Platforms are factories that produce reliable cooperation between strangers. The result is that the idle time of durable assets becomes legible to markets. What was once an expensive object to be stored becomes an income-producing asset.

We buy durable goods only for the stream of services they provide. I don’t actually want a power tool; what I want is two holes in this wall, now. The lowest solution (to triangulate, transfer, and trust) to that problem has been ownership. But that comes bundled with idle storage time: a drill may be used for 10 minutes a year, yet occupies physical and financial space for 365 days.

The same is true for cars, guest bedrooms, clothing, tools, musical instruments, and row after row of kitchen equipment quietly rusting under our sinks. We “store to renew” future access: we want the option to use the thing immediately when we need it. But for most of our lives, we are simply paying a two-part tax — the opportunity cost of capital tied up in stuff, and the costs of storage — for the privilege of being able to get these two holes in this wall, right now, or for two extra chairs used only when company visits.

It’s not just garages being used to store stuff we don’t use. The US has more than 23 million individual storage units in 50,000 facilities, with annual revenues of nearly $45 billion. Well over 10 percent of US households rent at least one storage unit; many rent several.

Two-Sided Markets

In two-sided markets, a person can be both buyer and seller, as suits them. Consider an example: A person who is normally a consumer of housing is leaving town for two weeks. She is now a seller or producer of housing services, renting out her flat on AirBnB. When she drives her car to the airport, “buying” transport services from herself, she parks in the Turo lot. The car is then rented out for 10 days, and is available for her when she returns from her trip. She both saved the costs of parking the car in the airport lot, and made money from renting the car out when it was otherwise idle. Overall, between renting her flat and renting out her car, she makes more than $4,000: enough to pay for most of her vacation expenses.

The bright-line distinction between producer and consumer, a relic of the Industrial Revolution, dissolves in platform space. This has consequences for policy, taxation, labor regulation, and even our intuitions about property. When excess capacity is commodified, ownership becomes less a categorical state and more a bundle of transferable rights that can be partitioned and sold temporarily.

In this sense, the “sharing economy” is poorly named. Nothing is being shared in the gift-exchange sense. What is being shared is temporary access. What is being commodified is excess capacity. Fifty years from now, observers will look back on our era with incredulity. Why did people buy all their own tools? Why did cities devote up to 30 percent of their usable road area to storing empty cars? (In Manhattan, it’s more than 40 percent!) Why did we allow trillions of dollars of capital to sit idle for 95+ percent of its lifespan?

The answer we will give — “Well, transaction costs were too high!”— will seem quaint.

Platforms are revealing that much of what we think of as “ownership” is really just expensive access insurance. Once platforms reliably provide that insurance, the original rationale for owning evaporates.

The commodification of excess capacity is not a fad. It is the natural consequence of entrepreneurs discovering that the most valuable thing they can sell is not a product or a service, but the reduction of friction that once made sharing impossible.

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Are Labubus Gen Z’s Beanie Babies?

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Every era of easy money produces its speculative mascots. In the late 1990s, it was Beanie Babies — tiny stuffed animals that cost under a dollar to make, yet sold for hundreds to thousands. The Princess Diana memorial bear that once fetched more than $60,000 now goes for around $3; one variant, Peanut the Royal Blue Elephant, once a $5,000 trophy, now sells for about $6. At the height of the craze, these toys accounted for 10 percent of all eBay listings. Their boom coincided perfectly with the late-1990s dot-com melt-up, a period defined by suppressed interest rates, rapid credit expansion, and rampant speculation. When the tech bubble burst in 2000, the Beanie Baby market had already collapsed — a micro-indicator of distorted price signals and misallocated capital.

A full generation later, the same underlying forces have produced the newest collectible frenzy: Labubus. Made by Chinese toymaker Pop Mart, these demonic-looking plush figures were sold in “blind boxes,” injecting a gambling-like payoff structure into retail purchases. For much of the past year, drops sold out instantly. Secondary-market prices rocketed: a limited-edition Vans Old Skool Labubu sold for $10,585, and a unique four-foot-tall version went for $170,000 in China. Counterfeits proliferated, and stores faced crowds, shouting matches, and physical brawls. Even Forbes briefly labeled the toys “good investments.”

But the correction has now arrived. Only months after its enthusiastic coverage, the same Forbes writer issued an update: prices were falling, inventories rising, and attention shifting elsewhere. Today, none of the 60 priciest Labubus on eBay has significant bids. And, as one middle-schooler put it succinctly, “they’re not that cool anymore.” The wall may have already been hit.

This pattern will feel familiar to readers of an earlier analysis of COVID-era collectible markets. As previously pointed out in our article on the “Pokéflation,” massive monetary expansion — stimulus payments, PPP funds, lockdown savings, and near-zero interest rates — drove Pokémon card prices up tremendously from 2020 through 2022. Professional grading services amplified the mania, valuations soared into the tens or hundreds of thousands, and speculative participation surged. That earlier piece traced how artificially suppressed interest rates mimicked an increase in real savings, misleading producers and consumers alike. The result, as Austrian theory predicts, was widespread malinvestment — new projects, longer production structures, and frenzied bidding in assets ranging from stocks and crypto to trading cards.

Pop Mart stock price (9992 Hong Kong) and US Money Supply M2, 2000 – present

(Source: Bloomberg Finance, LP)

The subsequent bust unfolded exactly as the Austrian explanation suggested. As rates rose in 2022 and credit contracted, asset prices slid broadly. The S&P 500 fell more than 20 percent, the NASDAQ nearly 30 percent, and Bitcoin dropped from $65,000 to below $19,000. NFT markets collapsed. A Holographic McDonald’s Pikachu card that once sold for $51 dropped to $16.88, a 67 percent decline. Jack Dorsey’s first-tweet NFT went from $2.9 million to $280. The BITA NFT Index fell 68 percent, and has declined consistently. As that earlier article argued, these corrections were the necessary liquidation of projects and valuations sustained by monetary illusion rather than genuine shifts in consumer time preferences.

The same monetary distortions that propelled Pokémon card prices and crypto valuations upward have pushed speculative enthusiasm into ever-more-marginal corners of consumer culture.

Viewed through that lens, the Labubu phenomenon is less of an isolated cultural oddity than the next chapter in the same story — a minor but telling update to what was previously observed in Pokémon cards, NFTs, and other speculative submarkets. The same monetary distortions that propelled card prices and crypto valuations upward have pushed speculative enthusiasm into ever-more-marginal corners of consumer culture. When plush dolls trade hands at used-car prices, the underlying issue isn’t the toys themselves, but the environment producing the bidding frenzy.

If the broader asset bubble deflates (further), the policy response is predictable: rapid rate cuts and another round of extraordinary quantitative easing. But as Austrian theory warns, and as earlier episodes repeatedly confirmed: monetary manipulation merely postpones the reckoning and intensifies the next cycle of errors.

Are Labubus the new Beanie Babies? In the narrow sense, yes. But more importantly, they are a small, harmless reminder — an update, really — of the same deeper dynamic previously pointed out: easy money distorts choices, inflates curiosities into “investments,” and turns even plush toys into bellwethers of a monetary system addicted to perpetual stimulus.

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Rising US-Venezuela Tensions,CPC Shutdown Push Oil Prices Higher

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Oil prices climbed higher on Monday (December 1) as an escalation in US-Venezuela tensions reached a fever pitch, offsetting weeks of losses driven by oversupply expectations.

The shift also came after the Caspian Pipeline Consortium (CPC), a key transit route that carries about 1 percent of global oil, halted operations over the weekend. The company reported that a mooring point at its Russian Black Sea terminal was damaged in a Ukrainian drone attack, temporarily curbing exports.

Ukraine has also targeted two oil tankers heading toward Novorossiysk, further rattling market sentiment.

The supply shock landed just as OPEC+ opted to leave production levels unchanged for Q1 2026.

The group had signaled the possibility of a pause as early as November, seeking to avoid exacerbating what analysts feared could become a sizeable glut. The decision provided a modest anchor for traders recalibrating expectations.

“For some time, the narrative has centred on an oil glut, so OPEC+’s decision to maintain its production target provided some relief and helped stabilise expectations for supply growth in the coming months,” Anh Pham, senior analyst at data provider LSEG, explained to Reuters.

Even with Monday’s rise, both Brent and WTI futures settled lower this past Friday (November 28). This marked their fourth straight monthly decline and the longest losing streak since 2023.

Venezuela condemns US “colonialist threat”

A far more dramatic source of volatility also emerged from Washington over the weekend.

On Saturday (November 29), US President Donald Trump declared that “the airspace above and surrounding Venezuela” should be considered closed, posting a warning on social media.

Trump also told service members last week that US forces would “very soon” begin land-based operations targeting Venezuelan drug-trafficking networks. Further, reports surfaced that the White House and Caracas had held a tense, last-ditch phone call aimed at defusing a worsening standoff.

According to sources cited by the Miami Herald, Washington told President Nicolás Maduro he could secure safe passage for himself, his wife Cilia Flores and his son only if he stepped down immediately. The conversation stalled as Venezuela refused to surrender control of its armed forces or agree to Maduro’s resignation.

Washington has been increasingly aggressive toward what it describes as Venezuela’s Cartel de los Soles, which US officials accuse Maduro and senior leaders of operating.

Last month, the Department of State’s decision to designate the cartel a foreign terrorist organization placed Maduro, Diosdado Cabello and Vladimir Padrino López in the same legal category as al-Qaeda and ISIS.

Caracas condemned the aggression, labeling it as a “colonialist threat” seeking support from its allies.

On Sunday (November 30), Maduro issued an appeal to fellow OPEC members, urging the bloc to help counter what he described as “growing and illegal threats” from the United States.

In a letter published by state broadcaster TeleSUR, he accused Washington of trying to “seize” Venezuela’s oil reserves and warned that US military pressure could disrupt the global energy market.

“I hope to count on your best efforts to help stop this aggression, which is growing stronger and seriously threatens the balance of the international energy market, both for producing and consuming countries,” Maduro wrote.

Venezuela exported just US$4.05 billion worth of crude oil in 2023, far below other major producers, due largely to US sanctions imposed during Trump’s first term.

Brent crude stood at US$62.76 per barrel on Tuesday (December 2) morning, while WTI was trading at US$58.93.

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

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