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Aurum Resources

Investing 9 Mins Read

Investor Insights

Aurum Resources offers a compelling value proposition through its highly prospective gold assets in Côte d’Ivoire, a fast-emerging gold region in West Africa. Its cost-effective exploration strategy of drill rig ownership also distinguishes it from its peers.

Overview

Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its Boundiali and Napié gold projects in Côte d’Ivoire, West Africa.

Côte d’Ivoire’s gold mining sector is experiencing significant growth and development, with several key projects contributing to the country’s economic expansion. The overall gold mining sector in Côte d’Ivoire is supported by substantial investments in infrastructure and exploration.

Geopolitically, Côte d’Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d’Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.

Boundiali Gold Project – BD Target 1 Artisanal Working

In March 2025, Aurum completed the acquisition of 100 percent of Mako Gold, bringing together its strong balance sheet and industry-leading drilling efficiencies to accelerate resource growth across northern Côte d’Ivoire. The company now holds a 90 percent interest in the highly prospective Napié Project, a 224 sq km land package with a 30 km strike near Korhogo.

Aurum has delivered a major milestone in 2025 with a +50 percent increase in the JORC Mineral Resource Estimate at its Boundiali Gold Project in Côte d’Ivoire, adding 820koz for a total of 2.41Moz. This lifts the company’s group resources to 3.28Moz, including Napié, highlighting the scale and growth potential of Aurum’s portfolio.

Supported by a seasoned board and management team with deep gold sector expertise—and strengthened by its recent capital raising—Aurum is well-funded to expand resources and advance development plans that drive long-term shareholder value.

Company Highlights

  • 3.28Moz and Growing in Côte d’Ivoire: Two cornerstone gold projects — Boundiali (2.41Moz) and Napié (0.87Moz) — positioned for rapid growth with multiple resource updates and development milestones in 2025–2026.
  • Outstanding Metallurgy = Simple, Profitable Processing: Boundiali delivers free milling ore with 95 percent recoveries and a straightforward flowsheet, while Napié achieves +94 percent recoveries in tests, showcasing strong economics and low technical risk.
  • Aggressive, Cost-Effective Growth Strategy: In-house drill fleet drives efficiency and scale: 100,000m at Boundiali and 30,000m at Napié planned in 2025.
  • Premier Mining Jurisdiction: Located in Côte d’Ivoire’s prolific Birimian Greenstone Belt, backed by a stable, supportive government and excellent infrastructure—creating the right conditions for mine development success.
  • Leadership with a Proven Track Record: A seasoned management team with a history of value creation, supported by committed shareholders who back the company’s long-term growth vision.

Key Projects

Boundali Gold Project

The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).

The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.

The first stage of drilling at Boundiali occurred from late October 2023 to end of November 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures, define new gold prospects and define maiden JORC resources. With over 63,000m diamond holes drilled during this period, Maiden JORC gold resources estimate was delivered in late December 2024.

Drilling costs are estimated at US$45 per metre, as Aurum owns all of its eight drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.

The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 percent and earning to 88 percent interest), PR414 (100 percent interest), and PR283 (earning to 70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.

In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement,

Aurum announced it has earned 80 percent project interest after completing more than 20,000 m of diamond core drilling.

Boundiali Project JORC Mineral Resource Estimate

Aurum has announced a maiden independent JORC mineral resource estimate of 1.59 Moz gold for its 1,037 sq. km. The Boundiali Gold Project comprises the BST, BDT1 & BDT2, BMT1 and BMT3 deposits. Drilling is ongoing on these deposits, and Aurum has identified other prospects at Boundiali which have yet to be drilled. Since October 2023, the company has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 Mt @ 1.0 g/t gold for 1.6 million ounces.

In August 2025, Aurum announced a 50 percent increase in the JORC Mineral Resource Estimate (MRE). The update adds 820koz, lifting Boundiali’s resource to 2.41Moz and boosting total group resources to 3.28Moz, including Napié. The 2025 MRE covers six deposits, including BST1, BDT1, BDT2, BDT3, BMT1, and BMT3, with drilling ongoing and additional untested targets offering strong growth potential.

Aurum is working towards completing an open pit PFS for the Boundiali Gold Project by the end of 2025. This will provide an evaluation of the project’s economics and technical feasibility.

Napié Gold Project

Aurum holds a 90 percent interest in the Napié Project in north-central Côte d’Ivoire, acquired through its takeover of Mako Gold. Located approximately 30 km southeast of Korhogo, the project covers a 224 sq km land package with a 30 km strike length along the highly prospective Napié Shear Zone.

As of June 2022, Napié hosts a JORC 2012 Mineral Resource Estimate of 868,000 ounces of gold (22.5 Mt at 1.20 g/t Au), based on the Tchaga and Gogbala deposits—two of four known prospects along the shear. To date, only 13 percent of the Napié Shear has been explored, leaving substantial potential for further discoveries.

Napié Project – Previous results with detailed mapping area on Komboro Prospect shown in black rectangle

Project Highlights:
  • Gold Resource: Shallow open pit 0.87Moz JORC Resource at 1.20g/t Au, with mineralisation open along strike and at depth. Maximum resource depth between 160 m – 195m across the two deposits
  • Exploration Upside: Less than 13 percent of the 30 km Napié Shear has been explored, offering significant potential for resource growth.
  • Preliminary Recovery Test Work: Returned more than 94 percent average gold recoveries.
  • Resource Growth Target: First MRE update planned end of 2025, to significantly expand the resource base.
  • Infrastructure: Excellent access to hydroelectricity, roads, and water, supporting future development.

Management Team

Troy Flannery – Non-executive Chairman

Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first-class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.

Dr. Caigen Wang – Managing Director

Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.

Mark Strizek – Executive Director

Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance, and development-ready assets across Australia, West Africa, Asia, and Europe.

Steve Zaninovich – Non-Executive Director

Ateve Zaninovich is a qualified engineer with over 25 years of experience in mining project development, business development, maintenance, and operational readiness, with a focus on gold, base metals, and lithium. He is currently director of operations at Kodal Minerals, where he is responsible for advancing the Bougouni Lithium Project. His previous roles include project director at Lycopodium Minerals for the Akyem Gold Project in Ghana and chief operating officer at Gryphon Minerals. Following Gryphon’s acquisition by Teranga Gold Corporation, he became vice-president of major projects and a member of Teranga’s executive management team.

This post appeared first on investingnews.com

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Politics

Israel takes 40% of Gaza City with eyes on military rule in forceful new offensive

Politics 2 Mins Read

Israel has 40% control of Gaza City as the Israel Defense Forces are now preparing to seize the entire area, an Israeli military spokesperson confirmed Thursday. 

Brig. Gen. Effie Defrin told reporters at a news briefing that his forces had already secured large neighborhoods in its latest offensive.

‘We continue to damage Hamas’ infrastructure,’ he said before adding: ‘Today we hold 40% of the territory of Gaza City.’

‘We will continue to operate until all the war’s objectives are achieved. First and foremost, the return of the hostages and the dismantling of Hamas’ rule,’ he added.

Last week, Israel declared Gaza City in the north a combat zone, with some districts designated red zones, urging Palestinians to leave.

Senior officials warned that military rule may be imposed and Palestinians were told to evacuate to the south, with some of Prime Minister Benjamin Netanyahu’s coalition partners pushing for a permanent Israeli settlement in Gaza.

Meanwhile, Gaza health officials said at least 53 Palestinians were killed Thursday, most in Gaza City, as Israeli forces pressed deeper into eastern suburbs.

Residents reported heavy bombardments in Zeitoun, Sabra, Tuffah and Shejaia while tanks advanced into Sheikh Radwan, northwest of the city center, crushing homes and setting fires in encampments.

Mahmoud Bassal, spokesperson for Gaza’s civil emergency service, said the bombardment destroyed four buildings in what he described as a ‘fire belt’ targeting civilians.

‘Even if Israel issues warnings, there are no places that can accommodate the people,’ he said.

On the evacuations, Israeli officials say 70,000 people have fled Gaza City so far, though Palestinian authorities contend far fewer have left, with tens of thousands still in the path of advancing forces.

Israel launched its major Gaza City offensive on Aug. 10 under ‘Operation Gideon’s Chariots,’ deploying tens of thousands of reservists to fight together with its regular troops.

There are still 48 hostages believed to be held in Gaza.

Netanyahu initially said Israel would conquer all of Gaza after indirect talks with Hamas on a ceasefire and hostage release deal broke down in July.

This post appeared first on FOX NEWS

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Investing

New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer

Investing 28 Mins Read

(All amounts expressed in Canadian dollars unless stated otherwise)

New Found Gold Corp . (TSXV: NFG) (NYSE-A: NFGC) (‘ New Found Gold ‘) and Maritime Resources Corp. (TSXV: MAE,OTC:MRTMD) (‘ Maritime ‘ and collectively with New Found Gold, the ‘ Companies ‘) are pleased to announce that the Companies have entered into a definitive agreement (the ‘ Arrangement Agreement ‘), pursuant to which New Found Gold has agreed to acquire all of the issued and outstanding common shares of Maritime that it does not already own (the ‘ Transaction ‘) by way of a plan of arrangement (the ‘ Arrangement ‘).

New Found Gold and Maritime will host a joint conference call and webcast to discuss the Transaction commencing at 10 am Eastern Time on Friday , September 5, 2025. Details for the conference call and webcast are included at the end of this news release.

The Transaction will create a multi-asset near-term gold producer in a tier 1 jurisdiction with significant regional synergies across its portfolio. Both New Found Gold’s Queensway Gold Project (‘ Queensway ‘ or the ‘ Project ‘) and Maritime’s Hammerdown Gold Project (‘ Hammerdown ‘) are located in central Newfoundland, Canada . New Found Gold delivered a positive preliminary economic assessment (‘ PEA ‘) for Queensway in July 2025 and is targeting Phase I production from a low capital-intensive high-grade core in 2027 1 . Hammerdown, located 180 kilometres (‘ km ‘) northwest of Queensway, is targeted to ramp up to full production in early 2026. The combined entity is expected to create significant operational synergies through available infrastructure, including the Pine Cove Mill (‘ Pine Cove ‘) and the Nugget Pond Hydrometallurgical Gold Plant (‘ Nugget Pond HGP ‘), and anticipated cash flow from Hammerdown once in full production to support Queensway’s development (Figure 1).

Keith Boyle , CEO and Director of New Found Gold stated: ‘ From day one, the focus of our new board and management team has been to rapidly advance to cash flow and transform New Found Gold from an exploration company to a gold producer. This acquisition positions New Found Gold as an emerging producer with gold production expected to commence next year. The synergies obtained by this combination derisks Queensway, providing access to a milling facility and near-term cash flow to support Phase I development, setting the stage for Queensway to commence production in 2027.  We look forward to the successful completion of this transaction and providing production guidance in due course .’

Garett Macdonald , President, CEO and Director of Maritime stated: ‘ This transaction provides Maritime shareholders with a near-term premium offer and a longer-term opportunity to be part of a much larger Canadian gold story. Bringing the two company’s assets together will unlock operational synergies, generating cash flow by utilizing both Maritime gold plants to fund future growth at Hammerdown, Queensway, and aggressive exploration across all land holdings. This transaction recognizes the significant efforts of Maritime’s team to bring Hammerdown online and provides an excellent outcome for Maritime shareholders.’

Under the terms of the Arrangement Agreement, each holder of the common shares of Maritime (each, a ‘ Maritime Share ‘) will receive 0.75 of a New Found Gold common share (each whole share, a ‘ New Found Gold Share ‘) in exchange for each Maritime Share (the ‘ Exchange Ratio ‘) at the effective time of the Transaction. New Found Gold currently owns approximately 0.1% of the Maritime Shares. At closing of the Transaction, existing New Found Gold and Maritime shareholders will own approximately 69% and 31%, respectively, of the pro forma company on a fully-diluted in-the-money basis.

The Exchange Ratio implies a premium of 32% based on the 20-day VWAP of Maritime Shares on the TSX Venture Exchange as at September 4, 2025 , the last trading day before announcement of the Transaction, and a premium of 56% to the closing price of Maritime Shares on July 30, 2025 , the last trading day prior to entry into a letter of intent between the parties in respect of the Transaction. The implied equity value of the Transaction is approximately $292 million on a fully-diluted in-the-money basis.

_________________________

1 See the New Found Gold news release dated July 21, 2025 for additional information. A copy of the technical report in respect of the PEA was filed by New Found Gold on SEDAR+ on September 2, 2025.

Strategic Rationale for New Found Gold

  • Hammerdown cash flow to support Queensway development: Near-term expected cash flow from Hammerdown is expected to fund a material portion of the capex for Queensway
  • Creation of an emerging Canadian gold producer: Hammerdown production targeted for 2026 and Queensway Phase 1 production targeted for 2027
  • Significant operational synergies given proximity of assets: New Found Gold is expected to benefit from Maritime’s existing infrastructure, including Pine Cove and Nugget Pond HGP, securing the offsite processing facilities for Queensway as envisioned in the Queensway PEA
  • Significant re-rate potential : Significant re-valuation opportunity due to the addition of near-term production and cash flow, the unlocking of significant operational synergies, and increased scale and capital markets presence.

_________________________________

2 Non-GAAP measure

Benefits to Maritime Shareholders

  • Immediate and significant premium to Maritime shareholders: 32% on a 20-day VWAP basis as at September 4, 2025 , and a premium of 56% to the closing price of Maritime Shares on July 30, 2025 , the last trading day prior to entry into a letter of intent between the parties in respect of the Transaction
  • Exposure to two high-quality Canadian assets in a Tier 1 jurisdiction: Maritime shareholders retain exposure to Hammerdown while gaining exposure to New Found Gold’s high-grade, low capex Queensway in central Newfoundland , with initial production targeted for 2027
  • Significant re-valuation opportunity to provide further upside for Maritime shareholders: Hammerdown production targeted for 2026 and Queensway Phase 1 production targeted for 2027, while also benefitting from the unlocking of significant operational synergies including a highly experienced and successful exploration team
  • Improved Visibility and Trading Liquidity: New Found Gold is a well-known, advanced exploration company listed on both the TSX Venture Exchange (NFG) and NYSE American (NFGC) and its shares are highly liquid (volumes of ~$4 million per day over the last six months on Canadian and U.S. exchanges).

About Hammerdown

Hammerdown is a 100% Maritime-owned high grade, open pit gold project located in the Baie Verte District of central Newfoundland , approximately 5 km southwest of the town of King’s Point and 15 km northwest of the town of Springdale in Newfoundland and Labrador, Canada . Hammerdown is a former underground mine operated by Richmont Mines Inc. from 2000 to 2004, averaging 15.7 grams of gold per tonne (‘ g/t Au ‘) and producing 143,000 oz of gold at a cut off grade of 8.2 g/t Au. Hammerdown contains proven and probable mineral reserves of 1.9 Mt at a grade of 4.46 g/t Au, for 272,000 oz contained gold. In 2022, Maritime released a feasibility study for Hammerdown, highlighting 50,000 oz of annual production, a $251M net present value (‘ NPV ‘) at a base case US$2,500 per ounce of gold ( ‘oz Au’ ) and an AISC of US$912 /oz Au. In 2023, Maritime purchased the Point Rousse project for $4M , which included Pine Cove, which is expected to provide significant capital cost and time savings for the development of Hammerdown. Additional detail regarding Hammerdown is provided below. Hammerdown and Pine Cove are fully permitted, with feed from Hammerdown being processed at Pine Cove starting in the fall of 2025, and the objective of ramping up to full production in early 2026.

About Queensway

New Found Gold’s 100% owned Queensway is located in Newfoundland and Labrador, Canada . approximately 15 km west of Gander and nearby the town of Appleton .

New Found Gold has completed an initial mineral resource estimate ( ‘MRE’ ) and PEA at Queensway (see New Found Gold news releases dated March 24, 2025 and July 21, 2025 ). Highlights of the PEA include:

  • Solid low-cost production profile from year one via a phased mine plan:
    • Phase 1: Low Initial capital cost of $155 million , builds average annual gold production of 69.3koz Au at an AISC of US$1,282 /oz Au in Years 1 to 4 planned to fund Phase 2.
    • Phase 2: Growth capital of $442 million , builds average annual gold production of 172.2koz Au at an AISC of US$1,090 /oz Au in Years 5 to 9, paid back in less than one year.
  • Early revenue potential: Initial gold production targeted for 2027 pending regulatory approval.
  • Total production: 1.5 Moz Au over a 15-year life of mine ( ‘LOM’ ) at an average total cash cost of US$1,085 /oz Au and an AISC of US$1,256 /oz Au.
  • Exploration upside: Significant resource expansion potential, both near-MRE and camp scale over 110 km strike extent

Additional details regarding Queensway and the results of the PEA are contained in the technical report on the PEA, which is available on SEDAR+ under New Found Gold’s profile.

Transaction Summary

Under the terms of the Transaction, New Found Gold will acquire all the issued and outstanding Maritime Shares and Maritime shareholders will receive 0.75 of a New Found Gold Share for each existing Maritime Share held. All outstanding Maritime stock options will be canceled and exchanged for New Found Gold options exercisable for New Found Gold Shares and all outstanding Maritime warrants will become exercisable for New Found Gold Shares, with the number of New Found Gold Shares issuable on exercise and the exercise price adjusted in accordance with the Exchange Ratio.

The Transaction will be carried out by way of a court-approved Arrangement under the Business Corporations Act ( British Columbia ) and a resolution to approve the Transaction will be submitted to Maritime shareholders and holders of Maritime stock options at an annual general and special meeting of shareholders expected to be held in late October 2025 (the ‘ Special Meeting ‘). The Transaction will require approval by (i) 66 2/3% of the votes cast by Maritime shareholders, (ii) 66 2/3% of the votes cast by Maritime shareholders and holders of options voting together as a single class, and (iii) if required, a simple majority that excludes those not entitled to vote in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions . Each of the directors and senior officers of Maritime, Dundee Resources Limited, Eric Sprott and SCP Resource Partners representing in aggregate approximately 49% of the issued and outstanding Maritime Shares, have entered into voting and support agreements with New Found Gold and have agreed to vote in favour of the Transaction at the Special Meeting in accordance with those agreements. New Found Gold shareholder approval is not required.

In addition to Maritime shareholder and court approval, the Transaction is also subject the satisfaction of certain other closing conditions customary for a transaction of this nature, including receipt of customary stock exchange approvals. The Transaction is expected to be completed in the fourth quarter of 2025. The Maritime Shares are expected to be delisted from the TSXV promptly after closing of the Transaction.

The Arrangement Agreement, which is dated September 4, 2025 , includes representations, warranties, covenants, indemnities, termination rights and other provisions customary for a transaction of this nature. In particular, the Arrangement Agreement provides for customary deal protections, including a non-solicitation covenant on the part of Maritime, subject to customary ‘fiduciary out’ rights, and a right for New Found Gold to match any Superior Proposal (as defined in the Arrangement Agreement). The Arrangement Agreement includes a termination fee of C$13 million , payable by Maritime, under certain circumstances (including if the Arrangement Agreement is terminated in connection with Maritime pursuing a Superior Proposal). The Arrangement Agreement also includes reciprocal expense reimbursement obligations requiring a payment of C$2 million if the agreement is terminated because of a breach or if the Maritime shareholders do not approve the Transaction.

There are currently 243,027,933 New Found Gold Shares issued and outstanding. Based on the number of common shares of each of the Companies currently issued and outstanding, there would be 335,932,796 New Found Gold Shares issued and outstanding upon closing of the Transaction.

Board Approvals and Recommendations

The board of directors of Maritime (the ‘ Maritime Board ‘), in consultation with its senior management and financial and legal advisors, unanimously determined that the Transaction is in the best interests of Maritime and fair to Maritime shareholders, unanimously approved the Transaction and recommends that Maritime shareholders vote in favour of the Transaction at the Special Meeting.

Upon closing of the Transaction, it is anticipated that a director of Maritime will join the New Found Gold board.

SCP Resource Finance and Canaccord Genuity Corp. have each provided an opinion to the Maritime Board, stating that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Maritime shareholders pursuant to the Transaction is fair, from a financial point of view, to Maritime shareholders.

Further details regarding the terms of the Transaction are set out in the Arrangement Agreement, which will be publicly filed by New Found Gold and Maritime under their respective profiles on SEDAR+ at www.sedarplus.ca . Additional information regarding the terms of the Arrangement Agreement, the background to the Transaction, the rationale for the recommendations made by the Maritime Board and how Maritime shareholders can participate in and vote at the Special Meeting to be held to consider the Transaction will be provided in the management information circular for the Special Meeting which will also be filed at www.sedarplus.ca . Maritime shareholders are urged to read these and other relevant materials when they become available.

Advisors and Counsel

BMO Capital Markets is acting as financial advisor to New Found Gold and has also provided New Found Gold with a fairness opinion in connection with the Transaction. Blake, Cassels & Graydon LLP is acting as legal counsel to New Found Gold.

SCP Resource Finance is acting as financial advisor to Maritime in connection with the Transaction. Osler , Hoskin & Harcourt LLP is acting as legal counsel to Maritime. The Maritime Board engaged Canaccord Genuity Corp. to provide an independent fairness opinion in respect of the Transaction. Paradigm Capital Inc. acted as special advisor to the Maritime Board.

Conference Call

New Found Gold and Maritime will host a conference call to discuss the Transaction on Friday, September 5, 2025 , at 7AM PT / 10 AM ET . Participants may join the conference call via webcast or through the following dial-in numbers.

  • Conference ID: 4987472
  • Toll-free in the U.S. and Canada : 1-800-715-9871
  • Toronto and International: 1-647-932-3411

A replay of the conference call and webcast will be posted on the New Found Gold website at www.newfoundgold.ca and the Maritime website at www.maritimegold.com when available.

Technical Report and Qualified Person

Keith Boyle , P.Eng., Chief Executive Officer of New Found Gold, a Qualified Person as defined in National Instrument 43-101, has approved the scientific and technical information related to New Found Gold contained in this news release.

Garett Macdonald , P.Eng., President, Chief Executive Officer, and Director of Maritime, a Qualified Person as defined in National Instrument 43-101, has approved the scientific and technical information related to Maritime contained in this news release.

The disclosure regarding the Hammerdown Proven and Probable mineral reserves contained in this news release is supported by Maritime’s technical report titled ‘Feasibility Study Technical Report Hammerdown Gold Project’ dated effective August 15, 2022 , with a report date of October 6, 2022 prepared by JDS Energy & Mining Inc. (the ‘ Hammerdown Technical Report ‘). Keith Boyle , P.Eng., Chief Executive Officer of New Found Gold and a Qualified Person as defined in National Instrument 43-101 has reviewed the Hammerdown Technical Report on behalf of New Found Gold and to the best of New Found Gold’s knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the Hammerdown Proven and Probable mineral reserves inaccurate or misleading.

About New Found Gold Corp.

New Found Gold is a well-financed advanced-stage exploration company that holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.

New Found Gold has completed an initial MRE and PEA at Queensway (for additional information see New Found Gold news releases dated March 24, 2025 and July 21, 2025 on the Company’s website at https://newfoundgold.ca/news-releases ).

Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential over a 110 km strike extent along two prospective fault zones.

New Found Gold has a new management team in place, a solid shareholder base, which includes an approximately 23.1% holding by Eric Sprott, and is focused on growth and value creation at Queensway.

About Maritime Resources Corp.

Maritime is a gold exploration and development company focused on advancing Hammerdown in the Baie Verte District of Newfoundland and Labrador , a Tier 1 jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property, which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km 2 of exploration land including the Green Bay , Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond HGP gold circuit.

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

Cautionary Statement

The PEA is preliminary in nature, it included inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized.

Non-GAAP Financial Measures

The Companies have included certain non-GAAP financial measures in this news release, including AISC, cash cost and cash cost per ounce and free cash flow. These financial measures are not defined under IFRS and should not be considered in isolation. The Companies believe that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Companies. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

All-in Sustaining Cost

All-in sustaining cost (‘ AISC ‘) is a non-GAAP financial measure calculated based on guidance published by the World Gold Council (‘ WGC ‘). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Companies may not be comparable to similar measures presented by other issuers. The Companies believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Companies.

Cash Costs and Cash Cost per Ounce

Cash Costs are reflective of the cost of production. Cash Costs reported in the Feasibility Study include mining costs, processing and water treatment costs, general and administrative costs of the mine, refining and transportation costs, silver revenue credits and royalties. Cash Costs per Ounce is calculated as Cash Costs divided by payable gold ounces.

Free Cash Flow

Free Cash Flows are revenues net of operating costs, royalties, working capital adjustments, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company’s ability to generate cash flows from the project.

Hammerdown Technical Information

Details regarding the Hammerdown Project are included in the ‘Feasibility Study Technical Report, Hammerdown Gold Project, Newfoundland ‘ prepared by JDS Energy & Mining Inc., with an effective date of August 15, 2022 .

Hammerdown Feasibility Study

Study Results

Item

Units

Total

Mine life

years

5

Ore tonnes

kt

1,895

Waste tonnes

Mt

38.5

Strip ratio

waste:ore

20.3

ROM ore production

tpd

1,200

ROM gold grade

Au gpt

4.46

Sorting plant waste rejection

%

40.0

Sorting plant gold recovery

%

95.0

Mill throughput

tpd

700

Mill head grade after sorting

Au gpt

6.76

Tonnes milled

Kt

1,189

Mill gold recovery

%

95.5

Gold produced

oz

247,346

Avg. annual production

oz

50,000

Mining cost

$/t mined

4.49

Mineral processing

$/t milled

48.06

Trucking from sorting plant to mill

$/t milled

25.50

General & Administrative

$/t milled

12.04

Cash costs 1,4

US$/oz

897

AISC per ounce gold 1,4

US$/oz

912

Total initial capital 3

$M

75.0

Total sustaining capital

$M

4.9

Avg. annual free cash flow

$M

41.4

After-tax NPV(5%) 4

$M

102.8

After-tax IRR 4

%

48.1

Payback period 2

years

1.7

1.

Refer to ‘Non-GAAP Financial Measures’ below.

2.

Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining capital costs and is calculated from the start of production.

3.

Excludes initial working capital requirements.

4.

$0.77 US$/C$ exchange rate.

Operating and Capital Costs

Capital costs have a basis of estimate at Class 3 (FEL3) with a stated -15%/+30% accuracy (after the Association for the Advancement of Cost Engineering International) and are stated in Q2 2022 Canadian dollars .

Capital cost contingency has been allocated on scopes of work. The combined contingency for all scopes of work is equivalent to 20% of direct costs, excluding mining equipment and pre-stripping.  More than 82% of equipment costs, bulk materials and labour rates are estimated with budget quotes from vendors. The remaining 18% of costs are estimated from consultant databases on precedent projects, or from factoring such items as freight and construction indirect costs from supply pricing.

Mine equipment is assumed to be acquired through a combination of leasing for most production and support equipment, rentals for pioneering drills, and purchase of some support equipment.

The initial capital cost, including contingency, is estimated at $75.0M and net LOM sustaining capital cost is estimated at $4.9M , net of closure costs and salvage values for major equipment, for a total capital cost of $80.0M .

Capital Costs

Item

Units

Total

Mining

$M

10.6

Site development

$M

4.7

Mineral processing

$M

24.7

Water management

$M

0.6

On-site infrastructure

$M

5.9

Project indirect costs

$M

17.3

Owner’s costs

$M

4.0

Subtotal

$M

67.9

Contingency

$M

7.2

Total initial capital

$M

75.0

Sustaining capital

$M

11.0

Closure

$M

3.5

Salvage

$M

9.6

Total net sustaining capital

$M

4.9

Total capital

$M

80.0

Mine operating costs, including pre-stripping, are estimated at $4.31 /t moved with a strip ratio of 20.3 (waste:ore) over the LOM.

Processing and tailings storage related costs are estimated at $48.06 /t processed.  General and administration costs are estimated at $12.04 /t processed.  Diesel costs are estimated at $1.53 per litre and power at $0.085 per kWh (net charge for generated power).

Overall LOM Cash Costs are estimated at US$897 per payable ounce of gold.  The LOM All-In Sustaining Costs are estimated at US$912 per payable ounce of gold.

Operating Costs

Item

Units

Total

ROM tonnes

kt

1,895

Tonnes milled

kt

1,189

Payable gold produced

oz

247,346

Mining costs

$/t mined

4.49

Trucking

$/t milled

25.50

Mineral processing

$/t milled

48.06

G&A

$/t milled

12.04

Total

$/t milled

234.45

Refining, royalties

$M

9.3

On-site operating costs

$M

278.7

Net sustaining capital

$M

4.9

All in sustaining costs

US$/oz

912

Project Economics

At the base case gold price ( US$1,750 per ounce Au and a $0.77 US$/C$ exchange rate), the Project generates an after-tax NPV5% of $102.8M and an after-tax IRR of 48.1%. Payback on initial capital is 1.7 years. LOM after-tax FCF is estimated at $129.7M on an undiscounted basis. Average after-tax FCF while mining Hammerdown is estimated at $41.4M per annum.

Gold Price Sensitivity

Gold price (US$/oz)

Units

$1,600

$1,750

$1,900

NPV(5%)

$M

77.7

102.8

128.4

IRR

%

38.0

48.1

58.4

Payback

Years

2.3

1.7

1.3

Total undiscounted FCF

$M

101.2

129.7

158.9

Avg. annual FCF

$M

35.7

41.1

47.2

Mineral Resources and Mineral Reserves

The MRE for the Hammerdown deposit has been updated and was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘ NI 43-101 ‘) and outlined below. The updated MRE is based on a gold price of US$1,800 per ounce. Mineral Resources are inclusive of Mineral Reserves reported in this document.  The updated MRE for the Hammerdown deposit is based on 595 surface diamond drill holes and 192 underground diamond drill holes for a total of 72,808 metres of drilling and 80 trenches and channels for a total of 266 m of sampling. The MRE for the satellite Orion deposit, located 2.3 km southwest of the Hammerdown deposit, remains unchanged.

Mineral Resource Estimate – Hammerdown, June 30, 2022

Tonnes

Grade

Contained Gold

Category

(kt)

Au gpt

(koz)

Open Pit Resources

Measured

698

5.47

123

Indicated

2,146

3.00

207

Total Measured & Indicated

2,845

3.61

330

Total Inferred

302

1.31

13

Underground Resources

Measured

1

7.05

–

Indicated

54

5.10

9

Total Measured & Indicated

55

5.10

9

Total Inferred

66

4.00

9

Notes:

1.

Mineral Resource Estimate completed by Pierre Landry, P.Geo., of SLR Consulting (Canada) Ltd. (SLR), an independent qualified person (‘QP’), as defined by NI 43-101.

2.

Effective date: June 30, 2022. All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (‘CIM’) definitions, as required under NI 43-101.

3.

Open Pit Mineral Resources are inclusive of Mineral Reserves

4.

Open Pit Mineral Resources are estimated at a cut-off grade of 0.50 g/t Au.

5.

Open Pit Mineral Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m.

6.

Mineral Resources are estimated using a long-term gold price of US$1,800 per ounce, and a US$/C$ exchange rate of 0.75.

7.

Bulk density is 2.84 t/m 3 for rock and 1.90 t/m 3 for mined out areas.

8.

Underground Mineral Resources are estimated at a cut-off grade of 2.00 g/t Au.

9.

Underground Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m and have been subject to additional reporting shapes to remove isolated blocks.

10.

Numbers may not add due to rounding.

11.

Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101.

12.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

13.

The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.

The Mineral Reserve estimate for Hammerdown is based on an open pit mine plan and production schedule outlined in the Feasibility Study. Table 6 presents the Mineral Reserve estimate for the Hammerdown Project. Proven and Probable Mineral Reserves amount to 1.895 million tonnes at 4.45 g/t Au, containing 272,000 gold ounces. The Mineral Reserve estimate is based on the economic assumptions in Note 3 below.

Mineral Reserve Estimate – Hammerdown, August 15, 2022

Tonnes

Diluted Grade

Contained Gold

Zone & Class

(kt)

(Au gpt)

(koz)

Proven

Vein

556

5.94

106

Wisteria

–

–

–

Total Proven

556

5.94

106

Probable

Vein

1,134

4.19

153

Wisteria

206

1.99

13

Total Probable

1,340

3.85

166

Total Proven and Probable

1,895

4.46

272

Notes:

1.

Mineral Reserve Estimate completed by Tysen Hantelmann of JDS Energy & Mining (‘JDS’), an independent QP as defined by NI 43-101.

2.

Effective date; August 15, 2022.  All Mineral Reserves have been estimated in accordance with CIM definitions required under NI 43-101.

3.

Mineral Reserves are estimated at a gold cut-off of 0.73 g/t for Veins and 1.06 g/t for Wisteria Zone based on: gold price of US$1,650/oz; exchange rate of $0.77 US$:C$; combined transport, treatment, payables and royalties of US$25/oz; an overall metallurgical recovery (including ore sorting) of 90.25% for Veins and 85.5% for Wisteria; and an overall processing operating cost of C$45/t ore mined for Veins and C$62/t ore mined for Wisteria.

4.

The final FS pit design contains an additional 94 kt of Inferred resources above the economic cut-off grade at an average grade of 1.62 g/t Au.  Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that any part of the Inferred Resources could be converted into Mineral Reserves.

5.

Tonnages are rounded to the nearest 1,000 t, gold grades are rounded to two decimal places. Tonnage and grade measurements are in metric units; contained gold is reported as thousands of troy ounces.

Forward-Looking Information

This news release contains certain ‘forward-looking statements’ within the meaning of Canadian securities legislation, relating to completion of the Transaction by way of the Arrangement and the anticipated timing thereof; assessments of and expectations for the combined entity after completion of the Arrangement; pro forma ownership of the combined entity; the anticipated premium for Maritime shareholders; assessments of and expectations for Hammerdown; assessments of and expectations for Queensway; expectations regarding the existing infrastructure of Maritime; expectations regarding the significant re-evaluation potential; benefits to Maritime shareholders; results of the feasibility study for Hammerdown and the interpretation of such results; future plans for Hammerdown and Pine Cove and the timing thereof; results of the Queensway PEA and interpretation of such results; the Special Meeting and the anticipated timing thereof; the satisfaction of closing conditions, including receipt of customary stock exchange approvals; the delisting of the Maritime Shares on the TSXV and the anticipated timing thereof; the composition of the New Found Gold board following completion of the Arrangement; the assessment of the merits of the Transaction; the timing of the filing of the management information circular for the Special Meeting on SEDAR+ and future conference calls and press releases by each of the Companies. Although the Companies believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘interpreted’, ‘intends’, ‘estimates’, ‘projects’, ‘aims’, ‘suggests’, ‘indicate’, ‘often’, ‘target’, ‘future’, ‘likely’, ‘encouraging’, ‘pending’, ‘potential’, ‘goal’, ‘objective’, ‘opportunity’, ‘prospective’, ‘possibly’, ‘preliminary’, and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘can’, ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Companies caution that forward-looking statements are based on the beliefs, estimates and opinions of the Companies’ management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Companies undertake no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: the risk that the Transaction will not be approved by the Maritime Shareholders; the failure to, in a timely manner, or at all, obtain the required court approval for the Transaction, the failure of the Companies to otherwise satisfy the requisite conditions to complete the Transaction, the possibility that the Arrangement Agreement may be terminated by one or both of the Companies; the effect of the announcement of the Transaction on each of the Companies’ strategic relationships, operating results and business generally; significant transaction costs or unknown liabilities; the risk of litigation that could prevent or hinder the completion of the Transaction; other customary risks associated with transactions of this nature; assumptions in respect of current and future market conditions; risks associated with the Companies’ ability to complete their planned studies and programs and the results and timing thereof; possible accidents and other risks associated with mineral exploration operations; the risk that the Companies will encounter unanticipated geological factors; risks associated with the interpretation of exploration, drilling and assay results; the possibility that the Companies may not be able to secure permitting and other governmental clearances necessary to carry out the stated exploration plans; the risk that the Companies will not be able to raise sufficient funds to carry out their business plans; and the risk of political uncertainties and regulatory or legal changes that might interfere with the Companies’ business and prospects. The reader is urged to refer to New Found Gold’s Annual Information Form and each of the Companies’ Management’s discussion and Analysis, all of which are made publicly available through the respective Companies’ profiles on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

View original content to download multimedia: https://www.prnewswire.com/news-releases/new-found-gold-and-maritime-enter-into-definitive-agreement-to-combine-combination-creates-an-emerging-canadian-gold-producer-302547597.html

SOURCE New Found Gold Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2025/05/c4493.html

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Trump’s midterm convention is the seismic shift that will reshape America

Politics 5 Mins Read

President Donald Trump has never played by the stale rules of Washington and Americans are grateful for it. His bold call for a 2026 pre-midterm convention is a political masterstroke that will cement America First policies, energize the Republican base, and ignite Generation Z voters. 

This convention is a seismic shift that sends a clear message to every politician: fight for the American people or step aside.

The GOP’s victories, from retaking the White House and strengthening congressional majorities to delivering real wins on border security, tax cuts, a stronger economy and energy independence, set the stage for Trump’s call for a pre-midterm national convention that breaks political tradition. 

While establishment Republicans cling to fundraising dinners, closed-door sessions and tired speeches that leave voters disengaged, Trump has mastered turning rallies into movements, from the electrifying 2016 campaign that flipped battleground states to the packed arenas of 2024 that reenergized the base. A pre-midterm convention would unite delegates from all 50 states to celebrate achievements, set a clear agenda and ignite voters. 

The contrast is clear. Conservative values of law and order through Trump’s National Guard blueprint to combat crime, economic freedom that fuels innovation, and family-first policies that honor tradition stand in sharp contrast to Democrat failures, including 9.1% inflation in 2022, open borders that allowed more than 11 million illegals, and foreign policy disasters that emboldened adversaries. 

By highlighting Republican successes like cutting gas prices through energy independence and appointing judges who defend constitutional rights, this convention would rebuke the Washington elite and prove Republicans deliver results while Democrats deliver excuses.

Unity is part of the strategy, but this is also a pivotal opportunity to mobilize Gen Z, the 68 million young Americans born between 1997 and 2012 who are increasingly open to conservative policies but need a reason to show up. A midterm convention can be that reason. 

Their frustration with the Left is clear: sky-high inflation, record crime and the relentless push of woke ideology. The 2025 Harvard Youth Poll found that 75% of young voters believe the country is headed in the wrong direction, with 62% citing a worsening economy under current policies and nearly half naming cost of living such as housing, food and gas as their top concern. A Yale Youth Poll revealed 35% now favor Republicans in the midterms, a notable increase from past cycles. 

Gen Z does not trust institutions and is disillusioned by political posturing. They crave authenticity while being bombarded by liberal propaganda in schools, on social media and from Hollywood. They see through empty promises of equity, knowing it means higher prices, fewer jobs and more division, with nearly 60% of Gen Z college graduates unemployed compared to just 25% of prior generations. 

President Trump understands this. A high-energy convention featuring conservative stars like Sen. Josh Hawley, R-Mo., and Rep. Anna Paulina Luna, R-Fla., along with influencers such as Charlie Kirk and Anthony Raimondi, known as Conservative Ant, can deliver messages tailored for TikTok and X. 

These voices can speak directly to Gen Z’s entrepreneurial spirit with policies that support small business tax cuts, energy independence to cut gas prices and unapologetic defenses of freedom. That spark could boost Gen Z turnout by 10% to 15% in the midterms, making them the GOP’s secret weapon. Failure to capture their energy risks apathy or a drift toward third parties.

This convention will energize the grassroots and unify the Republican Party. The GOP is already outpacing Democrats in record-breaking fundraising, but a unified front delivers more than dollars. It locks in a clear midterm agenda, quashes internal battles and promises a surge of support as Trump, Vice President JD Vance and other Republican stars deliver high-profile speeches that draw major contributions. 

By showcasing Republican successes in safety, job growth, lower gas prices and judicial appointments that protect constitutional rights, against Democrat failures like open borders and green energy disasters, the convention will mobilize voters. With the economy rebounding and Trump’s approval rising, it ensures Republicans avoid complacency and secure dominance.

A midterm convention also challenges GOP lawmakers to deliver results or leave Washington. Voters are demanding accountability, expecting politicians to prove their commitment to the America First agenda by securing the border, cutting red tape and prioritizing American workers, while elevating rising stars who represent the next wave of conservative leadership. This moment is an opportunity to purge establishment Republicans who align with elites and replace them with fighters for the American people, reshaping the future bench of Congress. 

Meanwhile, Democrats are leaderless and floundering in internal chaos and deeply unpopular policies. A 2025 CNN poll shows that while 72% of Democrats say they are motivated to vote, only 58% view their party favorably, compared to 76% for Republicans. Trump’s call for a midterm convention is another power move that highlights Democratic disarray, exposing their lack of leadership, failed policies and overall weakness.

Trump’s midterm convention is not just about exposing Democratic failure, it is about building the future of the movement and securing a foundation that lasts for generations. It is now or never for conservatives. 

A pre-midterm GOP convention led by Trump represents the next chapter in his revolution, timed to capture Gen Z’s openness to conservative ideas. By rallying young voters with authenticity and real solutions to their everyday struggles, amplifying momentum, and holding Republican leaders accountable, this convention can turn frustration into lasting America First policies. 

The GOP cannot afford to let woke politics or establishment complacency derail America’s future. Seizing this moment ensures 2026 delivers not just a victory but a generational turning point that will shape the direction of this country for decades to come.

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Republican doctors clash with RFK Jr over vaccines in tense Senate showdown

Politics 4 Mins Read

Senate Democrats found unlikely allies in Senate Republicans during a fiery hearing, where Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. was grilled for his stance on vaccines.

Kennedy’s testimony before the Senate Finance Committee on Thursday was billed as a discussion on President Donald Trump’s healthcare agenda, but it quickly turned into a tongue-lashing from lawmakers, who accused the secretary of lying to the panel about how he would operate the HHS and Centers for Disease Control and Prevention (CDC).

While a barrage of heated exchanges between Kennedy and Democrats were expected, it was heat from Senate Republicans on the panel, including a pair of doctors turned legislators, who stood out.

‘I support vaccines. I’m a doctor. Vaccines work,’ Senate Majority Whip John Barrasso, R-Wyo., said. ‘Secretary Kennedy, in your confirmation hearings, you promised to uphold the highest standards for vaccines. Since then, I have grown deeply concerned.’

‘The public has seen measles outbreaks, leadership at the National Institutes of Health questioning the use of mRNA vaccines, the recently confirmed director of Center for Disease Control and Prevention fired,’ he continued. ‘Americans don’t know who to rely on.’  

When asked what he would do to ensure that vaccine guidance was clear, Kennedy said, ‘We’re going to make it clear, evidence-based and trustworthy for the first time in history.’

The hearing came on the heels of a week of turmoil at the CDC, where Kennedy fired former CDC Director Susan Monarez, which led to several senior officials resigning from the agency. Before that, the secretary had cleaned out the federal government’s vaccine recommendation panel and handpicked his own members to serve, and he also moved to cancel $500 million in mRNA vaccine contracts.

Sen. Bill Cassidy, R-La., also serves as the chair of the Senate’s health committee and was the decisive vote to confirm Kennedy. He argued that Kennedy’s actions on vaccines appeared to counter his support for Trump’s Operation Warp Speed, a sweeping executive program by the Trump administration at the onset of the COVID-19 pandemic that jump-started the production of vaccines.

He noted that both Trump and Kennedy have vowed ‘radical transparency’ when it came to the administration’s healthcare agenda, but countered that the secretary’s move to put new members on the Advisory Committee on Immunization Practices appeared to be a conflict of interest.

‘I am concerned though, because many of those that you have nominated for the [Advisory Committee on Immunization Practices] board… have received revenue as serving as expert witnesses as plaintiffs for attorneys suing vaccine makers,’ Cassidy said. ‘If we put people who are paid witnesses for people suing vaccines, that seems like a conflict of interest, real quickly do you agree with that?’

‘No I don’t,’ Kennedy said, arguing that while it may seem like a bias, it was not a conflict of interest.

Not every Republican doctor on the panel went after Kennedy. Sen. Roger Marshall, R-Kan., has long been an ally of the secretary’s and gave him room to address accusations that he was anti-vaccine.

‘Saying I’m anti-vaccine is like saying I’m anti-medicine,’ Kennedy said. ‘I’m pro-medicine, but I understand some medicines harm people, some of them have risks, some of them have benefits that outweigh those risks for certain populations, and that’s true with vaccines.’

Marshall agreed that he was not ‘anti-vax either,’ and he listed several vaccines that he believed were good but argued that it was the transparency and approach to vaccines under the HHS and CDC that he was after.

‘What I feel the difference is sometimes my friends across the aisle feel like there’s a one-size-fits-all, that they should be telling parents what to do,’ Marshall said. ‘And what you and I are fighting for is that we want to empower parents to make these decisions.’

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Trump admin urges Supreme Court to allow president to fire Federal Trade Commission member

Politics 2 Mins Read

The Trump administration asked the Supreme Court on Thursday to allow the president to fire a member of the Federal Trade Commission, after lower courts ruled he lacks the authority to remove members of independent agencies without cause.

President Donald Trump moved to fire Rebecca Slaughter earlier this year, but lower courts ruled she could keep her job because the law only allows commissioners to be removed for issues such as misconduct or neglect of duty.

Earlier this week, an appeals court said Trump unlawfully fired Slaughter and that her firing was squarely at odds with Supreme Court precedent.

The Justice Department contends that the FTC and other executive branch agencies are under Trump’s control and that the president has the power to remove commissioners without cause.

The testing of the president’s removal power could lead the nation’s highest court to consider overturning a 1935 Supreme Court decision known as Humphrey’s Executor, in which justices unanimously ruled that presidents cannot fire independent board members without cause.

The ruling brought in an era of powerful independent federal agencies charged with regulating labor relations, employment discrimination, the airwaves and other matters.

That case also centered around the FTC, which was highlighted by lower-court judges in the lawsuit filed by Slaughter, who has been fired and rehired multiple times this year as the case worked its way through the courts.

The FTC is a regulator created by Congress that enforces consumer protection measures and antitrust legislation. The agency’s seats are typically made up of three members of the president’s party and two from the opposing party.

Slaughter was first appointed by Trump in 2018, and then later reappointed by former President Joe Biden. She is the only remaining Democrat on the FTC.

The high court has already allowed the removal of several other board members from independent agencies. 

The justices have also suggested that Trump’s removal powers have limitations at the Federal Reserve, which could soon be tested as well in the case of Lisa Cook, a member of the Federal Reserve Board of Governors.

The Associated Press contributed to this report.

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Hegseth vows to rebuild military deterrence so enemies ‘don’t want to f— with us’

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COLUMBUS, Ga. — During a trip to Fort Benning on Thursday, Defense Secretary Pete Hegseth said the department is working on re-establishing deterrence, ‘so that when the enemy sees an American, they don’t want to f— with us.’

The comments came after Hegseth spoke at an Officer Candidate School (OCS) graduation ceremony, where candidates were commissioned as second lieutenants in the Army or ensigns in the Navy.

Following the ceremony, he made remarks at the Infantry Basic Officer Leader Course luncheon — sharing stories about his children wanting Army Ranger shirts, and noting the proudest moment of his life would be saluting them if they earned it.

Hegseth also touched on military priorities under the Trump administration, noting the Department of Defense’s focus is rebuilding the military to ensure it has the best possible equipment from the warfighter perspective, across all services. 

‘And then reestablishing deterrence, so that when the enemy sees an American, they don’t want to f— with us,’ Hegseth said. ‘Because they know they’ll get the business end of the best warrior on the planet. We’re reestablishing that. Whether it’s midnight hammer, or freedom of navigation, or narco-traffickers that are poisoning the American people.’

He said the world knows that when President Donald Trump speaks, he means business, adding that the graduates are the faces of that deterrence. 

‘It’s you that we remember, and we think of, when we make decisions,’ Hegseth said. ‘It’s the job of policymakers and leaders in our positions to look down and say, ‘We’ve asked you to do tough things, we’re going to have your back when you do it.’ We’re going untie your hands and make sure you can unleash hell in Yemen. Absolute violence of action. 

‘We’re going to push decision-making authority down to you, the platoon level, the company level, the battalion unit level, as much as possible.’

During the trip, the secretary also teased that the Defense Department may have a new name on Friday, which Fox News Digital’s Diana Stancy and Emma Colton were first to confirm.

Trump will sign an executive order allowing the department to use the ‘Department of War’ as a secondary title, along with phrases like ‘secretary of war’ for Hegseth.

The order also directs Hegseth to propose legislative and executive actions to make the name change permanent.

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

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Paramount mandates 5-day-a-week return to office ahead of major cost cuts

Business 2 Mins Read

David Ellison continues to put his stamp on Paramount after its acquisition by Skydance.

The CEO and chairman told employees Thursday that they will be expected to work in the office five days a week starting Jan. 5, 2026, according to a memo obtained by CNBC. Employees who do not wish to make the transition can seek a buyout starting Thursday and until Sept. 15.

“To achieve what we’ve set out to do — and to truly unlock Paramount’s full potential — we must make meaningful changes that position us for long-term success,” Ellison wrote to staffers. “These changes are about building a stronger, more connected, and agile organization that can deliver on our goals and compete at the highest level. We have a lot to accomplish and we’re moving fast. We need to all be rowing in the same direction. And especially when you’re dealing with a creative business like ours, that begins with being together in person.”

The move could help Paramount thin the herd ahead of looming staffing cuts.

Variety reported last month that the company is expected to lay off between 2,000 and 3,000 employees as part of its postmerger cost-cutting measures. These cuts are slated for early November, Variety reported.

Paramount is looking to take $2 billion in costs out of the conglomerate amid advertising losses and industrywide struggles with traditional cable networks.

Phase one of Ellison’s back-to-work plan will see employees in Los Angeles and New York returning to a full five-day workweek in the new year.

Phase two will focus on offices outside LA and New York, including international locations. A similar buyout program will be offered in 2026 for those who operate in these locations.

“We recognize this represents a significant change for many, and we’re committed to supporting you throughout this transition,” Ellison wrote. “We will work closely with managers to ensure you have the time and flexibility to make the necessary adjustments.”

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Apple has survived Trump’s tariffs so far. It might raise iPhone prices anyway.

Business 7 Mins Read

When Tim Cook gifted President Donald Trump a gold and glass plaque last month, the Apple CEO was hailed by Wall Street for his job managing the iPhone-maker’s relationship with the White House.

Cook, Wall Street commentators said, had largely navigated the threat of tariffs on Apple’s business successfully by offering Trump an additional $100 billion U.S. investment, a win the president could tout on American manufacturing. But despite the 24-carat trophy Cook handed Trump, the true costs of those tariffs may finally show up for Apple customers later this month.

“Thank you all, and thank you President Trump for putting American innovation and American jobs front and center,” Cook said at the event, which brought Apple’s total planned spend to $600 billion in the U.S. over the next five years. Trump, at the event, said that Apple would be exempt from forthcoming tariffs on chips that could double their price.

But as Apple prepares to announce new iPhones on Tuesday, some analysts are forecasting the company to raise prices on its devices even after all Cook has done to avoid the worst of the tariffs.

“A lot of the chatter is: Will the iPhone go up in price?” said CounterPoint research director Jeff Fieldhack.

Although smartphones haven’t seen significant price increases yet, other consumer products are seeing price increases driven by tariffs costs, including apparel, footwear, and coffee. And the tariffs have hit some electronics, notably video games — Sony, Microsoft and Nintendo, have raised console prices this year in the U.S.

Some Wall Street analysts are counting on Apple to follow. Jeffries analyst Edison Lee baked in a $50 price increase into his iPhone 17 average selling price projections in a note in July. He’s got a hold rating on Apple stock.

Goldman Sachs analysts say that the potential for price increases could increase the average selling price of Apple’s devices over time, and the company’s mix of phones have been skewing toward more expensive prices.

Analysts expect Apple to release four new iPhone models this month, which will likely be named the “iPhone 17” series. Last year, Apple released four iPhone 16 models: the base iPhone 16 for $829, the iPhone 16 Plus at $899, the iPhone 16 Pro at $999 and the iPhone 16 Pro Max at $1,199.

This year, many supply chain watchers expect Apple to replace the Plus model, which has lagged the rest of the lineup, with a new, slimmer device that trades extra cameras and features for a thinner, lighter body.

The “thinner, lighter form factor may drive some demand interest,” wrote Goldman analysts, but tradeoffs like battery life may make it hard to compete with Apple’s entry-level models.

Analysts have said they expect the slim device to cost about $899, similar to how much the iPhone 16 Plus costs, but they haven’t ruled out a price bump. That would still undercut Samsung’s thin Galaxy Edge, which debuted earlier this year at $1,099.

Apple did not respond to a request for comment.

When Trump announced sweeping tariffs on China and the rest of the world in February, it seemed like Apple was in the crosshairs.

Apple famously makes the majority of its iPhones and other products in China, and Trump was threatening to place tariffs that could double Apple’s costs or more. Some of Trump’s so-called “reciprocal” tariffs would hit countries like Vietnam and India where Apple had hedged its production bets.

But seven months later, Apple has weathered the tariffs better than many had imagined.

The U.S. government has paused the most draconian Chinese tariffs several times, smartphones got an exemption from tariffs and Cook in May told investors that the company was able to rearrange its supply chain to import iPhones to the U.S. from India, where tariffs are lower.

Cook also successfully leaned on his relationship with Trump, visiting him in White House and taking his side in August, when Cook presented the shiny keepsake to Trump. That commitment bolstered Trump’s push to bring more high-tech manufacturing to the U.S. In exchange, Trump said he would exempt Apple from a forthcoming semiconductor tariff, too. And Trump’s IEEPA tariffs were ruled illegal in late August, although they are still in effect.

Apple hasn’t completely missed the tariff consequences. Cook said the company spent $800 million on tariff costs in the June quarter, mainly due to the IEEPA-based tariffs on China. That was less than 4% of the company’s profit, but Apple warned it could spend $1.1 billion in the current quarter on tariff expenses.

After months of eating the tariff costs itself, Apple may finally pass those costs to consumers with this month’s launch of the iPhone 17 models.

Apple has been judicious about hardware price increases in the U.S. The smaller Pro phone, for example, hasn’t gotten a price increase since its debut in 2017, holding at $999. But Apple has made some price changes.

The company raised the price of its entry level phones from $699 to $829 in 2020. And in 2022 when Apple eliminated the smaller iPhone Mini that started at $699, the company replaced it with the bigger-screen Plus that costs $899. The Pro Max also got a hike in 2023 when Apple bumped it from $1,099 to its current price of $1,199.

If Apple does increase prices on its phones this year, don’t expect management to blame tariffs.

The average selling price of smartphones around the world is rising, according to IDC. The price of smartphone components, such as the camera module and chips, have been increasing in recent years.

Apple is much more likely to focus on highlighting its phones’ new features and quietly note the new price. Analysts expect the new iPhones to have larger screens, increased memory and new, faster chips for AI.

“No one’s going to come out and say it’s related to tariffs,” said IDC analyst Nabila Popal.

One way that Apple could subtly raise prices is by eliminating the entry-level version of its phones, forcing users to upgrade to get more storage at a higher starting price. Apple typically charges $100 to double the amount of the iPhone’s storage from 128GB to 256GB.

That’s what JPMorgan analysts expect Apple to announce next week.

They forecast that Apple will leave the prices of the entry level and high-end Pro Max models alone, but they wrote that they expect the company to eliminate the entry-level version of the Pro, meaning that users will have to pay $1,099 for an iPhone 17 Pro that has more starting-level storage than its predecessor. That’s how Apple raised the price of the entry-level Pro Max in 2023.

“However, with Apple’s recent announcements relative to investments in US, the assumption is that the company will largely be shielded from tariffs, driving expectations for limited pricing changes except for those associated with changes in the base storage configuration for the Pro model,” wrote JP Morgan analyst Samik Chatterjee.

When Cook was asked about potential Apple price increases on an earnings call in May, he said there was “nothing to announce.”

“I’ll just say that the operational team has done an incredible job around optimizing the supply chain and the inventory,” Cook said.

This post appeared first on NBC NEWS

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