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Here’s a quick recap of the crypto landscape for Monday (February 9) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin (BTC) was priced at US$66,970.63, down 2.2 percent over the last 24 hours.

Bitcoin price performance, February 11, 2026.

Bitcoin price performance, February 11, 2026.

Chart via TradingView

Ether (ETH) was priced at US$1,949.36, down by 2.7 percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$1.37, down by 2.4 over 24 hours.
  • Solana (SOL) was trading at US$81.04, down by 3.3 percent over 24 hours.

Today’s crypto news to know

Banks dig in on stablecoin yield as Clarity Act stalls

US banks are hardening their position on stablecoin rules, escalating a policy clash that has left the long-awaited Clarity Act stuck in Congress.

During a White House–hosted meeting led by the administration’s crypto council, banking groups circulated a proposal calling for an outright ban on paying interest or other incentives to stablecoin holders.

The draft language states: “No person may provide any form of financial or non-financial consideration to a stablecoin holder” in connection with holding or using a payment stablecoin.

Banking groups warned that allowing yield on stablecoins could “drive deposit flight that would undercut Main Street lending,” while crypto advocates argued innovation should not be stifled. The dispute centers on whether stablecoin rewards resemble bank deposits, potentially siphoning funds from traditional lenders.

‘As we noted during the meeting, that framework can and must embrace financial innovation without undermining safety and soundness, and without putting the bank deposits that fuel local lending and drive economic activity at risk. We look forward to ongoing discussions to move market structure legislation forward,’ the American Bankers Association (ABA) said in a statement following the meeting.

The standoff has become the main obstacle preventing the Clarity Act from advancing, despite earlier passage of the GENIUS Act, which created a federal framework for dollar-backed stablecoins.

Franklin Templeton, Binance roll out tokenized collateral program

Franklin Templeton and Binance have launched an institutional collateral program that allows tokenized money market fund shares to be used for crypto trading margin.

Issued via Franklin’s blockchain-based Benji platform, the tokenized shares remain in regulated third-party custody while Binance mirrors their value for trading purposes. The structure is designed to reduce counterparty risk by keeping assets off the exchange, addressing a longstanding concern among institutional investors.

Because the collateral consists of yield-bearing money market fund shares, institutions can continue earning interest while deploying capital for crypto trades. T

Currently, participation is limited to qualified institutional clients meeting Binance’s risk and compliance standards.

Goldman Sachs maintains US$1B Bitcoin ETF exposure

Goldman Sachs disclosed in its latest SEC filing that it holds just over US$1 billion in exposure to Bitcoin through exchange-traded funds, even as the asset has fallen sharply from its October peak.

The exposure is split across products including BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin ETF. Bitcoin has dropped roughly 47 percent from its high and is trading near US$67,000, part of a broader US$2 trillion drawdown across the crypto market.

ETF flows have been volatile, with more than US$6 billion exiting spot Bitcoin funds since November, according to industry data.

Despite the slump, Goldman has also expanded into Ethereum, XRP, and Solana ETFs.

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

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

This post appeared first on investingnews.com

Standard Uranium Ltd. (TSXV: STND,OTC:STTDF) (OTCQB: STTDF) (FSE: 9SU0) (‘Standard Uranium’ or the ‘Company’)  is pleased to announce that drilling activities have commenced at the Company’s 12,364-hectare Corvo Uranium Project (‘Corvo’, or the ‘Project’) located near Wollaston Lake in northeastern Saskatchewan (Figure 1). Field crews arrived at the Project on February 6th and drilling commenced on schedule, February 9th.

The Project is currently under a three-year earn-in option agreement (the ‘Option Agreement‘) with Aventis Energy Inc. (CSE: AVE) (‘Aventis‘). Pursuant to the Option Agreement, Aventis has been granted an option (the ‘Option‘) to earn a 75% interest in the Project by funding CAD$6M in exploration expenditures over three years. The drill program will be funded by Aventis and operated by Standard Uranium.

Highlights:

  • Drilling Underway: Drilling activities began on February 9, 2026. Approximately 2,500-3,000 metres are planned across eight (8) to ten (10) drill holes targeting shallow high-grade* basement-hosted uranium mineralization, beginning with the Manhattan target area. The program is anticipated to span five (5) to six (6) weeks.

  • Robust & Shallow Drill Targets: Drill plans comprise road accessible skid-supported diamond drilling focused on high-priority uranium targets refined by geophysical work completed by the Company in 2025, bolstered by recent prospecting and confirmation of strong radioactivity at surface (up to 8.10% U3O8 grab samples at Manhattan1) within ideal uranium host rocks.

  • Untapped Uranium Potential: One diamond drill will focus on high-priority target areas along prospective XciteTM electromagnetic (‘EM‘) corridors overlain by high-resolution ground gravity data with the proven exploration thesis of focusing on major conductor trends associated with cross-cutting faults and surficial radioactivity expressions.

  • Fully Funded: Aventis Energy will fund 100% of the program to meet the year-one expenditure requirements under the Option.

‘The team and I are thrilled to announce that the drill is spinning on the Corvo project for the first time in more than 40 years, kicking off our winter exploration season,’ said Sean Hillacre, President & VP Exploration for the Company, ‘This program also marks the first drill holes ever at the Manhattan showing, which returned uranium grades up to 8.10% U3O8 in surface samples from our prospecting program in 2025.’

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Figure 1. Regional map of the Corvo Project. The Project is located 60 km due east of Cameco’s McArthur River mine and 45 km northeast of Atha Energy’s Gemini Mineralized Zone (‘GMZ’).

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2026 Winter Drill Program

The Standard Uranium team arrived on site February 9, 2026, and diamond drilling on the first hole at Corvo in more than 40 years is currently underway. The winter program will comprise approximately 2,500 to 3,000 metres of drilling at high-priority target areas following completion of TDEM and ground gravity surveys, and geophysical modeling last year. Corvo covers an area of 12,364 hectares across 14 mineral claims, located along highway 905 on the eastern margin of the Athabasca Basin.

Target Selection for 2026 Drill Campaign

Targets were selected and prioritized through an iterative approach working in collaboration with Convolutions Geoscience Corporation. Recent prospecting and mapping across the Project outlined multiple outcrops of favourable uranium host-rocks, including radioactive metasediments and orthogneiss. Structural measurements and radioactivity mapping has further refined drill targets in the 2026 target areas.

Targets are ranked and prioritized based on geophysical signature, geological/structural setting, proximity to surficial uranium occurrences of interest, and the Company’s recent prospecting and mapping campaign.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a ‘qualified person’ as defined in NI 43-101 – Standards of Disclosure for Mineral Projects.

Samples collected for analysis were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation, processing, and ICP-MS or ICP-OES multi-element analysis using total and partial digestion and boron by fusion. Radioactive samples were tested using the ICP1 uranium multi-element exploration package plus boron. All samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in wt.%). SRC is an ISO/IEC 17025:2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats were inserted into the sample stream at regular intervals in accordance with Standard Uranium’s quality assurance/quality control (QA/QC) protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable.

Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company’s future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization.

Natural gamma radiation from rocks reported in this news release was measured in counts per second (‘cps‘) using a handheld RS-125 super-spectrometer and RS-120 super-scintillometer. Readers are cautioned that scintillometer readings are not uniformly or directly related to uranium grades of the rock sample measured and should be treated only as a preliminary indication of the presence of radioactive minerals. The RS-125 and RS-120 units supplied by Radiation Solutions Inc. (‘RSI‘) have been calibrated on specially designed Test Pads by RSI. Standard Uranium maintains an internal QA/QC procedure for calibration and calculation of drift in radioactivity readings through three test pads containing known concentrations of radioactive minerals. Internal test pad radioactivity readings are known and regularly compared to readings measured by the handheld scintillometers for QA/QC purposes.

References

1 News Release: Standard Uranium Confirms High-Grade Uranium Mineralization up to 8.10% U3O8 at Surface on the Corvo Project, https://standarduranium.ca/news-releases/standard-uranium-confirms-high-grade-uranium-mineralization-at-surface-on-the-corvo-project/

*The Company considers uranium mineralization with concentrations greater than 1.0 wt.% U3O8 to be ‘high-grade’.

**The Company considers radioactivity readings greater than 65,535 counts per second (cps) on a handheld RS-125 Super-Spectrometer to be ‘off-scale’.

***The Company considers radioactivity readings greater than 300 counts per second (cps) on a handheld RS-125 Super-Spectrometer to be ‘anomalous’.

About Standard Uranium (TSXV: STND,OTC:STTDF)

We find the fuel to power a clean energy future

Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in one of the world’s premier uranium districts. The Company holds interest in over 241,652 acres (97,793 hectares) in the Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.

Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.

Standard Uranium’s eastern Athabasca projects comprise over 53,166 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.

Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.

For further information contact:

Jon Bey, Chief Executive Officer, and Chairman
Suite 3123, 595 Burrard Street
Vancouver, British Columbia, V7X 1J1
Tel: 1 (306) 850-6699
E-mail: info@standarduranium.ca

Cautionary Statement Regarding Forward-Looking Statements

This news release contains ‘forward-looking statements’ or ‘forward-looking information’ (collectively, ‘forward-looking statements’) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company’s exploration programs; and estimates of market conditions.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. 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. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the ‘Risks and Uncertainties’ in the Company’s management discussion and analysis for the fiscal year ended April 30, 2025.

Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with Aventis will proceed as planned; the future price of uranium; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.

The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking 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.

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

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Tartisan Nickel Corp. (CSE: TN,OTC:TTSRF) (OTCQB: TTSRF) (FSE: 8TA) (‘Tartisan’, or the ‘Company’) is pleased to provide an update on the Company’s flagship Kenbridge Nickel-Coppet-Cobalt Project, Sioux Narrows, Ontario. The drill program is designed to test the on strike and down dip potential for additional nickel sulphide mineralization and to enhance the size and grade of the Kenbridge Deposit.

A total of 2,700m of drilling has been completed to date. The first 3 drill targets have been completed (drill holes KB26-207, KB26-208 and KB26-209 outlined on Figure 1). Samples have been delivered to AGAT Labs in Thunder Bay for analysis. Assays are pending for hole KB26-209. The drill rig is currently drilling the 4th drill hole KB26-210. This hole is designed to be drilled below the existing shaft bottom to test for the depth extension to the deposit.

Reported in this release are the results from the 2nd infill drill hole KB26-208. Results from the hole confirm both A and B zones were intersected as outlined in Table 1 below. Zone A was intersected from 571.5m to 574.5m drill depth and returned 0.68% Ni, 0.28% Cu over 3.0 metres. Zone B was intersected from 580.5m to 591.5m drill depth. Results were 1.05% Ni, 0.33% Cu over 11.0 metres including 2.0 metres of 4.79% Ni, 1.25% Cu. Drill core intersection widths are estimated to be between 65 and 80% true width.

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Fig 1: Long section of Kenbridge deposit showing drilling targets. Completed or holes in progress are outlined in red circles.

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Mark Appleby, CEO of Tartisan Nickel Corp stated, ‘We are very encouraged by the latest drill results from the Kenbridge Nickel-Copper-Cobalt Project. Intersecting 11.0 metres of 1.05% Ni and 0.33% Cu, including a high-grade interval of 2.0 metres grading 4.79% Ni and 1.25% Cu and a high-grade interval of 3.5 metres grading 2.87% Ni and 0.81% Cu helps us confirm continuity of significant nickel-copper mineralization in this part of the system. These results strengthen our confidence in the project’s potential to deliver meaningful value for our shareholders as we advance toward further delineation and resource development.’

Table 1: Highlight intervals (* denotes hole reported in this release)

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The Kenbridge Property is located in the Kenora Mining District, Sioux Narrows, Ontario, Canada with all-season road access. The Kenbridge Deposit has an existing shaft to a depth of 2,042 ft (622 m), with level stations at 150 ft. (45 m) intervals below the shaft collar and two levels developed at 350 ft (107 m) and 500 ft (152 m) below the shaft collar.

Surveyed Hole Locations (Coordinates in UTM zone 15)

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Qualified Person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Dean MacEachern, P. Geo., an Independent Consultant to the Company and a Qualified Person as defined by NI 43-101.

QA/QC

Sample QA/QC procedures for Tartisan have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to on-site sampling and core cutting facilities. The core is logged and samples taken from 0.3m to a maximum sample length of 1.5m. The core samples are split with a diamond blade saw with continuous running water, half of the sample is sent for lab testing, and the remaining half core is left in the core box for record or further sampling. The core samples are bagged in heavy plastic bags with 6 samples being placed into a rice bag for transport to AGAT Laboratories in Thunder Bay, ON or Calgary, AB for assay. Samples are submitted in batches of 50. 100g blind certified reference materials (CRMs) from CDN Resources, as well as, duplicates and blank samples are systematically inserted by the Company into the sample stream with reference to the mineralization in the sampled rock and analyzed as part of the Company’s quality assurance/quality control protocol, as well, AGAT labs implements their own quality control testing by inserting their own CRMs and Blanks in the sample stream for accredited testing.

All drill core samples were prepped and analyzed at AGAT Laboratories in Thunder Bay, Ontario or shipped to Calgary for testing. An ISO/IEC 17025 2017 certified independent laboratory from organizations like the Standards Council of Canada (SCC), the Canadian Association for Laboratory Accreditation (CALA), ANSI National Accreditation Board (ANAB) and the American Association of Laboratory Accreditation (A2LA). They maintain accreditations across their facilities in Alberta, Saskatchewan, Ontario, Nova Scotia, Newfoundland, Quebec and internationally.

NQ-diameter sawed half-core samples from the drilling program were securely sent by Tartisan Nickel Corp’s geologists to AGAT Laboratories Ltd. (AGAT), with sample preparation in Thunder Bay, Ontario, and analysis in Thunder Bay, Ontario & Calgary, Alberta. Samples were processed for Au, Pt and Pd analysis by 50-gram fire assay with ICP-OES finish and for four acid digestion, multi-element analysis by inductively coupled plasma & mass spectrometry (ICP OES + MS). AGAT sample preparation and laboratory analysis procedures conform to requirements of ISO/IEC Standard 17025 guidelines and meet the requirements under NI 43-101 and CIM best practice guidelines. AGAT Laboratories is independent of Tartisan Nickel Corp.

Samples were dried and crushed to 2 mm, from which a 250 g sub-sample split was then pulverized to 85% passing a 75 micron sieve. Following preparation, assays were determined by the ICP OES method. A 0.25 g aliquot of the prepared pulp was digested in a 4-acid solution consisting of hydrochloric, nitric, perchloric and hydrofluoric acids. 4-acid is a near total digest and only the most highly resistant minerals are not dissolved. The resulting solution was analyzed via ICP-MS and ICP-ES for 8 elements and was corrected for inter-element spectral interferences. Lower detection limits for this procedure are 0.01 ppm for nickel, 0.01 ppm for copper, 0.01 ppm for cobalt, 0.01 ppm for platinum, 0.01 ppm palladium, 0.01 ppm silver and 0.01 ppm for gold.

Samples with initial results beyond the upper detection limit of the ICP OES method were analyzed by (201-071) 4 acid digest – Metals Package, ICP-OES/ICP-MS finish (CGY). The thresholds are >1% for nickel, copper and cobalt. AGAT Laboratories employs internal quality control standards, duplicates and blank samples at set frequencies. Tartisan Nickel Corp. stores all its drilled core on-site and takes pride in its facilities and strives for excellence in its QA/QC procedures.

About Tartisan Nickel Corp.

Tartisan Nickel Corp. is a Canadian-based critical minerals exploration and development company which owns, the Kenbridge Nickel Project near Sioux Narrows, Northwestern Ontario, the Sill Lake Silver Project near Sault Ste. Marie, Ontario as well as the Night Danger Turtle Pond Project near Dryden, Ontario.

Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN,OTC:TTSRF) (OTCQB: TTSRF) (FSE: 8TA). Currently, there are 152,215,641 shares issued and outstanding (156,287,356 fully diluted).

For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company’s website at www.tartisannickel.com or on SEDAR at www.sedarplus.ca.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

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1911 Gold invites individual and institutional investors, as well as advisors and analysts, to attend online at VirtualInvestorConferences.com

1911 Gold Corporation (‘1911 Gold’ or the ‘Company’) (TSXV: AUMB; OTCQX: AUMBF; FRA: 2KY) is pleased to announce that Shaun Heinrichs, President & CEO of 1911 Gold, will present live at the Precious Metals & Critical Minerals Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 12, 2026.

DATE: Thursday February 12, 2026
TIME: 11:00amPT/ 2:00pmET

REGISTER HERE

This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

Recent Company Highlights

  • Commenced Drill Program at the Ogama-Rockland Gold Deposit (December 17, 2025)
  • Appointment of Éric Vinet as Chief Operating Officer (October 28, 2025)

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

About Virtual Investor Conferences®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

About 1911 Gold Corporation

1911 Gold is an advanced gold explorer and developer focused on its 100%-owned True North Gold Project in the Archean Rice Lake Greenstone Belt in Manitoba, Canada. The Company controls a large, highly prospective ~62,000-hectare land package with numerous past-producing gold operations within trucking distance of the fully built and permitted True North mine and mill complex. 1911 Gold is positioning itself to restart operations in 2027 and offers a unique, near-term production story with significant exploration upside. The strategy is to build a district-scale gold mining operation around a centralized, and readily expandable infrastructure to support a socially and environmentally responsible, long-term mining operation with little development risk and a growing mineral resource base.

1911 Gold’s True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or describes a ‘goal’, or variation of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.

All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to the results of any exploration or other work on the Company’s properties, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

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

SOURCE: 1911 Gold Corporation

For further information, please contact: Shaun Heinrichs Chief Executive Officer (604) 674-1293 ir@1911gold.com www.1911gold.com

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Vice President JD Vance warned Iran that there is ‘another option on the table’ if the regime does not make a nuclear deal with the U.S.

Vance made the statement while speaking to reporters before boarding Air Force Two on Tuesday. A reporter referenced President Donald Trump’s musings about potentially deploying a second aircraft carrier strike group to the Middle East.

‘How confident are you in going the diplomatic route? Do you think that is still going to be successful or are we leaning more towards a military strike?’ the reporter asked.

‘The president has told his entire senior team that we should be trying to cut a deal that ensures the Iranians don’t have nuclear weapons,’ Vance responded.

‘But if we can’t cut that deal, then there’s another option on the table. So I think the president is going to continue to preserve his options. He’s going to have a lot of options because we have the most powerful military in the world. But until the president tells us to stop, we’re going to engage in these conversations and try to reach a good outcome through negotiation,’ he continued.

Vance went on to downplay pushes for regime change in Iran, saying a removal of Ayatollah Ali Khamenei’s regime would be up to ‘the Iranian people.’

He said the Trump administration’s only focus is preventing the current Iranian regime from obtaining a nuclear weapon.

Vance’s comments come a day before Israeli Prime Minister Benjamin Netanyahu is set to meet with Trump at the White House on Wednesday, with Iran expected to take center stage in the meeting.

In a phone interview with Axios, the president said Tehran ‘very much wants to reach a deal,’ but warned, ‘Either we make a deal, or we’ll have to do something very tough — like last time.’

Netanyahu, speaking before departing Israel for Washington, said he intends to present Israel’s position

‘I will present to the president our concept regarding the principles of the negotiations — the essential principles that are important not only to Israel but to anyone who wants peace and security in the Middle East,’ he told reporters.

U.S. and Iranian officials resumed talks in Oman this week for the first time since last summer’s 12-day war. The United States continues to maintain a significant military presence in the Gulf, a posture widely viewed as both deterrence and for holding leverage in negotiations with Tehran.


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Laurion Mineral Exploration Inc.

    

Drill Hole LBX25-101 — Highlights

  • 1.50 m @ 0.88 g/t Au, 13.60 g/t Ag, 0.24% Cu, 5.61% Zn (159.20 m to 160.70 m) 

    • Including 0.50 m @ 2.06 g/t Au, 31.10 g/t Ag, 0.53% Cu, 12.35% Zn (159.70 m to 160.20 m) 

  • 1.60 m @ 1.16 g/t Au, 10.21 g/t Ag, 0.30% Cu, 4.39% Zn (187.70 m to 189.30 m) 

  • 3.00 m @ 0.97 g/t Au, 4.04 g/t Ag, 0.14% Cu, 2.21% Zn (190.50 m to 193.50 m) 

 

Drill Hole LBX25-102 — Highlights

  • 0.50 m @ 3.89 g/t Au, 38.70 g/t Ag, 0.42% Cu, 5.37% Zn (45.00 m to 45.50 m) 

  • 1.00 m @ 2.04 g/t Au, 0.80 g/t Ag, 0.01% Cu, 0.02% Zn (108.50 m to 109.50 m) 

  • 2.04 m @ 2.63 g/t Au, 2.38 g/t Ag, 0.02% Cu, 0.17% Zn 205.96 m to 208.00 m) 

    • Including 1.00 m @ 5.14 g/t Au, 4.60 g/t Ag, 0.04% Cu, 0.30% Zn (207.00 m to 208.00 m) 

  • 0.50 m @ 2.60 g/t Au, 13.60 g/t Ag, 0.10% Cu, 6.75% Zn (230.30 m to 230.80 m) 

 

Toronto, Ontario – February 11, 2026 TheNewswire – Laurion Mineral Exploration Inc. (TSX-V: LME | OTCQB: LMEFF | FSE: 5YD) (‘LAURION’ or the ‘Company’) reports assay results from drill holes LBX25-101 and LBX25-102 from the Company’s recent Fall diamond drilling program totalling 1,821 metres completed in 8 drill holes at the A-Zone/McLeod/CRK Zone at the Ishkōday Project, located in the Beardmore–Geraldton Greenstone Belt of north-western Ontario, approximately 220 kilometres northeast of Thunder Bay.

Drill holes LBX25-101 and LBX25-102 were planned as part of LAURION’s model-guided A-Zone program to test interpreted mineralized horizons and strengthen continuity across the northeastern portion of the zone. (See Image DDH Cross Section.) The drill holes were positioned to validate structural interpretations and increase confidence in zones where both historical drilling and more recent Company-led drill programs have identified broad anomalous gold mineralization with localized higher-grade intervals. The assay results provide additional technical data that will support the refinement of future targeting and improve predictability for the Company’s subsequent drill campaigns. (See Image of Drill Locations of Fall Diamond Drilling.)

 

‘We are advancing the A-Zone through disciplined, high-confidence drill targeting designed to create measurable project value,’ said Cynthia Le Sueur-Aquin, President and CEO of LAURION. ‘Our objective is to complete drilling that answers specific geological questions, strengthens continuity, and improves predictability — because better technical clarity today supports stronger outcomes tomorrow for our shareholders.’

 

Geological Context

 

Drill hole LBX25-101 is situated approximately 265 m southwest of LBX25-100, with LBX25-102 positioned an additional 335 m southwest, extending drill coverage along the interpreted A-Zone mineralized corridor into a sparsely drilled area. LBX25-101 was established as a step-back collar to test projected mineralized horizons and structural continuity beyond the denser drill grid. Targeting incorporated projected intercept positions from holes LBX22-055, LBX22-056, LBX22-056A, LBX22-057, and historic hole K56 to improve geological and structural constraint across this portion of the zone.

 

Drill hole LBX25-102 was collared adjacent to the access road approximately 1.0 km south of the River Road, located north of the McLeod Zone and southwest of drill hole LBX21-041, to support continued drill coverage along this portion of the interpreted mineralized trend. This collar location enabled efficient drill access while extending geological coverage into a less densely tested portion of the corridor.

 

Hole ID

From

(m)

To

(m)

Core Length (m)

Au (g/t)

Ag (g/t)

Cu (%)

Zn (%)

LBX25-101

7.90

11.80

3.90

0.200

2.88

0.03

0.65

including

7.90

8.60

0.70

0.146

9.80

0.06

2.94

LBX25-101

120.2

120.80

0.60

0.224

4.80

0.12

1.54

LBX25-101

159.20

196.50

37.30

0.209

2.06

0.05

0.87

including

159.20

160.70

1.50

0.883

13.60

0.24

5.61

including

159.70

160.20

0.50

2.060

31.10

0.53

12.35

including

187.70

189.30

1.60

1.159

10.21

0.30

4.39

including

188.20

193.50

5.30

0.872

5.11

0.16

2.53

including

190.50

193.50

3.00

0.971

4.04

0.14

2.21

LBX25-102

45.00

45.50

0.50

3.890

38.70

0.42

5.37

LBX25-102

52.80

53.30

0.50

0.617

3.90

0.03

3.25

LBX25-102

82.90

83.70

0.80

0.511

0.50

0.01

LBX25-102

108.50

109.50

1.00

2.040

0.80

0.01

0.02

LBX25-102

205.96

208.00

2.04

2.630

2.38

0.02

0.17

Including

207.00

208.00

1.00

5.140

4.60

0.04

0.30

LBX25-102

212.00

213.00

1.00

0.339

0.25

0.04

LBX25-102

222.80

223.30

1.20

0.292

9.58

0.02

1.10

including

222.80

223.30

0.50

0.457

20.60

0.03

2.55

LBX25-102

226.00

245.00

19.00

0.355

2.63

0.03

0.58

including

230.30

233.60

3.30

1.114

6.35

0.07

1.78

including

230.30

230.80

0.50

2.600

13.60

0.10

6.75

NOTE: Intervals represent core length. The interval widths reported are down-hole widths. The true widths of the mineralized zones are not known at this time as there is insufficient information to determine the orientation of the mineralization.

 

Name

Elevation

(m)

Azimuth

Dip

Easting

Northing

Depth

(m)

LBX25-101

321

127

-50

446328

5513024

276

LBX25-102

323

115

-50

446200

5512713

300

Total

         

576

 

Sampling and QA/QC Protocols

 

All drill core is transported and stored inside the core facility located at the Ishkōday Project in Greenstone, Ontario. LAURION employs an industry standard system of external standards, blanks and duplicates for all of its sampling, in addition to the QA/QC protocol employed by the laboratory. After logging, core samples were identified and then cut in half along core axis in the same building and then zip tied individually in plastic sample bags with a bar code. Approximately five or six of these individual bags were then stacked into a ‘rice’ white material bag and stored on a skid for final shipment to the laboratory. All core samples were shipped to the ALS facility in Thunder Bay, Ontario, which were then prepared by ALS Global Geochemistry in Thunder Bay and analyzed by ALS Global Analytical Lab in North Vancouver, British Columbia. Samples are processed by 4-acid digestion and analyzed by fire assay on 50 g pulps and ICP-AES (Inductively Coupled Plasma – Atomic Emission Spectroscopy). Over limit analyses are reprocessed with gravimetric finish. A total of 5% blanks and 5% standard are inserted randomly within all samples. 5% of the best assay result pulps were sent for re-assays. All QA/QC were verified, and no contamination or bias have been observed. The remaining half of the core, as well as the unsampled core, is stored in temporary core racks at the core logging facility in Beardmore and moved to the core storage facility at the Ishkōday Project. Note: QA/QC review of standards and duplicates indicates analytical results are reliable. One zinc standard adjacent to a high-grade zinc interval returned elevated values consistent with expected analytical behaviour following high-grade samples.

 

Qualified Person

 

The technical contents of this release were reviewed and approved by Pierre-Jean-Lafleur P. Eng, a consultant to LAURION and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

About LAURION Mineral Exploration Inc.

 

Laurion Mineral Exploration Inc. is a mid-stage junior mineral exploration company listed on the TSX Venture Exchange under the symbol LME and on the OTC Pink market under the symbol LMEFF. The Company currently has 278,716,413 common shares outstanding, with approximately 73.6% held by insiders and long-term ‘Friends and Family’ investors, reflecting strong alignment between management, the Board, and shareholders.

 

LAURION’s primary focus is the 100%-owned, district-scale Ishkōday Project, a 57 km² land package hosting gold-rich polymetallic mineralization. The Company is advancing Ishkōday through a disciplined, milestone-driven exploration strategy focused on strengthening geological confidence, defining structural continuity.

 

LAURION’s strategy is centered on deliberate value creation. The Company is prioritizing systematic technical advancement, integrated geological and structural modeling, and the evaluation of optional, non-dilutive pathways, including historical surface stockpile processing, that may support flexibility in LAURION’s exploration plans without diverting the Company’s focus from its core exploration objectives.

 

The Company’s overarching objective is to build project value before monetization, ensuring that any future strategic outcomes are supported by technical clarity, reduced execution risk, and demonstrated scale. While the Board remains attentive to strategic interest that may arise, LAURION is not driven by transaction timing. Instead, the Company is focused on advancing the Ishkōday Project in a manner that strengthens long-term shareholder value.

 

LAURION will continue to communicate updates through timely disclosure and will issue press releases in accordance with applicable securities laws should any material information arise.

 

FOR FURTHER INFORMATION, CONTACT:

Laurion Mineral Exploration Inc.

Cynthia Le Sueur-Aquin – President and CEO

Tel: 1-705-788-9186 Fax: 1-705-805-9256

 

Douglas Vass – Investor Relations Consultant

Email: info@laurion.ca

Website: http://www.LAURION.ca

Follow us on: X (@LAURION_LME), Instagram (laurionmineral) and LinkedIn ()

  

Caution Regarding Forward-Looking Information

 

This press release contains forward-looking statements, which reflect the Company’s current expectations regarding future events including with respect to LAURION’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, the Company’s ability to advance the Ishkōday Project, the nature, focus, timing and potential results of the Company’s exploration, drilling and prospecting activities, including the Company’s diamond drill program referenced in this press release and the Company’s other planned activities for the Ishkōday Project for the remainder of 2026, and the statements regarding the Company’s exploration or consideration of any possible strategic alternatives and transactional opportunities, as well as the potential outcome(s) of this process, the possible impact of any potential transactions referenced herein on the Company or any of its stakeholders, and the ability of the Company to identify and complete any potential acquisitions, mergers, financings or other transactions referenced herein, and the timing of any such transactions. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of LAURION, the TSX Venture Exchange or any other applicable regulator not providing its approval for any strategic alternatives or transactional opportunities, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company’s publicly filed documents. Investors should consult the Company’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Company disclaims any obligation to update these forward-looking statements. All sample values are from grab samples and channel samples, which by their nature, are not necessarily representative of overall grades of mineralized areas. Readers are cautioned to not place undue reliance on the assay values reported in this press release.

 

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

           

Copyright (c) 2026 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Israeli Prime Minister Benjamin Netanyahu will meet President Donald Trump at the White House on Wednesday in a visit expected to center on Iran, as Washington weighs diplomacy against the threat of military action and Israel pushes to shape the scope of negotiations.

Trump has signaled the Iranian file will dominate the agenda. In a phone interview with Axios, the president said Tehran ‘very much wants to reach a deal,’ but warned, ‘Either we make a deal, or we’ll have to do something very tough — like last time.’

Netanyahu, speaking before departing Israel for Washington, said he intends to present Israel’s position. ‘I will present to the president our concept regarding the principles of the negotiations — the essential principles that are important not only to Israel but to anyone who wants peace and security in the Middle East,’ he told reporters.

The meeting comes days after U.S. and Iranian officials resumed talks in Oman for the first time since last summer’s 12-day war, while the United States continues to maintain a significant military presence in the Gulf — a posture widely viewed as both deterrence and for holding leverage in negotiations with Tehran.

From the U.S. perspective, Iran is seen as a global security challenge rather than a regional one, according to Jacob Olidort, chief research officer and director of American security at the America First Policy Institute. ‘It’s an important historic time of potentially seismic proportions,’ he told Fox News Digital.

‘Iran is not so much a Middle East issue. It’s a global issue affecting U.S. interests around the world,’ he added, calling the regime ‘probably the world’s oldest global terror network… [with] thousands of Americans killed through proxies.’

Olidort said the administration’s strategy appears to combine diplomacy with visible military pressure. ‘The president has been clear… should talks not be successful, the military option cannot be off the table,’ he said. ‘Military assets in the region serve as part of the negotiation strategy with Iran.’

For Israel, the main concern is not only Iran’s nuclear program but also its ballistic missile arsenal and regional network of armed groups.

Trump indicated to Axios that the United States shares at least part of that view, saying any agreement would need to address not only nuclear issues but also Iran’s ballistic missiles. 

Israeli intelligence expert Sima Shein has warned that negotiations narrowly focused on nuclear restrictions could leave Israel exposed. ‘The visit signals a lack of confidence that American envoys, Witkoff and Kushner, alone can represent Israel’s interests in the best way. They were in Israel just a week ago — but Netanyahu wants to speak directly with Trump, so there is no ambiguity about Israel’s position,’ she added.

Shein says Iran may be stalling diplomatically to see whether Washington limits talks to nuclear issues while avoiding missile constraints. Her analysis further suggests that a sanctions-relief agreement that leaves Iran’s broader capabilities intact could stabilize the regime at a moment of internal pressure while preserving its military leverage. 

‘An agreement now would effectively save the regime at a time when it has no real solutions to its internal problems. Lifting sanctions through a deal would give it breathing room and help stabilize it,’ she said.

‘If there is an agreement, the United States must demand the release of all detainees and insist on humanitarian measures, including medical support for those who have been severely injured. Washington would need to be directly involved in enforcing those provisions.’

Netanyahu said before leaving Israel that he and Trump would discuss ‘a series of topics,’ including Gaza, where a U.S.-backed postwar framework and ceasefire implementation remain stalled. 

According to Israeli reporting, Netanyahu plans to tell Trump that phase two of the Gaza peace plan ‘is not moving,’ reflecting continued disputes over disarmament, governance and security arrangements.

The timing of Netanyahu’s visit may also allow him to avoid returning to Washington the following week for the inaugural session of the Board of Peace, Shein said, noting the initiative is controversial in Israel’s parliament. 

‘Israel is deeply concerned about the presence of Turkey and Qatar on the board of peace and their malign influence on other members as well as on the Palestinian authority’s technocratic government,’ Dan Diker, president of the Jerusalem Center for Security and Foreign Affairs, told Fox News Digital.

‘Hamas’s control of Gaza has not weakened, while international commitments to disarm Hamas have appeared to weaken,’ he added, ‘The longer the U.S. waits before taking action against the Iranian regime, the more compromised Israel is in its ability and determination to forcibly disarm Hamas, both of which require the sanction and the blessing of the new international structures on Gaza.’

‘The prime minister’s deep concern is the stalled state of affairs both against the Iranian regime and apparently in Gaza. Timing is critical on both fronts. And for Israel, the window seems to be closing,’ Diker said.  


 


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Social Security is drifting toward a cliff, and Congress keeps pretending the shortfall will fix itself. It won’t.

Absent reform, benefits will be cut across the board by roughly 23 percent within six years. That outcome would harm retirees who depend on Social Security the most — while barely affecting the living standards of those who do not need financial support in old age. 

There is a better option: reduce distributions to the wealthiest retirees, preserving them for those most dependent on benefits. 

This should not be a radical idea. Government income transfers should be targeted to those who need financial support — not used to subsidize consumption among well-off seniors at the expense of younger working Americans. This approach is grounded in what Social Security was meant to do in the first place: “give some measure of protection to the average citizen and to his family against…poverty-ridden old age,” in the words of Franklin D. Roosevelt. 

A report by the Congressional Budget Office, titled “Trends in the Distribution of Family Wealth, 1989 to 2022,” elucidates the role that Social Security plays in total household wealth. By counting not just financial assets and home equity, but also the present value of future Social Security benefits, it becomes clear that Social Security represents a substantial share of total resources for lower-wealth families and only a marginal share for wealthy households.  

For families in the bottom quarter of the wealth distribution, accrued Social Security benefits account for about half of everything they own. For those near the top, Social Security represents only about eight percent of total assets for the top 10 percent, compared to holdings in financial assets, real estate, and business equity (see Figure 1). Yet under current law, wealthy retirees who claim at age 70 can still receive annual Social Security benefits exceeding $62,000 — roughly four times the poverty threshold for seniors. 

This is an upside-down safety net. When automatic benefit cuts kick in in 2032, the retirees who rely most on Social Security will be hurt the most, while wealthy households will scarcely notice the change.  

According to the CBO, that uniform 23-percent cut would reduce the total wealth of families in the bottom half of the distribution by more than 10 percent. For the top one percent, the hit would be barely noticeable: about two-tenths of one percent (see Figure 2). 

This outcome is not inevitable; Congress can target benefit reductions where they are most easily absorbed.  

Opponents of top-end benefit reductions argue that Social Security is an earned benefit, not welfare, and that cutting benefits for high earners violates that principle. They are right about one thing: workers pay payroll taxes with the expectation of receiving benefits. But that expectation was never a guarantee of open-ended, inflation-beating returns — especially for retirees who already enjoy substantial private wealth. 

Social Security, if it is to exist at all, should focus on preventing old-age poverty, not provide wealthy retirees with an ever-growing worker-funded annuity layered on top of substantial private savings. When benefits grow faster than inflation and flow disproportionately to those who don’t need them, the program drifts away from its stated purpose and becomes increasingly difficult to justify. 

The solution is not higher payroll taxes. Eliminating the payroll tax cap would push marginal tax rates above 60 percent in some states, reducing work and innovation, while still failing to target benefits where they matter most. Increasing payroll taxes for all workers would deprive younger working families of resources with which to grow their fortunes and build their own futures. 

Nor is the solution more borrowing. Social Security is already projected to add trillions to federal deficits over the next decade. Borrowing to preserve full benefits for wealthy retirees is fiscally reckless and economically unnecessary.

The sensible path forward is targeted benefit restraint. 

That means:

  • Slowing the growth of initial benefits for higher earners by adjusting the benefit formula and indexing those initial benefits to prices rather than wages.
  • Using a more accurate measure of inflation for cost-of-living adjustments for ongoing benefits, and phasing out adjustments entirely for high-income retirees.
  • Adjusting retirement ages to reflect longer life expectancy, with protections for workers who truly cannot work longer — which is the aim of the disability component of Social Security. 

In practice, these changes amount to a gradual shift away from an earnings-related benefit and toward a flat, anti-poverty payment. If Social Security is going to persist, its role should be limited to what market earnings and private savings cannot reliably provide. Every step that trims excessive benefits at the top moves the program closer to that defensible boundary. 

Congress should act to prevent across-the-board benefit cuts, without more deeply indebting younger generations, nor sucking up more resources from working Americans. Instead, lawmakers should focus reforms where they do the least harm and the most good — by trimming earned benefits at the top to secure endangered benefits for those at the bottom. 

It may not be “fair,” but it’s the only plausible path forward. The goal of reform should not be to preserve Social Security in its current form, but to prevent the worst outcomes. Preserving benefits for those who depend on the program, while slowing benefit growth for those who do not, is the only way to reduce Social Security’s role as a reverse transfer from younger workers to wealthy retirees who do not need the support.

The nomination of Kevin Warsh to replace Jerome Powell as Federal Reserve Chair has many people wondering: What makes a good Fed chair? The answer, it turns out, depends on the environment in which the chair will operate. 

The characteristics that matter most for running an independent central bank differ from those for a central bank under pressure from political actors. Understanding this distinction is important for evaluating the president’s nominee.

The Case for Technical Competence

In an environment of genuine central bank independence, technical competence matters most. A qualified chair is a reputable monetary economist with strong academic credentials, someone who commands respect in financial markets and the economics profession.

Independent central banks with technically competent leadership achieve measurably better outcomes. They deliver lower inflation rates and more stable inflation expectations. When markets believe the Fed will respond appropriately to economic data, inflation expectations remain anchored even during temporary price shocks. This anchoring effect makes the Fed’s job easier and prevents above-target inflation from becoming entrenched in wage negotiations and pricing decisions.

When a chair’s analysis carries weight in the economics profession, its policy explanations are more persuasive to market participants. This credibility is a form of capital that takes years to accumulate and can be spent during crises when the Fed needs public trust most.

If the central bank is left to conduct monetary policy as it sees fit, a technically competent Fed chair is crucial.

The Case for Character

If the Fed lacks independence, the strength of character and a willingness to resist political pressure are more important traits. Technical competence is of little use when the central bank is not able to do what its members think it should. Indeed, it might be worth trading some technical competence for a strong spine in such a case.

History provides clear examples. Fed Chair Arthur Burns was technically competent. Prior to becoming Fed chair, he was a well-respected economics professor at Columbia University, where he taught Milton Friedman. He did pioneering work on business cycles with Wesley Clair Mitchell, which has been carried on by the National Bureau of Economic Research. Few economists possessed the technical expertise of Burns at the time. But all that expertise was of little consequence: Burns gave in to President Nixon’s pressure campaign before the 1972 election, lowering interest rates when economic conditions didn’t warrant it. His decision contributed to the high inflation of the 1970s and damaged the Fed’s credibility for years.

Paul Volcker was a sharp economist, to be sure. But he was not as technically competent as Burns. He did not hold a prestigious professorship. He had not done pioneering work in macroeconomics or monetary economics. But he had a strong spine. When President Reagan urged Volcker to commit to not raising interest rates ahead of the 1984 election, Volcker refused. In doing so, he preserved the principle that the Fed chair doesn’t make policy commitments to the White House. His unwillingness to compromise on institutional boundaries helped restore price stability and solidified the Fed’s reputation for independence.

When political pressure threatens independence, the chair’s character matters more.

The Independence Dilemma

When independence is in doubt, credibility and good policy choices may be at odds with each other. Consider a scenario where White House pressure happens to align with the economically correct policy decision. Perhaps the administration wants rate cuts, and economic data genuinely support easing. The Fed then faces a difficult choice.

If the Fed cuts rates, the public may view the decision as capitulation to political demands. If the Fed refuses to cut rates to signal its independence, it makes the wrong economic decision to preserve the appearance of autonomy. Either way, the Fed’s reputation suffers. The public will come to believe the Fed responds to political factors rather than economic data, regardless of which choice the institution makes.

The first-best solution in such a situation is clear: restore independence. An independent Fed can focus on conducting policy well, without risk to its credibility due to perceived political capitulation. But first-best solutions are not always possible.

Recent events provide much support for the view that we need a second-best solution. The president has consistently called for lower interest rates. He has attempted to fire Fed Governor Lisa Cook. He nominated his CEA Chair, Stephen Miran, who is widely believed to be a Trump loyalist, to fill the balance of Adriana Kugler’s term. And, in January, his Department of Justice subpoenaed Chair Powell. The Fed, in other words, is under pressure. 

How Warsh Stacks Up 

With all of this in mind, how should one evaluate Trump’s pick to replace Powell?

Although Kevin Warsh is not a traditional academic economist, he nonetheless possesses a high degree of technical competence. He previously served on the Fed Board from 2006 to 2011. He is currently the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University’s Hoover Institution and lectures at Stanford’s Graduate School of Business. Before joining the Fed, Warsh also served as Vice President and Executive Director of Morgan Stanley & Co. in New York.

Warsh also has a strong spine. While initially on board with the Fed’s large-scale asset purchases as an emergency liquidity tool, he later came to oppose using the balance sheet as a permanent tool. Fed liquidity, he warned, is a “poor substitute” for functioning private markets. This view was decidedly out-of-fashion at the Fed. And yet, Warsh stuck to his guns. Today’s Fed, under political pressure as it is, would be well served by his strong character—provided that it is used to bolster the Fed’s independence.

How will Warsh use his strong spine? That’s an open question. If he pursues the facts as he sees them, he might deliver a much-needed dose of credibility to a struggling institution. If he does the president’s bidding—or is perceived to be doing the president’s bidding—he will further erode the Fed’s credibility.

The U.S. Food and Drug Administration (FDA) refused to consider Moderna’s application for a new flu vaccine using mRNA technology, the company announced Tuesday, a decision that could delay the introduction of a shot designed to offer stronger protection for older adults.

Moderna said it received what’s known as a ‘refusal-to-file’ (RTF) letter from the FDA’s Center for Biologics Evaluation and Research (CBER), citing the lack of an ‘adequate and well-controlled’ study with a comparator arm that ‘does not reflect the best-available standard of care.’

Stéphane Bancel, chief executive officer of Moderna, said the FDA’s decision did not ‘identify any safety or efficacy concerns with our product’ and ‘does not further our shared goal of enhancing America’s leadership in developing innovative medicines.’

‘It should not be controversial to conduct a comprehensive review of a flu vaccine submission that uses an FDA-approved vaccine as a comparator in a study that was discussed and agreed on with CBER prior to starting,’ Bancel said in a statement. ‘We look forward to engaging with CBER to understand the path forward as quickly as possible so that America’s seniors, and those with underlying conditions, continue to have access to American-made innovations.’

The rare decision from the FDA comes amid increased scrutiny over vaccine approvals under Health Secretary Robert F. Kennedy Jr., who has criticized mRNA vaccines and rolled back certain COVID-19 shot recommendations over the past year.

Kennedy previously removed members of the federal government’s vaccine advisory panel and appointed new members, and moved to cancel $500 million in mRNA vaccine contracts.

The FDA authorized COVID-19 vaccines for the fall for high-risk groups only. Last May, Kennedy announced the vaccines would be removed from the CDC’s routine immunization schedule for healthy children and pregnant women.

According to Moderna, the refusal-to-file decision was based on the company’s choice of comparator in its Phase 3 trial — a licensed standard-dose seasonal flu vaccine — which the FDA said did not reflect the ‘best-available standard of care.’

Moderna said the decision contradicts prior written communications from the FDA, including 2024 guidance stating a standard-dose comparator would be acceptable, though a higher-dose vaccine was recommended for participants over 65.

Moderna said the FDA ‘did not raise any objections or clinical hold comments about the adequacy of the Phase 3 trial after the submission of the protocol in April 2024 or at any time before the initiation of the study in September 2024.’

In August 2025, following completion of the Phase 3 efficacy trial, Moderna said it held a pre-submission meeting with CBER, which requested that supportive analyses on the comparator be included in the submission and indicated the data would be a ‘significant issue during review of your BLA.’

Moderna said it provided the additional analyses requested by CBER in its submission, noting that ‘at no time in the pre-submission written feedback or meeting did CBER indicate that it would refuse to review the file.’

The company requested a Type A meeting with CBER to understand the basis for the RTF letter, adding that regulatory reviews are continuing in the European Union, Canada and Australia.

Fox News has reached out to the Department of Health and Human Services for comment.

Fox News Digital’s Alex Miller and The Associated Press contributed to this report.


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