North Vancouver, British Columbia–(Newsfile Corp. – July 26, 2024) – Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) (“Lion One” or the “Company“), is pleased to announce that the Company has closed the fully-subscribed upsized brokered private placement financing (the “LIFE Offering“) previously announced on July 18, 2024 and July 19, 2024 by issuing 27,027,027 units of the Company (the “Units“) at a price of C$0.37 per Unit (the “Offering Price“) for aggregate gross proceeds of C$10,000,000, pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “LIFE Exemption“) in each of the Provinces of Canada other than Quebec, pursuant to the terms of the agency agreement (the “Agency Agreement“) dated as of July 26, 2024, among the Company, Eight Capital, and Canaccord Genuity Corp. (collectively, the “Agents“).
Each Unit consists of one common share (a “Common Share“) in the capital of the Company and one common share purchase warrant (a “Warrant“) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price per Warrant Share of C$0.50 for a period of 36 months from the closing date of the LIFE Offering.
Concurrently with the LIFE Offering, the Company completed, a non-brokered private placement of 4,458,352 Units on the same terms as the LIFE Offering, for gross proceeds of C$1,649,590.24 (the “Sidecar Private Placement“, and together with the LIFE Offering, the “Offering“) pursuant to applicable exemptions under NI 45-106 other than the listed issuer financing exemption. In aggregate, under the Offering the Company issued 31,485,379 Units for gross proceeds of C$11,649,590.24.
In connection with the LIFE Offering, the Company (i) paid to the Agents a cash commission of C$700,000, which was equal to 7.0% of the gross proceeds from the LIFE Offering; and (ii) issued an aggregate of 1,891,891 compensation warrants (“Compensation Warrants“), equal to 7.0% of the number of Units sold pursuant to the LIFE Offering. Each Compensation Warrant is exercisable for one Common Share at a price of C$0.37 for a period of 24 months from the closing date of the LIFE Offering.
In connection with the Sidecar Private Placement, the Company (i) paid a cash commission to a finder (the “Finder“) in the aggregate of C$38,850, which was equal to 5% of the gross proceeds in respect of subscribers introduced to the Company by the Finder; and (ii) issued an aggregate of 105,000 Compensation Warrants, equal to 5% of the number of Units sold to subscribers introduced to the Company pursuant to the Sidecar Private Placement. Each Compensation Warrant is exercisable for one Common Share at a price of C$0.37 for a period of 24 months from the closing date of the Sidecar Private Placement.
The net proceeds received by the Company from the sale of the Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes.
The LIFE Offering was completed pursuant to the LIFE Exemption, and accordingly, the securities issued in the LIFE Offering are not subject to a hold period in accordance with applicable Canadian securities laws. The securities issued under the Sidecar Private Placement are subject to a hold period expiring on November 27, 2024 pursuant to applicable Canadian securities laws.
Certain subscribers under the Sidecar Private Placement are directors and management of the Company. The issuance of Units to directors and management of the Company constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101“). The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward-looking statements or information. Forward-Looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-Looking statements made in this news release include statements regarding anticipated completion of the Offering and debt settlement, and the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-Looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
TORONTO, July 25, 2024–(BUSINESS WIRE)–Cboe Canada Inc. (“Cboe Canada”) is excited to announce the public markets debut of Silver Crown Royalties Inc. (“Silver Crown” or “SCRI”), a revenue-generating silver-only royalty company headquartered in Toronto. The company is now trading on Cboe Canada under the symbol SCRI.
Silver Crown unlocks previously unrecognized value by offering existing mining companies an up-front payment in exchange for the rights to revenues generated from the byproduct silver they mine. Silver Crown currently receives royalties from two mines, with another projected to begin producing revenues for Silver Crown in 2025, pending successful closing of the definitive agreement.
“We are excited to begin trading on the Cboe Canada stock exchange,” said Peter Bures, CEO of Silver Crown. “We believe Cboe’s exposure will help our objective of lowering our cost of capital, and creating both customer awareness and liquidity for investors, ultimately unlocking shareholder value.”
Investors can trade shares of Cboe-Listed SCRI through their usual investment channels, including discount brokerage platforms and full-service dealers.
“Silver Crown is helping mining companies propel their operations forward by offering real, useable capital in exchange for the revenue generated from a byproduct of their operations,” noted Joacim Wiklander, Head of Global Listings at Cboe Global Markets. “Congratulations to Silver Crown on taking this critical step forward in their capital markets journey. We are honoured to be selected as their exchange of choice during this pivotal time and look forward to providing superior liquidity, enhanced investor exposure, and world-class support and service. Welcome to Cboe!”
Cboe Canada is home to over 300 unique listings, including some of the most innovative Canadian and international growth companies, ETFs from Canada’s largest ETF issuers, and Canadian Depositary Receipts (CDRs). Cboe consistently facilitates 15% of all volume traded in Canadian listed securities. For a complete view of all securities listed on Cboe Canada, click here.
About Cboe Canada
Cboe Canada is Canada’s Tier 1 stock exchange providing a best-in-class listing experience for issuers that are shaping the economies of tomorrow. Fully operational since 2015, Cboe Canada lists companies and investment products seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
Cboe Canada is part of the Cboe Global Markets network, leveraging deep international expertise, industry-leading market intelligence and technology, and unparalleled service to deliver what stakeholders and the world need now, and for the future.
Founded by industry veterans, SCRi is a revenue-generating silver-only royalty company focusing on silver as byproduct credits. SCRi aims to minimize the economic impact on mining projects while maximizing returns for shareholders. SCRi presently has two sources of revenues and continues to build on this foundation, targeting additional operational silver-producing projects.
VANCOUVER, BC / ACCESSWIRE / July 24, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that it has entered into a non-binding letter of intent to acquire a 100% interest in the Silicon Valley Silica Project, near Golden, British Columbia (the “Transaction“) Orichalcum Holdings Inc. (the “Vendor“).
The 1,760-hectare (4,349-acre) Silicon Valley Silica Project, located adjacent to the town of Golden, B.C. and the Sinova Quartz silica quarry, hosts approximately 12 kilometers of regionally mapped strike length of the high-purity quartzite beds of the Ordovician Mount Wilson Formation. Sampling in 2017 encountered up to 99.9% SiO2 and an average of 99.6% SiO2 along a traverse of approximately 190 metres, along strike with the adjacent Sinova Quartz silica quarry. Deleterious elements were found to be very low, with an average of 0.03% Fe2O3, 0.02% CaO, 0.02% MgO, 0.01% P2O5, and 0.10% Al2O3. Details of the Project are outlined below.
As the demand for renewable energy sources like solar power grows, driven by global initiatives to combat climate change, the market for high-purity silica (also known as high-purity quartz, or HPQ) is poised to expand significantly. With the acquisition of Silicon Valley Silica Project, Rover is poised to gain a strategic position in the rapidly expanding critical minerals market.
Judson Culter, CEO of Rover states, “On June 10th, the Government of Canada announced that silicon metal had been added to Canada’s Critical Minerals List, in addition to announcing additional funding for the semiconductor and chip manufacturing industry. The U.S. Government also has silicon on its critical minerals list, therefore making the project potentially eligible for DoD or DoE funding through the Defense Production Act Investment (DPAI) program. Through this Transaction, Rover is gaining a strategic and timely position in what is becoming one of the most sought-after high-purity silica districts in Canada with a project located adjacent to one of the largest high-purity silica producers in the country. Silica, despite being the second most abundant mineral in the Earth’s crust, is rare in its purest form, and is in increasingly high demand as a crucial element in the production of photovoltaics (PV) and semiconductors. Management closely follows industry trends, evident from companies like Intel, which is on track to build the world’s largest chip-making complex in Ohio, with $20 billion invested by the company to date. Factoring in macro-economic demand for chips in AI applications, along with the geopolitical risks of Taiwan holding current market share of the chip industry, this deal has a bright future.”
Paddy J. Moylan, Rover’s President and Director, comments, “Silicon Valley is a deal we have been working on for some time. Silicon Valley is special. It is transformational for our company and investors. This project has huge potential. We already have boots on the ground within a short walk to a world-class asset, which is exciting! I will be on site as work progresses. Importantly, from an ESG point of view, it ticks many boxes. I look forward to finalising the definitive agreement imminently. Rover has formed a terrific working relationship in the area, and I am thrilled that Case Lewis, will join us as our exploration manager. I have come to know Case well and he will be a strong advocate for Rover and Silicon Valley. We will keep investors informed of progress at all material times as we advance towards positive news flow.”
About High Purity Silica
Silicon, which is derived from high-purity silica, is the primary material in the majority of solar panels, also called photovoltaic (PV) cells. Silicon metal is essential to the manufacture of computer chips and semiconductors, used in almost any and everything electronic. It is also used in aluminum production for aerospace applications, as well as anodes in emergent next-generation lithium-ion batteries. Although silica is abundant in the Earth’s crust, silica deposits with a high degree of purity and volume – those which are in economic demand – particularly in excess of 99% SiO2, are a relatively rare occurrence, especially in Canada and the U.S.
About Canada’s Critical Minerals List June 10 Update
The Critical Minerals List was first released in 2021 and consisted of 31 minerals which were deemed essential to Canada’s green and digital economies. On June 10, 2024, the Government of Canada released an updated Critical Minerals List which increased the number of critical minerals to 34, now including silicon metal.
To be included in the Critical Minerals List, the Government of Canada must consider that: (1) the supply chain of the material is threatened; (2) there is a reasonable chance of the mineral being produced by Canada and; (3) the mineral is considered to be one of the following:
essential to Canada’s economic or national security; or
required for the national transition to a sustainable low-carbon and digital economy; or
positions Canada as a sustainable and strategic partner within global supply chains.
Project Highlights – Silicon Valley Project, Golden, B.C.
1,760 hectares (4,349 acres) adjacent to the town of Golden, B.C., and less than 1km from the Canadian Pacific Railway Golden Rail Yard with easy year-round access. (Figure 1)
High-purity quartzite of the Ordovician Mount Wilson Formation with up to 12 km of regionally mapped strike length on the property and up to 300 metres apparent width at surface. Bedding strikes 120 to 140º and dips from 60 to 75º.
On the same lithological unit and close to both Sinova Global’s Sinova Quartz quarry pit (500m to south) and the Moberly Silica Mine (9.0 km to north). Sinova Quartz has been permitted for over 1,000,000 tonnes of annual silica production. (1)
The HCJ MINFILE occurrence on the Project was first reported in 1972 by Dr. L.B. Halferdahl, who characterized the quartzite unit as containing sequences with thicknesses of 30 metres or more of very white to grey high grade silica material, with no impurities being visible with examination even with a 20x hand lens and thus having the potential for ferrosilicon-grade material. The quartzite silica bed at the Silicon Valley Project was mapped to extend at least from the HCJ MINFILE occurrence at the north end of the current Property, to the Sinova Quartz quarry at the south end of the Property. (2)
2018 sampling extending from 50 metres from the boundary of the adjacent Sinova Quartz quarry tenure encountered up to 99.9% SiO2 and an average of 99.6% SiO2 from 7 grab samples taken over a traverse of approximately 190 metres, along strike from the Sinova Quartz quarry. Deleterious elements were found to be very low, with an average of 0.03% Fe2O3, 0.02% CaO, 0.02% MgO, 0.01% P2O5, and 0.10% Al2O3. Grab samples in the northern area of the Property yielded grades up to 99.1% SiO2. (Figure 2) (3) *
Also in 2018, 92 Resources Corp (now Patriot Battery Metals Inc (TSX:PMET)), the former owner of the majority of the Silicon Valley Project area, encountered grades of 99.11, 98.56 and 98.28% SiO2 from grab samples in the northern area of the Property. (Figure 3) (4) *
According to Sinova Global’s website, regarding their expansion at Sinova Quartz:
Quartz from this deposit requires very limited processing relative to material from other quartz operations. With high-purity silica and correspondingly low levels of impurities such as boron, iron, phosphorus and aluminum, the Sinova Quartz operation creates minimal by-products and requires less energy to process.
A tailings management facility is not necessary to mitigate environmental impacts. Only primary crushing will be done on-site then it will be stockpiled and hauled offsite to be processed.
No wastewater will be treated at the Sinova Quartz project as minimal water will be used in processing for dust control, and no tailings facilities will be constructed. (1)
Figure 1. Silicon Valley Project Map
Figure 2. Silicon Valley Project Map – South Sampling Area
Figure 3. Silicon Valley Project Map – North Sampling Area and HCJ MINFILE Location
Transaction Terms
The Company has entered into the Transaction with Orichalcum Holdings Inc., dated July 19, 2024, an arm’s length party. The terms of the option agreement are set forth below:
In order to exercise the Option and acquire a 100% interest in the Property, the Company is required to:
incur at least $1,020,000 in exploration expenditures over 24 months from the signing of a definitive agreement. A minimum of $20,000 is to be incurred in the first three months.
issue common shares to the Vendor as follows:
2,000,000 common shares of the Company (“Common Shares“) on or before ninety (90) days after the date of execution of the Definitive Agreement;
such number of Common Shares having an aggregate value of $50,000, on or before the 6-month anniversary of the execution date of the Definitive Agreement, calculated based on the 10-day VWAP;
such number of Common Shares having an aggregate value of $100,000, on or before the 12-month anniversary of the execution date of the Definitive Agreement, calculated based on the 10-day VWAP;
such number of Common Shares having an aggregate value of $200,000, on or before the 24-month anniversary of the execution date of the Definitive Agreement, calculated based on the 10-day VWAP;
such number of Common Shares having an aggregate value of $200,000, on or before the earlier of the 36-month anniversary of the execution date of the Definitive Agreement or the issuance of a mining or quarry permit for the Property, calculated based on the 10-day VWAP;
such number of Common Shares having an aggregate value of $250,000, on or before the earlier of the 48-month anniversary of the execution date of the Definitive Agreement or the commencement of commercial production on the Property, calculated based on the 10-day VWAP.
make cash payments to the Vendor in the aggregate amount of $855,000 as follows:
$10,000 on signing of the Definitive Agreement;
$15,000 within 10 weeks of signing the Definitive Agreement;
$80,000 on or before the 12-month anniversary of signing the Definitive Agreement;
$200,000 on or before the 24-month anniversary of signing the Definitive Agreement;
$200,000 on or before the earlier of the 36-month anniversary of signing the Definitive Agreement or the issuance of an extraction permit for the Property;
$350,000 on or before the earlier of the 48-month anniversary of signing the Definitive Agreement or the commencement of commercial production on the Property.
If the Buyer fails to satisfy the payment terms and conditions of the Option, Buyer’s option to acquire the Property will terminate, and the Property shall automatically become the sole possession of the Vendor. Buyer must ensure the claims will be in good standing for at least 12 months following the date of termination.
The Vendor will retain a 2% Gross Overriding Royalty (“GORR“) on the Property. For so long as the Company holds an interest in the Property the Company shall have the right to purchase, at any time prior to production, 0.5% of the Vendor’s GORR (for cancellation) for purchase price of $500,000, and an additional 0.5% for an additional $500,000.
The Property shall be surrounded by a specified area of interest in which any claims staked within this area by the Vendor or the Buyer shall automatically be included in the Definitive Agreement.
Buyer to maintain all claims in good standing until the exercise of the Option.
Additional Technical Details on the Silicon Valley Project, B.C.
The property is underlain by thick sequences of extremely pure quartzite of the Ordovician Mount Wilson Formation, occurring as north-northwest striking, usually steeply east-dipping thrust panels.
Locally, quartzite of the Mount Wilson Formation occurs as friable sandstone, grading deeper to well cemented quartzite. Several faulted and displaced segments of the Mount Wilson quartzite unit occur on the Property, totaling approximately 12 kilometres of strike length at an average apparent width of 250-300 metres at surface. Structurally repeated segments of the same lithological unit host the Moberly Silica Mine (9.0 kilometres to the north), which previously produced up to 150,000 tonnes of silica sand annually, and the Sinova Quartz silica quarry (500 metres to the south), which produced up to 90,000 tonnes of silica annually, both of which exhibit economic grade silica greater than 99.6% SiO2 purity. (5)(6)
The quartzite can be described as frosty white, sedimentary quartzite with a clastic texture containing fine, well-rounded polished grains 1/8 – 1/4 mm in diameter. Very competent bonding allows breaking to occur through the quartz grains.
* Cautionary Note
The reader is cautioned that grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.
Further to the Company’s release of July 3, 2024, the Company $0.03/unit financing (the “Private Placement“) is now closed. Rover received total orders of $327,344 resulting in the issuance of 10,911,467 common shares, and 10,911,467 common share purchase warrants. No finders’ commissions will be paid in connection with the Private Placement. The closing is subject to final acceptance and approval by the TSX Venture Exchange. It is expected that a new financing will be announced later this month as a result of the Transaction disclosed in this release.
Related Party Transaction
The Private Placement constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“) as an investment by a director of the Company has participated in the financing, acquiring aggregate of 10,000,000units for aggregate consideration of $300,000. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is not listed on a specified market and 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 related party, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101). A material change report was not filed in connection with the related party participation in the Private Placement less than 21 days in advance of closing of the Private Placement as approval of the Private Placement occurred less than 21 days prior to closing. The Private Placement was approved by the board of directors of the Company with the conflicted director abstaining.
Qualified Person (QP) Statement
Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a “Qualified Person” as defined under NI 43-101 Standards of Disclosure for Mineral Projects and a director of the Silicon Valley Project vendor company, Orichalcum Holdings Inc.
About Rover Critical Minerals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO.
ON BEHALF OF THE BOARD OF DIRECTORS, “Judson Culter” Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its regulation provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
The forward-looking statements and information in this press release include information relating to the Transaction, the Company’s intention to complete a private placement and all other statements that are not historical in nature. Such statements and information reflect the current view of Rover. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
In this interview on Proven and Probable, Maurice Jackson speaks with David Talbot, Managing Director and Head of Equity Research at Red Cloud Securities, about the uranium sector’s value proposition and current state. Talbot, with over a decade of experience in the uranium industry, discusses the importance of uranium-fueled nuclear energy, which generates around 10% of global electricity, with the U.S. at 18.6% and Canada at just under 14%.
Talbot highlights the attractiveness of nuclear power: no greenhouse gas emissions during operations, mitigation of climate change impact, base load power provision, long reactor life, stable operating costs, energy security, and abundant uranium availability. The global demand for nuclear energy is growing at approximately 3.6% annually, with significant growth in China, India, Russia, and Turkey. China, in particular, is expanding its reactor fleet and aims to surpass the U.S. in nuclear capacity within the next decade.
Rumble
Despite the increasing demand, uranium supply faces challenges. The current supply-demand gap sees reactors needing 180 million pounds of uranium annually, while mines produce only 145 million pounds. Talbot notes that uranium prices have surged, influenced by factors such as production cuts, geopolitical concerns, and increased buying by entities like the Sprott Physical Uranium Trust.
Geopolitical factors, including the U.S. ban on Russian uranium imports and the Advanced Act Bill boosting nuclear reactor deployment, are significant drivers of uranium prices. The ban, effective in 2028, will force the U.S. to source uranium from friendly countries, while the Advanced Act aims to streamline nuclear project permitting and support the nuclear sector’s growth.
Talbot also touches on Kazakhstan’s mineral extraction tax increase, which could discourage production expansion. He believes that while some events are priced into the current uranium market, the U.S. uranium production could rise, benefiting from higher prices and supportive policies.
David A. Talbot is a mining analyst with Red Cloud Securities. He spent nearly a decade as a geologist in the gold industry, working with Placer Dome, Franco-Nevada, and Newmont Capital. Talbot joined Dundee’s (now Eight Capital) research department in May 2003, and in the summer of 2007, he took over the role of analyzing the fast-growing uranium sector. Since then, he has expanded his expertise to include lithium, graphite, cobalt, and iron ore. Talbot is a member of the Prospectors and Developers Association of Canada (PDAC) and serves on the PDAC Convention’s selection committee for the Corporate Presentation Forum for Investors. He has been featured on BNN, CNBC, and in The Economist, among various other media publications. He has also chaired several investment sessions. Talbot graduated with distinction from the University of Western Ontario, earning an Honours B.Sc. degree in geology.
Ottawa, Ontario–(Newsfile Corp. – July 23, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) announces that the Company intends to issue 306,396 common shares of the Company in connection with a US$48,000 (CAD$66,024) share payment due under the option agreement covering a portion of the Company’s landholdings for the Gold Chain project in Arizona.
The common shares issued will have a statutory hold period of four months and one day from the date of issuance. This shares-for-debt transaction remains subject to TSX-V approval.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at its Gold Chain project in Arizona and advancing its Tip Top Project in Nevada.
For further information regarding this press release contact:
This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future private placement financing, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedarplus.ca. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.
North Vancouver, British Columbia–(Newsfile Corp. – July 22, 2024) – Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQB: LOMLF) (“Lion One” or the “Company”), is pleased to announce that in response to market demand, it has arranged, subject to the approval of the TSX Venture Exchange (“TSX-V“), a non-brokered private placement (the “Sidecar Private Placement“) of up to 5,405,405 units (the “Units“) at a price of $0.37 per Unit for total gross proceeds of up to $2,000,000. Each Unit consists of one common share (the “Common Shares“) and one Common Share purchase warrant (the “Warrants“), each such Warrant exercisable at a price of $0.50 per share and expiring 36 months from the date of issue.
The Sidecar Private Placement reflects the same terms as the previously announced $10 million private placement led by Eight Capital as lead agent (the “Agent“) pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “LIFE Offering“). However, the Sidecar Private Placement will be settled directly with the Company and not through the Agent. The Company may pay a finder’s fee on the Sidecar Private Placement in accordance with the policies of the TSX-V. The net proceeds of the Sidecar Private Placement will be used for working capital and general corporate purposes. All securities issuable pursuant to the Sidecar Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities laws.
The Sidecar Private Placement is expected to complete concurrently with the LIFE Offering. In aggregate, under the LIFE Offering and the Sidecar Private Placement the Company expects to issue 32,432,432 Units for gross proceeds of $11,999,999.80.
Certain subscribers under the Sidecar Private Placement are expected to be directors and management of the Company. The issuance of Units to directors and management of the Company will constitute a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61- 101“). The transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding anticipated completion of the Sidecar Private Placement and the Offering, and the proposed use of proceeds of the Sidecar Private Placement and the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Sidecar Private Placement and the Offering, the conditions of the financial markets, availability of financing, timeliness of completion of the Sidecar Private Placement and the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Kelowna, British Columbia–(Newsfile Corp. – July 22, 2024) – F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) (“F3” or the “Company“) is pleased to announce that summer drilling has commenced to test conductors on the Clearwater West property which is located 13km to the south of Fission Uranium’s Triple R uranium deposit (see F3 news release dated June 18, 2024).
SKRR Exploration Inc. (TSXV: SKRR) has an option to acquire up to a 70% interest in the Clearwater West Property (see F3 news release dated May 26, 2023, and SKRR news release dated Jan 22, 2023) by making cash payments and issuing shares to F3 and funding exploration work, with F3 serving as the operator during the earn-in period.
Clearwater West is an early-stage exploration project prospective for uranium mineralization. The uranium mineralization model for the Clearwater West property is basement hosted and structurally controlled Athabasca Basin unconformity related deposits.
Summary of the Clearwater West Property:
The Clearwater West Project is located ~20 km outside the edge and in the south-west area of the Athabasca Basin, which is poised to become the next area for the development of major uranium mines in Saskatchewan. It is 13 km south of Fission Uranium’s Triple R deposit, located 7 km outside the basin edge on its PLS Property, where a Feasibility Study was recently completed, and 17 km south of NexGen’s Arrow deposit. The Clearwater West property is comprised of 3 contiguous mineral claims totaling 11,786 hectares which are immediately south and adjacent to Fission Uranium’s PLS property.
Basement hosted Athabasca unconformity related deposits often feature unique characteristics that can be identified by various geophysical surveys. A VTEM survey flown over the property in early 2014 defined electromagnetic (EM) conductors, some of which are interpreted to be possible extensions of the EM conductors identified on the PLS property immediately to the north.
F3’s experienced and successful management and technical team, with a track record of three major high-grade uranium discoveries in the Athabasca Basin region since 2010 (Waterbury Lake project J Zone, PLS Triple R deposit and most recently the PLN JR Zone) will operate and manage Clearwater West. F3 currently holds a 100% interest in Clearwater West.
Qualified Person:
The technical content of this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp., a Qualified Person. Mr. Ashley has verified the data disclosed. The information provides an indication of the exploration potential of the company’s properties but may not be representative of expected results.
About F3 Uranium Corp:
F3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home of some of the world’s largest high grade uranium discoveries. F3 currently has 20 projects in the Athabasca Basin. Several of F3’s projects are located near large uranium discoveries including Triple R, Arrow and Hurricane.
Contact Information
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2
The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Edmonton, Alberta–(Newsfile Corp. – July 19, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) announces an extension to the private placement (the “Offering”) of Units and Flow-Through Units originally announced on June 20, 2024. The Offering is for aggregate gross proceeds of $1,000,000 if fully subscribed. The Offering consists of up to 16,666,668 Units and up to an additional 16,666,668 in any combination of Units or Flow-Through Units, at a price of $0.03 per Unit and Flow-Through Unit (each as defined below).
Each Unit shall consist of one common share of the Company (“Common Share”) and one non-transferrable common share purchase warrant (“Warrant”) entitling the warrant holder to purchase an additional Common Share for $0.05 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.10 per Common Share for 10 consecutive trading days; and (b) 24 months from the date of issuance. Each Flow-Through Unit shall consist of one Common Share and one half of one Warrant, each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). The Offering is being offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.
The Company intends to use the proceeds of the Offering, if fully subscribed, as follows:
Mineral Property Exploration
Drill Exploration Program
$ 500,000
Other
$ 100,000
$ 600,000
Mineral Rights and Permits
$ 105,000
Corporate Overhead
Management fees to Officers
$ 72,000
(6 months)
Other Corporate Overhead
$ 213,000
$ 285,000
General working capital
$ 10,000
$ 1,000,000
There is no minimum to the Offering. If the Company closes on less than the maximum proceeds, the use of proceeds will be adjusted. In the case that the Offering is over-subscribed, the Company may increase the size of the Offering by an additional 10%, with any remaining over-subscribed amount allocated pro-rata to all subscribers.
In connection with the Offering, the Company may pay finders fees payable in any combination of cash and warrants with terms equivalent to the Warrants, to registered broker dealers, limited market dealers or arm’s length persons in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and applicable securities legislation and regulations. The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until four months and one day from the date of issuance in accordance with the policies of the Exchange. The Offering is subject to acceptance by the Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
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.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available under the Company’s SEDAR+ profile at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
NORTH VANCOUVER, British Columbia, July 19, 2024 (GLOBE NEWSWIRE) — Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has entered into an amended agreement with Eight Capital as lead agent (the “Agent”), to upsize the previously announced private placement. In connection with the upsized offering, the Company will issue up to 27,027,027 units of the Company (the “Units”) at a price of $0.37 per Unit (the “Issue Price”) for aggregate gross proceeds of up to $10,000,000 pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “Offering”), in each of the Provinces of Canada other than Quebec. Each Unit will consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at an exercise price of $0.50 for a period of three years from the date of issuance.
The Company will make available an offering document relating to the Offering (the “Offering Document”) which will be accessible under the Company’s profile at www.sedarplus.ca and at https://liononemetals.com. Prospective investors in the Offering should read the Offering Document before making an investment decision.
The Offering is expected to close on or around July 26, 2024 (the “Closing Date”). Closing of the Offering is subject to certain customary conditions including receipt of all necessary approvals including satisfaction of listing conditions of the TSX Venture Exchange.
The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any Shares in the United States. The securities to be sold in the Offering have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff” Chairman and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding anticipated completion of the Offering and debt settlement, and the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering and debt settlement, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
That’s a debt load that now represents over 120% of GDP. Earlier this year, the cost of interest payments alone passed the cost of defense spending.
The psychologically important $35 trillion milestone will likely be crossed sometime between this week’s Republican National Convention and when the Democrats gather in a few weeks’ time in Chicago — if debt continues to grow by an average of about $8 billion a day.
Yet a Yahoo Finance review of this week’s flood of political commentary — both Republicans in Milwaukee and Biden on the campaign trail — underlines a political reality of this election season: This historic debt is simply not a front-burner issue.
“We stand for fiscal sanity, for low taxes, and for reduced debt,” said Florida Gov. Ron DeSantis as he endorsed Republican nominee Donald Trump on Tuesday night.
What the line contained in snappiness it perhaps lacked in internal consistency. Lowering taxes is likely to increase deficits and debt.
“Our government sold us a false bill of goods with the Iraq war and the 2008 financial crisis loading up our national debt that falls on our generation’s shoulders,” added former presidential candidate Vivek Ramaswamy during his speech.
The debt rose by nearly $8 trillion during Trump’s time in office. Biden is on pace to oversee a similar rise. In total, the national debt has ballooned by more than 70% over the last 7.5 years, fueled by a flood of new spending as well as these obligations stretching back decades.
Former President Donald Trump is displayed on a screen during the second day of the 2024 Republican National Convention in Milwaukee. (PEDRO UGARTE/AFP via Getty Images) (PEDRO UGARTE via Getty Images)
All told, the vast majority of the major convention speeches so far this week haven’t brought up debt or deficits at all, according to a review of transcripts and videos. The Republican platform offers promises to cut “wasteful government spending” but doesn’t discuss debt or deficits directly.
It’s a notable shift for the Republicans who in years past campaigned on ideas like a balanced budget amendment and fielded major candidates who rose through the ranks as members of the deficit hawk wing of the party.
That wing of the party still exists but was far from prominent this week.
“The fiscal warning signs are really just so bright, so loud, and it’s as though nobody who’s running for office is paying attention,” said Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, in a recent Yahoo Finance interview.
Few mentions from Biden as well
The same has been true to a certain extent on the other side of the aisle this week.
Before cutting his trip short after a positive COVID test, he said that his plan to make billionaires have to pay a minimum tax of 25% will generate $500 billion over the next decade, “allowing us to do more for childcare, eldercare, bring down the federal deficit, and so much more.”
But it’s a plan unlikely to pass Congress, even if Biden wins a second term.
Gallup recently found that federal spending and the budget deficit are collectively something 51% of respondents worry “a great deal” about, the sixth highest issue on the list.
But that issue hasn’t translated into a campaign focus for either side.
President Joe Biden arrives at Harry Reid International Airport in Las Vegas for a campaign swing this week. (AP Photo/Susan Walsh) (ASSOCIATED PRESS)
Another positive trend is that debt as a percentage of GDP has stabilized and even declined slightly in recent years.
Tax cuts that could make it worse
The lack of focus on debt also comes as there is massive focus on another issue that could make the problem worse: taxes.
These rates will be a top-tier issue in 2025, with major individual provisions of the 2017 Trump tax cuts set to expire at the end of the year. That means taxpayers could face a significant effective tax hike if Washington doesn’t act.
The plans from both sides at the moment could add trillions more red ink in the years ahead.
Biden’s plan is to extend the cuts for those making under $400,000 a year. That could still cost over $2 trillion.
Biden has offered detailed plans to offset at least some of these costs with tax increases elsewhere, like his effort to put a minimum tax of 25% on billionaires.
Trump has offered far less detail when confronted with questions about the national debt and said he could take care of it with drilling for oil — which he calls “liquid gold” — without elaborating on exactly how that would work.
“There is literally a pit in my stomach,” MacGuineas said, discussing the potential trillions of dollars in costs of these cuts. “There’s a pit in my stomach right now just talking about it with you.”
Ben Werschkul is Washington correspondent for Yahoo Finance. Akiko Fujita contributed reporting.
