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October 8, 2025

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Senate stalls on shutdown vote amid warning furloughed workers may lose pay

An expected sixth vote to reopen the government didn’t come to fruition on Tuesday, but lawmakers face a new wrinkle: the possibility that furloughed employees won’t be paid. 

The government shutdown marched into its seventh day with both Senate Republicans and Democrats still at odds on a path forward, and no real clear end in sight. The Senate was expected to vote on the GOP’s plan again, but no agreement could be reached to bring the bill, along with the Democrats’ counter-proposal, to the floor. 

Both sides are still entrenched in their positions, too. Senate Democrats want a firm deal on the extension of expiring ObamaCare tax credits to earn their votes to reopen the government, while Senate Republicans have promised that negotiations on the credits can happen once the government is open again.

Lawmakers failed to hold a sixth vote to reopen the government Tuesday as a new White House memo warned that furloughed workers may not get paid.

Senate Minority Leader Chuck Schumer, D-N.Y., has continued to ramp up his messaging that Americans broadly support their push, and blamed House Speaker Mike Johnson, R-La., and House Republicans for not being in session as a major roadblock to progress. 

‘Hundreds of thousands of federal workers are furloughed and thousands more are working without pay. And meanwhile, House Republicans are getting paid and not working,’ Schumer said. ‘So federal workers working and not getting paid. House Republicans paid and not working. Very bad. Very bad thing for them. Very bad picture for them.’

While lawmakers traded barbs and discussed an off-ramp on Capitol Hill, the latest memo from the White House, first reported by Axios, signaled that up to 750,000 nonessential furloughed federal workers may not be paid.

The memo adds fresh uncertainty for hundreds of thousands of federal employees caught in the political crossfire.

When asked if it was the White House’s position whether federal workers should be paid back pay, President Donald Trump said, ‘I would say it depends on who we’re talking about.’

‘I can tell you this,’ Trump said. ‘The Democrats have put a lot of people in great risk and jeopardy, but it really depends on who you’re talking about. But for the most part, we’re going to take care of our people. There are some people that really don’t deserve to be taken care of, and we’ll take care of them in a different way.’

Many lawmakers had just learned about the memo as of Tuesday afternoon. It suggested that a 2019 law signed by Trump that guaranteed back pay for furloughed workers in future shutdowns may not have to be followed.

‘I just heard that,’ Sen. Shelley Moore Capito, R-W.V., said. ‘My phones are lighting up.’

When asked if the memo hurt or helped talks, she said, ‘It could get more urgent, it also could tick a lot of people off.’

Sen. Thom Tillis, R-N.C., said that the memo was ‘probably not a good message to send right now to people who are not being paid.’

‘I’m not an attorney, but I think it’s bad strategy to even say that sort of stuff,’ Tillis said. ‘We got a lot of hard-working people there on the sidelines now because the Democrats have put them there.’

Sen. Susan Collins, R-Maine, said that she believed that issue had been settled with the 2019 law, but as a ‘back up,’ Congress could pass a bill that any ‘obligations that were incurred during the shutdown are authorized to be paid.’

And Sen. Brian Schatz, D-Hawaii, argued that regardless of the memo, the law said ‘shall.’

‘I left my law degree in the car, but ‘shall’ is relatively straightforward,’ he said. ‘I think it doesn’t matter at all, because we’re fighting for healthcare.’

The latest pressure tactic on Senate Democrats comes after the Office of Management and Budget (OMB) directed in a previous memo that mass firings could be on the horizon beyond the typical furloughs during a shutdown.

It also comes after OMB Director Russ Vought announced nearly $30 billion in federal funding was set to be withheld from blue cities and states. 

Both Johnson and Senate Majority Leader John Thune, R-S.D., wanted to see federal workers get paid, but contended that the issue would go away if Schumer and Senate Democrats reopened the government.

‘My assumption is that furloughed workers will get back pay,’ Thune said. ‘But that being said, this is very simple. Open up the government and this is a non-issue. We don’t have to have this conversation. Everybody gets paid when the government is open.’

Meanwhile, the previous tactics did little to nudge Democrats from their position, and so far, have not killed talks between either side.

But Sen. Jean Shaheen, D-N.H., who has been a key communicator for Senate Democrats in bipartisan talks, said that Vought’s actions weren’t helping matters.

‘It would be a lot easier to resolve the situation if Russ Vought would stop talking,’ Shaheen said. 

This post appeared first on FOX NEWS

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Comey to be arraigned in federal court after being indicted for alleged false statements, obstruction

Former FBI Director James Comey will be arraigned in federal court Wednesday morning after being indicted on charges of alleged false statements and obstruction of a congressional proceeding.

Comey has said he is innocent.

The former FBI director is set to have his first court appearance at 10 a.m. Eastern Time in the Albert V. Bryan United States Courthouse in the Eastern District of Virginia.

The judge presiding over the hearing is District Judge Michael S. Nachmanoff.

Comey was indicted in September by a federal grand jury on two counts: alleged false statements within jurisdiction of the legislative branch and obstruction of a congressional proceeding.

The indictment alleges that Comey obstructed a congressional investigation into the disclosure of sensitive information in violation of 18 USC 1505.

The indictment also alleges Comey made a false statement when he stated he did not authorize someone at the FBI to be an anonymous source. According to the indictment, that statement was false.

Fox News Digital exclusively reported in July that Comey was under criminal investigation by the FBI. The probe into Comey centered on whether he lied to Congress during his Sept. 30, 2020, testimony about his handling of the original Trump–Russia probe at the FBI, known inside the bureau as ‘Crossfire Hurricane.’

‘No one is above the law,’ Attorney General Pam Bondi said on X after the indictment, adding that it ‘reflects this Department of Justice’s commitment to holding those who abuse positions of power accountable for misleading the American people. We will follow the facts in this case.’

FBI Director Kash Patel said ‘previous corrupt leadership and their enablers weaponized federal law enforcement, damaging once proud institutions and severely eroding public trust.’

‘Every day, we continue the fight to earn that trust back, and under my leadership, this FBI will confront the problem head-on,’ Patel said. ‘Nowhere was this politicization of law enforcement more blatant than during the Russiagate hoax, a disgraceful chapter in history we continue to investigate and expose.’

He added: ‘Everyone, especially those in positions of power, will be held to account – no matter their perch.’

Comey, after being indicted, posted an Instagram video, denying the allegations.

‘My family and I have known for years that there are costs to standing up to Donald Trump, but we couldn’t imagine ourselves living any other way,’ he said. ‘We will not live on our knees, and you shouldn’t either. Somebody that I love dearly recently said that fear is the tool of a tyrant, and she’s right.’

‘But I’m not afraid,’ Comey added.

‘My heart is broken for the Department of Justice, but I have great confidence in the federal judicial system and I am innocent, so let’s have a trial and keep the faith,’ Comey said.

Fox News Digital also exclusively reported that former CIA Director John Brennan is under criminal investigation related to the Trump–Russia probe. 

Under federal law, prosecutors have five years to bring a charge, with the five-year mark occurring Tuesday.

The case is being handled by the U.S. Attorney’s Office for the Eastern District of Virginia.

The FBI opened its Trump-Russia probe in July 2016, known inside the bureau as ‘Crossfire Hurricane.’ 

President Donald Trump, during his first term, fired Comey in May 2017. 

Days later, Robert Mueller was appointed special counsel to take over the FBI’s original ‘Crossfire Hurricane’ investigation.

After nearly two years, former Special Counsel Robert Mueller’s investigation, which concluded in March 2019, yielded no evidence of criminal conspiracy or coordination between the Trump campaign and Russian officials during the 2016 presidential election.

Shortly after, John Durham was appointed as special counsel to investigate the origins of the ‘Crossfire Hurricane’ probe.

Durham found that the FBI ‘failed to act’ on a ‘clear warning sign’ that the bureau was the ‘target’ of a Clinton-led effort to ‘manipulate or influence the law enforcement process for political purposes’ ahead of the 2016 presidential election.

‘The aforementioned facts reflect a rather startling and inexplicable failure to adequately consider and incorporate the Clinton Plan intelligence into the FBI’s investigative decision-making in the Crossfire Hurricane investigation,’ Durham’s report states.

‘Indeed, had the FBI opened the Crossfire Hurricane investigation as an assessment and, in turn, gathered and analyzed data in concert with the information from the Clinton Plan intelligence, it is likely that the information received would have been examined, at a minimum, with a more critical eye,’ the report continued.

Durham, in his report, said the FBI ‘failed to act on what should have been — when combined with other incontrovertible facts — a clear warning sign that the FBI might then be the target of an effort to manipulate or influence the law enforcement process for political purposes during the 2016 presidential election.’

This post appeared first on FOX NEWS

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Comey pleads not guilty in court after indictment on alleged false statements, obstruction

Former FBI Director James Comey pleaded not guilty on charges of alleged false statements and obstruction of congress during his first court appearance in Virginia on Wednesday.

The former FBI director appeared at 10 a.m. Eastern Time in the Albert V. Bryan United States Courthouse in the Eastern District of Virginia. Comey’s wife, Patrice, and daughter Maureen were spotted waiting in line outside the courthouse Wednesday morning.

The judge presiding over the hearing is District Judge Michael S. Nachmanoff, an appointee of former President Joe Biden.

Comey’s trial date is set for Jan. 5. His lawyer, Patrick Fitzgerald, told Judge Nachmanoff that representing Comey ‘is the honor of my life.’ Fitzpatrick also told the judge they would be filing motions alleging a vindictive and retaliatory prosecution as well as outrageous government conduct.

Comey was indicted in September by a federal grand jury on two counts: alleged false statements within jurisdiction of the legislative branch and obstruction of a congressional proceeding.

The indictment alleges that Comey obstructed a congressional investigation into the disclosure of sensitive information in violation of 18 USC 1505.

The indictment also alleges Comey made a false statement when he stated he did not authorize someone at the FBI to be an anonymous source. According to the indictment, that statement was false.

Fox News Digital exclusively reported in July that Comey was under criminal investigation by the FBI. The probe into Comey centered on whether he lied to Congress during his Sept. 30, 2020, testimony about his handling of the original Trump–Russia probe at the FBI, known inside the bureau as ‘Crossfire Hurricane.’

‘No one is above the law,’ Attorney General Pam Bondi said on X after the indictment, adding that it ‘reflects this Department of Justice’s commitment to holding those who abuse positions of power accountable for misleading the American people. We will follow the facts in this case.’

FBI Director Kash Patel said ‘previous corrupt leadership and their enablers weaponized federal law enforcement, damaging once proud institutions and severely eroding public trust.’

‘Every day, we continue the fight to earn that trust back, and under my leadership, this FBI will confront the problem head-on,’ Patel said. ‘Nowhere was this politicization of law enforcement more blatant than during the Russiagate hoax, a disgraceful chapter in history we continue to investigate and expose.’

He added: ‘Everyone, especially those in positions of power, will be held to account – no matter their perch.’

Comey, after being indicted, posted an Instagram video, denying the allegations.

‘My family and I have known for years that there are costs to standing up to Donald Trump, but we couldn’t imagine ourselves living any other way,’ he said. ‘We will not live on our knees, and you shouldn’t either. Somebody that I love dearly recently said that fear is the tool of a tyrant, and she’s right.’

‘But I’m not afraid,’ Comey added.

‘My heart is broken for the Department of Justice, but I have great confidence in the federal judicial system and I am innocent, so let’s have a trial and keep the faith,’ Comey said.

Fox News Digital also exclusively reported that former CIA Director John Brennan is under criminal investigation related to the Trump–Russia probe. 

Under federal law, prosecutors have five years to bring a charge, with the five-year mark occurring Tuesday.

The case is being handled by the U.S. Attorney’s Office for the Eastern District of Virginia.

The FBI opened its Trump-Russia probe in July 2016, known inside the bureau as ‘Crossfire Hurricane.’ 

President Donald Trump, during his first term, fired Comey in May 2017. 

Days later, Robert Mueller was appointed special counsel to take over the FBI’s original ‘Crossfire Hurricane’ investigation.

After nearly two years, former Special Counsel Robert Mueller’s investigation, which concluded in March 2019, yielded no evidence of criminal conspiracy or coordination between the Trump campaign and Russian officials during the 2016 presidential election.

Shortly after, John Durham was appointed as special counsel to investigate the origins of the ‘Crossfire Hurricane’ probe.

Durham found that the FBI ‘failed to act’ on a ‘clear warning sign’ that the bureau was the ‘target’ of a Clinton-led effort to ‘manipulate or influence the law enforcement process for political purposes’ ahead of the 2016 presidential election.

‘The aforementioned facts reflect a rather startling and inexplicable failure to adequately consider and incorporate the Clinton Plan intelligence into the FBI’s investigative decision-making in the Crossfire Hurricane investigation,’ Durham’s report states.

‘Indeed, had the FBI opened the Crossfire Hurricane investigation as an assessment and, in turn, gathered and analyzed data in concert with the information from the Clinton Plan intelligence, it is likely that the information received would have been examined, at a minimum, with a more critical eye,’ the report continued.

Durham, in his report, said the FBI ‘failed to act on what should have been — when combined with other incontrovertible facts — a clear warning sign that the FBI might then be the target of an effort to manipulate or influence the law enforcement process for political purposes during the 2016 presidential election.’

This post appeared first on FOX NEWS

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Houthi rebels test US ceasefire with deadly strike on cargo ship

A crew member has died from injuries sustained during a Houthi attack on a Dutch cargo ship in the Gulf of Aden, as the Iran-backed rebels escalate their campaign against international targets and detain United Nations workers in Yemen.

The Philippines’ Department of Migrant Workers confirmed that the victim was a Filipino national aboard the Minervagracht, a vessel operated by Amsterdam-based Spliethoff. The ship was struck by an explosive device while sailing in international waters, igniting a fire that forced the evacuation of 19 crew members of Russian, Ukrainian, Filipino and Sri Lankan nationalities. They were rescued by helicopter and transported to safety, the company said.

Iran-backed Houthis claimed responsibility for the attack, alleging the vessel had ‘violated the entry ban to the ports of occupied Palestine.’ The group has repeatedly targeted commercial shipping in the Red Sea and Gulf of Aden, claiming its attacks are acts of solidarity with Palestinians amid Israel’s war in Gaza.

But the strike on the Minervagracht was the first major assault in the Gulf of Aden, which links the Red Sea and the Arabian Sea, since July 2024.

And the strike on the Minervagracht marked the Houthis’ first assault on a commercial ship since the Sept. 1 attack on the Israeli-owned tanker Scarlet Ray near the Saudi port city of Yanbu.

Meanwhile, the United Nations said that 10 of its staff members — all Yemeni nationals — were detained this week in areas controlled by the Houthis. They were working to deliver humanitarian aid in one of the world’s poorest and most war-torn countries.

According to the U.N., a total of 54 staff members have been detained by the Houthis since 2021 as the rebels intensify their crackdown on international aid organizations. The Houthis have previously accused detained aid workers of being part of a ‘spy network,’ a claim the U.N. and human rights groups have strongly denied.

The detentions come as Yemen’s civil war, now in its 10th year, continues to fragment the country and complicate aid delivery, with more than two-thirds of the population reliant on humanitarian assistance.

The attacks come after Washington agreed to a ceasefire with the Houthis in May — raising questions about whether it will hold.

The Houthis ‘say they will not be blowing up ships anymore,’ President Donald Trump said on May 6 when he announced the ceasefire.

In July, the Houthis attacked Greek-owned commercial vessel Magic Seas and the Liberia-flagged bulk carrier Eternity C.

Between December 2023 and February 2024, Houthi attacks caused a 90% drop in global container shipping through the Red Sea, according to the U.S. Defense Intelligence Agency.

The Houthis have not violated the ceasefire provision banning attacks on U.S. ships but have breached the agreement’s clause requiring ‘the smooth flow of international commercial shipping.’

This post appeared first on FOX NEWS

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Kushner joins Witkoff for Gaza ceasefire talks as Trump pushes peace plan: ‘Cautiously optimistic’

President Donald Trump’s son-in-law, Jared Kushner, has once again stepped into the geopolitical arena, landing in Egypt alongside White House Special Envoy Steve Witkoff on Wednesday to secure a ceasefire deal in Gaza. 

The presence of Kushner — who has largely stayed out of Trump’s White House during the president’s second term and holds no official role in the administration after previously serving as a senior advisor to Trump — signifies that the U.S. is ‘serious’ about securing a deal between Hamas and Israel, bringing an end to the two-year war and returning all 48 hostages. 

A White House official told Fox News Digital that Kushner, a ‘major architect of the Abraham Accords,’ is an ‘extremely trusted voice on Middle East policy’ and has been in contact with Witkoff throughout the Israel-Hamas negotiations over the last year.

The official said the White House is ‘grateful’ for his expertise as it attempts to secure a deal and end the war this week, and remains ‘cautiously optimistic’ that an agreement will be reached. 

‘To bring him in now, I think, indicates that, one: the Trump administration is really determined to get some progress here. Two: they’re bringing some pretty serious firepower to make some deals,’ Rebeccah Heinrichs, senior fellow and director of the Hudson Institute’s Keystone Defense Initiative, told ‘Fox and Friends’ Wednesday morning. 

‘It’s promising that Jared is there,’ Heinrichs added, noting his prominent role in securing the Abraham Accords during the first Trump administration. 

Reports on Wednesday suggested that the pair intend to remain in Egypt alongside other mediating nations, including Qatar, for as long as it takes to secure a deal. 

Their arrival marked the third day of serious negotiations after Israeli and Hamas officials convened on Monday in the Egyptian coastal resort city of Sharm El Sheikh, located at the southern tip of the Sinai Peninsula. 

The negotiations began after Trump late last month revealed a 20-point peace plan to end the war and return the hostages within a 72-hour window of an agreement being finalized.

Shortly after, Israeli Prime Minister Benjamin Netanyahu agreed to the terms before Trump began pushing Hamas to respond. 

Hamas appeared to accept the majority of the proposal over the weekend, though it flagged issues with certain elements of the 20-point blueprint, including the swift return of all the hostages, particularly the deceased hostages, some of whom it says are buried under rubble and, therefore, cannot be quickly retrieved. 

Reports also suggested Hamas took issue with the call for it to completely disarm and flagged distrust that Israel would hold up its end of the bargain by ending its military ambitions in the Gaza Strip once all the hostages are returned. 

Security experts have told Fox News Digital that Trump, after months of backing Israel’s aggressive military strategy in the Gaza Strip, is in a unique position to squeeze Netanyahu and force both sides to the negotiating table. 

‘It’s absolutely imperative for Israel’s long-term security and, frankly, for Netanyahu’s political future to keep the U.S. and Trump on side,’ John Hannah, security expert and Randi & Charles Wax senior fellow at the Jewish Institute for National Security of America, told Fox News Digital. ‘A flat-out rejection and confrontation with the United States would have been disastrous for Netanyahu as well as for Israel.’

Netanyahu is facing a precarious political front at home with immense frustration by the public over his failure to return the hostages, but also within his own coalition, which sees his negotiating with Hamas as a concession and collapse of his previous stated security aims. 

This post appeared first on FOX NEWS

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Kobo Resources Intersects 17.0 m at 3.87 g/t Au, Further Defining High-Grade Gold Mineralisation at its Kossou Gold Project

  • High-grade gold intercepts confirm strong continuity at the Road Cut Zone with multiple parallel shears traced along the Contact Zone Fault
  • Drilling continues to expand mineralisation at the Jagger Zone, confirming gold-bearing shears to depths exceeding 240 m and reinforcing the strength of Kobo’s structural model
  • Ongoing 12,000–15,000 m program advancing toward Kobo’s maiden Mineral Resource Estimate, with two rigs active and geological modelling underway across priority targets

Kobo Resources Inc. (‘ Kobo’ or the ‘ Company ‘) ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Jagger and Road Cut Zones at its 100%-owned Kossou Gold Project (‘ Kossou ‘) in Côte d’Ivoire, West Africa. The new results continue to confirm strong continuity of high-grade gold mineralisation at Kossou and enhance the Company’s confidence in the emerging scale and potential of its highly prospective target areas.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251008273472/en/

Figure 1: Road Cut Zone Drill Hole Location Map and Simplified Geology

Diamond Drill Results Highlights:

Road Cut Zone:

  • KDD0095
    • 17.0 metres (‘m’) at 3.87 g/t Au from 22.0, including 9.0 m at 6.84 g/t Au, from 23.0 m
  • KDD0098
    • 6.0 m at 1.48 g/t Au from 157.0 m
  • KDD0099
    • 5.0 m at 2.82 g/t Au from 170.0 m (Contact Zone Target)

Jagger Zone

  • KDD0096
    • 4.0 m at 1.48 g/t Au from 21.0 m
    • 3.0 m at 2.34 g/t Au from 31.0 m
    • 5.0 m at 1.41 g/t Au from 106.0 m
  • KDD0097
    • 4.0 m at 2.30 g/t Au from 240.0 m
    • 6.0 m at 1.52 g/t Au from 350.0 m

These results represent the first six holes from Kobo’s ongoing 12,000–15,000 m diamond drilling program launched on September 4, 2025. The current campaign is focused on systematically expanding known mineralized zones at the Jagger and Road Cut Zones while testing the interpreted structural corridor that links them. Drilling is also continuing to evaluate the Contact Zone Fault ‘( CZ Fault ‘), an important regional structure believed to provide deep fluid pathways for gold mineralisation at Kossou.

Edward Gosselin, CEO and Director of Kobo commented: ‘The latest intersections continue to demonstrate the strength of gold mineralisation within the Road Cut and Jagger structural zones. These results are confirming the continuity of gold-bearing shears and the importance of the Contact Zone Fault as a potential regional control on mineralisation. Particularly, the consistency of gold mineralisation at the Jagger Zone, from surface to greater than 180 m depth, highlights the continuity and strength of the system.’ He continued: ‘Ongoing drilling will allow us to further test these controls, define extensions along strike and at depth, and continue building a comprehensive geological model for Kossou as we progress toward a maiden Resource Estimate on the project.’

Road Cut Zone Highlights

KDD0095, KDD0098, and KDD0099 were drilled along a 150-metre strike length on Sections RCZ500, RCZ600, and RCZ650 (see Figure 1 for drill-hole locations). Full assay results are presented in Table 1 .

The most significant intersection was returned from KDD0095 on Section RCZ500, averaging 17.0 m at 3.87 g/t Au from 22.0 m, including 9.0 m at 6.84 g/t Au from 23.0 m (see Figure 2 and Figure 3). This intercept occurs approximately 20 m beneath artisanal workings and is hosted within a shear zone previously intersected in KDD0012 (11.0 m at 1.71 g/t Au) and KDD0091 (15.55 m at 2.30 g/t Au) . The shear zone parallels the main CZ Fault and lies roughly 60 m west of this structure, suggesting a close spatial and structural relationship.

KDD0098 , drilled on Section RCZ600 , intersected 6.0 m at 1.48 g/t Au from 157.0 m within a shear zone exhibiting typical alteration and quartz veining approximately 12.0 m from the CZ Fault. The mineralisation occurs about 120.0 m below surface. Several additional lower-grade intervals were also intersected within 50.0 m of the CZ Fault in sheared basalt (see Figure 4).

KDD0099 , located approximately 50 m south of KDD0098 on Section RCZ650, intersected 5.0 m at 2.82 g/t Au from 170.0 m directly on the CZ Fault, confirming the presence of gold mineralisation along this important regional structure (see Figure 5).

The intensity of shearing, alteration and quartz veining in the three drill holes in the vicinity of the artisanal mine and CZ Fault is very encouraging for further gold mineralisation and will be further tested with additional diamond drilling.

Jagger Zone Highlights

KDD0094 , KDD0096 , and KDD0097 were drilled on Section JZ600 to evaluate the core mineralisation previously identified and to test the continuity of Structure JZ6 near surface and at depth (see Figures 6 and 7).

KDD0096 intersected 5.0 m at 1.41 g/t Au associated with Structure JZ6, approximately 65 m below surface. KDD0097 , which targeted the 8.0 m at 3.72 g/t Au intersection in KDD0028 at depth, returned 2.0 m at 0.58 g/t Au . Drilling confirms that well-defined shears extend to at least 240 m below surface, with gold grades corresponding to the density of quartz veining within these structures.

Additional intersections of 4.0 m at 2.30 g/t Au and 6.0 m at 1.52 g/t Au in KDD0097 , associated with Structures JZ1 and JZ4 respectively, demonstrate good continuity between 150 m and 180 m depth along the shear zones. These results further validate the Company’s structural model, indicating that gold mineralisation is hosted within a series of steep, westerly dipping shears closely associated with quartz-feldspar porphyry and diorite intrusives within the basaltic volcanic sequence.

Next Steps: Progressing the 2025 Drill Program and Advancing Resource Definition at Kossou

To date, the Company has completed nine diamond drill holes (2,016 m) of a planned 15-hole program (3,600 m) at the Road Cut Zone, and eight holes (2,820 m) of 23 planned holes (11,300 m) at the Jagger and Jagger South Zones. Two drill rigs remain active on site, with drilling continuing to test extensions along strike and at depth across both zones.

Geological modelling of the Jagger and Road Cut Zones is ongoing, with new data being integrated to refine the Company’s structural interpretation and support the definition of mineralized envelopes in advance of Kossou’s maiden mineral resource estimate.

Table 1: Summary of Significant Diamond Drill Hole Results

BHID

East

North

Elev.

Az.

Dip

Length

From

(m)

To (m)

Int.

(m)

Au

g/t

Target

KDD0094

229130

775335

339

70

-50

110.40

No Significant Intersections

Jagger

KDD0095

228562

776300

209

70

-50

152.30

22.00

39.00

17.00

3.87

RCZ

incl.

23.00

32.00

9.00

6.84

RCZ

79.00

82.00

3.00

0.55

RCZ

95.00

97.00

2.00

0.70

RCZ

101.00

104.00

3.00

0.68

RCZ

KDD0096

229088

775320

344

70

-50

158.40

14.00

16.00

2.00

1.00

Jagger

21.00

25.00

4.00

1.48

Jagger

31.00

34.00

3.00

2.34

Jagger

106.00

111.00

5.00

1.41

Jagger

KDD0097

228841

775230

387

70

-50

431.30

68.00

70.00

2.00

1.04

Jagger

76.00

80.00

4.00

0.49

Jagger

87.00

90.00

3.00

1.10

Jagger

240.00

244.00

4.00

2.30

Jagger

281.00

287.00

6.00

1.52

Jagger

303.00

310.00

7.00

0.57

Jagger

350.00

352.00

2.00

1.68

Jagger

362.00

364.00

2.00

1.11

Jagger

378.00

380.00

2.00

0.58

Jagger

400.00

402.00

2.00

1.20

Jagger

KDD0098

228557

776191

215

70

-50

203.30

117.30

124.00

6.70

0.37

RCZ

150.00

152.00

2.00

0.85

RCZ

157.00

163.00

6.00

1.48

RCZ

KDD0099

228592

776152

215

70

-50

221.30

170.00

175.00

5.00

2.82

RCZ

Notes:

Cut-off using 2.0 m at 0.30 g/t Au

Intervals are reported with no more than 3.0 m of internal dilution of less than 0.3 g/t Au except where indicated*

An accurate dip and strike and controls of mineralisation are unconfirmed and mineralised zones are reported as downhole lengths. Drill holes are planned to intersect mineralised zones perpendicular to interpreted targets. All intercepts reported are downhole distances as true width is unknown.

Sampling, QA/QC, and Analytical Procedures

Drill core was logged and sampled by Kobo personnel at site. Drill cores were sawn in half, with one half remaining in the core box and the other half secured into new plastic sample bags with sample number tickets. Core samples are drilled using HQ core barrels to below the level of oxidation and then reduced to NQ core barrels for the remainder of the bore hole. Samples are transported to the SGS Côte d’Ivoire facility in Yamoussoukro by Kobo personnel where the entire sample was prepared for analysis (prep code PRP86/PRP94). Sample splits of 50 grams were then analysed for gold using 50g Fire Assay as per SGS Geochem Method FAA505. QA/QC procedures for the drill program include insertion of a certificated standards every 20 samples, a blank every 20 samples and a duplicate sample every 20 samples. All QAQC control samples returned values within acceptable limits.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Paul Sarjeant, P.Geo., who is a Qualified Persons as defined in National Instrument 43-101. Mr. Sarjeant is the President and Chief Operating Officer and Director of Kobo.

About Kobo Resources Inc.

Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in Côte d’Ivoire, one of West Africa’s most prolific and developing gold districts, hosting several multi-million-ounce gold mines. The Company’s 100%-owned Kossou Gold Project is located approximately 20 km northwest of the capital city of Yamoussoukro and is directly adjacent to one of the region’s largest gold mines with established processing facilities.

With over 18,500 metres of diamond drilling, nearly 5,900 metres of reverse circulation (RC) drilling, and 5,900 metres of trenching completed since 2023, Kobo has made significant progress in defining the scale and prospectivity of its Kossou’s Gold Project. Exploration has focused on multiple high-priority targets within a 9+ km strike length of highly prospective gold-in-soil geochemical anomalies, with drilling confirming extensive mineralisation at the Jagger, Road Cut, and Kadie Zones. The latest phase of drilling has further refined structural controls on gold mineralisation, setting the stage for the next phase of systematic exploration and resource development.

Beyond Kossou, the Company is advancing exploration at its Kotobi Permit and is actively expanding its land position in Côte d’Ivoire with prospective ground, aligning with its strategic vision for long-term growth in-country. Kobo remains committed to identifying and developing new opportunities to enhance its exploration portfolio within highly prospective gold regions of West Africa. Kobo offers investors the exciting combination of high-quality gold prospects led by an experienced leadership team with in-country experience. Kobo’s common shares trade on the TSX Venture Exchange under the symbol ‘KRI’. For more information, please visit www.koboresources.com .

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement on Forward-looking Information:

This news release contains ‘forward-looking information’ and ‘forward-looking statements’ (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 news release. Any statement that involves discussions with respect to 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 are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which 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: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Kobo assumes no obligation and/or liability to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251008273472/en/

For further information, please contact:

Edward Gosselin
Chief Executive Officer and Director
1-418-609-3587
ir@kobores.com

Twitter: @KoboResources | LinkedIn: Kobo Resources Inc.

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Golconda Gold Ltd. Releases Q3 2025 Production Update

Golconda Gold Ltd. (‘Golconda Gold’ or the ‘Company’) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce production of 3,588 ounces of gold for the third quarter of 2025 (‘Q3’) at its Galaxy Gold Mine (‘Galaxy’), an 18% increase in gold production compared to Q2 2025 and a 51% increase compared to Q3 2024.

The Q3 production numbers are as follow:

Mining Q3
2025 		Q2
2025 		Q3
2024
Princeton

Ore Mined (t) 22,303 12,346 7,231
Ore Grade (g/t) 3.39 4.63 3.95
Waste (t) 11,037 11,317 10,669
Galaxy

Ore Mined (t) 18,200 19,135 20,870
Ore Grade (g/t) 3.22 3.06 2.91
Waste (t) 7,253 10,410 14,580
Total

Ore Mined (t) 40,503 31,481 28,101
Ore Grade (g/t) 3.31 3.67 3.18
Waste (t) 18,290 21,727 25,249
Processing Q3
2025 		Q2
2025 		Q3
2024
Concentrate produced (t) 3,229 2,480 2,129
Concentrate grade (g/t) 34.6 38.0 34.8
Gold produced (oz) 3,588 3,030 2,384

Golconda Gold CEO, Ravi Sood commented: ‘Galaxy achieved record gold production in Q3, totalling 3,588 ounces of gold, an 18% increase on Q2 2025 and a 51% increase on Q3 2024. This was largely due to increased ore mined from the Princeton orebody, increasing 81% compared to Q2 2025 due to commencing mining at the Princeton Top section during the quarter. Production in the first three quarters of 2025 is 74% ahead of the same period in 2024. With the materially higher gold price, the Company is generating significant operational cash flow and continues to de-leverage its balance sheet and invest in further expansion at Galaxy, including refurbishment of the existing sub-vertical shaft and associated infrastructure to allow mining on a second level at the Galaxy ore body by the end of 2025, adding an additional ore source to the processing plant, which has significant spare capacity 1 .’

About Golconda Gold

Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol ‘GG’ and the OTCQB under the symbol ‘GGGOF’. Golconda Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Golconda Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.

Note:
(1) This is forward-looking information and is based on a number of assumptions. See ‘Cautionary Notes’.


Cautionary Notes

Certain statements contained in this press release constitute ‘forward-looking statements’. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the Company’s expectation that mining on a second level of the Galaxy ore body will start by the end of 2025, the Company’s future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words ‘believe’, ‘expect’, ‘aim’, ‘intend’, ‘plan’, ‘continue’, ‘will’, ‘may’, ‘would’, ‘anticipate’, ‘estimate’, ‘forecast’, ‘predict’, ‘project’, ‘seek’, ‘should’ or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company’s management’s discussion and analysis for the year ended December 31, 2024. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Information of a technical and scientific nature that forms the basis of the disclosure in the press release has been approved by Kevin Crossling Pr. Sci. Nat., MAusIMM. Geological Consultant for Golconda Gold, and a ‘qualified person’ as defined by National Instrument 43-101. Mr. Crossling has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data.

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.

For further information please contact:
Ravi Sood
CEO, Golconda Gold Ltd.
+1 (647) 987-7663
ravi@golcondagold.com
www.golcondagold.com

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Homerun Resources Inc. Announces Future Production of 100% Antimony-Free Solar Glass in Brazil

Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) (‘Homerun’ or the ‘Company’) is pleased to announce that our technical partners in the Belmonte (BA) Solar Glass Manufacturing project have confirmed that the exceptional purity of the silica sand from the Company’s resources in the Santa Maria Eterna District will allow the Company to offer customers a portfolio of solar glass that is 100% free of added antimony compounds.

In traditional solar glass manufacturing, antimony improves refining, prevents oxidation of iron ions, resulting in higher transmittance and fewer defects. However, the global solar industry is at an inflection point. Concerns are rising about the environmental toxicity and recyclability challenges posed by antimony, a heavy metal flagged by the USEPA as hazardous at even minuscule concentrations. Leading regulatory bodies in Europe and the U.S. are increasingly emphasizing antimony-free standards for solar glass, with Germany’s latest PV manufacturing guidelines and the EU’s Ecolabel directive setting new environmental boundaries for imported and locally produced panels.

Homerun’s technical partners advise that the Company will produce solar glass that is 100% free of added antimony from the initiation of production. Equipment and furnace design are already prepared, with the same or less CAPEX required. Operational adjustments are minor and within the existing specifications and should result in reduced OPEX since antimony substitutes are less costly. This is only possible because of the exceptionally low oxidizable iron ions levels, below 20ppm, of the Company’s HPQ silica sand in Santa Maria Eterna, Belmonte, Bahia, Brazil.

Bans and restrictions on antimony use in solar glass are increasing global demand for high-purity, low-iron silica sand as glassmakers shift to safer, more sustainable feedstocks that can deliver the required optical clarity and durability without chemical additives. As antimony-free manufacturing becomes the industry standard, only silica sand with extremely low iron content is suitable for premium solar glass. This should add demand and add increased value in the marketplace for these scarce low iron feedstocks.

This innovation comes at a crucial moment for the global solar sector. Demand for cleaner PV technologies is soaring, as industry analysts anticipate solar module and glass waste volumes reaching 1.5-1.7 million tons by 2030, with antimony residues presenting long-term risks for people and ecosystems. The ability to supply 100% antimony-free solar glass positions Homerun Resources as a market leader delivering both superior performance and uncompromising health and environmental standards and developing complete recycling toward a true circular solar economy.

‘Starting our operations without adding antimony represents a decisive economic and environmental milestone for Homerun. By leveraging the exceptional purity of our silica sand resources, we can combine cutting-edge technology with the highest standards of environmental responsibility, positioning the Company as a leader in the global solar glass industry,’ stated Odir Pedrazzi, Vice-President of Operations for Homerun.

Independent test results from institutions like Switzerland’s SPF confirm that antimony-free solar glass offers the highest efficiency and resilience against photo-degradation among all major glass formats. [1]

Sources: [1] https://borosilrenewables.com/product/nosbera-antimony-free-solar-glass

About Homerun (www.homerunresources.com)

Homerun (TSXV: HMR,OTC:HMRFF) is a vertically integrated materials leader revolutionizing green energy solutions through advanced silica technologies. As an emerging force outside of China for high-purity quartz (HPQ) silica innovation, the Company controls the full industrial vertical from raw material extraction to cutting-edge solar, battery and energy storage solutions. Our dual-engine vertical integration strategy combines:

Homerun Advanced Materials

  • Utilizing Homerun’s robust supply of high purity silica sand and quartz silica materials to facilitate domestic and international sales of processed silica through the development of a 120,000 tpy processing plant.

  • Pioneering zero-waste thermoelectric purification and advanced materials processing technologies with University of California – Davis.

Homerun Energy Solutions

  • Building Latin America’s first dedicated high-efficiency, 365,000 tpy solar glass manufacturing facility and pioneering new solar technologies based on years of experience as an industry leader in developing photovoltaic technologies with a specialization in perovskite photovoltaics.

  • European leader in the marketing, distribution and sales of alternative energy solutions into the commercial and industrial segments (B2B).

  • Commercializing Artificial Intelligence (AI) Energy Management and Control System Solutions (hardware and software) for energy capture, energy storage and efficient energy use.

  • Partnering with U.S. Dept. of Energy/NREL on the development of the Enduring long-duration energy storage system utilizing the Company’s high-purity silica sand for industrial heat and electricity arbitrage and complementary silica purification.

With multiple profit centers built within the vertical strategy and all gaining economic advantage utilizing the Company’s HPQ silica, across, solar, battery and energy storage solutions, Homerun is positioned to capitalize on high-growth global energy transition markets. The 3-phase development plan has achieved all key milestones in a timely manner, including government partnerships, scalable logistical market access, and breakthrough IP in advanced materials processing and energy solutions.

Homerun maintains an uncompromising commitment to ESG principles, deploying the cleanest and most sustainable production technologies across all operations while benefiting the people in the communities where the Company operates. As we advance revenue generation and vertical integration in 2025, the Company continues to deliver shareholder value through strategic execution within the unstoppable global energy transition.

On behalf of the Board of Directors of
Homerun Resources Inc.

‘Brian Leeners’

Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)

Tyler Muir, Investor Relations
info@homerunresources.com / +1 306-690-8886 (WhatsApp)

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

The information contained herein contains ‘forward-looking statements’ within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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/269592

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Saskatchewan Implements New Lithium Royalty

Saskatchewan has introduced a new royalty framework for lithium production, marking a major step toward supporting the province’s growing role in Canada’s critical minerals sector.

The amendments to The Subsurface Mineral Royalty Regulations, 2017 formally establish a 3 percent Crown royalty on the value of brine mineral sales, coupled with a two-year holiday for new productive capacity.

Provincial officials said the change aligns Saskatchewan’s royalties for lithium with those already applied to potash, salt, and sodium sulphate, and keeps the province competitive with leading jurisdictions worldwide.

“Lithium is a critical mineral that is expected to see strong demand and growth in the decades ahead, and Saskatchewan is well-positioned to take advantage of this opportunity,” Energy and Resources Minister Colleen Young said.

“By putting this royalty framework in place now, we are providing certainty for industry, while ensuring the people of Saskatchewan benefit as this sector develops,” Young added.

Industry participants welcomed the move, calling it a clear signal that the province intends to be a serious player in the global lithium supply chain.

Canada-based explorer EMP Metals (CSE:EMPS,OTCQB:EMPPF) described the rate as internationally competitive and a meaningful boost for project economics.

“This is very welcome news. The government of the province of Saskatchewan has once again proven itself to be supportive of lithium production in the province,” EMP Metals CEO Karl Kottmeier said. “This is a highly competitive royalty rate internationally, and a two-year royalty holiday on new production immediately makes a positive impact on financial modelling of what is already a compelling business case for our Project Aurora lithium production project.”

Grounded Lithium (TSXV:GRD) President and CEO Gregg Smith also noted that the policy encourages further investment while recognizing the high upfront costs of developing processing capacity.

“This new regulatory framework provides a reasonable royalty rate while also recognizing the significant risk and initial investment companies make in processing facilities to ultimately achieve commercial production,” Smith said.

Saskatchewan has emerged as one of Canada’s top destinations for mining investment. The Fraser Institute’s Annual Survey of Mining Companies ranked it the country’s leading jurisdiction, with the province projected to attract over US$7 billion in mining investment this year — more than a quarter of Canada’s total.

The lithium framework also aligns with the province’s broader Critical Minerals Strategy, launched in 2023 to position Saskatchewan as a key contributor to Canada’s resource independence and energy transition.

The plan targets a 15 percent share of national mineral exploration by 2030, the doubling of critical mineral production, and the expansion of existing potash, uranium, and helium output.

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

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Silver’s New Price Era: What Happens at US$50 and Beyond?

The price of silver is rallying close to its record high, up 62 percent since the start of the year as of October 8.

The silver all-time high was US$49.95 per ounce, which it achieved on January 17, 1980. Now less than a dollar shy of that target, trading at the US$49.50 per ounce level, the white metal is at prices not seen since 2011.

The current move in the silver price is being driven by persistent supply deficits in the face of increased demand for safe-haven investments, as well as industrial usage in solar panels and electric vehicles.

There’s been a lot of excitement around the surge in the gold price to nearly US$4,000 per ounce, leaving many silver bugs to wonder when their favored precious metal will post its own series of record highs. To do that, silver experts say the metal’s price will need to make a sustainable break over the psychologically important US$50 level.

Why is it psychologically important? Because silver has never surpassed that mark, and any past attempts have resulted in deep corrections as spooked traders took their profits and exited the sector.

There are musings in the market that this time might be different.

Is that true? And what happens if silver does break above US$50 this time?

Is today’s silver price run different?

The main differences between this latest push to US$50 silver and previous run-ups in 1980 and 2011 can be seen in the metal’s strong fundamentals and the entrenched devaluation of fiat currencies.

Rather than being fueled by frenzied speculation, today’s silver market is more industrialized, and the investment options have greatly expanded with the growth of silver exchange-traded funds (ETFs).

According to the Silver Institute, industrial demand grew by 4 percent year-on-year in 2024 to 680.5 million ounces. While growth is expected to be flat in 2025, industrial demand is projected to represent 59 percent of total silver demand for the year. The solar sector is projected to consume 195.7 million ounces of silver in 2025.

The Silver Institute reported in July that net inflows into silver exchange-traded products reached 95 million ounces in the first half of 2025, surpassing the total for the full 2024 year. As of October 7, the iShares Silver Trust (ARCA:SLV), the biggest silver ETF, is up more than 60 percent year-to-date as investors flock to safe-haven assets.

Mine production of silver has lagged behind demand for years now, and Metals Focus predicts the silver market is on track for one of the largest supply deficits on record, coming in at a projected 187.6 million ounces for 2025.

Such a weighty deficit has many silver analysts not at all shy of calling for US$50 silver.

But can the market maintain that price level?

What happens if silver breaks US$50?

“Psychologically, silver’s never gotten over US$50 and really stayed there, and it hasn’t in 50 years,” he said. He believes it’s an accomplishable feat that will not only have a profound effect on the psychology of silver investors, but also on the automated algorithm system in today’s silver futures trade. The result could be “blue sky” territory for the silver price.

In terms of investor psychology, Morgan sees two sides to the silver coin once US$50 arrives — bulls who will think silver’s next stop is the moon, and bears who will fret that silver is about to crash as it has done historically.

‘And no one can pick that ahead of time, but I do think that the psychology will be favorable to silver.’

Independent precious metals analyst Ted Butler would agree with Morgan’s market assessment.

“However, I do think that we will eventually break through US$50. I’m not sure if it’s going to be exactly in this cycle,” he said. “You know, in the near term, at the end of this year, there might be some sort of high-level consolidation, as (David) Morgan calls it, or some kind of healthy correction, but ultimately it will break through.”

In Butler’s view, US$50 is the point when mainstream media coverage will really kick in. That will bring about the public participation phase of the cycle for silver, with generalists buying in.

“And that’s going to all pile up on top of the institutional demand that’s already starting to build up,” he said.

On the technical side, Butler sees signs of a US$50 breakthrough on the horizon based on the fact that the silver market has entered backwardation, “which is a phenomenon where the futures price trades below the spot physical price.”

This could lead to major demand for physical silver, with investors perhaps even deciding to take delivery of their SLV holdings. A run on physical silver, already in a deficit, could trigger even more dramatic price spikes.

What could make US$50 silver more sustainable?

The price of the metal will need to pull back and consolidate around a strong base of support if silver is to buck the historical trend and make a more sustainable move above US$50.

Morgan said this will allow the silver price to move higher “with more authority.’

Structurally, the fundamentals are in place to support a higher silver price — especially given rising industrial demand in China, particularly for high-tech facilities and solar panels, and strong investment demand in India.

Notably, India is becoming a hotspot for silver ETFs ever since its Securities and Exchange Board approved the products in late 2021. In July, Reuters reported that returns from silver-backed ETFs in India had surpassed those of gold.

Butler believes India is a major source of new demand in the silver market and a big driver of prices this cycle. He reported that silver exchange-traded products made up 40 percent of India’s total retail investment demand in 2024. That’s a trend he says has continued into this year, with silver imports into India now at record highs.

One of the obvious downside risks to a higher silver price is of course higher costs for industrial end users and consumers. Take solar panels, for example. The silver price has basically doubled in the past 18 months, which makes this technology more expensive to make, and could result in changes from manufacturers.

“But that doesn’t change my long-term perspective on silver, that we’re still in a supply deficit,” said Butler, also noting that from a production standpoint it takes 10 to 15 years to bring a new silver mine online.

For Morgan, silver’s duality as both an industrial and precious metal is what makes it such an attractive investment. Now that both sides are taking a strong position in this market, the generalist investor is likely to have more confidence when it comes to getting in and staying in silver as it crosses over the formidable US$50 level.

“No market goes to the moon, but I still think we’re so undervalued relative to gold, relative to the stock market, and we have these dynamics,” he said. “If we get institutions and industrial users vying for the safe stockpile of silver, and the public comes back in, we have some price appreciation ahead of us.”

However, he doesn’t see US$70 silver or higher in the near term. Give it a few years.

When will silver hit US$50?

Both Morgan and Butler agree the market may not see US$50 this year, and that’s probably a good thing.

Before we get there, silver market guru Morgan thinks we’re likely to see a “big shake off” in the price, potentially this October. Butler sees silver crossing the US$50 level, or the Rubicon as Morgan put it, perhaps early next year.

Both analysts believe such a correction is necessary, especially at the US$46 to US$48 level, as opposed to surging straight up. “It would be a lot healthier for the silver price’s long-term sustainability to stay there,” said Butler.

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

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