President Donald Trump commuted the sentence of Jason Galanis, a convicted ex-business associate of Hunter Biden, whom Trump officials described as the ‘fall guy’ for the former first son’s business dealings.
Galanis was sentenced in 2017 to 189 months, or 14 years, in prison, after pleading guilty to securities fraud based on bonds issued by a company affiliated with a Native American tribe in South Dakota.
The funds were reportedly supposed to be used for certain projects, but were instead used for his personal finances.
A Trump administration official told Fox News Digital that Galanis served eight years and eight months of his sentence and had an ‘unblemished record while in prison.’ The official also said Galanis was sexually assaulted by a security guard while in prison.
The Trump official told Fox News Digital that Galanis ‘basically was the fall guy for Hunter Biden and Devon Archer.’ The official noted Galanis was ‘extremely cooperative’ during the 2024 House impeachment inquiry into the Biden family.
‘After serving eight years and eight months in prison on good behavior, the administration felt it was time for him to regain his liberty and go on into his private life,’ the official told Fox News Digital.
Congressional investigators interviewed Galanis while he was in prison to gather information on the Biden family’s business dealings and any ‘access’ to then-Vice President Joe Biden.
Galanis testified that Joe Biden was considering joining the board of a joint venture created by Hunter Biden and his business associates with ties to the Chinese Communist Party after he left the vice presidency.
Galanis said Joe Biden’s involvement would have brought ‘political access in the United States and around the world.’
Galanis testified that he worked with Archer and Hunter Biden between 2012 and 2015. Their business together, he said, included the acquisition of Burnham & Co, a division of Drexel Burnham Lambert, combined with ‘other businesses in insurance and wealth management.’ Galanis testified the three ‘owned and acquired with total audited assets of over $17 billion.’
‘Our objective was to build a diversified private equity platform, which would be anchored by a globally known Wall Street brand together with a globally known political name,’ Galanis testified. ‘Our goal — that is, Hunter Biden, Devon Archer and me — was to make billions, not millions.’
Galanis testified that ‘the entire value-add of Hunter Biden to our business was his family name and his access to his father, Vice President Joe Biden.
‘Because of this access, I agreed to contribute equity ownership to them — Hunter and Devon — for no out-of-pocket cost from them in exchange for their ‘relationship capital,’’ he told investigators.
Hunter Biden served as vice chairman of the Burnham group ‘and brought strategic relationships to the venture, including from Kazakhstan, Russia and China.’
Meanwhile, Archer was tied to the scheme that put Galanis in prison and was convicted in 2018 for defrauding the Native American tribal entity and various investment advisory clients of tens of millions of dollars in connection with the issuance of bonds by the tribal entity and the subsequent sale of those bonds through fraudulent and deceptive means.
The president pardoned Archer in March.
‘Many people have asked me to do this. They think he was treated very unfairly. And I looked at the records, studied the records. And he was a victim of a crime, as far as I’m concerned. So we’re going to undo that. … Congratulations, Devon,’ Trump said ahead of signing the pardon.
Archer thanked Trump ahead of officially receiving the pardon Tuesday, arguing he was ‘the victim of a convoluted lawfare effort.’
‘I want to extend my deepest thanks to President Trump,’ Archer said in a comment to the New York Post regarding the pardon. ‘I am grateful to the president for recognizing that I was the victim of a convoluted lawfare effort intended to destroy and silence me.
‘Like so many people, my life was devastated by the Biden family’s selfish disregard for the truth and for the peace of mind and happiness of others. The Bidens talk about justice, but they don’t mean it,’ he said. ‘I am grateful that the American people are now well aware of this reality.’
Galanis and Archer testified as part of the House impeachment inquiry against Joe Biden. The House of Representatives found, after months of investigating, that Biden had engaged in ‘impeachable conduct.’ In their nearly 300-page report, House lawmakers said he had ‘abused his office’ and ‘defrauded the United States to enrich his family.’
Republicans said there is ‘overwhelming evidence’ that Biden had participated in a ‘conspiracy to monetize his office of public trust to enrich his family.’ They alleged that the Biden family and their business associates had received tens of millions of dollars from foreign interests by ‘leading those interests to believe that such payments would provide them access to and influence with President Biden.’
Before leaving office, President Biden announced a blanket pardon that applied to any offenses against the U.S. that Hunter Biden ‘has committed or may have committed’ from Jan. 1, 2014 to Dec. 1, 2024.
‘From the day I took office, I said I would not interfere with the Justice Department’s decision-making, and I kept my word even as I have watched my son being selectively, and unfairly, prosecuted,’ President Joe Biden said. ‘There has been an effort to break Hunter — who has been five and a half years sober, even in the face of unrelenting attacks and selective prosecution. In trying to break Hunter, they’ve tried to break me — and there’s no reason to believe it will stop here. Enough is enough.’
Biden added, ‘I hope Americans will understand why a father and a president would come to this decision.’
Rio Silver Inc. (‘Rio Silver’ or the ‘Company’) (TSX.V: RYO) (OTC: RYOOF) announces that it has appointed Eric H. Hinton, P.Eng., FCIM, to the Advisory Board.
Eric H. Hinton, P.Eng., FCIM, has degrees from Haileybury School of Mines, Queen’s University and Laurentian University and is a registered professional engineer in Ontario and Manitoba. Eric is a Fellow of the Canadian Institute of Mining, Metallurgy and Petroleum and is also designated as a Qualified Person in underground mining from the Mining and Metallurgical Society of America in addition to a qualified person for National Instrument 43-101. Eric’s experience in small scale mining operations (from 50 to 500 tonnes per day) led him to acquire Basic Minerals SAC in Peru to launch the Mercedes Project which will become a 25000 tonne per annum polymetallic producer. His expertise will enable Rio Silver to engage in projects similar to Mercedes such as the recently acquired Maria Norte project, also in Peru, in order to potentially realize positive cashflow in the short term.
Mr. Hinton’s assistance managing the development of the recently acquired Maria Norte high-grade polymetallic silver, exploitation / exploitation property will bolster the company’s mandate for future sustainability.
The Company also announces that Christopher Hopton has joined the Board of Directors. Mr. Hopton presently serves as the Company’s CFO since 2019 and is a seasoned financial management professional with 25 years of experience leading the financial operations of resource and biotech companies across Canada and South America. His expertise spans financial planning, accounting policy, and business process optimization. As a trusted consultant in business investment and finance, Mr. Hopton has supported numerous public and private companies in their growth and operational efficiency.
Currently Mr. Hopton is serving as Chief Financial Officer at Rio Silver Inc. He previously held the role of CFO at Central Resources Corp., a junior mineral exploration company. Mr. Hopton also played a key role in the successful restructuring of 360 Networks, a network communications firm, culminating in a strategic buyout by Bell Canada.
Mr. Hopton holds a Bachelor of Business Administration degree and is a Certified Professional Accountant (CPA).
In addition, the Company announces the resignation of Edward J Badida from the Board of Directors. The Board would like to thank Mr. Badida for his many contributions on behalf of the Company’s shareholders over his tenure with the Company. Edward has served as CFO as well as his long-standing Board Directorship. Ed’s vast CFA experiences as a financial pilot for Junior Resource companies aided Rio Silver in its strategies at its many projects in Canada and Peru. We owe Ed our gratitude for his loyal and professional outlook protecting shareholder value. The Board has greatly valued Ed’s positive demeanor and sense of humor in our gatherings.
Company President Chris Verrico stated, ‘We are overjoyed and feel privileged with the high caliber of experience and insight Eric Hinton brings to the table. Having a lifetime of engineering robust and modern solutions for the underground mining industry Eric will bolster the company’s drive towards profitability.
We also are very pleased to have Chris Hopton step up to the Board Level and continue to provide and apply his astute guidance and perspective knowledge as we navigate through a period of both challenging times and tremendous opportunity. Both these gentlemen are team players contributing to the generation of both shareholder and stakeholder value through hard work and discipline. These are truly exciting times.’
We also want to take this opportunity to extend our heartfelt thanks to Ed Badida for his many years of guidance and insight and wish him only the very best for his long-deserved retirement away from the day-to-day issues of operating a junior mining enterprise.
ON BEHALF THE BOARD OF DIRECTORS OF Rio Silver INC.
Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (‘Riverside’ or the ‘Company’), is pleased to announce that the spin-out of its subsidiary, Blue Jay Gold Corp. (‘Blue Jay’), has been approved by shareholders and is now moving forward, with completion potentially expected in May or June of this year. This news follows the plan and actions announced in the Company’s press release dated February 28, 2025, at its annual and special meeting of shareholders held on March 31, 2025 (the ‘Meeting’), shareholders approved the previously announced plan of arrangement (the ‘Arrangement’) under the Business Corporations Act (British Columbia) (the ‘BCBCA’) involving the spin-out of its equity interest in its subsidiary, Blue Jay Gold Corp.
The Arrangement was approved by over 99% of votes cast by shareholders of Riverside (the ‘Riverside Shareholders‘) at the Meeting. Upon completion of the Arrangement, Riverside Shareholders will receive 1/5 of a Blue Jay common share (the ‘Blue Jay Shares‘) for each common share of Riverside held, resulting in shareholders owning shares in two public companies:
Riverside, which will continue to focus on its royalty generation and project generator model targeting gold, copper, and rare earth elements in the Americas, and
Blue Jay, which will pursue exploration and development of the Pichette-Clist, Oakes and Duc Gold Projects located in northwestern Ontario.
‘We are very pleased with the strong shareholder support for the spin-out of Blue Jay, which reflects the confidence in Riverside’s strategy to unlock value through focused project generation and royalties,’ said John-Mark Staude, President and CEO of Riverside. ‘This transaction enables both companies to sharpen their strategic priorities, and we’re excited to see Blue Jay carry forward the Ontario gold assets while Riverside continues to advance its copper, gold, and critical metals portfolio in the Americas.’
‘We’re thrilled to launch Blue Jay as a fresh, compelling gold exploration business in one of Canada’s most proven and mining-friendly jurisdictions,’ added Geordie Mark, President and CEO of Blue Jay. ‘Our flagship projects are located in northwestern Ontario, a region that has been producing gold for decades and is home to established infrastructure and major operating gold mines; both past and present. With strong community support, a clean share structure, and a highly prospective land package near active production, Blue Jay offers investors early exposure to a focused exploration company with significant discovery potential.’
John-Mark Staude, CEO of Riverside Resources, and Geordie Mark, CEO of Blue Jay Gold, would like to express their appreciation to shareholders for their support of the spin-out. Click this video LINK where both executives share their enthusiasm for the road ahead and reaffirm their commitment to driving value for shareholders through focused execution and exploration.
All other matters presented to shareholders at the Meeting were also approved, including the receipt of the audited financial statements for the fiscal year ended September 30, 2024, setting the number of directors at five, the election of John-Mark Staude, James Clare, Walter Henry, James Ladner and Bryan Wilson to its board of directors for the ensuing year, the re-appointment of Davidson & Company LLP as auditor and authorization for the directors to fix the auditor’s remuneration, and the re-approval of Riverside’s rolling stock option plan. The special resolution approving the Arrangement pursuant to Section 288 of the BCBCA was virtually unanimously approved by 99.992% of the votes cast by Riverside Shareholders present in person or represented by proxy at the Meeting.
Subject to final court approval and satisfaction of customary closing conditions, including conditional listing approval by the TSX Venture Exchange (the ‘TSXV‘) for the Blue Jay Shares, the transaction is expected to be completed in Q2 2025.
Riverside believes that the Arrangement will enhance shareholder value by allowing both Riverside and Blue Jay to pursue focused strategies aligned with their respective assets. Following the transaction, Blue Jay will have its own dedicated management team and capital structure to accelerate exploration of the Ontario properties, while Riverside will continue to advance its portfolio of gold, copper, and rare earth projects through partnerships and royalties.
The Blue Jay Shares are expected to be listed on the TSXV following completion of the Arrangement. Additional details about the Arrangement are included in the Company’s management information circular dated February 18, 2025, available on Riverside’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at www.rivres.com.
About Riverside Resources Inc. Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF Riverside Resources Inc.
‘John-Mark Staude’
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., ‘expect’,’ estimates’, ‘intends’, ‘anticipates’, ‘believes’, ‘plans’). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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 release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246840
Finding stocks that show promising opportunities can be challenging in a market that goes up and down based on news headlines. But, it’s possible.
In this video, watch how Grayson Roze and David Keller, CMT use the tools available in StockCharts to find stocks that are breaking out, displaying relative strength setups, and exhibiting moving average signals. Be sure to watch it. You may find some hidden gems!
1911 Gold Corporation (‘ 1911 Gold ‘ or the ‘ Company ‘) (TSXV: AUMB; OTCBB: AUMBF; FRA: 2KY) is pleased to announce the assay results from eight (8) drill holes for 1,672.0 metres (‘m’) from the ongoing surface drill program at the recently discovered San Antonio Southeast target at the True North Project. The True North project, including a permitted mill, camp, and tailings facility, is centrally located on the Company’s 100%-owned Rice Lake Gold property in southeast Manitoba, Canada .
Highlights:
Drilling has continued to expand the near-surface quartz vein hosted gold (‘Au’) mineralization on the recently discovered San Antonio Southeast (‘SAM SE’) target
San Antonio Southeast Target
Drill results confirmed the southeastern extension of gold mineralization within the prolific San Antonio mafic unit to depths of over 400 m and along strike for over 500 m , including:
TN-25-034: Intersected 7.13 grams per tonne (g/t) Au over 2.10 m at a downhole depth of 99.00 m including 12.80 g/t Au over 1.00 m , 7.67 g/t Au over 1.00 m at a downhole depth of 139.70 m , and 14.97 g/t Au over 2.70 m at a downhole depth of 145.00 m including 71.60 g/t Au over 0.50 m
TN-25-033A: Intersected 7.71 g/t Au over 1.80 m at a downhole depth of 94.00 m , 7.05 g/t Au over 3.10 m at a downhole depth of 102.00 m including 16.50 g/t Au over 1.20 m , and 5.34 g/t Au over 6.00 m at a downhole depth of 121.50 m including 7.32 g/t Au over 1.20 m and 8.58 g/t Au over 1.10 m
TN-25-027: Intersected 18.80 g/t Au over 0.70 m at a down-hole depth of 27.90 m extending mineralization over a strike length of 50 m to the east of hole TN-24-023
TN-25-019: Intersected 13.20 g/t Au over 0.50 m at a down-hole depth of 253.00 m , extending mineralization over 125 m to the east of hole TN-24-011
TN-25-027: Intersected 18.80 g/t Au over 0.70 m at a down-hole depth of 27.90 m , extending mineralization over an additional strike length of 50 m from TN-24-023
TN-25-028: Intersected 8.36 g/t Au over 0.80 m at a downhole depth of 48.80 m , a 50 m down plunge extension of hole TN-24-027
TN-25-030: Intersected 8.78 g/t Au over 0.80 m at a downhole depth of 165.30 m , an 80 m down plunge extension from hole TN-24-021
Shaun Heinrichs , CEO and President, stated, ‘These latest results confirm the discovery of the SAM Southeast target as a parallel ore shoot similar to the San Antonio Mine vein system with the potential to have the same down-dip extension. These parallel systems are exactly what our geology team, under Michele Della Libera’s leadership, are targeting – a repetition of mineralization, starting on surface and extending to depth, as a result of multiple east-west shear veins intersecting with the favourable host rocks identified at the True North project. The historical discovery of the Hinge, Cohiba, and 007 mines show the potential for a number of additional stacked systems, with our current drill program designed to test a number of new targets with similar significant potential.’
1911 Gold has now completed thirty-one (31) surface drill holes, for a total of 7,216.4 m . The current drill program commenced in October 2024 and remains ongoing with new targets being generated and drill tested within prospective host rock, and structural settings, including significant historical results. The program is ongoing and planned to include up to 30,000 m of drilling by the end of 2025.
San Antonio Southeast target: Discussion of Results
Drilling completed to date has confirmed the extensions of gold mineralization within the SAM gabbro to over 500 m southeast of the historically mined San Antonio zone, covering an area 400 m long and over 550 m to depth. Twenty-one (21) drill holes for a total of 4,894.40 m have been completed to date on the SAM SE target area. Three drill holes were abandoned without reaching target depth due to ground conditions.
The latest drill holes extended the footprint of mineralization another 200 m to the southeast. The drilling completed to date on the SAM SE target confirmed the presence of a vein system parallel to the San Antonio Mine ore body, which has the same geological, alteration and mineralization characteristics. The high-grade gold intercepts in the drill holes released are also enhancing our confidence to define higher grade zones within the target area both along strike and down plunge. Further data interpretation will support the planning refinement for the next phase of exploration drilling, which will be focused on deeper drilling to properly define the potential extension of the zone. The mineralized intercepts are characterized by quartz-carbonate shear veins and vein breccias with sericite, chlorite alteration and up to 2% pyrite disseminated and in veinlets developed in association with northeast and northwest trending sub-vertical shear zones.
Maximum of 2.50 m internal dilution and no top capping applied
3)
Intervals represent drill core length and are considered to represent 60% to 90% of true widths
4)
Full Significant Assay Results included in Table 2
5)
Drill hole Information included in Table 3
San Antonio Southeast Target
The San Antonio Southeast target is located approximately 350m southeast of the historically mined San Antonio zone of the True North Gold Mine. The San Antonio Southeast target occurs within the gabbro of the San Antonio mafic unit and the intersection with the L-10 shear zone. The SAM gabbro hosts the majority of the known gold mineralization within the True North Mine and historically produced 1,309,351 ounces Au at an average grade of 9.33 g/t Au. The SAM SE target also hosts the 710-711 vein system at depth, which contains a mineral resource of 198,000 oz Au @ 5.21 g/t Au indicated and 118,000 oz Au @ 3.91 g/t Au ( see press release dated November 20, 2024 , ‘1911 Gold Announces Mineral Resource Estimate Update for the True North Gold Project’ ) located on the ’26 Level’ of the True North underground mine at a depth approximately 1,000 m down-dip of the current drilling. The L-10 shear zone also hosts a gold mineralized vein system within the parallel Shoreline Basalt unit containing 58,000 oz Au @ 4.99 g/t Au indicated and 61,000 oz @ 3.96 g/t Au inferred resources (See Figure 2).
Next Steps
With the continued intersection of good gold mineralization in step-out drilling of near surface targets at the True North Gold Mine complex in the San Antonio West, Hinge East and San Antonio Southeast target areas, 1911 Gold is continuing to test new targets as well as expand the footprint of the newly discovered zones. The program’s ongoing success has expanded the current drill program to comprise over 30,000 m of drilling. Two drill rigs have been operating on the property to test the open extensions at San Antonio West and San Antonio Southeast as well as other new targets.
Table 3: True North; Drill Hole Details
Drill Hole (Number)
`Target
(Name)
Northing* (m)
Easting* (m)
Elevation (masl)
Azimuth (°)
Inclination (°)
Depth (m)
TN-25-018
SAM-Southeast
5655444
312790
252
175
-45
269.0
TN-25-019
SAM-Southeast
5655444
312790
252
156
-45
323.0
TN-25-020
SAM Southeast
5655311
312609
251
156
-49
131.0
TN-25-027
SAM Southeast
5655325
312562
290
113
-53
128.0
TN-25-028
SAM Southeast
5655416
312542
258
164
-58
155.0
TN-25-030
SAM Southeast
5655470
312610
256
163
-47
230.0
TN-25-031
SAM Southeast
5655470
312610
256
155
-62
242.0
TN-25-033A
SAM Southeast
5655466
312612
256
185
-45
194.0
*
Coordinates are provided in UTM NAD83 Zone 15
Qualified Person Statement
The scientific and technical information in this news release has been reviewed and approved by Mr. Michele Della Libera , P.Geo, Vice-President Exploration of 1911 Gold, who is a ‘Qualified Person’ as defined under NI 43-101.
Core samples are collected by sawing the drill core in half along the axis, with one-half sampled, placed in plastic sample bags, labelled, sealed and the other half retained for future reference. Batches are shipped to Activation Laboratories Ltd. (Actlabs), in Thunder Bay, Ontario for sample preparation and analysis. Gold analysis is completed by fire-assay with an atomic absorption finish on 50 grams of prepared pulp. Samples returning values greater or equal to 5.00 g/t are reanalysed by fire assay with a gravimetric finish. Total gold analysis (Screen Metallic Sieve) is conducted on highly mineralized samples or the presence of visible gold. Certified gold reference material samples are inserted every 20 samples and blank samples at intervals of one in every 50 samples, with additional blanks inserted after samples hosting visible gold. Repeat third-party gold analyses for 5% of all submitted sample pulps are analyzed at ALS-Chemex Laboratory, North Vancouver, Canada .
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totaling more than 61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba , and also owns the True North mine and mill complex at Bissett, Manitoba . 1911 Gold believes its land package is a prime exploration opportunity, with the potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario , and intends to focus on organic growth and accretive acquisition opportunities in North America .
1911 Gold’s True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or describes a ‘goal’, or variation of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.
All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, the tax treatment of the securities issued under the Offering, the timing for the Qualifying Expenditures to be renounced in favour of the subscribers, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE 1911 Gold Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/01/c4627.html
House Republicans are going all out this week to signal their support for the Trump administration amid multiple legal standoffs over White House policy.
A bill to limit U.S. district court judges’ ability to issue nationwide injunctions sailed through the House Rules Committee – the last gatekeeper for bills before a chamber-wide vote – in a party-line vote Monday evening, as expected.
On Tuesday morning, meanwhile, two high-profile panels on the House Judiciary Committee will hold a hearing at 10 a.m. ET on ‘judicial overreach and constitutional limits on the federal courts.’
‘Clearly,our members are as angered as President Trump about some of these rogue judges,’ House Majority Leader Steve Scalise, R-La., the No. 2 House Republican, told Fox News Digital in a brief interview. ‘So we’re doing a number of things.’
The hearing will be held by the House Judiciary Committee’s subcommittee on the Constitution, led by Rep. Chip Roy, R-Texas, and its subcommittee on courts, led by Rep. Darrell Issa, R-Calif.
Notably, former House Speaker Newt Gingrich, R-Ga., is expected to testify, as is a woman described as a victim of criminal activity perpetrated by the terrorist organization Tren de Aragua in Aurora, Colorado.
Her appearance is likely linked to the ongoing legal showdown between the Trump administration and U.S. District Judge James Boasberg after he issued an emergency 14-day pause on the White House’s deportation flights of suspected Tren de Aragua gang members to El Salvador.
‘We share the president’s concern that you’ve got some judges that have overstepped their boundaries,’ Scalise said. ‘I mean, you have a plane flying with hardened criminals … and Judge Boasberg orders the plane to turn around in mid-flight … and bring hardened criminals back to America who were already here illegally. That’s clearly judicial activism and a judge trying to become the executive. That’s not his role.’
Issa is also spearheading the No Rogue Rulings Act (NORRA Act) to get a House-wide vote this week, which would limit the ability of Boasberg and other district court judges from issuing rulings that affect Trump policies across the country, beyond their direct jurisdiction.
That legislation is likely to pass with little if any Republican dissent. Two people familiar with discussions told Fox News Digital this month that Capitol Hill aides were told Trump ‘likes’ the bill.
House Majority Whip Tom Emmer, R-Minn., the No. 3 House Republican, also made clear leadership is united behind this week’s strategy.
‘Judges cannot act as pseudo-legislators to advance their political agenda; that’s not how our government works,’ Emmer told Fox News Digital exclusively in a written statement. ‘I’m grateful for Chairman Jordan and Congressman Issa’s leadership in House Republicans’ efforts to ensure impartiality on the bench.’
But it’s clear there’s an appetite among Republican judiciary hawks and conservatives to go further.
Scalise would not go into specifics but vowed, ‘Everything’s being looked at, and all options are on the table.’
Democrats are vowing to push back, with Rep. Jamie Raskin, D-Md., the top Democrat on the House Judiciary Committee, accusing Trump of using judges as ‘scapegoats’ for his policy setbacks.
‘This week’s efforts to distract from Trump’s serial violations of the Spending Clause, the separation of powers, the Birthright Citizenship Clause, Equal Protection, the First Amendment freedom of speech, Fifth Amendment Due Process and Sixth Amendment right to counsel will include a House hearing made for Trump’s viewing pleasure and a vote on a Republican bill to ban nationwide injunctions,’ Raskin told Fox News Digital.
‘As my colleagues embark on this embarrassing diversion, Judiciary Democrats will remind them at every turn: it’s not the courts’ fault that Trump keeps losing these cases. No amount of finger pointing will shift responsibility from this rogue president who keeps deliberately trashing the Constitution and violating the rights and freedoms of the people of the United States.’
There have been over a dozen injunctions levied against various Trump policies across the country, from birthright citizenship reform to the Department of Government Efficiency (DOGE).
House Speaker Mike Johnson, R-La., met privately with Republican judiciary committee members last week for what sources called a ‘brainstorming’ session.
Ideas raised by lawmakers included a fast-tracked appeals process, wielding Congress’ spending power over the judiciary, and limiting the ability to ‘judge shop.’
And some conservatives are eager to target specific judges they believe are abusing their power via the impeachment process, but House Republican leaders are wary of that route and believe it to be less effective than other legislative avenues.
Conservatives could still force Johnson’s hand by filing a ‘privileged’ impeachment resolution, meaning the House would have to at least hold a procedural vote on the measure within two legislative days.
Fox News Digital is not aware of any current plans to do so, and Johnson assured Republicans at their closed-door meeting last week that he was in contact with the White House every step of the way.
Trump’s GOP Senate allies are rolling out their own strategy to push back on activist judges in the coming days, with the Senate Judiciary Committee teeing up a similar hearing to the House’s Tuesday event.
Sen. Cory Booker, D-N.J., spoke out against President Donald Trump and Elon Musk on the Senate floor throughout the night after beginning his marathon speech at 7 p.m. Monday.
The senator was still speaking on the floor at 6 a.m. Tuesday, 11 hours after he had begun.
Booker received some support from other Senate Democrats, whom he allowed to speak at times, during his hourslong show of opposition against the Trump administration.
Booker said toward the beginning of his speech that Trump, in 71 days, ‘has inflicted so much harm on Americans’ safety, financial stability, the core foundations of our democracy, and even our aspirations as a people for, from our highest offices, a sense of common decency.’
Sen. Chris Murphy, D-Conn., who said he planned to join Booker ‘for the entirety of his speech,’ noted that he was ‘returning the favor’ as Booker joined him when he ‘launched a filibuster to demand action on gun violence nine years ago.’
Murphy was among the Democrats who provided Booker with some relief by speaking at times to punctuate the marathon session.
In the social media video, Murphy described his colleague’s effort as ‘extraordinary.’
Booker said in a video before he began his demonstration that he plans to continue speaking as long as he is ‘physically able.’
The minimum wage is one of the most frequently debated economic policies of the modern era. Advocates argue that it protects low-income workers from exploitation and ensures a livable wage. Critics contend that it distorts labor markets, reduces employment opportunities, and can contribute to inflation.
This explainer offers a comprehensive analysis of the minimum wage, exploring its history, mechanics, intended goals, and real-world economic impact. We will also examine common criticisms and misconceptions about the minimum wage from a free-market perspective.
The History of the Minimum Wage
The idea of a government-mandated minimum wage first emerged in the late nineteenth and early twentieth centuries, under the ideological sweep now known as the Progressive Era. New Zealand was the first country to implement a national minimum wage (1894), followed by Australia (1907). In the United States, the minimum wage became law with the Fair Labor Standards Act (FLSA) of 1938, which set a national wage floor of $0.25 per hour (about $5.50 in 2024 dollars). The law aimed to prevent employers from paying substandard wages, particularly during the Great Depression.
Over time, the US minimum wage has been adjusted repeatedly, both in nominal terms (actual dollars and cents) and in response to inflation (to adjust for lost purchasing power). Many other countries have taken similar steps, though the specifics vary widely. Some nations, such as Switzerland and Sweden, have no statutory minimum wage, instead relying on industry-specific wage agreements negotiated through collective bargaining.
How the Minimum Wage Works
At its core, a minimum wage law establishes a legally binding floor on wages, meaning employers cannot pay workers below a certain hourly rate. Certain employers may be exempt from minimum wage laws, such as small businesses with fewer than a specified number of employees, those hiring seasonal or agricultural workers, and family-owned businesses where only immediate relatives are employed. Additionally, exceptions often apply to tipped workers, student workers, and certain disabled employees under specialized wage programs, allowing employers to pay below the standard minimum wage under specific conditions.
The intent, as typically stated, is to ensure that even the lowest-paid jobs provide a basic standard of living. The minimum wage does not operate in a vacuum, however. Its effects depend on broader economic conditions, labor market dynamics, and the relative bargaining power of employers and employees. When a minimum wage is set above the market equilibrium rate—the wage at which supply and demand for labor naturally balance—it can lead to unintended consequences, such as reduced employment opportunities and increased automation.
The economic explanation is found in the graph below:
When a minimum wage (Pmw) is set above the market equilibrium wage (P*), a labor surplus is generated. At the equilibrium price (P*) and quantity (Q*), labor supply and demand are balanced. However, at the higher mandated wage (Pmw), the quantity of labor supplied (Qs) exceeds the quantity of labor demanded (Qd), resulting in excess labor—commonly referred to as unemployment. The discrepancy reflects the reduced hiring incentives for employers and the increased willingness of workers to enter the labor market at the elevated wage level.
The Minimum Wage in the United States
In the United States, the federal minimum wage is set by Congress and applies to most workers covered under the Fair Labor Standards Act (FLSA). As of 2024, the federal minimum wage remains at $7.25 per hour, a level unchanged since 2009. Individual states, however, have the authority to set their own minimum wages above the federal level, and many have done so to reflect local cost-of-living differences. As of March 2025, the highest state minimum wage is in Washington, at $16.28 per hour, while the lowest federal level remains in states that have not enacted their own higher wage laws. Some cities, such as Seattle and San Francisco, have implemented even higher local minimum wages.
Employers are legally bound to comply with the highest applicable wage—whether federal, state, or local—ensuring that workers receive the maximum legally mandated amount in their jurisdiction.
What the Minimum Wage Actually Does
Economists have extensively studied the effects of minimum wage laws, and findings indicate that the policy often comes with trade-offs. Here are some of the primary impacts of a minimum wage:
Sets a Floor on Labor Costs
A legally mandated minimum wage forces employers to pay at least a specified amount, regardless of the productivity or skill level of the worker. When businesses are legally mandated to pay higher wages, they may compensate by reducing other forms of compensation, such as benefits, bonuses, or training opportunities. Furthermore, industries with low profit margins (retail, food service, hospitality) are disproportionately affected, as they rely heavily on low-wage labor. These increased labor costs result in higher prices for consumers, potentially offsetting the intended benefits of wage increases.
Reduces Employment
When a minimum wage is set above the market rate for specific jobs, it creates a price floor that can lead to labor surpluses—commonly referred to as unemployment. Employers may find it too costly to hire as many workers as they otherwise would, particularly those in entry-level or low-skilled positions. This is especially concerning for small businesses, which often operate on tight budgets and cannot absorb higher wage costs as easily as large corporations. Empirical studies on this issue have produced mixed results, but many show that increasing the minimum wage leads to job losses, particularly among young and less-experienced workers. Over time, this effect can contribute to higher structural unemployment and reduced workforce participation.
Incentivizes Employers to Hire Fewer Workers and Work Them Harder
To maintain profitability amid rising labor costs, employers often adjust their workforce strategy by hiring fewer employees and increasing the workload of those who remain. This means existing workers may face greater job demands, longer shifts, and increased pressure to be more productive. While some employees may appreciate the extra hours, others may experience burnout, stress, and reduced job satisfaction. Additionally, businesses may shift toward employing fewer full-time workers and instead rely on part-time or temporary staff to reduce costs. This can make it more difficult for employees to secure stable, long-term employment with non-wage benefits such as health insurance and retirement contributions.
Encourages Automation
As the cost of human labor rises, businesses have a stronger incentive to invest in automation to perform tasks previously done by low-wage workers. This trend is particularly evident in industries like fast food, retail, and manufacturing, where self-checkout kiosks, robotic food preparers, and automated customer service software are increasingly replacing human employees. While automation can improve efficiency and reduce business costs, it also reduces opportunities for low-skilled workers to gain entry-level jobs that provide essential work experience. Over time, this shift can exacerbate income inequality by favoring highly skilled workers who design and maintain automated systems, while eliminating opportunities for those with fewer skills.
Distorts Market Signals
In a free-market economy, the price of labor functions as a key signal to allocate labor resources efficiently. When wages are artificially set above equilibrium levels, businesses and workers receive distorted signals about labor supply and demand. For example, high minimum wages can lead to an oversupply of workers seeking jobs that no longer exist, while discouraging investment in industries that might otherwise create more employment opportunities. Furthermore, businesses may relocate operations to regions with lower labor costs or invest in outsourcing, reducing domestic job availability. These distortions lead to unintended consequences and inefficiencies, such as labor shortages in specific sectors and persistent unemployment in others.
Hurts Marginal Workers the Most
One of the most concerning effects of high minimum wages is their disproportionate impact on marginal workers—those with the least experience, lowest skill levels, or the greatest barriers to employment. Young workers, immigrants, and individuals with limited education often struggle the most to secure jobs when wage floors are high, as employers prioritize hiring more experienced or highly skilled workers. This can create long-term economic disadvantages, as job seekers are unable to gain the experience necessary to move up the career ladder. Additionally, minority and disadvantaged communities are often hit hardest by minimum wage hikes, as they tend to have higher unemployment rates and greater dependence on low-wage jobs for workforce entry.
Ignores Business Heterogeneity
A mandated minimum wage assumes a one-size-fits-all approach to labor costs, ignoring the vast differences in business structures, profit margins, and financial resilience across industries. A large multinational corporation can often absorb higher wage costs with relative ease, while small businesses with lower revenue streams may struggle to remain viable. This disparity can trigger market consolidation, where only larger firms survive, reducing competition and innovation. Additionally, regional cost-of-living variations make a federal wage policy particularly problematic, as a rate that is feasible in a high-cost metropolitan area may be unsustainable in a rural town.
Variables Affecting the Impact of a Minimum Wage
The economic impact of a minimum wage increase depends on several key variables. One of the most important factors is the size of the jump from one increase to the next. When minimum wages (labor costs) rise significantly over a short period, businesses have less time to adapt, which can lead to employment reductions, automation, or price increases. Another factor is the frequency of increases; more frequent but smaller adjustments can allow employers to gradually adapt, whereas infrequent but large jumps tend to create economic shocks. Finally, the gap between the prevailing average wage in a state or locality and the new minimum wage is critical. If the minimum wage is already close to the median wage, the impact on employment is likely to be small. However, if the minimum wage is significantly higher than what many workers currently earn, businesses may struggle to absorb the cost increases, leading to job losses or cutbacks in hours. These variables shape how disruptive a given minimum-wage policy is to labor markets.
The Card Krueger Findings
One of the most well-known studies on the minimum wage was conducted by economists David Card and Alan Krueger in the early 1990s. Their research examined the impact of a minimum wage increase in New Jersey’s fast-food industry, comparing employment changes to neighboring Pennsylvania, where the minimum wage remained unchanged. Their findings suggested that, contrary to conventional economic theory, the wage increase did not lead to a reduction in employment and may have even slightly increased job numbers.
While Card and Krueger’s study has been widely cited by minimum-wage proponents, its findings are highly context-dependent. The study focused on a specific industry (fast food) in a limited geographic region and covered a relatively modest wage increase ($0.80). Additionally, factors such as local labor market conditions, employer responses, and data-collection methods have been subjects of debate. Later research, using more comprehensive datasets and improved methodologies, has produced mixed results, with many studies confirming that higher minimum wages tend to reduce employment, particularly among low-skilled workers. Thus, while Card and Krueger’s findings contribute to the discussion, they do not establish a universal principle applicable to all minimum wage increases.
Common Assertions Regarding Minimum Wage Laws
“Raising the minimum wage will reduce poverty.”
While higher wages benefit those who remain employed, job losses among the least skilled workers often offset these gains. Moreover, many low-wage workers are not in poverty (e.g., teenagers from middle-class families), and many impoverished individuals do not work at all. Direct cash transfers, earned income tax credits, and job-training programs are often more effective poverty-reduction tools.
“Minimum wage increases boost the economy by increasing worker spending.”
Although higher wages may increase spending for some workers, the net economic impact is unclear. Higher labor costs force businesses to raise prices, cut jobs, or reduce investment, which can counteract any demand-side stimulus. Moreover, mandated wage hikes do not create new wealth—they simply redistribute it, often inefficiently.
“Businesses can easily absorb higher wages by reducing profits.”
Many small businesses operate on thin profit margins and cannot simply absorb higher wages without making other adjustments. Large corporations may be better positioned to handle wage hikes, but small businesses—which employ a significant portion of the workforce—may struggle to remain viable.
“Raising the minimum wage will reduce reliance on government assistance.”
While some workers may rely less on social welfare programs after a wage increase, others will lose jobs or see their hours cut, potentially increasing their need for assistance. Additionally, higher wages do not address underlying issues such as high living costs or a lack of affordable housing.
“Other countries have high minimum wages without major job losses.”
Countries with high minimum wages often have other policies that offset their impact, such as lower payroll taxes, less-restrictive labor regulations, or stronger apprenticeship programs. Moreover, countries with stronger productivity growth can sustain higher wages without adverse employment effects.
The idea that a legislated wage floor ensures fairness ignores that wages naturally adjust to reflect worker productivity. In competitive labor markets, employers must offer wages that attract and retain employees. If a worker’s productivity does not justify the minimum wage, employers are incentivized to automate or eliminate the role entirely, reducing opportunities for low-skilled workers.
“The minimum wage helps lift low-income workers out of poverty.”
While higher wages help some workers, minimum wages often lead to job losses, particularly for young and inexperienced employees. Rather than lifting people out of poverty, a minimum wage increase can push marginal workers into unemployment, and trap others by removing the bottom rung of the employment ladder. Targeted policies such as the Earned Income Tax Credit (EITC) are more effective in assisting low-income workers without distorting labor markets.
“Minimum wages stimulate consumer spending, and workers with higher incomes are likely to spend more, boosting demand in the economy.”
Though higher wages may increase individual spending, the broader economic impact cannot be ignored. Employers facing higher labor costs may offset these expenses by reducing jobs, cutting hours, or raising prices. The net effect can neutralize or even reverse any perceived boost in overall consumer spending.
“By setting a higher wage floor, minimum wages may reduce worker exploitation and turnover.”
While higher wages may reduce turnover, they also lead employers to increase workloads for existing employees and impose stricter hiring requirements. This disproportionately harms low-skilled workers who rely on entry-level jobs as stepping stones to better employment. A freer labor market allows for more diverse job opportunities and career progression.
“Raising the minimum wage lifts the earnings of the lowest-paid workers, thereby reducing income inequality.”
Artificially raising the wage floor compresses the wage distribution, but does not address underlying skill gaps or barriers to upward mobility. Instead, it discourages investment in workforce training and makes it harder for low-skill and entry-level workers to gain employment. Economic growth driven by innovation and productivity gains is a more sustainable way to reduce inequality than wage mandates.
While outside the main focus of this discussion, it’s worth briefly considering whether the wage gap merely reflects variations in skill, experience, and other factors, and if efforts to narrow it might unintentionally cause more harm than benefit.
Recent Findings
Recent studies have examined the effects of minimum wage increases on various demographic groups, including young people, individuals with low skill levels, and minorities. Key findings include:
General Employment Effects: A comprehensive meta-analysis by Neumark and Shirley (2021) found that 79.3 percent of studies reported negative employment effects following minimum wage hikes, with the impact being more pronounced among teens, young adults, and less-educated workers.
Impact on Young Workers: Research by Kalenkoski (2024) indicates that minimum wage increases can lead to reduced employment opportunities for young, unskilled workers. A separate study highlighted that a 10 percent increase in the minimum wage could result in a decrease in employment rates among this group.
Effects on Low-Skilled Workers: Newmark (2018), focusing on the least-skilled workers, finds strong evidence that minimum wage increases can lead to job losses in this demographic.
Influence on Minority Employment: National Bureau of Economic (NBER) research suggests that race differences in employment effects of minimum wages could be more pronounced when considering low education and skill levels. The study specifically found evidence that higher minimum wages led to greater job losses among black workers compared to other racial groups.
On-the-Job Training Reduction: A study by Neumark and Wascher found that a 10 percent increase in minimum wages decreased on-the-job training for young people by 1.5 to 1.8 percent, potentially hindering skill development and future earnings.
These findings underscore the complex and varied impacts of minimum wage policies across different segments of the labor market. Pushing on one economic lever has varied effects, many of them unintended.
Conclusion
The minimum wage remains a contentious policy. While well-intended in its aim to protect workers and alleviate poverty, a minimum wage generates significant trade-offs that should not be ignored. Minimum wages artificially raise labor costs, which can lead to unintended economic distortions, including reduced employment opportunities, increased automation, and higher consumer prices. Small businesses, which often operate on thin profit margins and for which labor comprises a high percentage of total operating expenses, are particularly vulnerable to these changes and may be forced to lay off workers or reduce hiring.
Additionally, minimum wage laws disproportionately harm those they are intended to help, such as young, low-skilled, and minority workers, by making it harder for them to gain entry-level employment. Employers facing increased wage costs often respond by cutting hours, eliminating benefits, or raising performance expectations, which can make work more demanding without necessarily improving overall job satisfaction. Rather than fostering broad-based prosperity, rigid wage floors risk excluding the most vulnerable from the workforce altogether.
Before Trump’s re-election in November 2024, progressive commentators often advocated higher US tariffs to achieve three overlapping goals: improve jobs and wages for workers; boost the manufacturing sector; and reduce US trade deficits. A few populist commentators on the right voiced the same agenda. But President Trump’s chaotic tariff proposals since his inauguration far exceed the prescriptions of policy advocates outside the president’s inner circle. With that context in mind, it’s worth summarizing what tariff advocates say, now that Trump’s agenda dominates the headlines.
AFL-CIO
For decades, the nation’s premier labor organization has opposed nearly all trade agreements and has endorsed restrictions on manufactured imports, such as autos (strict rules of origin in the USMCA), steel and aluminum (Trump 1.0 tariffs). But AFL-CIO President Liz Shuler issued the following statement in response to Trump’s tariffs against Canada and Mexico:
While we support the targeted use of tariffs to protect workers from unfair competition, the Trump administration’s blanket tariffs run the risk of causing unnecessary economic pain for America’s workers without addressing workers’ core economic priorities. The tariffs on Canada are particularly damaging…
Representative Marcy Kaptur (D-OH)
Rep. Kaptur is the longest-serving Congresswoman (since 1983). She was a strident opponent of NAFTA, and supports tariffs on manufactured imports, particularly steel. But Kaptur has energetically opposed Trump’s tariffs on the House floor and in the media. This is one quote from BlueSky:
The Trump Administration’s imposition of a 25% tariff on US-Canada trade will severely impact jobs and companies in the Great Lakes region, including across Northwest Ohio. Canada is our best trading partner and these unneeded tariffs are about to raise your prices on everything.
[image or embed]— Marcy Kaptur (@repmarcykaptur.bsky.social) March 4, 2025 at 10:14 AM
Kaptur urges Trump to focus his tariffs on China and other countries that run large trade surpluses with the US.
Lori Wallach, American Civil Liberties Project
As a leader in the litigation group Public Citizen, Lori Wallach founded and directed the Global Trade Watch in that organization. Currently she is director of the Rethink Trade program at the American Civil Liberties Project. In these roles, Wallach fought against NAFTA, the WTO, and the TPP. In her own words, “I opposed corporate-rigged trade deals/hyperglobalization and supported industrial policy before it was cool.”
Wallach’s views are largely posted on videos and YouTube appearances. Here is an excerpt from a recent interview:
Tariffs are part of the formula of the tools you use to try and reestablish our ability to make things here that we need and create good jobs for the two-thirds of Americans who don’t have a college degree, so making solar panels, medicine, EVs… But slapping on tariffs on Mexico and Canada, ostensibly about migration and drug trafficking, is not just ineffective — I mean, it’s like trying to do surgery with a saxophone instead of a scalpel — but also is going to be damaging. It’s going to cause enormous disruption, but without any of the outcomes and goals that one might actually want to use a tariff to achieve to help working people or build our resilience.
Economic Policy Institute
The Economic Policy Institute (EPI) has long criticized trade agreements and advocated tariff protection for the manufacturing sector. Thea Lee, a recognized progressive voice on trade issues, was president of the EPI from 2017 to 2021 before serving as Deputy Undersecretary for International Labor Affairs in the Department of Labor from 2021 to 2025. Lee and EPI chief economist Josh Bivens have shaped the EPI’s trade agenda.
In February 2025 (updated in March 2025), EPI published a “Fact Sheet” on tariffs with extensive comments on Trump’s agenda. Key excerpts:
Tariffs can do a number of useful things…[But h]igh and broad-based tariffs [cannot] fix the US trade deficit or rebuild manufacturing employment…mostly because high and broad-based tariffs will also reduce exports along with imports, and this will leave the balance of trade mostly unchanged.” Moreover, “American households will bear most of the burden of higher tariffs. This will mostly come through higher prices for imported goods and, crucially, higher prices for domestic goods that compete with imports.”
Tariffs should not become a significant revenue source for government spending because, “Tariffs are essentially a tax on consumption and are, hence, more regressive than most current federal revenue sources.”
And to conclude, “Narrow, strategic tariffs can be a useful tool. Trump’s broad-based, chaotic tariffs would cost consumers in every state.”
Clyde Prestowitz, Economic Strategy Institute
Founder of the Economic Strategy Institute, Prestowitz served in the Reagan Administration as a Counselor to the Secretary of Commerce. Along with over 130 former Republican officials, in 2020 Prestowitz signed a statement indicating Trump was unfit to serve another term in office. Prestowitz advocates high tariffs on manufactured goods as a pro-growth policy, argues that the economics profession has wrongly castigated the Smoot-Hawley Tariff of 1930, and contends that liberalizing trade with China was an historic mistake. But Prestowitz severely criticizes Trump’s tariff agenda for targeting Mexico, Canada, and the European Union.
Michael Pettis
A finance professor at Peking University and a senior fellow at the Carnegie Endowment for International Peace,Pettis published an article in Foreign Affairs shortly after Trump’s election, titled “How Tariffs Can Help America”. Arguing that economists distilled the wrong lesson from the Smoot-Hawley Tariff of 1930, Pettis contends that high tariffs today could depress consumption, increase savings, and thereby improve the US trade balance, especially in manufactured goods. Accordingly, he sees tariffs as a policy tool to boost growth and raise American living standards.
But reflecting on Trump’s proposal for uniform 10 percent or 20 percent tariffs, Pettis posted this comment on X:
Actually I think across-the-board import tariffs, if properly implemented, can indeed reverse the US role in accommodating global savings and trade imbalances, but as I’ve said many times before, they are the least efficient way, in part because they are very blunt…
In March 2025, Pettis had this to say about Trump’s tariff agenda:
For now, I don’t think Trump’s tariffs will have much impact on the overall US trade deficit, which I expect to be as large this year as it was last year. It is only once the US takes serious systemic steps to reduce its trade deficit that real trade disruption will occur.
Oren Cass, American Compass
Founder and Chief Economist of the conservative American Compass, Oren Cass ranks among the most avid defenders, outside the White House circles, of Trump’s tariff agenda. Like other right-of-center populists, Cass sees the decline of manufacturing jobs as an American calamity:
I think what we are seeing in the US economy today is sort of a fundamental disorder that is a function of saying that manufacturing just doesn’t matter, that we don’t need to make anything. We can have our iPhones designed in California and it doesn’t matter where they’re actually produced.
Writing in the Washington Post in February 2025, Cass declared,
For all the lamentations about President Donald Trump’s unconventional volley of tariff threats over the past week, the result is remarkably sane — approaching ideal.
No duties had actually been imposed on imports from Mexico or Canada, though both countries stepped up their border controls, but “Trump has delivered [tariffs against China] with a precision strike, refuting claims that tariffs cannot be done well.”
Bipartisan Dissent from Bad Ideas
Among the progressives sampled, no enthusiasm can be found for Trump’s tariff agenda. The same is true of three left-of-center Washington policy institutes: the Center for American Progress, the Institute for Policy Studies, and Third Way.
Progressives are distressed by threatened tariffs on Canada and Mexico, and are visibly concerned about the regressive cost-of-living impact Trump’s agenda will have on lower-income households. Beginning with the NAFTA debate during the Clinton Administration, progressive voices provided the ideological foundation for a high tariff agenda, but they are far from pleased with Trump’s implementation.
Populist conservatives cited in this blog are a mixed bag. All three favor high tariffs on the manufacturing sector, believing that cheap consumer goods are a false objective, and are very critical of China’s industrial prowess. But only Oren Cass truly embraces Trump’s tariff agenda. On April 2, 2025, Trump will reveal his falsely labeled “reciprocal” tariffs, seemingly designed to confront every US trading partner with higher tariffs. Trump has designated April 2 as “Liberation Day.” The verdict of progressive and populist tariff advocates remains to be seen.
The US Bureau of Economic Analysis released February personal consumption expenditures (PCE) index data on Friday (March 28). The figures show inflation increased 2.5 percent on an annualized basis in February, aligning with analyst expectations and reflecting no change from the 2.5 percent recorded in January. On a monthly basis, inflation rose by 0.3 percent, also matching January’s increase.
However, core PCE, which excludes the volatile food and energy prices, increased 2.8 percent year-over-year and 0.4 percent month-over-month. Both came in above analyst expectations of 2.7 and 0.3 percent, respectively.
The PCE is the Federal Reserve’s preferred measure for tracking inflation and will be significant when it meets next in May. Combined with recent consumer price index figures, the data indicates progress has stalled in bringing inflation to the Federal Reserve’s 2 percent target rate.
To the north, Statistics Canada released January gross domestic product (GDP) numbers on Friday. The report shows that GDP grew by 0.4 percent in January, up from a 0.3 percent increase in December.
The largest gain was observed in goods-producing industries, which rose 1.1 percent, marking the highest increase since October 2021. As for Canada’s resources, the mining, quarrying and oil and gas extraction sector increased by 1.8 percent during the first month of the year. This increase was driven by a 2.6 percent rise in the oil and gas extraction subsector. However, metal ore mining declined by 1.2 percent.
The agency also provided a brief estimate of February’s GDP numbers, as well as a look at Canada and the US’s metal manufacturing trade. Tariff threats from the United States appear to have kept numbers flat, as preliminary real GDP data is “essentially unchanged in February.” Official data for February will be released on April 30.
Markets and commodities react
In Canada, markets were in the red this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 1.2 percent during the week to close at 24,759.15 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) decreased 1.04 percent to 633.63 and the CSE Composite Index (CSE:CSECOMP) dropped 2.43 percent to 121.13.
US equity markets fell even further this week. The S&P 500 (INDEXSP:INX) lost 2.4 percent to close at 5,5680.95, the Nasdaq 100 (INDEXNASDAQ:NDX) dropped 3.79 percent to 19,281.40 and the Dow Jones Industrial Average (INDEXDJX:.DJI) shed 1.41 percent to 41,583.91.
The gold price climbed to fresh all time highs this week gaining 2.02 percent to US$3,084.48 per ounce at 5:00 p.m. EDT Friday. The silver price rose higher with a 3.29 percent increase during the period to US$34.10.
In base metals, the copper price set an all time high of US$5.32 per pound on Wednesday before finishing the week flat to close out Friday at US$5.13 per pound on the COMEX. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) was up 0.41 percent to close at 560.50.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop? We break down this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 2:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Euro Sun Mining is a copper and gold development company focused on advancing its Rovina Valley project in Romania.
The project’s mining license received full approval for 20 years in 2018, with the option to renew it in five-year increments.
An updated feasibility study from March 2022 demonstrated the project’s economics, showing a post-tax net present value of US$512 million and an internal rate of return of 20.5 percent, assuming a base case gold price of US$1,675 per ounce and a copper price of US$3.75 per pound.
Proven and probable mineral reserve estimates for the site show contained quantities of 197,522 metric tons of copper with an average grade of 0.16 percent, along with 1.84 million ounces of gold with an average grade of 0.47 grams per metric ton (g/t) from 123.3 million metric tons of ore.
Although Euro Sun did not release news this week, shares increased alongside a rising copper price.
Rackla Metals is a gold exploration company with a significant land package covering 59,000 hectares in the Eastern Yukon and Western Northwest Territories, Canada. The firm is specifically targeting properties within the Tombstone Gold Belt, which hosts a gold system that tends to produce deposits in clusters.
Among its key projects is the Astro plutonic complex in the Northwest Territories, which is in close proximity to significant discoveries at Snowline Gold’s (TSXV:SGD,OTCQB:SNWGF) Rogue plutonic complex and Fireweed Metals’ (TSXV:FWZ,OTCQX:FWEDF) Macmillan Pass project.
Besides Astro, Rackla has been exploring its Grad property, which it initially staked in August 2024. Work at the 4,000 hectare site has focused on anomalies identified in a government regional geochemical survey. In October 2024, the company reported that grab samples from the BiTe zone yielded grades of up to 92 g/t gold in its season-end exploration update.
The company’s latest release came on Tuesday (March 24), when it announced a non-brokered private placement to raise total gross proceeds of C$2.45 million. The company intends to use proceeds to advance work at its Tombstone gold belt properties.
Tidewater Resources is focused on the production of low-carbon fuels from facilities in British Columbia, Canada.
Its sole operation is a renewable diesel and hydrogen complex located near Prince George. The project has a nameplate capacity of 3,000 barrels per day of renewable diesel and 23.7 metric tons per day of hydrogen. The plant began production during Q4 2023 using feedstock that included soybean and canola oil.
The company is expanding the site to produce sustainable aviation fuel, which it plans to start producing in 2028.
On March 6, Tidewater announced that it had advised the Canadian Border Services Agency (CBSA) to initiate an anti-subsidy and anti-dumping duty investigation into imports of renewable diesel from the US. The release indicated that the CBSA confirmed that Tidewater had provided sufficient evidence to support the allegations.
Tidewater expects that additional duties of between C$0.50 and C$0.80 will be applied to renewable diesel imports originating from the US, which would provide increased market stability for Tidewater products.
The company released its financial results for 2024 on Thursday, March 27. In the announcement, the company stated that its renewable diesel and hydrogen complex achieved an average daily throughput of 2,677 barrels per day in the fourth quarter, marking a significant increase from the 1,700 barrels per day throughput in Q4 2023.
Titan Mining is a critical mineral mining and development company focused on advancing and exploring its zinc and graphite assets in New York, US.
Its Empire State Mines (ESM) zinc operations include ESM 4, which restarted production in January 2018, along with six past-producing mines capable of supplying additional feedstock for its onsite mill.
On January 7, Titan released an updated life of mine plan for its ESM properties, which projected a 35 percent increase in production compared to its previous plan released in 2021. The new plan extends the mine’s operational life to nine years, up from seven, and anticipates the production of 636 million pounds of zinc, increased from 470 million pounds in the prior plan.
In addition to zinc, the company also owns the Kilbourne graphite deposit located 4,000 feet from the existing mill at its Empire Mines operation.
A December 2024 maiden mineral resource estimate demonstrated an open pit inferred resource of 653,000 short tons of contained graphite from 22.42 million short tons of ore with an average grade of 2.91 percent copper.
Titan’s most recent news came on March 20, when it released its full-year 2024 results. In the announcement, the company stated it had achieved the upper end of production guidance with 59.5 million pounds of payable zinc. It also reported C1 cash costs of US$0.91 per payable pound sold, which was below the guidance range of US$0.98 to US$1.02.
Supernova Metals is an exploration company with rare earth mineral claims in Newfoundland and Labrador, Canada, as well as petroleum interests in Namibia.
Its TT rare earth claims comprise two licenses spanning 825 hectares in central Labrador and are adjacent to Canada Rare Earth’s (TSXV:LL,OTC Pink:RAREF) Two Tom project. The company shared plans to begin exploration in February.
In addition to its TT Claims, the company announced on January 31 that it had successfully completed its acquisition of NamLith Resources. The purchase provides Supernova with an 8.75 percent indirect ownership interest in Block 2712A and petroleum exploration license 107 in Namibia’s offshore Orange Basin.
In a follow-up on February 6, Supernova reported that a NI51-101 technical report is being prepared for the block. The company has since added two senior strategic advisors with experience in the energy industry.
The company has not released any project updates in the past week.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.