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U.S. President Donald Trump has imposed a 25% tariff on all steel and aluminum imports, marking one of the most discussed measures of his first month back in the White House.
But which countries are most affected by these tariffs?
This map illustrates the top suppliers of aluminum and steel to the United States in 2024. The data comes from the U.S. Census Bureau.
Canada: The Largest Partner
Canada is by far the top supplier of both steel and aluminum to the United States. The neighboring country exported $9.4 billion worth of aluminum to the U.S. in 2024, significantly ahead of the second-largest exporter, the European Union, which exported $1.5 billion.
Canada also exported $7.1 billion worth of steel last year, compared to $7 billion from the European Union.
Country
Steel Imports (USD)
Aluminum Imports (USD)
Canada
$7.1B
$9.4B
Mexico
$3.5B
$397M
Brazil
$3.0B
–
China
$799M
$809M
Taiwan
$1.3B
–
South Korea
$2.9B
$781M
Germany
$1.9B
$318M
Japan
$1.7B
–
India
$489M
$445M
European Union
$7B
$1.5B
UAE
–
$917M
Bahrain
–
$535M
Argentina
–
$468M
Thailand
–
$271M
UK
$440M
–
Mexico, South Korea, and Brazil are also among the top suppliers of steel to the United States. Meanwhile, the country imports aluminum from other key partners, including China, the United Arab Emirates, South Korea, Bahrain, and Argentina.
A recent report by the Center for Strategic and International Studies (CSIS) noted that the U.S. produces less than 2% of the world’s primary aluminum.
Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto · Reuters
(Reuters) – Canadian miner Barrick Gold has signed a new agreement with the Malian government to end an almost two-year-old dispute over its mining assets in the West African country, two people familiar with the developments told Reuters on Wednesday.
Barrick signed the agreement and now it is up to the Mali government to formally approve the deal, the sources told Reuters. An official announcement could come as early as Thursday.
As part of the new agreement, Barrick will pay 275 billion CFA or $438 million to the Mali government, in return for the release of detained employees, seized gold, and restarting the operations at the Loulo-Gounkoto mine.
Barrick did not respond to an email query by Reuters. A spokesperson for Mali’s mines ministry declined to comment.
The Toronto-based miner and Mali have been locked in a dispute since 2023 over the implementation of the West African country’s new mining code that gives Mali government a greater share in the country’s gold mine.
(Reporting by Divya Rajagopal, Giulia Paravicini and Portia Crowe, editing by Silvia Aloisi)
North Vancouver, British Columbia–(Newsfile Corp. – February 19, 2025) – Lion One Metals Limited(TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 3,312.5 meters of near mine exploration and infill drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the West Zone target west of the Tuvatu Gold Mine.
The West Zone is located approximately 300 m to the west of the main Tuvatu deposit, in close proximity to existing mine infrastructure. Drilling was conducted from two surface drill pads and consisted of resource infill and expansion drilling with the purpose of bringing the West Zone into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 14 drill holes. Drill results include multiple bonanza grade gold assays such as 896.00 g/t, 306.78 g/t, 264.55 g/t, and 178.55 g/t gold over narrow widths of 0.3 m. All high-grade gold results were intersected between 30 m and 150 m depth from surface. The West Zone is hypothesized to have a separate feeder system from Tuvatu and represents a prime target for near-mine resource expansion at Tuvatu. Bonanza grade gold results are not uncommon at the West Zone, with previous drill results including 105.20 g/t over 2.1 m and 102.38 g/t over 1.2 m (see news release dated October 1, 2024). The West Zone drill program is ongoing.
Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the new results from our West Zone drill program. The West Zone is an excellent near mine expansion target. It is readily accessible from existing infrastructure and it consistently returns high grade results from near surface drilling. We look forward to adding the West Zone to our long-term mine plan at Tuvatu.”
Highlights of New Drill Results:
198.84 g/t Au over 1.4 m (including 896.00 g/t Au over 0.3 m) (TUDDH-764, from 34.17 m depth)
61.24 g/t Au over 2.0 m (including 264.55 g/t Au over 0.3 m) (TUDDH-773, from 200 m depth)
306.78 g/t Au over 0.3 m (TUDDH-773, from 213 m depth)
35.79 g/t Au over 1.7 m (including 178.55 g/t Au over 0.3 m) (TUDDH-773, from 182 m depth)
6.68 g/t Au over 4.4 m (TUDDH-758, from 102.81 m depth)
31.00 g/t Au over 1.0 m (including 67.00 g/t Au over 0.3 m) (TUDDH-758, from 75.5 m depth)
13.76 g/t Au over 1.9 m (including 29.28 g/t Au over 0.3 m) (TUDDH-763, from 86.2 m depth)
15.17 g/t Au over 1.5 m (including 27.99 g/t Au over 0.4 m) (TUDDH-762, from 75.55 m depth)
23.60 g/t Au over 0.9 m (TUDDH-774, from 48 m depth)
61.58 g/t Au over 0.3 m (TUDDH-759, from 62.6 m depth)
*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.
Figure 1. Location of the West Zone drilling reported in this news release. Left image: Plan view of the West Zone drilling in relation to the mineralized lodes shown in grey and Tuvatu underground development shown in red. Right image: Section view of the West Zone drilling looking east.
The West Zone is located approximately 300 m to the west of the main Tuvatu deposit. It is modelled as a series of mainly east-west oriented lodes dipping steeply to the south. High grade gold has been sampled at surface in the West Zone and the area is coincident with a steeply dipping CSAMT gradient. Given the steeply dipping nature of the mineralized lodes both at Tuvatu and at the West Zone, and given the horizontal distance between the two systems, it is unlikely that they are fed by the same feeder zone. It is therefore hypothesized that there is a separate feeder zone located at depth below the West Zone, which would be distinct from the very high-grade Zone 500 feeder zone at Tuvatu.
The drilling reported here is focused on the near-surface portion of the West Zone system and consists predominantly of infill drilling in areas of low drill density. The purpose of the program is to increase understanding of the near-surface structure and mineralization of the West Zone. The objective is to bring the West Zone into the long-term mine plan at Tuvatu, and the current drill program will help inform that process. Given the proximity of the West Zone to existing surface infrastructure, a second portal may be opened to provide direct underground access to the West Zone. Alternatively, an underground access drive could be developed from Tuvatu. The high-grade results reported here not only serve to further define the resource, but also to help determine which development option is preferred.
Figure 2. West Zone drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking east. High-grade gold mineralization is intersected near surface in the West Zone.
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and has been reviewed and approved by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.
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, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TUDDH-757
1875838
3920802
141
139.5
-28.7
182.0
TUDDH-758
1875837
3920802
141
143.4
-51.5
201.5
TUDDH-759
1875837
3920802
141
150.3
-43.5
153.6
TUDDH-762
1875837
3920801
142
166.8
-8.1
106.5
TUDDH-763
1875837
3920802
141
165.1
-29.9
280.0
TUDDH-764
1875836
3920802
142
185.4
-21.1
200.0
TUDDH-765
1875836
3920802
141
180.4
-42.7
290.0
TUDDH-766
1875836
3920802
140
182.5
-50.1
280.0
TUDDH-769
1875836
3920803
141
184.9
-60.5
218.5
TUDDH-771
1875835
3920801
141
198.2
-30.1
14.4
TUDDH-772
1875835
3920802
141
198.3
-31.3
230.6
TUDDH-773
1875972
3920693
211
310.4
-57.2
350.0
TUDDH-774
1875836
3920802
141
199.7
-48.2
170.4
TUDDH-775
1875835
3920803
141
205.1
-58.8
134.9
TUDDH-776
1875834
3920802
141
218.1
-30.0
230.0
TUDDH-777
1875973
3920695
211
346.5
-56.7
270.1
Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).
North Vancouver, British Columbia–(Newsfile Corp. – February 14, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“), is pleased to announce that the Company has closed the underwritten offering (the “Offering“) previously announced on February 5, 2025 by issuing 25,367,647 units of the Company (the “Units“) at a price of $0.34 per Unit (the “Offering Price“) for aggregate gross proceeds of $8,625,000.00, which includes the exercise, in full, by the Underwriters (as defined below) of the over-allotment option granted by the Company to purchase up to an additional 3,308,823 Units at the Offering Price pursuant to the terms of an underwriting agreement (the “Underwriting Agreement“) dated as of February 10, 2025, among the Company, Stifel Nicolaus Canada Inc. (the “Lead Underwriter“) and Canaccord Genuity Corp. (together with the Lead Underwriter, the “Underwriters“).
Concurrently with the Offering, the Company completed a non-brokered private placement (the “Sidecar Private Placement“) of 6,431,114 Units on the same terms as the Offering for gross proceeds of $2,186,578.76 pursuant to applicable exemptions under National Instrument 45-106 – Prospectus Exemptions. 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, expiring on June 15, 2025.
In aggregate, under the Offering the Company issued 31,798,761 Units for gross proceeds of $10,811,578.74.
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$0.41 for a period of 36 months from the closing date of the Offering. The Company has applied to list the Warrants issued pursuant to the Offering on the TSX Venture Exchange, subject to the satisfaction of listing conditions which are currently in process.
In connection with the Offering, the Company paid to the Underwriters a cash commission of $603,750.00, which was equal to 7.0% of the gross proceeds from the Offering, and issued an aggregate of 1,775,735 broker warrants, equal to 7.0% of the number of Units sold pursuant to the Offering. In connection with the Sidecar Private Placement, the Company paid finder’s fees in an aggregate amount of $76,377.60 in cash and issued 224,640 broker warrants. Each broker warrant is exercisable for one Common Share at a price of C$0.34 for a period of 36 months from the closing date of the Offering.
The net proceeds received by the Company from the sale of the Units will be used for mining and mill equipment and ongoing exploration activities at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes. The Units issued pursuant to the Offering were qualified for distribution by way of a prospectus supplement of the Company dated February 10, 2025 (the “Prospectus Supplement“) to the Company’s existing short form base shelf prospectus dated January 31, 2025 (the “Base Shelf Prospectus“) filed in all of the Provinces and Territories of Canada, and offered and sold in all the Provinces and Territories of Canada other than Quebec and Nunavut and to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The Base Shelf Prospectus, the Prospectus Supplement, the documents incorporated by reference therein and the Underwriting Agreement are available on the Company’s profile on SEDAR+ at www.sedarplus.ca.
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 is an emerging Canadian gold producer headquartered in North Vancouver, B.C., 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 press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the results of the Offering and associated marketing efforts and the use of proceeds of the Offering. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: prevailing capital markets conditions, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
WASHINGTON/SINGAPORE/TAIPEI (Reuters) -The White House is seeking to renegotiate U.S. CHIPS and Science Act awards and has signaled delays to some upcoming semiconductor disbursements, two sources familiar with the matter told Reuters.
The people, along with a third source, said the new administration is reviewing the projects awarded under the 2022 law, meant to boost American domestic semiconductor output with $39 billion in subsidies.
Washington plans to renegotiate some of the deals after assessing and changing current requirements, according to the sources. The extent of the possible changes, and how they would affect agreements already finalized, was not immediately clear. It was not known whether any action has yet been taken.
“The CHIPS Program Office has told us that certain conditions that do not align with President (Donald) Trump’s executive orders and policies are now under review for all CHIPS Direct Funding Agreements,” GlobalWafers spokesperson Leah Peng said in a statement to Reuters.
Taiwan’s GlobalWafers, which said it has not been notified directly by Washington of any changes to the conditions or terms of their awards, is set to receive $406 million in U.S. government grants for projects in Texas and Missouri. The company is currently set to receive subsidies only after it achieves specific milestones later in 2025.
Illustration picture of semiconductor chips on a circuit board
Each award recipient has distinct terms and milestones in their agreements.
Four sources with knowledge of the discussions told Reuters that the White House is concerned about many of the terms underpinning the $39 billion Chips and Science Act industry subsidies.
Those encompass additional clauses, including requirements added into contracts by the administration of President Joe Biden, including that recipients must use unionized labor to build factories and help provide affordable childcare for factory workers.
The White House and the U.S. Department of Commerce did not immediately respond to requests for comment.
The Semiconductor Industry Association, a trade group representing the chip industry, has started asking members how the program could be improved.
But David Isaacs, vice president of government affairs for the group, said: “It’s important both the manufacturing incentives and research programs proceed without disruption, and we stand ready to work with Commerce Secretary Nominee (Howard) Lutnick and other members of the Trump administration to streamline the program’s requirements and achieve our shared goal of strengthening U.S. leadership in chip technology.”
Since taking office, Trump has issued a series of executive orders aimed at dismantling diversity, equity and inclusion programs across the federal government and the private sector.
One of the sources said the White House is also frustrated by companies that accepted CHIPS Act subsidies and then announced significant overseas expansion plans, including in China. The law allowed some investments in China.
Intel (INTC), for example, announced a $300 million investment in a Chinese assembly and test facility in October, after saying in March that it had won a major award under the CHIPS Act.
Many of the biggest recipients of the CHIPS Act funding – including Intel, TSMC (TSM), Samsung Electronics and SK Hynix – all have major manufacturing facilities in China.
Intel disclosed it had received two payments totaling $2.2 billion in funding from the CHIPS Act, but declined to comment.
A TSMC spokesperson said the company had received $1.5 billion in CHIPS Act monies before the new administration came in as per the milestone terms of its agreement.
The spokesperson declined comment on any possible changes to its agreement under Trump but said the company is continuing to engage with the Chips Program Office.
Samsung, SK Hynix and Hemlock Semiconductor declined to comment, while Bosch referred Reuters to the Chips Office. Micron and GlobalFoundries did not respond to requests for comment.
(Reporting by Mike Stone and Karen Freifeld in Washington, Fanny Potkin in Singapore, Wen-Yee Lee in Taipei and Stephen Nellis and Max Cherney in San FranciscoWriting by Stephen Nellis and Fanny Potkin; Editing by Chris Sanders and Matthew Lewis)
Production at Krastsvetmet precious metals plant in Krasnoyarsk · Reuters
By Polina Devitt
LONDON (Reuters) – Gold prices have marched into uncharted territory as bulls latch on to economic uncertainty created by U.S. import tariff plans, but behind the prize of hitting a record $3,000 per ounce, some flags of a bear case are also being planted.
Bullion has had a storming start to 2025, smashing eight records to rise more than 10% by February 11. That followed its biggest annual gain in 14 years in 2024, on a heady mix of strong central bank purchases, geopolitical uncertainties and monetary policy easing.
Gold’s appeal as a haven from risk strengthened further as newly elected U.S. President Donald Trump turned to tariffs to aid struggling domestic industry, despite the risk of sparking a trade war.
When Trump raised tariffs on steel and aluminium this week, spot gold hit a record $2,942.70 per ounce.
“What we have seen is the change in the motive for safe-haven buying – from being driven by the Middle East uncertainty to the threat and realisation of tariffs,” said Philip Newman, managing director at consultancy Metals Focus.
The scale of last year’s growth, which started before the Federal Reserve started easing interest rates, was unexpected, with investors apparently willing to disregard the opportunity cost of holding zero-yielding gold. The market also often de-coupled from other usual headwinds such as a stronger dollar.
“Strikingly, gold was rallying as inflation eased, and it looked as though all of our understanding of how gold prices behaved was being challenged,” said independent analyst Ross Norman.
Gold bulls have been emboldened by concerns that U.S. tariff plans could affect gold supplies to the United States, where Comex gold futures trade.
As a result, the premium at which most-active U.S. gold futures trade over the London spot price – historically just a few dollars – saw wild volatility and widened to $40 per ounce just before Trump’s inauguration on January 20 and more than $60 during the inauguration week.
Market players sought to benefit from a lucrative arbitrage opportunity or to cover their existing Comex positions, with the premium attracting massive deliveries to Comex gold inventories. These have jumped by 18.6 million troy ounces, worth $54 billion, since late November.
As bullion market players in London – home to the world’s largest over-the-counter gold trading hub – rushed to borrow gold from central banks storing bullion in Bank of England vaults, the waiting time to load gold out of the BoE swelled.
Switzerland and Asia-focused hubs saw a jump in supplies to the U.S., and gold lease rates surged both in London and India.
ACTIVITY PREDICTED TO FADE
But by Tuesday, the Comex premium had narrowed to $28 per ounce, and even while residuary inflows to Comex gold stocks continue, traders and analysts expect the activity to fade.
“Following a surge of gold imports into New York, it seems likely that the dislocation between New York futures prices and the London OTC market is nearing an end,” said John Reade, senior market strategist at the World Gold Council.
“As the next few weeks pass, queues getting gold from the Bank of England’s vaults should diminish, easing an apparent shortage of liquidity in the London market.”
Nicky Shiels, head of metals strategy at MKS PAMP SA, said that while prices could break out towards $3,200, resolution of physical gold dislocations attributed to tariffs and potential structural changes including reduced risk appetite, reduced participation and reduced liquidity are increasingly bearish.
She said her firm’s average price forecast for 2025 would remain at $2,750, with no intention to revise forecasts up. “If anything, the recent structural developments these past months have strengthened the bear case for gold,” she said.
Further pointing to potential easing in the rally once the situation with tariffs becomes clear, jewellery demand has been depressed by high gold prices, with discounts offered in key markets India and China. [GOL/AS]
Cartier maker Richemont said in November it was having to be “extremely cautious” about passing on soaring gold prices in its pricing of watches and jewellery.
Emerging market central banks, according to BofA Securities, are at risk of reducing gold buying if domestic currencies weaken on the U.S. tariffs.
Physically backed gold exchange-traded funds, which store bullion for investors, have also been relatively quiet, seeing inflows in Europe-listed funds but outflows in North America in January.
From a technical perspective, gold has been in the overbought zone of its relative strength index since the start of February. And gold can meet strong resistance around big milestones like $3,000 – gold faltered just above the $2,000 level several times before a decisive break last year.
(Reporting by Polina Devitt; Additional reporting by Ashitha Shivaprasad; Editing by Veronica Brown and Jan Harvey)
Kelowna, British Columbia–(Newsfile Corp. – February 12, 2025) – F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce that persistent prospective geological characteristics were intersected in the last eight drill holes of the 2024 program focused on continued exploration and expansion of the B1 conductor and A1 extension, as well as further testing of the Harrison Fault area. Geochemistry and assay results from 25 drill holes from 2024 JR Zone and exploration drilling are still outstanding and will be incorporated into the 2025 drill planning and released as they come available.
B1 Conductor:
PLN24-188 tested the B1 conductor 120m north of PLN24-168 (currently the southernmost hole to intersect B1); the drillhole was lost in unconsolidated sand. Retested with hole PLN24-195 which intersected strong bleaching, clay and hematite alteration. PLN24-190 on line 3360S targeted between strong boron anomalies intersected in both PLN24-122 and PLN24-135. The hole intersected strong sandstone dissolution, graphitic faulting in basement and up to 420cps at 568.5m within a hematite altered fault zone. PLN24-193 attempted to test the Athabasca Sandstone above the B1 conductor in an area devoid of previous drilling. The hole intersected strong sandstone alteration and sulfides in the sandstone.
A1 Extension south of Harrison Fault:
PLN24-189 tested the A1 extension on line 3450S approximately 200m along strike south of radioactivity intersected in PLN24-187. The hole intersected 360cps at a depth of 419m and a strongly hematite, clay and sericite rich fault zone from 503.4-537.1m, interpreted to be the continuation of the A1 structure, extending the fault zone to nearly 620m south of Harrison Fault. PLN24-191 was abandoned prior to target depth due to excessive drillhole deviation.
Harrison Fault Area:
PLN24-192 tested the basement wedge along the Harrison Fault between holes PLN24-146 and PLN24-162. The hole successfully intersected the wedge and strong associated alteration, with the lower Athabasca Sandstone displaying strong alteration and dravite breccias (See Image 1). PLN24-194 was planned 100m northeast of hole PLN24-142, testing the Harrison Fault further to the northwest. The hole successfully intersected the fault zone from 266-335.5m containing strong graphite and sulphide alteration. The intersection of the Harrison Fault and the A1 and B1 conductors continues to display very encouraging alteration and large-scale complex structures supported by strong geochemistry, such as in drillhole PLN24-152. The area remains a high priority exploration target.
Map 1. Patterson Lake North, 2024 Scintillometer Results
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.
Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.
The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade”.
All depth measurements reported are down-hole and true thicknesses are yet to be determined.
About the Patterson Lake North Property:
The Company’s 42,961-hectare 100% owned Patterson Lake North Project (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Paladin’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits, an area poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN Project consists of the 4,074-hectare Patterson Lake North Property, the 19,864-hectare Minto Property, and the 19,022-hectare Broach Property. All three properties comprising the PLN Project are accessed by Provincial Highway 955; the new JR Zone uranium discovery on the PLN property is located 23km northwest of Paladin’s Triple R deposit.
Qualified Person:
The technical information in 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.
About F3 Uranium Corp.:
F3 Uranium is a uranium exploration company, focusing on the recently discovered high-grade JR Zone on its Patterson Lake North (PLN) Project in the Western Athabasca Basin. F3 Uranium currently has 3 properties in the Athabasca Basin: Patterson Lake North, Minto, and Broach. The western side of the Athabasca Basin, Saskatchewan, is home to some of the world’s largest high grade uranium deposits including Triple R and Arrow and poised to become the next major area of high grade uranium operations in the world.
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.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2
Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
Kelowna, British Columbia–(Newsfile Corp. – February 11, 2025) – F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce that ground geophysical exploration programs have commenced on the Broach and Minto Properties. A total of 55 line km of Moving Loop TDEM ground EM will be undertaken on two grids of interest testing suspected conductive corridors previously identified by airborne surveys, and both parallel to the A1 conductor system which hosts the high grade JR Zone on the PLN property.
Minto Property: A4 Grid
14 line-km of MLTDEM ground geophysics testing an approximately 7,200m long conductive corridor identified by airborne MobileMT which was flown by F3 in 2023. F3 has one hole drilled on this grid in 2014; PLN14-021 intersected up to 44ppm uranium in basement, and 698ppm boron directly above the Athabasca Unconformity at 413m. Anomalous geochemistry and proximity to the Harrison fault in a corridor parallel to the A1 conductor make this grid a strong exploration target area.
Broach Property: PW Grid
41 line-km of MLTDEM ground geophysics covering a suspected conductive trend, approximately 12km south of, and parallel to the JR Zone. This particular area of the Broach property hosts thick discontinuous layers of conductive mudstones and these flat lying conductive units hampered the effectiveness of a previously flown airborne EM (VTEMmax) survey flown in 2014. Ground based geophysics is anticipated to effectively penetrate the conductive cover allowing for drill target generation. Due to its location near the interpreted Athabasca Basin boundary and the historic difficulty of exploring under conductive cover, this large area remains underexplored.
Sam Hartmann, Vice President Exploration, commented:
“We are excited with the prospect of upgrading the Broach and Minto properties to the drilling stage with this round of ground EM, which we anticipate assisting in reducing broader airborne conductivity responses to more precise conductor models for drill testing. At the A4 grid, where some historic ground EM coverage prompted us to drill a single hole in 2014, this new ground EM will give us an improved conductor model, in a strategic location near the projected confluence of the Harrison Fault with the A4 conductive corridor. At the PW grid, we are aiming to generate a conductivity model in an area where no previous airborne EM conductors have been clearly identified, near the margins of the Athabasca Basin in an area of very limited historical drilling. Identifying ground conductors near the present day margins of the basin is something that we are specifically interested in. Additionally, recent re-modelling of historic ground EM surveys south of Broach Lake has resulted in an additional target; the northeast trending BRS conductor. This suspected structure sits along favorable MT conductivity, and we look forward to upgrading the BRS conductor to the drilling stage as well with ground EM surveying.”
Map 1. Broach and Minto Properties, 2025 Exploration
The Company’s 42,961-hectare 100% owned Patterson Lake North Project (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN Project consists of the 4,074-hectare Patterson Lake North Property, the 19,864-hectare Minto Property, and the 19,022-hectare Broach Property. All three properties comprising the PLN Project are accessed by Provincial Highway 955; the new JR Zone uranium discovery on the PLN property is located 23km northwest of Fission Uranium’s Triple R deposit.
Qualified Person:
The technical information in 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.
About F3 Uranium Corp.:
F3 Uranium is a uranium exploration company, focusing on the recently discovered high-grade JR Zone on its Patterson Lake North (PLN) Project in the Western Athabasca Basin. F3 Uranium currently has 3 properties in the Athabasca Basin: Patterson Lake North, Minto, and Broach. The western side of the Athabasca Basin, Saskatchewan, is home to some of the world’s largest high grade uranium deposits including Triple R and Arrow and poised to become the next major area of high grade uranium operations in the world.
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.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2
Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
ST. LOUIS, Feb. 6, 2025 /PRNewswire/ — Peabody (NYSE: BTU) announced today that its Board of Directors has declared a quarterly dividend on its common stock of $0.075 per share, payable on March 11, 2025 to stockholders of record on February 19, 2025.
Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “targets,” “would,” “will,” “should,” “goal,” “could” or “may” or other similar expressions. Forward-looking statements provide management’s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events, or developments that Peabody expects will occur in the future are forward-looking statements. They may include estimates of sales and other operating performance targets, cost savings, capital expenditures, dividends, share repurchases, other expense items, actions relating to strategic initiatives, demand for the company’s products, liquidity, capital structure, market share, industry volume, other financial items, descriptions of management’s plans or objectives for future operations and descriptions of assumptions underlying any of the above. The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company’s financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board. All forward-looking statements speak only as of the date they are made and reflect Peabody’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond Peabody’s control, that are described in Peabody’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody’s website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
In this episode of ‘Proven and Probable,’ we engage with Bob Moriarty, a distinguished commentator on geopolitical and economic affairs. Bob’s extensive experience includes serving as a Marine F-4B pilot during the Vietnam War, where he flew over 820 combat missions and became one of the most highly decorated pilots of the conflict.
We delve into the recent tragic collision between an American Airlines plane and a military helicopter near Washington, D.C., exploring Bob’s insights on the incident, the National Transportation Safety Board’s investigative approach, and media coverage.
The discussion also covers U.S. tariff policies, international responses, and the current state of gold and precious metals, providing a comprehensive analysis of these pressing issues.
Join us for an in-depth conversation that offers clarity and depth on these complex topics.
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