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Allied Critical Metals Inc.

Vancouver, British Columbia TheNewswire – June 2, 2025: Allied Critical Metals Inc. (CSE: ACM | FSE:0VJ0) (‘ Allied’ or the ‘ Company’ ), which is focused on its 100% owned past producing Borralha and Vila Verde (Vale das Gatas) tungsten projects in northern Portugal, is pleased to announce the commencement of a fully-funded exploration program that will include up to 5,000 metres of core drilling at the Company’s flagship Borralha Tungsten Project (the ‘ Property’ or ‘ Borralha’ ), located in northern Portugal.

Roy Bonnell, CEO and Director commented, ‘The launch of this 5,000-metre drilling campaign marks a major milestone for Allied and the continued advancement of the Borralha Project. Our experienced geological team in Portugal expects the results to meaningfully expand the current resource base, paving the way for a more robust and valuable project. All newly defined tonnage will be incorporated into an updated Preliminary Economic Assessment (PEA), scheduled for release this fall. In parallel, advanced metallurgical optimization test work will be conducted at Wardell Armstrong’s laboratories in the UK, focusing on enhancing metal recoveries and concentrate grades. These efforts are aimed at further improving the economic performance of the project and delivering a higher-quality concentrate to meet the demanding standards of end-users.’

The Borralha project is an advanced-stage brownfield tungsten project located in northern Portugal. Historically mined between 1904 and 1985, it produced over 10,280 tonnes of high-grade wolframite concentrate averaging 66% WO₃ (as described in the Company’s Technical Report, referenced below). The Borralha project is now positioned for near-term, low-cost production with modern exploration confirming significant remaining mineralization.

Key highlights include:

Current NI 43-101 Resources (as of March 2024):

  • Indicated: 4.98 million tonnes at 0.22% WO₃, 762 g/t Cu, and 4.8 g/t Ag.

  • Inferred: 7.01 million tonnes at 0.20% WO₃, 642 g/t Cu, and 4.4 g/t Ag.

The Company has completed its maiden mineral resource estimate for the Property described in its technical report entitled, ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’ dated effective July 31, 2024 (the ‘ Technical Report’ ), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

Recent Exploration : Drilling from 2023–2024 returned strong intercepts, including up to 10m at 1.75% WO₃ and multiple longer intervals averaging over 0.2% WO₃, as reported in the Technical Report.

Proposed 2025 RC Drilling Program:


Click Image To View Full Size

The following figure shows the plan of the proposed 2025 RC drilling program and an example of the proposed sectional drilling.

Figure 1: Proposed 2025 RC Drilling Program and Example of Proposed Sectional Drilling

Permitting: The project holds a Mining Rights Concession License and is undergoing environmental assessment to transition to full-scale mining. Current permitting allows bulk sampling of up to 150,000 tonnes per annum.

Infrastructure: Located near the major Portuguese cities of Braga and Porto, it benefits from excellent infrastructure including roads, power, water, and skilled labor.

Strategic Positioning: Borralha represents one of the few near-term, non-Chinese tungsten production opportunities globally, strategically aligning with the West’s increasing demand for critical raw materials amid heightened supply chain vulnerabilities. With Borralha and other national assets, Portugal is poised to emerge as one of Europe’s leading suppliers of tungsten , reinforcing its role in supporting the continent’s industrial resilience and green transition.

This project forms the cornerstone of Allied’s strategy to become a leading Western supplier of tungsten, a metal critical to defense, EVs, semiconductors, and industrial manufacturing.

Qualified Person

Doug Blanchflower, P.Geo. is a Consulting Geologist with Minorex Consulting and has reviewed and approved the scientific and technical information in this news release and is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086), and is independent from ACM and its mineral properties and is a qualified person for the purposes of National Instrument 43-101—Standards of Disclosure for Mineral Projects . Mr. Blanchflower is independent of the Company and its mineral properties.

On behalf of the Board of Directors

‘Roy Bonnell’

Roy Bonnell

CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell

Vice President, Corporate Development

Email: daveb@alliedcritical.com

Tel: 403-410-7907

Toll Free: 1-888-221-0915

ABOUT ALLIED CRITICAL METALS

Allied Critical Metals Inc. (ACM:CSE | FSE:0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China and Russia represent approximately 90% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please also visit our website at www.alliedcritical.com.

Also visit us at:

LinkedIn:

X: https://x.com/@alliedcritical/

Facebook:

Instagram: https://www.instagram.com/alliedcriticalmetals/

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca ). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and terms of the investor awareness campaign, anticipated benefits to Company from running the investor awareness campaign, and the performance of the investor relations services providers of the marketing services as contemplated in the marketing agreements, or at all. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 , and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release and has neither approved now disapproved the contents of this press release.

Copyright (c) 2025 TheNewswire – All rights reserved.

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Source Rock Royalties Ltd. (‘Source Rock’) (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period ended March 31, 2025 .

Source Rock Logo (CNW Group/Source Rock Royalties Ltd.)

First Quarter Highlights:

  • Quarterly royalty production of 232 boe/d (92% oil and NGLs), a decrease of 4% over Q1 2024.
  • Quarterly royalty revenue of $1,676,388 , a decrease of 3% over Q1 2024.
  • Quarterly adjusted EBITDA (1) of $1,460,440 ( $0.032 per share), a decrease of 3% over Q1 2024.
  • Quarterly funds from operations (1) of $1,292,215 ( $0.028 per share), a decrease of 3% over Q1 2024.
  • Declared three monthly dividends of $0.0065 per share, resulting in a payout ratio (1) of 69%.
  • Achieved an operating netback (1) of $70.00 per boe and a corporate netback (1) of $61.94 per boe.
  • Working capital of $5,263,714 (0.115 per share) as at March 31, 2025 .

Financial and Operational Results

Three Months Ended March 31,

FINANCIAL ($, except as noted)

2025

2024

Change

Royalty revenue

1,676,388

1,728,050

-3 %

Adjusted EBITDA (1)

1,460,440

1,504,104

-3 %

Per share (basic)

0.032

0.033

-3 %

Funds from operations (1)

1,292,215

1,331,106

-3 %

Per share (basic)

0.028

0.029

-3 %

Total comprehensive income (loss)

355,381

217,968

63 %

Per share (basic)

0.008

0.005

60 %

Per share (diluted)

0.007

0.005

40 %

Dividends declared

888,863

814,176

9 %

Per share

0.0195

0.018

8 %

Payout ratio (1) (%)

69 %

61 %

13 %

Cash and cash equivalents

5,125,530

2,445,179

110 %

Per share (basic)

0.11

0.05

108 %

Average shares outstanding (basic)

45,582,727

45,231,865

1 %

Shares outstanding (end of period)

45,582,727

45,232,645

1 %

OPERATING

Average daily production (boe/d)

232

241

-4 %

Percentage oil & NGLs (%)

92 %

95 %

-3 %

Average price realizations ($/boe)

80.36

78.78

2 %

Operating netback (1) ($/boe)

70.00

68.58

2 %

Corporate netback (1) ($/boe)

61.94

60.70

2 %

(1)

This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading ‘Non-GAAP Financial Measures & Ratios’ for more information on each non-GAAP financial measure or ratio.

About Source Rock Royalties Ltd.

Source Rock is a pure-play oil and gas royalty company with an existing, oil focused portfolio of royalty interests concentrated in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock’s strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

Forward-Looking Statements

This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as ‘plans’, ‘is expected’, ‘expects’, ‘scheduled’, ‘intends’, ‘contemplates’, ‘anticipates’, ‘believes’, ‘proposes’ or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. Forward-looking statements in this news release include statements regarding Source Rock’s dividend strategy and the amount and timing of future dividends (and the sustainability thereof), the potential for future drilling on Source Rock’s royalty lands, expectations regarding commodity prices, Source Rock’s growth strategy and expectations with respect to future royalty acquisition and partnership opportunities, and the ability to complete such acquisitions and establish such partnerships. Such statements and information are based on the current expectations of Source Rock’s management and are based on assumptions and subject to risks and uncertainties. Although Source Rock’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Source Rock. Although Source Rock has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Source Rock undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures & Ratios

This news release uses the terms ‘funds from operations’ and ‘Adjusted EBITDA’ which are non-GAAP financial measures and the terms ‘payout ratio’, ‘operating netback’ and ‘corporate netback’ which are non-GAAP ratios. These financial measures and ratios do not have   a standardized prescribed meaning under GAAP and these measures and ratios may not be comparable with the calculation of similar measures disclosed by other entities.

‘Adjusted EBITDA’ is used by management to analyze the Corporation’s profitability based on the Corporation’s principal business activities prior to how these activities are financed, how assets are depreciated, amortized and impaired, and how the results are taxed. Additionally, amounts are removed relating to share-based compensation expense, the sale of assets, fair value adjustments on financial assets and liabilities, other non-cash items and certain non-standard expenses, as the Corporation does not deem these to relate to the performance of its principal business. Adjusted EBITDA is not intended to represent net profit (or loss) as calculated in accordance with IFRS.

The most directly comparable GAAP financial measure to funds from operations is cash flow from operating activities. ‘Funds from operations’ is defined as cash flow from operating activities before the change in non-cash working capital. Source Rock believes the timing of collection, payment or incurrence of these non-cash items involves a high degree of discretion and as such may not be useful for evaluating Source Rock’s operating performance. Source Rock considers funds from operations to be a key measure of operating performance as it demonstrates Source Rock’s ability to generate funds to fund operations, acquisition opportunities, dividend payments and debt repayments, if applicable. Funds from operations should not be construed as an alternative to income or cash flow from operating activities determined in accordance with GAAP as an indication of Source Rock’s performance.

‘Corporate netback’ is calculated as funds from operations divided by cumulative production volumes for the period. Corporate netback is used by Source Rock to better analyze the financial performance of its royalties against prior periods and to assess the cost efficiency of its overall corporate platform as it relates to production volumes. There is no standardized meaning for ‘corporate netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Operating netback’ represents the cash margin for products sold. Operating netback is calculated as revenue minus cash administrative expenses divided by cumulative production volumes for the period. Operating netback is used by Source Rock to assess the cash generating and operating performance of its royalties against prior periods and to assess the costs efficiency of its operating platform as it relates to production volumes. There is no standardized meaning for ‘operating netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Payout ratio’ is calculated as the aggregate of cash dividends declared in a period divided by funds from operations realized in such period. Source Rock considers payout ratio to be a key measure to assess Source Rock’s ability to fund operations, acquisition opportunities, dividend payments, cash taxes and debt repayments, if applicable.

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 of this release.

SOURCE Source Rock Royalties Ltd.

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Poland has elected Karol Nawrocki, a conservative backed by President Donald Trump, in the country’s presidential runoff election, according to a final vote count issued Monday. 

Nawrocki won 50.89% of the vote, gaining a narrow victory over liberal Warsaw Mayor Rafał Trzaskowski, who received 49.11%, the Associated Press reported. 

The first round of voting two weeks ago revealed deep divisions in the country along the eastern flank of NATO and the European Union. Nawrocki will succeed Andrzej Duda, a conservative whose second and final term ends on Aug. 6. 

Trzaskowski conceded defeat and congratulated Nawrocki on Monday, thanking all those who voted for him. 

‘I fought for us to build a strong, safe, honest, and empathetic Poland together,’ he wrote on X. ‘I’m sorry I wasn’t able to convince the majority of citizens of my vision for Poland. I’m sorry we didn’t win together.’

U.S. Department of Homeland Security Secretary Kristi Noem last week stumped for Nawrocki at the Conservative Political Action Conference in Warsaw, where she also slammed ‘weak’ European leaders who she argued have allowed mass migration of having ‘destroyed their civilizations.’ Noem praised Poland’s strict border enforcement, warning that ‘socialists’ like Trzaskowski would take such protections away from the Polish people. 

Trump hosted Nawrocki at the White House in early May during the conservative candidate’s campaign. 

Under the Polish constitution, the president serves a five-year term and may be re-elected once. 

Ukrainian President Volodymyr Zelenskyy was among the leaders offering their congratulations to Nawrocki on Monday morning. 

‘Poland, which preserves the strength of its national spirit and its faith in justice, has been and remains a pillar of regional and European security, and a strong voice defending freedom and dignity for every nation,’ Zelenskyy wrote. ‘By reinforcing one another on our continent, we give greater strength to Europe in global competition and bring the achievement of real and lasting peace closer. I look forward to continued fruitful cooperation with Poland and with President Nawrocki personally.’ 

The U.S. has about 10,000 troops stationed in Poland and Noem suggested that military ties could deepen with Nawrocki as president. A common refrain from Nawrocki’s supporters is that he will restore ‘normality,’ as they believe Trump has done. U.S. flags often appeared at Nawrocki’s rallies, and his supporters believed that he offered a better chance for good ties with the Trump administration.

Nawrocki, a 42-year-old amateur boxer and historian, has also echoed some of Trump’s language on Ukraine. He promises to continue Poland’s support for Ukraine but has been critical of Zelenskyy, accusing him of taking advantage of allies. He has accused Ukrainian refugees of taking advantage of Polish generosity, vowing to prioritize Poles for social services such as health care and schooling.

Hungarian Prime Minister Viktor Orbán, who shares Nawrocki’s national conservative worldview, hailed Nawrocki’s ‘fantastic victory.’

Meanwhile, European Commission President Ursula von der Leyen offered measured congratulations, emphasizing continued EU-Poland collaboration rooted in shared democratic values: ‘We are all stronger together in our community of peace, democracy, and values. So let us work to ensure the security and prosperity of our common home.’

Nawrocki’s victory is a comeback for the Law and Justice party, which governed Poland from 2015 to 2023, when it lost power to Prime Minister Donald Tusk’s centrist coalition. 

Duda’s veto power has been one obstacle to the pro-European Union Tusk in fulfilling certain electoral promises, such as loosening restrictions on abortion or passing a civil partnership law for same-sex couples. Some observers in Poland have said the unfulfilled promises could make it more difficult for Tusk to continue his term until the next parliamentary election scheduled for late 2027, particularly if Law and Justice dangles the prospect of future cooperation with conservatives in his coalition.

The Associated Press contributed to this report.

This post appeared first on FOX NEWS

Tesla and SpaceX CEO Elon Musk’s time as the face of the Department of Government Efficiency (DOGE) has come to an end following the expiration of his time as a special government employee. 

Since January, Musk has been heading up DOGE, which was tasked with cutting $2 trillion from the federal government’s budget through efforts to slash spending, government programs and the federal workforce.

But how will the Trump administration look at DOGE now that Musk is gone?

So far, there are no signs that DOGE is being dismantled or that its efforts will be reversed, and former DOGE employees are infiltrating other areas of the Trump administration. Plus, President Donald Trump signaled that Musk could return in some capacity, although he did not dive into specifics. 

‘Elon’s really not leaving,’ Trump said Friday in the Oval Office. ‘He’s going to be back and forth … it’s his baby. And I think he’s going to be doing a lot of things. But Elon’s service to America has been without comparison in modern history.’

DOGE’s efforts to cut waste have led to roughly $175 billion in savings due to asset sales, contract cancellations, fraudulent payment cuts, in addition to other steps to eliminate costs, according to a May 26 update from DOGE’s website. That translates to roughly $1,086.96 in savings per taxpayer, according to the website. 

Meanwhile, Musk signaled that despite his departure as a special employee, DOGE would only continue to pick up steam and that DOGE is now an essential aspect of the federal government. 

‘This is not … the end of DOGE, but really the beginning. My time as a special government appointee necessarily had to end,’ Musk said Friday in the Oval Office. ‘The DOGE team will only grow stronger over time. The DOGE influence will only grow stronger. I liken it to a sort of person of Buddhism. It’s like a way of life, so it is permeating throughout the government. And I’m confident that over time, we’ll see $1 trillion of savings, and a reduction in $1 trillion of waste, fraud reduction.’ 

The White House has said that DOGE leadership following Musk’s departure will continue through members of Trump’s Cabinet. 

‘The DOGE leaders are each and every member of the president’s Cabinet and the president himself, who is wholeheartedly committed to cutting waste, fraud and abuse from our government,’ White House press secretary Karoline Leavitt told reporters Thursday at a White House press briefing. 

‘The entire Cabinet understands the need to cut government waste, fraud and abuse,’ Leavitt said. ‘And each Cabinet secretary at their respective agencies is committed to that. That’s why they were working hand in hand with Elon Musk. And they’ll continue to work with their respective DOGE employees who have onboarded as political appointees at all of these agencies. So surely the mission of DOGE will continue, and many DOGE employees are now political appointees and employees of our government.’

A senior White House official previously told Fox News Digital that DOGE is now part of the ‘DNA’ of the federal government, and that the agency will continue to function as it has done so far. 

‘The DOGE employees at their respective agency or department will be reporting to and executing the agenda of the president through the leadership of each agency or department head,’ the official said.

Fox News’ Andrew Mark Miller contributed to this report. 

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A massive eruption occurred at Mt. Etna on the Italian island of Sicily, producing a plume of high temperature gases, ash and rock “several kilometers high,” authorities said on Monday.

The eruption, which began overnight, produced explosions heard as far away as Taormina and Catania, which are about 50 kilometers and 40 kilometers (31 miles and 25 miles) away, respectively, according to several witnesses who posted footage on social media.

The National Institute of Geophysics and Volcanology Observatory said that the preliminary observations show a “partial collapse” of the northern flank of the volcano’s southeast crater, which has produced spectacular lava flows during recent eruptions in the last few months.

The Sicilian Civil Protection agency issued a Volcanic Observatory Notice for Aviation (VONA), which means all flight travel must avoid the area. The airports in Catania and Palermo remain open as, currently, the wind is not blowing ash in the direction of the airport. However, some flights from Catania have been diverted to Palermo, according to Flight Radar Data.

Around 1 p.m. local time (7 a.m. ET), the volcano started spewing hot lava, which is more in line with previous eruptions, an observatory spokesman said.

The observatory defined the volcanic activity as a pyroclastic eruption, resulting in a “significant increase in volcanic tremor and the formation of an eruptive column containing a lethal mixture of high-temperature gases, lava grains, volcanic ash, and rock fragments of various sizes that rapidly descends down the slopes of the volcano.”

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President Donald Trump’s 20th week in the Oval Office is expected to include a White House meeting with Germany’s chancellor, a phone call with Chinese President Xi Jinping and lawmakers’ ongoing efforts to pass the ‘big, beautiful bill’ to fund the president’s agenda.

Monday marks Trump’s 134th day in the White House, a period in which he has issued 150 executive orders affecting domestic policies, unveiled sweeping plans to rectify the nation’s trade deficit with foreign nations and held ongoing negotiations to end international wars. 

The week is slated to include a meeting with German Chancellor Friedrich Merz at the White House as war continues to rage between Ukraine and Russia and trade negotiations with the U.S. hang over Germany. 

German Chancellor Friedrich Merz heads to DC 

Merz’s office confirmed on Saturday that the chancellor will travel to Washington on Wednesday evening ahead of meeting Trump on Thursday, Politico reported. 

The two are slated to discuss the ongoing war between Russia and Ukraine and trade policies. Ukrainian President Volodymyr Zelenskyy met with Merz in Germany last week as the two European leaders ironed out an agreement for Germany to bolster its backing of Ukraine. 

The meeting on Thursday will be followed by a lunch and press conference, according to Bloomberg.

Merz and Trump have previously spoken by phone but have not met face-to-face since Merz was elected Germany’s leader in May.

Merz clashed with Trump officials last month when Germany designated its right-wing Alternative for Germany political party a ‘proven right-wing extremist organization.’ 

‘Germany just gave its spy agency new powers to surveil the opposition. That’s not democracy–it’s tyranny in disguise,’ Secretary of State Marco Rubio posted to X of the designation. ‘What is truly extremist is not the popular AfD–which took second in the recent election – but rather the establishment’s deadly open border immigration policies that the AfD opposes.’

‘Banning the centrist AfD, Germany’s most popular party, would be an extreme attack on democracy,’ former Department of Government Efficiency chief Elon Musk posted to X, the social media platform that he owns.

Merz responded that American leaders should not weigh in on German elections and politics. 

‘We have largely stayed out of the American election campaign in recent years, and that includes me personally,’ Merz said, according to Politico.

‘We have not taken sides with either candidate. And I ask you to accept that in return,’ he added. 

Trump to call with Xi Jinping

Trump is expected to hold a phone call with China’s Xi Jinping this week to discuss tariffs, White House National Economic Council Director Kevin Hassett revealed on Sunday. 

‘President Trump, we expect, is going to have a wonderful conversation about the trade negotiations this week with President Xi. That’s our expectation,’ Hassett said Sunday during an interview on ABC News’ ‘This Week.’

A day for the phone call has not yet been locked down, according to Hassett.

‘You never know in international relations, but my expectation is that both sides have expressed a willingness to talk,’ Hassett said. ‘And I’d like to also add that people are talking every day, so [U.S. Trade Representative] Jamieson Greer, his team and President Xi’s team in China, they’re talking every day trying to move the ball forward on this matter.’

The Trump administration leveled tariffs as high as 145% on Chinese goods following the president’s reciprocal tariff plans in April, when China retaliated against the U.S. with tariffs of their own. 

China and the U.S. reached a preliminary trade agreement last month, which Trump said China violated in a Truth Social post on Friday. 

‘I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!’ he wrote. 

‘Big, beautiful bill’ negotiations continue in Senate

Senate lawmakers are working to pass the One Big Beautiful Bill Act, which is a multitrillion-dollar piece of legislation that advances Trump’s agenda on taxes, immigration, energy, defense and the national debt. 

House lawmakers passed the legislation last month by one vote after a handful of Republican lawmakers held out on supporting the legislation, saying it would exacerbate the nation’s debt. 

A handful of Republican senators have made similar remarks to their House counterparts, explaining they cannot support the legislation unless it addresses its impact on the nation’s debt. The bill is expected to add roughly $3 trillion to the national debt, Fox News Digital previously reported.

‘I’m a ‘no’ unless we separate out the debt ceiling,’ Republican Kentucky Sen. Rand Paul said last week. ‘If you take the debt ceiling off the bill, I’m pretty much a ‘yes’ on most of the rest.’ 

‘If we follow the path of the House bill, we’ll have close to, I think, $60 trillion worth of debt in 10 years. What we’ve got to do is do what every family does: We’ve got to go through every line of the budget,’ Republican Sen. Rick Scott of Florida said during an interview on Fox News on Thursday.

Republican South Dakota Sen. Mike Rounds told Fox News Digital in an exclusive interview from the Ronald Reagan Presidential Library in California on Friday that the Senate must pass the legislation or American families will pay higher taxes. 

‘We don’t have a choice. We have to pass the bill to get the Tax Cuts and Jobs Act back in place on a permanent basis,’ he said. ‘If we don’t do that, the average American family is going to see about a $2,400-a-year increase in their taxes. So we have to do something. And it’s critical that we pass this bill. We’re going to work with the House. We’re going to get this deal done. The Senate will put their mark of approval on it, but nonetheless, we want to do everything we can as quickly as we can to take care of this so that we can get on to other things. The president has made it very clear he wants to get this done. We want to help in that regard. This is our job.’

Trump has repeatedly called on lawmakers to unify and pass the legislation, saying that it is ‘arguably the most significant piece of legislation that will ever be signed in the history of our country.’

Fox News Digital’s Deirdre Heavey and Elizabeth Elkind contributed to this report. 

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Ukraine’s large-scale drone attack on Russian air bases thousands of miles behind the front lines is the latest in a long line of daring missions by Ukraine’s forces against its giant neighbor.

The operation, more than a year and a half in the making, involved drones being smuggled into Russian territory and hidden in wooden mobile houses atop trucks, according to a source in the SBU, Ukraine’s domestic intelligence agency.

The strikes caused an estimated $7 billion in damages and hit 34% of Russia’s strategic cruise missile carriers at its main air bases, the source said. The assault also showed that Ukraine still has the ability to pressure Russia even as Moscow ramps up its own attacks and offensive operations.

Here’s a look at some of the Ukrainian force’s most significant hits during the war:

Undercover drones

Analysts have called Ukraine’s Sunday drone attack on the bomber bases the most significant by Kyiv since the beginning of the war.

More than 40 aircraft were known to have been hit in the operation, according to an SBU security source, including TU-95 and Tu-22M3 strategic bombers and one of Russia’s few remaining A-50 surveillance planes.

The Tu-22M3 is Russia’s long-range missile strike platform that can perform stand-off attacks, launching missiles from Russian airspace well behind the front lines to stay out of range of Ukrainian anti-aircraft fire.

Russia had 55 Tu-22M3 jets and 57 Tu-95s in its fleet at the beginning of the year, according to the “Military Balance 2025” from the International Institute for Strategic Studies think tank.

The Tu-95 joined the Soviet Union air force in the 1950s, and Russia has modified them to launch cruise missiles like the Tu-22.

Military aviation expert Peter Layton said the loss of the bombers, which could carry the heaviest and most powerful cruise missiles, mean Russia will need to rely more on drones for future attacks on Ukraine.

Outside the immediate air war, the attack on the air bases will be a major distraction for Russian President Vladimir Putin, said Carl Schuster, a former director of operations at the US Pacific Command’s Joint Intelligence Center, now a military analyst in Hawaii.

“Putin will direct more resources to internal security after such a domestic security failure,” Schuster said.

“Ukraine was able to deploy dozens of containers with drones to within line of sight of major Russian strategic bases and launch massive air strikes. Can you imagine explaining that one to Putin?”

The sinking of the pride of Russia’s Black Sea fleet

One of Ukraine’s first major wins was the sinking of the cruiser Moskva, the pride of Russia’s Black Sea fleet, in the early months of war.

The Moskva was one of the Russian Navy’s most important warships and its sinking represented a massive blow to Moscow’s military, which at the time was struggling against Ukrainian resistance 50 days into Putin’s invasion.

In April, 2022, Ukraine’s Operational Command South claimed the Moskva had begun to sink after it was hit by Ukrainian Neptune anti-ship missiles.

Russia, meanwhile said a fire broke out on the guided-missile cruiser, causing munitions aboard to explode, inflicting serious damage to the vessel, and forcing the crew of the warship to be evacuated.

Analysts said its loss struck hard at the heart of the Russian navy as well as national pride, comparable to the US Navy losing a battleship during World War II or an aircraft carrier today.

What followed was a string of naval defeats for Moscow’s Black Sea Fleet.

In early 2024, six sea drones, powered by jet skis, felled a Russian guided missile ship, the Ivanovets. Night-time footage released by the Ukrainians showed Russians firing at the drones as they raced toward the Ivanovets, before at least two drones struck the side of the ship, disabling it and causing massive explosions.

Damage to the Kerch bridge

Built following Russia’s 2014 annexation of Crimea, the 12-mile Kerch bridge was a vital supply line for Moscow’s war effort in Ukraine and a personal project for Putin, embodying his objective to bind the peninsula to Russia.

Russia built the bridge at a cost of around $3.7 billion

In July, 2023, Ukrainian security services claimed to have blown up the bridge using an experimental sea drone. The attack caused damage to the road lanes of the bridge, and, according to Russian officials, killed two civilians.

The bridge is a critical artery for supplying Crimea with both its daily needs and supplies for the military.

Mysterious assassinations

A number of high profile Russian military figures have been killed inside the country over the past year. Crucially, Ukraine has never claimed the killings but it is notable that many of those killed played prominent roles in Moscow’s .

Last month, Russian deputy mayor and prominent veteran of the war, Zaur Aleksandrovich Gurtsiev, was killed in an explosion in southern Russia. Russian authorities said they were investigating all options into the killing, “including the organization of a terrorist attack” involving Ukraine.

Gurtsiev had been involved in the Russian attacks on the Ukrainian port city of Mariupol, which destroyed about 90% of residential buildings, according to United Nations estimates.

Gurtsiev had “introduced his developments in the technology of targeting missiles, which allowed them to increase their accuracy and effectiveness many times over,” according to the “Time of Heroes” program.

In April, Russian authorities charged a “Ukrainian special services agent” with terrorism, after he was detained in connection with a car explosion that killed Russian General Yaroslav Moskalik, the deputy head of the Main Operations Directorate of the General Staff of the Russian Armed Forces.

And in February Armen Sarkisyan, the founder of a pro-Russian militia group in eastern Ukraine – described by authorities in Kyiv as a “criminal mastermind” – died following a bombing in central Moscow. The bombing took place in an upmarket residential complex in the capital city, Russian state media outlet TASS reported at the time.

Ukraine has never claimed the killings but it is notable that high-profile figures have been assassinated in Russian territory.

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Erin Patterson, the Australian woman accused of killing three people and attempting to kill a fourth with a meal laced with death cap mushrooms, has taken the stand in her own defense at a trial that has captured worldwide attention.

On Monday, the start of the sixth week of the trial, Patterson told the court about her relationship with her estranged husband Simon, whose parents, Don and Gail Patterson, were among the guests who died after attending lunch at her house in July 2023.

Gail’s sister, Heather Wilkinson, also died after eating Beef Wellington at lunch, but her husband, Ian Wilkinson, a pastor at their local church, survived after spending several weeks in hospital with acute poisoning from Amanita phalloides, the world’s most toxic mushrooms.

Prosecutors allege that Patterson, who has pleaded not guilty to all charges, deliberately laced the beef dish with lethal mushrooms, after seeing their location posted on a public website. Her defense lawyers argue the deaths were a “terrible accident,” and while they acknowledge Patterson, 50, repeatedly lied to police, they say she didn’t intend to kill her guests.

The mother of two told the court that her relationship with her husband was merely “functional” in July 2023, and that she had started becoming concerned that he wasn’t involving her in family gatherings anymore.

Her self-esteem was low, and she was so unhappy with her weight that she was considering gastric bypass surgery, she told the court.

“I’d been fighting a never-ending battle of low self-esteem most of my adult life, and the further inroads I made into being middle aged, the less I felt good about myself,” she said.

How Erin Patterson met her husband

Patterson’s defense attorney Colin Mandy SC asked her about the start of her relationship with Simon Patterson, the father of their two children. Patterson told the court she met Simon in 2004 at work at Monash City Council, in the Australian state of Victoria. They were friends at first, before a romance developed several months later.

They married in 2007, at a service attended by Don and Gail Patterson and Ian and Heather Wilkinson. Erin’s parents were on holiday when she got married, so Ian Wilkinson’s son David walked her down the aisle, she told the court.

Patterson said she was “very atheist” when she met Simon. “I was trying to convert him to being an atheist, but things happened in reverse, and I became Christian,” she told the court.

She said she had a “spiritual experience” during her first church service in 2005 at Korumburra Baptist Church, where Pastor Ian Wilkinson delivered the sermon. “I had what I would call a religious experience there, and it quite overwhelmed me,” she said

A traumatic birth

Patterson recalled the traumatic delivery of her first child, who was born by emergency cesarian, after an attempt with forceps failed. Her son spent some time in the intensive care unit, and Patterson said she discharged herself against medical advice so she could go home to be with her newborn.

Patterson spoke about the support Simon’s mother Gail gave her as she cared for her son. “She gave me good advice … relax and enjoy your baby,” she said.

When they were living in Perth, Western Australia, the couple briefly separated for the first time. In 2009, Patterson rented a cottage for herself and their baby, she told the court, while her husband rented a trailer close by. They reunited in January 2010. A second baby came later.

During the course of their relationship, Patterson told the court there were periods of separation.

“What we struggled with over the entire course or our relationship… we just couldn’t communicate well when we disagreed about something,” she said. “We could never communicate in a way that made each of us feel heard or understood, so we would just feel hurt and not know how to resolve it.”

Patterson will resume giving evidence on Tuesday.

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Harmony Gold Mining Company’s (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

“(This acquisition) is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” said Harmony Gold CEO Beyers Nel in a Tuesday (May 27) press release.

“The operation is a logical fit with the portfolio given it meets Harmony’s core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity prices.”

Located 700 kilometers west-northwest of Sydney in the Cobar region, CSA has a history that stretches back at least 150 years. Its reserve life stands at over 12 years, and it has maintained a stable resource over the last decade.

Harmony believes CSA will be a valuable addition to its sole Australian asset, Eva, in Northwest Queensland. Harmony acquired Eva in December 2022, and believes it is set to become the state’s biggest copper mine.

According to the company, Eva and CSA could together boost its copper production on the east coast of Australia to 100,000 metric tons annually over the course of the next five years.

The transaction remains subject to certain conditions, but MAC’s board has unanimously recommended that shareholders vote in favor of the scheme. Should everything follow to schedule, the deal is expected to close in Q4.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Ioneer Ltd (ASX: INR, Nasdaq: IONR) (Ioneer) is pleased to announce a 308% upgrade to the Ore Reserve estimate for its 100%-owned Rhyolite Ridge Lithium-Boron Project (‘Rhyolite Ridge’ or the ‘Project’) in Nevada, USA, alongside updated Project economics.

  • Rhyolite Ridge Ore Reserve more than quadrupled from 60 million tonnes in 2020 to 247 million tonnes, delivering a mine life of 95 years
  • Ore Reserve now contains a total of 1.92 Mt of lithium carbonate equivalent and 7.68 Mt of boric acid equivalent
  • Underpinning plans for a large, long-life, low-cost expandable operation, producing lithium carbonate, boric acid and then battery-grade lithium hydroxide
  • Stable co-product – boric acid accounts for an average 25% of annual revenue in the first 25 years; helping ensure positive EBITDA at low lithium prices and EBITDA margin of 65.7% based on average production over first 25 years
  • All-in sustaining cash cost of US$5,745 per metric tonne lithium carbonate equivalent places the Rhyolite Ridge Project in the bottom of the global lithium cost curve
  • Compelling Project economics with an after-tax NPV of US$1.367 billion, and an unlevered, after-tax internal rate of return (IRR) of 14.5%

The Ore Reserve has increased by 186.6 million tonnes (Mt) and approximately 48% of the Mineral Resource has been converted into Reserve, now estimated at:

  • 246.6 Mt at 1,464 ppm lithium and 5,444 ppm boron
  • Containing 1.92 Mt of Lithium Carbonate Equivalent (LCE) and 7.68 Mt of Boric Acid Equivalent (BAE)

“Today’s updated Reserve and Mine Plan reinforces the importance of Rhyolite Ridge’s remarkable mineralogy. Our Ore Reserve estimate of 247 Mt containing a total of 1.92 Mt LCE and 7.68 Mt BAE make it the largest lithium-boron Reserve in the world,” said Bernard Rowe, Managing Director, Ioneer. “It allows Ioneer to match prevailing market conditions and blend or prioritise ore to produce a valuable boric acid co- product, whose market is uncorrelated with the Project’s primary lithium product. No other lithium project offers this level of flexibility and economic advantage. In periods of low cycle lithium pricing, like today, we plan to prioritize the high-boron ore production to optimize the relative proportion of total revenue derived from boric acid.”

By prioritising High-Boron (Hi-B) ore in the first 25 years of production, the Project is poised to produce an average of ~19,200 tonnes per annum (tpa) of LCE, and 116,400 tpa of boric acid (see Table 1).

The updated Ore Reserve estimate, 95-year mine plan for stage one operations, and Project economics reaffirms Rhyolite Ridge as a highly attractive global Project to produce lithium carbonate, lithium hydroxide and boric acid. The updated findings position Ioneer, on an LCE basis, in the lowest cost quartile for lithium production globally with an estimated all-in sustaining cash cost to produce battery grade lithium hydroxide of US$5,745 and a cash cost of C1 $3,858 per tonne net of expected boric acid revenue in the first 25 years.

The Project has a stable overall operating cost structure to produce lithium carbonate and battery grade lithium hydroxide due to the scale and reliability of its boric acid credit. Boron remains one of the most stable natural resource commodities over many decades.

Ioneer has refined Project plans over the past four years and updates now include an Association for the Advancement of Cost Engineering (AACE) Class 2 capital cost estimate (-10%, +15%) with approximately 70% of the Project’s engineering complete. As a result of this and other engineering work including RAM analysis and detailed engineering design, Ioneer has adopted a more conservative approach to plant availability, equipment downtime and maintenance strategies. While this approach reduces bottom line economics, the Company believes it is appropriate for a Project of this type and scale.

The Company now estimates total capital expenditure to complete the Project will be US$1,667.9 million, including a 10% contingency.

Click here for the full ASX Release

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