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The head of the United Nations nuclear watchdog warned this week the window to ‘maneuver’ a diplomatic solution to halt Iran’s nuclear development was beginning to ‘shrink.’ 

Rafael Grossi, director general of the International Atomic Energy Agency, issued an urgent message in an interview with AFP at the COP29 climate summit in Baku.

‘The Iranian administration must understand that the international situation is becoming increasingly tense and that the margins to maneuver are beginning to shrink,’ he said.

‘It is imperative to find ways to reach diplomatic solutions.’ 

The warning came ahead of Grossi’s trip to Tehran this week for ‘high-level’ meetings with Iranian government officials, where he was set to hold ‘technical discussions’ relating to Tehran’s agreement under a March 2023 Joint Statement to adhere to IAEA safeguard parameters.

Grossi landed in Tehran Wednesday, and state media showed the IAEA chief meeting with the spokesperson for Iran’s state atomic energy agency, Behrouz Kamalvandi, upon his arrival.

In the lead-up to the meeting, Grossi said in a statement Sunday, ‘It is essential that we make substantive progress in the implementation of the Joint Statement agreed with Iran in March 2023. My visit to Tehran will be very important in that regard.’

The IAEA is further permitted to inspect all nuclear sites as a part of its safeguard duties, but Grossi told AFP, ‘We need to see more.’

‘Given the size, depth and ambition of Iran’s program, we need to find ways of giving the agency more visibility,’ he added.

Concerns over Iran’s nuclear program have remained heightened since the U.S. pulled out of the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran Nuclear Agreement, in May 2018, despite IAEA assurances that Iran was not in violation of its nuclear agreements. 

Grossi is expected to push Iran for increased access to its nuclear sites and for an explanation regarding the traces of uranium that have been found at undeclared sites, Reuters reported Wednesday. 

The IAEA director general has been sounding the alarm for months that Iran’s nuclear program has essentially run unchecked since Tehran stopped adhering to its commitments under the JCPOA, and it has since increased its stockpiles of highly enriched uranium metals to 60% purity levels, just shy of the steps needed to reach weapons-grade uranium enriched to 90% purity.

Grossi’s trip comes at a pivotal time for geopolitical relations with President-elect Trump returning to the Oval Office come January, where he is expected to take a hardline approach when it comes to Tehran.

During his first term, President Trump maintained that the agreement was a ‘terrible deal’ cemented under the Obama administration by Secretary of State John Kerry and signed by Britain, France, Germany, Russia and China. Trump unilaterally withdrew the U.S. from the deal.

After the U.S. withdrawal, Tehran claimed the agreement had been voided and said it was no longer bound under the international nuclear agreement.

Despite the withdrawal by the U.S., the other international co-signatories, including Russia, urged Tehran to continue to adhere to the JCPOA, though, by 2022, Moscow dropped its diplomatic encouragement as tensions with the West escalated over its invasion of Ukraine. 

Grossi told AFP the deal now sits as ‘an empty shell.’

According to Behnam Ben Taleblu, an Iran expert and senior fellow with the Foundation for Defense of Democracies, the best way to stop Iran from pursuing its nuclear ambitions is to move past the Biden administration’s ambitions to restore a nuclear deal and to rely on Cold War-era tactics of nuclear deterrence. 

‘The irreversible and knowledge-based nuclear gains Tehran has made under Biden’s policy of maximum deference are what actually have shut the window for anything meaningful, even if only transactional with Tehran,’ he told Fox News Digital. ‘The incoming Trump administration will be faced with an increasingly risk-tolerant Islamic Republic that is either on the nuclear threshold and keen to exploit this status or one that will have weaponized. 

‘Deterring and confronting such a regime will require pushing past Washington’s obsession with a deal and embracing other tools of national power.’

But the IAEA chief said he isn’t worried by the prospect of another Trump presidency despite the tense geopolitical framework he now operates under with the West’s unification against Russia and Iran amid the war in Ukraine and Israel’s fight against Tehran-backed proxies.

‘I already worked with the first Trump administration, and we worked well together,’ he said.


This post appeared first on FOX NEWS

Nickel saw solid price momentum in the first half of the year, benefiting from investor sentiment and speculation across commodity markets that saw surge in prices for both precious and base metals.

However, price highs were short-lived as nickel supply and demand fundamentals provided pressures that saw steep declines.

Among the influences has been a supply of laterite nickel flooding the market out of Indonesia, which is a contributing factor to mine curtailments in New Caledonia, Australia, and Europe. Meanwhile, high demand for battery production in China has yet to reach levels to make up for the oversupply in the market.

How did the nickel price perform in Q3?

The third quarter opened with the price of nickel facing a downward trend that started after it reached a yearly high of US$21,615 per metric ton on May 20. The price on July 1 had fallen to US$17,357. The following week saw a pause in the downward trend and was briefly lifted to US$17,473 before resuming its downward trajectory to US$15,769 on July 25.

Nickel price, July 1 to October 1, 2024.

Nickel price, July 1 to October 1, 2024.

Chart via Trading Economics.

After bottoming out, the price quickly climbed to US$16,604 on July 31.

Nickel remained largely rangebound between US$16,150 and US$16,500 for the start of August, but saw upward momentum in the middle of the month that pushed the price to US$17,136 on August 27.

The beginning of September saw the price collapse again, reaching a quarterly low of US$15,741 on September 10 and just shy of the year-to-date low of US$15,668 set on February 9. However, pricing pressure wasn’t to last and the price of nickel saw rapid gains through to the end of September reaching a quarterly high of US$17,698 on October 1.

Supply

The big story for the last several quarters has been an oversupply of nickel from Asian markets, particularly Indonesia and Q3 2024 was no different.

According to data from S&P Global, mined nickel production from the country increased by 99,000 metric tons during the quarter and is forecast to be in the 2.4 million metric ton range by the end of 2024, representing 57 percent of total global production.

However, due to Indonesia’s permitting and quota system, sourcing consistent supply from the country has presented challenges for Chinese smelters who were forced to temporarily curtail output due to a shortage in feeder supply.

Despite having a large percentage of global supply, refiners in Indonesia have increasingly been turning to nickel imports from the Philippines, the number two nickel supplier, to maintain operations. The first seven months saw imports rise to 3.37 million metric tons versus just 374,454 tons produced in 2023.

Although China remains the biggest benefactor and investor of Indonesia’s nickel industry, Indonesia has been working to distance it economically from its partner as it tries to work out deals with Western partners.

While Indonesia has been working to distance itself from Chinese investment over the past few years to better position its nickel market for Western markets and inclusion under the US Inflation Reduction Act, a new trade pact looks to solidify ties with China.

Multiple cooperation deals were signed following a November 9 meeting between Chinese President Xi Jinping and Indonesian President Prabowo Subianto, which would see China investing more than US$10 billion into strategic sectors including nickel.

Among the investments is $1.42 billion agreement between Chinese battery material producer GEM (SZSE:002340) and Indonesian miner PT Vale (OTC Pink:PTNDF,IDX:INCO) for the construction of a high-pressure acid leaching (HPAL) plant. The new processing facility is necessary for the production of battery-grade nickel.

Additionally, Zhejiang Huayou Cobalt (SHA:603799) is working to raise US$2.7 billion in financing for a nickel refining and smelting project in partnership with Ford Motor Company (NYSE:F) and PT Vale. The project will also use HPAL processing and is expected to produce 120,000 metric tons of mixed hydroxide precipitate for use in electric vehicle batteries.

China demand lagging

Even though demand for batteries continues to grow, it hasn’t been able to outpace the oversupply situation, this has largely been due to a weak Chinese economy.

China is the largest consumer of nickel in the world, with a majority of the metal destined to be used in the production of stainless steel, but a beleaguered real estate sector and broad economic deflation have dampened demand.

Nickel found pricing support in September as the Chinese government introduced a raft of stimulus measures that were intended to boost economic growth in the country. Among the measures included a 0.5 percent interest rate cut to existing mortgages and reduce the downpayment to purchase a home to 15 percent from 25 percent.

Although the package was responsible for a surge in nickel prices, in the weeks following the announcement nickel prices retreated, once again approaching yearly lows.

In another attempt to jump-start the economy, China introduced a US$1.4 trillion dollar debt swap on November 11 aimed at tackling “hidden debt” and freeing up funds at the local level by reducing interest payments on debt and helping drive growth.

Additionally, the Chinese government is planning to cut the deed tax for homebuyers to 1 percent from the current 3 percent in a further attempt to prop up the country’s economy.

Western governments may not be working hard enough for critical supply

In Canada, the government pledged C$46 billion for the development of four EV battery production plants that will require more raw materials than the Canadian mining sector can currently supply.

At his address to the Greater Vancouver Board of Trade on September 17, Mining Association of Canada President Pierre Gratton suggested Canada is too focused on downstream development and that in order to meet supply the four EV plants will need the support of 15 new mines.

“That’s only speaking from the standpoint of the four battery factories, to say nothing about all of the other needs that our economy requires, or that the US requires, including its defence industries. Unless we achieve the above, and this is the irony, our reliance on foreign sources for minerals and metals is only going to increase,” he said.

Overall, Gratton believes that there needs to be an additional C$32 billion in financing for mining and midstream processing projects.

In Europe, the implementation of its new Carbon Border Adjustment Mechanism (CBAM) that places a tariff on carbon-intensive products is drawing concern from the industry. The regulation is a complex system designed to balance prices and prevent an exodus of carbon-intensive manufacturing to nations with fewer emission controls.

Some are suggesting CBAM has no benefit for the European stainless-steel industry as it limits pricing to scope 1 emissions and doesn’t include downstream emissions from power generation and transpiration.

European steelmakers have become more dependent on nickel pig iron imports from Indonesia, so far 87,485 metric tons through the first eight months of 2024 versus just 1,006 metric tons in 2023. The increase has come alongside a wave of curtailments as the industry reacts to a flood of Indonesian nickel.

What will happen to the nickel price in 2024?

Investors should consider China’s outsized influence over the nickel market, both in terms of control over refined supply and demand from real estate and battery sectors.

Even though the EV sector in China has shown year-over-year growth of 32 percent through the first nine months of 2024, the industry’s nickel demand hasn’t made up for shortcomings in the broader economy.

Surplus scenarios are expected to continue over the next few years with a 5.8 percent compound annual growth rate between 2023 and 2028. This will present a challenge for producers who are looking to restart operations in the short term as prices are expected to remain flat.

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

This post appeared first on investingnews.com

Potash and phosphate are often tied together. After all, both are used to produce fertilizers, which are becoming increasingly important as demand for food grows on a global scale.

However, potash and phosphate play different roles in crop growth and cannot be used interchangeably. Each has different applications designed for the specific requirements of particular crops, climates, soil types or topographies.

Investors interested in fertilizer companies should know the differences between potash and phosphate to better guide their decisions and ultimately have a better chance at increased profitability. Below is a basic breakdown of the differences between potash and phosphate and why both can be compelling investments.

What is potash?

Potash is a potassium-based product that is often bonded to other chemicals. It is mainly used as a fertilizer to encourage water retention in plants, increase crop yields, improve taste and help plants resist disease. The most common potash fertilizers are sulfate of potash (SOP) and muriate of potash (MOP).

Before it can be turned into commercial fertilizers like SOP and MOP, potash ore must be extracted from the ground by mining companies and then refined. There are two predominant varieties of potash ore: sylvinite and carnallite. Sylvinite typically has a higher value compared to carnallite as it requires less energy to separate the potassium chloride it contains than it does to separate the magnesium in carnallite.

Potash ore is extracted in two ways. In conventional underground mining, ore is dug out by large machines and transported to the surface. This method is expensive, but also the most common. Solution mining is less common, and involves injecting hot brine (a salt water solution) below the surface of the Earth and into an orebody. The potash-brine water is then pumped back to the surface for cooling and separation in surface ponds.

Interestingly, many companies are focused on extracting potash ore from ancient underground oceans of potassium salts, and these are often located hundreds of feet or more below the surface. This can complicate the process of getting the ore out of the ground.

Canada is the world’s top potash producer, and also holds the largest reserves. Other global producers include Russia, China and Belarus.

Want to learn more about potash and potash investing? Click here to check out our overview of the market, and read up on ASX-, TSX- and TSXV-listed potash stocks in Australia and Canada by clicking here and here.

What is phosphate?

Phosphate is critical for all living organisms, from potatoes to people, and as much as 90 percent of it is used as a soil nutrient for plant growth. Its primary function is to support strong cell development and water retention.

Phosphate rock, or “phos-rock,” is ore that contains phosphorus. It is located at various depths, and extraction typically requires large dragline buckets, which scoop up the material for refinement. The phos-rock is then beneficiated, or refined, with small phosphate pebbles being left behind.

Those phosphate particles are coated with hydrocarbons during flotation, and then float to the surface for further separation. The resulting product is beneficiated phosphate rock. Its phosphorus pentoxide content is suitable for phosphoric acid or elemental phosphorous production.

Beneficiated phosphate rock is often upgraded into granular diammonium (DAP) or monoammonium phosphate (MAP), which are high-grade, water-soluble crop fertilizers. Single super phosphate (SSP) is a cheaper alternative to the popular DAP and is obtained through a chemical reaction between rock phosphate and sulfuric acid.

The world’s top producer of phosphate rock by a wide margin is China. The US, Morocco, Russia and Jordan are also key phosphate rock producers.

Interested in getting more details on phosphate and phosphate investing? Our overview of the market can be found by clicking here, and we’ve put together a list of phosphate-focused companies here.

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

This post appeared first on investingnews.com

The Fox News Decision Desk can project that Republicans will keep their majority in the House of Representatives.

The number of seats the party will hold depends on the outcome in a handful of remaining districts.

There are nine races yet to be called. They are: Alaska’s at-large district, California’s 9th, 13th, 21st, and 45th districts, Iowa’s 1st district, Maine’s 2nd district, Ohio’s 9th district and Oregon’s 5th district.

Republicans soared to the 218 threshold for majority after Republican Juan Ciscomani was elected in Arizona’s 6th District. The first-term Republican won a rematch against Democrat Kirsten Engel, whom Ciscomani narrowly defeated in the 2022 midterms.

In a statement, The National Republican Congressional Committee (NRCC) said that the majority win came after a ‘historically tumultuous cycle,’ saying that they ‘never lost focus and never stopped working.’

‘They said it couldn’t be done, but the American people have spoken. As Chairman of the NRCC it has been my mission since day one to hold our House majority. Today it is clear that we accomplished that mission. Even through a historically tumultuous cycle our team never lost focus and never stopped working,’ NRCC Chairman Richard Hudson said in a release on Wednesday night.

‘Americans are fed up with extreme Democrats who threw open the border, set inflation on fire, and invited drugs and crime to flood our communities,’ he said. ‘With a Republican House majority, President Donald Trump back in the White House, and a new Senate majority, help is on the way. I am looking forward to working with my newly elected colleagues to clean up Democrats’ mess with an America First agenda.’

 Mike Johnson: We are going to move the

Mike Johnson, whose rise to speaker last year ended a leadership battle in the House, is likely to continue serving as the 56th Speaker.

It comesdespite a tumultuous term for the House GOP marked by fierce public infighting over government spending and the first-ever ouster of a speaker of the House.

Republicans’ chances of keeping the House majority seemed like a pipe dream in October 2023. Congress was paralyzed while GOP lawmakers fought behind closed doors to select a new leader after ex-Speaker Kevin McCarthy, R-Calif., was booted by all House Democrats and eight Republican rebels.

Those odds improved significantly when Democrats had their own leadership crisis as top liberals pressured President Biden to drop out of the race after his disastrous debate against former President Trump.

Vice President Kamala Harris gave Democrats an enthusiasm and funding boost when she took over Biden’s mantle, but it was not a big enough bump to carry their House candidates through November.

House Majority Leader Steve Scalise speaks with Fox News Digital about the 2024 election

House Majority Leader Steve Scalise, R-La., told Fox News Digital late last month that he anticipated the battle for control to come down to roughly 40 or 45 races.

There’s really only about 10% — roughly 45 seats — that are truly competitive. And, by that, I mean the really battleground districts are about half Republican-held and about half Democrat-held,’ Scalise said.

‘We’re going around the country helping the incumbents on the Republican side or in tough races. But, also, we’re working on those challengers who have a real opportunity to flip a seat from Democrat to Republican.’


This post appeared first on FOX NEWS

Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce the final results from its recently completed reverse circulation and diamond drilling programme at the Ashburton uranium project in Western Australia.

HIGHLIGHTS

  • The final hole of the Ashburton drilling programme, ADD006 has returned additional high grade uranium results and include:
    • 1.32m @ 792 ppm eU3O8 from 86.52m
    • 7.86m @ 2,266 ppm eU3O8 from 105.42m incl. 3.62m @ 3,763 ppm eU3O8 from 105.76m
    • 3.22m @ 617 ppm eU3O8 from 116.58m
    • 3.33m @ 1,394 ppm eU3O8 from 132.38m
  • The drilling programme has been successfully completed with a combined total of 3,082.8m of reverse circulation and diamond drilling.
  • The drilling programme has exceeded expectations, achieving all primary objectives.
  • A comprehensive geological interpretation incorporating both current and historical drill data will be completed ahead of the next phase of drilling.

The drilling campaign has successfully met all objectives, confirming historical results, testing a revised structural model for mineralisation, and identifying opportunities for expanding the known mineralisation. The results to date have exceeded expectation.

Drilling Overview: the drilling programme involved the completion of 19 holes, with a combined total of 3,082.8 metres (1,776 meters of reverse circulation and 1,306.8 meters of diamond drilling). Full results for all drill holes are presented in Table 1, with drill hole details in Table 2. Drill hole locations can be seen on Figure 1 & 2.

Notable Mineralisation Intersections: A number of drill holes intersected high-grade uranium mineralisation, with the final hole, ADD006, returning particularly notable results. These intersections include relatively flat lying uranium mineralisation above, below and along the unconformity between the mid Proterozoic sandstones, conglomerates and the lower Proterozoic basement complex. Additionally, steeply dipping zones of uranium mineralisation were identified beneath the unconformity, highlighting promising targets for future exploration.

Structural and Geological Insights: Preliminary structural analyses suggest that mineralisation may be controlled by northwest-oriented faults. The mineralisation appears continuous along strike, with one intersection showing widths exceeding 39 meters, however, further drilling is needed to assess the extent and continuity of this mineralisation.

Drilling has confirmed the presence of mineralisation at the unconformity, also within the overlying sandstone and the underlying basement complex. This provides strong evidence to significantly expand the mineralised zone.

Next Steps: With this programme now complete, Piche plans to update its geological model for Angelo A and B prospects and review how these results relate to the broader Ashburton tenement package. This review will include the Atlantis prospect, 50 km SE of Angelo, which historically returned intersections of 5.5m at 6,200ppm and 2.2m at 7,400ppm U3O8. These results were not followed up in the 1980’s due to a $12.00 per lb uranium price, however, in the current $77.00 per lb price, Piche will be exploring here in the near future.

Click here for the full ASX Release

This post appeared first on investingnews.com

Potash and phosphate are often tied together. After all, both are used to produce fertilizers, which are becoming increasingly important as demand for food grows on a global scale.

However, potash and phosphate play different roles in crop growth and cannot be used interchangeably. Each has different applications designed for the specific requirements of particular crops, climates, soil types or topographies.

Investors interested in fertilizer companies should know the differences between potash and phosphate to better guide their decisions and ultimately have a better chance at increased profitability. Below is a basic breakdown of the differences between potash and phosphate and why both can be compelling investments.

What is potash?

Potash is a potassium-based product that is often bonded to other chemicals. It is mainly used as a fertilizer to encourage water retention in plants, increase crop yields, improve taste and help plants resist disease. The most common potash fertilizers are sulfate of potash (SOP) and muriate of potash (MOP).

Before it can be turned into commercial fertilizers like SOP and MOP, potash ore must be extracted from the ground by mining companies and then refined. There are two predominant varieties of potash ore: sylvinite and carnallite. Sylvinite typically has a higher value compared to carnallite as it requires less energy to separate the potassium chloride it contains than it does to separate the magnesium in carnallite.

Potash ore is extracted in two ways. In conventional underground mining, ore is dug out by large machines and transported to the surface. This method is expensive, but also the most common. Solution mining is less common, and involves injecting hot brine (a salt water solution) below the surface of the Earth and into an orebody. The potash-brine water is then pumped back to the surface for cooling and separation in surface ponds.

Interestingly, many companies are focused on extracting potash ore from ancient underground oceans of potassium salts, and these are often located hundreds of feet or more below the surface. This can complicate the process of getting the ore out of the ground.

Canada is the world’s top potash producer, and also holds the largest reserves. Other global producers include Russia, China and Belarus.

Want to learn more about potash and potash investing? Click here to check out our overview of the market, and read up on ASX-, TSX- and TSXV-listed potash stocks in Australia and Canada by clicking here and here.

What is phosphate?

Phosphate is critical for all living organisms, from potatoes to people, and as much as 90 percent of it is used as a soil nutrient for plant growth. Its primary function is to support strong cell development and water retention.

Phosphate rock, or “phos-rock,” is ore that contains phosphorus. It is located at various depths, and extraction typically requires large dragline buckets, which scoop up the material for refinement. The phos-rock is then beneficiated, or refined, with small phosphate pebbles being left behind.

Those phosphate particles are coated with hydrocarbons during flotation, and then float to the surface for further separation. The resulting product is beneficiated phosphate rock. Its phosphorus pentoxide content is suitable for phosphoric acid or elemental phosphorous production.

Beneficiated phosphate rock is often upgraded into granular diammonium (DAP) or monoammonium phosphate (MAP), which are high-grade, water-soluble crop fertilizers. Single super phosphate (SSP) is a cheaper alternative to the popular DAP and is obtained through a chemical reaction between rock phosphate and sulfuric acid.

The world’s top producer of phosphate rock by a wide margin is China. The US, Morocco, Russia and Jordan are also key phosphate rock producers.

Interested in getting more details on phosphate and phosphate investing? Our overview of the market can be found by clicking here, and we’ve put together a list of phosphate-focused companies here.

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

This post appeared first on investingnews.com

Following a Republican Party sweep in the American election, gold is contending with headwinds fueled by a stronger US dollar and shifts in investor sentiment, according to recentWorld Gold Council commentary.

The election results have ignited expectations of pro-business policies and tax-friendly approaches under the new administration, sparking significant changes in the dollar and 10 year Treasury yields.

The dollar gained ground after Donald Trump’s victory was announced, with Treasury yields increasing in tandem.

This activity has made non-yielding assets like gold less attractive, raising the opportunity cost of holding the metal. Many investors are reevaluating their positions, impacting demand for gold as a safe-haven asset.

ETF and COMEX data shows shift away from gold

The World Gold Council notes that the US election’s impact is visible in global gold exchange-traded fund (ETF) activity. These vehicles shed an estimated US$809 million in the first week of November.

Much of this selling pressure came from North American investors, who are now reallocating funds in anticipation of more favorable yields in bonds and other assets. Although Asian demand for gold remains relatively strong, the regional divergence underscores how the political shift in the US is affecting North American sentiment.

COMEX data reflects similar trends. Managed money positions in gold saw a net decrease of approximately 74 metric tons in the first week of November, marking an 8 percent drop from the prior week.

This decline indicates that many investors unwound hedges they had set up before the election.

The World Gold Council suggests that recalibrated risk expectations have led some investors to look toward the bond and equity markets, which are anticipated to benefit under the new administration.

Stocks, cryptocurrencies rising on Trump win

While the election has shifted attention away from gold, it has bolstered interest in other assets.

The broader US stock market, especially the technology sector, has rallied on expectations of business-friendly policies, such as tax reforms and infrastructure spending, that could spur corporate growth.

With these equities positioned for potential gains, some investors are reallocating capital from gold to stocks.

Bitcoin, too, has benefited from Trump’s win. His administration’s anticipated stance on cryptocurrencies appears favorable, attracting investors who see digital assets as an effective hedge against inflation.

This growing interest in cryptocurrencies, alongside equity gains, has drawn investment away from gold, which traditionally enjoys investor priority during periods of economic uncertainty.

Inflationary Trump policies could boost gold

While gold is currently under pressure, many market watchers believe its long-term outlook remains bright.

Experts have pointed to the impending combination of lower taxes, tariffs and high government spending as factors that may fuel inflation over time. Gold has historically been seen as a hedge against inflation, and if inflation rates rise as a result of these policies, it may regain appeal among investors looking to preserve purchasing power.

The World Gold Council also expects the US deficit to grow if spending increases under the incoming administration, potentially weighing on the creditworthiness of Treasuries. This could increase the appeal of gold as a safer alternative, especially for international central banks that hold gold as part of their reserve assets.

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

This post appeared first on investingnews.com

Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to advise that a recent infill soil sampling program with rock chip sampling at Kiabye was completed with the rock chip assays becoming available. The recent soil sampling involved the collection of 520 soil samples at 25m and 100m infill over the Kiabye South target and infill and extension sampling at the Northern anomaly and Reef 2 target at 50m spacing. At total of 11 rock chip samples were taken during the exercise with 10 taken along the Kiabye South Target.

HIGHLIGHTS

  • Gossan discovery produces 1.12% Ni, 0.95% Co and 0.07% Cu from an area not previously tested for Nickel or Cobalt mineralisation.
  • The gossan is Iron and manganese rich with detectable Pt and Pd.
  • Soil gold assays highlighting a N-S magnetic feature with gold leakage points along a strike length of over 2km.
  • Soil assay results for Flicka Lake in Canada are expected shortly.

One rock chip sample (KPR065) of a gossan in the southern part of the Kiabye South Target was highly anomalous reporting strong Nickel and Cobalt results:

  • 11,222ppm Ni, 9,565ppm Co, 756ppm Cu, 95.2ppb Pd, 22.6ppb Pt and 7ppb Au

The gossan sample KPR065 resides in an area approximately 1.4km south of the historical Nickel exploration pits with no evidence onsite of previous workings. This site also sits on the south margin of a VTEM anomaly with a shallow conductive feature, see Figure 3.

The follow-up phase of rock chip and soil sampling at the Kiabye Gold Project, covers previously identified gold target areas over the central portion of the Kiabye Greenstone Belt in the Yilgarn‘s Murchison Domain, southeast of Mount Magnet. In particular, the soil sampling focused on the Kiabye South area with 25m infill sampling over a 2,500m North-South magnetic linear target where historical shallow drill (RAB) site N15 (14m) reported 1m @3.45 g/t in the last metre of the hole and is located near surface rock sample with 0.728ppm Au (RMX 5/8/2024). On the marginal extensions of the target infill sampling was conduct to complete 50m centers or e 50×100 spacings on the more marginal areas in the south. See Figure 2 for locations.

Soil gold assays highlight a N-S magnetic feature with gold leakage points and strike length of over 2km.

Two soil sampling programs were conducted for gold over several historical targets within the Kiabye Project area. The main targets were Kiabye South, Northern anomaly and Reef 2.

At Kiabye South results indicate several anomalous samples which coincide with a N- S magnetic feature, a possible demagnetized zone associated with an interpreted shear/fault zone where the anomalous gold possible represents mineralised leakage points along the structure. These points represent future drill targets to test the structure.

Click here for the full ASX Release

This post appeared first on investingnews.com

Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) (‘Grande Portage’ or the ‘Company’) is pleased to announce that it has completed a first closing of its non-brokered private placement previously announced on October 30, 2024 for the sale of 3,470,000 units (each, a ‘Unit’) at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the ‘Offering’). The Offering is being carried out pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions – Listed Issuer Financing Exemption (the ‘LIFE Exemption’) to purchasers resident in Canada, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. The Company has an offering document (the ‘Offering Document’) related to the Offering that can be accessed under Grande Portage’s profile at www.sedarplus.ca and on the Company’s website at https:grandeportage.com. Except for one US accredited investor, all other investors participating in the first closing subscribed for Units under the LIFE Exemption, and the Units issued pursuant to the LIFE Exemption are not subject to any statutory hold period in Canada. However, the Units issued to the US accredited investor are subject to Rule 144 resale restrictions under applicable US securities laws and will bear a legend to that effect

Each Unit consists of one common share in the capital of the Company (each, a ‘Common Share‘) and one Common Share purchase warrant (each, a ‘Warrant‘). Each Warrant will entitle the holder thereof to acquire one additional Common Share at an exercise price of C$0.45 per Common Share until November 13, 2026.

One director of the Company (the ‘Insider‘) participated in the first closing of the Offering. Participation by the Insider in the Offering is considered a ‘related party transaction’ pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insider’s participation in the first closing of the Offering in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report in respect of the transaction 21 days in advance of closing of this private placement because the Insider’s participation had not been confirmed at that time. The shorter period was necessary in order to permit this private placement to close in a timeframe consistent with usual market practice for transactions of this nature.

Red Cloud Securities Inc., Canaccord Genuity Corp., and Ventum Financial Corp. (the ‘Finders‘) acted as the finders for the Company in respect of the Offering on a best efforts basis. As compensation for their services in connection with the first closing, the Finders received total cash compensation of C$70,770, and the Finders were also issued non-transferable share purchase warrants (the ‘Finders Warrants‘) which entitle the Finders to acquire up to 235,900 Common Shares at an exercise price of $0.30 per share any time until November 13, 2026.

Grande Portage intends to use the net proceeds of the Offering for furthering the exploration and development of its new Amalga project in Alaska, as well as general working capital purposes.

The Offering may close in multiple tranches with the final closing to occur no later than December 16, 2024. The Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the acceptance of the TSX Venture Exchange.

The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. 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 the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Grande Portage:

Grande Portage is a publicly traded mineral exploration company focused on the New Amalga Gold project (formerly the Herbert Gold project) situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga Gold project is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold.

The Company’s updated NI 43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).

ON BEHALF OF THE BOARD

Ian Klassen
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. 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. 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.

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

SOURCE: Grande Portage Resources Limited

View the original press release on accesswire.com

News Provided by ACCESSWIRE via QuoteMedia

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Rep. Matt Gaetz, R-Fla., resigned from the House of Representatives on Wednesday, Speaker Mike Johnson, R-La., announced.

Gaetz gave House GOP leaders his resignation notice on the same day President-elect Donald Trump tapped him to be his attorney general, Johnson said.

‘I think out of deference to us, he issued his resignation letter effective immediately,’ Johnson said. ‘That caught us by surprise a little bit. But I asked him what the reasoning was, and he said, well, you can’t have too many absences.’

The speaker pointed out that Florida state law gave the governor ‘about an eight-week period’ to fill a House vacancy and that by doing so, ‘we may be able to fill that seat as early as Jan. 3.’

Johnson said he’s already in contact with Florida Governor Ron DeSantis on the matter.

Speaking with reporters after internal House GOP leadership elections, Johnson said Trump had informed him about his decision to tap Gaetz for the Department of Justice (DOJ) earlier on Wednesday morning.

He’s the third House Republican Trump has tapped for his new administration, after picking Rep. Elise Stefanik, R-N.Y., to be U.S. ambassador to the United Nations and Rep. Mike Waltz, R-Fla., for National Security Adviser (NSA).

Trump’s two earlier selections prompted concerns about thinning out an already-meager likely majority for the House GOP in the 119th Congress.

But Gaetz resigning early likely alleviates some of those concerns.

However, out of the three House members chosen, Gaetz likely faces the highest hurdle to get the job.

The NSA role is not Senate confirmed, and Stefanik’s appointment already received bipartisan praise.

But multiple Republican senators have already signaled they have some heartburn over Gaetz, an outspoken bomb-thrower who was previously under a yearlong DOJ investigation stemming from accusations he had a sexual relationship with a minor. The DOJ ultimately did not press charges.

‘He will never get confirmed,’ a Republican senator, granted anonymity to speak freely, told Fox News Digital. 

One Senate Republican source simply said, ‘Ain’t gonna happen,’ about the prospect of Gaetz’s confirmation. 

The announcement came during House Republicans’ leadership elections. One lawmaker told Fox News Digital there were ‘audible gasps’ in the room when the news broke.

When nominating him, however, Trump lauded Gaetz as ‘a deeply gifted and tenacious attorney’ who ‘will end Weaponized Government, protect our Borders, dismantle Criminal Organizations and restore Americans’ badly-shattered Faith and Confidence in the Justice Department.’

House GOP leaders including House Majority Leader Steve Scalise, R-La., similarly praised the appointment.

Fox News Digital reached out to Gaetz to confirm his resignation.


This post appeared first on FOX NEWS