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November 25, 2025

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The FBI and Department of Justice have contacted Capitol Police to schedule interviews with the six members of Congress who appeared in a controversial video urging service members to ignore orders they may deem illegal, Fox News has learned.

Last week, a group of Democratic lawmakers with military and intelligence backgrounds, including Sen. Elissa Slotkin, D-Mich.; Sen. Mark Kelly, D-Ariz.; Rep. Chris Deluzio, D-Pa.; Rep. Maggie Goodlander, D-N.H.; Rep. Chrissy Houlahan, D-Pa.; and Rep. Jason Crow released a video directed at service members and intelligence officers stating: ‘Our laws are clear. You can refuse illegal orders.’

In response to the video, President Donald Trump said the lawmakers should be arrested and tried for ‘seditious behavior.’ 

‘SEDITIOUS BEHAVIOR, punishable by DEATH!’ he said. 

On Monday, the Department of War announced that it has opened a formal review into allegations of misconduct against Kelly over the video. 

The Pentagon said it may even call Kelly, a retired Navy captain, back to active duty to face court-martial proceedings or other administrative actions under the Uniform Code of Military Justice (UCMJ). Four of the other Democrats are former military, but not retired and therefore are not subject to the UCMJ, according to Secretary of War Pete Hegseth, while Slotkin is a former CIA officer.

Hegseth on Tuesday posted on X that the video ‘may seem harmless to civilians — but it carries a different weight inside the military.’

He called the video a ‘politically-motivated influence operation’ and listed reasons for his conclusion, including how the lawmakers never named a specific ‘illegal order,’ which ‘created ambiguity rather than clarity.’ He added that the video used ‘carefully scripted, legal-sounding language’ and argued that the lawmakers ‘subtly reframed military obedience around partisan distrust instead of established legal processes.’

‘In the military, vague rhetoric and ambiguity undermines trust, creates hesitation in the chain of command, and erodes cohesion,’ Hegseth wrote. ‘The military already has clear procedures for handling unlawful orders. It does not need political actors injecting doubt into an already clear chain of command.’ 

He continued: ‘As veterans of various sorts, the Seditious Six knew exactly what they were doing — sowing doubt through a politically-motivated influence operation. The @DeptofWar won’t fall for it or stand for it.’

This is a developing story; check back for updates.

Fox News’ Digital’s Morgan Phillips and Taylor Penley contributed to this report.

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The Trump-aligned lawfare group founded by White House aide Stephen Miller is petitioning two of the government’s top federal health agencies to immediately repeal a Biden-era regulation they claim promotes organ transplantation allocation based on race, not medical need. 

Initially, the proposed rule from the Health and Human Services Department (HHS) and the Centers for Medicare and Medicaid Services (CMS) had an equity performance adjustment, but that part of the rule was scrapped before it was finalized.

The Increasing Organ Transplant Access (IOTA) Model in question scores selected hospitals, which are required to participate, across three domains as it relates to kidney organ transplantation: achievement, efficiency and quality. Based on the scores, hospitals will either get money for their efforts, owe money back to the federal government for not meeting expectations, or neither receive nor owe anything.  

Rather than an explicit score adjustment, the rule’s equity agenda was embedded more subtly through a ‘voluntary’ health equity plan that mandatory participating hospitals are encouraged to complete. The plan pushes hospitals to identify ‘health disparities’ and identify ‘equity goals to monitor and evaluate progress in reducing targeted health disparities,’ which will be measured by ‘one or more quantitative metrics that the IOTA participant uses to measure the reductions in target health disparities arising from the health equity plan interventions.’

‘A federal rule cannot invite or normalize discrimination—not even under the guise of improving ‘equity,” stated an America First Legal (AFL) press release accompanying the group’s petition. ‘Although CMS ultimately made Health Equity Plans ‘voluntary,’ the agency embedded them inside a mandatory federal model that encourages hospitals to integrate race and identity into transplant decision-making.’

The six-year mandatory payment program builds on earlier payment experiments, testing whether financial rewards and penalties can improve care and expand access for Medicare and Medicaid patients. The rule was published in the Federal Register on Dec. 4, and began operating on July 1, 

Meanwhile, according to AFL, 67 of the 103 hospitals mandated to participate in the IOTA Model are ‘still engaging’ in diversity, equity and inclusion (DEI) efforts. The conservative lawfare group argues this is normalizing ‘identity-based preferences’ within the nation’s organ transplant system.

‘The IOTA Model is a leftover remnant of an unlawful equity agenda that encouraged hospitals to view lifesaving care through a DEI lens,’ said AFL attorney Megan Redshaw. ‘Federal law requires that organ allocation be based on established medical criteria, not race or identity, and no rule should push hospitals to pursue transplant volume while layering race-based pressures onto a system already plagued by ethical failures.’

Just days after Biden took office in 2021, he signed Executive Order 13985, directing all federal agencies to conduct ‘Equity Assessments’ to determine whether ‘underserved communities and their members’ faced systemic barriers to accessing federal programs. The order also required federal agencies to develop an action plan to address those barriers.

As part of this effort, in December 2021, CMS issued a request to the public for comments on how the agency could ‘Advance Equity and Reduce Disparities in Organ Transplantation.’

‘CMS is focused on identifying potential system-wide improvements that would increase organ donations, improve transplants, enhance the quality of care in dialysis facilities, increase access to dialysis services, and advance equity in organ donation and transplantation,’ the agency said at the time. ‘Black Americans are almost four times more likely, and Latinos are 1.3 times more likely, to have kidney failure compared to White Americans. Despite the higher risk, data shows that Black and Latino patients on dialysis are less likely to be placed on the transplant waitlist and have a lower likelihood of transplantation. Because of these stark inequities, CMS’ [Request For Information] asks the public for specific ideas on advancing equity within the organ transplantation system.’ 

Trump officials and allies, including AFL, have questioned the role outside groups played during the process of drafting the final IOTA Model rule, prompting AFL to file FOIA requests as part of a broader investigation into the new IOTA model and the Biden administration’s alleged push to infuse DEI into the nation’s organ transplant framework.

One example AFL has pointed to is a ‘modernization initiative’ for the national organ transplant system under the Biden administration, which included plans to strengthen ‘equity, and performance in the organ donation and transplantation system.’ The Biden admin also announced changes to the ‘labeling of race and ethnicity information for organ donors,’ on numerous data reports used by the Organ Procurement and Transplantation Network (OPTN). 

The nation’s organ transplant system has also recently been targeted for prematurely initiating organ retrievals while patients were still alive, or improving. In July, HHS released a statement announcing an initiative to reform the Organ Procurement and Transplantation Network (OPTN), following a federal investigation that found ‘disturbing practices by a major organ procurement organization.’

AFL argues that the IOTA Model final rule, specifically, violates Title VI of the Civil Rights Act, Section 1557 of the Affordable Care Act, the equal protection clause, precedent established by the U.S. Supreme Court, and executive orders issued by President Donald Trump. 

The lawfare group added that the rule also exceeds CMS’ statutory authority under the Social Security Act, and is ‘arbitrary and capricious’ under the Administrative Procedure Act.  

‘The Biden Administration built this kidney transplant policy on the false premise that fairness requires discrimination,’ Redshaw said. ‘This rule treats race as a substitute for medical judgment, and it risks condemning patients to die on waitlists based on immutable traits instead of clinical need. Every American deserves equal treatment under the law, especially when life and death are at stake.’

HHS and CMS didn’t reply to Fox News Digital’s requests for comment on this story in time for publication.

Fox News Digital’s Breanne Deppisch, Melissa Rudy, and Angelica Stabile contributed to this report.

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A pair of major North American solar companies, including one touted by Senate Democrats in 2023, could face scrutiny over their ties to China.

While the feds have created barriers to Chinese firms flooding the solar market, many have found ways to localize operations in the U.S. or North America in a manner that allows for public investment and even deferential press coverage at times.

After then-President Joe Biden signed the Inflation Reduction Act, Senate Democrats praised the law for its substantive investments in ‘green’ energy, including solar. One company that received top billing was an Ontario-based firm that was founded by a Chinese entrepreneur and keeps much of its assets in China.

‘The Inflation Reduction Act is already paying huge dividends for the American people,’ blared a topline from Senate Democrats in 2023 after investments were being made in several companies.

The release cited a Reuters report that Canadian Solar – based in Guelph, Ontario, but founded by Qu Xiaohua and with its main operating arm listed on Shanghai’s SciTech board – committed to $250 million to a 5GW module facility in Texas after the IRA took effect.

Trina Solar North America president Steven Zhu boasted to China Daily, a Chinese state-run propaganda outlet, that the project represents ‘a significant investment in American manufacturing that will bolster the U.S. solar market in addition to positioning Texas as a leader in the transition to a sustainable future.’

Canadian Solar saw a 34% spike in its stock performance in the first half of 2022, according to a Benzinga analysis, which quoted company CEO Shawn Qu as saying he was ‘excited to see the [IRA] in the U.S. coming into effect.’ The report said ‘alternative energy companies’ like Canadian Solar stood to get a leg up thanks to about $370 billion in subsidies from the IRA.

A 2025 company filing with the Securities & Exchange Commission (SEC) referenced that due to the company’s business in China, the CCP ‘may intervene or influence the operations of our PRC subsidies at any time’ and that the firm is ‘exposed to legal and operational risks associated with having a significant portion of our manufacturing operations in China.’

The Canadian-based company with a large Chinese manufacturing footprint – praised by Democrats – extends China’s state-backed dominance, yet can still qualify for IRA tax incentives meant for American allies – something that Congress has been focused on.

Rep. John Moolenaar, R-Mich., chairman of the House Select Committee on the CCP, recently sounded the alarm on companies affiliated with China that receive or are qualified for federal subsidies – including through Biden’s IRA.

Moolenaar previously focused on another Chinese firm called Gotion, telling The Midwesterner there are ‘about 30 tax credits’ in the law ‘Biden calls his Inflation Reduction Act [that] will go to companies who are manufacturing, in some way, green energy.’

Moolenaar’s ‘No Gotion Act’ would ensure no subsidies go to firms based in officially designated politically-concerned countries like China, Russia, North Korea and Iran.

He also inserted language in the 2024 funding bill for the Department of Energy that would prohibit the agency from awarding contracts to companies tied to the CCP.

Fox News Digital reached out to Moolenaar for additional comment.

Rep. Carlos Gimenez, R-Fla., chair of the House Homeland Security Transportation Subcommittee, said at the time that the U.S. cannot continue ‘ceding dominance over our critical supply chains to our greatest geopolitical rival.’

Gimenez, who was born in communist Cuba and fled to the U.S. as a child, said Western nations were too slow to recognize threats from Huawei and TikTok, and that doing business in China ensures the CCP will get a cut; ‘a steep cost.’

Canadian Solar had about 12,000 employees in China at the beginning of the year with less than 6,000 in the rest of the world combined.

The Coalition for a Prosperous America raised red flags in a report last year on Chinese dominance in the solar industry, and the fact that they’re largely kept afloat by ‘massive financial support’ from the Chinese government – with reports citing as much as Y1B ($140M) in subsidies in recent times.

Those subsidies, CPA argued, threaten all solar firms in the West.

In 2024, Trina Solar, then a subsidiary of a Chinese solar giant by the same name, forged an agreement to sell its Texas-based manufacturing assets to another U.S.-based but Chinese-tied company, which is now known as T1 Energy. Trina Founder Gao Jifan is also a Chinese National People’s Congress delegate.

Gao has several links to CCP-connected organizations, as a profile on the Chinese-controlled search giant Baidu lists several curriculum vitae, including a former vice president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products – a semi-governmental trade association made up of representatives from several industrial and green-energy corporations like Huawei and Trina Solar.

More recently, in 2023, Gao was vice president of the China Association for the Promotion of Industry-Academic-Research Cooperation, a group under the auspices of the CCP’s Ministry of Science and Technology that connects research universities and manufacturing outfits in the fields of nanotechnology, material manufacturing and green energy.

On its homepage, T1 bills itself as ‘building domestic solar and battery supply chains to invigorate America with scalable, reliable, and low-cost energy,’ and saying that ‘America needs advanced manufacturing capacity to unlock our most scalable energy resources.’

Baidu noted Gao’s investment in a Texas solar module factory, saying he did so to ‘prevent the shipment of photovoltaic products from being blocked.’

T1 formed after FREYR Battery, a Norwegian firm, sold off its Texas assets to Trina Solar, which then rebranded the operation as T1 Energy after a restructuring – while FREYR focused on a separate Georgia operation.

T1 positions itself as an ‘integrated U.S. supply chain for solar and batteries,’ but remains largely dependent on Trina.

Earlier this month, T1 tweeted a video of robots at its Texas factory, saying that it produced 14MW of solar panels in one day and calling it ‘the path to American power.’

Trina Solar, the Chinese company, owns between 16-25% of T1, according to reports, allowing it a minimum of two board members. One member is reportedly a businessman who previously held a deputy directorship at the Chinese Development Bank, a financial powerhouse that helps fund China’s infamous Belt-and-Road Initiative.

A Caribbean-domiciled firm tied to the wife of a Trina executive also holds a stake in T1, potentially offering more Eastern control.

With T1 being a U.S. company eligible for tax credits under the IRA, the company benefits – but also its dependence on Chinese subsidy translates to a CCP-tied firm benefiting from American money.

In Canadian Solar’s case, critics have considered the branding and international dynamic to be geopolitical camouflage, suggesting to Western governments the company is one of their own.

The overall dynamic is one that again depicts China’s persistence in circumventing or manipulating U.S. defenses in various situations, this time in business and investments.

Chinese companies often collaborate on joint transpacific ventures and keep their equity stakes just under the proportion that triggers federal restrictions as a ‘Foreign Entity of Concern’ (FEOC).

Fox News Digital reached out to Trina Solar and Canadian Solar for comment.

Fox News Digital’s Cameron Cawthorne contributed to this report.

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The far-left push within the Democratic Party, highlighted by mayoral victories by socialist candidates in New York City and Seattle, is poised to be a major factor in several key battleground House races as several candidates carrying the progressive mantle hold strong positions in Democratic primaries.

Several of the most competitive House races in the country feature candidates putting to the test whether progressive policies can appeal to voters outside deep blue urban centers, including in California’s 22nd Congressional District, where Democrat Randy Villegas is running to unseat Republican Rep. David Valadao. 

‘Bernie and I share the same goal: to make life more affordable for working families,’ Villegas said in a statement after being endorsed by Sen. Bernie Sanders, I-Vt., a self-described ‘democratic socialist.’

‘He has dedicated his life to putting power in the hands of ordinary Americans instead of the ultra-rich, and I’m excited to work together to fight for our communities here in the Central Valley and across the country.’

In addition to being endorsed by Sanders, who endorsed New York City Mayor-elect Zohran Mamdani, Villegas has employed the Fight Agency advertising firm, among others, which is led by operatives who also helped Mamdani cruise to victory earlier this month.

Fox News Digital reported this week that Fight Agency is also working to defeat two vulnerable House Republicans in Pennsylvania, Reps. Rob Bresnahan and Ryan Mackenzie.

Villegas, endorsed by the progressive Working Families Party that endorsed Mamdani, is currently running in a Democratic primary against California state Assemblywoman Jasmeet Bains, who was recruited by the Democratic Congressional Campaign Committee (DCCC) and currently is sitting on less cash on hand than Villegas.

‘Here in the Central Valley, we couldn’t care less about political labels,’ Villegas said in a statement to Fox News Digital. ‘We care about being able to see a doctor without going bankrupt and being able to feed our families without needing a second job. We’re sick of politicians in both parties selling us out to billionaires and corporations. Any politician who isn’t fighting for working families like our lives depends on it needs to get out of the way.’

In Colorado’s 8th Congressional District, GOP Rep. Gabe Evans is being challenged by another progressive Democrat, Manny Rutinel, in what is expected to be one of the tightest House races next November.

Rutinel, who serves as a Colorado state representative, who was reportedly spotted alongside Mamdani and holds a large fundraising lead over his Democrat opponents, has associated himself with a variety of far-left groups and politicians, including Rep. Ilhan Omar, D-Minn., Townhall reported.

Rutinel has been endorsed by progressive groups like CHC Bold PAC and Latino Victory Fund.

The race to unseat GOP Rep. Darrell Issa in California’s redrawn 48th Congressional District features Democrat Ammar Campa-Najjar, who describes himself as a ‘working-class progressive’ and was endorsed by the Sanders-linked group Our Revolution. 

Campa-Najjar, who volunteered for Sanders’ 2016 presidential campaign and appears to be the front-runner in the Democratic primary, was endorsed in 2020 by the Working Families Party as well as Democrat Rep. Alexandria Ocasio-Cortez’s Courage to Change PAC. 

GOP Rep. Tom Barrett is up for re-election in Michigan’s 7th Congressional District, and one of the Democrats running to replace him is William Lawrence, who co-founded the progressive Sunrise Movement.

Lawrence’s policies have drawn comparisons to Mamdani, including from the Lansing City Pulse, who wrote that his ‘campaign is built on a community movement, a message of ‘real representation’ that takes ‘political control away from the establishment and puts it back in the hands of the people.’ It’s like how Zohran Mamdani won in New York City.’

Peter Chatzky is running as a Democrat challenging GOP Rep. Mike Lawler in New York’s 17th Congressional District, and although he is running in a crowded primary, he has the ability to self-fund and is viewed as a formidable contender in a district ranked by Cook Political Report as ‘Lean Republican.’

Chatzky has defended Mamdani’s agenda on social media and praised the young socialist for running ‘an effective campaign that consistently focused on affordability, fairness, and opportunity in New York City.’

Chatzky, the only Democrat in the field who has called for Senate Minority Leader Chuck Schumer to step down, has expressed support for ‘universal healthcare.’

Like Mamdani, Chatzky has also faced criticism for his positions on Israel and defended Mamdani against allegations of antisemitism. 

In Nebraska, John Cavanaugh, a state senator, is running as a Democrat to replace retiring GOP Rep. Don Bacon in the 2nd Congressional District with the endorsement of the Congressional Progressive Caucus, which he said he is ‘grateful’ for and that he plans to join them on the ‘front lines.’

As Democratic leadership in Washington, D.C. begins to face calls for new faces, Republicans across the country have made the argument that the socialist push in recent months is reshaping key House races and changing the landscape of the way the Democratic Party operates going forward. 

Mike Marinella, national spokesperson for the National Republican Congressional Committee (NRCC), told Fox News Digital the rise of progressive candidates is a ‘full-blown battle for the soul of the Democrat Party’ and concluded that the ‘socialist stampede is winning.’

‘Democrats aren’t focused on helping working families, they’re too busy tearing each other apart.’ 

In a statement to Fox News Digital, DCCC spokesperson Viet Shelton touted the Democrats across the country who are focusing on affordability. 

‘Because of House Republicans, everything is too damn expensive and working families are struggling. Republican operatives in D.C. know they can’t win on the issues, so we’re seeing them melt down in real time,’ Shelton said.

‘Even President Trump is in the Oval Office desperately bear hugging the Mayor-elect. It’s embarrassing. While they waste their time, Democrats across the country are laser focused on lowering prices and fighting for everyday Americans, which is why we will re-take the majority.’

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In one corner of the world, the U.S. is trying to end a war. In another, it may be preparing to start one.

While Washington pushes proposals aimed at easing Russia’s terms for a cease-fire with Ukraine in Europe, it’s taking a far tougher stance in the Western Hemisphere — moving to label Venezuela’s military-linked Cartel de los Soles a terrorist organization and quietly expanding its military footprint in the Caribbean.

Sporadic strikes on alleged cartel boats off Venezuela’s coast have grown into the largest U.S. military presence in Southern Command’s area in a generation, with the world’s biggest aircraft carrier, the USS Gerald R. Ford, steaming toward the Caribbean Sea. President Donald Trump has reportedly approved CIA covert measures inside Venezuela — operations that often precede military force — and U.S. planners have already drawn up target lists for cartel sites, according to The New York Times.

Many believe the U.S. could soon launch direct strikes on Venezuelan territory aimed at pushing Nicolás Maduro out of power. 

At the same time, a top Russian commander, Colonel General Oleg Makarevich, has been reassigned from the Ukrainian front to head Russia’s Equator Task Force in Venezuela, overseeing roughly 120 troops training Venezuelan forces, Ukrainian intelligence chief Lt. Gen. Kyrylo Budanov told The War Zone. Fox News Digital has not independently verified Budanov’s claim.

Seth Krummrich, a retired U.S. Army colonel and vice president at Global Guardian, said Russian military advisers are indeed operating inside Venezuela but doubted Moscow would back Maduro militarily. ‘They’re there, full stop,’ Krummrich said. ‘But Russia needs to stop the massive blood-letting of its young men in Ukraine. They’re not going to go toe-to-toe with us militarily.’ He added that the relationship is long-standing: ‘There is a long history of Russian military advisers in Cuba and in Venezuela that goes on for decades.’

Many in Washington see a strategic payoff in forcing out Maduro: it would strip Russia of its last firm foothold in the Western Hemisphere — a loss comparable, in some analysts’ view, to Moscow’s waning influence in Syria. ‘Venezuela, for the longest time, has been a launch pad for Chinese, Russian, and Iranian influence in the Western Hemisphere,’ Krummrich said. ‘These chess pieces are all tied together when you arch your great-power competition.’

Other experts caution against assuming the U.S. escalation in Venezuela and its peace overtures in Europe are part of a single coordinated plan. Ryan Berg, director of the Americas Program at the Center for Strategic and International Studies (CSIS), spoke with Fox News Digital and said any overlap may be more coincidence than strategy.

‘We’ve been zigging and zagging in Venezuela,’ Berg said. ‘Trump has gone back and forth between build-ups and calls for dialogue, while the Russia timeline has only recently become parallel to these events. Anything that looks coordinated is likely coincidence.’

Berg recalled that during Trump’s first administration, some advisers floated an ‘Ukraine-for-Venezuela’ concept — asking Russia to relinquish its stake in Caracas in exchange for U.S. concessions in Eastern Europe — but the idea was quickly abandoned. ‘Russian power in Venezuela is important,’ Berg said, ‘but it’s not so overwhelming that it’s the reason Maduro survives.’

Russia’s footprint in Latin America has grown only modestly since the early 2000s, dwarfed by China’s economic expansion. Moscow’s closest partners remain Cuba, Venezuela, and Nicaragua. Beyond them, its influence is exercised mainly through media and selective economic pressure.

‘If you look at Russia’s trade profile with the region, it’s small,’ Berg said. ‘But Moscow is very good at using those few trade points for leverage.’

He cited examples: when Ecuador considered sending old Russian-made equipment to Ukraine in exchange for U.S. military aid, Russia threatened to block Ecuadorian banana exports — nearly $1 billion annually — by imposing new phytosanitary checks. The deal collapsed within a week.

Similarly, Moscow has kept Brazil and Argentina largely muted on the Ukraine invasion by leveraging its control over nitrate fertilizer exports, crucial to both agricultural giants. ‘They use whatever levers they have — bananas, fertilizer, spare parts — to coerce quietly,’ Berg said.

Russia also continues to service aging equipment across the region. ‘They sell a lot of kit here,’ Berg added. ‘Many countries still operate Russian-origin systems that need maintenance and parts. That creates dependency.’

If U.S. forces strike Venezuelan targets, most observers expect Russia to limit its response to intelligence sharing and disinformation, not combat support. ‘The Russians are pretty tied down in Ukraine,’ Berg said. ‘We saw during the 12-day war, when Iran appealed for help, Moscow stayed silent. They simply don’t have the capacity.’

Berg described a recent episode in which a sanctioned Ilyushin cargo plane landed in Caracas. Russian lawmakers briefly claimed it carried air-defense systems and technicians to assist Maduro, but Foreign Minister Sergei Lavrov later denied it. ‘He essentially said, ‘We have no mutual-defense treaty,’’ Berg noted. ‘That was widely read as: we’re not coming to Venezuela.’

John Hardie, deputy director of the Russia Program at the Foundation for Defense of Democracies, also spoke with Fox News Digital and said there is little evidence of a coordinated link between the U.S. buildup in the Caribbean and Washington’s peace overtures in Europe. ‘I don’t see any immediate connection,’ Hardie said. ‘Russia’s ability to influence events in Venezuela is pretty limited.’

He said Moscow’s power-projection capacity in the Western Hemisphere remains constrained. ‘They can take limited action — fly some bombers into the region, sail submarines to Cuba — but major operations in Latin America are beyond their capacity,’ Hardie said.

Hardie also noted reports of the Russian Ilyushin transport aircraft visiting Venezuela and suggestions it could have carried air-defense systems, but said any such transfer would have little strategic effect. ‘Even if Russia slipped in some air defenses, it wouldn’t make much difference,’ he said. ‘The Venezuelan military would still be heavily overmatched by the United States.’

Both Krummrich and Berg agree that momentum is building toward U.S. kinetic action. Berg said indications point to possible strikes between Thanksgiving and Christmas, as U.S. naval and intelligence assets align and Trump signals impatience with Maduro’s attempts to stall.

‘Maduro’s instinct is to buy time — that’s what’s kept him afloat through multiple administrations,’ Berg said. ‘But Trump wants results, not a two-year transition or vague promises about U.S. oil access. The question is what Maduro can offer that will actually satisfy him.’

Whether this two-track moment represents coincidence or coordination, the stakes are high. A peace framework in Europe could stabilize one front while a new flashpoint ignites closer to home — underscoring the paradox of Washington’s posture in late 2025: seeking de-escalation abroad while bracing for confrontation in its own hemisphere.

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Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF ) (‘ Rio Silver ‘ or the ‘ Company ‘) is pleased to provide a corporate update outlining ongoing operational preparations and strategic initiatives as the Company advances toward becoming a high-grade silver producer in Peru, the world’s second-largest silver-producing nation.

Over recent weeks, Company President Chris Verrico, in-country Peruvian Project Manager and Geologist Miller Fernandez, Logistics Manager José Peña and Principal Geological Consultant Edgar Leon, completed a detailed site visit to the Maria Norte Au-Ag-Pb-Zn Project. The team confirmed the scope, sequencing, and logistical requirements to fast-track development work immediately upon regulatory approval of the pending acquisition.

Operational Highlights

  • Development Program Ready to Launch: Field team completed a full development review at Maria Norte, confirming immediate sequencing and readiness to begin work upon Exchange approval of the acquisition.
  • Infrastructure and Portal Access Advancing: Preparations underway for high-altitude camp construction, laydown areas, portal-access upgrades, and drift/tunnel advancement along known mineralized structures.
  • Permitting and Community Agreements Progressing: Explosives permitting and final stakeholder access agreements are advancing positively within one of Peru’s most established silver-producing regions.
  • Leveraging Peru’s Proven Development Model: The Company is adopting Peru’s exploration/exploitation framework, enabling mineral generation while concurrently establishing underground drill platforms for resource definition.
  • Evaluating Additional District-Scale Opportunities: Management has identified several silver-dominant targets within trucking distance that may offer accretive district-scale growth potential.

‘Rio Silver is laying the foundation for what we believe can become one of Peru’s next high-grade silver operations,’ said Chris Verrico, President and CEO. ‘Our recent technical review confirmed the strength of the mineralized structures at Maria Norte and validated our plan to advance a rapid, efficient development model. With strong local support, a skilled in-country team, and a well-funded treasury, we are moving with purpose toward unlocking the full potential of this emerging silver district. We see a tremendous opportunity ahead—not only at Maria Norte, but across the broader belt where we continue to evaluate additional high-grade prospects.’

Royalties and Additional Strategic Interests

Rio Silver also benefits from a suite of long-term royalty and equity interests that strengthen the Company’s financial position and provide meaningful, non-dilutive value as it advances its core Peruvian portfolio.

The Company currently receives approximately US$150,000 per year in advanced royalty payments, forming a stable baseline of recurring revenue. In addition, the sale of the Niñobamba project to Magma Silver Corp. provides Rio Silver with milestone payments exceeding US$2 million , along with 2,500,000 common shares of Magma Silver and a further 2,500,000 shares on the first anniversary of approval ( see news release here ). Magma Silver Corp. last traded at $0.20 per share as of market close on November 24, 2025, underscoring the tangible value of this equity exposure. Rio Silver also retains a 2% NSR royalty on Niñobamba, complementing the 3% capped NSR royalty held from the Company’s former Palta Dorada interests.

Beyond its Peruvian assets, Rio Silver maintains ownership of a highly prospective critical-metals project in Ontario’s Ring of Fire, one of Canada’s most important emerging mineral districts. A 2012 airborne EM survey conducted by Fugro identified one of the strongest electromagnetic anomalies ever recorded by the firm—an indicator of significant subsurface potential. Historical drilling by INCO in the 1970s intersected encouraging geology but was never advanced due to non-technical circumstances of the era. Today, Rio Silver continues to engage positively with local First Nations communities as it evaluates the long-term potential of this strategically located asset.

Why This Matters to Investors

Peru remains one of the world’s most important silver jurisdictions, hosting multiple long-life underground mines and well-established infrastructure. Rio Silver is advancing a strategy centered on:

  • High-grade, high-margin silver mineralization in a district with proven production potential.
  • A rapid development model that allows for resource delineation and mineral generation concurrently—an approach widely used in Peru.
  • Proximity to established processing facilities , reducing potential future capital requirements.
  • A district-scale vision , with additional prospective acquisitions under evaluation.
  • A tight, aligned shareholder base and a strengthened treasury to support near-term catalysts.

As global silver demand accelerates—driven by industrial electrification, AI-related infrastructure, renewable energy, and precious-metal investment—Rio Silver is positioning itself as a pure-play developer with meaningful leverage to rising silver markets.

Engagement With Leading Communications Firm Caram Media
Partnering with Caram Media strengthens Rio Silver’s commitment to disciplined growth, clear market communication, and strong alignment with shareholders as the Company advances its near-term development strategy in one of the world’s most historically productive silver belts.

Galen Carson, President of Caram Media, commented: ‘We’re excited to partner with Rio Silver as they advance one of the most compelling emerging silver stories in Peru. Our team looks forward to helping bring this remarkable opportunity to the broader market with clarity, precision, and the strategic focus it deserves. It’s an inspiring project with tremendous energy behind it, and we’re thrilled to support the next phase of Rio Silver’s journey.’

Compensation and Terms
Under the consulting agreement dated November 14, 2025, Rio Silver has retained Caram Media Inc. for an initial six-month term. Caram Media will receive CAD $100,000 plus applicable GST as the first and last months’ fees paid in advance, followed by monthly payments of CAD $50,000 plus GST thereafter. Additional discretionary compensation may be considered by Rio Silver at its sole discretion and in accordance with applicable securities regulations. Either party may terminate the agreement with thirty (30) days’ written notice.

Qualified Person Statement

The scientific and technical information contained in this release has been reviewed and approved by Jeffrey Reeder, P.Geo., a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Rio Silver Inc.

Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF) is a Canadian resource company advancing high-grade, silver-dominant assets in Peru, the world’s second-largest silver producer. The Company is focused on near-term development opportunities within proven mineral belts and is supported by a seasoned technical and operational team with deep experience in Peruvian geology, underground mining, and district-scale exploration. With a clear development strategy, and a growing portfolio of highly prospective silver assets, Rio Silver is establishing the foundation to become one of Peru’s next emerging silver producers.
Learn more at www.riosilverinc.com

ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.

Chris Verrico
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information,
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com

Cautionary Note Regarding Forward-Looking Information

This news release contains ‘forward-looking statements’ within the meaning of applicable Canadian securities laws. All statements in this release that are not historical facts are forward-looking statements and are based on expectations and assumptions as of the date of this release. Forward-looking statements relate to future events or performance and include, but are not limited to, statements regarding the Company’s planned exploration and development activities at the Maria Norte Project, expected timelines for regulatory approvals, future work programs, engagement with local stakeholders, geological interpretations, and the Company’s ability to advance its assets toward potential development.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. These risks include, but are not limited to, operational risks, regulatory risks, geological uncertainties, availability of financing, community and social risks, commodity-price fluctuations, and general economic conditions. Additional risks are described in the Company’s filings available on SEDAR+ at www.sedarplus.ca .

Readers are cautioned not to place undue reliance on forward-looking statements. Rio Silver does not undertake to update forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

News Provided by GlobeNewswire via QuoteMedia

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Canada One Mining Corp. (TSXV: CONE) (OTC Pink: COMCF) (FSE: AU31) (‘Canada One’ or the ‘Company’) is pleased to provide an exploration update following the Phase 2 exploration program conducted at its 100% owned Copper Dome Project, (‘Copper Dome’, ‘Project’ or ‘Property’), Princeton B.C.

2025 FIELD PROGRAM HIGHLIGHTS

  • Crews established 53 field stations with full metadata across the property, systematically documenting geological observations to contextualize mineral showings in relation to property-scale and regional geology.
  • A total of 29 rock samples were collected during the first phase of exploration and have been delivered to the laboratory for analysis.
  • Copper sulphides, including bornite and chalcopyrite, were observed in several rock samples. Assay results are pending.
  • Key alteration assemblages observed are indicative of proximity to porphyry centers.

Peter Berdusco, President and CEO of the Company commented: ‘We are thrilled with the Phase 2 exploration work, which identified numerous samples containing visible copper sulphide minerals. The Friday Creek zone emerged as a standout area of interest, and additional work is planned to further evaluate its mineralization footprint and potential within the broader Copper Dome system. Observing bornite in hand sample is a strong indicator of potential porphyry systems, and the project’s proximity to the Copper Mountain Mine only strengthens the geological narrative. The visible copper mineralization and potassic alteration signatures observed in these samples provide Canada One with a solid foundation to advance exploration and refine its 2026 objectives at the Copper Dome project.’

Exploration Summary

Crews completed the Phase 2 field program at the Copper Dome Project, with a primary focus on visiting historic MINFILE occurrences and applying modern exploration insight to reassess legacy data and descriptions. All documented MINFILE locations were successfully visited, and 53 field stations were collected with full metadata at each site. A total of 29 rock samples were submitted for analysis at ALS Geochemistry – Kamloops, and the Company expects an approximate four-week turn around on results. Historic workings and related infrastructure were mapped, documented, and georeferenced, with access conditions recorded for each location (See Figure 1).

The Company is encouraged by early field observations, which include chalcopyrite stringers, mineralized breccia cement, and bornite clots and stringers (see Figures 2-4).

Figure 1: Overview map of the Copper Dome project sowing sample and data stations as well as project infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/275866_34fbc694940758d3_002full.jpg

The Friday Creek Zone, located on the western portion of the claim block, hosts strong potassic alteration and visible chalcopyrite and bornite mineralization, commonly occurring with little to no pyrite. Alteration across the zone is similarly encouraging, with moderate to strong K-feldspar and biotite alteration commonly observed near the copper sulphides. This alteration and mineralization assemblage is a recognized indicator of prospective porphyry copper systems, suggesting that the outcrop may lie within the system’s central potassic zone.

The discovery of in-situ bornite at the Friday Creek zone is extremely encouraging. Bornite is a copper-bearing sulphide mineral (chemical formula Cu₅FeS₄, containing ~63% copper by mass), and its presence is commonly associated with proximity to porphyry centers. Bornite was observed across an approximate 150 m by 150 m area, highlighting a meaningful footprint of a high-temperature potassic zone and demonstrating strong potential for a porphyry system near surface. At Friday Creek, alteration was mapped over a vertical extent of roughly 100 meters, extending downslope to the valley bottom, where the strongest alteration intensity was recorded.

Figure 2: Rock sample (2025JG0197), collected from the Friday Creek Zone, comprises a diorite intrusion exhibiting K-feldspar-biotite alteration and internal brecciation, hosting semi-massive bornite mineralization with associated stringers.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/275866_canadaone_figure2.png

Bornite at the Friday Creek Zone occurs in several styles. A diorite unit was observed with moderate intensity K-feldspar alteration surrounding bornite stringers exhibiting an internally brecciated texture. The K-feldspar may represent an alteration envelope around the chaotic bornite vein swarm (See Figure 2).

Figure 3: Rock sample (2025JG0001), collected from the Friday Creek Zone, shows a brecciated pegmatite with hydrothermal breccia infill composed of quartz-biotite-sulphide cement.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/275866_34fbc694940758d3_005full.jpg

Figure 4: Rock sample (2025PK0003) from the Friday Creek Zone showing moderate k-feldspar and biotite alteration with blebby bornite and chalcopyrite mineralization.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/275866_canadaone_figure4.png

The company intends to undertake a comprehensive interpretation of the initial field observations, integrating lithological, alteration, and mineralization data to refine the current geological setting.

A follow-up field program is scheduled to commence in Q2 2026, with objectives focused on delineating alteration zonation patterns, sulphide mineral distribution, and the structural controls on mineralization. Detailed petrographic and geochemical analyses will be employed to better constrain the relationship between the observed hydrothermal alteration assemblages and the inferred porphyry center at the Copper Dome Project. These efforts are expected to enhance the company’s understanding of the system’s geometry and vectoring potential, thereby guiding future drilling and exploration targeting.

All rock samples collected from the fall 2025 fieldwork program are pending and were submitted to ALS Geochemistry – Kamloops to be analysed for gold and platinum group elements (50 g fire assay), and multi-element geochemistry, including elements Cu, Pb, Zn, Co, and Ag (method ME-MS61).

About The Copper Dome Project

Copper Dome is located in the lower Quesnel Trough porphyry belt, one of British Columbia’s most prolific mining districts. The Project directly adjoins Hudbay Minerals Inc.’s (TSX: HBM) producing Copper Mountain Mine to the north, which the company reports as having Proven and Probable Reserves of ~367 Mt at 0.25 % Cu, 0.12 g/t Au, and 0.69 g/t Ag (Hudbay Minerals Inc., 2023). Multiple mineralized zones have been identified across the Property, with historical drilling confirming high-grade copper associated with northeast-trending structures similar to those hosting mineralization at Copper Mountain.

The technical and scientific information regarding the adjacent Copper Mountain Mine is sourced from Hudbay Minerals Inc.’s published reports. Mineralization at Copper Mountain should not be considered indicative of the mineralization on the Copper Dome Project.

Reference:
Hudbay Minerals Inc. (2023). NI 43-101 Technical Report – Updated Mineral Resources & Mineral Reserves Estimate, Copper Mountain Mine, Princeton, British Columbia. Effective date: December 1, 2023. Qualified Person: Olivier Tavchandjian, Ph.D., P.Geo. Available on Sedar+.

The Copper Dome Project benefits from excellent infrastructure, enabling year-round access, cost-efficient exploration, and a stable, low-risk jurisdiction.

Historical Work Completed

  • Geophysics: 51 km of induced polarization (IP); airborne magnetic and electromagnetic (EM) coverage over ~50% of the Property
  • Sampling: 2,253 soils and 378 rocks collected
  • Drilling: 8,900+ m of diamond drilling
  • Trenching: Over 1 km excavated

With a five-year drill permit in place, the Company is focused on advancing the Project toward drill-ready target definition.

About Canada One

Canada One Mining Corp. is a Canadian junior exploration company focused on copper-the critical metal powering the global energy transition. The Company advances projects from discovery through resource definition with disciplined, data-driven exploration and responsible practices. Its flagship Copper Dome Project, near Princeton, British Columbia, targets a porphyry copper-gold system in a Tier-1 jurisdiction. Canada One aims to deliver sustainable growth and long-term value for shareholders and local communities.

Acknowledgement

Canada One acknowledges that the Copper Dome Project is located within the traditional, ancestral and unceded territory of the Smelqmix People. We recognize and respect their cultural heritage and relationship to the land, honoring their past, present and future.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Ali Wasiliew, P.Geo., a ‘qualified person’ as defined in NI 43-101 – Standards of Disclosure for Mineral Projects.

Historical Sampling

The sampling was done to the standards of the time and is considered ‘historical’ in nature and is not NI43-101 compliant and cannot be relied upon. The results are listed here to show why the Company is interested in this area. Future work and drilling may not repeat similar results.

Contact Us

For further information, interested parties are encouraged to visit the Company’s website at www.canadaonemining.com, or contact the Company by email at info@canadaonemining.com, or by phone at 1.877.844.4661.

On behalf of the Board of Directors of
Canada One Mining Corp.

Peter Berdusco
President
Chief Executive Officer
Interim Chief Financial Officer

Forward-Looking Statements

This press release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

TSX Venture Exchange Disclaimer

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/275866

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Harmony Gold Mining (NYSE:HMY,JSE:HAR) announced that it has approved development of its Eva Copper project in Queensland after completing an updated feasibility study, with an estimated capital of US$1.75 billion across a three-year window.

The South African miner said Monday (November24) that its board signed off on the Final Investment Decision for the Eva copper project, a 100-percent-owned project in northwest Queensland expected to deliver high margins and a long operating life.

Harmony plans to build a low strip-ratio open-pit mine capable of producing about 65,000 metric tons of copper concentrate annually during its first five years, with an average life-of-mine profile of roughly 60,000 metric tons of copper and 19,000 ounces of gold per year over an estimated 15-year span.

The mine will process about 18 million metric tons of ore per year and carry an all-in sustaining cost of approximately US$2.50 per pound.

CEO Beyers Nel said the feasibility results confirm the company’s shift toward a balanced gold-and-copper portfolio.

“The Eva Copper Feasibility Study delivers a strong, high-confidence outcome that positions Harmony for the next phase of growth as we continue building a high-quality, low-cost portfolio,” he said.

Nel also tied Eva Copper to Harmony’s expanding strategy, pointing to the company’s recently completed MAC Copper acquisition.

“Eva Copper, together with our recent MAC Copper acquisition, creates a compelling platform that brings together the enduring value of gold with the future-facing strength of copper, enhancing cash flow resilience across commodity cycles,” he said.

Last month, Harmony completed its US$1.01 billion acquisition of MAC Copper, giving the company full ownership of the high-grade CSA copper mine in New South Wales.

The company said the purchase builds on its strategic push to strengthen its copper position in Tier-1 jurisdictions. It also expects its two major Australian copper assets to deliver a combined 100,000 metric tons of copper annually once fully commissioned.

Meanwhile, the Eva Copper project was acquired by the company in October 2022 and has since completed 166,000 metres of drilling. The current two-million-metric-ton copper resource underpins the potential for future extensions to the mine’s life.

Harmony anticipates first production in the second half of 2028, a timeline it says aligns with a structural deficit in copper supply that could support stronger prices.

Board approval moves the project into the execution phase. Mobilization to site is expected in the third quarter of fiscal 2026, subject to amendments to the project’s Environmental Authority.

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

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Here’s a quick recap of the crypto landscape for Monday (November 24) as of 9:00 p.m. UTC.

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

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,102.53, up 1.9 percent in 24 hours.

Its price showed a short-term gain after last week’s rout, which saw over US$1.2 billion in spot BTC ETF outflows, marking the third consecutive week with over US$1 billion in outflows, according to SoSoValue.

Bitcoin price performance, November 24, 2025.

Chart via TradingView

However, market sentiment remains very cautious, with the Fear and Greed Index reading 12 at market close. Increased open interest and large short liquidations suggest potential volatility and possible rebound dynamics.

“In the short term, a rebound is highly likely, but if we fall again and lose the US$80,000 level, the probability of facing a much tougher period becomes significantly higher,” CryptoQuant said in a post on X.

Bitcoin’s RSI at 58.52 indicates a moderately bullish momentum, but is still comfortably below overbought territory.

A -0.005 funding rate indicates traders are still somewhat bearish, but short liquidations may start to shift momentum upward. Economic data due later this week could uplift markets if it reinforces expectations of interest rate cuts. Market odds of a rate cut in December have risen recently, with many sources placing the probability around 70-79 percent.

Meanwhile, ETH (ETH) was US$2,973.36, up by 5.1 percent in 24 hours. Liquidations of US$39.75 million, predominantly in short positions, may have fueled upward price pressure through a short squeeze.

Open interest rose 3.07 percent to US$35.93 billion, suggesting increasing trader engagement and speculative activity in ETH derivatives. A funding rate of 0 reflected a balance between bullish and bearish sentiment among traders at this moment.

Altcoin price update

  • XRP (XRP) was priced at US$2.26, up by 9.2 percent over 24 hours.
  • Solana (SOL) was trading at US$138.82, up by 4.7 percent over 24 hours.

Today’s crypto news to know

Cardano Chain Split and Etherscan API Outage Highlight DeFi Risks Amid Tensions with JPMorgan

Recent events in the crypto ecosystem have underscored the vulnerabilities and institutional challenges facing DeFi investors. On Friday (November 21), Cardano (CAD) experienced an accidental chain split triggered by a malformed transaction, temporarily dividing the blockchain into two competing chains.

The disruption exposed weaknesses in network resilience and stake pool operations, causing lost block rewards and transaction irregularities in DeFi protocols dependent on Cardano’s network stability.

Then, Etherscan unexpectedly cut off API access to roughly 10 percent of its blockchains and networks. This sudden outage occurred during the DevConnect conference, impairing developers’ ability to manage smart contracts effectively, further revealing how dependent DeFi investors are on the reliability of ancillary infrastructure like blockchain explorers and data providers.

These events came amid growing tensions involving JPMorgan Chase & Co. (NYSE:JPM). The banking giant has drawn ire from the crypto community for reportedly influencing the MSCI to exclude digital asset treasury companies holding more than 50 percent of their assets in cryptocurrencies.

JPMorgan’s research warned that exclusion could trigger forced sell-offs potentially totaling up to US$8.8 billion, with MicroStrategy alone possibly facing US$2.8 billion in outflows. The final decision will be announced Jan. 15 with changes taking effect in February.

The bank then upgraded ratings on Monday for BTC mining companies Cipher Mining (NASDAQ:CIFR) and CleanSpark (NASDAQ:CLSK) to overweight from neutral, citing strong momentum in high-performance computing partnerships and long-term cloud and colocation deals that improve revenue visibility.

JPMorgan’s stance highlights the institutional and regulatory tensions complicating the interface between traditional finance and the fast-evolving crypto ecosystem.

Franklin Templeton and Grayscale lift altcoin markets with launch of XRP ETFs

The Franklin XRP ETF and the Grayscale XRP Trust ETF both launched on NYSE Arca today, providing new regulated investment options for XRP exposure.

Investor response was prompt, with early trading volumes indicating strong demand and positive sentiment around XRP’s future prospects as reflected in both ETFs’ market reception. Market watchers see this dual launch as a major step toward integrating crypto assets like XRP into traditional finance frameworks, enhancing liquidity and investor confidence.

“Historically, new ETF listings have catalyzed inflows and improved liquidity, but this time, the launches are colliding with tight liquidity, low investor confidence and pronounced market underperformance,” he explained. “This is creating an unusually complex test for many investors’ risk appetite.

“However, as market sentiment has been so underwhelming in recent times, the ETF season hitting the market at its current condition may be when they can make the most significant contribution to the digital asset economy this year.”

Ray added that the launch of altcoin ETFs is creating a steady flow of capital into the digital asset market, providing a liquidity buffer. This momentum could lead to an end-of-year rally, potentially pushing prices higher for altcoins like Ether, XRP and Solana.

Michael Burry debuts newsletter after Scion shutdown

Michael Burry, best known for his prescient bet against the US housing market in 2008, has launched a paid Substack newsletter soon after closing his hedge fund, Scion Asset Management.

In his introductory post, Burry emphasized that the move does not mark retirement but rather a shift toward writing without the regulatory constraints that accompany professional money management.

Priced at US$39 per month, the newsletter quickly drew more than 21,000 subscribers. Early essays revisit his trading history during the dot-com era and outline why he views today’s AI-driven boom as a supply-glutted bubble primed for correction.

With Scion now closed, Burry says the newsletter will become his primary outlet for analysis as he continues to track what he views as speculative excess building across technology markets.

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

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

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Barrick Mining (TSX:ABX,NYSE:B) has taken a major step toward ending its months-long standoff with Mali, confirming a deal that will restore its control over one of Africa’s most productive gold operations.

After reports that the two sides had reached an agreement in principle circulated last week, Barrick confirmed on Monday (November 24), it will withdraw its arbitration claim at the World Bank’s dispute-resolution center.

In a more recent development, people familiar with the matter told Bloomberg that the deal includes a 244 billion CFA francs (US$430 million) settlement.

Under the terms described by those sources, Barrick is expected to pay 144 billion CFA francs within six days of signing, with an additional 50 billion CFA francs to be covered through VAT-credit offsets.

Another 50 billion CFA francs had already been paid last year, the sources said, though Barrick declined to comment on whether the deal included a settlement component.

In return, Mali will drop its charges against the company, end state control of the Loulo-Gounkoto complex, and take legal steps to release the four detained employees. The government also confirmed that Barrick’s permit for the Loulo mine, which was set to expire in February, will be renewed for another decade.

The deal is also conditioned with the company accepting the country’s 2023 mining code, the very issue that triggered the confrontation.

Tensions spiked in January when Mali’s military government halted gold exports, detained senior Barrick personnel and seized several tonnes of gold from the site.

A local court later appointed former health minister Soumana Makadji to run the operation under state oversight, effectively pushing Barrick out of a mine it has long managed through a joint venture.

The agreement marks a significant reversal of that intervention and paves the way for Loulo-Gounkoto to return to normal operations.

Production only resumed in late October after a separate deal to restart payments to local contractors, though at that time Barrick did not comment publicly on the arrangement.

Monday’s settlement with the government now sets the stage for a full restoration of the joint venture.

The breakthrough also comes as the company faces intensifying pressure on multiple fronts, as activist investor Elliott Investment Management has recently acquired a major stake worth at least US$700 million in the company.

Elliott is known for forcing corporate overhauls in the mining sector, and its arrival has sharpened scrutiny of Barrick’s performance after a year marked by falling production and rising costs.

The company has lagged peers despite record-high gold prices, with analysts citing the setbacks in Mali, ongoing concerns around the massive Reko Diq project in Pakistan, and turbulence in the executive ranks.

That turbulence erupted publicly in September with the abrupt exit of longtime chief executive Mark Bristow, whose relationship with Barrick chair John Thornton had reportedly deteriorated after years of missed guidance and strategic disagreements.

Sources told the Financial Times the two had barely been speaking by the time headhunters were commissioned to evaluate successors.

Interim chief executive Mark Hill has been trying to stabilize the company with a sweeping reorganization. In an internal memo reviewed by Bloomberg, he said Barrick would fold the Pueblo Viejo mine into its North American division and merge its Latin America and Asia Pacific operations.

He also announced leadership changes to sharpen the focus on Barrick’s Nevada mines, one of the company’s most valuable assets but also the site of serious safety lapses this year.

The restructuring has revived speculation about whether Barrick could eventually split its portfolio into separate companies or become a takeover target.

Currently, the company trades at a lower valuation multiple than rivals, making its assets particularly attractive if separated into a North America-focused unit and other housing operations in Africa, Latin America and the Asia Pacific region.

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

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