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Radisson Mining Resources Inc. (TSXV: RDS,OTC:RMRDF) (OTCQX: RMRDF) (‘Radisson’ or the ‘Company’) is pleased to announce that it has received total gross proceeds of C$1,481,694.12 from the exercise of 5,487,756 class A shares purchase warrants (the ‘Warrants’) at a price of $0.27 per warrant. The Warrants were issued in relation to a private placement completed in November 2023 and had an expiry of November 17, 2025.

Furthermore, the Company has received additional total gross proceeds of C$42,126.72 from the early exercise of 113,856 class A shares purchase warrants (the ‘Warrants‘) at a price of $0.37 per warrant. The warrants were issued in relation to a private placement completed in October 2024.

Matt Manson, President and CEO, commented: ‘The exercise of these warrants, held by long-standing and supportive shareholders, further strengthens Radisson’s financial position and supports the Company’s ongoing growth initiatives. At the end of October, our treasury stood at approximately C$36 million, fully funding our ongoing 140,000 metre step out drill program at the O’Brien Gold Project.’

As of today, 5,430,431 warrants remain outstanding at an exercise price of $0.37, with expiry dates ranging from October 22, 2026, to October 29, 2026. If fully exercised, these warrants represent potential gross proceeds of C$2,009,259.47. No warrants were issued in connection with the Company’s C$12 million private placement, completed in May 2025, nor in the most recent C$25 million private placement, completed in October 2025.

Radisson Mining Resources Inc.

Radisson is a gold exploration company focused on its 100% owned O’Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 ‘O’Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada’ effective June 27, 2025, and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O’Brien Gold Project.

For more information on Radisson, visit our website at www.radissonmining.com or contact:

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

Forward-Looking Statements

This news release contains ‘forward-looking information’ within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company’s plans relating to the O’Brien Gold Project as set out in the Preliminary Economic Assessment; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the O’Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O’Brien Gold Project profitable; the Company’s ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies; local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future; planned and ongoing drilling; the significance of drill results; the ability to continue drilling; the impact of drilling on the definition of any resource; and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company’s ability to grow the O’Brien Gold Project; and the ability to convert inferred mineral resources to indicated mineral resources.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘interpreted’, ‘management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O’Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company’s capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company’s activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O’Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Please refer to the ‘Risks and Uncertainties Related to Exploration’ and the ‘Risks Related to Financing and Development’ sections of the Company’s Management’s Discussion and Analysis dated April 29, 2025 for the year ended December 31, 2024, and the Company’s Management’s Discussion and Analysis dated August 27, 2025 for the three-month period ended June 30, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274899

News Provided by Newsfile via QuoteMedia

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Investing

Aurum Hits 3.10m @ 70.78 g/t Gold from 112.90m at Boundiali

Aurum Resources (AUE:AU) has announced Aurum hits 3.10m @ 70.78 g/t gold from 112.90m at Boundiali

Download the PDF here.

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Investing

Chris Temple: Gold Game Has Changed, Stocks to Load Up on Now

Chris Temple, founder, editor and publisher of the National Investor, shares his thoughts on gold, noting that the narrative for the yellow metal has changed for the better.

He also discusses the US government’s recent focus on fast tracking and funding mining projects.

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

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Investing

Byron King: Gold, Silver Upside “Wide Open,” Hard Assets Heating Up

Byron King, editor at Paradigm Press, shares his thoughts on gold and silver, saying their drivers are intact despite the recent price pullback.

He also discusses the growing importance of ‘military metals’ like rare earths and antimony.

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

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Investing

Is the AI Arms Race Bolstering Demand for Gold?

The gold price has been trading at record highs above US$4,000 per ounce since October.

As top tech companies like NVIDIA (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) battle for AI supremacy, investors are wondering if this arms race is boosting the rush to gold.

Gold is an essential material in sophisticated computer infrastructure, sparking headlines about potential future demand. But there’s also another angle in play — fears that the AI boom is on track to become an AI bubble is seen as a major driver for gold demand as investors seek out safe-haven assets.

Gold a key material in AI technology

In its Q3 gold demand trends report, the World Gold Council (WGC) indicates that demand for gold originating from the electronics sector was down by 1 percent compared to the same quarter last year.

US President Donald Trump’s tariff policy is weighing on what’s typically a season of upward momentum for demand from this segment of the market as manufacturers gear up for new product launches.

“Typically in a technological development era, you’ll see gold used early on in the technological developments, and then often very quickly substituted out because it’s expensive,” said Cavatoni. “But what’s been encouraging for us is that gold’s superior properties are keeping it very much in the discussion around the technological uses.”

Gold’s electrical conductivity and resistance to corrosion make it an ideal component in AI tech, which relies on high-performance computing infrastructure such as specialized processors, memory chips and high-speed connectors.

Gold demand from the memory sector jumped during Q3 as AI infrastructure continued its rapid expansion. But perhaps the strongest growth came from gold’s use in printed circuit boards, essential for AI servers.

“Strong performance was recorded in AI server infrastructure, satellite communications, consumer graphics cards, and PC market applications,” notes the WGC report. “AI server demand was the single most significant factor driving growth, propelling gold usage through continuous specification upgrades.”

Record-high gold prices have not been an impediment to demand in the AI sector because of two important factors. For one, alternatives such as silver or copper cannot match gold’s superior resistance to corrosion and oxidation for long-term reliability. Secondly, the actual amount of gold used is only a fraction of the materials used in the fabrication of these products, so manufacturers are still comfortable with their margins even at US$4,000 gold.

It seems that for now, AI tech makers are willing to pay a premium for gold to ensure the reliable performance and longevity of their products. While gold usage in AI technology is a relatively small part of the overall demand for the metal, it is helping to support otherwise weakening demand in the technology sector.

Gold as a hedge for a potential AI tech bubble

A more prominent AI-related driver of gold demand is growing fears of an AI tech bubble on the verge of bursting. That’s because gold’s main purpose in an investment portfolio is to hedge against stock market volatility through asset diversification. As safe-haven demand for gold grows, so too does its price.

Analysts at major financial institutions have said that some of the increasing investment demand for gold can be attributed to investors using the metal as a hedge against a significant market correction in AI stocks.

A prime example of the gold price taking off following a tech bubble bursting occurred in the early 2000s with the end of the dot-com rally. The price of gold gained more than 620 percent between 1999 and 2011 to reach US$1,825 as investors pulled out of the stock market in droves and the US Federal Reserve lowered interest rates.

Is the market growing too fast? A UBS Group (NYSE:UBS) report shows that this year global AI spending is expected to reach US$375 billion and then climb further to hit US$500 billion in 2026.

The hype around AI is fueling valuation growth for many tech companies, especially the giants. The biggest AI stocks also rank among the Magnificent 7 technology stocks, which make up a significant portion of the overall valuations of both the S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC). Apple (NASDAQ:AAPL) and Microsoft are now boasting US$4 trillion market caps, while chipmaker NVIDIA recently surpassed US$5 trillion.

Shiller price-to-earnings ratio.

Chart via Multpl.com.

Another indication that the equity markets may be in trouble is that the Shiller price-to-earnings (PE) ratio, also known as the cyclically adjusted PE ratio, is now flashing red.

An important metric of market health and future returns, the ratio is calculated by dividing the current stock or market index price by the average of the past 10 years’ earnings, adjusted for inflation.

A typical range for the Shiller PE ratio for the S&P 500 is between 17 and 28. Right before the dot-com bubble burst and investors fled to gold, this ratio was flashing red at 44.19, its highest recorded ratio.

As of November 10, the S&P 500 had a Shiller PE ratio of between 39 and 40.

US AI stocks slumped during the second week of November, reported CNBC, on the perception that equity valuations are overstretched amid a backdrop of a slowing economy. Looking ahead at the next two years, Goldman Sachs (NYSE:GS) CEO David Solomon is predicting a potential 10 to 20 percent pullback in the equity markets.

Similarly, Bloomberg reported that Michael Hartnett, chief investment strategist at Bank of America Global Research, said in a note to clients that AI growth has spurred the top tech stocks to sky-high valuations, and gold may be one of the best hedges for a possible bubble burst in AI-related equities.

Macquarie analysts are also pointing to gold as a hedge against a potential AI bubble burst if tech firms can’t deliver on their high productivity promises. The firm has an interesting take on the parallel rallies that have occurred in gold and AI this year: “Optimists buy tech, pessimists buy gold, hedgers buy both.’

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

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Investing

Gold Boom, AI Bubble and Black Swans: Where is the Risk?

A mounting artificial intelligence (AI) bubble, overvalued markets and resource nationalism are among the issues experts at the 51st New Orleans Investment Conference flagged for investors heading into 2026.

With the ongoing precious metals bull market sending gold and silver prices to fresh all-time highs this year, the wide array of panelists and speakers cautioned investors to be prepared for anything.

During the Mining Share panel, moderator Rick Rule, proprietor of Rule Investment Media, asked participants which black swan is most likely on the horizon, acknowledging that these events are inherently impossible to predict.

Nick Hodge, publisher at Digest Publishing, said disproportionate market growth is keeping him up at night.

“The overvaluation of the S&P 500 (INDEXSP:.INX) and the tech stocks could lead to some sort of stock crash that takes down the valuations of all the equities, including the precious and industrial metals. I think it’s long overdue,” he said.

Hodge also noted that the US has largely avoided a recession in recent years, and that economic growth is “okay,’ but warned that equity valuations, particularly in tech, quantum computing and robotics, have run ahead of fundamentals.

Jordan Roy-Byrne, editor and publisher of the Daily Gold, went a different route, saying gold and silver prices could go vertical ‘sooner than people think,’ and suggested that investors aren’t ready for that to happen.

Roy-Byrne argued that fears rooted in the 2008 financial crisis still distort market thinking, even though bonds are now in a secular bear market and stock crashes tend to look very different.

If the S&P enters a downturn in the next couple of years, he said the setup could resemble the mid-1970s, when equities slumped, but precious metals soared — a scenario many investors aren’t prepared for.

Strategic investor Jeff Phillips sided with Hodge, saying that the ripple effects of a tech-related bubble are his paramount concern at the moment. He noted that the resource sector’s bull markets are often sparked by broader financial corrections, because investors tend to retreat to hard assets when liquidity dries up.

Resource markets are thinly traded, Phillips explained, so momentum can shift quickly.

After three major resource bull cycles in his 30 year career, he’s seen the same pattern repeat: when speculative themes fade — whether that be the internet in the early 2000s or today’s AI boom — investors eventually recognize that most of the companies in these sectors won’t deliver, and capital flows back to tangible assets.

“So what keeps me up at night is not necessarily the resource sector, but a liquidity event that causes people to have to sell things,” Phillips said. “But I don’t know what the black swan is, because that’s what a black swan is.”

Taking a different approach, Jennifer Shaigec, principal at Sandpiper Trading, underscored growing tensions with China around trade, as well as supply chain imbalances that are materializing in the resource sector.

“I’m going to go with something very dark — nationalization of mines,” she said.

“I think we’re headed for a conflict with China. We’re seeing this huge push to secure domestic supply chains, and the wartime controls that were from World War I and II (are still in place). Seeing the government starting to take these bigger stakes in some of these projects is a little bit scary for me,’ Shaigec explained.

For Brien Lundin, conference host and editor of Gold Newsletter, all the hypotheses have merit. He explained that a major liquidity crisis is almost unavoidable, but said it would also create one of the biggest opportunities in years.

Since 2008, markets of all kinds have become dependent on rapid central bank intervention, he noted.

So while a shock could deliver a brief period of real pain, Lundin expects policymakers to respond quickly with a surge of liquidity, just as they did after the financial crisis and during COVID-19.

That kind of rescue typically sends gold, commodities and other risk assets sharply higher.

‘What we don’t know is what the black swan is, where is it going to come from? It usually comes out of left field in some area nobody’s really predicted,” said Lundin.

AI euphoria may be outpacing reality

At the Booms, Bubbles and Busts panel, fear that the AI bubble is reaching critical mass was the prominent theme.

Moderator Albert Lu, founder and president of Luma Financial, started the discussion by polling the panelists about whether the AI market is in a bubble right now.

“Yeah, we’re in a bubble. But in the 1990s we were in a bubble in the internet. So the question is, what stage of the bubble are we at?” responded economist and professor Peter St. Onge.

He recalled buying Yahoo in 1996 — when friends thought he was reckless — only to watch it soar. Today’s tech boom, he argued, is “without a doubt” a bubble, potentially 10 times bigger than the dot-com era.

In his view, the cycle will eventually break, but before a steep correction, he suggested there may still be room for tech markets to multiply, perhaps doubling or even surging eightfold, before an inevitable 75 percent wipeout.

Jim Iuorio, managing director of TJM Institutional Services, cautioned that while “it’s not that valuable … to say we’re in a bubble,” he believes markets are somewhere in bubble territory — but trying to pinpoint the exact stage is “foolish.’

He warned that many high-flying tech names could face a 30 percent correction within 18 to 24 months.

What’s convinced him most about this has been the frenzy around OpenAI-related announcements.

“Anytime they mentioned any partnership with anyone — just the mania that happened with those stocks — to me that means we’re in some sort of odd realm that I’m not comfortable with,’ he said.

Still, he isn’t exiting yet — Iuorio said he’s keeping his positions hedged and flexible while acknowledging “there is a very distinct possibility that one day you’re going to open up your portfolio and things will change quite a bit.’

For his part, Jim Bianco, president and macro strategist at Bianco Research, said he resists using the word “bubble” because “I don’t know exactly what it means.’ He noted that people often invoke it only when they think the cycle is ending, and aligned with St. Onge in arguing that the endpoint may not be near right now.

Bianco stressed that AI technology is “very real” and likely “more transformative than the internet,’ comparing the hype to late-1990s optimism about the web, which may have seemed exaggerated, but largely proved true.

Still, he cautioned that transformative technology doesn’t guarantee immediate investment success: buying into the internet boom meant enduring the dot-com crash and the long slog through the Great Recession before breaking even.

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

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Politics

Pro-life pregnancy centers see client increase after Supreme Court decision: study

Facilities designed to discourage abortion have seen tens of thousands of additional clients in the wake of the Supreme Court’s landmark Dobbs ruling, according to a study published Monday.

The Charlotte Lozier Institute, the research arm of the pro-life organization SBA Pro-Life America, found in its annual report that the facilities, often known as pregnancy resource centers, surpassed one million clients for the first time in 2024.

That total is up from 974,965 in 2022, when the high court scrapped the federal right to abortion and flipped the issue back into the hands of states. The study looked at data from roughly 3,000 facilities nationwide.

The centers poured nearly half a billion dollars into supporting their clients, and the dollar value of material goods, such as diapers, strollers and cribs, provided to clients rose 48% from 2022.

Marjorie Dannenfelser, president of SBA Pro-Life America, told reporters on Monday the centers were an answer to the prevalence of abortion since Dobbs that the Charlotte Lozier Institute has attributed, at least in part, to easy access to abortion pills, which people can purchase by mail.

Pregnancy resource centers have ‘become even more important, especially with the horrific national policy that we have on the abortion drug which has led to the increase of abortions to around 1.1 million,’ Dannenfelser said.

‘You have a Planned Parenthood organization and a big abortion movement that, to the problem of addiction, says when she enters a clinic, or she goes online, ‘Here’s your pill. Have a nice life,’’ Dannenfelser said.

‘Pregnancy centers, with the support of care workers, are going to the roots of the problem, to addiction, domestic abuse, homelessness, of the problem of just physically getting to your job so that you can do your job and support your family, the question of finishing school that you find yourself needing more resources and community and help at a moment where you want to say yes to your child and you also want to say yes to your own life and its trajectory,’ she said.

Pregnancy centers have faced criticism, largely from the left, that they deceive their clients and donors into thinking they are not firmly against abortion and mislead clients about their ability to practice medicine. A lawsuit centered on that fight is pending before the Supreme Court; the high court will hear oral arguments in the case next month.

The report showed that clinics offer a range of services, from providing tangible items to adoption agency services, counseling and a variety of medical services, including abortion pill reversal, pregnancy tests, ultrasounds and STD screening.

The Charlotte Lozier Institute also said it found that more than 60% of women who have had abortions would rather have given birth if they had had more emotional and financial support.

‘When we have the courage to ask the questions of real women in the real world, this is what we find over and over and over again,’ Dannenfelser said.

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Politics

Raspy-voiced Trump reveals reason he ‘blew my stack’ in heated discussion

President Donald Trump blamed his hoarse voice on a tense discussion with a foreign nation who attempted to renegotiate the terms of their trade deal.

Trump sported a raspy voice during a meeting with the White House’s task force on the FIFA World Cup 2026, prompting a reporter to ask if he felt alright.

‘I feel great. I was shouting at people because they were stupid about something having to do with trade and a country, and I straightened it out, but I blew my stack at these people,’ Trump told reporters Monday.

When pressed about which country, Trump did not specify which nation sparked his ire and only said that he wasn’t pleased.

‘A country wanted to try and renegotiate the terms of their trade deal,’ Trump said. ‘And I wasn’t happy about it.’

When asked again which country, Trump said: ‘Why would I say that to you?’

The U.S. has engaged in trade talks with a number of countries in recent months, including Japan, Cambodia, Malaysia and Indonesia. Additionally, Trump met with Chinese President Xi Jinping in South Korea in October, where the two hammered out some negotiations on trade between the two countries.

For example, Trump said he agreed to cut tariffs on Chinese imports by 10% — bring down the rate from 57% to 47% — because China said it would work with the U.S. on addressing the fentanyl crisis.

Likewise, Trump said that he would not impose an additional 100% tariff on Chinese goods that were expected to kick in Nov. 1. Trump threatened the steep hike after China announced in October it would impose export controls on rare-earth magnets, which he said China had agreed to postpone by a year.

Afterward, Trump said that a broader trade deal between the two countries would be signed in the near future.

‘Zero, to 10, with 10 being the best, I’d say the meeting was a 12,’ Trump told reporters after meeting with Xi. ‘A lot of decisions were made … and we’ve come to a conclusion on very many important points.’

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Politics

China military reaches ‘war footing’ with new missile silos and advanced AI warfare systems

China’s military buildup has reached what a new congressional report calls a ‘war footing,’ with hundreds of new missile silos and expanding nuclear capabilities that could erode America’s long-standing deterrence edge in the Indo-Pacific.

China has built roughly 350 new intercontinental missile silos and expanded its nuclear warhead stockpile by 20% in the past year, part of a sweeping military expansion that the U.S.-China Economic and Security Review Commission says could strain U.S. readiness to counter Chinese aggression.

The commission’s 2025 annual report to Congress says Beijing’s rapid nuclear buildup, combined with new artificial intelligence-driven warfare systems, is transforming the People’s Liberation Army into a force ‘capable of fighting and winning a war against the United States’ — even without matching U.S. nuclear numbers.

According to the report, China has unveiled an AI-powered electronic warfare system capable of detecting and suppressing U.S. radar signals as far as Guam, the Marshall Islands and Alaska, and is now deploying 6G-based platforms across its armed forces.

The report says China unveiled a new 6G-based electronic warfare platform in mid-2025, capable of coordinating radar jamming and signal interception across long distances. The system reportedly uses high-speed data links and artificial intelligence to synchronize attacks on U.S. and allied radar networks — a preview of what Beijing calls ‘intelligentized warfare.’

At a military parade in Beijing this September, China for the first time displayed a full nuclear triad — missiles launchable from land, air and sea.

The commission warns these advances, paired with China’s political crackdown and economic leverage, could allow Beijing to act ‘quickly and decisively in a crisis,’ shortening the time the U.S. and its allies would have to respond to aggression.

The commission is urging Congress to require the Pentagon to conduct a full audit of U.S. readiness to defend Taiwan, warning that Washington may no longer meet its legal obligations under the Taiwan Relations Act. The report calls for a classified and unclassified assessment of whether U.S. forces could ‘resist any resort to force or coercion’ by China — even in a scenario where the United States is also facing simultaneous aggression from Russia, Iran or North Korea.

Read the report below. App users: Click here

A war over Taiwan, the commission cautions, could wipe out up to 10% of global GDP — a shock on par with the 2008 financial crisis — and carry a ‘cataclysmic’ risk of nuclear escalation and wider conflict in the Indo-Pacific.

China now holds around 600 nuclear warheads. The Pentagon has assessed China is aiming to own 1,000 by 2030.

The report further warns that China’s economic coercion is compounding the threat, pointing to Beijing’s dominance in foundational semiconductors, rare earth minerals, and printed circuit boards. It says these dependencies could leave the United States ‘reliant on its rival for the backbone of its modern economy and military.’

Among 28 recommendations, the commission calls for Congress to bar Chinese-made components from U.S. power grids, create a unified economic statecraft agency to enforce export controls, and reaffirm diplomatic backing for Taiwan — including its partnership with the Vatican, one of Taiwan’s few remaining formal allies that Beijing has sought to isolate through church diplomacy.

‘China’s rapid military and economic mobilization shortens U.S. warning timelines,’ the report concludes, warning that without a coordinated response, America’s deterrence posture ‘risks falling short’ against Beijing’s expanding capabilities.

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Business

Longtime Walmart CEO to step down in January

Walmart announced Friday that longtime CEO Doug McMillon will retire at the end of January — which came as a surprise to some given the company’s success in a rapidly evolving retail landscape.

John Furner, Walmart’s U.S. CEO, will assume the role of overall CEO on Feb. 1, the company said. McMillon will continue to serve in an executive and advisory role through January 2027. Furner, 51, began his career at Walmart as an hourly associate.

McMillon, 59, has held the top job since 2014 and is only the fifth person to lead the storied company in its 63-year history.

McMillon has overseen a radical transformation of Walmart’s image in a little over a decade.

In 2014, Walmart had a reputation as a budget retail option and was accused of underpaying its associates. Today, it draws more well-to-do shoppers and has earned credit for adopting innovative personnel policies.

McMillon also built up Walmart’s e-commerce operation into the country’s second-largest, behind only Amazon. Over the course of McMillon’s tenure, the value of Walmart’s shares has increased some 300%.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement. “I’ve worked with John for more than 20 years. … He’s uniquely capable of leading the company through this next AI-driven transformation.”

America’s retail landscape continues to rapidly evolve, as consumer spending habits increasingly bifurcate between wealthier households and everyone else.

However, Walmart’s quarterly results have held steady — and the company has been justly rewarded by investors. Just this year, Walmart shares have climbed around 13%. Over the course of McMillon’s tenure, the retailer’s stock price is up some 300%.

On Walmart’s most recent earnings call in August, McMillon indicated the company has been able to withstand the broader pressures facing consumers. Its shoppers’ “behavior has been generally consistent,” he said. “We aren’t seeing dramatic shifts.”

Other retailers have not been so fortunate.

Target’s shares have lost about one-third of their value this year, as the chain works to regain its footing in a more value-conscious environment. In August, longtime CEO Brian Cornell announced plans to step down.

Amazon, meanwhile, has fared slightly better as consumers continue to prioritize the convenience of online shopping. But it recently announced thousands of layoffs affecting corporate employees. Amazon’s share price has climbed about 8% this year.

McMillon has also steered Walmart through a volatile period in U.S. politics, during which elected officials have engaged directly with companies and consumers have proven willing to boycott corporate giants over social issues.

Walmart found itself in President Donald Trump’s crosshairs in May, after it signaled plans to increase some prices in response to his tariffs.

“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” Trump wrote on his Truth Social platform. “Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”

While subsequent reports indicated that Walmart had indeed increased prices on some items, McMillon said in August that the changes were gradual enough that consumer habits shifted only modestly.

Six months after Trump singled Walmart out over tariffs, he did so again — but for a very different reason.

In recent weeks, the Trump White House has repeatedly touted Walmart’s 2025 Thanksgiving menu package — which costs less overall than the retailer’s similar menu did last year — as a sign that the president’s economic policies have helped drive down grocery prices for consumers.

But there is a flaw in that rationale. This year’s Walmart Thanksgiving menu contains fewer items than last year’s menu did.

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