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In Latest News

House Republicans split with Trump team over ‘very frustrating’ funding fight as shutdown looms

September 5, 2025 No Comments

House Republicans on the Appropriations Committee are at odds with the Trump administration and some conservatives over how to avert a government shutdown.

Congress is currently marking up fiscal 2026 spending levels, but some in the administration are pressing to bypass the process and instead extend current levels through a year-long continuing resolution (CR).

Republicans broadly agree some form of CR will be needed to avoid a partial shutdown when fiscal 2025 ends on Sept. 30, but some appropriators are frustrated with a lack of a top-line budget number from the House, Senate and White House as they continue their work.

A Trump administration official told Fox News Digital that appropriators’ complaints about a top-line ‘nonsense,’ arguing they are simply unhappy with the funding levels the administration had proposed.

Meanwhile, length is also an issue. The White House is in favor of a clean CR stretching into the new year, while one House lawmaker said appropriators would like a stopgap that was ‘as short as possible.’ Some conservative lawmakers have even argued for a bill lasting at least the full fiscal year.

Committee member Rep. Ryan Zinke, R-Mont., called the idea of a long-term measure ‘very frustrating.’

‘As a member of Appropriations, where you do an enormous amount of work, and it leads to a continuing resolution because that’s easier…I’m deeply concerned that we will roll over and not do our job,’ Zinke told Fox News Digital.

Senior appropriator Rep. Mario Diaz-Balart, R-Fla., predicted ‘a very short-term CR,’ but he warned a year-long measure ‘would be devastating for the country.’

‘The concept that Republicans control the House, Senate and the White House, and we would somehow be stuck with the last Biden [budget] for a second year, to me, is preposterous,’ Diaz-Balart said, adding that the push for a year-long measure ‘is not coming from appropriators.’

Other committee Republicans echoed those concerns and issues with what they saw as a lack of direction from top officials on a top-line spending number.

The Trump administration official said accusations that House appropriators were not given enough direction from leaders are ‘completely false,’ however, and said the White House was engaged in monthly and weekly conversations with lawmakers relevant to the process.

‘The frustrating part is we don’t have a top line yet,’ Rep. John Rutherford, R-Fla., said.

One GOP lawmaker, granted anonymity to speak candidly, said, ‘We’re sort of flying blind right now, trying to get something done and across the finish line without really having a direction on what leadership wants, or frankly, what the president wants.’

Another House Republican pointed to Russ Vought, director of the Office of Management and Budget (OMB), accusing him of delaying the administration’s proposed budget until early May to build support for a year-long CR.

‘That’s what Russ Vought wants. He wants a year-long CR,’ that lawmaker said. ‘There’s enough appropriators who won’t allow that. That will fail.’

It’s not uncommon for administrations to unveil their budget proposals after the traditional early February deadline, however. The Biden administration similarly let its budgets slip past the Feb. 15 deadline, including fiscal 2022, when its proposal was not released until late May.

In 2018, during the Obama administration, no White House budget was proposed at all.

House Freedom Caucus Chair Andy Harris, R-Md., told Fox News Digital he supports going even further with a CR that stretches into December 2026.

‘Why put us through the misery next September?’ Harris said. ‘The American people shouldn’t be subjected to the question of whether or not Chuck Schumer wants to shut down the government for the election.’

House Appropriations Committee Chair Tom Cole, R-Okla., for his part, said he would like to see a CR into November but would work with ‘any timeframe’ from leaders. And while he said there were ‘a lot of people’ who could share blame for the current situation, he was hesitant to single any one party out.

‘The top-line number, that wasn’t done this year, the president’s budget was late in arriving, and I think Democrats are still flustered by President Trump and aren’t sure whether they should deal with him or fight him at every step,’ he said.

Cole also said of the White House’s proposal, ‘There’s some discussion about going as far as the first quarter. That’s not coming from the appropriators, but it is coming out of the White House…I’m willing to work within any time frame my leadership gives me. I don’t want a government shutdown. I want a bipartisan deal.’

In March, with the White House’s support, Congress passed a CR through Sept. 30 that extended fiscal 2024 spending levels, with some increases for defense funding.

The White House has since acted to rescind some of those funds, chiefly aimed at foreign aid and public broadcasting.

It’s soured bipartisan government spending talks with Democrats, who have warned they will not agree to any spending deal without assurances that more funding rescissions would not happen.

A White House official told reporters on a recent call, however, that they believed a clean CR for ‘however length’ would put Democrats in a politically tricky situation and pin the blame for a shutdown on them if they reject the measure.

Speaker Mike Johnson, R-La., has privately signaled support for a short-term clean CR, two sources told Fox News Digital. Democrats have indicated openness to that approach.

When reached for comment, a spokesperson for Johnson pointed Fox News Digital to recent comments in Punchbowl News that he understood both sides of the argument. ‘There are reasonable peopleon both sides who understand this is a basic function and responsibility of the government, so we’re working towards that,’ he said.

House Minority Leader Hakeem Jeffries, D-N.Y., said Tuesday he had an ‘opening conversation’ with Johnson on funding.

With just 11 joint House and Senate working days left before the Sept. 30 deadline, lawmakers are racing to avoid another shutdown showdown.

This post appeared first on FOX NEWS

In Latest News

‘Delusional’: Oversight Republicans slam ex-Biden aide for lashing out at Trump, GOP in autopen probe

September 5, 2025 No Comments

The House Oversight Committee is slamming former Biden spokesman Andrew Bates after he accused Republican lawmakers of having a misguided focus in his opening remarks during the panel’s autopen probe.

Bates, the latest former White House official to be interviewed by House investigators, affirmed ex-President Joe Biden’s leadership while criticizing his successor in an opening statement obtained by Fox News Digital via a source familiar.

An Oversight Committee spokesperson said in response, ‘Andrew Bates was part of the Biden cognitive decline cover-up and he’s delusional.’

‘His so-called opening statement — leaked in the middle of his transcribed interview and not even read at the time it was leaked — peddled the same fantasy he’s been trying to sell the American people. The public has rejected Bates’ spin and witnessed President Biden’s decline with their own eyes,’ the spokesperson said.

‘And just this week, new records revealed that President Biden neither approved — nor may have even been consulted on — thousands of pardons. This is a historic scandal with massive repercussions.’

Bates said in the opening statement provided to Fox News Digital, ‘I was proud to support Joe Biden as President because we believe in the same values. In the White House, it was universally understood that Joe Biden was in charge. That is completely consistent with my personal experience with the President.’

‘Now someone else with a very different character is in charge,’ the statement said.

Bates accused Oversight Committee Republicans of ‘spending taxpayer dollars investigating Joe Biden — an honorable man under whom the economy performed far better than it is today — while turning a blind eye to corruption under Donald Trump.’

He went on to rip President Donald Trump’s tariffs, accuse him of ‘illegally trying to take over the Federal Reserve,’ and criticize the president’s personal investments in cryptocurrency and acceptance of a jet from Qatar to be used for official business, among other items.

‘To my knowledge, none of the above are being investigated. As a taxpayer and private citizen, I feel that is wrong,’ Bates said, according to the written comments.

House Oversight Committee Chair James Comer, R-Ky., has been investigating whether Biden’s senior aides covered up signs of mental decline in the former president, and whether any executive decisions were signed off on via autopen without the then-leader’s full awareness.

They’re looking in particular at the litany of clemency orders that Biden signed in the latter half of his term, though Biden allies have dismissed the probe as politically motivated.

This post appeared first on FOX NEWS

In Latest News

Venezuelan military jets buzz US Navy ship in ‘highly provocative’ move, Pentagon says

September 5, 2025 No Comments

The Defense Department confirmed on Thursday night that two Venezuelan aircraft flew near a U.S. Navy vessel in international waters. The incident, which the department called a ‘highly provocative move,’ comes as the Trump administration ramps up its anti-narco-terrorism efforts.

‘Today, two Maduro regime military aircraft flew near a U.S. Navy vessel in international waters. This highly provocative move was designed to interfere with our counter narco-terror operations,’ the Defense Department wrote in a statement posted to X. ‘The cartel running Venezuela is strongly advised not to pursue any further effort to obstruct, deter or interfere with counter-narcotics and counter-terror operations carried out by the U.S. military.’

On Friday, Reuters reported that the U.S. 10 F-35 fighter jets to a Puerto Rico airfield as part of its efforts to combat drug cartels.

Venezuela’s actions followed an unprecedented U.S. Marine strike Tuesday on a cartel-operated vessel. The Trump administration later said 11 members of the notorious Venezuelan gang Tren de Aragua – a U.S.-designated terrorist organization – were killed in the strike.

Prior to the strike on Tuesday, U.S. efforts to counter cartels and international gang organizations had taken place largely in the form of seizure and apprehension operations. The strike, however, appeared to signal that the Trump administration was shifting towards a tougher new approach.

On Thursday, during a visit to Ecuador, Secretary of State Marco Rubio announced that two gangs were being reclassified as foreign terrorist organizations. Rubio also slammed the Venezuelan leadership’s involvement in the drug trade. He went on to condemn Nicolás Maduro as an ‘indicted drug trafficker’ and a ‘fugitive of American justice.’

‘Maduro is indicted by a grand jury in the Southern District of New York. That means the Southern District of New York presented the evidence to a grand jury, and a grand jury indicted him. And then a superseding indictment came out that was unsealed about a year and a half ago that specifically detailed Maduro’s actions,’ Rubio said on Thursday. ‘So, number one, let there be no doubt he, Nicolás Maduro, is an indicted drug trafficker in the United States, and he’s a fugitive of American justice.’

Rubio also seemed to indicate that the U.S. and its allies were working together on this tougher approach to cartels and international gang organizations. He said that ‘cooperative governments’ would help the U.S. identify drug traffickers and ‘blow them up, if that’s what it takes.’

Fox News Digital’s Caitlin McFall contributed to this report.

This post appeared first on FOX NEWS

In Investing

New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer

September 5, 2025 No Comments

(All amounts expressed in Canadian dollars unless stated otherwise)

New Found Gold Corp . (TSXV: NFG) (NYSE-A: NFGC) (‘ New Found Gold ‘) and Maritime Resources Corp. (TSXV: MAE,OTC:MRTMD) (‘ Maritime ‘ and collectively with New Found Gold, the ‘ Companies ‘) are pleased to announce that the Companies have entered into a definitive agreement (the ‘ Arrangement Agreement ‘), pursuant to which New Found Gold has agreed to acquire all of the issued and outstanding common shares of Maritime that it does not already own (the ‘ Transaction ‘) by way of a plan of arrangement (the ‘ Arrangement ‘).

New Found Gold and Maritime will host a joint conference call and webcast to discuss the Transaction commencing at 10 am Eastern Time on Friday , September 5, 2025. Details for the conference call and webcast are included at the end of this news release.

The Transaction will create a multi-asset near-term gold producer in a tier 1 jurisdiction with significant regional synergies across its portfolio. Both New Found Gold’s Queensway Gold Project (‘ Queensway ‘ or the ‘ Project ‘) and Maritime’s Hammerdown Gold Project (‘ Hammerdown ‘) are located in central Newfoundland, Canada . New Found Gold delivered a positive preliminary economic assessment (‘ PEA ‘) for Queensway in July 2025 and is targeting Phase I production from a low capital-intensive high-grade core in 2027 ¹ . Hammerdown, located 180 kilometres (‘ km ‘) northwest of Queensway, is targeted to ramp up to full production in early 2026. The combined entity is expected to create significant operational synergies through available infrastructure, including the Pine Cove Mill (‘ Pine Cove ‘) and the Nugget Pond Hydrometallurgical Gold Plant (‘ Nugget Pond HGP ‘), and anticipated cash flow from Hammerdown once in full production to support Queensway’s development (Figure 1).

Keith Boyle , CEO and Director of New Found Gold stated: ‘ From day one, the focus of our new board and management team has been to rapidly advance to cash flow and transform New Found Gold from an exploration company to a gold producer. This acquisition positions New Found Gold as an emerging producer with gold production expected to commence next year. The synergies obtained by this combination derisks Queensway, providing access to a milling facility and near-term cash flow to support Phase I development, setting the stage for Queensway to commence production in 2027. We look forward to the successful completion of this transaction and providing production guidance in due course .’

Garett Macdonald , President, CEO and Director of Maritime stated: ‘ This transaction provides Maritime shareholders with a near-term premium offer and a longer-term opportunity to be part of a much larger Canadian gold story. Bringing the two company’s assets together will unlock operational synergies, generating cash flow by utilizing both Maritime gold plants to fund future growth at Hammerdown, Queensway, and aggressive exploration across all land holdings. This transaction recognizes the significant efforts of Maritime’s team to bring Hammerdown online and provides an excellent outcome for Maritime shareholders.’

Under the terms of the Arrangement Agreement, each holder of the common shares of Maritime (each, a ‘ Maritime Share ‘) will receive 0.75 of a New Found Gold common share (each whole share, a ‘ New Found Gold Share ‘) in exchange for each Maritime Share (the ‘ Exchange Ratio ‘) at the effective time of the Transaction. New Found Gold currently owns approximately 0.1% of the Maritime Shares. At closing of the Transaction, existing New Found Gold and Maritime shareholders will own approximately 69% and 31%, respectively, of the pro forma company on a fully-diluted in-the-money basis.

The Exchange Ratio implies a premium of 32% based on the 20-day VWAP of Maritime Shares on the TSX Venture Exchange as at September 4, 2025 , the last trading day before announcement of the Transaction, and a premium of 56% to the closing price of Maritime Shares on July 30, 2025 , the last trading day prior to entry into a letter of intent between the parties in respect of the Transaction. The implied equity value of the Transaction is approximately $292 million on a fully-diluted in-the-money basis.

_________________________

¹ See the New Found Gold news release dated July 21, 2025 for additional information. A copy of the technical report in respect of the PEA was filed by New Found Gold on SEDAR+ on September 2, 2025.

Figure 1. Queensway, Hammerdown, Pine Cove and Nugget Pond HGP location map (CNW Group/New Found Gold Corp.)

Strategic Rationale for New Found Gold

Hammerdown cash flow to support Queensway development: Near-term expected cash flow from Hammerdown is expected to fund a material portion of the capex for Queensway
Creation of an emerging Canadian gold producer: Hammerdown production targeted for 2026 and Queensway Phase 1 production targeted for 2027
Significant operational synergies given proximity of assets: New Found Gold is expected to benefit from Maritime’s existing infrastructure, including Pine Cove and Nugget Pond HGP, securing the offsite processing facilities for Queensway as envisioned in the Queensway PEA
Significant re-rate potential : Significant re-valuation opportunity due to the addition of near-term production and cash flow, the unlocking of significant operational synergies, and increased scale and capital markets presence.

_________________________________

² Non-GAAP measure

Benefits to Maritime Shareholders

Immediate and significant premium to Maritime shareholders: 32% on a 20-day VWAP basis as at September 4, 2025 , and a premium of 56% to the closing price of Maritime Shares on July 30, 2025 , the last trading day prior to entry into a letter of intent between the parties in respect of the Transaction
Exposure to two high-quality Canadian assets in a Tier 1 jurisdiction: Maritime shareholders retain exposure to Hammerdown while gaining exposure to New Found Gold’s high-grade, low capex Queensway in central Newfoundland , with initial production targeted for 2027
Significant re-valuation opportunity to provide further upside for Maritime shareholders: Hammerdown production targeted for 2026 and Queensway Phase 1 production targeted for 2027, while also benefitting from the unlocking of significant operational synergies including a highly experienced and successful exploration team
Improved Visibility and Trading Liquidity: New Found Gold is a well-known, advanced exploration company listed on both the TSX Venture Exchange (NFG) and NYSE American (NFGC) and its shares are highly liquid (volumes of ~$4 million per day over the last six months on Canadian and U.S. exchanges).

About Hammerdown

Hammerdown is a 100% Maritime-owned high grade, open pit gold project located in the Baie Verte District of central Newfoundland , approximately 5 km southwest of the town of King’s Point and 15 km northwest of the town of Springdale in Newfoundland and Labrador, Canada . Hammerdown is a former underground mine operated by Richmont Mines Inc. from 2000 to 2004, averaging 15.7 grams of gold per tonne (‘ g/t Au ‘) and producing 143,000 oz of gold at a cut off grade of 8.2 g/t Au. Hammerdown contains proven and probable mineral reserves of 1.9 Mt at a grade of 4.46 g/t Au, for 272,000 oz contained gold. In 2022, Maritime released a feasibility study for Hammerdown, highlighting 50,000 oz of annual production, a $251M net present value (‘ NPV ‘) at a base case US$2,500 per ounce of gold ( ‘oz Au’ ) and an AISC of US$912 /oz Au. In 2023, Maritime purchased the Point Rousse project for $4M , which included Pine Cove, which is expected to provide significant capital cost and time savings for the development of Hammerdown. Additional detail regarding Hammerdown is provided below. Hammerdown and Pine Cove are fully permitted, with feed from Hammerdown being processed at Pine Cove starting in the fall of 2025, and the objective of ramping up to full production in early 2026.

About Queensway

New Found Gold’s 100% owned Queensway is located in Newfoundland and Labrador, Canada . approximately 15 km west of Gander and nearby the town of Appleton .

New Found Gold has completed an initial mineral resource estimate ( ‘MRE’ ) and PEA at Queensway (see New Found Gold news releases dated March 24, 2025 and July 21, 2025 ). Highlights of the PEA include:

Solid low-cost production profile from year one via a phased mine plan:
- Phase 1: Low Initial capital cost of $155 million , builds average annual gold production of 69.3koz Au at an AISC of US$1,282 /oz Au in Years 1 to 4 planned to fund Phase 2.
- Phase 2: Growth capital of $442 million , builds average annual gold production of 172.2koz Au at an AISC of US$1,090 /oz Au in Years 5 to 9, paid back in less than one year.
Early revenue potential: Initial gold production targeted for 2027 pending regulatory approval.
Total production: 1.5 Moz Au over a 15-year life of mine ( ‘LOM’ ) at an average total cash cost of US$1,085 /oz Au and an AISC of US$1,256 /oz Au.
Exploration upside: Significant resource expansion potential, both near-MRE and camp scale over 110 km strike extent

Additional details regarding Queensway and the results of the PEA are contained in the technical report on the PEA, which is available on SEDAR+ under New Found Gold’s profile.

Transaction Summary

Under the terms of the Transaction, New Found Gold will acquire all the issued and outstanding Maritime Shares and Maritime shareholders will receive 0.75 of a New Found Gold Share for each existing Maritime Share held. All outstanding Maritime stock options will be canceled and exchanged for New Found Gold options exercisable for New Found Gold Shares and all outstanding Maritime warrants will become exercisable for New Found Gold Shares, with the number of New Found Gold Shares issuable on exercise and the exercise price adjusted in accordance with the Exchange Ratio.

The Transaction will be carried out by way of a court-approved Arrangement under the Business Corporations Act ( British Columbia ) and a resolution to approve the Transaction will be submitted to Maritime shareholders and holders of Maritime stock options at an annual general and special meeting of shareholders expected to be held in late October 2025 (the ‘ Special Meeting ‘). The Transaction will require approval by (i) 66 2/3% of the votes cast by Maritime shareholders, (ii) 66 2/3% of the votes cast by Maritime shareholders and holders of options voting together as a single class, and (iii) if required, a simple majority that excludes those not entitled to vote in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions . Each of the directors and senior officers of Maritime, Dundee Resources Limited, Eric Sprott and SCP Resource Partners representing in aggregate approximately 49% of the issued and outstanding Maritime Shares, have entered into voting and support agreements with New Found Gold and have agreed to vote in favour of the Transaction at the Special Meeting in accordance with those agreements. New Found Gold shareholder approval is not required.

In addition to Maritime shareholder and court approval, the Transaction is also subject the satisfaction of certain other closing conditions customary for a transaction of this nature, including receipt of customary stock exchange approvals. The Transaction is expected to be completed in the fourth quarter of 2025. The Maritime Shares are expected to be delisted from the TSXV promptly after closing of the Transaction.

The Arrangement Agreement, which is dated September 4, 2025 , includes representations, warranties, covenants, indemnities, termination rights and other provisions customary for a transaction of this nature. In particular, the Arrangement Agreement provides for customary deal protections, including a non-solicitation covenant on the part of Maritime, subject to customary ‘fiduciary out’ rights, and a right for New Found Gold to match any Superior Proposal (as defined in the Arrangement Agreement). The Arrangement Agreement includes a termination fee of C$13 million , payable by Maritime, under certain circumstances (including if the Arrangement Agreement is terminated in connection with Maritime pursuing a Superior Proposal). The Arrangement Agreement also includes reciprocal expense reimbursement obligations requiring a payment of C$2 million if the agreement is terminated because of a breach or if the Maritime shareholders do not approve the Transaction.

There are currently 243,027,933 New Found Gold Shares issued and outstanding. Based on the number of common shares of each of the Companies currently issued and outstanding, there would be 335,932,796 New Found Gold Shares issued and outstanding upon closing of the Transaction.

Board Approvals and Recommendations

The board of directors of Maritime (the ‘ Maritime Board ‘), in consultation with its senior management and financial and legal advisors, unanimously determined that the Transaction is in the best interests of Maritime and fair to Maritime shareholders, unanimously approved the Transaction and recommends that Maritime shareholders vote in favour of the Transaction at the Special Meeting.

Upon closing of the Transaction, it is anticipated that a director of Maritime will join the New Found Gold board.

SCP Resource Finance and Canaccord Genuity Corp. have each provided an opinion to the Maritime Board, stating that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Maritime shareholders pursuant to the Transaction is fair, from a financial point of view, to Maritime shareholders.

Further details regarding the terms of the Transaction are set out in the Arrangement Agreement, which will be publicly filed by New Found Gold and Maritime under their respective profiles on SEDAR+ at www.sedarplus.ca . Additional information regarding the terms of the Arrangement Agreement, the background to the Transaction, the rationale for the recommendations made by the Maritime Board and how Maritime shareholders can participate in and vote at the Special Meeting to be held to consider the Transaction will be provided in the management information circular for the Special Meeting which will also be filed at www.sedarplus.ca . Maritime shareholders are urged to read these and other relevant materials when they become available.

Advisors and Counsel

BMO Capital Markets is acting as financial advisor to New Found Gold and has also provided New Found Gold with a fairness opinion in connection with the Transaction. Blake, Cassels & Graydon LLP is acting as legal counsel to New Found Gold.

SCP Resource Finance is acting as financial advisor to Maritime in connection with the Transaction. Osler , Hoskin & Harcourt LLP is acting as legal counsel to Maritime. The Maritime Board engaged Canaccord Genuity Corp. to provide an independent fairness opinion in respect of the Transaction. Paradigm Capital Inc. acted as special advisor to the Maritime Board.

Conference Call

New Found Gold and Maritime will host a conference call to discuss the Transaction on Friday, September 5, 2025 , at 7AM PT / 10 AM ET . Participants may join the conference call via webcast or through the following dial-in numbers.

Conference ID: 4987472
Toll-free in the U.S. and Canada : 1-800-715-9871
Toronto and International: 1-647-932-3411

A replay of the conference call and webcast will be posted on the New Found Gold website at www.newfoundgold.ca and the Maritime website at www.maritimegold.com when available.

Technical Report and Qualified Person

Keith Boyle , P.Eng., Chief Executive Officer of New Found Gold, a Qualified Person as defined in National Instrument 43-101, has approved the scientific and technical information related to New Found Gold contained in this news release.

Garett Macdonald , P.Eng., President, Chief Executive Officer, and Director of Maritime, a Qualified Person as defined in National Instrument 43-101, has approved the scientific and technical information related to Maritime contained in this news release.

The disclosure regarding the Hammerdown Proven and Probable mineral reserves contained in this news release is supported by Maritime’s technical report titled ‘Feasibility Study Technical Report Hammerdown Gold Project’ dated effective August 15, 2022 , with a report date of October 6, 2022 prepared by JDS Energy & Mining Inc. (the ‘ Hammerdown Technical Report ‘). Keith Boyle , P.Eng., Chief Executive Officer of New Found Gold and a Qualified Person as defined in National Instrument 43-101 has reviewed the Hammerdown Technical Report on behalf of New Found Gold and to the best of New Found Gold’s knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the Hammerdown Proven and Probable mineral reserves inaccurate or misleading.

About New Found Gold Corp.

New Found Gold is a well-financed advanced-stage exploration company that holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.

New Found Gold has completed an initial MRE and PEA at Queensway (for additional information see New Found Gold news releases dated March 24, 2025 and July 21, 2025 on the Company’s website at https://newfoundgold.ca/news-releases ).

Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential over a 110 km strike extent along two prospective fault zones.

New Found Gold has a new management team in place, a solid shareholder base, which includes an approximately 23.1% holding by Eric Sprott, and is focused on growth and value creation at Queensway.

About Maritime Resources Corp.

Maritime is a gold exploration and development company focused on advancing Hammerdown in the Baie Verte District of Newfoundland and Labrador , a Tier 1 jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property, which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km ² of exploration land including the Green Bay , Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond HGP gold circuit.

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

Cautionary Statement

The PEA is preliminary in nature, it included inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized.

Non-GAAP Financial Measures

The Companies have included certain non-GAAP financial measures in this news release, including AISC, cash cost and cash cost per ounce and free cash flow. These financial measures are not defined under IFRS and should not be considered in isolation. The Companies believe that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Companies. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

All-in Sustaining Cost

All-in sustaining cost (‘ AISC ‘) is a non-GAAP financial measure calculated based on guidance published by the World Gold Council (‘ WGC ‘). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Companies may not be comparable to similar measures presented by other issuers. The Companies believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Companies.

Cash Costs and Cash Cost per Ounce

Cash Costs are reflective of the cost of production. Cash Costs reported in the Feasibility Study include mining costs, processing and water treatment costs, general and administrative costs of the mine, refining and transportation costs, silver revenue credits and royalties. Cash Costs per Ounce is calculated as Cash Costs divided by payable gold ounces.

Free Cash Flow

Free Cash Flows are revenues net of operating costs, royalties, working capital adjustments, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company’s ability to generate cash flows from the project.

Hammerdown Technical Information

Details regarding the Hammerdown Project are included in the ‘Feasibility Study Technical Report, Hammerdown Gold Project, Newfoundland ‘ prepared by JDS Energy & Mining Inc., with an effective date of August 15, 2022 .

Hammerdown Feasibility Study

Study Results

Item	Units	Total
Mine life	years	5
Ore tonnes	kt	1,895
Waste tonnes	Mt	38.5
Strip ratio	waste:ore	20.3
ROM ore production	tpd	1,200
ROM gold grade	Au gpt	4.46
Sorting plant waste rejection	%	40.0
Sorting plant gold recovery	%	95.0
Mill throughput	tpd	700
Mill head grade after sorting	Au gpt	6.76
Tonnes milled	Kt	1,189
Mill gold recovery	%	95.5
Gold produced	oz	247,346
Avg. annual production	oz	50,000
Mining cost	$/t mined	4.49
Mineral processing	$/t milled	48.06
Trucking from sorting plant to mill	$/t milled	25.50
General & Administrative	$/t milled	12.04
Cash costs ^1,4	US$/oz	897
AISC per ounce gold ^1,4	US$/oz	912
Total initial capital ³	$M	75.0
Total sustaining capital	$M	4.9
Avg. annual free cash flow	$M	41.4
After-tax NPV(5%) ⁴	$M	102.8
After-tax IRR ⁴	%	48.1
Payback period ²	years	1.7

1.	Refer to ‘Non-GAAP Financial Measures’ below.
2.	Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining capital costs and is calculated from the start of production.
3.	Excludes initial working capital requirements.
4.	$0.77 US$/C$ exchange rate.

Operating and Capital Costs

Capital costs have a basis of estimate at Class 3 (FEL3) with a stated -15%/+30% accuracy (after the Association for the Advancement of Cost Engineering International) and are stated in Q2 2022 Canadian dollars .

Capital cost contingency has been allocated on scopes of work. The combined contingency for all scopes of work is equivalent to 20% of direct costs, excluding mining equipment and pre-stripping. More than 82% of equipment costs, bulk materials and labour rates are estimated with budget quotes from vendors. The remaining 18% of costs are estimated from consultant databases on precedent projects, or from factoring such items as freight and construction indirect costs from supply pricing.

Mine equipment is assumed to be acquired through a combination of leasing for most production and support equipment, rentals for pioneering drills, and purchase of some support equipment.

The initial capital cost, including contingency, is estimated at $75.0M and net LOM sustaining capital cost is estimated at $4.9M , net of closure costs and salvage values for major equipment, for a total capital cost of $80.0M .

Capital Costs

Item	Units	Total
Mining	$M	10.6
Site development	$M	4.7
Mineral processing	$M	24.7
Water management	$M	0.6
On-site infrastructure	$M	5.9
Project indirect costs	$M	17.3
Owner’s costs	$M	4.0
Subtotal	$M	67.9
Contingency	$M	7.2
Total initial capital	$M	75.0
Sustaining capital	$M	11.0
Closure	$M	3.5
Salvage	$M	9.6
Total net sustaining capital	$M	4.9
Total capital	$M	80.0

Mine operating costs, including pre-stripping, are estimated at $4.31 /t moved with a strip ratio of 20.3 (waste:ore) over the LOM.

Processing and tailings storage related costs are estimated at $48.06 /t processed. General and administration costs are estimated at $12.04 /t processed. Diesel costs are estimated at $1.53 per litre and power at $0.085 per kWh (net charge for generated power).

Overall LOM Cash Costs are estimated at US$897 per payable ounce of gold. The LOM All-In Sustaining Costs are estimated at US$912 per payable ounce of gold.

Operating Costs

Item	Units	Total
ROM tonnes	kt	1,895
Tonnes milled	kt	1,189
Payable gold produced	oz	247,346
Mining costs	$/t mined	4.49
Trucking	$/t milled	25.50
Mineral processing	$/t milled	48.06
G&A	$/t milled	12.04
Total	$/t milled	234.45
Refining, royalties	$M	9.3
On-site operating costs	$M	278.7
Net sustaining capital	$M	4.9
All in sustaining costs	US$/oz	912

Project Economics

At the base case gold price ( US$1,750 per ounce Au and a $0.77 US$/C$ exchange rate), the Project generates an after-tax NPV5% of $102.8M and an after-tax IRR of 48.1%. Payback on initial capital is 1.7 years. LOM after-tax FCF is estimated at $129.7M on an undiscounted basis. Average after-tax FCF while mining Hammerdown is estimated at $41.4M per annum.

Gold Price Sensitivity

Gold price (US$/oz)	Units	$1,600	$1,750	$1,900
NPV(5%)	$M	77.7	102.8	128.4
IRR	%	38.0	48.1	58.4
Payback	Years	2.3	1.7	1.3
Total undiscounted FCF	$M	101.2	129.7	158.9
Avg. annual FCF	$M	35.7	41.1	47.2

Mineral Resources and Mineral Reserves

The MRE for the Hammerdown deposit has been updated and was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘ NI 43-101 ‘) and outlined below. The updated MRE is based on a gold price of US$1,800 per ounce. Mineral Resources are inclusive of Mineral Reserves reported in this document. The updated MRE for the Hammerdown deposit is based on 595 surface diamond drill holes and 192 underground diamond drill holes for a total of 72,808 metres of drilling and 80 trenches and channels for a total of 266 m of sampling. The MRE for the satellite Orion deposit, located 2.3 km southwest of the Hammerdown deposit, remains unchanged.

Mineral Resource Estimate – Hammerdown, June 30, 2022

	Tonnes	Grade	Contained Gold
Category	(kt)	Au gpt	(koz)
Open Pit Resources
Measured	698	5.47	123
Indicated	2,146	3.00	207
Total Measured & Indicated	2,845	3.61	330
Total Inferred	302	1.31	13
Underground Resources
Measured	1	7.05	–
Indicated	54	5.10	9
Total Measured & Indicated	55	5.10	9
Total Inferred	66	4.00	9

Notes:
1.	Mineral Resource Estimate completed by Pierre Landry, P.Geo., of SLR Consulting (Canada) Ltd. (SLR), an independent qualified person (‘QP’), as defined by NI 43-101.
2.	Effective date: June 30, 2022. All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (‘CIM’) definitions, as required under NI 43-101.
3.	Open Pit Mineral Resources are inclusive of Mineral Reserves
4.	Open Pit Mineral Resources are estimated at a cut-off grade of 0.50 g/t Au.
5.	Open Pit Mineral Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m.
6.	Mineral Resources are estimated using a long-term gold price of US$1,800 per ounce, and a US$/C$ exchange rate of 0.75.
7.	Bulk density is 2.84 t/m ³ for rock and 1.90 t/m ³ for mined out areas.
8.	Underground Mineral Resources are estimated at a cut-off grade of 2.00 g/t Au.
9.	Underground Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m and have been subject to additional reporting shapes to remove isolated blocks.
10.	Numbers may not add due to rounding.
11.	Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101.
12.	Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
13.	The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.

The Mineral Reserve estimate for Hammerdown is based on an open pit mine plan and production schedule outlined in the Feasibility Study. Table 6 presents the Mineral Reserve estimate for the Hammerdown Project. Proven and Probable Mineral Reserves amount to 1.895 million tonnes at 4.45 g/t Au, containing 272,000 gold ounces. The Mineral Reserve estimate is based on the economic assumptions in Note 3 below.

Mineral Reserve Estimate – Hammerdown, August 15, 2022

	Tonnes	Diluted Grade	Contained Gold
Zone & Class	(kt)	(Au gpt)	(koz)
Proven
Vein	556	5.94	106
Wisteria	–	–	–
Total Proven	556	5.94	106
Probable
Vein	1,134	4.19	153
Wisteria	206	1.99	13
Total Probable	1,340	3.85	166
Total Proven and Probable	1,895	4.46	272

Notes:
1.	Mineral Reserve Estimate completed by Tysen Hantelmann of JDS Energy & Mining (‘JDS’), an independent QP as defined by NI 43-101.
2.	Effective date; August 15, 2022. All Mineral Reserves have been estimated in accordance with CIM definitions required under NI 43-101.
3.	Mineral Reserves are estimated at a gold cut-off of 0.73 g/t for Veins and 1.06 g/t for Wisteria Zone based on: gold price of US$1,650/oz; exchange rate of $0.77 US$:C$; combined transport, treatment, payables and royalties of US$25/oz; an overall metallurgical recovery (including ore sorting) of 90.25% for Veins and 85.5% for Wisteria; and an overall processing operating cost of C$45/t ore mined for Veins and C$62/t ore mined for Wisteria.
4.	The final FS pit design contains an additional 94 kt of Inferred resources above the economic cut-off grade at an average grade of 1.62 g/t Au. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that any part of the Inferred Resources could be converted into Mineral Reserves.
5.	Tonnages are rounded to the nearest 1,000 t, gold grades are rounded to two decimal places. Tonnage and grade measurements are in metric units; contained gold is reported as thousands of troy ounces.

Forward-Looking Information

This news release contains certain ‘forward-looking statements’ within the meaning of Canadian securities legislation, relating to completion of the Transaction by way of the Arrangement and the anticipated timing thereof; assessments of and expectations for the combined entity after completion of the Arrangement; pro forma ownership of the combined entity; the anticipated premium for Maritime shareholders; assessments of and expectations for Hammerdown; assessments of and expectations for Queensway; expectations regarding the existing infrastructure of Maritime; expectations regarding the significant re-evaluation potential; benefits to Maritime shareholders; results of the feasibility study for Hammerdown and the interpretation of such results; future plans for Hammerdown and Pine Cove and the timing thereof; results of the Queensway PEA and interpretation of such results; the Special Meeting and the anticipated timing thereof; the satisfaction of closing conditions, including receipt of customary stock exchange approvals; the delisting of the Maritime Shares on the TSXV and the anticipated timing thereof; the composition of the New Found Gold board following completion of the Arrangement; the assessment of the merits of the Transaction; the timing of the filing of the management information circular for the Special Meeting on SEDAR+ and future conference calls and press releases by each of the Companies. Although the Companies believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘interpreted’, ‘intends’, ‘estimates’, ‘projects’, ‘aims’, ‘suggests’, ‘indicate’, ‘often’, ‘target’, ‘future’, ‘likely’, ‘encouraging’, ‘pending’, ‘potential’, ‘goal’, ‘objective’, ‘opportunity’, ‘prospective’, ‘possibly’, ‘preliminary’, and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘can’, ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Companies caution that forward-looking statements are based on the beliefs, estimates and opinions of the Companies’ management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Companies undertake no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: the risk that the Transaction will not be approved by the Maritime Shareholders; the failure to, in a timely manner, or at all, obtain the required court approval for the Transaction, the failure of the Companies to otherwise satisfy the requisite conditions to complete the Transaction, the possibility that the Arrangement Agreement may be terminated by one or both of the Companies; the effect of the announcement of the Transaction on each of the Companies’ strategic relationships, operating results and business generally; significant transaction costs or unknown liabilities; the risk of litigation that could prevent or hinder the completion of the Transaction; other customary risks associated with transactions of this nature; assumptions in respect of current and future market conditions; risks associated with the Companies’ ability to complete their planned studies and programs and the results and timing thereof; possible accidents and other risks associated with mineral exploration operations; the risk that the Companies will encounter unanticipated geological factors; risks associated with the interpretation of exploration, drilling and assay results; the possibility that the Companies may not be able to secure permitting and other governmental clearances necessary to carry out the stated exploration plans; the risk that the Companies will not be able to raise sufficient funds to carry out their business plans; and the risk of political uncertainties and regulatory or legal changes that might interfere with the Companies’ business and prospects. The reader is urged to refer to New Found Gold’s Annual Information Form and each of the Companies’ Management’s discussion and Analysis, all of which are made publicly available through the respective Companies’ profiles on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

New Found Gold Corp. logo (CNW Group/New Found Gold Corp.)

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In Latest News

Trump’s midterm convention is the seismic shift that will reshape America

September 5, 2025 No Comments

President Donald Trump has never played by the stale rules of Washington and Americans are grateful for it. His bold call for a 2026 pre-midterm convention is a political masterstroke that will cement America First policies, energize the Republican base, and ignite Generation Z voters.

This convention is a seismic shift that sends a clear message to every politician: fight for the American people or step aside.

The GOP’s victories, from retaking the White House and strengthening congressional majorities to delivering real wins on border security, tax cuts, a stronger economy and energy independence, set the stage for Trump’s call for a pre-midterm national convention that breaks political tradition.

While establishment Republicans cling to fundraising dinners, closed-door sessions and tired speeches that leave voters disengaged, Trump has mastered turning rallies into movements, from the electrifying 2016 campaign that flipped battleground states to the packed arenas of 2024 that reenergized the base. A pre-midterm convention would unite delegates from all 50 states to celebrate achievements, set a clear agenda and ignite voters.

The contrast is clear. Conservative values of law and order through Trump’s National Guard blueprint to combat crime, economic freedom that fuels innovation, and family-first policies that honor tradition stand in sharp contrast to Democrat failures, including 9.1% inflation in 2022, open borders that allowed more than 11 million illegals, and foreign policy disasters that emboldened adversaries.

By highlighting Republican successes like cutting gas prices through energy independence and appointing judges who defend constitutional rights, this convention would rebuke the Washington elite and prove Republicans deliver results while Democrats deliver excuses.

Unity is part of the strategy, but this is also a pivotal opportunity to mobilize Gen Z, the 68 million young Americans born between 1997 and 2012 who are increasingly open to conservative policies but need a reason to show up. A midterm convention can be that reason.

Their frustration with the Left is clear: sky-high inflation, record crime and the relentless push of woke ideology. The 2025 Harvard Youth Poll found that 75% of young voters believe the country is headed in the wrong direction, with 62% citing a worsening economy under current policies and nearly half naming cost of living such as housing, food and gas as their top concern. A Yale Youth Poll revealed 35% now favor Republicans in the midterms, a notable increase from past cycles.

Gen Z does not trust institutions and is disillusioned by political posturing. They crave authenticity while being bombarded by liberal propaganda in schools, on social media and from Hollywood. They see through empty promises of equity, knowing it means higher prices, fewer jobs and more division, with nearly 60% of Gen Z college graduates unemployed compared to just 25% of prior generations.

President Trump understands this. A high-energy convention featuring conservative stars like Sen. Josh Hawley, R-Mo., and Rep. Anna Paulina Luna, R-Fla., along with influencers such as Charlie Kirk and Anthony Raimondi, known as Conservative Ant, can deliver messages tailored for TikTok and X.

These voices can speak directly to Gen Z’s entrepreneurial spirit with policies that support small business tax cuts, energy independence to cut gas prices and unapologetic defenses of freedom. That spark could boost Gen Z turnout by 10% to 15% in the midterms, making them the GOP’s secret weapon. Failure to capture their energy risks apathy or a drift toward third parties.

This convention will energize the grassroots and unify the Republican Party. The GOP is already outpacing Democrats in record-breaking fundraising, but a unified front delivers more than dollars. It locks in a clear midterm agenda, quashes internal battles and promises a surge of support as Trump, Vice President JD Vance and other Republican stars deliver high-profile speeches that draw major contributions.

By showcasing Republican successes in safety, job growth, lower gas prices and judicial appointments that protect constitutional rights, against Democrat failures like open borders and green energy disasters, the convention will mobilize voters. With the economy rebounding and Trump’s approval rising, it ensures Republicans avoid complacency and secure dominance.

A midterm convention also challenges GOP lawmakers to deliver results or leave Washington. Voters are demanding accountability, expecting politicians to prove their commitment to the America First agenda by securing the border, cutting red tape and prioritizing American workers, while elevating rising stars who represent the next wave of conservative leadership. This moment is an opportunity to purge establishment Republicans who align with elites and replace them with fighters for the American people, reshaping the future bench of Congress.

Behind the scenes of Gen Z political commentator Brilyn Hollyhand’s meeting with Trump

Meanwhile, Democrats are leaderless and floundering in internal chaos and deeply unpopular policies. A 2025 CNN poll shows that while 72% of Democrats say they are motivated to vote, only 58% view their party favorably, compared to 76% for Republicans. Trump’s call for a midterm convention is another power move that highlights Democratic disarray, exposing their lack of leadership, failed policies and overall weakness.

Trump’s midterm convention is not just about exposing Democratic failure, it is about building the future of the movement and securing a foundation that lasts for generations. It is now or never for conservatives.

A pre-midterm GOP convention led by Trump represents the next chapter in his revolution, timed to capture Gen Z’s openness to conservative ideas. By rallying young voters with authenticity and real solutions to their everyday struggles, amplifying momentum, and holding Republican leaders accountable, this convention can turn frustration into lasting America First policies.

The GOP cannot afford to let woke politics or establishment complacency derail America’s future. Seizing this moment ensures 2026 delivers not just a victory but a generational turning point that will shape the direction of this country for decades to come.

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In Latest News

Republican doctors clash with RFK Jr over vaccines in tense Senate showdown

September 5, 2025 No Comments

Senate Democrats found unlikely allies in Senate Republicans during a fiery hearing, where Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. was grilled for his stance on vaccines.

Kennedy’s testimony before the Senate Finance Committee on Thursday was billed as a discussion on President Donald Trump’s healthcare agenda, but it quickly turned into a tongue-lashing from lawmakers, who accused the secretary of lying to the panel about how he would operate the HHS and Centers for Disease Control and Prevention (CDC).

While a barrage of heated exchanges between Kennedy and Democrats were expected, it was heat from Senate Republicans on the panel, including a pair of doctors turned legislators, who stood out.

‘I support vaccines. I’m a doctor. Vaccines work,’ Senate Majority Whip John Barrasso, R-Wyo., said. ‘Secretary Kennedy, in your confirmation hearings, you promised to uphold the highest standards for vaccines. Since then, I have grown deeply concerned.’

‘The public has seen measles outbreaks, leadership at the National Institutes of Health questioning the use of mRNA vaccines, the recently confirmed director of Center for Disease Control and Prevention fired,’ he continued. ‘Americans don’t know who to rely on.’

When asked what he would do to ensure that vaccine guidance was clear, Kennedy said, ‘We’re going to make it clear, evidence-based and trustworthy for the first time in history.’

The hearing came on the heels of a week of turmoil at the CDC, where Kennedy fired former CDC Director Susan Monarez, which led to several senior officials resigning from the agency. Before that, the secretary had cleaned out the federal government’s vaccine recommendation panel and handpicked his own members to serve, and he also moved to cancel $500 million in mRNA vaccine contracts.

Sen. Bill Cassidy, R-La., also serves as the chair of the Senate’s health committee and was the decisive vote to confirm Kennedy. He argued that Kennedy’s actions on vaccines appeared to counter his support for Trump’s Operation Warp Speed, a sweeping executive program by the Trump administration at the onset of the COVID-19 pandemic that jump-started the production of vaccines.

He noted that both Trump and Kennedy have vowed ‘radical transparency’ when it came to the administration’s healthcare agenda, but countered that the secretary’s move to put new members on the Advisory Committee on Immunization Practices appeared to be a conflict of interest.

‘I am concerned though, because many of those that you have nominated for the [Advisory Committee on Immunization Practices] board… have received revenue as serving as expert witnesses as plaintiffs for attorneys suing vaccine makers,’ Cassidy said. ‘If we put people who are paid witnesses for people suing vaccines, that seems like a conflict of interest, real quickly do you agree with that?’

‘No I don’t,’ Kennedy said, arguing that while it may seem like a bias, it was not a conflict of interest.

Not every Republican doctor on the panel went after Kennedy. Sen. Roger Marshall, R-Kan., has long been an ally of the secretary’s and gave him room to address accusations that he was anti-vaccine.

‘Saying I’m anti-vaccine is like saying I’m anti-medicine,’ Kennedy said. ‘I’m pro-medicine, but I understand some medicines harm people, some of them have risks, some of them have benefits that outweigh those risks for certain populations, and that’s true with vaccines.’

Marshall agreed that he was not ‘anti-vax either,’ and he listed several vaccines that he believed were good but argued that it was the transparency and approach to vaccines under the HHS and CDC that he was after.

‘What I feel the difference is sometimes my friends across the aisle feel like there’s a one-size-fits-all, that they should be telling parents what to do,’ Marshall said. ‘And what you and I are fighting for is that we want to empower parents to make these decisions.’

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In Economy

Chicago Public Schools Now Have a Junk Credit Rating. What’s Next?

September 5, 2025 No Comments

On August 28, 2025, Chicago Public Schools (CPS), the fourth-largest school district in the US, passed a $10.2 billion budget and is facing a $743 million deficit. Prior to the budget passage, the big three credit rating agencies each rated CPS General Obligation (GO) Bonds “non-investment grade speculative,” also known by the more pejorative title “junk bonds.” CPS bonds received a Ba1 rating from Moody’s and a BB+ rating from both S&P Global and Fitch Ratings.

The name “junk” refers to the risk that investors face that CPS will not make interest payments or repay the principal when the bond fully matures. To offset this risk, junk bonds offer high interest rates to attract investors. This is especially significant because GO bonds are backed by “the full faith and credit” of CPS, meaning the district promises to use all existing revenue to pay back the debt and, if necessary, raise new taxes to pay the debt.

Unfortunately, these ratings are justified. Research from the Illinois Policy Institute found that CPS suffers from chronic budget deficits as well as billions of dollars in debt and unfunded pension liabilities despite record-high operating revenue. The problem is persistent overspending. As my colleague Corey DeAngelis wrote, CPS officials and staff “put their own desires before the needs of children.”

The situation at CPS, however, will not be contained within Chicago. The budget stress could put additional stress on the state of Illinois, which is already teetering on the edge of the fiscal cliff.

If the perfect storm of an economic and budget crisis occurs, policymakers in the Land of Lincoln may turn to DC for financial assistance, shifting the cost of mismanagement onto the rest of the country.

What Does That Mean for Students?

The most important group affected by CPS’s financial troubles are the students. An upcoming bond sale at the new junk rating will further increase borrowing costs, diverting more of the district’s budget toward debt service rather than classrooms. Not including the upcoming bond sale (which Bloomberg estimates will be more than $600 million), CPS currently owes $9.1 billion in long-term debt and $13.9 billion in unfunded promised pension benefits.

Every dollar spent on debt service is a dollar not spent on textbooks, technology, safety systems, facilities, or instruction. This squeeze comes at a time when funds for students are already strained. The chart below from the Illinois Policy Institute shows that spending on personnel accounts for 70 percent of the growth in operating expenses for CPS.

The prioritization of spending on personnel over students is already showing. Corey DeAngelis reported that in 2022 not a single student was proficient in math in 33 public schools in Chicago. As debt service continues to devour an already unsustainable budget, do not expect student learning outcomes to improve.

What Does That Mean for Chicagoans and The State of Illinois?

The primary source of operating revenue for CPS is local tax revenue, specifically property taxes that the school district levies itself. For FY 2025, these revenues make up $5.1 billion of the $8.6 billion in operating revenue (59 percent).

CPS is a legally separate entity from the City of Chicago, with the power to levy its own taxes, issue bonds, and manage and control all public schools in the district. While it has independent status, its governance is tied to the Mayor of Chicago, who appoints members of the Board of Education (until 2027 when all board members will be elected).

CPS relies on the same tax base as the city of Chicago, which means residents are responsible for supporting both entities. As CPS debt accumulates, Chicago taxpayers will be on the hook to pay it.

CPS also relies heavily on state funding as well. For FY 2025, about $2.1 billion of the $8.6 billion operating revenue (24 percent) was funded by the state. Should CPS be unable to pay its debts, history suggests that it may look to Springfield for help and oversight. Such oversight may resemble Michigan’s own interventions in the Detroit Public Schools (DPS), with Lansing’s involvement in the district spanning nearly twenty years.

State involvement in DPS began in 1999 under then-Governor Engler. The State Superintendent of Public Instruction and a six-member board of education ran the school district from 1999-2005 when Detroit residents voted to return the district to local control. That control, however, was short-lived as finances and enrollment deteriorated going into the Great Recession. Then, in 2009, the state appointed emergency managers, four years before the city declared bankruptcy.

These managers had complete control over district finances, making major spending cuts to tame structural deficits. In 2016, the district was separated into two distinct legal entities: the Detroit Public Schools, which exists solely to pay down long-term debts, and the Detroit Public Schools Community District, a “new” debt-free entity that provided public schooling for Detroit residents. The state of Michigan also provided a $25 million transfer to assist with the transition costs from the “old” to the “new” entity.

If Chicago Public Schools cannot properly manage their finances, Illinois taxpayers outside of Chicago will have to pay a larger portion of taxes to cover CPS budget deficits.

What Does That Mean for the Rest of the Country?

As I discussed elsewhere, one stark difference between Detroit and Chicago’s circumstances is the respective finances of Michigan and Illinois. Where Michigan was in relatively good financial condition when Detroit declared bankruptcy, Illinois is in much worse shape. Fiscal stress in Illinois is akin to Puerto Rico in the lead-up to the Commonwealth’s 2015 budget crisis. At the onset of the crisis, Puerto Rico was plagued by massive debt and credit ratings just above junk status, much like Illinois today.

If policymakers in Springfield are unable to financially support CPS, it is likely both state and city officials will turn to federal policymakers to bail them out. Illinois and Chicago heavily relied on federal stimulus packages in 2020 to close budget gaps. In FY 2025, federal taxpayers provided $1.3 billion of the $8.6 billion of CPS operating revenue (just over the remaining 15 percent). These officials already have an appetite for federal taxpayer dollars; there is nothing stopping them from demanding more.

This relationship allows state and local officials to fund spending at the cost of federal taxpayers in other states, and gives federal officials influence over state and local budgets by attaching terms and conditions to federal funds. Additionally, if such a bailout is achieved through an emergency lending facility at the Federal Reserve, such as the 2020 Municipal Liquidity Facility, federal officials will also be able to outsource politically unpopular bailouts to the Federal Reserve.

While neither CPS nor the City of Chicago seems to be changing their ways, state and federal officials must set up fiscal guardrails should Chicago officials come to them seeking financial aid. These guardrails, whether an ex-ante guarantee against bailouts or tying strict austerity measures to stimulus packages that make seeking financial aid as unattractive as possible, will stop the Windy City from continuing the irresponsible practices that put the city in this position in the first place.

In Economy

California’s $10 Million-a-Year STEM Equity Lab Fails to Deliver

September 5, 2025 No Comments

In 2018, Democratic lawmakers in California created a new bureaucratic department, in part, to “close equity and achievement gaps” at higher education institutions in the state. Seven years later, a recent analysis from CalMatters, a California-focused news organization, has documented the program’s disappointing results, specifically for women.

Lawmakers in the California legislature created the California Education Learning Laboratory to improve educational programs and outcomes, particularly in STEM (science, technology, engineering, and math) fields. The group’s mission expresses a specific interest in “narrowing equity gaps.” Since its inception, the program has sought to transform teaching methods at colleges throughout the state. It has leveraged grants to incentivize universities and their faculty to adopt new teaching methods, many of which prioritize inclusivity for minorities. The “laboratory” has also worked to influence public education policy in favor of its founding goals, effectively using state (taxpayer) money to influence state policy. The organization initially received about $8 million per year.

According to the new report conducted by the Public Policy Institute of California for CalMatters, the demographic shift for women in STEM was small. Hans Johnson, a senior fellow at the institute, conducted the analysis, which has yet to be published in full. He commented that “The unfortunate news is that the numbers haven’t changed much at all.”

He compared data from the 2009-2010 school year at the state’s four-year colleges to more recent data from 2022-23. As CalMatters reported, “The share of women who received a bachelor’s degree increased from roughly 19 percent to about 25 percent in engineering and from nearly 16 percent to about 23 percent in computer science. In math and statistics, the percentage of women who graduate with a degree has gone down in the last five years.”

“It’s not nothing, but at this pace it would take a very long time to reach parity,” Johnson remarked. Even the Learning Lab’s director, Lark Park, admitted the shortcoming. “While I think women are faring better in college generally, I would be skeptical that we can say ‘mission accomplished’ in terms of achieving parity for women in STEM undergraduate degrees,” she said.

It’s worth acknowledging that the CalMatters summary of the report notes that the program faced funding cuts during the COVID years. While proponents of such programs might argue that this affected the initiative’s effectiveness, broader trends call into question the necessity of the program and its social justice agenda. A previous report from the lab acknowledged an increase in women seeking STEM degrees for years before the lab was ever created.

According to that 2019 paper, “Overall, the number of female, Latinx, and African American students enrolled in STEM fields in California’s segments of public higher education has grown considerably in the past decade…” It added that “the percentage of female, Latinx, and African American students majoring in STEM fields and earning STEM degrees is also growing; enrollment of female, Latinx, and African American students in STEM fields is, moreover, increasing at a faster rate than overall female and URM [underrepresented minority] enrollment.”

In another example of growth predating the program, the paper noted that “Between 2006-7 and 2016-17, the number of UC bachelor’s degrees in STEM fields awarded to women increased by 63 percent (from 5,655 to 9,243)…” These numbers also mirror several nationwide trends.

Despite these developments, the Learning Lab wanted more. As Park noted, her goal has been parity — another word for equality. The underwhelming program, which may be eliminated next year, exemplifies the ineffectiveness of government policy in shifting societal traits and trends.

For example, Michelle Obama’s “Let’s Move” campaign, launched to combat childhood obesity, had little success. The famed DARE (Drug Abuse Resistance Education) program of the 1980s and 1990s, which nobly attempted to discourage children and teens from using drugs, similarly failed to produce its intended outcomes. Similar to the trend of women and minorities increasingly earning STEM degrees before California’s initiative, the US poverty rate was falling for two decades before President Lyndon Johnson initiated his big-spending “War on Poverty.”

The failures of government attempts to shift societal preferences and behavior span a variety of issues, but examples like these, including the California STEM fumble, also reflect another key issue: the paternalism and hubris of deciding what is best for millions of people.

Progressive and liberal sensibilities champion the autonomy and capabilities of women and other minorities. Yet, despite their presumably good intentions (and ineffective government-imposed outcomes), there is a fundamental contradiction in their belief that politicians and bureaucrats in the California state Capitol — or Congress at the national level — and the experts they enlist “know best.” It also rests on the faulty premise that politicians are inherently capable of molding society.

Further, there are numerous privately funded efforts to support increasing the number of female, minority, and low-income students in STEM. These include scholarships, mentoring programs, and extracurricular educational courses.

Their existence calls into question the value of a low-performing state-funded program at the expense of already overburdened taxpayers. If individuals and groups want to provide resources for educational programs and specific demographics in general, they should be free to do so, whether they are effective or not. To the contrary, no one should be forced to fund social engineering projects hatched by the politicians and bureaucrats, whether they work or not.

While these California lawmakers, bureaucrats, and academics may have meant well, their intentions could not guarantee corresponding outcomes. Even if they could have, the presumption that using the force of government should produce these outcomes highlights a fundamental hypocrisy in such centrally planned, collectivist approaches to engineering individual success.

In Investing

Altech Batteries LtdBearer Bond Funds Received

September 5, 2025 No Comments

Perth, Australia (ABN Newswire) – Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to announce that it has received EUR1M in funds from the remaining Bearer Bond facility in place with major shareholder Deutsche Balaton. The original facility was for EUR2.5M and this has now been adjusted by mutual agreement to EUR2M. The full EUR2M has now been drawn down.

As announced to the ASX on 25 March 2025, the Company advised that it is in the process of selling its Malaysian land to help fund the ongoing development of the CERENERGY(R) battery project and the Silumina Anodes(TM) battery materials project, as well as to support general working capital requirements.

The Company also announced that it had entered into a binding Bond Note Subscription Deed with its major shareholder Deutsche Balaton AG, under which Altech could drawdown up to EUR2.5M in cash in the form of interest-bearing Bearer Bonds.

As the Bond Note Subscription Deed involved the Company granting a security interest over the Company’s Malaysian land, shareholder approval was required. The Company convened a General Meeting on 13 May 2025 and shareholders approved all Resolutions put to the General Meeting. The Company then applied to have the Malaysian land security registered with the relevant land authority, being Johor Corp. Although there were no laws or regulations precluding Johor Corp from registering the land security, it considered Deutsche Balaton AG a ‘non-lending foreign entity’ and advised that accordingly it was not comfortable in registering the land security.

The Company’s wholly owned subsidiary Altech Chemicals Sdn. Bhd. is the holder of the lease agreement over the Malaysian land. The only asset of value within Altech Chemicals Sdn. Bhd. is the lease agreement over the Malaysian land. In order to provide the security to Deutsche Balaton AG so as to drawdown the Bearer Bonds, the Company enforced security over the shares of Altech Chemicals Sdn. Bhd. in favour of Deutsche Balaton AG in lieu of the land security.

On 20 August 2025, the Company’s wholly owned subsidiary Altech Chemicals Australia Pty Ltd (shareholder of Altech Chemicals Sdn. Bhd.) executed a Share Charge with Deutsche Balaton AG in connection with the Bond Note Subscription Deed. Pursuant to the Share Charge, Altech Chemicals Australia Pty Ltd has offered as a continuing Security for the due and punctual payment of all the requirements of the Bond Note Subscription Deed, charged all its rights, title and interest to all of the shares held in Altech Chemicals Sdn. Bhd. in favour of Deutsche Balaton AG. The Security is a continuing security and will extend to the ultimate balance of the due and punctual payment of all the requirements of the Bond Note Subscription Deed.

On 20 August 2025, the Company executed an Amendment Deed to the Bond Note Subscription Deed. Under the terms of the Amendment Deed, the agreed amount of bonds available to be drawdown was reduced from EUR2.5M to EUR2.0M. Additionally, the Company’s Meckering land was offered as additional security for the due and punctual payment of all the requirements of the Bond Note Subscription Deed.

Altech Meckering Pty Ltd, the Company’s wholly owned subsidiary and holder of the Meckering land, has entered into a mortgage over the Meckering Land in favour of Deutsche Balaton AG as a continuing Security for the due and punctual payment of all the requirements of the Bond Note Subscription Deed.

About Altech Batteries Ltd:

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS (‘Fraunhofer’) to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech’s land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

Source:
Altech Batteries Ltd

Contact:
Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

News Provided by ABN Newswire via QuoteMedia

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In Investing

Alvopetro Energy

September 5, 2025 No Comments

Investor Insight

Brazil’s expanding natural gas market, supported by an attractive and stable regulatory framework and fiscal regime, presents a unique opportunity for Alvopetro Energy to leverage its high-potential upstream and midstream assets. In early 2025, Alvopetro also announced a strategic entry into Western Canada focused on the prolific Mannville stack play fairway in Saskatchewan. With capital investment opportunities in Canada and Brazil, Alvopetro is on the pathway for long-term growth.

Overview

Alvopetro Energy (TSXV:ALV;OTCQX:ALVOF) is an independent energy company focused on unlocking onshore natural gas in Brazil while expanding its footprint into Canada. The company is recognized as Brazil’s first integrated onshore natural gas producer, having established a unique model that combines upstream production, midstream infrastructure and long-term sales agreements with stable pricing linked to Brent and Henry Hub benchmarks.

Since commencing production in 2020, Alvopetro has delivered strong operating results, sector-leading netbacks and consistent dividends. With a disciplined capital allocation strategy, approximately half of the cash flow from operations has been reinvested in organic growth, while the remainder has been returned to shareholders through dividends, debt reduction and share repurchases. This balance has underpinned exceptional shareholder returns, including a cumulative 1,495 percent total shareholder return since 2018.

Alvopetro’s growth is anchored by two pillars: its high-margin natural gas business in the Recôncavo Basin of Bahia, Brazil, and its newly established Western Canadian heavy oil platform. Together, these assets provide a diversified base of production and reserves, supporting near-term growth and long-term value creation.

Headquartered in Calgary, Canada, and operating in Salvador, Brazil, Alvopetro is led by a proven management team with extensive international oil and gas experience. The company is committed not only to profitable growth but also to sustainable development, investing in local communities through education, entrepreneurship, cultural programs and biodiversity initiatives.

Company Highlights

Alvopetro is a leading independent upstream and midstream gas operator in the state of Bahia, Brazil.
The company’s growth strategy targets opportunities with the best combinations of geological prospectivity and fiscal regime. In Brazil, Alvopetro is focused on unlocking Brazil’s on-shore natural gas potential, building off the development of its Caburé and Murucututu natural gas fields strategic midstream infrastructure. In Canada, four wells have been drilled and are on production and Alvopetro has expanded its land base with potential for over 100 drilling locations.
Over 95 percent of Alvopetro’s Brazil production is from natural gas and the company has a 2P reserve base of 9.1 million barrels of oil equivalent (MMboe) with a before-tax NPV10 of $327.8 million.
The company generates highly attractive operating netbacks and profitability per unit of production, setting it apart from its Latin American and North American peers. The state of Bahia boasts a favorable fiscal regime with low royalties and Alvopetro’s projects are eligible for a 15 percent income tax rate.

Key Projects

Caburé

The company’s flagship Caburé asset has historically delivered the majority of the company’s production. The project is a joint development of a conventional natural gas discovery across four blocks, two held by Alvopetro and two by its partner.

Geological cross-section diagram at Alvopetro Energy

Following the first redetermination in 2024, Alvopetro’s working interest in Cabure increased to 56.2 percent, entitling the company to a larger share of production. The unitized area includes eight producing wells and all necessary production facilities. Gross unit production capacity has increased by 33 percent to 21.2 million cubic feet per day (MMcfpd), and an ongoing development program includes five additional wells, four of which have already been drilled.

Murucututu Gas

Immediately north of Caburé, Murucututu is a 100 percent owned Alvopetro asset with significant growth potential. Independent reserves evaluators have assigned 2P reserves of 4.6 MMboe, with an additional 4.5 MMboe of risked best estimate contingent resources and 10.2 MMboe of risked best estimate prospective resources.

The company successfully completed the 183-A3 well in 2024 and drilled the 183-D4 well updip of the 183-A3 well in 2025, bringing the 183-D4 well online in August 2025, which achieved initial production of 953 barrels of oil equivalent per day (boepd). With field production facilities already in place, Alvopetro plans a multi-year development program targeting both the Gomo and Caruaçu formations, including at least six more development wells.

Midstream – Infrastructure and marketing

Alvopetro owns and operates all of the key infrastructure needed to process and deliver its natural gas. Production from Caburé and Murucututu is transported via Alvopetro’s 11-kilometre transfer pipeline to its UPGN gas processing facility, which has a capacity of more than 18 MMcfpd.

At the UPGN, condensate and water are removed, with condensate sold at a premium to Brent. Processed natural gas is delivered to the Bahiagás city gate, with onward transportation through a 15-kilometre distribution pipeline into Bahia’s Camacari industrial complex. Under the long-term gas sales agreement with Bahiagás, pricing is set quarterly based on Brent and Henry Hub benchmarks. An updated agreement, effective January 1, 2025, increased firm sales volumes by 33 percent, further securing Alvopetro’s cash flow stability.

Western Canadian Growth Platform

Beyond Brazil, Alvopetro has expanded its global footprint into North America with the establishment of a new heavy oil growth platform in Western Canada. The company holds a 50 percent working interest in 27.5 sections (8,890 net acres) of Mannville conventional heavy oil lands in Alberta and Saskatchewan, in partnership with an experienced operator, where we are deploying leading edge open hole multilateral drilling technology:

The diagram above depicts the evolution of drilling technology to develop a ¼ section of land. On the far left, traditional development would have required 32 vertical wells. Technology then advanced to horizontal wells, as depicted in the middle of the diagram with 4 separate wells. Today, multilateral drilling technology (as depicted on the far right) allows for just a single well with 6+ open-hole lateral legs developing the ¼ section of land. Alvopetro’s first 2 wells drilled in Saskatchewan each included 6 lateral legs. A total of 15 km of open-hole horizontal legs were drilled.

The Mannville stack is a multi-zone fairway with shallow depths, lower geological risk and attractive drilling economics. The first two earning wells were drilled with more than 15 km of open hole and brought into production in April 2025. Two additional wells were drilled in Big Gully in July 2025, with more than 19 km of open hole, with oil sales from the new wells are expected to commence in September 2025.

With the potential for more than 100 drilling locations, the Canadian platform provides Alvopetro with a complementary source of long-term production growth.

Management Team

Corey C. Ruttan – President, Chief Executive Officer and Director

Corey C. Ruttan is the president, chief executive officer and director of Alvopetro. He was the president and CEO of Petrominerales, from May 2010 until it was acquired by Pacific Rubiales Energy in November 2013. Prior to that, he was the vice-president of finance and chief financial officer of Petrominerales. From March 2000 to May 2010, Ruttan was the senior vice-president and chief financial officer of Petrobank Energy and Resources, and held increasingly senior positions with Petrobank since its inception in 2000. He also served as executive vice-president and chief financial officer of Lightstream Resources from October 2009 to May 2010; served as vice-president of Caribou Capital from June 1999 to March 2000; and manager financial reporting of Pacalta Resources from May 1997 to June 1999. He began his career at KPMG where he worked from September 1994 to May 1997. Ruttan obtained his Bachelor of Commerce degree majoring in accounting from the University of Calgary in 1994 and his chartered accountant designation in 1997.

Alison Howard – Chief Financial Officer

Alison Howard is a chartered accountant with over 20 years of experience in Canadian and international taxation, accounting and finance. Howard joined Petrominerales in July 2011 as a tax manager and was subsequently promoted to tax director. From May 2008 to July 2011, Howard was the tax manager at Petrobank Energy and Resources. Prior to that, Howard spent a number of years at Deloitte LLP in Calgary. She obtained her Bachelor of Commerce degree from the University of Saskatchewan in 1999.

Adrian Audet – VP, Asset Management

Adrian Audet joined Petrominerales in 2013 and has held increasingly senior roles with Alvopetro since its inception. Audet has spent extensive time in Bahia overseeing the operations, realizing extensive cost savings and improvements in efficiency. Previously, Audet held engineering roles with increasing responsibility in the oil and gas industry. Audet began his career in 2006 and completed his masters and undergraduate degrees in mechanical engineering at the University of Alberta. Audet is a professional engineer registered with APEGA and is a CFA charterholder.

Nanna Eliuk – Exploration Manager

Nanna Eliuk is a professional geophysicist (M.Sc.) with over 23 years of diversified petroleum exploration and development experience. She has expertise in conventional and unconventional plays in both carbonate and clastic reservoirs in different depositional and structural settings (including pre-salt) in various basins around the world. Prior to joining Alvopetro, Eliuk was the senior explorationist of Condor Petroleum (Kazakhstan) for two years, and prior thereto, she was the vice-president of geophysics and land for Waldron Energy. Eliuk started her career in 1997, holding progressively senior roles at Husky Energy for five years, and at Compton Petroleum for over six years. Her extensive experience includes geophysical evaluation and analysis for business development opportunities and new ventures in various international basins, along with regional mapping, play fairway analysis, petroleum system evaluation, prospect definition, and seismic attribute analysis. Eliuk holds a masters degree in geology and geophysics, and a BSc. in geology.

Darcy Reynolds – Western Canadian Business Unit Lead

Darcy Reynolds, P.Geo is the Western Canadian Business Unit Lead with over 20 years of subsurface and asset evaluation experience across Western Canada. For the past 12 years, Reynolds has focused on heavy oil development, including horizontal multilateral wells, enhanced oil recovery (waterflood, polymer, CO₂), and thermal SAGD projects. He has held senior leadership and technical roles at Rubellite Energy (senior geologist), Cenovus Energy (geoscience director), Husky Energy (geoscience director), and Talisman Energy (geology manager). Reynolds holds a B.Sc. in Geology from the University of Alberta and is a registered professional geoscientist with APEGA

Frederico Oliveira – Country Manager

Frederico Oliveira has held increasingly senior roles since 2008 and has expertise in regulations, contracts, partnerships, management and cost efficiency. He has held management roles in large private companies in Brazil, performing strategic planning, project implementation, process restructuring, efficiency and productivity improvements, and cost control. Oliveira obtained an MBA from the Federal University of Minas Gerais in 2004 and a Bachelor of Science degree in Mechanical Engineering from the Pontificia Universidade Catolica de Minas Gerais.

This post appeared first on investingnews.com

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Altech Batteries LtdBearer Bond Funds Received

Alvopetro Energy

Investor Insight

Overview

Company Highlights

Key Projects

Caburé

Murucututu Gas

Midstream – Infrastructure and marketing

Western Canadian Growth Platform

Management Team

Corey C. Ruttan – President, Chief Executive Officer and Director

Alison Howard – Chief Financial Officer

Adrian Audet – VP, Asset Management

Nanna Eliuk – Exploration Manager

Darcy Reynolds – Western Canadian Business Unit Lead

Frederico Oliveira – Country Manager

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