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Gold Runner Exploration Announces Non-Brokered Private Placement Financing of Flow-Through Units and Charity Flow Through Units

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Gold Runner Exploration Inc. (CSE: GRUN) (FSE: CE70) (‘Gold Runner’ or the ‘Company’) is pleased to announce its intention to complete a non-brokered private placement financing (the ‘Offering’) for proceeds of up to $1,500,000 consisting of Critical Minerals Exploration Tax Credit (‘CMETC’) flow-through units (‘FT Units’) of the Company at a price of $1.45 per FT Unit and charity flow-through Units (‘Charity FT Units’, and collectively with the ‘FT Units’, the ‘Units’)) at a price of $1.45 per Charity FT Unit. The Company reserves the right to increase the size of the Offering, subject to the approval of the Canadian Securities Exchange (the ‘Exchange’). Each Unit will be comprised of one common share (‘Common Share’) of the Company and one Common Share purchase warrant (the ‘Warrants’), and each Warrant will entitle the holder thereof to acquire one Common Share of the Company at a price of $1.50 per Common Share for a period of 36 months from the date of issuance.

The securities issued under the Offering will have a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws. Closing of the Offering remains subject to regulatory approvals, including approval of the CSE.

Net proceeds from the Offering will be used for exploration of the Company’s Golden Girl property situated in the Golden Triangle of British Columbia. The Company optioned the Golden Girl Property from the B-ALL Syndicate, the same team that generated and staked Goliath Resources (TSXV: GOT) Surebet Discovery and contributed to advancing that discovery to where it is today. The B-ALL Syndicate also generated and staked the Big One discovery that was subsequently optioned to Juggernaut Exploration (TSXV: JUGR,OTC:JUGRF) and is situated adjacent to Galore Creek. Golden Girl is located approximately mid-way between Goliath’s Surebet Discovery and Juggernaut’s Big One discovery.

This Offering qualifies for the Critical Mineral Exploration Tax Credit (CMETC) and each Unit shall be comprised of one common share of the Company that will qualify as a CMETC ‘flow-through share’ (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). The Company will incur expenditures that will qualify as ‘Canadian Exploration Expenses’ and ‘flow-through critical mineral mining expenditures’ as those terms are defined in the Income Tax Act (Canada), which will be renounced to the purchasers of the FT Units with an effective date no later than December 31, 2026.

The Company may pay finder’s fees to eligible arm’s-length third parties on gross proceeds of the Offering, consisting of 6% cash and/or 6% broker warrants, with each broker warrant exercisable for a period of 36 months from the date of issuance at a price of $1.50 per Common Share.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

On Behalf of the Board of Directors,

‘Chris Wensley’

Chris Wensley, Director & Chief Executive Officer

About Gold Runner Exploration Inc.

Gold Runner Exploration is an exploration company focused on the exploration and development of its portfolio of gold and silver properties located in prolific mining districts of Canada and the United States of America. In British Columbia, Gold Runner holds the option to acquire a 100% interest in the Golden Girl Property, located in the prolific Golden Triangle of Northwestern British Columbia. In North Central Nevada, the Company holds the Rock Creek gold project, the Falcon Mine project and the Dry Creek project, located in the Tuscarora Mountains in close proximity to the world-renowned Carlin Trend. Gold Runner also holds a 10% carried interest in the Cimarron project located in the San Antonio Mountains of Nye County, Nevada, within the Walker Lane Trend.

For further information please contact:

Chris Wensley, Chief Executive Officer and Director
639 5th Ave, Suite 1250
Calgary, Alberta T2P 0L3
Website: www.goldrunnerexploration.com
Email: info@goldrunnerexploration.com

Forward-Looking Information

This news release includes certain information that may be deemed ‘forward-looking information’ under applicable securities laws. All statements in this release, other than statements of historical facts, including but not limited to those that address the Offering, completion (if any) and timing of the same and proposed use of proceeds from the Offering, acquisition of any properties and future work thereon, mineral resource and reserve potential, exploration activities and corporate initiatives. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the results of the Company’s due diligence investigations, market prices, exploration successes, continued availability of capital financing, and general economic, market or business conditions, and those additionally described in the Company’s filings with the Canadian securities authorities.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings at www.sedarplus.ca. 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 CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287921

News Provided by TMX Newsfile via QuoteMedia

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Iran war, 11 days in: US controls skies, oil surges and the region braces for what’s next

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One week into the war with Iran, U.S. officials say American and Israeli forces are moving toward ‘complete control’ of Iranian airspace — clearing the way for deeper strikes, a broader target list and a conflict that appears to be expanding rather than winding down.

In briefings this week, Secretary of War Pete Hegseth and Joint Chiefs Chairman Gen. Dan Caine described what they called near-uncontested airspace over key corridors, a shift that allows sustained bombing operations deep inside Iran. 

‘We are winning with an overwhelming and unrelenting focus on our objectives,’ Hegseth said in a press briefing Tuesday morning. 

Caine said U.S. forces have now struck more than 5,000 targets in the first 10 days of operations, including dozens of deeply buried missile launchers hit with 2,000-pound penetrating bombs.

The message from Washington is one of overwhelming military advantage. 

But the broader picture, rising oil prices, expanding drone warfare, strikes on energy and civilian infrastructure, and regional spillover touching NATO territory, suggests a conflict that is growing in scope even as U.S. officials project confidence in its trajectory.

Leadership hardens in Tehran

Amid the intensifying conflict, Iran’s Assembly of Experts has selected Mojtaba Khamenei — son of the recently deceased Ayatollah Ali Khamenei — as the country’s new supreme leader, consolidating authority within the clerical establishment and the Islamic Revolutionary Guard Corps at a pivotal moment.

The succession, only the second since the 1979 revolution, signals continuity rather than recalibration in Iran’s posture. Mojtaba Khamenei had long been viewed as a potential successor and is closely aligned with hard-line factions inside Iran’s security apparatus.

President Donald Trump criticized the selection, saying the leadership change would not alter U.S. objectives and suggesting it reflects the same entrenched power structure Washington has sought to weaken. The administration has made clear that military operations will continue regardless of who occupies the supreme leader’s office.

Rather than opening a diplomatic off-ramp, the transition appears to reinforce the likelihood of a prolonged confrontation.

‘Uncontested airspace’

Hegseth said Tuesday that the U.S. and Israel had achieved ‘total air dominance’ over Iran and were ‘winning decisively with brutal efficiency.’ 

‘That doesn’t mean they won’t be able to project,’ Hegseth said. ‘It doesn’t mean our air defenders still don’t have to defend. They do. But that is strong evidence of degradation.’ 

‘Most of their higher-end surface-to-air missile systems are not factors at this point in time,’ Caine said. 

‘Fighters are moving deeper with relative impunity,’ he added, noting there is ‘always some risk.’

Adm. Brad Cooper, head of the U.S. military’s Central Command, also reported that Iranian ballistic missile launches had dropped by roughly 90% from the opening days of the conflict, while drone attacks had fallen by more than 80%, attributing the decline to sustained strikes on launchers and infrastructure.

Still, officials have cautioned that air superiority does not mean every threat can be stopped. Iranian missiles and drones continue to be launched, and some have required interception across the region.

A shift in munitions and message

Hegseth said the campaign is transitioning from expensive standoff weapons like Tomahawk cruise missiles to 500-, 1,000- and 2,000-pound precision gravity bombs — a shift he said reflects confidence that Iranian surface-to-air missile systems have been suppressed in key areas.

He described the U.S. stockpile of such bombs as ‘nearly unlimited’ and warned that Washington’s timeline ‘is ours and ours alone to control.’

The emphasis on gravity bombs is more than rhetorical. It signals a move toward sustained, high-tempo operations designed not only to hit active threats but to degrade Iran’s ability to regenerate its missile force.

Drones redefine the fight

Even as missile launches decline, unmanned systems remain central to the war.

Iran has leaned heavily on drones — including Shahed-style loitering munitions — to strike energy facilities, pressure U.S. bases and disrupt shipping near the Strait of Hormuz. Compared to ballistic missiles, drones are cheaper and easier to deploy in volume, allowing Tehran to sustain pressure despite losses elsewhere.

In response, the United States has deployed a Ukraine-tested counter-drone interceptor system to the region. Ukrainian specialists, drawing on experience defending against Iranian-designed drones used in the Russia-Ukraine war, are assisting in strengthening base protection.

The drone fight underscores a key dynamic: while U.S. forces may dominate the skies, lower-cost unmanned systems can still impose risk and strain air defenses.

Energy at risk

The Strait of Hormuz — through which roughly 20% of the world’s oil and major liquefied natural gas shipments transit — has become one of the most consequential flashpoints of the war.

Drone attacks and Iranian threats sharply have reduced commercial traffic, driving up insurance costs and forcing some vessels to reroute. Oil prices have climbed above $100 per barrel amid fears that disruptions could persist.

Israeli strikes on Iranian oil facilities, and Iran’s retaliatory targeting of regional energy infrastructure, signal that energy assets are now active targets. Reports of strikes affecting water and desalination plants further suggest the war is expanding beyond strictly military sites.

If instability in Hormuz stretches for weeks, analysts warn, global energy markets could tighten quickly, translating into higher gasoline prices and renewed inflation pressure in the United States.

Trump warned Monday that Iran will be hit ’20 times harder’ than it already has if it threatens ships in the Strait. 

NATO proximity and regional backlash

The war has edged closer to NATO territory. Two Iranian ballistic missiles were intercepted near Turkish airspace, raising the risk of broader alliance involvement.

Iran has also struck Azerbaijan, drawing sharp condemnation from Baku and angering Turkey, Azerbaijan’s closest ally. Notably, Iran has not seen a unified regional bloc mobilize in its defense, highlighting its relative diplomatic isolation even as it escalates militarily.

Industrial mobilization

Despite Hegseth’s assertion that certain offensive munitions are plentiful, sustaining air and missile defense operations is resource-intensive, and inventories of high-end interceptors were already under strain before the conflict began.

Iran has attempted to degrade radar systems tied to platforms such as THAAD and Patriot batteries. While U.S. commanders say launch rates have declined sharply, interceptors are expensive and produced in limited quantities.

Trump convened major defense contractors last week to press for accelerated production of interceptors and related systems. Expanding output could require congressional funding if the campaign continues at its current pace.

The battlefield now extends beyond launch sites and into supply chains.

Rising casualties

The Pentagon has confirmed seven U.S. service members have been killed and eight seriously injured in Iranian strikes.

In Iran, the U.S. claims over 50 top Iranian leaders, including Supreme Leader Ali Khamenei, have been taken out. Iran claims more than 1,000 people have been killed in the strikes and approximately 175 people, including many schoolchildren, were killed in an attack on a girls’ elementary school in Minab. 

No group has claimed responsibility, and investigations are ongoing.

The incident has intensified scrutiny over civilian protection as the conflict widens.

No quick off-ramp

A little more than one week in, the trajectory points toward expansion rather than containment.

U.S. officials project confidence in air dominance and sustained strike capacity. Iranian leadership has consolidated under a hard-line successor. Energy markets are volatile. Drone warfare continues to test defenses. The conflict has brushed NATO territory and struck civilian infrastructure.

The central question is how far the conflict will spread, and whether military momentum can outpace the economic and geopolitical costs mounting across the region.


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House GOP fears primary losers could jeopardize razor-thin majority

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Some House Republicans are getting worried over the prospect of colleagues quiet-quitting after losing their primary races as election season heats up, threatening to whittle down the GOP’s already perilously slim majority.

House Republicans will likely only be able to lose two votes on any party-line measure after a special election in a deep-red Georgia district this week. 

Some told Fox News Digital they’re worried, however, that their colleagues could begin missing key votes before the end of their terms if their ambitions for higher office do not go as planned.

‘It’s a real problem,’ one House Republican who was granted anonymity to speak candidly told Fox News Digital. ‘Is one of them going to be gone for his runoff? Will another not come back at all because he’s mad? Is another one not going to come back because he lost?’

Asked if such absences could translate to Republicans losing a functional majority in the House, that GOP lawmaker said, ‘We could, that’s why everybody’s nervous about it.’

In the Lone Star State alone, two House Republicans are guaranteed not to be returning next year after last week’s primaries. Rep. Wesley Hunt, R-Texas, lost his bid to unseat Sen. John Cornyn, R-Texas, who is headed for a runoff with state Attorney General Ken Paxton. And Rep. Dan Crenshaw, R-Texas, faced an upset against a primary challenger running to his right, conservative state lawmaker Steve Toth.

Neither has indicated they will be skipping House votes for the remainder of the term due to those losses, but Hunt’s attendance record has already generated frustration among his colleagues.

Aside from them, there are 18 other House Republicans currently vying for different positions in upcoming primaries and general elections.

Rep. Mario Diaz-Balart, R-Fla., a high-ranking member of the House Appropriations Committee, told Fox News Digital that he too was worried about GOP attendance as election season heats up.

‘Our margins are as razor-thin as they can possibly be, so we need everybody to show up,’ he said. ‘So yeah, that could potentially be an issue. I hope it isn’t.’

Rep. Russell Fry, R-S.C., told Fox News Digital, ‘I think it’s a concern.’

‘I hope that they recognize the moment. There’s still a lot of lane left in this Congress, and people have put their faith in their elected representatives to get the job done. So they need to be here,’ Fry said.

But the election season starting up is not the first time this Congress — or even this year — that worries about the GOP’s margins have flared up.

For example, a small group of Republicans was able to join with Democrats to successfully force a vote on extending expired Obamacare subsidies that the GOP largely opposed. And just last month, President Donald Trump’s tariff strategy faced a public setback when a similarly small number of GOP lawmakers voted with Democrats to rebuke it.

Neither of those measures will likely be taken up in the Republican-held Senate, but it’s a testament to the slim margins Speaker Mike Johnson, R-La., is presiding over.

And aside from the legislative setbacks seen earlier this year, the sudden, tragic death of one House Republican and abrupt resignation of another have served to further whittle down the conference’s numbers.

Car accidents and other health problems have also at times forced the House to amend its schedule. It’s prompted House GOP leaders to warn their lawmakers to be as cautious as possible when outside of Washington.

‘The margins are really, really close. A few of us were in a car the other day, driving … if that became an accident, that would have tipped the scale,’ Rep. Ryan Zinke, R-Mont., told Fox News Digital back in January. ‘It’s a big deal to change power outside of a normal election cycle.’

House Majority Leader Steve Scalise, R-La., told reporters last week that attendance is ‘always a concern’ but was optimistic about navigating through it.

‘We’ve had elections along the way, and yet we’re still able to move our agenda,’ Scalise said. ‘We track people that have surgeries, tell us in advance, and we work around that. But at the end of the day, we’ve been able to move President Trump’s agenda and our agenda, and get the things done for the American people that we ran on.’


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Vietnam urges work from home amid fuel supply, price crunch in Mideast

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Vietnam’s trade ministry is urging businesses to encourage employees to work from home to curb fuel consumption as the country grapples with supply disruptions and sharp price increases triggered by the U.S.-Israeli war involving Iran.

In a statement on Tuesday, the government said Vietnam has been among the nations hardest hit by the turmoil due to its heavy reliance on energy imports from the Middle East. Citing a report from the Ministry of Industry and Trade, it called on companies to ‘encourage work-from-home when possible to reduce the need for travel and transportation.’

Fuel prices have surged since the end of last month, with gasoline up 32%, diesel rising 56% and kerosene climbing 80%, according to data from Petrolimex, the country’s top fuel trader. Long lines of cars and motorbikes were seen at petrol stations in Hanoi on Tuesday.

The ministry also urged businesses and individuals not to hoard or speculate on fuel.

Prime Minister Pham Minh Minh on Monday held calls with leaders of Kuwait, Qatar and the United Arab Emirates to secure additional fuel and crude oil supplies. The government has also removed import tariffs on fuels through the end of April in a bid to ease pressure on the market.

President Donald Trump’s strikes on Iran have made for volatile crude markets, with prices surging to $120 a barrel in the U.S. over the weekend before dipping back to just over $80 on Monday night as Trump spoke to a Republican retreat in Florida.

Prices have stabilized after Trump assured investors the Strait of Hormuz will be safe for oil tankers in the Middle East, a notorious chokepoint for the largely dismantled Iranian regime.

The situation in the region remains tenuous as Iran has announced Mojtaba Khamenei as the next supreme leader, a decision that Trump told Fox News that he ‘was not happy’ about.

‘I don’t believe he can live in peace,’ Trump said from Air Force One.

Iran’s Revolutionary Guard said Tuesday they would not let any oil out of the Middle East until U.S. and Israeli attacks cease, a threat that had prompted Trump to threaten to hit Iran ’20 times harder’ if it blocked exports.

Despite the defiant rhetoric from both sides, investors placed strong bets Tuesday that Trump would call off his war soon, before the unprecedented disruption it has caused to energy supplies causes a global economic meltdown.

‘I’m hearing they want to talk badly,’ Trump said, as the Department of War has claimed 50 Iranian naval vessels have been sunk and Trump is suggesting the war objections are weeks ahead of schedule, if not nearly ‘complete.’

‘It’s possible,’ Trump added of engaging the new Iranian leadership, descendants of the deceased leaders, but said it ‘depends on what terms, possible, only possible.’

‘You know, we sort of don’t have to speak anymore, you know, if you really think about it, but it’s possible,’ he said.

Fox News’ Trey Yingst and Reuters contributed to this report.


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Trump says he’s ‘not happy’ with Iran’s choice of new supreme leader

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President Donald Trump said he is ‘not happy’ with Iran’s choice of a new supreme leader but that early results from Operation Epic Fury have been ‘way beyond expectation.’

Mojtaba Khamenei, the son of the late Ayatollah Ali Khamenei, has been installed as the next supreme leader.

‘I don’t believe he can live in peace,’ Trump said in an interview with Fox News chief foreign correspondent Trey Yingst.

The president touted what he described as the success of the joint U.S.-Israeli military operation.

‘Way beyond expectation in terms of result this early,’ Trump said.

More than 5,000 targets have been hit by the U.S. military since the operation was launched on Feb. 28, U.S. Central Command (CENTCOM) announced Monday.

‘When we attacked them first, we knocked out 50% of their missiles and if we didn’t, it would have been a much harder fight,’ Trump said.

He framed the opening strike as decisive and necessary.

‘No other President had the guts to do it…I don’t want some president who hasn’t got the courage in five years or in ten years to go in. It’s like a gun slinger, where he draws his gun first.’

‘If we waited three days, I believe we would have been attacked.’

Trump described what he called a surprise element in the timing of the operation.

‘Breakfast attacks are unusual and they were misled because they thought we weren’t going at that time and all that… And they just met. It was very, very surprising. And they all met together and it was open.’

‘If they would’ve had a bomb, they’d have used it on Israel and other parts of the Middle East. I think, and probably us, if they could get it there, but it would have been tough.’

Trump said Special Envoy Steve Witkoff and Jared Kushner told him Iran claimed it had enough enriched uranium to build 11 nuclear bombs.

‘I said, you know, they’re not playing this smart. Because they’re basically saying that I have to attack them. They should have just said, ‘We’re not going to build a nuclear missile.”

Asked whether he would be willing to speak with Iranian leaders, Trump said: ‘I’m hearing they want to talk badly.’

‘It’s possible, depends on what terms, possible, only possible… You know, we sort of don’t have to speak anymore, you know, if you really think about it, but it’s possible.’

Trump also said he was taken aback by Iran targeted Gulf countries in response to the American and Israeli attacks.

‘One of the things that surprised me most was when they attacked countries that were not attacking them,’ he said.

The president also weighed in on reports of a strike that hit a girls school. Iranian state media and UNICEF estimates put the death toll at roughly 165 to 180 people, most of them young schoolgirls, with dozens more injured. The figures have not been independently verified.

‘It’s only under investigation, but we are not the only ones with that particular rocket,’ Trump said.


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In Economy

Medicare’s Hidden Fertility Problem

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Medicare is not merely a senior health program; it is an elaborate intergenerational contract with a hidden clause: it quietly runs on a tax structure that is dependent on the birth rates among current workers. And that structure is crumbling.

The United States is facing a birth rate crisis. Fertility levels have fallen below the replacement rate, leading to an aging population and fewer workers to support it. This isn’t just a statistical anomaly — it’s a ticking time bomb for Medicare’s sustainability, access to care, and overall fiscal health.

The problem with the intergenerational transfer of wealth is that there isn’t going to be enough wealth to transfer.

Medicare, enacted in 1965, was designed for a different era — one with higher birth rates and a robust worker-to-retiree ratio. The worker-to-beneficiary ratio has already fallen from roughly 42:1 in the program’s early decades to 2.8:1 today and is projected to reach 2.2:1 by 2099.

Medicare Part A (Hospital Insurance) operates on a classic pay-as-you-go basis. Current workers and their employers remit a combined 2.9 percent FICA tax (plus the 0.9 percent Additional Medicare Tax on high earners) into the HI Trust Fund. Those revenues immediately pay current claims rather than being saved and invested for future liabilities. The 2025 Medicare Trustees Report projects HI trust fund depletion in 2033 — three years earlier than the prior estimate — after which incoming payroll taxes and premiums will cover only 89 percent of scheduled benefits.

The long-range actuarial deficit stands at negative 0.42 percent of taxable payroll, with a 75-year unfunded obligation of $3.1 trillion. Parts B and D, financed by general revenues and beneficiary premiums, are “solvent” only because Congress automatically appropriates whatever general funds are required; they already consume a rising share of the federal budget and trigger the Medicare funding warning for the ninth consecutive year.

The US fertility rate has dipped to about 1.6 births per woman, well below the 2.1 needed to maintain a stable population without immigration. This decline, accelerated since the Great Recession, shows no signs of reversal. According to the Centers for Disease Control and Prevention, birth rates hit a historic low in recent years, influenced by economic pressures, delayed marriages, and changing social norms. Meanwhile, life expectancies are rising, thanks to advances in medicine — better treatments for heart disease, cancer, and neurological conditions like those I treat daily. The result? An unprecedented aging boom. 

Today, 12 percent of Americans are 65 or older; by 2080, that could climb to 23 percent. This demographic math is unforgiving. 

The 2025 Trustees Report explicitly ties this trajectory to the aging of the baby boom, slower labor-force growth, and an assumed ultimate total fertility rate of 1.9 children per woman. Actual US fertility has undershot that assumption for years. Again, CDC data showed the total fertility rate at 1.63 in 2024 and continuing to hover near historic lows in 2025. Each sustained tenth-of-a-point decline in fertility materially widens the long-term shortfall because it permanently reduces the future tax base relative to the retiree population.

With fewer workers contributing taxes, revenues can’t keep pace with escalating costs. Medicare spending, currently around 3 to 4 percent of GDP (with total national health expenditures at 18 percent of GDP in recent data), could rise significantly in the coming decades, driven by more enrollees and rising per-person expenses from chronic conditions like diabetes and obesity, which are prevalent in aging cohorts. Policymakers face tough choices: raise payroll taxes, cut benefits, or increase the retirement age. Higher taxes could burden younger generations already grappling with student debt and housing costs, potentially exacerbating the very fertility decline causing the problem.

Immigration offers a potential pragmatic solution. Increasing net immigration could offset much of the fiscal strain on Medicare and Social Security, bolstering the worker pool. Immigrants often arrive in active working years, contributing taxes without immediate benefit draws. Yet, political debates and pragmatic realities make this approach difficult. 

Countries like Sweden and Norway offer cautionary tales.

In Sweden, immigration drove the majority of the country’s ~20 percent population growth since 1995 (to over 10.4 million by 2021), contributing to persistent challenges including staff shortages, bed overcrowding, and long waiting times — 29 percent of patients exceeded the 3-month guarantee for a first specialist visit and 46 percent for treatment or surgery in 2021 — while chronic conditions (affecting 82 percent of those aged 65+) account for 80–85 percent of total costs.

A free-market solution is ideologically straightforward but practically difficult. Medicare’s design creates classic third-party-payer distortions at the macro level. Workers face a compulsory intergenerational transfer whose return depends on future fertility and labor-force participation — variables they cannot control and that the program itself indirectly helps suppress. 

In a genuine insurance market, individuals would purchase actuarially fair coverage for longevity and health risks, save in portable tax-deferred accounts, and face transparent prices for services. Competition among insurers and providers would drive innovation in both cost control and benefit design.

Reform must therefore link benefits more closely to individual workers.

Modernize Medicare’s benefit and financing structure. Convert the HI component to a premium-support model with risk-adjusted vouchers, allowing beneficiaries to choose among competing private plans. Gradually raise the eligibility age in line with gains in healthy life expectancy. Introduce meaningful means-testing for supplemental subsidies. These steps reduce the unfunded liability, improve price signals, and lessen the tax burden on working-age Americans.

Second — and admittedly more difficult — policymakers must address the fertility side of the ledger directly. Empirical evidence suggests modest, targeted tax incentives yield better results than broad entitlements, which often fail to durably lift fertility amid deeper cultural shifts toward delayed parenthood. For instance, studies of child tax credits and similar financial supports show positive but limited effects on birth probabilities, with elasticities typically in the 0.05–0.41 range (say, increasing benefits by 10 percent of household income is linked to 0.5–4.1 percent higher birth rates). This framework respects individual liberty, rewards responsibility, and sustains civilization through voluntary family formation rather than top-down engineering.

None of this requires utopian assumptions about birth-rate engineering. Markets do not guarantee any particular fertility level, but they do minimize artificial penalties on the decision to have children. By contrast, the status quo imposes a hidden fertility tax: extract resources from young adults, promise them future benefits whose value erodes with every successive actuarial revision, and then express surprise when cohort fertility remains below replacement.

Declining birth rates are not merely a demographic curiosity — they are a direct threat to Medicare’s viability. The free market offers solutions.

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How Concerning Are the February Jobs Numbers?

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Many market watchers are concerned about the softening labor market. According to the Bureau of Labor Statistics, the US economy lost 92,000 nonfarm payroll jobs in February 2026. The revised payroll numbers reveal that the economy added just 156,000 jobs over the last year — or, roughly 13,000 jobs per month. That certainly looks sluggish relative to earlier reports. For comparison, the economy added roughly 122,000 jobs per month in 2024 and 210,000 jobs per month in 2023.

Figure 1. Monthly Change in Nonfarm Payroll Employment, Feb 2021 – Feb 2026

Some market watchers suggest the labor market looks even worse when you disaggregate the data. As economist Justin Wolfers notes, just one sector “continues to account for more than all of the jobs created over the past year.” Whereas health care and social assistance has grown 3.2 percent since the beginning of 2025, employment across all other sectors has declined 1.2 percent. That, the pessimists say, looks like concentrated job growth masking general malaise.

To the extent that those currently concerned by the most recent labor market data are merely looking for the proverbial canary in the coal mine, it is hard to fault them. It is difficult to identify turning points in real time, and it is prudent to consider whether what one is observing might indicate that the labor market is starting to soften. But the view that the labor market might be starting to soften is often conflated with a very different view: that the labor market is soft. And that latter view, at least at the moment, is inconsistent with the available data.

Zoom Out

Slow job growth is not necessarily a sign of a soft labor market. An economy at or near full employment will also experience slow job growth. And, when we zoom out on the labor market data, it certainly looks like we are at or near full employment, where everyone who wants a job at the prevailing wage has a job and unemployment reflects normal frictions associated with moving from one job to another.

Consider the prime-age employment-to-population ratio, which shows the share of people in the US between the ages of 25 and 54 who are currently employed and, correspondingly, tends to be a good indicator of labor market strength. In February 2026, 80.7 percent of prime-age workers were employed. That’s relatively high by historical standards.

Figure 2. Prime-age Employment-to-Population Ratio, Jan 1948 – Feb 2026

The prime-age employment-to-population ratio climbed from 62.6 percent in 1948 to 80.2 percent in 1990, as women gradually entered the formal labor market. Since then, a prime-age employment-to-population ratio above 80.0 percent has generally indicated a relatively strong labor market, whereas a ratio that drops below that threshold typically indicates labor market weakness. The full series peaked at 81.9 percent in April 2000. Local peaks at 80.2 percent in March 2007 and 80.6 percent in January 2020 preceded recessions, but the series has been much more stable in recent years. The prime-age employment-to-population ratio has exceeded 80.0 percent since December 2022.

Reasonable people might disagree about the precise prime-age employment-to-population ratio that is consistent with full employment at any given point in time. And that ratio will change as families determine whether it is more advantageous to have dual earners or to have one member specializing in home production. But it is not obvious that family structure or other potential factors affecting the ratio consistent with full employment have meaningfully changed over the last six years. And no one thought the labor market was soft in January 2020.

Factors Affecting Job Growth

If the economy is below full employment and recovering, it will tend to add a high number of jobs each month. If it is at or near full employment and the population of working-age adults is growing rapidly, it will tend to add a high number of jobs each month. But neither of those conditions appear to hold at the moment. The prime-age employment-to-population ratio suggests the economy is at or near full employment. And, at the same time, broader demographic trends and more recent immigration enforcement efforts have contributed to slow growth in the population of working-age adults. Consequently, slow job growth should be expected.

Furthermore, if average job growth will tend to be slow when the economy is at or near full employment, then negative job growth will be more likely in any given month. The logic is straightforward. Above-average job growth in one month implies below-average job growth in some other month. The closer average job growth is to zero, the more likely below-average job growth means negative job growth.

Much the same can be said with respect to the high concentration of jobs in a single sector. If average job growth is zero, additional health care and social assistance jobs necessarily imply job losses in other sectors. With low (but positive) average job growth, some additional health care and social assistance jobs can be created without reducing jobs in other sectors. But there’s a limit. And, at least at present, it appears that our aging population requires some sectoral rebalancing of jobs.

Productive Job Losses

It is tempting to think that job gains are good and job losses are bad. But, of course, reality is much more complicated than that. Indeed, at least some of the job losses over the last year appear to be productivity-enhancing. In particular, the last year has seen a major reduction in government jobs, freeing up additional labor for the more-productive private sector.

From January 2024 to January 2025, the last year of the Biden administration, government employment increased 1.8 percent compared with just 0.6 percent growth in private employment. That excess government job growth has been largely undone by the Trump administration. In February 2026, government employment was just 0.8 percent higher than it had been in January 2024, whereas private employment was 0.9 percent higher.

Figure 3. Government and Private Employment, Jan 2024 – Feb 2026

The Labor Market Remains Near Full Employment

It is easy to understand why many market watchers are concerned by the latest employment data. They worry that slow job growth will become no job growth, and that no job growth will become negative job growth. But we must recognize the difference between what might happen and what has happened. At the moment, the economy appears to be at or near full employment, where slow job growth is the norm.

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Allied Critical Metals Further Highlights Rapid Payback, Capital Efficiency and Infrastructure from Borralha PEA

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After-tax NPV(8%) of $473M (US$346.6M) and 2.2-year payback from start of production with IRR of 48.8% at US$1,000/mtu WO3

Key Highlights:

  • Additional Payback Metrics: Payback1 of approximately 2.2 years from commencement of commercial production corresponding to approximately 4.2 years from start of construction under the medium / US$1,000/mtu WO₃2 case.

  • Capital Efficient Development: Initial capital cost3 of approximately $124.2 million (USD $91 million), with a compact infrastructure layout designed to support efficient underground mining and processing operations.

  • Strong Annual Cash Flow Generation: Average annual revenue of approximately $252,517 million (US$184,886 million), average annual EBITDA of approximately $142,181 million (US$104,101 million), and average annual free cash flow of approximately $96,279 million (US$70,493 million) over the initial mine plan at US$1,000/mtu WO₃.4

  • Integrated Infrastructure Design: Project infrastructure includes planned hydro electric power connection, water supply and recycling systems, road access, and paste backfill integration to support operations while minimizing environmental footprint.

  • Significant Upside Leverage: After-tax IRR of 78.4% and NPV(8%) of $963.8 million (USD $706.4 million) at USD $1,500/mtu WO₃.

  • Resource Growth Underway: Fully funded 20,000-metre drill program continues to target resource expansion, confidence conversion and potential mine life extension beyond the initial 11-year production plan, targeting resource expansion and confidence conversion.

All amounts in Canadian dollars unless stated otherwise.4

Vancouver, British Columbia–(Newsfile Corp. – March 9, 2026) – Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied‘ or the ‘Company‘) is pleased to provide additional economic and technical detail from the recently announced Preliminary Economic Assessment (‘PEA’) for its 100%-owned Borralha Tungsten Project (‘Borralha’ or the ‘Project’) in northern Portugal. The Project’s previously announced PEA economics remain unchanged.

Roy Bonnell, CEO & Director of Allied, commented: ‘Following the release of our initial Borralha PEA, we received strong investor interest in additional project-level detail. This supplementary disclosure highlights the Project’s capital efficiency, strong annual cash generation and well-developed infrastructure platform. Importantly, the underlying economics of the PEA remain unchanged, while the additional payback presentation provides another useful reference point for investors evaluating project returns and the strong leverage Borralha has to tungsten prices.’

This additional disclosure provides greater clarity on Borralha’s capital efficiency, expected cash flow generation and rapid capital recovery profile. The Borralha PEA outlines a capital-efficient underground tungsten development project within the European Union, demonstrating strong economic returns across a range of tungsten price assumptions and significant leverage to current market prices.

The Borralha PEA continues to demonstrate a technically robust and capital-efficient underground tungsten development project within the European Union. As previously announced, the PEA was evaluated under three pricing frameworks: the Base case of $962/mtu WO₃ (US$704/mtu WO₃), $1,365/mtu WO₃ (US$1,000/mtu WO₃), and $2,049/mtu WO₃ (US$1,500/mtu WO₃), while mine design and cut-off grade selection were developed using a conservative tungsten price assumption of $900/mtu WO₃ (US$659/mtu WO₃). The Company is providing the additional metrics below to facilitate investor understanding of project capital intensity, cash flow generation and payback presentation.

For additional reference, the Company is presenting payback under two different measurement bases. The previously disclosed payback metrics were measured from the start of construction (SC), consistent with standard technical study practice. To facilitate comparison with industry benchmarks, the Company is also providing indicative payback measured from the commencement of commercial production (CCP).

Table 1 – Economic Results (After-Tax)

Scenario Price1 NPV (8%)2 IRR3 Payback SC4 Payback CCP4
Medium $1,365/mtu
(USD $1,000/mtu)		 $473.4M
(USD $346.6M)		 48.8% 2.2 years 4.2 years
Base $962/mtu
(USD $704/mtu)		 $182.7M
(USD $134.0M)		 27.2% 3.8 years 5.8 years
High $2,049/mtu
(USD $1,500/mtu)		 $963.8M
(USD $706.4M)		 78.4% 1.2 years 3.2 years

 
Notes:

  1. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. M = million.
  2. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
  3. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.

Payback measured from the start of construction reflects recovery of initial capital over the full development and operating timeline, while payback measured from the start of commercial production excludes the construction phase and is presented for comparative reference only.

The results highlight significant sensitivity to tungsten price while maintaining positive economics under conservative long-term assumptions.

In the Base Case scenario, tungsten (WO₃) represents approximately 96% of project NPV, with minor contributions from copper (~3%) and tin (<1%), based on NSR contribution. This highlights that the Borralha Project economics are overwhelmingly driven by tungsten.

For reference, current reported tungsten market prices remain materially above the US$1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (US$2,195 per mtu) as of March 6, 2026 (Source: Fastmarkets).

Mineral Resource Estimate

This initial PEA is based on the updated Mineral Resource Estimate (‘MRE’ or ‘2025 MRE’) for the Santa Helena Breccia, which were presented in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’) in the Company’s current technical report on Borralha (the ‘Technical Report’) entitled ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’, dated effective December 30, 2025, which is published on the Company’s website at www.alliedcritical.com and under its profile on SEDAR+ at www.sedarplus.ca.

Under the 2025 MRE, the Santa Helena Breccia has been tested by 41 drill holes and surface trenching over approximately 400 meters of strike length and to depths exceeding 350 meters below surface. Mineralization remains open along strike and at depth. The cut-off grade of 0.09% WO3was selected based on reasonable prospects for eventual economic extraction under conceptual underground mining and gravity-dominant processing assumptions, including a very conservative tungsten price of USD$ 550/mtu WO₃ and assumed recovery of approximately 80% (for MRE cut-off determination only).

Table 2 -2025 MRE for Borralha (see also Technical Report for further details)

Clasification Tonnes (Mt) Grade (% WO3)
Measured + Indicated 13.0 0.21
Inferred 7.7 0.18

 

Initial Capital Allocation and Operational Costs

The Borralha PEA estimates initial capital7 of approximately US$91 million, with sustaining capital8 of approximately US$87 million and total life-of-mine capital9 of approximately US$178 million. The initial capital requirement reflects a compact project design integrating underground mine development, process plant construction and site infrastructure.

Table 3 – Initial Capital Costs

Category CAD$M* US$M
Underground development 21.6 15.8
Processing plant 23.1 16.9
Paste backfill plant 5.9 4.3
Surface infrastructure 6.7 4.9
Power connection 9.8 7.2
EPCM / indirect costs** 16.4 12.0
Contingency 6.0 4.4
Tax incentives 34.3 25.1
Subtotal Initial Capital 123.7 91.5

 
*Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
**EPCM = Engineering, Procurement, and Construction Management.

Certain development expenditures may also qualify for applicable Portuguese investment tax incentives, which could partially offset initial capital expenditures.

Table 4 – Operating Cost10 Breakdown

Cost Category US$/t Processed
Mining 41.2
Processing 13.2
G&A 5.0
Transport 0.02
TC/RC* 0.51
Total Operating Cost** 59.3

 
*TC/RC = Treatment Changes and Refining Charges. These are fees paid by mining companies to smelters to process raw material concentrate into refined metal.
**Operating costs for life-of-mine used for mine design average approximately US$49/t processed, based on the Sub-Level Long Hole Stoping (SLOS) mining method. Limited areas may utilize Drift & Fill mining, which carries higher unit costs. In the economic model, operating costs are expressed in nominal US dollars and escalated annually for inflation, resulting in an average life of mine operating cost of approximately US$59/t processed, including transportation and treatment/refining charges.

Concentrate Marketing Assumptions

The PEA assumes production of a marketable tungsten concentrate grading approximately 65% WO₃ using a gravity-dominant flowsheet. Concentrate pricing assumptions are based on industry-standard tungsten concentrate marketing structures, incorporating typical 80% payability terms and treatment charges applicable to the tungsten market.

The Project benefits from relatively clean mineralogy dominated by wolframite, which generally reduces impurity-related penalties relative to more complex tungsten concentrates.

Capital Efficiency

The relatively modest initial capital requirement reflects several favourable project characteristics, including:

  • compact underground mining footprint
  • gravity-dominant processing flowsheet
  • access to regional infrastructure including grid power
  • limited earthworks due to site topography
  • moderate plant throughput of 1.4 million tonnes per annum (Mtpa) of mineralized material
  • potential Portuguese investment incentives

These factors contribute to a capital-efficient development scenario compared with many global tungsten projects.

Simplified Annual Cash Flow Metrics

The initial Borralha mine plan is expected to generate strong annual cash flow11 supported by life-of-mine average production of approximately 1,708 tonnes WO₃ per annum, a nominal processing rate of 1.4 Mtpa, and an average mill feed grade of approximately 0.20% WO₃.

Table 5 – Cash-Flow11 Table

Cash Flow Metric Base Case
US$704/mtu WO₃ 		Medium Case
US$1,000/mtu WO₃ 		High Case
US$1,500/mtu WO₃
Average annual revenue 131,749 184,886 274,686
Average annual EBITDA 53,374 104,101 189,860
Average annual pre-tax operating cash flow 40,405 91,132 176,890
Average annual free cash flow 35,815 70,493 128,785
Life-of-mine revenue 1,449,234 2,033,747 3,021,554
Life-of-mine free cash flow 393,973 775,428 1,416,640

 

Infrastructure and Site Requirements

The Borralha Project benefits from favourable site conditions and access to existing regional infrastructure, supporting a capital-efficient development.

Surface infrastructure has been designed to concentrate industrial and administrative facilities within a compact footprint, minimizing environmental disturbance while ensuring operational efficiency. The process plant, paste backfill facility, workshops, administrative buildings and support infrastructure will be located on a centralized platform adjacent to the orebody.

Access to the site will utilize existing regional roads connected to the municipal road CM1025-2. Dedicated routes for light and heavy vehicles have been designed to ensure safe operations while minimizing earthworks and environmental impact.

A comprehensive water management system has been designed to support mining and processing operations. Water supply is expected to be sourced from local groundwater and surface water resources, with water recycling integrated into the process flowsheet. Three retention basins will provide operational water storage, sedimentation and environmental control.

Electrical power will be supplied through connection to the Portuguese national grid via a planned 60 kV overhead line linking the Borralha substation to the SE Frades (REN) substation over approximately 6.5 km. The design complies with applicable national standards and incorporates environmental protection measures.

The project infrastructure design integrates processing, backfill, water management and power supply systems to support efficient underground mining operations while minimizing environmental impact.

Key Infrastructure Advantages

  • Grid power connection (60 kV line – 6.5 km)
  • Local groundwater and surface water available for operations
  • Existing regional road access to site
  • Compact site layout minimizing environmental footprint
  • Paste backfill and water recycling integrated into plant design

Ongoing Growth Strategy

The current initial PEA is based only on the Santa Helena Breccia deposit and an initial 11-year production plan. The Company’s fully funded 20,000-metre drill program is underway and is targeting:

  • expansion of the current Mineral Resource;
  • conversion of Inferred Mineral Resources into higher-confidence categories;
  • potential extension of mine life beyond the initial plan; and
  • evaluation of throughput optimization and future project scale growth.

The Company intends to continue advancing Borralha through additional drilling, engineering optimization, metallurgical refinement, geotechnical and hydrogeological studies, and progression toward the next stage of technical study.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by the following Qualified Persons, as defined under NI 43-101:

J. Douglas Blanchflower, P.Geo.

Mr. Blanchflower is an independent Qualified Person under NI 43-101 and was retained by Allied Critical Metals Inc. to prepare the NI 43-101 Technical Report dated effective December 30, 2025. He has overall responsibility for the 2025 MRE and the Technical Report. Mr. Blanchflower is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086) and has more than five decades of experience in mineral exploration, resource estimation, and technical reporting. Mr. Blanchflower has reviewed and approved the scientific and technical information in this news release relating to the mineral resource estimate.

David Castro López, BSc, MIMMM, QMR

Mr. Castro López is a Mining Engineer and a Professional Member (MIMMM #685484) and Qualified for Minerals Reporting (QMR) of the Institute of Materials, Minerals and Mining (IOM3). He is independent of the Company and the Borralha Project. Mr. Castro López contributed to the metallurgical review and process design considerations supporting the PEA and takes responsibility for the metallurgical and mineral processing information contained herein. Mr. López has reviewed and approved the scientific and technical information in this news release relating to the metallurgical and mineral processing information contained herein.

Miguel Cabal, EurGeol, Licensed Geologist

Mr. Cabal is a licensed geologist with the European Federation of Geologists (EuroGeol #1439) with over 28 years of experience in mineral exploration, resource evaluation and mine development. He is Managing Director of Geomates (Spain) and has contributed to multiple NI 43-101 and JORC-compliant technical reports, including PEA, PFS and feasibility studies. Mr. Cabal is independent of Allied Critical Metals Inc. and the Borralha Project and has reviewed and approved the mining and economic components of the PEA. Mr. Cabal has reviewed and approved the scientific and technical information in this news release relating to the mining and economic components of this news release.

Vítor Arezes, BSc, MIMMM, QMR

Mr. Arezes is Vice President Exploration of Allied Critical Metals Inc. and a Qualified Person under NI 43-101. He is not independent of the Company due to his role as an officer. Mr. Arezes has extensive experience in tungsten and polymetallic mineral systems and has conducted multiple site visits to the Borralha Project, including during the 2025 drilling campaign. He contributed to geological interpretation, exploration oversight, and technical review supporting the PEA. He is a member of the Institute of Materials, Minerals and Mining (MIMMM #703197) and a Qualified Mineral Resources and Ore Reserves Professional (QMR), and by reason of education, professional experience, and accreditation, meets the definition of a Qualified Person as defined in NI 43-101. Mr. Arezes has reviewed and approved all of the scientific and technical information in this news release.

About Allied Critical Metals Inc.

Allied Critical Metals Inc. is a Canadian-based mining company focused on the advancement and revitalization of its 100%-owned Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal.

The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction.

Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications. Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources.

Further details regarding the Borralha Project are available in the Company’s NI 43-101 Technical Report dated December 30, 2025, filed on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.alliedcritical.com.

ON BEHALF OF THE BOARD OF DIRECTORS

‘Roy Bonnell’
CEO and Director

Additional information is also available by contacting the Company:

Dave Burwell
Vice President, Corporate Development
daveb@alliedcritical.com
Tel:403-410-7907
Toll Free: 1-800-221-0915

Please also visit our website at www.alliedcritical.com.

Also visit us at:
LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc/
X: https://x.com/@alliedcritical/
Facebook: https://www.facebook.com/alliedcriticalmetals/
Instagram: https://www.instagram.com/alliedcriticalmetals/

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities laws (‘FLI‘). FLI in this release includes, without limitation, statements regarding: (A) the PEA results and economic indicators (e.g., NPV, IRR, payback and related sensitivities); (B) the conceptual mine plan and operating framework (mining approach, processing rates, production profiles, cost ranges and schedules); (C) the technical basis and process assumptions (cut-off approach, flowsheet concept and anticipated concentrate specifications); (D) the status and trajectory of permitting and approvals, infrastructure access and other site requirements; (E) market-related assumptions and the Project’s sensitivity and leverage to commodity pricing; (F) growth, conversion and expansion opportunities, including planned drilling and other technical programs; (G) the anticipated sequence of future studies, potential financing pathways and indicative timelines; and (H) the Project’s strategic positioning relative to regional and policy objectives. Such FLI is identified by, among other things, words such as ‘plans’, ‘expects’, ‘is expected’, ‘aims’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, ‘potential’, ‘target’, ‘opportunity’, ‘may’, ‘could’, ‘would’, ‘might’, ‘will’ and similar terminology, as well as statements regarding outcomes that ‘will’, ‘should’ or ‘would’ occur.

Material assumptions underlying the FLI include, but are not limited to: the accuracy of the 2025 MRE; geological continuity; the PEA-level capital/operating cost estimates (with typical PEA accuracy ranges); metallurgical recoveries and process performance consistent with test results to date; availability of labour, equipment and consumables at quoted/priced levels; access to grid power and water on contemplated terms; the ability to obtain land access, permits and approvals (including RECAPE) in a timely manner; tungsten pricing consistent with Argus long-term forecasts or stated sensitivity cases; foreign exchange and inflation consistent with study inputs; and availability of financing on acceptable terms. The Company believes these assumptions are reasonable as of the date hereof, but no assurance can be given that they will prove correct.

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Any reference to potential production, mine life, NPV, IRR, payback, costs, recoveries, or other economic or technical parameters is preliminary and conceptual.

Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the FLI include, but are not limited to: (i) exploration, geological, modelling and grade-continuity risks, including the risk that further work does not confirm Inferred material or resource extensions; (ii) risks that metallurgical performance, WO₃ recoveries, concentrate quality or processing costs differ from test work and assumptions; (iii) capital cost escalation, schedule delays, contractor availability and supply-chain constraints; (iv) operating cost inflation (power, reagents, labour, transportation); (v) commodity price and FX volatility (including sustained periods below the Argus long-term or sensitivity prices assumed); (vi) permitting, environmental, social, community, land access and regulatory risks in Portugal (including RECAPE outcomes and permit conditions); (vii) water, tailings and geotechnical/hydrogeological risks inherent in underground operations; (viii) offtake, marketing and market-access risks for tungsten concentrates; (ix) availability and cost of equity, debt or project finance on acceptable terms; (x) changes in laws, regulations, taxes, royalties, or government policies; and (xi) other risks described under ‘Business Risks’ in the Company’s most recent MD&A and in other continuous disclosure filings available on SEDAR+. Readers are urged to carefully review those risk factors, which are expressly incorporated by reference into this cautionary note.

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this press release. These financial measures are not defined under International Financial Reporting Standards (‘IFRS‘) and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

Net Present Value (NPV) – is the present value calculation of net profit from operations determined using a particular discount rate. All NPV values stated herein are on an after tax basis.

Internal Rate of Return (IRR) – is a financial metric used to assess an investment’s profitability by calculating the annual rate of return that makes the NPV of all cash flows (both positive and negative) equal to zero.

Payback – is calculated in years as the length of time that it takes to pay off the capital costs from annual net profit expected from operations at the Borralha Project.

Initial capital – is the initial capital cost amount required to be expended to construct the mine and tungsten concentrator process equipment and buildings to begin processing mineralized material into saleable tungsten concentrate at commercial quantities according to the life of mine plan at the Borralha Project. Table 3 above provides a breakdown of the initial capital costs. This is an estimate accurate to +/-35%.

Sustaining capital – is a supplementary financial measure which reflects cash basis expenditures which are expected to maintain operations and sustain production levels at the Borralha Project.

Capital costs or Total life of mine capital costs – include the Initial capital and the sustaining capital.

Operating costs – are the costs required to process mineralized material into saleable tungsten concentrate at the Borralha Project. This includes: underground mining; processing and plant operations; general and administrative costs; and site services and infrastructure support (see Table 4 above for a breakdown of the operating costs). This can be calculated on the unit basis per mtu WO3 produced.

Cash flow – includes average annual revenue, average annual EBITDA (earnings before interest, taxes, depreciation and amortization), average annual pre-tax cash flow, average annual free cash flow, life of mine revenue, life of mine free cash flow. Average annual revenue is the average annual gross revenue over the life of mine. Average annual EBITDA is the average annual EBITDA over the life of mine. Average annual pre-tax cash flow is the average over the life of mine of the annual free cash flow prior to deduction of taxes. Life of mine revenue is the total gross revenue over the life of mine. Life of mine free cash flow is the total free cash flow over the life of mine. Free cash flows are revenues net of operating costs, royalties, working capital adjustments, capital expenditures and cash taxes. The Company believes that this measure is useful to readers in assessing the Company’s ability to generate cash flows from Borralha.

All-In Sustaining Costs (AISC) – are comprised of sustaining capital expenditures and site level costs to support ongoing operations and closure costs. All-in sustaining costs per mtu WO3 is calculated as AISC divided by the amount of mtu WO3 produced during the period that the costs are incurred. All-in sustaining costs capture the important components of the Company’s production and related costs and are used by the Company and investors to understand projected cost performance at the Borralha Project. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Company. All-in sustaining cost includes both operating and capital costs required to sustain WO3 production on an ongoing basis. Sustaining operating costs represents expenditures expected to be incurred at the Project that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

1 Payback is a Non-GAAP measure. See notes below for additional information regarding payback.
2 mtu/WO3 = metric tonne unit of tungsten; WO3 is tungsten trioxide.
3 Initial capital cost is a Non-GAAP measure. See Table 3 below for a breakdown of the costs and the notes below for additional information regarding initial capital cost.
4 Average annual revenue, average annual EBITDA, and average annual free cash flow are Non-GAAP measures. See notes below for additional information.
5 NPV(8%) = net present value at a 8% discount rate. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. USD = United States dollars. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
6 IRR = internal rate of return. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
7 Initial capital cost is a Non-GAAP measure. See Table 3 above for a breakdown of the costs and the notes below for additional information regarding initial capital cost.
8 Sustaining capital is a Non-GAAP measure. See notes below for additional information regarding sustaining capital.
9 Total life of mine capital cost is a Non-GAAP measure. See notes below for additional information regarding total life of mine capital cost.
10 Operating cost is a Non-GAAP measure. See Table 4 for a breakdown of the Operating Costs and the notes below for additional information regarding Operating Cost.
11 Cash flow is a Non-GAAP measure. See Table 5 for a breakdown of the cash flow and the notes below for additional information regarding cash flow.

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News Provided by TMX Newsfile via QuoteMedia

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Trump says it’s an ‘honor’ to keep Strait of Hormuz open for China and other countries

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President Donald Trump said he wants to keep the Strait of Hormuz open, saying it would be an ‘honor’ to do so in an effort to help other nations that rely on the vital Middle East waterway.

Trump was speaking with reporters in Florida on Monday, when he was asked about the global energy choke point, which has been disrupted amid back-and-forth attacks between Iran and Israel and the United States. 

At about 21 miles wide at its narrowest point, the Strait of Hormuz is between Iran and Oman and carries roughly 20 million barrels a day and about one-fifth of global liquefied natural gas, making it a top-value target when conflict in the region erupts.

‘We’re really helping China here and other countries because they get a lot of their energy from the Straits,’ Trump said. ‘We have a good relationship with China. It’s my honor to do it.’

Trump is slated to meet with Chinese leader Xi Jinping later this month. While touting the United States’ new energy partnership with Venezuela, Trump noted that China gets its oil through the strait. 

‘I mean, we’re doing this for the other parts of the world, including countries like China,’ he said. ‘They get a lot of their oil through the straits.’

‘We have a very good relationship with President XI (Jinping) and China,’ he added. ‘I’m going there in a short period of time, and we’re protecting the world from what these lunatics are trying to do, and very successfully I might add.’

The U.S. will also waive all oil-related sanctions on some countries in an effort to reduce energy prices amid the conflict in the Middle East, Trump said.

The Islamic Revolutionary Guard Corps took to Iranian State TV vowing it would ‘not allow [the] export of a single liter of oil.’

Later, Trump reaffirmed his position on the strait in a fiery Truth Social post.

‘If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!,’ he wrote.

‘This is a gift from the United States of America to China, and all of those Nations that heavily use the Hormuz Strait. Hopefully, it is a gesture that will be greatly appreciated. Thank you for your attention to this matter!’


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Byron King: Gold, Silver, Oil/Gas — Stock Ideas and Strategy Now

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Byron King, editor at Paradigm Press, shares his approach to the gold and silver sectors as tensions in the Middle East intensify, also touching on oil and gas.

Overall he sees hard assets becoming increasingly key as global uncertainty escalates.

‘Own gold, own silver — physically own the metal for your own benefit,’ said King.

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

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