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Summit Royalties Ltd. (TSXV: SUM,OTC:SUMMF, OTCQB: SUMMF) (the ‘Corporation’ or ‘Summit’) announces that it has granted an aggregate of 350,000 restricted share units of the Corporation (‘RSUs’) to certain senior officers of the Corporation pursuant to its omnibus incentive plan (the ‘Plan’).

Of the 350,000 RSUs, 175,000 RSUs are scheduled to vest on March 9, 2027 and the remaining 175,000 RSUs are scheduled to vest on March 9, 2028. Once vested, each RSU represents the right to receive one common share in the capital of the Corporation per RSU held, a cash amount equivalent, or a combination thereof, in each case subject to the terms and conditions of the Plan and the applicable RSU agreement.

About Summit Royalties Ltd.

Summit Royalties Ltd. is a precious metals royalty and streaming company. Its current portfolio is anchored by cash-flowing production with additional royalties on advanced development- and exploration-stage properties. Summit’s mandate is to build its portfolio on a disciplined, per-share accretive basis through royalty and streaming acquisitions that deliver high-quality precious metals exposure and long-term cash flow growth. The Corporation has no debt and has sufficient cash on hand for future acquisitions. The Corporation’s registered office is located at One First Canadian Place, Suite 3400, Toronto, ON, M5X 1A4.

ON BEHALF OF THE BOARD OF DIRECTORS OF Summit Royalties Ltd.

Drew Clark
President and Chief Executive Officer
Summit Royalties Ltd.

For more information, contact:

Connor Pugliese, Vice President, Corporate Development
info@summit-royalties.com
+1 (289) 380-1960

Forwardlooking Statements

Certain statements contained in this news release may be deemed ‘forward‐looking statements’ within the meaning of applicable Canadian securities laws. These forward‐looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward‐looking statements. Forward‐looking statements are not guarantees of performance. Words such as ‘may’, ‘will’, ‘would’, ‘could’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘intend’, ‘estimate’, ‘continue’, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward‐looking statements. Information contained in forward‐looking statements, including with respect to, the Corporation’s objectives, anticipated growth and ability to execute acquisitions that increase production and drive cash flow growth’ and the Corporation having sufficient cash on hand for future acquisitions, are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, current information available to the management of the Corporation, as well as other considerations that are believed to be appropriate in the circumstances. The Corporation considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Corporation, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation and its businesses.

For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements made in this news release concerning the Corporation, see the section entitled ‘Risks and Uncertainties’ in the most recent management discussion and analysis of Summit which is filed with the Canadian securities commissions and available electronically under the Corporation’s issuer profile on SEDAR+ (www.sedarplus.ca). The forward‐ looking statements set forth herein concerning the Corporation reflect management’s expectations as at the date of this news release and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Highlights: Dolphin Area continued infill drilling demonstrates potential for higher grade within the main resource area and at depth with notable intercepts including:

  • 2.41 g/t Au over 18.9m
  • 1.46 g/t Au over 88.4m
  • 3.09 g/t Au over 40.8m
  • 2.94 g/t Au over 58.4m

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.

VANCOUVER, BC, March 10, 2026 /CNW/ – Freegold Ventures Limited (‘Freegold’) (TSX: FVL,OTC:FGOVF) (OTCQX: FGOVF) is pleased to report results from six additional drill holes completed at its Golden Summit project. Of these, three were drilled in the Dolphin area and three in the Cleary area. The results from these holes continue to demonstrate robust continuity of mineralization throughout the resource area.  Notably, the Dolphin area results indicate the potential for higher-grade mineralization within the main resource zone. These results also provide further validation of the current resource model, confirming both its reliability and the potential for further growth at Golden Summit.

Freegold Logo (CNW Group/Freegold Ventures Limited)

Both the already substantial size and exploration potential of the Golden Summit project clearly indicate that multiple development strategies can be pursued. Building on the success of the 2025 program, the 2026 drill program will continue to focus on tightening drill spacing to enhance the grade of the resource estimate prior to the pre-feasibility study (PFS). In addition, geotechnical and supplementary metallurgical test holes will also be drilled. Pilot-scale testing on a sample representative of the Golden Summit deposit is complete, and a flotation concentrate has been produced from a 1,500 kg sample collected from 12 drill holes. This concentrate, which is less than 4% of the original material, will undergo additional testing to refine the preferred oxidation or treatment process and determine the most effective processing methods during the PFS. So far, the prior oxidation test work has been highly successful, showing that total gold recoveries of over 90% are achievable. Tailings from locked-cycle flotation tests using the same flowsheet as the pilot plant have been analyzed for environmental characterization, including Acid Base Accounting (ABA) and Toxicity Characteristic Leaching Procedures (TCLP).  Tailings from the flotation-based flowsheet have been classified as low risk for acid generation due to the removal of sulphur and the presence of significant amounts of calcium carbonate. More specifically, results showed the Neutralization Potential to Acid Generating Potential ratio (NPR) of the flotation tailings was significantly above what is typically classified as non-acid generating. While maximizing recovery and NAV remain the priority, the project’s substantial resource base may permit a simpler processing flow sheet, which could lower both upfront capital and operating costs. This option will also be considered.

Two drill rigs are currently in operation, and a third crew is scheduled to arrive later this week. An additional three rigs will be deployed over the next six weeks to accelerate the completion of the drill program

Dolphin Area
Drilled to continue to evaluate zones of higher grade in the central Dolphin Area, Hole GSDL2537 demonstrates strong mineralized continuity as well as increased grade intersecting 2.41 g/t Au over 18.9m as well as 1.46 g/t Au over 88.4m.              

Hole

Depth (m)

Dip (°)

Azimuth (°)

From (m)

To (m)

Interval (m)

Au (g/t)

GS2537

706.2

-90

0

82.6

90.5

7.9

1.74

114.6

120.7

6.1

6.60

172.2

191.1

18.9

2.41

249

282.6

33.6

1.36

367.9

377

9.1

1.32

386.2

412.1

25.9

0.72

471.5

559.9

88.4

1.46

641

643.4

2.4

22.06

Hole GS2542
Hole GS2542 was strategically drilled in the central portion of the Dolphin area, with the primary objective of evaluating the potential for higher-grade mineralization within the central Dolphin Zone. The results from this drill hole confirm zones of higher-grade mineralization.

Several noteworthy higher-grade intercepts were encountered in hole GS2542. These results again highlight the potential to delineate distinct zones of higher-grade mineralization within the broader resource area. Significant intercepts include:

  • 1.70 g/t Au over 48.8 metres
  • 3.09 g/t Au over 40.8 metres

The presence of these intervals supports ongoing efforts to define and expand the resource’s higher-grade components.

Hole

Depth (m)

Dip (°)

Azimuth (°)

From (m)

To (m)

Interval (m)

Au (g/t)

GS2542

773

-80

0

13.4

102.4

89.0

0.71

120.7

166.4

45.7

0.86

212.1

260.9

48.8

1.70

370.6

393.8

23.2

1.05

519.6

553.5

33.9

1.07

570.6

611.4

40.8

3.09

GS2544
Hole GS2544 was drilled vertically in the northwest Dolphin area to evaluate the depth potential towards the northwest section of the main resource.

Results were highly encouraging, intersecting higher gold grades in the northwest portion of the main deposit and to depth. Several higher-grade gold intercepts were identified in the drill core, including:

  • 2.94 g/t Au over 21.9 metres
  • 2.34 g/t Au over 23.4 metres
  • 2.94 g/t Au over 58.4 metres

Based on these promising results, further drilling is planned for the northwest Dolphin area to continue evaluating the resource potential at depth and laterally.

Hole

Depth (m)

Dip (°)

Azimuth (°)

From (m)

To (m)

Interval (m)

Au (g/t)

GS2544

598.3

-90

0

201.1

215

13.9

5.17

incl

208.5

209.8

1.3

46.53

257.5

266

8.5

1.45

273.2

295.1

21.9

2.94

321.9

344

22.1

1.09

379.2

427.5

48.3

0.85

447.6

471

23.4

2.34

507.6

566

58.4

2.94

Incl

509

510.9

1.9

44.43

Cleary Area
Three holes were drilled in the Cleary Area. Holes GS2538 and GS2543 were drilled in the north-eastern part of Cleary, aiming to fill the area to the northeast. Hole GS2539 was drilled in the western section of the Cleary area and intersected several zones of higher-grade mineralization, including 1.41 g/t Au over 45.6 m and another 2.02 g/t Au over 15.2 m. There remains significant potential for expansion within the Cleary Area, especially to the southeast and towards the newly discovered Tamarack area, which is located 400 metres to the east.

Hole

Depth (m)

Dip (°)

Azimuth (°)

From (m)

To (m)

Interval (m)

Au (g/t)

GS2538

666.5

-70

0

331.3

355.7

24.4

1.35

Hole

Depth (m)

Dip (°)

Azimuth (°)

From (m)

To (m)

Interval (m)

Au (g/t)

GS2539

718.4

-70

0

53.6

63.1

9.5

6.28

358.8

361.8

3

13.50

425.5

471.1

45.6

1.41

511.6

547.7

36.1

0.78

581.3

596.5

15.2

2.02

Hole

Depth (m)

Dip (°)

Azimuth (°)

From (m)

To (m)

Interval (m)

Au (g/t)

GS2543

529.4

-75

0

12.2

23.2

11

1.06

300.8

319.4

18.6

1.36

2025/2026 Exploration Program Objectives
The objective of the current exploration program at Golden Summit is to advance the understanding of the mineralized zones within the project area with a particular emphasis on the western and eastern extensions of the existing resource. A major focus is to identify and delineate higher-grade corridors within the mineralized zones. Locating these corridors is a key priority, as their presence is expected to positively impact the project’s economics by potentially increasing the resource grade. The exploration program also includes geotechnical drilling, further metallurgical test work, and additional supporting studies to advance the overall project.  Drilling will target the WOW, Dolphin, and Cleary Hill areas, as well as the recently discovered Tamarack zone. As the season progresses, additional drilling is planned east of the main resource zone. This ongoing work is intended to further expand and refine the resource base, supporting the continued advancement and development of the Golden Summit project. Golden Summit’s history of gold occurrences, previous placer production, and its current resource base collectively highlight the project’s potential to evolve into a district of its own within an already prolific gold-producing area.

Plan Map and Section 479050E

https://freegoldventures.com/site/assets/files/6287/sn-e479050-dh-geol-with-2531.jpg
https://freegoldventures.com/site/assets/files/6287/nr-2025-drilling-20260309.jpg

Drilling concluded in mid-December with a total of 63 holes completed. Analytical work, including cutting and sampling of the remaining drill holes, is ongoing, with further results to be reported upon validation. 19 holes remain to be reported. Since 2020, Golden Summit has grown into one of North America’s largest undeveloped gold resources through targeted drilling campaigns, model improvements, and enhanced understanding of mineralization controls. Positive metallurgical results have advanced the project, with recovery rates exceeding 90% using sulphide-oxidizing techniques, including BIOX®, POX, and the Albion Process™. The GlassLock Process™ has also been tested, increasing the gold grade in the concentrate and reducing arsenic content, enabling direct-to-smelter sales.

As of July 2025, Golden Summit resources include an Indicated Primary Mineral Resource of 17.2 million ounces at 1.24 g/t Au and an Inferred Primary Mineral Resource of 11.9 million ounces at 1.04 g/t Au, using a 0.5 g/t cut-off grade and a gold price of $2,490. Ongoing cutting, sampling, and analytical work support an updated mineral resource estimate, which will incorporated into the upcoming Pre-Feasibility Study (PFS).

Analytical Program and QA/QC
HQ Core is logged, photographed and cut in half using a diamond saw, and one-half is placed in sealed bags for preparation and subsequent geochemical analysis by ALS’s facilities in Vancouver and Thunder Bay. Core samples were delivered to ALS’s facility in Vancouver, Canada, where each sample was crushed to 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No. 10) screen.  A representative ~500 g subsample was obtained by riffle splitting (SPL-32a) and analyzed for gold using ALS method Au-PA01, (Photon Assay) which provides a detection range of 0.03 to 350 ppm, in Thunder Bay. In addition, a subsample was analyzed for multi-element geochemistry using ALS method ME-ICP61 (34-element, four-acid ICP-AES).

A QA/QC program includes laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

Qualified Person and Disclosure
Alvin Jackson, P.Geo., Vice President of Exploration and Development for Freegold, is the Qualified Person responsible for the scientific and technical disclosure in this release.

About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration activities in Alaska.

For further information, contact
Kristina Walcott, President and CEO, 
at 1.604.662.7307 
or jkw@freegoldventures.com.

This press release contains statements that constitute ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release, include, without limitation, statements regarding advancing the Golden Summit Project and other exploration plans and results of any drill programs, statements regarding the timing for and expected completion of a pre-feasibility study, the results of any environmental initiatives or metallurgical testing and any development, or drilling. In making the forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. See Freegold’s Annual Information Form for the year ended December 31, 2024, filed under Freegold’s profile at www.sedarplus.com, for a detailed discussion of the risk factors associated with Freegold’s operations.

SOURCE Freegold Ventures Limited

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TORONTO, ON / ACCESS Newswire / March 10, 2026 / 55 North Mining Inc. (CSE:FFF,OTC:FFFNF)(FSE:6YF) (‘55 North‘ or the ‘Company‘) is pleased to announce a leadership transition designed to support the Company’s continued growth and advancement of its 100% owned Last Hope Gold Project in Manitoba, Canada.

Effective immediately, Wayne Parsons has been appointed Chief Executive Officer of 55 North Mining Inc., while Bruce Reid will transition to the role of Executive Chairman of the Board of Directors.

The leadership transition reflects the Company’s intention to strengthen its capital markets presence and accelerate the advancement of the Last Hope Gold Project. Mr. Parsons will focus on corporate growth, financing initiatives, and expanding investor engagement, while Mr. Reid will work with the Board to guide strategic development of the Company’s assets.

Mr. Parsons brings significant experience in the mining and capital markets sectors and will lead the Company through its next phase of exploration, resource expansion, and development at the Last Hope Gold Project. As CEO, he will focus on advancing the Company’s exploration strategy, strengthening relationships with investors and stakeholders, and positioning 55 North for long-term growth.

Mr. Reid, who has served as Chief Executive Officer since the Company’s formation, will continue to support the Company’s strategic direction and corporate development initiatives in his role as Executive Chairman.

‘Since Wayne has become involved with 55 North, the project has taken on a new vision,’ said Bruce Reid, Executive Chairman of 55 North Mining. ‘Following European road shows and recent exposure at the PDAC mining conference, investors have expressed confidence that with Wayne’s experience and leadership, the Company will be well positioned to attract capital, continue exploration, and move toward early-stage production.’

Wayne Parsons added: ‘I want to build this story into a much larger play, with Last Hope as the core asset. I believe we can build and expand this into something very significant. With investor support, my goal is to take this company from being a junior explorer to a mid-tier mining company.’

The Company believes this leadership transition will strengthen its ability to execute its exploration and development plans while enhancing its engagement with the investment community.

About 55 North Mining Inc.

55 North Mining Inc. is a Canadian exploration and development company advancing its high-grade Last Hope Gold Project located in Manitoba, Canada.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Wayne Parsons
Chief Executive Officer
55 North Mining Inc.
Phone: 519-871-3998
parsonswayne27@gmail.com

Bruce Reid
Executive Chairman
55 North Mining Inc.
Phone: 647-500-4495
bruce@mine2capital.ca

THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable securities laws. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s future exploration and development plans, its ability to attract capital, and the advancement of the Last Hope Gold Project.

Forward-looking statements are based on management’s current expectations and assumptions as of the date of this news release and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include but are not limited to: risks associated with mineral exploration and development, market conditions, availability of financing, operational risks, and other risks disclosed in the Company’s public filings.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements except as required by applicable securities laws.

SOURCE: 55 North Mining Inc

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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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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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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’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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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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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.

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.