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Back on Inauguration Day, few in Washington would have believed that the highly publicized friendship between President Donald Trump and Elon Musk would implode before the year’s end.

No political partnership burned brighter or fizzled faster than Trump and Musk’s in 2025. What began as a joint crusade to cut federal spending through the newly minted Department of Government Efficiency quickly devolved into a public falling out that unfolded in a full-blown social media feud.

As 2025 comes to a close, here’s a look back at the biggest political breakup of the year.

October 2024 — First public appearance together

The 2024 presidential campaign was the driving force for the high-profile partnership that ensued.

After the first Trump assassination attempt at a rally in Butler, Pennsylvania, on July 13, 2024, Musk endorsed Trump in an X post. Musk went on to donate more than $200 million to Trump’s presidential campaign through his super PAC, America PAC.

While the two appeared together for a virtual town hall that August, the X owner and Tesla CEO made his first public appearance with Trump on Oct. 5, as the soon-to-be president returned to Butler three months after the shooting and one month before Election Day.

Musk was jumping for joy as he joined Trump on stage.

November 2024 — Musk appointed to lead DOGE

After Trump won the 2024 presidential election, Musk was appointed to lead the Department of Government Efficiency.

On stage in Mar-a-Lago in Palm Beach, Florida, after winning the election, Trump said of Musk, ‘A star is born!’

Two weeks after the election, Trump and his family attended the SpaceX ‘Starship’ launch with Musk.

January 2025 — Inauguration Day

Trump made DOGE official on Inauguration Day by signing an executive order to cut waste, fraud and abuse in the federal government with a mandate to modernize ‘Federal technology and software to maximize governmental efficiency and productivity.’

Musk joined fellow tech moguls Jeff Bezos, Tim Cook and Mark Zuckerberg for Trump’s inauguration.

Early 2025 — DOGE cleans house

As the Trump administration got settled, DOGE got to work pursuing Musk’s ambitious goal of cutting up to $2 trillion from the federal budget.

As of October 2025, DOGE has saved approximately $214 billion through a combination of asset sales, contract or lease cancellations, fraud and improper payment deletions, grant cancellations, interest savings, programmatic changes, regulatory savings and workforce reductions, according to the DOGE website.

When tens of thousands of federal workers were laid off, protests began erupting across the United States, rejecting Musk’s leadership and Trump’s sweeping, second-term agenda.

March 2025 — Trump buys a Tesla 

Amid growing discontent directed at Musk and DOGE, Tesla stocks began seeing a drop earlier this year.

Meanwhile, Musk’s political involvement prompted push back from protesters. Tesla vehicles, charging stations and dealerships were targeted in a string of vandalism attacks.

In a show of support for Musk, Trump turned the White House South Lawn into a Tesla showroom and bought a red Tesla Model S.

‘He’s built this great company, and he shouldn’t be penalized, because he’s a patriot,’ Trump said.

May 2025 — Musk departs DOGE

By May, Musk began paring back his hours leading the controversial agency.

According to the Office of Government Ethics, ‘special government employees’ like Musk can work for the federal government no more than 130 days a year, which in Musk’s case was May 30.

On his last day at DOGE, Musk joined Trump in the Oval Office for a press conference celebrating the billionaire’s legacy.

June 2025 — Musk torches OBBB

Soon after Musk left the White House, Trump and Musk had their ‘big, beautiful’ breakup, fueled by congressional negotiations for Trump’s One Big Beautiful Bill Act.

‘I’m sorry, but I just can’t stand it anymore,’ Musk said in a post on June 3. ‘This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.’

Trump’s megabill included tax cuts, green energy spending cuts and Medicaid reform, but fiscal conservatives, like Musk, argued it didn’t do enough to reduce the nation’s $38 trillion debt crisis.

Trump told reporters he was ‘very disappointed’ in Musk’s criticism of his marquee megabill.

‘Elon and I had a great relationship. I don’t know if we will anymore,’ Trump said.

Musk then fired back on X, arguing that, ‘Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.’

The Tesla CEO urged Trump to ‘keep the EV/solar incentives cuts in the bill.’

After Musk fired off several posts on X, Trump started firing back on his own social media platform, writing on Truth Social that Musk was ‘wearing thin’ and claiming that he asked Musk to leave the White House.

‘I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!’ Trump said.

The president then threatened to ‘terminate Elon’s Government Subsidies and Contracts.’

Musk fired back with a ‘really big bomb,’ accusing Trump of being ‘in the Epstein files.’

‘This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted. The President is focused on passing this historic piece of legislation and making our country great again,’ White House press secretary Karoline Leavitt said in response.

July 2025 — Fall-out fireworks

Congress narrowly passed Trump’s One Big Beautiful Bill Act by a self-imposed July 4 deadline.

Ahead of its final passage, Musk renewed his criticism of the reconciliation bill on social media.

In response, Trump threatened to use DOGE to investigate Musk’s government subsidies for his companies.

September 2025 — Brought together at Charlie Kirk’s memorial service

Months later, Trump and Musk reunited to honor the conservative activist Charlie Kirk, who was assassinated during a Turing Point USA event in Orem, Utah, on Sept. 10.

Trump and Musk were spotted shaking hands at Kirk’s memorial service in a box at State Farm Stadium in Glendale, Arizona.

‘For Charlie,’ Musk later responded to the photo on X.

October 2025 — Trump offers kind words

Aboard Air Force One on Oct. 27, Trump seemed to bury the hatchet when asked about Musk.

‘During Charlie’s beautiful tribute, Elon came over. It’s good with Elon. I like Elon. I have always liked Elon. Elon’s good,’ Trump said.

When asked if he had spoken to Musk since Kirk’s memorial, Trump said the two have spoken ‘on and off, a little bit, very little, nothing much.’

‘Look, he’s a nice guy, and he’s a very capable guy. I have always liked him. He had a bad spell. He had a bad period. He had a bad moment. Stupid moment in his life. Very stupid. I’m sure he’d tell you that, but I like Elon, and I suspect I will always like him,’ Trump added.

November 2025 — Musk back at the White House

On Nov. 18, Musk attended a White House dinner as Trump hosted Saudi Crown Prince Mohammed bin Salman. 

December 2025 — Moving forward

The dust seemed to settle on Trump and Musk’s ‘big, beautiful’ breakup as 2025 came to a close. 

FOX Business’ Edward Lawrence asked Trump during a cabinet meeting on Dec. 2 whether Musk was ‘back in [his] circle of friends’ after their falling-out.

Well, I really don’t know. I mean, I like Elon a lot,’ Trump responded. 

Musk did not immediately respond to Fox News Digital’s comment request.

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

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The Senate will return to a fast-approaching government funding deadline, but this time both sides appear ready to avoid another shutdown.

When lawmakers in the upper chamber return Monday, they will have three working weeks to fund the government. That process fizzled out before they left town earlier in December, but lawmakers are hopeful that both parties can come together to ward off a repeat of September’s funding deadline.

Senate Minority Leader Chuck Schumer, D-N.Y., told reporters before leaving the Capitol that Democrats’ goal was to have the remaining slate of appropriations bills completed by the Jan. 30 deadline. It takes 12 spending bills to fund the government, and so far, neither chamber has come close to hitting that mark.

‘We want to get through the process and get the appropriations bills done,’ Schumer said.

It’s a stark departure from his and Democrats’ earlier position, given that they shut the government down for a record 43 days in a bid to bring expiring Obamacare subsidies to the forefront of discussions.

Congressional Democrats also have been leery of working with their Republican counterparts after President Donald Trump’s roughly $9 billion clawback package, which cut funding to already agreed-to programs and priorities, passed on a partisan vote over the summer.

A similar issue played out just as the Senate was on the cusp of advancing a five-bill spending package before skipping town.

Sens. Michael Bennet, D-Colo., and John Hickenlooper, D-Colo., held up the process over the Trump administration’s plan to dismantle the National Center for Atmospheric Research (NCAR) in Boulder, Colorado. 

Office of Management and Budget Director Russ Vought had just announced that same day that the facility would be put under a microscope, and charged that the NCAR was ‘one of the largest sources of climate alarmism in the country.’

For now, the duo appear entrenched in their position.

‘This holiday season, hundreds of NCAR employees face uncertainty about their jobs and communities across the state are worried they won’t get the support they need to rebuild their lives after historic flooding and wildfires,’ Bennett said in a statement. ‘Colorado deserves better, and I am doing everything in my power to fight back and protect our state from the President’s vindictive chaos.’

There’s also the issue of dealing with the Obamacare subsidies, which will have expired by the time lawmakers return to Washington, D.C. A group of bipartisan senators are working on a possible solution, and there are plans in the House — one from the GOP that already passed and another bipartisan effort that is expected to get a vote early January — that could make their way onto the Senate floor.

And Congressional Democrats are likely to use the healthcare issue as leverage during the impending spending fight.

Exactly how lawmakers avoid another shutdown is still in the air. The Senate is determined to advance its five bill package, which includes legislation to fund the departments of Defense, Labor, Health and Human Services, Education, Commerce, Justice, Interior, Transportation, and Housing and Urban Development.

But in order for those bills to make it to Trump’s desk, the House has to agree. So far, the lower chamber has only passed a handful of spending bills, and has not brought any appropriations bills to the floor for months.

Senate Majority Leader John Thune, R-S.D., already is gaming out a ‘a contingency plan.’

‘We got to fund the government by the end of the month,’ Thune said. ‘And so we’re looking at, you know, determining what that looks like, obviously, if we can pass the five bill package, and if we can’t, then what that looks like.’

‘So there’s a lot of thought being given and just to make sure that we don’t end up in a, you know, posture at the end of the month where we’re looking at, staring at a shutdown again,’ he continued.

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Tatiana Schlossberg, the environmental journalist and author who was the granddaughter of former President John F. Kennedy, has died at the age of 35, her family announced.

‘Our beautiful Tatiana passed away this morning. She will always be in our hearts,’ the family said in a statement shared via the JFK Library Foundation’s Instagram account Tuesday.

Born and raised in New York City, Schlossberg was the daughter of Caroline Kennedy and the granddaughter of Jacqueline Kennedy Onassis and the former president.

She built a career as a voice on climate and environmental issues. In 2023, Schlossberg was diagnosed with acute myeloid leukemia and after she had given birth to her second child.

Schlossberg shared her experience publicly in a personal essay for The New Yorker in November 2025.

‘My parents and my brother and sister, too, have been raising my children and sitting in my various hospital rooms almost every day for the last year and a half,’ she wrote at the time.

This is a developing story. Please check back for updates.

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Escalating claims by Russia that Ukraine tried to hit a residence used by President Vladimir Putin with drones have been dismissed by a top military drone expert, who called the alleged attack ‘hard to fathom’ and tactically implausible.

Cameron Chell’s comments came as Moscow doubled down on accusations Kyiv has flatly denied, with the drone industry leader arguing the alleged strike announced Monday runs counter to Ukraine’s drone tactics.

Chell, the CEO and co-founder of Draganfly, a drone manufacturer that supplies to the U.S. Department of Defense and allied militaries, including Ukraine, said Russia’s claims lack credibility.

‘What really makes things usually very signature about Ukraine is that they’re always incredibly clever about how they use drones,’ Chell told Fox News Digital.

‘They are clever from a cost perspective — let’s call it an efficiency perspective — but also very clever in their tactics,’ he added.

‘I find it hard to fathom that this drone attack even happened on Putin’s residence or that it was something that Ukraine orchestrated for a number of reasons,’ Chell said.

‘To get over the top of Putin’s residence, for one, the drones would not have been launched from a very long distance away,’ he added.

Chell’s comments came as Russia doubled down Tuesday on accusations that Ukraine attempted to strike a presidential palace in the Novgorod region using drones, allegedly to disrupt peace efforts.

Kyiv dismissed the allegation, with the timing also raising questions given the upbeat tone of a recent meeting between President Trump and Ukrainian President Volodymyr Zelenskyy in Florida.

Russian Foreign Minister Sergey Lavrov claimed late Monday that 91 drones were intercepted en route to Putin’s residence on the shores of Lake Valdai.

His statement appeared to contradict earlier Defense Ministry tallies, which said 89 drones were shot down over eight regions, including 18 over Novgorod, later adding another 23.

Only after Lavrov spoke did the ministry allege that 49 drones intercepted over Bryansk, nearly 300 miles away, were also targeting Valdai.

Asked about wreckage, Kremlin spokesman Dmitry Peskov said it was ‘a matter for our military,’ while calling Zelenskyy’s denial and Western skepticism ‘completely insane.’

Peskov said Russia’s diplomatic stance would be toughened, and Duma Speaker Vyacheslav Volodin vowed there could be ‘no forgiveness’ for Zelenskyy.

Chell said the story simply does not add up. ‘To attack Putin’s residence, you need long-range, very fast-moving drones,’ he said.

He added that for drones that small to reach such a site, they would have had to be launched from a much closer location, likely inside Russia itself.

‘They would have to be within about 10 kilometers [6.2 miles] — or maybe, at most, 30 kilometers — of Putin’s residence,’ Chell said.

‘That facility where Putin lives would also be incredibly secure, and so to have a number of lower-cost, slower-moving drones coming in on that facility would be very un-Ukrainian,’ Chell said.

‘Ukraine also doesn’t announce when they’re going to show up,’ he added.

Chell also noted that night operations would rule out GPS- or AI-based navigation due to jamming and visibility limits, making the launch of dozens of drones even less plausible.

‘Apparently the thing was at night, so that’s very difficult for machine vision or AI mapping software,’ he said. ‘So, you know, it definitely wasn’t using GPS, because it would have been jammed. There are just a bunch of things that don’t add up.’

Politically, Chell argued, Ukraine has nothing to gain. ‘They’re bold, but right in the middle of peace talks — when they need Trump on side — it makes no sense,’ he said. ‘Ukraine is just politically too smart to have done that.’

Zelenskyy on Monday also called the claim a complete fabrication, accusing Moscow of laying the groundwork for further attacks. 

Lavrov warned of retaliation but said Russia would continue talks with Washington.

Trump also said he learned of the alleged attack directly from Putin and was ‘very angry about it.’ Asked whether there was evidence, Trump replied, ‘We’ll find out.’

Fox News Digital has reached out to the Kremlin for comment.

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Sen. Jim Justice, R-W.V., believed that Republicans had accomplished numerous feats in 2025, but he and his party had fallen woefully short of truly understanding what the everyday American thinks.

‘We, as Republicans, and I have said this so many times, we’re lousy,’ Justice told Fox News Digital. ‘We’re great at doing the good things, but we’re lousy at really knowing what Toby and Edith are thinking. And that causes a lot of problems.’

‘Toby’ and ‘Edith’ are the names Justice gives to the average voter, a group he said that he knows well from his time as West Virginia’s governor for eight years before joining the Senate after scoring an easy victory in the 2024 election.

Justice’s frustration came as Congress was readying to leave Washington, D.C., until the new year. Lawmakers had failed to tackle one last remaining issue after scores of legislative victories in the upper chamber: extending, or replacing, expiring Obamacare premium subsidies.

Those tax credits are set to lapse Wednesday, and tens of millions of Americans will see their out-of-pocket costs for healthcare double, triple and in some cases skyrocket by more than 300%.

Justice said that, as governor, there was understanding the credits would expire, given that Democrats under former President Joe Biden both enhanced the subsidies and set an expiration date for the end of the year. 

But to Toby and Edith, the political machinations and fights that dominated the latter part of the year mattered little. It’s the end result that they’re paying attention to, Justice said.

‘They’re thinking, ‘Well, you know, I know [former President Barack] Obama started all this stuff, and I know it didn’t work, and everything, but the Republicans are pretty much in charge right now,’’ Justice said. ‘‘So, you know, if they’re in charge, why don’t they fix it?’’

Effectively, he said, the extra money that people had to work with thanks to the subsidies would vanish, putting families and the Tobys and Ediths in the country under more financial strain.

‘That’s how they think, you know,’ Justice said. ‘And so what I would say to you is, if Republicans aren’t concerned about that, they’re making a bad move on the chessboard.’

What a fix could look like is in the air, for now. Senate Republicans’ plan to convert the subsidies into health savings accounts failed. So did Senate Democrats’ push for a three-year extension.

There are options bubbling from the House, including the GOP’s package that doesn’t address the subsidies, and a bipartisan plan that, similar to Senate Democrats’ proposal, would extend the subsidies for three years. The latter is expected to get a vote in early January.

Justice lauded President Donald Trump and Republicans’ work throughout the year, arguing that the GOP trifecta had ‘almost pitched nine perfect games,’ but the healthcare issue was one that would sting, politically and on the ground.

‘I think just an extension doesn’t work,’ Justice said. ‘We need to fix it. We need to fix it all. And I think that’s what President Trump is really trying to do. He’s trying to get the money in their hands, instead of the money to insurance companies. All that’s great and everything, but I’m telling you, our messaging is, as Republicans, is not great in my book.’

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A federal judge ordered the Trump administration to produce documents related to its decision to investigate and bring criminal charges against Salvadoran migrant Kilmar Abrego Garcia while he was detained at a maximum-security prison in El Salvador earlier this year – signaling what is sure to be an action-packed evidentiary hearing in Nashville next month. 

The order, filed by U.S. Judge Waverly Crenshaw earlier this month and released to the public Tuesday afternoon, requires the Justice Department to produce all relevant documents to defense lawyers pertaining to its decision earlier this year to open an investigation and seek criminal charges against Abrego Garcia for conduct stemming from a 2022 traffic stop. 

The Justice Department opened the criminal investigation and presented the case to a grand jury earlier this year, when Abrego Garcia was detained at CECOT, and at the same time as lawyers for the Trump administration officials were telling a separate federal judge in Maryland that they were powerless to bring him back from Salvadoran custody. 

The new order stops short of compelling any government witnesses to testify for next month’s hearing, including testimony from Deputy Attorney General Todd Blanche, whose remarks – for months – have been at the center of the vindictive prosecution effort pursued by Abrego Garcia’s defense team in Tennessee.

Abrego Garcia’s attorneys have argued Blanche played ‘a leading role’ in the decision to prosecute him, a notion Blanche’s office has vehemently dismissed.

They had also honed in on the involvement of Blanche’s associate, Aakash Singh. 

‘The cornerstone of Abrego’s motion to dismiss is that the decision to prosecute him was in retaliation for his success in the Maryland District Court,’ Crenshaw said in the newly unsealed ruling. 

‘Indeed, at the time of Abrego’s arrest, Blanche linked Abrego’s criminal charges to his successful civil lawsuit in Maryland. Specifically, some of the documents suggest not only that McGuire was not a solitary decision-maker, but he, in fact, reported to others in DOJ and the decision to prosecute Abrego may have been a joint decision, with others who may or may not have acted with improper motivation.’ 

U.S. District Judge Waverly Crenshaw had ruled in October that Abrego Garcia had established a ‘reasonable likelihood’ that the criminal case against him was the result of vindictive prosecution by the Justice Department, a determination that shifted the burden to the government to rebut ahead of the criminal trial, and ordered the Trump administration to produce for the court internal documents and government witnesses to testify about its decision to bring the case. 

Lawyers for the Justice Department fiercely resisted efforts to produce government witnesses or documents, arguing that the documents should be protected by attorney-client privilege and work-product privilege, among other things. 

The evidentiary hearing is slated to take place on Jan. 28.

Crenshaw separately canceled the criminal trial date for Abrego Garcia, though the update is likely more a procedural one than a reflection of the status of the case.

Abrego Garcia’s status has been at the center of a legal and political maelstrom for nearly 11 months, after he was arrested and deported to his home country of El Salvador, in violation of a 2019 withholding of removal order. 

This is a breaking news story. Check back for updates.

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Protests spread across Iran on Tuesday after President Donald Trump and other administration officials voiced support for demonstrators. Speaking Monday, Trump pointed to Iran’s economic collapse and long-standing public discontent while stopping short of calling for regime change.

Inside Iran, demonstrations entered a third consecutive day, expanding beyond the capital’s commercial center. The exiled opposition coalition National Council of Resistance of Iran (NCRI) reported widespread strikes and student protests across Tehran and multiple provincial cities, describing clashes with security forces and anti-government chants. A video obtained by the NCRI appears to show protesters pushing back security forces, forcing them to leave the scene on Tehran’s Jomhouri Street. 

Iran International reported that universities emerged as major protest hubs, with rallies at Tehran University, Sharif University of Technology, Shahid Beheshti University, Elm-o-Sanat University and Khajeh Nasir University. Security forces tightened entry controls at campuses and reinforced offices linked to Supreme Leader Ali Khamenei.

Strikes spread across Tehran’s Shoush and Molavi districts and into Isfahan’s Naqsh-e Jahan Square, while parts of Tehran’s Grand Bazaar and the gold market shut down. Mobile phone traders gathered outside major shopping centers after closing their stores. Protests turned violent in several locations, with tear gas fired in Tehran and Malard and reports of live fire in Hamadan. Nighttime demonstrations were reported from Qeshm Island in the south to Zanjan and Hamadan in the north, with videos showing chants of ‘death to the dictator.’

Speaking at a press conference at Mar-a-Lago on Monday, Trump said he was ‘not going to talk about overthrow of a regime.’ Instead, he focused on Iran’s deteriorating economy and the state’s violent response to protests. ‘They’ve got tremendous inflation. Their economy is busted, the economy is no good,’ Trump said. 

He said that when Iranians gather to protest, the regime responds with lethal force.

‘Every time they have a riot or somebody forms a group, little or big, they start shooting people,’ Trump said. ‘You know, they kill people. All of a sudden people start getting shot and that group disbanded pretty quickly.’

Trump said he has watched the unrest build for years, describing Iran’s leadership as brutal.

‘I’ve watched this for years — there is tremendous discontent,’ he said. ‘I’ve watched it for years, and vicious, vicious people.’ His remarks came as protests intensified following the collapse of Iran’s currency to historic lows. The rial fell to roughly 1.45 million per U.S. dollar on the open market, triggering strikes and demonstrations centered on Tehran’s Grand Bazaar and spreading to other major cities, according to Iran International’s live reporting. Videos and eyewitness accounts described heavy security deployments, clashes with demonstrators and the use of tear gas as unrest widened.

U.S. Ambassador to the United Nations Mike Waltz issued a direct message of support. ‘The people of Iran want freedom,’ Waltz wrote on X. ‘We stand with Iranians in the streets of Tehran and across the country as they protest a radical regime that has brought them nothing but economic downturn and war.’ 

A parallel statement from the U.S. government’s Persian-language account, @USAbehFarsi, said Washington supports the Iranian people’s efforts ‘to make their voices heard,’ urging the Islamic Republic to respect fundamental rights rather than suppress protests.

Iranian officials acknowledged the unrest but defended the government’s approach. Reuters reported that government spokeswoman Fatemeh Mohajerani said Tehran recognizes protests and that officials would set up a mechanism to engage with protest leaders. Iranian President Masoud Pezeshkian directed his interior minister to address protesters’ ‘legitimate demands’ and engage in dialogue with their representatives.

Independent analysts warned the unrest reflects deeper structural strains. The OSINT research group SpecialEurasia said in an assessment on Tuesday that Iran’s internal stability has reached a ‘critical threshold,’ citing the convergence of currency collapse, renewed international sanctions and chronic water and energy shortages. The group noted that the participation of bazaar merchants, traditionally a pillar of regime support, signals declining confidence in the state’s economic management and raises the risk of prolonged unrest.

NCRI leader Maryam Rajavi said the protests reflect the anger of ‘tens of millions’ driven to the breaking point by inflation, corruption and clerical rule. NCRI’s claims reflect opposition reporting and cannot be independently verified due to restrictions on access inside Iran.

Cameron Khansarinia, vice president of the National Union for Democracy in Iran, said the latest demonstrations underscore a growing shift in public sentiment. ‘Iranians have once again taken to the streets.’ Citing President Donald Trump’s remarks this week, he added that ‘each time they do, the regime tries to crush it,’ but argued that ‘Iranians’ desire to be free is increasingly becoming greater than their fear of the regime.’ Khansarinia claimed that chants in support of Crown Prince Reza Pahlavi have been growing in the protests, saying the protesters showed ‘remarkable bravery.’ 

As protests continue, verification of casualties and arrests remains limited, but the scale and spread of the unrest underscore mounting pressure on Iran’s leadership amid economic free fall and growing public defiance.

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The global electric vehicle (EV) market was a study in contrasts in 2025.

While global sales surged by 21 percent, fueled by China’s continued dominance and a resilient European recovery, the North American market faced significant headwinds on the back of policy changes.

How did the EV market perform in 2025?

Global EV sales hit 18.5 million units in the first 11 months of 2025, according to EV market research firm Rho Motion, up 21 percent year-on-year. “Overall, EV demand remains resilient, supported by expanding model ranges and sustained policy incentives worldwide,” said Charles Lester, the company’s data manager.

While sales are up significantly in two of the three major regional markets (Europe, 36 percent, and China, 19 percent), North America continues to be the laggard, with total sales down 1 percent over the year so far.

China remains global EV market leader

At 11.6 million units, China’s EV sales represented 62 percent of total global sales through November 2025, as per Rho Motion. Chinese EV maker BYD (HKEX:1211,OTC Pink:BYDDF) is also the world’s largest EV manufacturer.

What’s more, China’s dominance in the global EV market extends beyond its borders.

“Record overseas sales from BYD reflect the growing global reach of Chinese EV makers,” said Lester.

Rho Motion reported that BYD saw record EV export levels this year in both June (90,000 units) and November (131,935 units). The fastest-growing export markets this year were in Europe (400 percent), Southeast Asia (100 percent) and South America (50 percent).

EV market alive and well in Europe

European EV sales came to 3.8 million units in the first 11 months of 2025, up 33 percent compared to the same period in 2024. However, the story hasn’t been positive for all markets in the region this year, especially as governments cut back on subsidies and tax breaks in the face of growing national debt. For example, Rho Motion notes that French EV sales were negatively impacted in 2025 after the government cut subsidies.

However, November was a bright light for Europe’s EV market after governments in France, Italy and UK offered up “new incentives and wider model availability.’ Somewhat reversing course, the French government increased EV subsidies for low-income households beginning in September in a bid to encourage them to make the transition.

The growth in Europe comes alongside the increasing popularity of small-size battery electric vehicles (BEVs), as well as Chinese-made plug-in hybrid electric vehicles (PHEVs), which are not impacted by European tariffs on BEVs.

North American EV market struggling

North American EV sales in 2025 were down 1 percent to 1.7 million units sold as of November 30.

The Canadian government ran out of funding for incentives for its zero-emission vehicle program in January 2025, with no replacement scheme on the horizon. Facing slower EV adoption, economic headwinds and pressure from auto makers, Canadian Prime Minister Mark Carney has also paused the 2026 Electric Vehicle Availability Standard, which had mandated that 20 percent of new light-duty vehicle sales in the country be zero-emission vehicles.

Interestingly, EV sales in the US experienced a record period in the third quarter of this year. But that was only because US President Donald Trump’s administration decided to take an abrupt U-turn on EVs, ending tax credits for car buyers as part of the One Big Beautiful Bill Act, which passed in July. Consumers rushed to make purchases of EVs and PHEVs to take advantage of the US$7,500 tax credit before it expired on September 30, 2025.

Overall for 2025, EV sales in the US are expected to drop by 2.1 percent year-on-year, according to Cox Automotive. That would be the first time in six years for yearly sales to post negative growth.

BEVs also lost ground to traditional combustion engine vehicles this year, representing just 7.8 percent of the total vehicle market in the US compared to the 8.1 percent won last year. “It’s not a huge drop. And maybe the situation isn’t as dark as some headlines would have you believe. But it’s a notable shift, particularly when you consider the trajectory of EV sales over the last several years,” stated Tim Levin, senior editor at InsideEVs.

EV market not going away

The volatility the EV market has experienced in 2025 isn’t going anywhere; however, the EV market outlook for 2026 is still one of robust growth, especially outside of North America.

“And Europe certainly hasn’t given up on electric cars. They’ve doubled down,” said Tiggre.

“If you thought that Europe was going to give up and go back to gas guzzlers, COVID didn’t make them do it. War with Russia didn’t make them do it … I really believe it’s not going away,’ he added.

In 2026, as many as 116 million EVs could be on the world’s roads, according to Gartner, a global research and advisory firm. That figure includes light passenger vehicles, buses, vans and heavy trucks, and represents a 30 percent increase over 2025. China’s reign as the leading geographical market for EVs will continue into the new year as the nation is set to account for 61 percent of all globally registered EVs in 2026.

For 2026, Economist Intelligence Unit is predicting that although declining consumer enthusiasm is translating into slower sales growth, “EVs will remain the best-performing segment of the global auto market in 2026.

New EV growth rate vs. new EV penetration.

Chart via the International Energy Agency.

Economist Intelligence Unit reports that total year-on-year sales growth for EVs, including BEVS, PHEVS and fuel-cell vehicles, will slow from 31 percent in 2025 to 15 percent in 2026.

However, EVs will still account for 38 percent of total new vehicle sales worldwide.

According to the firm, key catalysts for the EV market that investors should watch in 2026 include: China’s export license requirements on fully assembled BEVs and PHEVs, set to begin January 1; the renegotiation of the USMCA free trade agreement in July; and stricter Euro 7 emission standards slated to come into play on November 29.

Hybrids to dominate in changing North American EV landscape

Another key trend to watch in 2026 is hybrid vehicles — experts believe consumers are likely to check their range anxiety with hybrids, and Gartner is forecasting that PHEV sales will rise by 32 percent in 2026.

The results of a survey conducted by CDK Global support this forecast, showing a significant drop in North American consumer interest for EVs. Among those currently driving gas-powered vehicles, only 11 percent reported an interest in purchasing a pure EV. That’s down 20 percent from last year’s survey.

The percentage of hybrid owners interested in purchasing a fully electric vehicle for their next ride also dropped from 54 percent in the 2024 survey to 35 percent in the latest version. At 54 percent, PHEV drivers were the most enthusiastic about BEVs, down only 4 percent from last year. Some of the most common reasons cited for the lack of interest in EVs were the cancellation of federal tax credits and “don’t suit my lifestyle.’

Carmakers are responding to the shift in consumer sentiment by slowing the rollout of new EV models and focusing their manufacturing efforts on hybrids rather than fully electric vehicles. For example, Ford Motor (NASDAQ:F) has pulled the plug on its all-electric F-150 Lightning pickup truck, and instead will opt for producing a hybrid version.

The announcement followed the Trump administration’s decision to cut back on US Corporate Average Fuel Economy standards. “Under the new rule, manufacturers will only need to meet a fleetwide average of ~34.5 mpg by 2031, a big reduction compared to the roughly 50.4 mpg target under the previous rule,” reported Rho Motion.

Additionally, Economist Intelligence Unit says Toyota Motor (NYSE:TM,TSE:7203) is planning to reduce its annual EV sales target for 2026 from 1.5 million units to just 800,000 units, while Honda Motor (NYSE:HMC,TSE:7267) and Nissan Motor (TSE:7201,OTC Pink:NSANF) both plan to cut US production of one electric SUV model each.

“This change of pace will allow them to streamline their operations as trade barriers upend supply chains in 2026. However, backtracking on EV plans now may be detrimental in the longer term for carmakers, as the industry around them continues its shake-up,” the firm’s analysts state.

During his keynote speech at Benchmark Week in November, Stephen Kosowski, manager, long-range strategy and planning, at Kia North America, echoed these sentiments.

“We have a regulatory enforcement that’s ended, right? So EV sales are now shifting to natural demand,” he said. “We’re going to see a rebalancing of production to demand in the marketplace.”

According to Kosowski, regulations and consumer incentives were behind many of the technological advance, range increases and new model lines coming out of the North American EV market. Now that those regulations and incentives are effectively gone, BEVs will likely account for less of the total market share in North America.

With the majority of buyers being higher-income coastal elites, pure EVs lack broader market appeal, explained Kosowski. For EV producers to continue selling into a market facing economic uncertainties, hybrids are the best bet.

“What are the roadblocks? Price in particular, range and charging,” he said. “Hybrids, to us, are the path forward.”

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

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VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / December 30, 2025 / Prince Silver Corp. (CSE:PRNC,OTC:PRNCF)(OTCQB:PRNCF)(T130:Frankfurt) (‘Prince Silver’ or the ‘Company) is pleased to announce that its ongoing reverse circulation (‘RC’) drilling program has encountered favourable alteration in all ten drill holes completed to date at the Prince Silver Mine Project (the ‘Project’). Furthermore, the Company will increase the planned drill program from 21,000 feet (~6,400 metres) to over 30,000 feet (~9,100 metres) and accelerate drilling with the addition of a second RC drill rig next month.

Current drilling is focused on evaluating near-surface (less than 300 metres) carbonate replacement (‘CRD’) silver-gold-manganese and base-metal mineralization, as well as sediment-hosted gold-silver zones, along a 3,500-foot (~1,070-metre) structural corridor ranging from 600 to 1,200 feet (~180-360 metres) in width. Mineralization at the Project remains open in all directions within shallow, gently dipping mineralized zones that present potential for open-pit mining.

The first batch of assays for the ten completed drill holes is expected in January 2026. Results will provide important insight into the scale and continuity of mineralization across the Exploration Target (as defined below) and the broader mineralized system, and to help guide subsequent phases of drilling with the objective of incorporating new data into an initial NI 43-101-compliant mineral resource estimate.

‘The alteration encountered in the drill holes reinforce our confidence in the Prince Silver Mine Project and support our decision to expand and accelerate drilling,’ said Derek Iwanaka, CEO of Prince Silver Corp. ‘With a second drill rig coming on site and assays pending, we are well positioned to advance the Project toward a maiden mineral resource while continuing to test the broader mineralized system.’

Exploration Target

Historical drilling at the Project identified an exploration target (the ‘Exploration Target’) outlined in an independent historical report prepared in accordance with JORC guidelines by OmniGeoX Exploration Consultants of Perth, Australia. The report, titled ‘Prince Project Exploration Target’ (dated April 24, 2024), was authored by Dr. Lachlan Rutherford and Michael Martin (OmniGeoX Exploration Consultants, 2024, Independent Report prepared for Prince Silver Corp.).

The Exploration Target is based on 129 historic drill holes testing mineralized carbonate replacement beds and host Pioche Shale to depths of up to 300 metres. Historical block modelling of polymetallic mineralization suggests the immediate Exploration Target ranges from approximately 25-43 million tonnes with grades of 1.44-1.57% Zn, 0.78-0.87% Pb, 0.28-0.40 g/t Au, 37-40 g/t Ag, and 3.62-4.30% Mn. Dr. Rutherford and Mr. Martin are Competent Persons as defined under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

Additional details on the Exploration Target and historic production are available in the Company’s press release dated February 27, 2025, filed on SEDAR+ (Prince Silver Corp., 2025, Historic Drilling and Production Summary).

Readers are cautioned that the Exploration Target is not a mineral resource as defined under National Instrument 43-101. The Exploration Target is conceptual in nature and based on historic drilling totaling 16,606 metres, historic production records, mine level plans, and 3D geological modelling. There has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration will result in the delineation of a mineral resource.

Annual General Meeting Results

Prince Silver Corp. held its annual general meeting of shareholders on December 23, 2025 (the ‘AGM’). Shareholders approved all matters presented, as set out in the Company’s management information circular dated November 25, 2025, including:

  • Setting the number of directors at five (5);

  • Election of Derek Iwanaka, Ralph Shearing, Marco Montecinos, Darrell Rader, and Robert Wrixon as directors until the next annual meeting or until their successors are appointed;

  • Re-appointment of Davidson & Company LLP as auditor for the ensuing year; and

  • Adoption of the Company’s 20% rolling omnibus equity incentive plan.

The Company thanks former director Neil MacRae, who did not seek re-election, for his valuable guidance and support.

Ralph Shearing, P.Geo. (Alberta), a Qualified Person under NI 43-101 and Director and President of the Company, has reviewed and approved the technical disclosure in this news release.

About Prince Silver Corp.

Prince Silver Corp. is a silver exploration company advancing its flagship Prince Silver Project in Nevada, USA, featuring a near-surface, historically drilled deposit that remains open in all directions. The Company also holds an interest in the Stampede Gap Project, a district-scale copper-gold-molybdenum porphyry system located 15 km north-northwest, highlighting Prince Silver’s focus on high-potential, strategically located exploration assets.

On Behalf of the Board of Directors

Derek Iwanaka, CEO & Director
Tel: 236-335-9383
Email: info@princesilvercorp.com
Website: www.princesilvercorp.com

Forward-Looking Information

Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as ‘may’, ‘expect’, ‘estimate’, ‘anticipate’, ‘intend’, ‘believe’ and ‘continue’ or the negative thereof or similar variations. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: completion of the Acquisition and related transactions, proposed drill programs, amendments to the Company’s website, property option payments and regulatory and corporate approvals. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, dependence on key personnel, completion of satisfactory due diligence in respect of the Acquisition and related transactions, and compliance with property option agreements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, failure to obtain regulatory or corporate approvals, exploration results, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE: Prince Silver Corp.

View the original press release on ACCESS Newswire

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Saga Metals Corp. (‘TSXV: SAGA,OTC:SAGMF’) (‘FSE: 20H’) (‘SAGA’ or the ‘Company’), a North American exploration company focused on discovering critical minerals, is pleased to announce the results from its follow up field program at the North Wind Iron Ore project in West Central region of Labrador, Canada.

Key Field Program Highlights

  • High-Grade Iron Ore Potential: Iron content (Fe₂O₃) in grab samples from the Sokoman Formation range as high as 84.57% Fe₂O₃, with continuous high grade in the Lower, Middle and Upper Iron stratigraphy’s. Highest grab sample of 2025 returned 79.26 % Fe₂O₃, from the Middle Iron Formation.
  • Magnetite-Rich Ore: Davis Tube separation techniques confirm the presence of magnetite-rich taconite ore, along with the occurrence of hematite, limonite, and goethite. These results are comparable to historical regional resources at the KéMag, Sheps Lake, and Perrault Lake deposits, which boasted strong resource estimates.
  • Extensive Mineralization Zone: Fieldwork identified iron ore mineralization over a 4km NW-SE trend, with indications that the mineralized zone continues southeast. Mapping in the area suggests that the units dip shallowly to the northeast which would make easy drill targets for resource estimation. Surface thickness of the mineralized trend ranges between 600 and 700 meters, underscoring the project’s potential scale.

Figure 1: Regional map of the North Wind Iron Ore Project in Labrador, Canada

SAGA’s North Wind Iron Ore Project: A highly prospective iron ore asset located in the globally recognized, resource-rich Labrador Trough

The North Wind Iron Ore property located 16 kilometers southwest of Schefferville, Quebec, within the prolific Labrador Trough, represents a secondary but high-potential critical mineral asset within Saga Metals’ portfolio. The Labrador Trough, an extensive 1,100-kilometer suite of Proterozoic rocks, is renowned for hosting world-class iron ore deposits and is a major hub for iron ore exploration.

In February of 2025, Cyclone Metals Limited announced that it signed a binding commercial agreement with Vale S.A. regarding the joint development of its Iron Bear iron ore project. (See Figure 1 above for project location). Under the terms of the agreement, Vale has the right to provide up to USD $138 million of funding to the Iron Bear Project in two Phases and earn 75% of the project. If Vale elects to proceed to Decision to Mine (DTM), Vale can elect to acquire the remaining 25% of the Iron Bear project at fair market value or carry Cyclone to production with no dilution.

SAGA’s North Wind property spans 6,375 hectares across 255 claim blocks under a single license. Its geological framework holds significant potential, reinforced by a portion of a historical resource estimate (NI 43-101 compliant) completed in 2013 by New Millennium Iron. This estimate included two key types of iron ore commonly found in the Labrador Trough:

  • Soft iron ores: Composed of fine-grained secondary iron oxides, including hematite, goethite, and limonite.
  • Taconites: Fine-grained, weakly metamorphosed iron formations with above-average magnetite content.

Historical exploration at North Wind includes data from eight drill holes, drilled by New Millenium in 2013, which averaged 20.74% Total Fe (iron) content over 590 meters drilled. Notably, the Lower Red Green Chert (LRGC), a key stratigraphic unit within the property, returned an average grade of 24.76% Fe across 277 meters drilled and was intercepted in all eight holes. This LRGC unit forms part of the Sokoman Formation’s ‘Lower Iron Formation,’ a high-priority target confirmed by both New Millennium Iron and SAGA’s exploration team.

Figure 2: Saga Metals Mapping the North Wind Property in October of 2025

North Wind Iron Ore Field Program 2025

As part of routine claims maintenance, Saga Metals conducted a short field program at the North Wind Iron Ore property in the Autumn of 2025. In total, 38 rock samples were collected within the target area, all being grab samples, across all units, with the main focus on the Middle and Lower iron formations. Of those 38 Grab samples, 17 of them were above 30% with the highest sampling coming from the Middle Iron Formation with 79.26% Fe₂O₃.

The program focused on mapping, prospecting, and rock sampling, targeting the northern and central areas of the property for follow up and drill hole verification, and the south first pass evaluation.

The Sokoman Formation, a high-priority target for Saga Metals, forms the core focus of exploration. This formation is subdivided into three stratigraphic members based on iron content (Fe₂O₃) seen below with the 2025 Top 18 samples:

  • Upper Iron Member: 37%–70.42% Fe₂O₃
  • Middle Iron Member: 36 %–79.26% Fe₂O₃
  • Lower Iron Member: 32.97 %–66.75% Fe₂O₃

The highest sample collected during the program (Sample ID: 1800354) returned 79.26 % Fe₂O₃, originating from the middle Iron members of the Sokoman Formation. These middle and lower members of the Sokoman Formation are particularly prospective, offering the most favorable grades based on iron content.

To further evaluate the potential of these units, SAGA employed Davis Tube Magnetic Separation techniques (as seen below in Table 1). This analytical method effectively separates magnetic (magnetite) and non-magnetic fractions (hematite, limonite, goethite and gangue minerals), providing a robust measurement of magnetite content. Results from these tests indicate that the magnetic fraction compares favorably to grades from nearby historical deposits, including the KéMag, Sheps Lake, and Perrault Lake deposits along the same geological trend. These regional deposits have reported 20%–34% Davis Tube Weight Recovery (DTWR) in historical NI 43-101 mineral resource estimates. *Past results or discoveries of resources on adjacent or nearby properties may not necessarily be indicative of the presence of significant mineralization on the Company’s property.

The 2025 work program confirmed the continued definition of the prospective Middle and Lower Iron members of the Sokoman Formation. Detailed structural mapping has shown the shallow dip of these formations to the northeast which the team has recognised is a great opportunity to expand on the New Millennium resource in the future by defining the grade continuity under cover of the Menhek formation and the less mineralised Upper Iron formation. New Millennium’s drilling in 2012 concentrated on the narrow strip in the middle where these formations were exposed on the surface.

Michael Garagan, CGO & Director of Saga Metals Corp. stated: ‘These findings, including the identified shallowly dipping mineralization to the east, reaffirm the North Wind Iron Ore Project’s potential to become a significant iron ore asset. With iron ore playing a critical role in the steelmaking process and increasing demand driven by infrastructure and renewable energy developments, Saga Metals sees considerable growth potential for the projects value and positions it as a promising contributor to SAGA’s portfolio of critical mineral assets.’

Results of the 2025 Field Program:

Figure 3: Interpreted cross-section from West to East Across the Northwind Property. Shows shallowly dipping iron formations to the east.

Figure 4: Sample location map of 2024-2025 Rock Samples showing total iron grade overlying a geological map of the area.

Figure 5: Sample 800354: Strongly magnetic sample of ‘banded magnetite and red chert, predominately massive magnetite (~2cm diameter) with goethite’ 48.05 Fe2O3(T) % (FUS-ICP)

Sample_ID Formation Fe2O3(T) (%) FUS-ICP LOI (%) GRAV Magnetic Fraction (g) DT Non-Mag Fraction (g) DT Calculated Start Mass (g) DT
1800309 Middle Iron Formation 79.26 -0.94 17.39 12.658 30.048
1800352 Upper Iron Formation 70.42 5.57 11.024 18.962 29.986
1800371 Lower Iron Formation 66.75 -0.86 16.648 13.22 29.868
1800353 Middle Iron Formation 60.01 2.51 0.486 29.513 29.999
1800307 Lower Iron Formation 48.91 5.41 0.007 29.955 29.962
1800354 Lower Iron Formation 48.05 2.32 0.102 29.879 29.981
1800312 Upper Iron Formation 43.62 23.43 0.008 29.961 29.969
1800311 Middle Iron Formation 40.41 -0.18 8.45 21.5 29.95
1800303 Upper Iron Formation 39.77 0.89 9.876 20.13 30.006
1800365 Middle Iron Formation 39.69 3.54 0.054 29.974 30.028
1800357 Lower Iron Formation 39.57 4.27 5.213 24.873 30.086
1800310 Middle Iron Formation 38.15 -0.15 8.389 21.59 29.979
1800305 Lower Iron Formation 38.07 4.72 0.012 30.004 30.016
1800366 Upper Iron Formation 37.38 12.54 0.025 29.926 29.951
1800369 Middle Iron Formation 36.88 -0.56 9.826 20.124 29.95
1800304 Lower Iron Formation 33.74 1.12 6.402 23.584 29.986
1800306 Lower Iron Formation 32.97 3.48 0.018 29.802 29.82
             

Table 1: Results from all samples over 30% Fe₂O₃ including the Davis Tube Separation Analysis

Corporate Update

The Company further reports that it entered into a digital marketing services agreement dated December 29, 2025 (the ‘Marketing Agreement‘) with Machai Capital Inc. (‘Machai‘). Pursuant to the Marketing Agreement, Machai will, among other things, provide the Company with certain marketing services to expand investor awareness of the Company’s business and to communicate with the investment community (the ‘Machai Services‘).

The Machai Services will include, among other things: (i) branding, content and data optimization to assist the Company to create in-depth marketing campaigns, and (ii) tracking, organizing and executing the Machai Services through search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, email marketing, and brand marketing. In consideration of the Machai Services, and pursuant to the terms and conditions of the Marketing Agreement, the Company has agreed to pay Machai a fee of C$400,000 (plus applicable taxes) over a 120-day term, which will be paid using the Company’s available working capital. This agreement may be terminated at any time, with mutual consent of both parties

The Machai Services will be rendered primarily online through a variety of news and investment community communications channels. Suneal Sandhu, the President of Machai – located at 101 – 17565 – 58 Avenue, Surrey, BC, V3S 4E3 – will be involved in conducting the Machai Services. Machai and Mr. Sandhu do not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.

The terms and conditions of the Marketing Agreement remain subject to approval of the TSX Venture Exchange.

Qualified Person

Peter Webster, P. Geo., of Mercator Geological Services is a professional geologist registered with the Professional Engineers and Geoscientist of Newfoundland and Labrador, is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

References:

Balakrishnan, T. (2013). Supplementary assessment report, national instrument 43-101 technical report, resource estimation of Sheps Lake and Perault Lake properties. Prepared for New Millenium Iron Corporation. Newfoundland and Labrador Mineral Lands Division Report, Assessment File 023J/0394.

Géostat, (2007). Technical Report, estimation of the mineral resources of the KeMag iron ore deposit. Énergies et resources naturelles Québecs, GM 64046.

Neal, HE., Watts, Griffis. (2001) Iron deposits of the labrador trough. Explore mining geol. Vol.9, No.2, pp 113-121, 2000.

Cyclone Metals and Vale sign joint development agreement

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar Titanium Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a 2,200m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares and features uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U3O8. Uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, SAGA is strategically positioned to play an essential role in critical mineral security.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com

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

Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company’s North Wind Project and other corporate initiatives, including market awareness contracts. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets, and the risks detailed in the Company’s continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

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