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President Trump sported a unique accessory at the White House on Friday, a custom lapel pin depicting what he called a ‘happy Trump.’

The president wore the small pin, which appeared to be a cartoon-style depiction of Trump in a navy suit and red tie just beneath his customary American flag lapel pin, while meeting with oil and gas executives in the East Room of the White House.

Fox News’ Senior White House Correspondent Peter Doocy noticed the accessory and asked the president about it. 

‘I see the American flag lapel pin,’ Doocy said. ‘What is the other lapel pin?’

Trump explained that the pin was a gift.

‘Somebody gave me this. You know what that is? That’s called a ‘happy Trump,” the president said, holding up the pin. 

‘And consider the fact that I’m never happy. I’m never satisfied. I will never be satisfied until we make America great again. But we’re getting pretty close.’

Trump added, ‘Somebody gave it to me. I put it on.’

The lighthearted moment quickly gained traction on social media, with users on X praising the pin and the president’s sense of humor.

‘Trump is wearing a ‘Happy Trump’ pin today,’ one user wrote, alongside laughing emoji. ‘How can you not love this guy?’

‘Where can I get a happy Trump pin?’ another asked.

‘Only our wonderful President Trump! He is wearing a ‘Happy Trump’ pin because he says he’ll never be happy until America is Great Again…but we’re getting close! Hilarious!’ a third user wrote.

The exchange came as Trump hosted nearly two dozen oil executives at the White House Friday to discuss investment in Venezuela after the U.S. military’s successful capture of the nation’s dictatorial president, Nicolás Maduro.

The lineup of oil companies included Chevron, Exxon, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy and Hilcorp.

Vice President JD Vance, Secretary of State Marco Rubio, Secretary of Energy Chris Wright and Secretary of the Interior Doug Burgum also attended the meeting. 

Fox News Digital’s Emma Colton contributed to this report.

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FBI veteran Christopher Raia has been named co-deputy director of the federal law enforcement agency, the bureau confirmed Friday to Fox News Digital.

Raia, who runs the bureau’s New York City field office, will move to Washington, D.C., and begin his job on Monday serving as co-deputy director with Andrew Bailey.

Raia’s elevation comes after Dan Bongino announced he was leaving the position and returning to ‘civilian life.’ His last day on the job was Jan. 3.

Bongino was a conservative commentator and podcaster before President Donald Trump nominated him for the position.

‘It’s been an incredible year thanks to the leadership and decisiveness of President Trump,’ Bongino wrote on X Saturday. ‘It was the honor of a lifetime to work with Director [Kash] Patel, and to serve you, the American people. See you on the other side.’

Bongino made the announcement he was leaving last month, thanking Trump, Patel and U.S. Attorney General Pam Bondi ‘for the opportunity to serve with purpose.’

Bongino and Bondi had previously clashed over the release of the Epstein files, and a source told Fox News over the summer he had considered resigning over the Justice Department’s handling of the situation.

Bongino didn’t give a reason for his resignation less than a year after he started as deputy director, but Trump said last month the 51-year-old ‘wants to go back to his show.’

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Japan will begin testing deep-sea mining for rare earth elements this month, moving into uncharted territory as supply security concerns intensify amid China’s tightening grip on critical minerals.

The government-backed trial, scheduled to run from January 11 to February 14, will take place in waters around Minamitori Island, roughly 1,900 kilometers southeast of Tokyo.

The test is designed to evaluate equipment capable of retrieving up to 350 metric tons of sediment per day while simultaneously monitoring environmental impacts both on the seabed and aboard the vessel.

According to a December Reuters report, Japanese officials say a larger-scale trial could follow next year if the initial phase proves successful.

Tokyo’s push into deep-sea mining comes as concerns grow over its exposure to Chinese export controls. China dominates the rare earth supply chain, accounting for about 70 percent of global production and more than 90 percent of refining capacity, according to Japanese government estimates.

Despite years of diversification efforts, Japan still sources around 60 percent of its rare-earth imports from China and remains almost entirely dependent on Beijing for certain heavy rare earths.

Those vulnerabilities have become more acute as China signals a tougher stance on exports.

Earlier this week, Beijing announced restrictions on the overseas sale of so-called “dual-use” items with potential military applications, a category analysts say could be interpreted broadly enough to encompass some rare earth materials.

The announcement revived memories of 2010, when China quietly halted rare-earth shipments to Japan during a territorial dispute, disrupting manufacturing and forcing Tokyo to reassess its supply risks.

Japanese government estimates suggest the economic fallout from another disruption could be severe. A three-month interruption in rare-earth supplies could cost domestic companies more than US$4 billion, while a year-long halt could shave nearly 0.5 percent off annual GDP.

Japan is also exploring potential cooperation with the US in the waters around Minamitori Island as part of a broader effort to build more resilient supply chains for rare earths and other critical minerals.

The two countries have already committed last year to collaborate on mining, processing, and supply chain development.

Beyond the current trial, Japan is also laying plans to build a dedicated processing facility on Minamitorishima by 2027 as part of its Strategic Innovation Promotion Program (SIP).

The facility would handle mud recovered from the seabed and form part of an end-to-end domestic supply chain for marine-based rare earths. A full-scale demonstration is scheduled for February 2027 to test the facility’s ability to recover up to 350 metric tons of rare-earth mud per day.

“We will ultimately demonstrate the entire process of extracting rare-earth elements from mud and then assess its economic viability,” Shoichi Ishii, program director at the Strategic Innovation Promotion Program, told Nikkei Asia.

Marine scientists and environmental groups, however, continue to warn that deep-sea mining could cause long-lasting damage to ecosystems that remain poorly understood.

Despite those calls, a growing number of countries are pressing ahead with exploratory projects as competition for critical minerals intensifies.

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

This post appeared first on investingnews.com

President Donald Trump briefly paused his meeting with nearly two dozen oil executives Friday afternoon to walk over to a window at the White House to check out updates on the ballroom’s construction.

‘Today, I’m delighted to welcome almost two dozen of the biggest and most respected oil and gas executives in the world to the White House,’ he said. ‘It’s an honor to be with them. We have many others that were not able to get in. I said, ‘If we had a ballroom, we’d have over a thousand people.’

‘I never knew you had that many people in your industry. But here we are. And if you’re, in fact, if you look, come to think of it. Well, I gotta look at this myself,’ Trump said as he got up from his chair to peek out of a window in the East Room, looking out to where the ballroom is under construction.

‘Wow. What a, what a view. This is the door to the ballroom,’ he continued. 

Trump remarked that it was an ‘unusual time to look’ out in the ballroom, which earned chuckles, and then invited the ‘fake news’ to check out the progress. 

Trump announced in October 2025 that construction had begun on the ballroom after months of the president floating the planned project to modernize the White House. The project does not cost taxpayers and is privately funded, the White House reported.

Photos of the demolition crew dismantling the East Wing’s facade circulated on social media and in news reports in October 2025, sparking outrage from Democrats and other Trump critics who argued the president was ‘destroying’ the White House. 

Trump said Friday the construction is ahead of schedule. The White House said the ballroom will be ‘completed long before the end of President Trump’s term’ in 2029. 

‘We’re ahead of schedule in the ballroom and under budget. It’s going to be … I don’t think there will be anything like it in the world, actually. … This is, as you know, our biggest room, which would seat 100 for dinner, maybe, if you’re lucky, if you’re … nice and tight.

‘And the ballroom will seat many, and it’ll also take care of the inauguration with bulletproof glass, drone-proof ceilings and everything else, unfortunately, that today you need.’ 

The president repeatedly has remarked that the White House’s current rooms do not accommodate large crowds for dinners and other public events. 

Trump hosted nearly two dozen oil executives at the White House Friday to discuss investment in Venezuela after the U.S. military’s successful capture of the nation’s dictatorial president, Nicolás Maduro, Saturday. 

The lengthy lineup of oil companies includes Chevron, Exxon, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy and Hilcorp.

Vice President JD Vance, Secretary of State Marco Rubio, Secretary of Energy Chris Wright and Secretary of the Interior Doug Burgum also attended the meeting. 

‘The plan is for them (oil companies) to spend at least $100 billion to rebuild the capacity and the infrastructure necessary,’ Trump said during the meeting. ‘Venezuela has also agreed that the United States will immediately begin refining and selling up to 50 million barrels of Venezuelan crude oil, which will continue indefinitely. 

‘We’re all set to do it. We have the refining capacity, (which) was actually based very much on the Venezuelan oil, which is a heavy oil, very good oil.’

This post appeared first on FOX NEWS

Senate Judiciary Committee Chairman Chuck Grassley is demanding answers on the process of how the FBI determines code names for its investigations, after receiving records that show agents ‘renaming’ the Arctic Frost investigation into President Donald Trump, with the senator calling the move ‘anything but random.’ 

Grassley penned a letter to Attorney General Pam Bondi and FBI Director Kash Patel raising questions on the process, after Patel’s team transmitted records the committee requested pertaining to the FBI’s Arctic Frost probe into Trump and the 2020 election.

Documents revealed that the investigation was first named Hyperbolic Frost and later changed to Arctic Frost.

‘In response to our document requests, your agencies produced a document that shows that edits were made to an early version of a draft Arctic Frost opening document,’ Grassley wrote. ‘This document has several handwritten edits, including the crossing out of the initial name of the investigation, ‘Hyperbolic Frost,’’ and renaming it ‘Arctic Frost.’’

Grassley said the document ‘calls into question the accuracy of the testimony’ former FBI Director James Comey gave to him during a May 3, 2017, Senate Judiciary Committee hearing.

‘At this hearing, I asked ‘Was the Clinton investigation named Operation Midyear because it needed to be finished before the Democratic National Convention? If so, why the artificial deadline? If not, why was that the name?’ Grassley shared.

Grassley was referring to ‘Midyear Exam,’ which was the FBI’s code name for the bureau’s investigation into Hillary Clinton’s private email server.

Comey replied: ‘Certainly not because it had to be finished by a particular date.’

‘There’s an art and a science to how we come up with code names for cases,’ Comey said at the time. ‘They assure me it’s done randomly. Sometimes I see ones that make me smile, so I’m not sure.’

Comey added: ‘But I can assure you that it was called Midyear Exam, was the name of the case. I can assure you the name was not selected for any nefarious purpose or because of any timing on the investigation.’

But Grassley said ‘the renaming of the Trump investigation from Hyperbolic Frost to Arctic Frost via handwritten notes is clearly anything but random.’

Sources believe the investigation’s title could hint at the probe’s intended target: Trump. 

Sources say ‘Arctic Frost’ is also the name of a variety of orange tree. Opponents of the president have mocked him and called him an ‘orange man.’ 

Grassley is asking that Bondi and Patel ‘produce all records relating to the naming of Operation Midyear Exam including former Director Comey’s emails.’

The records produced by the FBI this week also show handwritten notes discussing the subjects of the Arctic Frost investigation.

‘Subjects of the investigation include members of Donald J. Trump for President, INC., both identified and yet to be identified,’ the document reads.

Beside that paragraph is a handwritten note reading: ‘Add DJT.’

Grassley, along with Sen. Ron Johnson, R-Wis., have been investigating the origins of the Arctic Frost probe since July 2022.

The senators have made whistleblower records public that they say ‘have exposed how partisan FBI agents and Department of Justice prosecutors opened, approved, and advanced the investigation against President Trump and expanded its scope to other Republican groups and individuals.’

‘The recent records produced by the FBI contain even more damning evidence of the Biden administration’s unapologetic abuse of power during the Arctic Frost investigation,’ Johnson, R-Wis., told Fox News Digital. ‘The American people deserve to know the full extend of Jack Smith’s massive partisan dragnet, which targeted law-abiding U.S. citizens.’ 

He added: ‘Chairman Grassley and I will continue to fight to ensure that the complete truth is revealed.’ 

This post appeared first on FOX NEWS

Vice President JD Vance, Secretary of State Marco Rubio and Secretary of Health and Human Services Robert F. Kennedy Jr. are the central and most popular members of President Donald Trump’s Cabinet, but they have something else in common: All three are harsh former critics of their current boss.

Much has been made, especially on the left, of past statements by this big three in the Cabinet, Vance calling Trump Hitler, Rubio’s bruising 2016 primary attacks on the president’s hand size and pretty much everything former Democrat RFK Jr ever said prior to endorsing Trump in 2024.

To Democrats, of course, this about face to Orange Man Good from all three, and others in the White House orbit, means that these men have abandoned their principles and are bootlicking for their own power. But in fact, something much more amazing is happening.

Trump’s first term was often mired in internal debate and friction from a Cabinet that at times seemed more interested in being a guardrail to Trump’s supposed impulsiveness than stewards of his agenda.

Vice President Mike Pence, Defense Secretary Mark Esper, and National Security Adviser John Bolton, for example, were, in Trump’s administration and to this day, deeply critical of his approach to governing, which hurt the White House’s effectiveness.

This time around, in Trump 2.0, his Cabinet, which has remained all but unchanged for a year now, is not trying to hem him in, but rather to make his vision for a better America a reality, regardless of any past tensions they may have had with the boss.

This tells us a couple of things. First, it showsTrump has pretty thick skin at the end of the day. Barring the kind of complete betrayals we have seen from figures like Pence and Esper, the president is showing his ability to let bygones be bygones.

Second, it demonstrates that Vance, Rubio, and Bobby, not to mention former Democrat and current National Security Adviser Tulsi Gabbard, have found that when you honestly and openly work with Trump, and get to know him, your opinion of him can change.

Trump’s team of former rivals has also been so effective because Trump’s only firm ideological position is America first, and under this rubric, Vance’s economic protectionism, Rubio’s foreign adventurism and RFK Jr’s Make America Healthy Again agenda all have a welcome home at 1600 Pennsylvania Ave.

Trump Cabinet teams up to end animal abuse.

Much of this is down to Trump’s unique ability to put common sense above political orthodoxy. For example, Democrats were stunned this week when the White House announced it wanted to bar large corporations from purchasing single family homes, something they themselves have called for.

Both from my own private conversations with members of the Trump administration and through their public remarks, what becomes clear is that, in the starkest possible reversal of the first term, today’s Cabinet is a well-oiled and utterly unified team.

The knock on the president, especially from conservative Never Trumpers, some of whom haunted his first White House, is that he has no principles. But the positive way to frame this is that he is flexible and open to new ideas.

The biggest question today in American politics is what the Republican Party will look like on Jan. 21, 2029, when Trump’s political career moves from the headlines to the history books. The answers sit in his Cabinet.

Trump took a lot of guff this past year for allegedly filling his White House with nothing but loyalists. Well, first of all, what do you want in the Cabinet, unloyalists? But second, these are not toadies, they are accomplished former foes who Trump has given the room and authority to execute pro American policies.

Maybe that really is the thread that pulls together Trump’s tight team, the idea of making America and Americans pro America again, to restore the bold idea that America is not a declining power, but rather that it can do great things both at home and around the globe.

While the bookmaking sharps have their money on Vance as the 2028 candidate most likely to emerge from Trump’s cabinet, whomever it is will almost certainly run not just as an individual, but as the man or woman who can continue to lead the all-star team that the president has assembled.

There is an old saw in Washington that personnel is policy, and that is a lesson Trump learned the hard way in his first term. But often times, the hard way is the best way to learn. And a year in, it is clear that President Trump has indeed learned well from his past mistakes.

This post appeared first on FOX NEWS

Russia said on Friday it used its new hypersonic Oreshnik missile in an attack against Ukraine, according to reports.

The Kremlin said that the strike was carried out in response to what it said was an attempted Ukrainian drone strike on one of Russian President Vladimir Putin’s residences, something Kyiv has denied, according to Reuters. 

The outlet noted that Ukraine and the U.S. have cast doubt on Russia’s claims about the alleged attempted attack on Putin’s residence on Dec. 29, the report said. Ukraine called it ‘an absurd lie,’ while President Donald Trump also doubted the veracity of the claim, saying he did not believe the strike occurred and that ‘something’ unrelated happened nearby.

This is the second time Russia has used the intermediate-range Oreshnik, which Putin has said is impossible to intercept because of its velocity, Reuters reported.

The Russian Defense Ministry said that the strike targeted critical infrastructure in Ukraine, according to Reuters, which added that Russia said the attack also used attack drones and high-precision long-range land and sea-based weapons.

While Moscow did not say where the missile hit, Russian media and military bloggers said it targeted an underground natural gas storage facility in Ukraine’s western Leviv region, CBS News reported. Lviv Mayor Andriy Sadoviy said the attack hit critical infrastructure but did not give details, the outlet added.

Ukrainian President Volodymyr Zelenskyy addressed the attack on social media, saying that the aftermath was ‘still being dealt with.’

‘Twenty residential buildings alone were damaged. Recovery operations after the strikes also continue in the Lviv region and other regions of our country. Unfortunately, as of now, it is known that four people have been killed in the capital alone. Among them is an ambulance crew member. My condolences to their families and loved ones,’ Zelenskyy wrote.

The Ukrainian leader said the attack involved 242 drones, 13 ballistic missiles, one Oreshnik missile and 22 cruise missiles. Zelenskyy added that the ballistic missiles were aimed at energy facilities and civilian infrastructure as the people of Ukraine faced ‘a significant cold spell.’ He said the attack was ‘aimed precisely against the normal life of ordinary people.’ However, he assured that Ukraine was working to restore heating and electricity.

Zelenskyy claimed that in addition to the civilian infrastructure, a building of the Embassy of Qatar was damaged in the attack.

‘A clear reaction from the world is needed. Above all from the United States, whose signals Russia truly pays attention to. Russia must receive signals that it is its obligation to focus on diplomacy, and must feel consequences every time it again focuses on killings and the destruction of infrastructure,’ Zelenskyy added.

A spokesperson for the State Department told Fox News Digital that the U.S. remains committed to ending the war through diplomatic means, emphasizing that it is the only path toward a durable peace. The spokesperson underscored Trump’s desire to end the war that is approaching its fourth year.

Fox News Digital reached out to the White House for comment.

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A bipartisan cohort of senators is nearing a final plan to tackle rising healthcare costs, but the issue of more-stringent restrictions preventing taxpayer-funded abortions remains a major hurdle in the way to sealing the deal.

The working group, led by Sens. Susan Collins, R-Maine, and Bernie Moreno, R-Ohio, has held several meetings since dueling, partisan proposals to either extend or replace expired enhanced Obamacare premium subsidies failed late last year.

Now, they’re on the verge of unveiling their plan and have started sharing what exactly the rough framework would look like. But while selling the bones of the latest idea to tackle healthcare will be one thing, overcoming the issue of taxpayer-funded abortions will be another.

The Hyde Amendment, which dictates that taxpayer dollars can’t fund abortions, has proven a sticking point on both sides of the aisle. Senate Republicans argue that Obamacare doesn’t completely follow the law, while Senate Democrats contend that no modifications need to be made to the longstanding statute.

‘There’s no disagreement that there should not be federal funding for abortion,’ Moreno said. ‘Nobody on either side is wanting to relitigate that question. So we’re past that mountain. The next mountain is a dispute as to whether that is actually happening today through [Obamacare].’

‘A group of people, very good people, say that it is happening, and there’s a group of other people who have good people, too, that say it’s not happening,’ he continued. ‘So we have to resolve that.’

That wrinkle, in particular, was further amplified by President Donald Trump, who earlier this week urged that House Republicans ‘have to be a little flexible’ when it comes to the Hyde Amendment. That edict was met with backlash from Senate Republicans, who argued there was no room for flexibility on the issue. 

Moreno didn’t say whether the current plan addressed the Hyde issue, but he laid out what the skeletal framework that senators have built would look like.

It would play out over two years and act as more of a temporary fix than a permanent bridge, which Moreno noted would be crucial in selling the plan to his Republican colleagues.

‘That’s a key thing that I got to convince my colleagues to understand, who hate Obamacare, they hate the policy, and say, ‘Let’s take two years to actually deliver for the American people truly affordable healthcare and solve this problem for the people who are going to suffer as a result of not having these enhanced premium tax credits,’’ Moreno said. ‘They didn’t cause the problem, politicians caused that problem.’

Up front, their plan would extend the subsidies for two years and prolong the open enrollment period for the Obamacare marketplace until March 1.

During the first year, an income cap would be added, which was blown away when the subsidies were enhanced under former President Joe Biden, at 700% of the federal poverty level. There would also be a requirement of either a $5 or $60 minimum premium payment as a fraud prevention method. That would be coupled with a $100,000 fine for insurance companies that are ‘deliberately causing fraud, and signing [someone] up without their consent.’

In the second year, people would have a choice to either stick with the subsidies or switch their coverage plan in favor of a health savings account (HSA) — a key demand from Republicans and Trump.

Their plan would also reinstate cost-sharing reduction payments, ‘which, according to [Congressional Budget Office], would reduce premiums for everybody on the exchange by 11%,’ Moreno said.

This post appeared first on FOX NEWS

Savannah Resources Plc, the developer of the Barroso Lithium Project in Portugal, a ‘Strategic Project’ under the European Critical Raw Materials Act and Europe’s largest spodumene lithium deposit (the ‘Project’), is delighted to announce the award of a non-reimbursable grant (the ‘Grant’) of up to approximately €110 million (approximately US$128 million) from the Portuguese State and supported by national funds under the European Commission Temporary Crisis and Transition Framework.

The Grant represents a highly significant financial contribution towards the planned construction of the Project and further demonstrates the support the Project is receiving from the Portuguese State in recognition of its status as an asset of national and European importance in a new strategic industry for the country and the European Union.

Highlights:

  • Source: The Grant draws on the State’s ‘Investments in Strategic Sectors’ Incentive Scheme, ruled by Government Order no. 306-A/2024/1, of November 27th (‘Regulation’) and falls under the contractual investment regime (‘RCI’), approved by Decree-Law No. 191/2014, of 31 December, representing a large investment project in sectors that are fundamental to the transition towards a carbon-neutral economy and in strategic sectors for the transition to a net-zero emissions economy.
  • State Entities involved: The award is made by means of an investment agreement with the Portuguese Trade & Investment Agency (‘AICEP’), pursuant to the approval by the Managing Authority of the Thematic Programme for the Innovation and Digital Transition Programme (COMPETE 2030) and the Ministry of Economy and Territorial Cohesion and supported under the European Commission’s Temporary Crisis and Transition Framework.
  • Conditions precedent: Savannah must comply with certain conditions and Project timelines in order to receive the Grant (see below).
  • Next steps: Pursuant to the signing of the investment contract by the parties, Savannah will work with AICEP to make the Grant compatible with any future Project Financing and/or other potential funding options to complement the development of the Project. Once executed, Savannah expects that draw down from the first tranche of the funding will take place in parallel with the initial capital development phase of the Project.

Emanuel Proenca, CEO of Savannah said, ‘The award of this Grant marks another, highly important, milestone for Savannah and the Barroso Lithium Project. The scale of the financial commitment being made by the Portuguese State will provide a significant contribution towards the Project’s CAPEX as we target production from 2028. It also underlines the Portuguese State’s significant support for the Project’s delivery, and mirrors similar recent actions taken by other governments in support of strategic projects elsewhere in Europe and around the world.

‘There are multiple social and economic benefits associated with bringing our Project into production, including creating a new industry and economic growth for Portugal, providing a domestic source of responsibly produced lithium raw material for Europe’s greater energy independence, and bringing much needed development and job opportunities to the Barroso region and the wider northeast of Portugal. We are conscious of the responsibility we have to deliver a project in accordance with the best international standards and to the benefit of many people and entities on the ground in the Barroso region with whom we already work. We are committed to fulfilling the demands and responsibilities associated with Portuguese State investment, and we have strong confidence in the State’s commitment to continue to do its part in making Portugal’s lithium battery value chain a success for the country’s current and future generations.’

‘I look forward to providing Savannah’s shareholders and stakeholders with further updates regarding the Grant as it progresses’.

Henrique Freire, CFO of Savannah said, This Grant is excellent news and represents strong financial and national support to our Project, which will instil great confidence in our existing and future stakeholders.

‘Savannah has already made good progress on key elements of the potential financing package for the Project, including this Grant, ahead of a Final Investment Decision expected later in the year. In the months ahead we will continue to work on additional elements, such as debt financing and additional partnerships, so that we have a full suite of financing options available to deliver full execution of this highly strategic project.’

Further information

  • Process and source of funding: The Grant is made following the call for Applications SIFN/ISE/01-2024 – Incentive System «Investments in Strategic Sectors», supported by national funds. Application no. 25645 was submitted by Savannah’s Portuguese subsidiary, Savannah Lithium, Unipessoal Lda, under the contractual investment regime (‘RCI’), approved by Decree-Law No. 191/2014, of December 31, and paragraph 1 of Article 1 of the Regulation, presenting large investment projects in sectors that are fundamental to the transition towards a carbon-neutral economy and in strategic sectors for the transition to a net-zero emissions economy. The application was evaluated and negotiated with AICEP and then received approval from the Managing Committee of the Managing Authority of the Thematic Programme for the Innovation and Digital Transition Programme (COMPETE 2030) and the Portuguese Government, under Order no. 241/2026, of December 29th, published within the Official Gazette (‘Diário da República’), Series 2, no. 4, on 7 January 2026.
  • Objective: Construction of a new extraction and production unit for spodumene concentrate essential for the production of batteries, electrolyzers and other equipment that incorporate lithium in their composition, in Boticas (Vila Real district, NUTS II Norte).
  • Financing: The call allows for 35% of the total amount of eligible expenses to be granted to the applicant. Hence, Savannah can receive up to a maximum total value of €109.67 million (US$128.31 million) in the form of a Non-Refundable Grant divided into two parts as follows:
    • An amount of up to €82.25 million (US$96.23 million) equivalent to 75% of the total, granted as consideration for the execution of the operation (CAPEX); and
    • An amount of up to €27.42 million (US$32.08 million) equivalent to 25% of the total, awarded as a contractual performance bonus sometime between 2031 and 2042.
  • Status of Grant: The Grant is executed through an investment contract entered into between AICEP and Savannah Lithium Unipessoal Lda, under the terms of Decree‑Law no. 191/2014, of 31 December and the Regulation.
  • Conditions precedent and execution risk. Savannah notes that while this Grant represents a significant milestone, the Project remains subject to permitting, financing, construction, and operational risks typical of mining developments. Shareholders should note that the timing and quantum of Grant receipts are contingent on meeting all contractual conditions. Should Savannah or the Portuguese State not comply with the conditions precedent before the end of the year, the contract would be void.
  • Next steps: Pursuant to the signing of the investment contract, Savannah will work with AICEP to complete its execution and the fulfilment of all contractual and legal obligations, notably regarding the Grant’s compatibility with any future Project Financing and/or other potential funding option to complement the development of the Project.

Regulatory Information

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

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For further information please visit www.savannahresources.com or contact:

Savannah Resources PLC

Emanuel Proença, CEO

Tel: +44 20 7117 2489

SP Angel Corporate Finance LLP (Nominated Advisor & Broker)

David Hignell/ Charlie Bouverat (Corporate Finance)

Grant Barker/Abigail Wayne (Sales & Broking)

Tel: +44 20 3470 0470

Canaccord Genuity Limited (Joint Broker)

James Asensio / Charlie Hammond (Corporate Broking)

Ben Knott (Sales)

Tel: +44 20 7523 8000

Portugal Media Relations

Savannah Resources: Antonio Neves Costa, Communications Manager

Tel: +351 962 678 912

About Savannah

Savannah Resources is a mineral resource development company and the sole owner of the Barroso Lithium Project (the ‘Project’) in northern Portugal. The Project is the largest battery grade spodumene lithium resource outlined to date in Europe and was classified as a ‘Strategic Project’ by the European Commission under the Critical Raw Materials Act in March 2025.

Through the Project, Savannah will help Portugal to play an important role in providing a long-term, locally sourced, lithium raw material supply for Europe’s lithium battery value chain. Once in operation the Project will produce enough lithium (contained in c.190,000tpa of spodumene concentrate) for approximately half a million vehicle battery packs per year and hence make a significant contribution towards the European Commission’s Critical Raw Material Act goal of a minimum 10% of European endogenous lithium production from 2030.

Savannah is focused on the responsible development and operation of the Barroso Lithium Project so that its impact on the environment is minimised and the socio-economic benefits that it can bring to all its stakeholders are maximised.

The Company is listed and regulated on the AIM Market of the London Stock Exchange and trades under the ticker ‘SAV’.

Source

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Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide the following update on Q4 and 2025 performance and activities.

Highlights

  • Significant share price appreciation in 2025 – up 470% and one of the top performing companies listed on AIM
  • Exceptional drill results received from three of nine drill holes completed at the Company’s Redmoor Tungsten-Tin-Copper Project
  • Positive metallurgical work from Stage 1 studies with mass recovery to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper to an average 2.1x upgrade ratio
  • On target to release updated Mineral Resource Estimate before the end of Q1 2026
  • Renewed investor and stakeholder engagement including non-deal institutional roadshow, a webinar presentation with approximately 1,000 recorded views, and attendance at the Critical Minerals Association and Resourcing Tomorrow conferences in London
  • Cobre magnetite operation recorded its 3rd highest annual ore sales in 14 years with 61,279 tons sold to a diverse customer base, generating sales of approximately US$4.23 million
  • Exercise of exclusive call option by Cuprum Metals (‘Cuprum’) to acquire the Company’s wholly owned subsidiary Leigh Creek Copper Mine with A$0.25 million received so far through the call option payment of A$0.1 million and First Instalment payment on A$0.15 million. A further A$1.75 million is due upon the earlier of 31 May 2026 or the execution of a Definitive Agreement between the Company and Cuprum. Along with a subsequent earn-out from production of A$4 million and receiving 19.9% of the shares of any entity that Cuprum intends to list on the Australian Securities Exchange, this brings the total consideration up to A$9 million.
  • Strategic Minerals’ cash as at 31 December 2025 was US$0.78 million after continued substantial investment in Cornwall Resources’ development programme and awaiting a further rebate from the UK Shared Prosperity Fund

Operational Highlights (By Subsidiary)

Cornwall Resources

Redmoor Tungsten-Tin-Copper Project, Cornwall, UK (‘Redmoor’)

  • Awarded c.£764,000 UK Government grant funding from the UK Shared Prosperity Fund, which together with matched funds from the Company’s April 2025 placing, is supporting the programme to accelerate Redmoor towards pre-feasibility
  • 1st drilling since 2018 began in June with 5048.70 m completed by December 2025 ahead of schedule, within budget, and with exceptional results reported to date
    • Includes 1.10 m @ 7.19% WO3, 0.02% & 1.11% Cu (7.51% WO3.Eq) and 0.97m at 7.52 WO3, 0.03% Sn & 0.87% Cu (7.78% WO3.Eq), including one of the top 10 highest-grade sample results recorded at Redmoor from all previous drilling campaigns
  • Multiple mineralised intervals and wide zones of mineralisation within the Redmoor sheeted vein system identified, reinforcing Redmoor’s status as one of the highest-grade undeveloped tungsten deposits globally
  • Re-analysis of historical samples confirmed previous underreporting of certain samples and an average 9.2% increase in tungsten grades, further solidifying Redmoor’s position as Europe’s highest-grade undeveloped tungsten deposit
  • Strategic Minerals invested in upgraded facilities and team expansion to support the programme

Southern Minerals Group

Cobre Magnetite Stockpile, New Mexico, USA

  • Continued strong operational performance across 2025 despite 10-day shutdown due to wildfires
  • Sales of magnetite increased over the course of the year
    • Q4 sales were up 4% on Q3, and Q3 sales were up 45% on Q2
    • By volume, H2 saw an increase of 15.2%
  • Total sales of approximately US$4.23 million (2024: US$4.75 million) generated from 61,279 tons or ore sold to customers (2024: 70,659 tons)

Sales comparisons on quarterly and yearly periods, along with associated volume details, are shown in the table below:

Volume (tons)

Sales (US

Leigh Creek Copper Mine (‘LCCM’)

Leigh Creek Copper Project, South Australia

  • South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals (‘Cuprum’) exercised its call option to acquire LCCM and paid the First Instalment of A$0.15 million – a total of A$0.25 million has now been received
  • Second Instalment of A$1.75 million to be received on the earlier of execution of a Definitive Agreement, or 31 May 2026*
  • Both parties are confident in restarting LCCM this year, supported by strong copper market fundamentals

*Cuprum’s right to acquire LCCM will lapse if the Second Instalment has not been paid to the Company by 31 May 2026

Mark Burnett, Executive Director of Strategic Minerals, commented:

‘2025 was a transformational year for Strategic Minerals. We successfully restructured and reorganised the Company, positioning it to deliver increased near-term revenue from Cobre and long-term value creation from the Redmoor Tungsten-Tin-Copper Project. We are utilising sustainable cash flows from Cobre to unlock the full potential of Redmoor with a clear opportunity to develop it and the surrounding area into a world leading source of tungsten, tin and copper to provide resilience to western world supply chains. The Redmoor drill programme has gone exceptionally well so far, and we anticipate further resource growth and additional efficiencies for future infill drilling as part of a pre-feasibility programme.’

For further information, please contact:

Strategic Minerals plc

+44 (0) 207 389 7067

Mark Burnett

Executive Director

Website:

www.strategicminerals.net

Email:

info@strategicminerals.net

Follow Strategic Minerals on:

X:

@StrategicMnrls

LinkedIn:

https://www.linkedin.com/company/strategic-minerals-plc

SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Nominated Adviser and Broker

Matthew Johnson/Charlie Bouverat/Grant Barker

Zeus Capital Limited

Joint Broker

Harry Ansell/Katy Mitchell

+44 (0) 203 829 5000

Vigo Consulting

+44 (0) 207 390 0234

Investor Relations

Ben Simons/Peter Jacob/Anna Sutton

Email:

strategicminerals@vigoconsulting.com


Notes to Editors

About Strategic Minerals plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing minerals company, actively developing strategic projects in the UK, United States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a JORC (2012) Compliant Inferred Mineral Resource Estimate published 14 February 2019:

Cut-off (SnEq%)

Tonnage (Mt)

WO3

%

Sn

%

Cu

%

Sn Eq1

%

WO3 Eq

%

>0.45 <0.65

1.50

0.18

0.21

0.30

0.58

0.41

>0.65

10.20

0.62

0.16

0.53

1.26

0.88

Total Inferred Resource

11.70

0.56

0.16

0.50

1.17

0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x 0.40. WO3(EQ)% = Sn% x 0.7 + WO3 + Cu% x 0.28. Commodity price assumptions: WO₃ US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at: https://www.cornwallresources.com

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite project in New Mexico, USA, through its wholly owned subsidiary Southern Minerals Group. Cobre has been in production since 2012 and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia. South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals has exercised an exclusive Call Option to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared Prosperity Fund. Cornwall Council is responsible for managing projects funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of Scilly Good Growth Programme.

Cornwall and Isles of Scilly has been allocated £184 million for local investment through the Shared Prosperity Fund. This new approach to investment is designed to empower local leaders and communities, so they can make a real difference on the ground where it’s needed the most.

The UK Shared Prosperity Fund proactively supports delivery of the UK-government’s five national missions: pushing power out to communities everywhere, with a specific focus to help kickstart economic growth and promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

For more information, visit https://ciosgoodgrowth.com

Source

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