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In the annals of ‘smoking gun’ documents, the recently revealed handwritten notes by James Comey rank right up there with the infamous tapes that imploded Richard Nixon’s presidency.  

Unfortunately, the ex-FBI potentate is ‘Nixonian’ in a myriad of ways — needy, narcissistic, vindictive and manipulative. They both professed honesty but treated truth with utter contempt. Nixon gave us Watergate while Comey bequeathed the Russia Hoax. Each was forced from office mired in disgrace.  

Alas, there’s one more eerie resemblance. Just as Nixon tried to sabotage his infamous Oval Office recordings, Comey’s combustible notes were consigned to an incinerator.     

Stuffed in one of five ‘burn bags’ that were secretly squirreled away in a locked high security room at the FBI, his self-incriminating scribbles were supposed to go up in smoke. For reasons unknown or undisclosed, they did not.

In one damning note, Comey confirms what some of us have known and argued all along — he knew almost at the outset of the Russia collusion narrative that it was an odious fiction conjured up by former Secretary of State Hillary Clinton’s campaign and personally approved by her on July 26, 2016.  

Clinton’s objective, according to Special Counsel John Durham’s 2023 report, was ‘to vilify Donald Trump by stirring up a scandal claiming interference by the Russian security services,’ thereby tipping the upcoming presidential election in her favor.  

When later questioned by Congress about his knowledge of the epic deceit, Comey claimed an acute case of amnesia. He feigned no recollection whatsoever of Clinton’s opprobrious plot to smear Trump.  

However, Comey’s missive to himself puts a conspicuous lie to that testimony. It reads, ‘HRC plan to tie Trump.’ It is not something that anyone would ever forget. 

Trump asked whether he directed DOJ to target Comey, Bolton, James

While it is difficult to discern, the information appears attributable to ‘JB,’ which is almost certainly then-CIA Director John Brennan. This comports with Brennan’s own declassified handwritten notes that intelligence communications had uncovered Clinton’s political chicanery.

 

At an urgent White House meeting, Brennan had disclosed the shocking information to President Barack Obama, Vice President Joe Biden and Comey. Instead of divulging the truth to the American public, they all remained mum and watched idly — perhaps happily — as the hoax gradually morphed into full-blown faux scandal that nearly toppled Trump’s presidency.    

Comey’s notes verify his awareness of the ‘Clinton Plan,’ as it was dubbed. They are written on an FBI notepad marked ‘Director’ and dated Sept. 26, 2016, which coincides in time with a meeting of high-ranking U.S. national security officials that included Brennan and James Clapper, director of National Intelligence (DNI).  

Instead of pursuing Clinton for a criminal scheme to defraud the government in a presidential election, as U.S. intelligence officials strongly recommended to the FBI in a ‘Referral Memo’ on Sept. 7, 2016, the unscrupulous Comey did just the opposite. He appropriated Clinton’s fabrication to target her opponent.  

When later questioned by Congress about his knowledge of the epic deceit, Comey claimed an acute case of amnesia. He feigned no recollection whatsoever of Clinton’s opprobrious plot to smear Trump.  

Simultaneously, Comey concealed the ‘Clinton Plan’ because it was highly exculpatory. If it became known or if Congress was informed, it would unmask Hillary’s treachery and exonerate Trump of any wrongdoing in the collusion fable. 

Comey was not about to let that happen. He had already launched without predicate his dilating investigation of Trump and was deeply invested in protecting Hillary.

 

You will recall that, on July 5, 2016, Comey stood before television cameras and, absent any authority, inexplicably cleared the presumptive Democratic nominee of the various crimes that she had clearly committed in her notorious email fiasco over the deliberate and reckless mishandling of classified records. But that’s not all.  

Comey also scuttled the bureau’s investigation into suspected criminal activity surrounding the Clinton Foundation and the millions of dollars funneled into it from Russian and other foreign sources. Substantial evidence developed by U.S. attorneys was thereafter buried on his orders. You can read about it in the Durham Report, pages 78-81. 

July 5 was also a pivotal day for another reason, as I explained in my 2018 book, ‘The Russia Hoax.’  

At the very moment that Comey was absolving Clinton, his FBI was furtively meeting with the author of the phony anti-Trump ‘dossier’ funded by Hillary and Democrats. Although the FBI swiftly debunked Christopher Steele’s scurrilous document, Comey was undeterred. He exploited it as a pretext in a malicious attempt to frame Trump for unidentified crimes he never committed. 

Comey’s motivation was obvious. His newly unearthed emails show that he expected Clinton would win the election. He even bragged that he would soon be working for a president-elect Clinton who would be ‘very grateful.’ His gamble fueled corrupt acts.

 

Comey never imagined that Trump would prevail. So, he politicized his power and weaponized the FBI to meddle in the presidential contest for the benefit of Hillary. When his illicit scheme failed and Trump was elected, Comey doubled down on the collusion hoax in an attempt to destroy Trump and drive him from office.  

James Comey pleads not guilty

This is what abuse of power looks like. Facts were invented or exaggerated. Laws were perverted and ignored. The law enforcers became the lawbreakers. They falsely accused Trump while shielding the real culprit, Clinton.  

Comey’s ‘smoking gun’ notes only came to light because he recently filed several motions to dismiss his federal indictment in Virginia for false statements and obstruction of Congress. Among other things, he ironically asserts vindictive prosecution by Trump and separately contends that interim U.S. Attorney Lindsey Halligan’s appointment was improper. The outcome of those matters is pending.  

Prosecutors responded to the first motion by sharing a trove of documents — many of them classified — discovered in the five ‘burn bags.’  

They were destined for a smoky grave just days before Trump assumed office again on Jan. 20, 2025, in what can only be described as a brazen attempt to obstruct justice and commit the crime of willful destruction of documents under 18 U.S.C. 2071. Who was behind it, we don’t yet know.

 

Comey’s motivation was obvious. His newly unearthed emails show that he expected Clinton would win the election. 

In addition to the notes that Comey penned, other uncovered records cited in the court filing further substantiate the government’s charges that he lied to Congress when he denied authorizing anonymous leaks to the press in violation of FBI guidelines. He was covertly manipulating media reporting through a conduit.  

After one successful leak, Comey sent a message to his collaborator stating, ‘Well done my friend. Who knew this would. E [sic] so uh fun.’ (Who knew this would be so fun.) Deploying a Gmail account, he hid his intrigues under the alias ‘Reinhold Niebuhr,’ a deceased ethicist. There was nothing moral about what Comey was doing. It was sleazy.  

But that’s not all. Among the ‘burn bag’ contents were materials that reveal the appalling breadth of the lawfare campaign waged first by the Obama administration and, later, the Biden administration against Trump and many others. Some of the documents shed vital light on the January 6 breach of the Capitol, the 2020 election dispute and the FBI’s dubious raid on Mar-a-Lago.  

All of that was leveraged by Special Counsel Jack Smith to ignite the double indictments against Trump that were eventually tossed. The evidence is compelling that both prosecutions were politically motivated to stop him from retaking the White House.   

Comey indictment centers around Hillary Clinton

The genesis of those two cases arose from a secret FBI investigation code named ‘Arctic Frost,’ approved by Attorney General Merrick Garland and then-FBI Director Christopher Wray in April 2022. In due time, Smith surreptitiously obtained nearly 200 subpoenas to capture personal telephone communications of more than 400 Republicans. Anyone in Trump’s orbit was targeted, including eight U.S. senators and even media organizations.     

It is no accident that the stunning discovery of the ‘burn bags’ dovetails with a newly impaneled grand jury investigation in South Florida that encompasses the whole gamut of corrupt acts aimed at Trump — from the ‘Crossfire Hurricane’ debacle to the errant ‘Arctic Frost’ probe. The former evolved into the latter that led to the misbegotten Smith prosecutions. Altogether, they impacted three successive presidential elections. More than two dozen subpoenas are reportedly being issued for the grand jury to consider.   

Evidence of an expansive and ongoing conspiracy to torment Trump will likely be examined in the context of two federal anti-corruption statutes that criminalize abuses of power, 18 U.S.C. 241 and 242. These civil rights laws make it a felony to willfully deprive people of their constitutional rights under color of law or pretense of legal authority.  

Additional documents uncovered and declassified by current DNI Tulsi Gabbard and CIA Director John Ratcliffe have contributed to the mounting evidence of manufactured intelligence and criminal wrongdoing that the grand jury will inevitably evaluate.

 

As Comey works hard to avoid the Virginia trial that he insists he wants, his nefarious machinations that instigated the long-running lawfare campaign will not escape the direct attention of the Florida grand jury. The same is true of other government actors who mangled facts and contorted the law to persecute Trump in an unbridled crusade that ran roughshod over our legal system for nearly a decade. 

During that time, the rule of law came under sustained attack by high government officials like Comey and so many others who abused their positions of power to subvert our framework of justice and undermine the democratic process.

The enemy is within. Trump was their target … and their victim. And so were the American people. They were harmed and forced to endure a divisive national trauma that should never have been. The wounds are still with us. And so, a reckoning awaits.  

Yet, just as Nixon evaded prosecution by courtesy of a pardon, will Comey somehow elude accountability? 

This post appeared first on FOX NEWS

India has approved a sweeping overhaul of royalty rates for several critical minerals, continuing its campaign to expand domestic mining and reduce reliance on Chinese imports.

Graphite with at least 80 percent fixed carbon will be charged a 2 percent royalty based on the average sale price determined by the Indian Bureau of Mines, while graphite with lower purity will carry a 4 percent rate.

Caesium and rubidium will each be levied a 2 percent royalty on the average sale price of metal contained in the ore, and zirconium will be charged 1 percent. The Indian government said the changes will encourage more rational bidding in auctions and attract greater private participation in mineral exploration.

“The above decision of the Union Cabinet will promote auction of mineral blocks containing caesium, rubidium and zirconium, thereby not only unlocking these minerals but also associated critical minerals found with them, such as lithium, tungsten, REEs, and niobium,” a Wednesday (November 12) statement reads.

New Delhi is pushing for a self-reliant critical minerals ecosystem amid mounting global supply chain pressures.

China, which produces more than 80 percent of the world’s rare earth elements and controls much of the refining capacity for battery metals, has tightened export restrictions in recent years.

At least nine mineral blocks were offered in India’s sixth tranche of auctions, launched in September, including five graphite blocks, two rubidium blocks and one each for caesium and zirconium.

These minerals are integral to India’s green transition: graphite is used in electric vehicle batteries, zirconium in nuclear reactors, caesium in precision timing systems such as GPS and rubidium in fiber optics and night-vision equipment.

The royalty revision also complements broader measures implemented under Prime Minister Narendra Modi’s administration to secure strategic minerals and reduce import dependency. Earlier this year, India approved a US$1.9 billion plan to source critical materials used in batteries, electronics and agriculture.

In addition, in early November, Bloomberg reported that the Indian government was looking to triple its production-linked incentive program for rare earth magnet manufacturing to over US$788 million.

That’s a major step up from the initial US$290 million proposal. Pending cabinet approval, the expanded plan seeks to develop a full rare earth magnet supply chain for electric vehicles, renewable energy systems and defense applications.

In parallel, the government is investing heavily in human capital to sustain this growth.

India’s Ministry of Mines, in coordination with the Skill Council for Mining Sector, has launched an initiative to train 5.7 million workers in mining-related occupations by 2030. The skills gap study for 2025 to 2030 will map future workforce requirements and identify pathways to develop a “future-ready” labor pool capable of supporting new mineral projects.

“The report will come up with a detailed action plan for the sector on ways to impart skills training to millions of workers to cater to the increasing demand from the sector in the near future,” a government official told the Economic Times.

India currently imports about 60 percent of its graphite needs and remains a minor producer of most other critical minerals. The Modi administration aims to more than double mining’s share of GDP to 5 percent by 2030.

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

This post appeared first on investingnews.com

Several weeks into the government shutdown, the notion of reopening seemed impossible. 

Both Senate Republicans and Democrats were deeply entrenched in their positions for 41 days and 40 nights, and neither side wanted to appear to be caving to the other. 

Senate Minority Leader Chuck Schumer, D-N.Y., and his caucus wanted a guaranteed deal on expiring Obamacare subsidies, while Senate Majority Leader John Thune, R-S.D., argued that the government needed to reopen first. 

But an explosion of bipartisan talks, pushed by external pressures of federal workers going unpaid, federal food benefits in jeopardy, and air travel grinding to a standstill, invigorated a working group of senators to build an off-ramp out of the historic closure.

The result was a bipartisan deal that included a trio of spending bills meant to jump-start the government funding process, an extension of the original House-passed continuing resolution (CR) to Jan. 30, 2026, to provide time to fund the government the old-fashioned way, and a renewed guarantee that Senate Democrats would get their vote on expiring Obamacare subsidies. 

In the end, the shutdown dragged on for 43 days, with the climactic vote to end it and send the package to the White House unfolding in the House on Wednesday. 

House Appropriations Committee Chairman Tom Cole, R-Okla., who was part of crafting the final spending deal, said discussions on those three bills had begun ‘long before’ the shutdown. 

‘We certainly had some knotty issues, a hemp issue, disagreements on funding levels and all that. But for the most part, we worked those through. And I would tell you from our side and I would assume from the other, the three big players were the Cardinals themselves,’ Cole said, referring to the three House Republican subcommittee chairs who led discussions on the three individual bills.

‘Our Democratic colleagues that voted against the bills had plenty of input in the bills. The real question will be in the next package — can you guys bring any votes? If you’re not going to bring any votes, our negotiation will be a waste of time, and we’ll be required to construct a coalition that’s all Republican.’ 

Nevertheless, most of the eight Senate Democrats that crossed the aisle viewed the guarantee of a vote on Obamacare as the turning point, though it lacked the guaranteed outcome that Schumer and the majority of the caucus sought. 

‘There was no vote that we were going to get on the Affordable Care Act premium tax credits,’ Sen. Jeanne Shaheen, D-N.H., said on Sunday, referring to Obamacare. ‘We have a guaranteed vote by a guaranteed date on a bill that we will write, not that the Republicans will write.’

For Sen. Tim Kaine, D-Va., who proved the decisive Democratic vote that sealed the deal on the proposal in the Senate, it was provisions that would rehire and protect workers fired by the Trump administration. 

Kaine recalled that it was just hours before the Senate was set to take a key test vote on the CR that he changed his mind. Up to that point, the White House had not wanted to include language that would have reversed the reductions in force (RIFs) that had been ordered at the start of the shutdown. 

But it was through Sen. Katie Britt, R-Ala., who was a key negotiator in the Senate, that Kaine got the White House on board. 

‘I said, I’m a no if you don’t do that, I’m a no, and you know that it was 4:45 p.m. in the afternoon on Sunday when they told me they would do that,’ he said.

Kaine noted that with 320,000 federal workers in Virginia and 2 million nationally, he recognized it was a big ask. 

‘And I told her, and when I explained it to her, she said, that’s a reasonable ask, but that the White House didn’t want to do it,’ he said. ‘And she was a little bit of a go-between and helping me.’

This post appeared first on FOX NEWS

In 2020, Senate Minority Leader Chuck Schumer unleashed a threat against the Supreme Court’s conservative justices in the wake of their decision to overturn Roe vs Wade’s national protection for abortion. ‘You have released the whirlwind, and you will pay the price,’ he bellowed. ‘You won’t know what hit you if you go forward with these awful decisions.’

Although Schumer’s bellicose words may have contributed to an attempt on Justice Brett Kavanaugh’s life back then, five years later it is not the men and women in robes suffering a whirlwind, but rather Schumer himself, and it is one of his own making.

This week, Schumer is facing calls to step down from his leadership position from multiple House Democrats including Squad member Rep. Rashida Tlaib, D-Mich., and neo-centrist Rep. Ro Khana, D-Calif., after his shambolic performance during the government shutdown.

It is likely only a matter of time before such calls for Schumer’s ouster echo in the upper chamber as well.

In the end, Christ had an easier 40 days in the desert than Schumer had during this shutdown, where he went from swearing not just that Democrats would never back down, but that they were winning the fight politically, to watching Democrats capitulate with nothing in return.

As former Speaker of the House Kevin McCarthy pointed out, this was the ‘Seinfeld shutdown,’ a shutdown about nothing, and Schumer was decidedly George.

Tellingly, Chuck himself did not sign on to the deal to open the government, start paying out SNAP benefits and unchoke our airports, which only makes him appear weaker, because he can’t control his caucus.

Schumer is now facing the first true crisis of his five decades in politics, and it doesn’t seem like he knows what hit him.

The scuttlebut in Washington, D.C., and the Empire State is that, by hook or by crook, Rep. Alexandria Ocasio-Cortez will take Schumer’s Senate seat in 2028, just like she took Rep. Joe Crowley’s House seat seven years ago.

AOC is not being particularly shy about it, saying this week, ‘We have several Senate primaries this cycle. I know I’m being asked about New York, [but] that is years from now. I have to remind my own constituents because they think that this election is this year.’

This is a long way from, ‘Chuck is doing a great job and I have no plans to run against him.’

In the recent mayor’s race in New York City, in which AOC was democrat socialist Zohran Mamdani’s most important surrogate, Schumer bravely declined, even on Election Day itself, to disclose whether he had cast a ballot for Zany Zohran.

It was actually quite amazing: Schumer is the highest-ranking elected Democrat in the United States of America and he decided not to weigh in on whether his party should embrace communism.

Schumer couldn’t reject Mamdani because he and his ilk are obviously the future of the party, but he couldn’t embrace him because his pro-capitalism and pro-Israel donors won’t have it.

Schumer wasn’t sitting on the fence in the mayor’s race, he was impaled on it.

Right now, whether fairly or not, Schumer is the avatar for the old establishment Democrat Party that shuffled off the stage with former President Joe Biden. He is the political version of the Washington Generals, being dunked on over and over by the more talented socialist Globetrotters.

In fact, this whirlwind that Schumer has reaped is entirely his own fault. At any point, he could have shown courage, acted like an adult and tried to work in good faith with Republicans and the Trump administration. Instead, he decided to curse on TikTok like the radical kids who want his job.

It was Schumer who helped to oust former Democrat senators Kyrsten Sinema and Joe Manchin for opposing the party’s push to nuke the filibuster in 2021. Where did he think his support was going to come from once he tossed out the moderates?

In the end, Schumer’s career will be a cautionary tale, lacking the courage to rein in the radical elements in his caucus and party. He instead opened the door for them and hastened his own exile from power.

Chuck Schumer has well and truly reaped the whirlwind, and in very short order he will most likely be paying the price.

This post appeared first on FOX NEWS

President Donald Trump said on Friday that he directed the Deoartment of Justice to investigate disgraced late financier Jeffrey Epstein’s ties to several high-profile Democrats and certain banks.

‘Now that the Democrats are using the Epstein Hoax, involving Democrats, not Republicans, to try and deflect from their disastrous SHUTDOWN, and all of their other failures, I will be asking AG Pam Bondi, and the Department of Justice, together with our great patriots at the FBI, to investigate Jeffrey Epstein’s involvement and relationship with Bill Clinton, Larry Summers, Reid Hoffman, JPMorgan, Chase, and many other people and institutions, to determine what was going on with them, and him,’ Trump said on Truth Social.

‘This is another Russia, Russia, Russia scam, with all arrows pointing to the Democrats,’ he added. ‘Records show that these men, and many others, spent large portions of their life with Epstein, and on his ‘island.’ Stay tuned!!!’

Head of Policy & Advocacy Communications at JPMorgan Chase & Co. Trish Wexler told Fox News Digital that ‘The government had damning information about [Epstein’s] crimes and failed to share it with us and other banks.’

‘We regret any association we had with the man, but did not help him commit his heinous acts,’ she added. ‘We ended our relationship with him years before his arrest on sex trafficking charges.’

In an earlier post on Friday, Trump said that ‘Epstein was a Democrat,’ and therefore is the ‘Democrat’s [sic] problem,’ not the Republicans’ problem. He also accused the Democrats of ‘doing everything in their withering power to push the Epstein Hoax again, despite the DOJ releasing 50,000 pages of documents.’

Trump then said lawmakers should not ‘waste’ time looking into him and instead should focus on the Democrats he later named in the post announcing the probe.

On Wednesday, Oversight Committee Democrats released never-before-seen emails related to the Epstein case. The first email is between Epstein and Ghislaine Maxwell. Epstein writes, ‘I want you to realize that the only dog that hasn’t barked is Trump,’ adding that the now-president ‘spent hours at my house’ with a victim.

In the second email, the disgraced financier told Michael Wolff that Trump ‘knew about the girls as he asked Ghislaine to stop.’

Oversight Committee Ranking Member Rep. Robert Garcia, D-Calif., called on the DOJ to release all the Epstein files ‘immediately.’

‘The more Donald Trump tries to cover up the Epstein files, the more we uncover,’ Garcia said in a statement. ‘These latest emails and correspondence raise glaring questions about what else the White House is hiding and the nature of the relationship between Epstein and the president.’

The emails were released the same day that Trump signed a bill ending the longest government shutdown in U.S. history. The timing led Trump to accuse Democrats of using Epstein to distract the public from the shutdown fiasco.

Following the Democrats’ email drop, the White House press secretary Karoline Leavitt told Fox News Digital that the lawmakers ‘selectively leaked emails to the liberal media to create a fake narrative to smear President Trump.’

In response to the release of the emails, Oversight Committee Republicans said Democrats ‘whine about ‘releasing the files,’ but only cherry-pick when they have them to generate clickbait. You deserve the full truth.’ Included in the tweet was a link with what the Republicans said was an additional 20,000 pages of documents from the Epstein estate.

Rep. Nancy Mace, R-S.C., a member of the Oversight Committee, slammed Democrats and accused them of ignoring the stories of Epstein’s victims in order to focus on Trump.

‘How pathetic that Democrats are using Epstein’s victims to bury headlines on their vote against reopening the government,’ Mace wrote on X.

Fox News Digital reached out to representatives for Clinton, Summers and Hoffman for comment.

Fox News Digital’s Leo Briceno contributed to this report.

This post appeared first on FOX NEWS

Emerita Resources Corp. (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) (the ‘Company’ or ‘Emerita’) is pleased to provide an update on recent drill results from its El Cura deposit delineation drilling program. The Company continues to intersect excellent grades of copper-gold rich mineralization and expand the deposit to the west. El Cura is part of Emerita’s wholly owned Iberian Belt West project (‘IBW’ or the ‘Project’; Figure 1) which includes three Volcanogenic Massive Sulfide (VMS) deposits: La Romanera, El Cura and La Infanta. Results contained in this news release are from El Cura deposit.

Recent HIGHLIGHTS from the ongoing drilling campaign at El Cura include:

  • Drill hole EC072: 9.6m grading 2.7% copper, 0.4% lead, 0.5% zinc, 1.85 g/t gold and 27.08 g/t silver.
  • Drill hole EC079: 6.9m grading 1.4% copper, 0.9% lead, 2.4% zinc, 1.32 g/t gold and 48.22 g/t silver.
  • Drill hole EC076: 1.2m grading 0.5% copper, 0.9% lead, 0.5% zinc, 1.02 g/t gold and 38.00 g/t silver.
  • Drill hole EC078: 3.0m grading 0.3% copper, 0.6% lead, 1.5% zinc, 0.25 g/t gold and 7.00 g/t silver.
  • Drill hole EC082: 5.5m grading 0.6% copper, 0.3% lead, 0.6% zinc, 0.63 g/t gold and 15.55 g/t silver.

Complete data for the drill holes is included in Table 1 below.

251114_EMO_Fig 1

Figure 1. IBW tenement and locations of La Romanera, El Cura and La Infanta deposits. Data in this news release is from El Cura Deposit.

View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/f61ec38c-8623-48a3-a0b3-3883b412bb6a

Table 1 details drill results contained in this news release. Drill hole traces are shown in Figure 2.

Table 1: Recent drilling results received for the El Cura deposit. True width of the intercepts is expected to be 90-95% of core width.

DDH Easting Northing Elevation Azimuth Dip Depth (m) FROM TO Width (m) Cu % Pb % Zn % Au g/t Ag g/t
EC072 649464 4171422 137 126 -61 371.0 335.15 344.75 9.6 2.7 0.4 0.5 1.85 27.08
EC074 650050 4171540 135 193 -73 420.1 NO SIGNIFICANT ASSAY
EC076 649834 4171569 126 160 -38 280.7 265 266.2 1.2 0.5 0.9 0.5 1.02 38.00
EC078 649464 4171422 137 137 -46 316.8 280.6 283.6 3.0 0.3 0.6 1.5 0.25 7.00
EC079 649834 4171569 126 146 -35 306.2 278.9 285.8 6.9 1.4 0.9 2.4 1.32 48.22
EC082 649464 4171422 137 148 -65 341.1 307.8 313.3 5.5 0.6 0.3 0.6 0.63 15.55

Plan view map showing drill hole traces of El Cura drilling. Hole traces in this NR colored red.

Figure 2. Plan view map showing drill hole traces of El Cura drilling. Hole traces in this NR colored red.

View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/b335b342-1a6d-4eaf-abcf-7bbd1493ab40

251114_EMO_Fig 3

Figure 3. Vertical longitudinal section of El Cura deposit, oriented east-west, looking north. Holes EC072, EC074, EC076, EC078, EC079 and EC082. Deposit as presently defined is illustrated in green.

View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/14695094-1b15-4189-b892-50707df3ab71

Discussion

Results include two shallow-level resource holes in central El Cura (EC076, EC079); three drill holes towards the west of the currently delineated deposit (EC078, EC072, EC082); and one hydrological hole for geotechnical purposes in the lower east area. All holes intercepted massive and semi-massive sulfide except for the geotechnical hole, which was designed to provide water-balance data for future mine planning.

The two central holes were part of the ongoing program to delineate the upper portion of the resource. Hole EC079 intercepted 6.9m grading 1.4% copper, 0.9% lead, 2.4% zinc, 1.32 g/t gold, and 48.00 g/t silver; and hole EC076 cut 1.2m grading 0.5% copper, 0.9% lead, 0.5% zinc, 1.02 g/t gold, and 38.00 g/t silver, 70 meters to the west.

The west and deep-west drilling continues to extend the deposit. Drill holes EC072, (9.6m grading 2.7% copper, 0.4% lead, 0.5% zinc, 1.85 g/t gold, 27.08 g/t silver); hole EC082 (5.5m grading 0.6% copper, 0.3% lead, 0.6% zinc, 0.63 g/t gold, 15.55 g/t silver); and EC078 (3.0m grading 0.3% copper, 0.6% lead, 1.5% zinc, 0.25 g/t gold, 7.00 g/t silver). EC072 extends the thick, gold-copper zone observed in hole EC046 (8.9m grading 1.1% copper, 0.3% lead, 0.0% zinc, 1.21 g/t gold, 15.48 g/t silver – see news release dated October 17, 2025) westward by 35 meters.

Drilling to date at El Cura to date has delineated mineralization down-plunge and along strike for approximately 650 meters from hole EC003B (8.2m @ 0.9% copper, 0.2% lead, 0.3% zinc, 0.75 g/t gold, 26.29 g/t silver) to hole EC080 (4.1m @ 3.9% copper, 3.6% lead, 8.5% zinc, 4.08 g/t gold, 96.39 g/t silver).

251114_EMO_Fig 4

Figure 4. Geological cross sections. A: Section 649500E showing holes EC082. B: Section 649550E showing holes EC072 and EC078. C: Section 649850E showing hole EC079E. D: Section 650900E showing hole EC076.

View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/58104407-1369-4d84-89b3-690b812051be

Photos of El Cura drillcore: A: EC072 fine grained chalcopyrite crystals occur in association with hydrothermal quartz veins. B: EC076 Fine grained massive sulphide with pyritic matrix and millimetric veinlets rich in sphalerite and galena, locally containing disseminated chalcopyrite along microfractures. C: EC078 Banded polymetallic sulphide with layers of sphalerite galena–chalcopyrite within a felsic tuff.

Figure 5. Photos of El Cura drillcore: A: EC072 fine grained chalcopyrite crystals occur in association with hydrothermal quartz veins. B: EC076 Fine grained massive sulphide with pyritic matrix and millimetric veinlets rich in sphalerite and galena, locally containing disseminated chalcopyrite along microfractures. C: EC078 Banded polymetallic sulphide with layers of sphalerite galena–chalcopyrite within a felsic tuff.

View Figure 5 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/f29a6902-14cf-4c9e-8824-7c8cfefab201

Photos of El Cura drillcore: D: EC079 massive sulphide with pyritic matrix and milimetric sphalerite/galena rich veinlets within some chalcopyrite in millimetric crystals. E: EC082 pyritic rich massive suphide with chalcopyrite in millimetric veinlets.

Figure 5 continued. Photos of El Cura drillcore: D: EC079 massive sulphide with pyritic matrix and milimetric sphalerite/galena rich veinlets within some chalcopyrite in millimetric crystals. E: EC082 pyritic rich massive suphide with chalcopyrite in millimetric veinlets.

View Figure 5 continued here: https://www.globenewswire.com/NewsRoom/AttachmentNg/3ccaac24-d8b3-47ec-bb27-1f0c927372a9

Quality Assurance/Quality Control

Drilling at El Cura is HQ size and core is placed into core trays at the drill site and transported directly from the site to Emerita’s coreshack (15km) from El Cura. Once the cores are received at Emerita’s coreshack they are photographed, and geotechnical logging is performed. Geological, mineralogical and structural logging follows and mineralized zones are identified. The samples are marked every 1m or less, and respecting lithological contacts, with most of the samples 1.0m long. The zone immediately above and below the mineralized zones are also sampled. Core samples are sawed in half and half of the core is returned to the core tray for future reference. Once the core samples are cut, bagged and tagged, they are shipped to the ALS laboratory in Seville by Emerita personnel where sample preparation is done. In Seville, ALS performs the mechanical preparation of the samples and then the pulps are sent to ALS Ireland (ICP) and ALS Romania (fire assay). The analysis at ALS Lab corresponds to the ME-ICPore (19 elements) package, together with the Au-AA23 fire assay (Gold). ALS is independent of Emerita.

10% of the analyzed samples correspond to control samples (fine blanks, coarse blanks, high, medium and low-grade standards). In addition, 10% of pulps are reanalyzed at a second independent certified laboratory (AGQ Lab Sevilla). When the analysis is completed, the certificates are received from the laboratory and the QA/QC protocol identifies any deviation or anomaly in the results and the entire batch is re-assayed in such case. Once the data is approved by the QA/QC protocol assays are entered digitally directly into the database.

Qualified Person

Scientific and technical information in this news release has been reviewed and approved by Joaquin Merino, P.Geo., who is a ‘Qualified Person’ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’) and President of the Company. Mr. Merino is not considered independent of Emerita.

About Emerita Resources Corp .

Emerita is a natural resource company engaged in the acquisition, exploration, and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada

For further information, contact:

Ian Parkinson
+1 647 910-2500 (Toronto)
info@emeritaresources.com
www.emeritaresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the prospectivity of the IBW project and El Cura, the mineralization and the IBW project, the economic viability of the IBW project, the Company’s exploration program, the Company’s future exploration plans and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or 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 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 Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita 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. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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E-Power Resources Inc. (CSE: EPR) (‘E-Power’ or the ‘Company’) reports the following management changes.

  • At a meeting held November 13, 2025, the Board of Directors of the Company has accepted the resignation of Mr. James Cross as Chief Executive Officer (‘CEO’) of the Company. Mr. Cross has been on a leave of absence from the Company since September 22, 2025.
  • The Board of Directors of the Company has appointed Mr. Jamie Lavigne as Chief Operating Officer (‘COO’) of the Company while vacating the role of Vice President Exploration. The appointment is in anticipation of an expanded role to manage not only exploration and resource delineation but to also manage technical studies supporting resource development. Mr. Lavigne remains the Interim CEO pending appointment of a new CEO.
  • The Board of Directors has formed a committee, led by Director Alexis de la Renaudiere, to continue, and conclude, discussions and negotiations with a candidate to be appointed CEO of the Company.

Michael Danielsson, Director of E-Power commented: James cofounded E-Power and from incorporation through becoming a public company James has been the face of E-Power. The Board of Directors wish to thank James for advancing E-Power to date and wish him all the best in the future. We look forward to the appointment of James successor in the near future and to continuing success in the development of the Tetepisca property.

About E-Power

E-Power Resources Inc. is a Québec Corporation based in Montréal and focused on battery minerals exploration in Québec. The Company is currently focused on flake graphite resource development on the Tetepisca Property located in the Innu Nation of Pessamit, North Shore Region of Québec.

For more information about E-Power Resources Inc. please visit the Company website at:
e-powerresources.com

Notice Regarding Forward-Looking Statements:
This news release contains ‘forward-looking statements’. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

For information contact: Jamie Lavigne, VP Exploration and Director, Interim CEO at : info@e-powerresources.com

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Canadian Gold Resources Ltd. (TSXV: CAN) (‘Canadian Gold’ or the ‘Company’) provides an operational update regarding its maiden diamond drill program and the planned 5,000-tonne bulk sampling program at the 100%-owned Lac Arsenault Project in Québec’s Gaspé Peninsula, as well as recent changes to the Company’s LIFE offering.

Company Plans to Significantly Increase Maiden Lac Arsenault Diamond Drill Program

Canadian Gold has submitted amended permit applications seeking approval to expand its maiden drill program to roughly twice the originally planned scope of 36 holes totaling 3,000 metres. This decision follows ongoing geophysical interpretation that has identified numerous high priority vein and stockwork type drill targets.

The Company recently completed a tightly spaced Induced Polarization (‘IP’) survey across the Baker–Mersereau structural corridor. Preliminary geophysical interpretation work carried out by Jeremy S. Brett International Consulting Ltd. has identified multiple IP signatures along Line 2200N that closely resemble the response associated with the known high-grade Baker vein (please see Image 1, below). Although the Mersereau vein has not yet been fully interpreted on the current working map, its position and continuity are clearly expressed in the IP data, further reinforcing the technical rationale for expanding the drill program. In addition, possible stockwork zones have been identified up to 100m wide.

These new geophysical targets, combined with a second set of drill collar locations submitted under the amended permit application, support the potential for a substantially larger first-phase drill campaign. The targets are situated within what the Company and its consultants refer to as the Stockwork Target Corridor, a near-surface (0–30 metres vertical depth) zone characterized by strong structural preparation and distinctive geophysical response. Given the strength and coherence of these new geophysical targets, the Company is evaluating a plan to materially increase the number of drill holes beyond the previously permitted minimum, with the objective of fully testing these newly defined priority areas.

Management Commentary

‘We are very encouraged by the results of our recent Induced Polarization (‘IP’) Survey at Lac Arsenault,’ said Ron Goguen, President & CEO of Canadian Gold Resources. ‘The tightly spaced IP work across the Baker–Mersereau structural corridor has outlined multiple new high-priority vein and stockwork targets, some of which mirror the response of the high-grade Baker vein. The data also clearly define the continuity of the Mersereau vein. Based on these findings, we’ve submitted amended permits to roughly double the size of our maiden drill program to properly test these new geophysical targets.’

‘The delay in receiving the ATI permits pushed our operating window into winter conditions’, said Mr. Goguen. ‘Extracting and transporting material at this time of year would not be safe, or cost-effective. Out of caution we have elected to move the bulk sample into the spring of 2026. This results in only a minimal shift to the expected timing of results and any related free cash flow and we remain fully prepared to proceed as soon as conditions allow.’

Bulk Sample Program Deferred to Spring 2026 Due to Permitting Delays and Seasonal Access Constraints

The Company is pleased to confirm that it has now obtained all permits required to execute the bulk sampling program, including the Authorization for Work in the Environment (ATI), as well as all approvals received during the recently completed First Nations consultation process. These permitting achievements represent a significant milestone for the Company and fully clear the regulatory path for bulk sample extraction.

Although Canadian Gold is fully permitted and operationally ready, the start of bulk sample extraction has been rescheduled to spring 2026. The primary reason for this deferral is the later-than-expected receipt of the final ATI permit, which occurred after the Company’s anticipated timeline. By the time approval was received, winter conditions in the Lac Arsenault area had already set in, with significant snowfall and ground freeze-up limiting safe and efficient field operations. Attempting to extract and transport mineralized material during winter would materially increase costs, reduce operational efficiency, and introduce unnecessary safety risks. Management has therefore determined that initiating the program in early spring 2026 is the most prudent and responsible course of action.

While the timing of the physical extraction has shifted, the Company expects the financial implications of this revised schedule to be minimal. Under the previous plan, extraction was to begin in autumn 2025, with processing anticipated by mid-Q1 2026. With extraction now scheduled for spring 2026, the Company expects to receive results and related cash flow from the bulk sampling program in Q3 2026, representing only a modest adjustment to the timing of potential proceeds.

IP Survey Lines, Gridded Chargeability & Planned Drill Holes

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LIFE Offering Update

In view of the rescheduling of the bulk sampling program and expected timeframe for results to be reported, the Company will not be proceeding with its listed issuer financing exemption offering (the ‘LIFE Offering’) as announced on October 23, 2025. The Company is currently restructuring its offering and intends to file amended and restated offering documents in the near future. A news release will be issued at that time.

Corrections to Prior Disclosure

The Company wishes to correct certain disclosure in previously issued news releases as follows:

  1. On January 2, 2025, the Company announced that it had closed a non-brokered private placement of flow-through and non-flow through units and reported that it had issued 533,821 finder’s warrants. The correct number of finder’s warrants is 519,821, each warrant entitling the holder to acquire one common share of the Company at $0.25 per share for a period of 24 months.
  1. On January 28 and February 28, 2025, the Company announced that it had granted 1,500,000 options to members of the board of directors and 500,000 options to certain officers, employees and non-investor relations consultants. The Company wishes to report that 200,000 of the options granted to non-investor relations consultants have been cancelled resulting in an aggregate grant of 1,800,000 options.

About the Lac Arsenault Project

The Lac Arsenault Property, located in Québec’s Gaspé region, lies along the Grand Pabos Fault within the Gaspé–Newfoundland tectonic belt. This structure is interpreted to share geological characteristics with prolific gold-bearing systems such as the Cadillac–Larder Lake Fault Zone in Abitibi and the Cape Ray–Valentine Lake Shear Zone in Newfoundland. The property hosts several high-grade, epithermal-style vein systems, including the Baker, Mersereau, and Dunning veins, with historical exploration outlining significant gold-silver-base metal mineralization that provides a strong platform for the Company’s current work. Covering more than 3,600 hectares, Lac Arsenault is strategically located near tidewater at New Richmond, Québec, offering excellent road, power, and rail infrastructure within one of Canada’s most established mining jurisdictions.

Historical Resource Estimate Disclosure (NI 43-101 2.4)

  • Stevenson, L. (1975): 40,000 tonnes grading 15.43 g/t Au and 197 g/t Ag (Esso Minerals Canada).
  • Côté, R. (1996): 199,580 tonnes grading 9.59 g/t Au (~61,536 contained oz Au).

These historical estimates predate NI 43-101 and were based on sampling, trenching, and drilling using manual polygonal methods. A Qualified Person has not completed sufficient work to classify the estimates as current mineral resources or reserves. The Company is not treating them as current and further verification is required.

These historical estimates pre-date the adoption of current CIM Definition Standards (2014) and therefore cannot be directly compared to modern resource categories (i.e., ‘Inferred,’ ‘Indicated,’ or ‘Measured’). The terminology and estimation methodologies used at the time are not compliant with current CIM categories, and no classification equivalence is implied.

The Company considers these historical estimates to be relevant, as they demonstrate the presence of significant gold and silver mineralization at shallow depths within the Baker and Mersereau vein systems, which remain priority targets for verification and expansion. However, their reliability is uncertain because the underlying data, methods, and QA/QC procedures are not adequately documented to current standards. The Company is not treating the estimate as current.

To the Company’s knowledge, there are no more recent mineral resource estimates available for the Lac Arsenault Property that would supersede these historical figures.

To bring these into compliance, Canadian Gold plans to:

  • Conduct systematic drilling to confirm grades and geometry;
  • Complete verification sampling and density determinations;
  • Build a validated geological model with modern QA/QC protocols;
  • Commission an independent NI 43-101 compliant resource estimate.

Qualified Person Statement:

The scientific and technical information in this news release has been reviewed and approved by Mark Smethurst, P.Geo., Director of Canadian Gold and a Qualified Person under NI 43-101.

About Canadian Gold Resources Ltd.

Canadian Gold Resources Ltd. (TSXV: CAN) is a junior exploration company advancing three high-grade gold properties totaling ~16,000 hectares in Québec’s Gaspé Peninsula. The Company’s strategy is to unlock the potential of historically explored assets through modern exploration and development, supported by a management team with a proven track record in discovery and project advancement.

For further information, please contact:

Ronald J. Goguen
President & CEO, Director
Canadian Gold Resources Ltd.

rongoguen@cdngold.com
+1 (506) 857-4090
Investor Relations
investors@cdngold.com

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

Canadian Gold trades on the TSX Venture Exchange under the ticker CAN and has 36,667,221 common shares outstanding.

Forward-Looking Statements Disclaimer:

This news release contains ‘forward-looking statements,’ including but not limited to statements regarding anticipated exploration activities, timing, objectives, and potential outcomes of the drill program. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on these statements. Canadian Gold disclaims any obligation to update or revise any forward-looking information, except as required by applicable securities laws.

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Homeownership has long been part of the American dream, but that dream has been deferred.

Households in their 30s have an ownership rate of just 42% — more than 20 points lower than the national average.

The median age of all home buyers is a record-breaking 59, and the age of a first-time buyer is 40 — up from 29 in 1981.

As a solution, the Trump administration is floating a 50-year mortgage.

Though I disagree with that specific idea, I am heartened that they are brainstorming ways to tackle the problem.

We need a Marshall Plan for housing, a collection of broad initiatives to make homes more affordable and put the dream back on track.

The federal government can use its bully pulpit to get changes to red tape and regulations that are holding back building, and encourage policies that would increase housing and decrease costs.

To start, the White House and Fannie Mae should instead promote shorter, 20-year mortgages.

Affordability at the forefront of political issues as shutdown ends

As Ed Pinto of the American Enterprise Institute has argued, a 20-year loan can be paid off ‘when the 30-year-term loan leaves most homeowners saddled with another decade or more of mortgage payments, the cash flow freed up from a paid-off shorter-term loan is available to fund a child’s post-secondary-education needs and later turbocharge one’s own retirement.’

The 20-year loan could be incentivized with a first-time buyer tax credit.

The decline in homeownership is a problem that must be addressed federally and locally.

This would be especially important today when the vast majority of taxpayers no longer itemize their tax returns — which means they cannot avail themselves of the deduction for mortgage interest.

That deduction always favored wealthy buyers of high-end homes anyway — so a targeted tax credit would help those who actually need it far more.

It’s time, as well, for the Trump White House to roll back one of the key initiatives of Elizabeth Warren’s pet project, the Consumer Protection Financial Agency.

The CPFC has pressured banks to limit mortgages to ‘plain vanilla’ mortgages, premised on its rules or what consumers can afford.

Adjustable rate loans and other ‘mortgage products’ can be right for some buyers — who should have a choice of how much risk they want to take in exchange for getting into the home market.

Even a low down payment might be hard to come up with, however, for those who can’t take advantage of generous in-laws.

Those without rich parents might turn to a ‘housing saving account’ — akin to the popular health savings accounts initiated by George W. Bush and which hold some $59 billion and are sheltered from taxation.

The new housing accounts should be tailored only for down payments, however — not long-term maintenance and other homeowner needs.

What Trump can do to help bring housing costs down

Buyers also are allowed today to take out $10,000 from their 401(k) penalty-free to go to a downpayment on a home.

Perhaps it’s time to raise that ceiling.

Of course, it goes almost without saying that even the most creative financing and incentives will fall short of addressing our housing needs without the most important problem: Supply.

There are many reasons why there aren’t enough starter homes.

Trump eyes 50-year mortgage in

Regulation in many cities makes construction difficult.

More retiring Boomers own second homes.

Banks have increasingly bought real estate as an investment and drive up prices.

Low turnover is another reason Gen X buyers have so much trouble breaking into the market.

During COVID, mortgage rates hit record lows and many refinanced.

These owners have a strong incentive not to trade a 3% mortgage for a new home and a much-higher rate.

Another key reason: more and more of us are living in small households or even alone.

The Census Bureau reports that, between 2019 and 2021, the number of households increased by more than 2 million a year.

That means we not only need more housing but more types of housing — many smaller units especially, rather than the two-acre, one house lots common in so many suburbs.

Here is where the limits of Washington’s hard power is reached.

Much of US housing policy is set at the hyper-local level, by planning boards and zoning boards.

That’s why outgoing New York City Mayor Eric Adams deserves so much credit for his ‘City of Yes’ rezoning in New York, which will permit safe basement apartments and ‘accessory dwelling units’ in parts of the city.

Accessory units — or ‘granny flats’ — can also be the means for older couples to sell the homes to younger households and downsize.

As part of a federal push, though, the Marshall Plan for Housing could encourage these same changes nationwide: Changing zoning to allow more housing; or taking undeveloped state land and providing tax incentives to build on them.

It’s the 18,000 municipalities across the country that are often standing in the way of what might be called naturally occurring affordable housing — small homes on small lots, like those of the original Levittown, where houses were just 750 square feet of living space.

Housing and Urban Development Secretary Scott Turner should urge localities to permit private, unsubsidized, small homes and apartment buildings, or what AEI’s Pinto terms ‘light-touch density.’

It’s far more likely to gain local approval than the subsidized, low-income housing Democrats have long favored, starting with the public housing the socialist Zohran Mamdani wants to revive.

Private building is also less costly; new housing units in California subsidized through the low income housing tax credit can cost upwards of $800,000 per units, a bonanza for developers but not many tenants.

Building costs for any housing, however, will inevitably go up as a result of another Trump policy: his 10% tariff on plentiful Canadian lumber and timber products and a 25% tariff on kitchen cabinets and furniture.

The de facto taxes are causing what the National Association of Home Builders calls ‘headwinds’ holding back new construction.

As a builder himself, he should rethink these tariffs.

Homeownership is a virtuous conspiracy making the nation better.

Owners are more likely to maintain neighborhoods than renters, more likely to improve schools and services by getting involved in local government — the essence of American federalism.

The decline in homeownership is a problem that must be addressed federally and locally.

But the Trump administration can take the lead, with tax breaks and the encouragement of construction.

The president can bring the dream alive again.

 

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China’s gold industry is entering a period of rapid adjustment after Beijing implemented a major overhaul of value-added tax (VAT) rules on physical gold.

The reform, which took effect on the first of November run through December 31, 2027, ending the long-standing practice of allowing full tax deductions on most gold withdrawn from the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE).

The Ministry of Finance and the State Taxation Administration announced the shift on the same day broader tax changes for platinum and diamonds came into force. But unlike those adjustments, the new gold rules directly target the structure of VAT throughout the supply chain.

Under the old system, when members withdrew gold from SGE or SHFE vaults to turn it into jewelry or branded bars, the tax authority issued a full 13 percent Special VAT Invoice that could be fully offset against output VAT, keeping the tax burden minimal.

VAT was effectively charged only on the value added beyond the underlying gold price, a feature that helped keep jewelry costs lower even as gold prices climbed.

That framework has now been split into two tracks, depending on whether gold is withdrawn for investment or non-investment purposes. SGE and SHFE members who buy and sell on the exchange continue to enjoy VAT exemption.

Investment products, such as bars produced by commercial banks or gold ETFs trading on the exchanges, remain largely unaffected. But once gold exits the vaults, the treatment diverges sharply.

For investment products, the taxation formula still applies only to value added, preserving the low-cost structure for banks and major investment channels. But the new system bars SGE members from issuing special VAT invoices to the clients they supply, meaning downstream buyers cannot claim tax credits on their own sales.

That dynamic will likely push more investors to buy directly from SGE members, whose products can be sold at lower effective prices because they retain the credit advantage at the first tier.

Jewelry sector faces brunt of policy changes

However, the impact on non-investment gold—primarily jewelry—is far more pronounced.

Members withdrawing gold for fabrication can now deduct output VAT by only 6 percent of their costs, rather than 13 percent previously. The SGE will also issue ordinary invoices instead of special ones, removing another layer of tax offset.

Metallurgical and retail analysts calculate that this adjustment will raise jewelr manufacturers’ tax burden enough to lift final consumer prices by roughly 4 percent in typical scenarios, with some retailers already reporting price hikes since early November.

The policy also wipes away the differential treatment between SGE members and non-members. Independent jewelers, small banks, and franchises of major jewelry brands, who open accounts through SGE members, are now treated the same as entities withdrawing gold for non-investment use.

With their inability to claim the full 13 percent tax credit, non-member participants have already raised bar prices by around 13 percent, according to industry feedback as noted by the World Gold Council (WGC)

Amid the reform, Chinese consumer behavior is already shifting. According to data compiled by Metals Focus, retail buyers have moved decisively toward gold bars as they become more sensitive to jewelry mark-ups and increasingly aware of the narrower buy–sell spreads available on investment products.

The research firm estimates that retail investment jumped 20 percent to 336 tonnes in 2024, the highest level since 2013, while jewelry consumption dropped 24 percent, falling to its weakest level since the first year of the pandemic.

That divergence has only widened this year: in the first nine months of 2025, jewelry consumption declined 25 percent year-on-year, even as retail investment climbed 24 percent over the same period.

The country’s core jewelry manufacturing and wholesale hub has remained weak since the National Day Holiday. November is normally an off-season for jewelry buying, but wholesalers say the new VAT regime has already cooled restocking activity.

Instead, manufacturers and retailers have begun shifting product development toward high-value “by piece” items that are less sensitive to gold price swings, while promotional campaigns encouraging consumers to trade in old jewelry for new pieces—transactions exempt from the new tax—are expected to grow.

Financial sector adjusts

The rule change has also spilled into banking products. Reuters reported that China Construction Bank stopped accepting new applications for one of its gold purchasing accounts on the first business day after the tax shift, offering no explanation. Industrial and Commercial Bank of China briefly introduced similar restrictions before reversing them hours later.

While the tax rules do not directly target banks’ paper gold programs, the reform revealed uncertainty among financial institutions as they evaluate how the revised incentives may alter client behavior.

Despite the disruptive effects on jewelry, investment demand is positioned to strengthen heading into 2026. The WGC noted that bar and coin buyers face no additional tax burden so long as they purchase directly from SGE members.

Expectations of further price appreciation, China’s continued economic uncertainty, and the People’s Bank of China’s steady gold acquisitions all reinforce investment interest. Recently, gold also regained the US$4,200 level on expectations of a US rate cut in December and rising concerns about US debt levels.

While analysts call it the most significant gold-market tax change since 2019, most predict that its full effects will only become clear next year as the peak buying season tests whether shifting consumer preferences deepen.

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

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