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January 9, 2026

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Inside the sea war to contain ‘dark fleet’ vessels — and what the US seizure signals to Russia

The U.S. seizure of the tanker formerly known as Bella I marks a rare escalation in sanctions enforcement against Russia’s so-called ‘dark fleet,’ but experts say the move is unlikely to trigger a broader confrontation with Moscow, at least in the near term.

Analysts largely agree that the interdiction — one of the most direct U.S. actions against a vessel Russia claims was operating under its flag — comes at a moment when the Kremlin has limited appetite for escalation outside Europe and is focused primarily on its war against neighboring Ukraine.

‘This is unique,’ said Brent Sadler, senior research fellow at the Washington conservative Heritage Foundation think tank. 

The U.S. rarely boards foreign-flagged vessels on the high seas unless the ship’s nationality is in doubt, which he said was the case here due to rapid reflagging and a pattern of sanctions violations.

Peter Rough, a senior fellow and director of the Center on Europe and Eurasia at the Hudson Institute think tank, said that the seizure of the tanker reinforces the message that the U.S. is aiming to ‘call the shots in its own backyard.’ Meanwhile, he said that Russia is bogged down fighting its war against Ukraine, meaning it will be challenging for it to engage in a significant way in Latin America. 

Likewise, Russia is also attempting to curry favor with the Trump administration for a favorable outcome in a peace deal ending the conflict with Ukraine, he said. 

‘The Donroe Doctrine,’ as President Donald Trump has called it, fashions the 1823 Monroe Doctrine warning against European expansion into Latin America after himself. 

The empty vessel was seized in international waters during an operation overseen by U.S. European Command. The Wall Street Journal reported that Russia dispatched a submarine to escort the tanker after the U.S. attempted to seize it off Venezuela, heightening the risk of a naval standoff between two nuclear-armed states.

Russia has operated a so-called ‘shadow fleet’ of oil tankers for years to evade sanctions imposed after its 2022 invasion of Ukraine. Wednesday’s seizure marks one of the most direct U.S. enforcement actions to date against a vessel tied to that network.

‘There’s really not a whole lot of cards the Russians have to play at this point,’ Sadler said, anticipating a muted response. 

Rough also noted that similar actions like the one on Wednesday have not triggered major escalation previously. In October, French authorities boarded and detained a Russia-linked tanker suspected of being part of the shadow fleet off the coast of France without sparking a new crisis. 

In that instance, the tanker was not a Russian-flagged vessel. 

‘The upshot is that in light of the administration’s determination to dictate terms on Venezuela-related issues like this and Putin’s desire to work with Trump on what matters most to the Kremlin — Ukraine — I’m inclined to say that Moscow’s response will consist mostly of protesting this action and lodging political and legal complaints,’ Rough said in an email to Fox News Digital. ‘I don’t think it will lead to a full-blown political crisis in U.S.-Russian relations.’

John Hardie, deputy director of the Russia program at the Foundation for Defense of Democracies, also predicted the seizure of the Bella I tanker wouldn’t dramatically impact relations between Washington and Moscow. 

‘I suspect Moscow reacted the way it did because it worries about a precedent that could lead to U.S. interdiction of tankers moving Russian oil,’ Hardie said. ‘That said, I don’t think the Bella incident alone will have significant impact on relations between the Trump administration and Moscow or the peace talks.’

Russia has accused U.S. naval forces of illegally boarding the vessel — which had been reflagged as the Merinera under temporary Russian authorization Dec. 24 — arguing the action violated international maritime law. U.S. officials have not publicly detailed the legal justification for the seizure.

While Moscow’s response has so far been limited to diplomatic and legal objections, the incident has drawn attention because of how unusual the operation was. 

Mark Cancian, a senior adviser with the Center for Strategic & International Studies’ defense and security department, said that there are hundreds of sanctioned oil ships in the sea — with at least 100 of them belonging to Russia. If the U.S. started targeting more tankers, that would have a ‘huge’ impact on countries like Russia and Iran, he said. 

‘The one tanker will be an annoyance to Russia, and they’ll complain,’ Cancian told Fox News Digital Wednesday. ‘I think the bigger issue is whether we or other countries, start going after other tankers with sanctioned oil.’ 

This post appeared first on FOX NEWS

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Trump’s Venezuela push runs into hard realities for US energy giants

The dramatic capture of Venezuelan President Nicolás Maduro has handed President Donald Trump a rare strategic opening — one that could reshape Venezuela’s crippled oil industry, redirect global crude flows and weaken the foothold that rivals like Russia, China and Iran have built in the Western Hemisphere.

But unlocking the world’s largest oil reserves won’t be easy. Years of political turmoil, sanctions and infrastructure collapse mean U.S. energy companies face steep risks — and any production rebound would take time, capital and sustained political stability.

Now, Trump and energy CEOs must address three key challenges in order to seize opportunities. 

1. Venezuela holds massive oil reserves, but production remains severely constrained

Venezuela, a country almost twice the size of California, sits atop extraordinary wealth. 

With more than 300 billion barrels of proven oil reserves, Venezuela holds more crude than established energy heavyweights like Saudi Arabia, Iran and Kuwait. The Latin American country’s reserves are nearly quadruple those of the United States.

Once a major oil producer, the country pumped about 3.5 million barrels a day in the late 1990s. Since then, its oil industry has sharply deteriorated, with production falling to roughly 800,000 barrels a day, according to energy analytics firm Kpler.

A key reason: much of Venezuela’s oil is difficult and expensive to extract.

The country’s reserves are dominated by heavy and extra-heavy crude, which is costly to extract and relies on specialized equipment and refining capacity that have deteriorated after years of underinvestment, U.S. sanctions and political instability.

Similar dynamics have unfolded in countries such as Iran and Libya, where turmoil, financial distress and crumbling infrastructure have kept vast reserves locked underground.

As a result, scaling operations back up would require significant time, capital and technical expertise, with any production increase likely to be gradual rather than immediate.

2. Political risk remains a major concern for American energy companies

Decades of political instability, shifting regulations and U.S. sanctions have made Venezuela a high-risk environment for long-term investment. 

That risk dates back to the mid-2000s, when then-President Hugo Chávez reshaped Venezuela’s relationship with international energy companies by tightening state control over the oil industry.

Between 2004 and 2007, Chávez forced foreign companies to renegotiate their contracts with the government. The new terms sharply reduced the role and profits of private firms while strengthening Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA).

The move drove some of the world’s largest oil companies out of the country.

ExxonMobil and ConocoPhillips exited Venezuela in 2007 and later filed claims against the government in international arbitration courts. Those courts ultimately ruled in favor of the companies, ordering Venezuela to pay ConocoPhillips more than $10 billion and ExxonMobil more than $1 billion. The cash-strapped country has paid only a fraction of those awards.

That history looms over Trump’s latest proposal.

Trump said on Saturday he would seek to revive the once-prominent commodity by mobilizing investment from major U.S. energy companies.

‘We are going to have our very large United States oil companies go in, spend billions of dollars, fix the badly broken oil infrastructure and start making money for the country,’ Trump said during a news conference at Mar-a-Lago. 

It remains unclear whether U.S. energy companies are prepared to do so. American firms have yet to say whether they plan to return to Venezuela to resurrect an oil industry hollowed out by years of neglect.

Chevron, the only U.S. oil titan operating in Venezuela, said in a statement to Fox News Digital that it was following ‘relevant laws and regulations.’

‘Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,’ a Chevron spokesperson added.

ConocoPhillips wrote in a statement to Fox News Digital that it is monitoring the developments in Venezuela as well as the ‘potential implications for global energy supply and stability.’ 

‘It would be premature to speculate on any future business activities or investments,’ a spokesperson for ConocoPhillips added.

ExxonMobil, the largest U.S. oil company, did not immediately respond to a request for comment.

3. The push reflects a broader effort to leverage energy for geopolitical influence

As U.S. and European companies withdrew from Venezuela, Russia, China and Iran expanded their footprint in the country’s energy sector, using financing, fuel shipments and technical support to maintain influence.

That shift has also reshaped how Venezuelan oil is traded. Sanctions have fueled the rise of so-called ‘ghost ships,’ nondescript oil tankers that disable tracking systems to quietly move Venezuelan crude to foreign buyers outside traditional markets. The opaque trade has reduced transparency in global oil flows while helping Caracas sustain exports despite financial isolation.

For the Trump administration, the outcome has underscored an uncomfortable trade-off: restricting access to U.S. markets can limit revenue for sanctioned governments, but it can also push them deeper into the orbit of strategic rivals, turning energy policy into a front line of geopolitical competition.

This post appeared first on FOX NEWS

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DAVID MARCUS: How Trump’s team of former rivals is saving America

Vice President JD Vance, Secretary of State Marco Rubio and Secretary of Health and Human Services Robert F. Kennedy Jr. are the central and most popular members of President Donald Trump’s Cabinet, but they have something else in common: All three are harsh former critics of their current boss.

Much has been made, especially on the left, of past statements by this big three in the Cabinet, Vance calling Trump Hitler, Rubio’s bruising 2016 primary attacks on the president’s hand size and pretty much everything former Democrat RFK Jr ever said prior to endorsing Trump in 2024.

To Democrats, of course, this about face to Orange Man Good from all three, and others in the White House orbit, means that these men have abandoned their principles and are bootlicking for their own power. But in fact, something much more amazing is happening.

Trump’s first term was often mired in internal debate and friction from a Cabinet that at times seemed more interested in being a guardrail to Trump’s supposed impulsiveness than stewards of his agenda.

Vice President Mike Pence, Defense Secretary Mark Esper, and National Security Adviser John Bolton, for example, were, in Trump’s administration and to this day, deeply critical of his approach to governing, which hurt the White House’s effectiveness.

This time around, in Trump 2.0, his Cabinet, which has remained all but unchanged for a year now, is not trying to hem him in, but rather to make his vision for a better America a reality, regardless of any past tensions they may have had with the boss.

This tells us a couple of things. First, it showsTrump has pretty thick skin at the end of the day. Barring the kind of complete betrayals we have seen from figures like Pence and Esper, the president is showing his ability to let bygones be bygones.

Second, it demonstrates that Vance, Rubio, and Bobby, not to mention former Democrat and current National Security Adviser Tulsi Gabbard, have found that when you honestly and openly work with Trump, and get to know him, your opinion of him can change.

Trump’s team of former rivals has also been so effective because Trump’s only firm ideological position is America first, and under this rubric, Vance’s economic protectionism, Rubio’s foreign adventurism and RFK Jr’s Make America Healthy Again agenda all have a welcome home at 1600 Pennsylvania Ave.

Much of this is down to Trump’s unique ability to put common sense above political orthodoxy. For example, Democrats were stunned this week when the White House announced it wanted to bar large corporations from purchasing single family homes, something they themselves have called for.

Both from my own private conversations with members of the Trump administration and through their public remarks, what becomes clear is that, in the starkest possible reversal of the first term, today’s Cabinet is a well-oiled and utterly unified team.

The knock on the president, especially from conservative Never Trumpers, some of whom haunted his first White House, is that he has no principles. But the positive way to frame this is that he is flexible and open to new ideas.

The biggest question today in American politics is what the Republican Party will look like on Jan. 21, 2029, when Trump’s political career moves from the headlines to the history books. The answers sit in his Cabinet.

Trump took a lot of guff this past year for allegedly filling his White House with nothing but loyalists. Well, first of all, what do you want in the Cabinet, unloyalists? But second, these are not toadies, they are accomplished former foes who Trump has given the room and authority to execute pro American policies.

Maybe that really is the thread that pulls together Trump’s tight team, the idea of making America and Americans pro America again, to restore the bold idea that America is not a declining power, but rather that it can do great things both at home and around the globe.

While the bookmaking sharps have their money on Vance as the 2028 candidate most likely to emerge from Trump’s cabinet, whomever it is will almost certainly run not just as an individual, but as the man or woman who can continue to lead the all-star team that the president has assembled.

There is an old saw in Washington that personnel is policy, and that is a lesson Trump learned the hard way in his first term. But often times, the hard way is the best way to learn. And a year in, it is clear that President Trump has indeed learned well from his past mistakes.

This post appeared first on FOX NEWS

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Russia fires new hypersonic missile in massive Ukraine attack, Kremlin says

Russia said on Friday it used its new hypersonic Oreshnik missile in an attack against Ukraine, according to reports.

The Kremlin said that the strike was carried out in response to what it said was an attempted Ukrainian drone strike on one of Russian President Vladimir Putin’s residences, something Kyiv has denied, according to Reuters. 

The outlet noted that Ukraine and the U.S. have cast doubt on Russia’s claims about the alleged attempted attack on Putin’s residence on Dec. 29, the report said. Ukraine called it ‘an absurd lie,’ while President Donald Trump also doubted the veracity of the claim, saying he did not believe the strike occurred and that ‘something’ unrelated happened nearby.

This is the second time Russia has used the intermediate-range Oreshnik, which Putin has said is impossible to intercept because of its velocity, Reuters reported.

The Russian Defense Ministry said that the strike targeted critical infrastructure in Ukraine, according to Reuters, which added that Russia said the attack also used attack drones and high-precision long-range land and sea-based weapons.

While Moscow did not say where the missile hit, Russian media and military bloggers said it targeted an underground natural gas storage facility in Ukraine’s western Leviv region, CBS News reported. Lviv Mayor Andriy Sadoviy said the attack hit critical infrastructure but did not give details, the outlet added.

Ukrainian President Volodymyr Zelenskyy addressed the attack on social media, saying that the aftermath was ‘still being dealt with.’

‘Twenty residential buildings alone were damaged. Recovery operations after the strikes also continue in the Lviv region and other regions of our country. Unfortunately, as of now, it is known that four people have been killed in the capital alone. Among them is an ambulance crew member. My condolences to their families and loved ones,’ Zelenskyy wrote.

The Ukrainian leader said the attack involved 242 drones, 13 ballistic missiles, one Oreshnik missile and 22 cruise missiles. Zelenskyy added that the ballistic missiles were aimed at energy facilities and civilian infrastructure as the people of Ukraine faced ‘a significant cold spell.’ He said the attack was ‘aimed precisely against the normal life of ordinary people.’ However, he assured that Ukraine was working to restore heating and electricity.

Zelenskyy claimed that in addition to the civilian infrastructure, a building of the Embassy of Qatar was damaged in the attack.

‘A clear reaction from the world is needed. Above all from the United States, whose signals Russia truly pays attention to. Russia must receive signals that it is its obligation to focus on diplomacy, and must feel consequences every time it again focuses on killings and the destruction of infrastructure,’ Zelenskyy added.

A spokesperson for the State Department told Fox News Digital that the U.S. remains committed to ending the war through diplomatic means, emphasizing that it is the only path toward a durable peace. The spokesperson underscored Trump’s desire to end the war that is approaching its fourth year.

Fox News Digital reached out to the White House for comment.

This post appeared first on FOX NEWS

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Key Republican negotiator details bipartisan Obamacare fix as abortion dispute remains sticking point

A bipartisan cohort of senators is nearing a final plan to tackle rising healthcare costs, but the issue of more-stringent restrictions preventing taxpayer-funded abortions remains a major hurdle in the way to sealing the deal.

The working group, led by Sens. Susan Collins, R-Maine, and Bernie Moreno, R-Ohio, has held several meetings since dueling, partisan proposals to either extend or replace expired enhanced Obamacare premium subsidies failed late last year.

Now, they’re on the verge of unveiling their plan and have started sharing what exactly the rough framework would look like. But while selling the bones of the latest idea to tackle healthcare will be one thing, overcoming the issue of taxpayer-funded abortions will be another.

The Hyde Amendment, which dictates that taxpayer dollars can’t fund abortions, has proven a sticking point on both sides of the aisle. Senate Republicans argue that Obamacare doesn’t completely follow the law, while Senate Democrats contend that no modifications need to be made to the longstanding statute.

‘There’s no disagreement that there should not be federal funding for abortion,’ Moreno said. ‘Nobody on either side is wanting to relitigate that question. So we’re past that mountain. The next mountain is a dispute as to whether that is actually happening today through [Obamacare].’

‘A group of people, very good people, say that it is happening, and there’s a group of other people who have good people, too, that say it’s not happening,’ he continued. ‘So we have to resolve that.’

That wrinkle, in particular, was further amplified by President Donald Trump, who earlier this week urged that House Republicans ‘have to be a little flexible’ when it comes to the Hyde Amendment. That edict was met with backlash from Senate Republicans, who argued there was no room for flexibility on the issue. 

Moreno didn’t say whether the current plan addressed the Hyde issue, but he laid out what the skeletal framework that senators have built would look like.

It would play out over two years and act as more of a temporary fix than a permanent bridge, which Moreno noted would be crucial in selling the plan to his Republican colleagues.

‘That’s a key thing that I got to convince my colleagues to understand, who hate Obamacare, they hate the policy, and say, ‘Let’s take two years to actually deliver for the American people truly affordable healthcare and solve this problem for the people who are going to suffer as a result of not having these enhanced premium tax credits,’’ Moreno said. ‘They didn’t cause the problem, politicians caused that problem.’

Up front, their plan would extend the subsidies for two years and prolong the open enrollment period for the Obamacare marketplace until March 1.

During the first year, an income cap would be added, which was blown away when the subsidies were enhanced under former President Joe Biden, at 700% of the federal poverty level. There would also be a requirement of either a $5 or $60 minimum premium payment as a fraud prevention method. That would be coupled with a $100,000 fine for insurance companies that are ‘deliberately causing fraud, and signing [someone] up without their consent.’

In the second year, people would have a choice to either stick with the subsidies or switch their coverage plan in favor of a health savings account (HSA) — a key demand from Republicans and Trump.

Their plan would also reinstate cost-sharing reduction payments, ‘which, according to [Congressional Budget Office], would reduce premiums for everybody on the exchange by 11%,’ Moreno said.

This post appeared first on FOX NEWS

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RETRANSMISSION: Blackrock Silver Closes C$15 Million Private Placement Led By a C$7 Million Investment from Eric Sprott

Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (‘Blackrock’ or the ‘Company’) is pleased to announce the completion of its non-brokered private placement (the ‘Offering’) previously announced on December 24, 2025. 2176423 Ontario Ltd., a company beneficially owned by Eric Sprott, purchased an aggregate of C$6,999,960 of the Offering. The Offering consisted of a total of 13,636,300 units of the Company (the ‘Units’) at a price of C$1.10 per Unit for gross proceeds of C$14,999,930. Each Unit consisted of one common share of the Company (each, a ‘Common Share’) and one-half of one Common Share purchase warrant (each whole warrant, a ‘Warrant’). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of C$1.50 per Common Share until January 8, 2028.

Andrew Pollard, Blackrock’s President and Chief Executive Officer, commented: ‘Supported by Eric Sprott and a new cornerstone investor, this $15 million financing meaningfully strengthens our balance sheet as we advance Tonopah West toward development. As an emerging American silver developer, we are accelerating permitting and de-risking initiatives in 2026 to support the advancement of a secure, high-quality domestic source of silver for the U.S. market.’

The net proceeds of the Offering are intended to be used by the Company to fund exploration, permitting and pre-development activities on the Company’s Tonopah West project and for general working capital.

In connection with the closing of the Offering, the Company paid Research Capital Corporation (the ‘Finder‘) finder’s fees in cash totalling C$689,997 and issued to the Finder a total of 627,270 non-transferable finder’s warrants (‘Finder’s Warrants‘) in connection with the Units placed by the Finder. Each Finder’s Warrant entitles the holder thereof to acquire one Common Share at an exercise price of C$1.50 until January 8, 2028.

The participation of Eric Sprott in the Offering constituted a ‘related party transaction’, within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (‘MI 61-101‘). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the interested parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

The Common Shares, Warrants and Finder’s Warrants issued in connection with the Private Placement and the Common Shares issuable upon exercise of the Warrants and Finder’s Warrants are subject to a hold period expiring on May 9, 2026.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the net proceeds from the Offering and the intended use of proceeds therefrom; the advancement of the Tonopah West project towards development, including the acceleration of permitting and de-risking initiatives at the Tonopah West project; and the intention for the Tonopah West project to function as a future secure, high-quality domestic source of silver for the U.S. market.

These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market, political, economic and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information, Contact:

Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279847

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

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SAGA Metals Highlights Radar Titanium Opportunity as North America Confronts Defense Driven Titanium Supply Chain Risks

Best-to-date titanium–vanadium–iron drill results at Trapper Zone underscore Radar’s large-scale oxide system within the 160 km² Dykes River intrusive complex near tidewater in Labrador

Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H), a North American exploration company focused on critical mineral discovery, is pleased to highlight a strengthened titanium thesis for its Radar Ti-V-Fe Project near the port of Cartwright, Labrador, following the Company’s best drill results to date from the Trapper Zone Phase 1 Mineral Resource Estimate (‘MRE’) drill program.

SAGA’s latest assays from the first two of eight completed MRE program drill holes at Trapper Zone demonstrate long, cumulative intervals of oxide mineralization with significant assay results of titanium dioxide (TiO₂), vanadium pentoxide (V₂O₅) and iron oxides (Fe₂O₃). This mineral assemblage is consistent with vanadiferous titanomagnetite (‘VTM’) and ilmenite mineralization that could potentially underpin multiple downstream titanium value chains and support an emerging strategic narrative: a need for resilient North American titanium supply.

SAGA believes Radar’s titanium-bearing oxide system is increasingly topical as Western governments and manufacturers focus on secure, defense-aligned supply chains for titanium metal inputs. In a January 2, 2026, MINING.com article citing Project Blue’s report ‘Metals and the Security of Nations’, titanium is characterized as a critical mineral for defense and aerospace, with supply-chain risk concentrated in titanium metal pathways (including aerospace-grade sponge capacity and certification) rather than in pigment markets. The vast majority – over 90% globally of mined titanium is processed into the pigment – a looming supply chain gap UK-headquartered market intelligence company Project Blue outlines in its report.

‘Titanium is essentially a defence metal – it can be up to 20% or more of the markets for total titanium consumption that goes into defence. An F 15 can be up to 40% in weight of titanium. There’s some serious volume going in these jet planes,’ Project Blue Founder and Director, Dr. Nils Backeberg told MINING.com in an interview. 

Saga Metals Releases Best-to-Date Drill Results at the Radar Project Confirming Robust Titanium–Vanadium–Iron Oxide Mineralization at Trapper Zone — Assay Highlights:

  • Hole R-0008: 269.36 m @ 6.57% TiO₂, 0.244% V₂O₅, 36.21% Fe₂O₃ (full hole)
  • Hole R-0009: 296.47 m @ 7.46% TiO₂, 0.250% V₂O₅, 39.75% Fe₂O₃ (full hole)
  • High-grade intervals within the broader intercepts, including 2 m @ 13.30% TiO₂ (core sample 1800528)

Michael Garagan, CGO & Director of Saga Metals, stated: ‘The results from the first two holes at the Trapper Zone are an outstanding success, and represent the best intercepts drilled on the Radar property to date.’

What’s Different About the Radar Ti-V-Fe Project: A District-Scale Oxide System Enclosing the Entire Dykes River Intrusive Complex Potentially Forming a New North American Titanium Narrative

SAGA’s Radar Project is not a single isolated target. The Radar Property spans 24,175 hectares and hosts the entire Dykes River intrusive complex (~160 km²)—a property-scale position that is unique among Western explorers. Geological mapping, geophysics and trenching confirm oxide layering across more than 20 km of strike length and mineralization open for expansion. Drilling to date (4,250 m total) has confirmed a large mineralized layered mafic intrusion hosting VTM and ilmenite concentrations with strong titanium and vanadium grades. Drilling and geophysics validate a continuous 16+ km oxide layering trend stretching from the Hawkeye Zone to the Trapper Zone, coinciding with a strong arcuate regional magnetic-high anomaly.

Titanium Market Context: Defense and Aerospace Supply Chains Are Driving Urgency

This exploration progress is occurring against a strengthening macro backdrop for titanium as a defense and aerospace critical mineral, where supply-chain resilience—not just demand growth—has become a primary strategic driver. Titanium is deemed a critical metal by the U.S., EU and Canada and is essential for defense and aerospace applications due to its strength-to-weight ratio and corrosion resistance.

At the same time, the titanium market is structurally bifurcated: TiO₂ pigment dominates mined titanium flows, while defense and aerospace rely on titanium metal supply chains that are sensitive to geopolitics and processing constraints. Project Blue (as reported by MINING.com) notes that over 90% of mined titanium is processed into pigment, and that near-term vulnerability centers on aerospace-grade titanium sponge capacity and certification, rather than mineral availability alone. The same report highlights titanium supply-chain concentration risks, stating Russia remains a leading source of aerospace-grade titanium and that China’s share of global titanium metals has increased sharply in recent years.

Titanium market growth tailwinds

Third-party market research distributed via openPR (DataM Intelligence) forecasts the global titanium market could grow from US$30.34 billion (2024) to US$52.52 billion by 2032 (CAGR 7.10%), citing demand drivers including aerospace, defense, automotive, and renewable energy; the same release indicates Asia-Pacific leads with 45% share. openPR.com

‘SAGA’s recent assays are truly exceptional, delivering long intervals of high-grade titanium, vanadium, and iron oxide mineralization—highlighting the immense potential of this district-scale oxide system. At Saga Metals, we’re committed to advancing Radar as a strategic source of titanium right here in Labrador, bolstering resilient, domestic supply chains to meet these urgent national security needs,’ stated Mike Stier, CEO & Director of Saga Metals.

Next steps at the Radar Project:

SAGA expects to receive additional assay results next week, with remaining results shortly thereafter, and plans to mobilize crews by mid-January to initiate the 2026 phase of the Trapper Zone MRE drill program.

Figure 1: Location of the Fall 2025 phase of drilling at Trapper Zone, showing the TMI of the 2025 Trapper Zone ground magnetic survey as well as the grid for the MRE drill program to be completed in 2026.

About the Radar Ti-V-Fe Property:

The Radar Property spans 24,175 hectares and hosts the entire Dykes River intrusive complex (~160 km²), a unique position among Western explorers. Geological mapping, geophysics, and trenching have already confirmed oxide layering across more than 20 km of strike length, with mineralization open for expansion.

Vanadiferous titanomagnetite (‘VTM’) mineralization at Radar is comparable to global Fe–Ti–V systems such as Panzhihua (China), Bushveld (South Africa), and Tellnes (Norway), positioning the Project as a potential strategic future supplier of titanium, vanadium, and iron to North American markets.

Figure 2: Radar Project’s prospective oxide layering zone validated over ~16 km strike length through Fall 2025 drilling, as shown on a compilation of historical airborne geophysics as well as ground-based geophysics in the Hawkeye and Trapper zones completed by SAGA in the 2024/2025 field programs. SAGA has demonstrated the reliability of the regional airborne magnetic surveys after ground-truthing and drilling in the 2024 and 2025 field programs.

Qualified Person

Paul J. McGuigan, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Technical Information

Samples were cut by Company personnel at SAGA’s core facility in Cartwright, Labrador. Diamond drill core was sawed and then sampled in maximum 2 m intervals. Drill hole core diameter utilized was NQ.

Core samples have been prepared and analyzed at IGS laboratory facility in Montreal, Quebec. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. The Company utilizes a rigorous, industry-standard QA/QC program.

Note: Market data is sourced from https://www.openpr.com/news/4334101/titanium-market-to-reach-usd-52-52-billion-by-2032-strong-7-10 and has not been independently verified by SAGA. Mining.com released an article on January 2, 2026 referenced in this press release and is sourced from: https://www.mining.com/us-must-ramp-up-titanium-capacity-to-avoid-squeeze-project-blue-founder-says/

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar Ti-V-Fe Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a total of 4,250 m of drilling, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) and ilmenite mineralization with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares and features uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U3O8. Uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, SAGA is strategically positioned to play an essential role in critical mineral security.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company’s Radar Project. 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. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets, and the risks detailed in the Company’s continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e21bb951-27c0-4b42-8a84-30fb2b2317f1 

https://www.globenewswire.com/NewsRoom/AttachmentNg/46a5c706-d557-4027-bbbe-ec9278c19754

News Provided by GlobeNewswire via QuoteMedia

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Is 2026 The Year The Cannabis Industry Matures?

The executive order (EO) of December 18 to reclassify cannabis to Schedule III is a monumental decision that will fundamentally reshape the market.

The official recognition of its medical utility is a designation that cannot be removed from the administrative record.

The industry is evolving from a lifestyle-driven, speculative sector into a professionalized asset class centered on medical and pharmaceutical applications. This shift moves the sector from a speculative, wait-and-see environment to a high-stakes period requiring fundamental restructuring.

Clearing the judicial runway

The path to federal rescheduling is currently obstructed by a stalled administrative hearing process that has reached a procedural standstill.

While the EO mandates an expeditious timeline, the actual movement is frozen because the DEA has yet to enter a briefing schedule following a request for an interlocutory appeal.

Legal expert Shane Pennington suggests that the most efficient path forward is for the administration to simply cancel or withdraw the pending ALJ hearing altogether by citing the lack of constitutional Administrative Law Judges (ALJs) and documented ex parte communications, and move directly toward a final rule based on the HHS’s already established medical record.

By withdrawing the hearing, the Department of Justice effectively moots the current interlocutory appeal, allowing the DOJ to issue a Final Rule relatively quickly.

Once the final rule is published, the industry and movement will likely shift to the DOJ side against prohibitionist stays in federal appellate courts. This is a stark contrast to previous years, where advocates were on the offensive.

The capital markets thaw

The true catalyst for investors in 2026 is not the headline of rescheduling but the fundamental transformation of balance sheets. For decades, the cannabis industry operated under so-called “cannabis exceptionalism”, a state where standard business rules, tax laws and banking protections were suspended, blocking deductions and choking liquidity.

Rescheduling will remove these barriers to unleash normalized cash flows and institutional capital into a sector long treated as radioactive, though Ahrens notes major wirehouses will block stocks until the ink dries

Additionally, moving to Schedule III eliminates the Section 280E penalty, which currently prevents businesses from deducting standard operating expenses like rent and payroll, and unlocks bankruptcy protections. Ahrens pointed out that US cannabis firms have been forced to operate leanly on a shoestring compared to Canadian counterparts; normalized taxation will finally allow these firms to operate as legitimate consumer or healthcare categories.

Current effective tax rates can soar to 70 percent or more; post-rescheduling, these rates are expected to align closer to the standard 21 percent corporate rate.

The removal of Section 280E is expected to trigger a cash flow expansion. Perceived risk reduction could cause valuation multiples to improve after-tax earnings. Higher valuations and greater cash flow will increase debt capacity and make acquisitions easier to finance and more accretive.

“The first thing US cannabis companies are going to do is pay down their debt,” said Ahrens. “I’d (also) expect to see more M&A once everything is complete.”

Clinical legitimacy and the CBD bridge

Schedule III, while not legalizing cannabis, reduces the federal hurdle for clinical trials. This eases security and compliance requirements for researchers, paving the way for FDA-approved cannabinoid treatments and creating a formal pipeline for medical legitimacy.

Dr. Priyanka Sharma of Casmira Therapeutics noted the EO’s call for HHS, FDA, CMMS and NIH to collaborate on research methods using real-world evidence, including randomized controlled trials, longitudinal studies and patient interviews to inform clinical standards.

She emphasized a CMMI pilot arming healthcare professionals with tools to manage complex Medicare patients on hemp-derived CBD, including duration, dosing and drug interactions.

With federal research barriers lowered, MSOs become realistic acquisition targets for Big Pharma giants looking for validated medical compounds.

A critical wildcard for the 2026 market is the impending federal crackdown on intoxicating hemp products under Farm Bill revisions, set to take effect in November 2026.

Ahrens expects the new definition to remove unfair competition by pulling intoxicating gray market products from shelves, pushing consumers toward the regulated MSO market.

Sharma noted the EO explicitly acknowledges this hemp-derived legal instability, positioning CBD as a federal priority for research coordination and clinical frameworks.

The bottom line

While market volatility remains high, this remains a market for long-term fundamental thinkers, not short-term speculators, as the industry moves toward concrete regulatory execution.

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

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Approval of up to €110m Portuguese State Grant

Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal, a ‘Strategic Project’ under the European Critical Raw Materials Act and Europe’s largest spodumene lithium deposit (the ‘Project’), is delighted to announce the award of a non-reimbursable grant (the ‘Grant’) of up to approximately €110 million (approximately US$128 million) from the Portuguese State and supported by national funds under the European Commission Temporary Crisis and Transition Framework.

The Grant represents a highly significant financial contribution towards the planned construction of the Project and further demonstrates the support the Project is receiving from the Portuguese State in recognition of its status as an asset of national and European importance in a new strategic industry for the country and the European Union.

Highlights:

  • Source: The Grant draws on the State’s ‘Investments in Strategic Sectors’ Incentive Scheme, ruled by Government Order no. 306-A/2024/1, of November 27th (‘Regulation’) and falls under the contractual investment regime (‘RCI’), approved by Decree-Law No. 191/2014, of 31 December, representing a large investment project in sectors that are fundamental to the transition towards a carbon-neutral economy and in strategic sectors for the transition to a net-zero emissions economy.
  • State Entities involved: The award is made by means of an investment agreement with the Portuguese Trade & Investment Agency (‘AICEP’), pursuant to the approval by the Managing Authority of the Thematic Programme for the Innovation and Digital Transition Programme (COMPETE 2030) and the Ministry of Economy and Territorial Cohesion and supported under the European Commission’s Temporary Crisis and Transition Framework.
  • Conditions precedent: Savannah must comply with certain conditions and Project timelines in order to receive the Grant (see below).
  • Next steps: Pursuant to the signing of the investment contract by the parties, Savannah will work with AICEP to make the Grant compatible with any future Project Financing and/or other potential funding options to complement the development of the Project. Once executed, Savannah expects that draw down from the first tranche of the funding will take place in parallel with the initial capital development phase of the Project.

Emanuel Proenca, CEO of Savannah said, ‘The award of this Grant marks another, highly important, milestone for Savannah and the Barroso Lithium Project. The scale of the financial commitment being made by the Portuguese State will provide a significant contribution towards the Project’s CAPEX as we target production from 2028. It also underlines the Portuguese State’s significant support for the Project’s delivery, and mirrors similar recent actions taken by other governments in support of strategic projects elsewhere in Europe and around the world.

‘There are multiple social and economic benefits associated with bringing our Project into production, including creating a new industry and economic growth for Portugal, providing a domestic source of responsibly produced lithium raw material for Europe’s greater energy independence, and bringing much needed development and job opportunities to the Barroso region and the wider northeast of Portugal. We are conscious of the responsibility we have to deliver a project in accordance with the best international standards and to the benefit of many people and entities on the ground in the Barroso region with whom we already work. We are committed to fulfilling the demands and responsibilities associated with Portuguese State investment, and we have strong confidence in the State’s commitment to continue to do its part in making Portugal’s lithium battery value chain a success for the country’s current and future generations.’

‘I look forward to providing Savannah’s shareholders and stakeholders with further updates regarding the Grant as it progresses’.

Henrique Freire, CFO of Savannah said, ‘This Grant is excellent news and represents strong financial and national support to our Project, which will instil great confidence in our existing and future stakeholders.

‘Savannah has already made good progress on key elements of the potential financing package for the Project, including this Grant, ahead of a Final Investment Decision expected later in the year. In the months ahead we will continue to work on additional elements, such as debt financing and additional partnerships, so that we have a full suite of financing options available to deliver full execution of this highly strategic project.’

Further information

  • Process and source of funding: The Grant is made following the call for Applications SIFN/ISE/01-2024 – Incentive System «Investments in Strategic Sectors», supported by national funds. Application no. 25645 was submitted by Savannah’s Portuguese subsidiary, Savannah Lithium, Unipessoal Lda, under the contractual investment regime (‘RCI’), approved by Decree-Law No. 191/2014, of December 31, and paragraph 1 of Article 1 of the Regulation, presenting large investment projects in sectors that are fundamental to the transition towards a carbon-neutral economy and in strategic sectors for the transition to a net-zero emissions economy. The application was evaluated and negotiated with AICEP and then received approval from the Managing Committee of the Managing Authority of the Thematic Programme for the Innovation and Digital Transition Programme (COMPETE 2030) and the Portuguese Government, under Order no. 241/2026, of December 29th, published within the Official Gazette (‘Diário da República’), Series 2, no. 4, on 7 January 2026.
  • Objective: Construction of a new extraction and production unit for spodumene concentrate essential for the production of batteries, electrolyzers and other equipment that incorporate lithium in their composition, in Boticas (Vila Real district, NUTS II Norte).
  • Financing: The call allows for 35% of the total amount of eligible expenses to be granted to the applicant. Hence, Savannah can receive up to a maximum total value of €109.67 million (US$128.31 million) in the form of a Non-Refundable Grant divided into two parts as follows:
    • An amount of up to €82.25 million (US$96.23 million) equivalent to 75% of the total, granted as consideration for the execution of the operation (CAPEX); and
    • An amount of up to €27.42 million (US$32.08 million) equivalent to 25% of the total, awarded as a contractual performance bonus sometime between 2031 and 2042.
  • Status of Grant: The Grant is executed through an investment contract entered into between AICEP and Savannah Lithium Unipessoal Lda, under the terms of Decree‑Law no. 191/2014, of 31 December and the Regulation.
  • Conditions precedent and execution risk. Savannah notes that while this Grant represents a significant milestone, the Project remains subject to permitting, financing, construction, and operational risks typical of mining developments. Shareholders should note that the timing and quantum of Grant receipts are contingent on meeting all contractual conditions. Should Savannah or the Portuguese State not comply with the conditions precedent before the end of the year, the contract would be void.
  • Next steps: Pursuant to the signing of the investment contract, Savannah will work with AICEP to complete its execution and the fulfilment of all contractual and legal obligations, notably regarding the Grant’s compatibility with any future Project Financing and/or other potential funding option to complement the development of the Project.

Regulatory Information

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

Follow @SavannahRes on X (Formerly known as Twitter)

Follow Savannah Resources on LinkedIn

For further information please visit www.savannahresources.com or contact:

Savannah Resources PLC

Emanuel Proença, CEO

Tel: +44 20 7117 2489

SP Angel Corporate Finance LLP (Nominated Advisor & Broker)

David Hignell/ Charlie Bouverat (Corporate Finance)

Grant Barker/Abigail Wayne (Sales & Broking)

Tel: +44 20 3470 0470

Canaccord Genuity Limited (Joint Broker)

James Asensio / Charlie Hammond (Corporate Broking)

Ben Knott (Sales)

Tel: +44 20 7523 8000

Portugal Media Relations

Savannah Resources: Antonio Neves Costa, Communications Manager

Tel: +351 962 678 912

About Savannah

Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project (the ‘Project’) in northern Portugal. The Project is the largest battery grade spodumene lithium resource outlined to date in Europe and was classified as a ‘Strategic Project’ by the European Commission under the Critical Raw Materials Act in March 2025.

Through the Project, Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe’s lithium battery value chain. Once in operation the Project will produce enough lithium (contained in c.190,000tpa of spodumene concentrate) for approximately half a million vehicle battery packs per year and hence make a significant contribution towards the European Commission’s Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production from 2030.

Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.

The Company is listed and regulated on the AIM Market of the London Stock Exchange and trades under the ticker ‘SAV’.

Source

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Q4 & 2025 Trading Update

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide the following update on Q4 and 2025 performance and activities.

Highlights

  • Significant share price appreciation in 2025 – up 470% and one of the top performing companies listed on AIM
  • Exceptional drill results received from three of nine drill holes completed at the Company’s Redmoor Tungsten-Tin-Copper Project
  • Positive metallurgical work from Stage 1 studies with mass recovery to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper to an average 2.1x upgrade ratio
  • On target to release updated Mineral Resource Estimate before the end of Q1 2026
  • Renewed investor and stakeholder engagement including non-deal institutional roadshow, a webinar presentation with approximately 1,000 recorded views, and attendance at the Critical Minerals Association and Resourcing Tomorrow conferences in London
  • Cobre magnetite operation recorded its 3rd highest annual ore sales in 14 years with 61,279 tons sold to a diverse customer base, generating sales of approximately US$4.23 million
  • Exercise of exclusive call option by Cuprum Metals (‘Cuprum’) to acquire the Company’s wholly owned subsidiary Leigh Creek Copper Mine with A$0.25 million received so far through the call option payment of A$0.1 million and First Instalment payment on A$0.15 million. A further A$1.75 million is due upon the earlier of 31 May 2026 or the execution of a Definitive Agreement between the Company and Cuprum. Along with a subsequent earn-out from production of A$4 million and receiving 19.9% of the shares of any entity that Cuprum intends to list on the Australian Securities Exchange, this brings the total consideration up to A$9 million.
  • Strategic Minerals’ cash as at 31 December 2025 was US$0.78 million after continued substantial investment in Cornwall Resources’ development programme and awaiting a further rebate from the UK Shared Prosperity Fund

Operational Highlights (By Subsidiary)

Cornwall Resources

Redmoor Tungsten-Tin-Copper Project, Cornwall, UK (‘Redmoor’)

  • Awarded c.£764,000 UK Government grant funding from the UK Shared Prosperity Fund, which together with matched funds from the Company’s April 2025 placing, is supporting the programme to accelerate Redmoor towards pre-feasibility
  • 1st drilling since 2018 began in June with 5048.70 m completed by December 2025 ahead of schedule, within budget, and with exceptional results reported to date
    • Includes 1.10 m @ 7.19% WO3, 0.02% & 1.11% Cu (7.51% WO3.Eq) and 0.97m at 7.52 WO3, 0.03% Sn & 0.87% Cu (7.78% WO3.Eq), including one of the top 10 highest-grade sample results recorded at Redmoor from all previous drilling campaigns
  • Multiple mineralised intervals and wide zones of mineralisation within the Redmoor sheeted vein system identified, reinforcing Redmoor’s status as one of the highest-grade undeveloped tungsten deposits globally
  • Re-analysis of historical samples confirmed previous underreporting of certain samples and an average 9.2% increase in tungsten grades, further solidifying Redmoor’s position as Europe’s highest-grade undeveloped tungsten deposit
  • Strategic Minerals invested in upgraded facilities and team expansion to support the programme

Southern Minerals Group

Cobre Magnetite Stockpile, New Mexico, USA

  • Continued strong operational performance across 2025 despite 10-day shutdown due to wildfires
  • Sales of magnetite increased over the course of the year
    • Q4 sales were up 4% on Q3, and Q3 sales were up 45% on Q2
    • By volume, H2 saw an increase of 15.2%
  • Total sales of approximately US$4.23 million (2024: US$4.75 million) generated from 61,279 tons or ore sold to customers (2024: 70,659 tons)

Sales comparisons on quarterly and yearly periods, along with associated volume details, are shown in the table below:

Volume (tons)

Sales (US

Leigh Creek Copper Mine (‘LCCM’)

Leigh Creek Copper Project, South Australia

  • South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals (‘Cuprum’) exercised its call option to acquire LCCM and paid the First Instalment of A$0.15 million – a total of A$0.25 million has now been received
  • Second Instalment of A$1.75 million to be received on the earlier of execution of a Definitive Agreement, or 31 May 2026*
  • Both parties are confident in restarting LCCM this year, supported by strong copper market fundamentals

*Cuprum’s right to acquire LCCM will lapse if the Second Instalment has not been paid to the Company by 31 May 2026

Mark Burnett, Executive Director of Strategic Minerals, commented:

‘2025 was a transformational year for Strategic Minerals. We successfully restructured and reorganised the Company, positioning it to deliver increased near-term revenue from Cobre and long-term value creation from the Redmoor Tungsten-Tin-Copper Project. We are utilising sustainable cash flows from Cobre to unlock the full potential of Redmoor with a clear opportunity to develop it and the surrounding area into a world leading source of tungsten, tin and copper to provide resilience to western world supply chains. The Redmoor drill programme has gone exceptionally well so far, and we anticipate further resource growth and additional efficiencies for future infill drilling as part of a pre-feasibility programme.’

For further information, please contact:

Strategic Minerals plc

+44 (0) 207 389 7067

Mark Burnett

Executive Director

Website:

www.strategicminerals.net

Email:

info@strategicminerals.net

Follow Strategic Minerals on:

X:

@StrategicMnrls

LinkedIn:

https://www.linkedin.com/company/strategic-minerals-plc

SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Nominated Adviser and Broker

Matthew Johnson/Charlie Bouverat/Grant Barker

Zeus Capital Limited

Joint Broker

Harry Ansell/Katy Mitchell

+44 (0) 203 829 5000

Vigo Consulting

+44 (0) 207 390 0234

Investor Relations

Ben Simons/Peter Jacob/Anna Sutton

Email:

strategicminerals@vigoconsulting.com


Notes to Editors

About Strategic Minerals plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing minerals company, actively developing strategic projects in the UK, United States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a JORC (2012) Compliant Inferred Mineral Resource Estimate published 14 February 2019:

Cut-off (SnEq%)

Tonnage (Mt)

WO3

%

Sn

%

Cu

%

Sn Eq1

%

WO3 Eq

%

>0.45 <0.65

1.50

0.18

0.21

0.30

0.58

0.41

>0.65

10.20

0.62

0.16

0.53

1.26

0.88

Total Inferred Resource

11.70

0.56

0.16

0.50

1.17

0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x 0.40. WO3(EQ)% = Sn% x 0.7 + WO3 + Cu% x 0.28. Commodity price assumptions: WO₃ US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at: https://www.cornwallresources.com

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite project in New Mexico, USA, through its wholly owned subsidiary Southern Minerals Group. Cobre has been in production since 2012 and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia. South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals has exercised an exclusive Call Option to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared Prosperity Fund. Cornwall Council is responsible for managing projects funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of Scilly Good Growth Programme.

Cornwall and Isles of Scilly has been allocated £184 million for local investment through the Shared Prosperity Fund. This new approach to investment is designed to empower local leaders and communities, so they can make a real difference on the ground where it’s needed the most.

The UK Shared Prosperity Fund proactively supports delivery of the UK-government’s five national missions: pushing power out to communities everywhere, with a specific focus to help kickstart economic growth and promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

For more information, visit https://ciosgoodgrowth.com

Source

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