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The de minimis exemption, an obscure trade law provision that has simultaneously fueled and eroded businesses across the globe, officially came to an end on Friday following an executive order by President Donald Trump.

For nearly a decade, shipments valued under $800 were allowed to enter the country virtually duty free and with less oversight. Now, those shipments from the likes of Tapestry, Lululemon and just about any other retailer with an online presence will be tariffed and processed in the same way that larger packages are handled.

In May, Trump ended the exemption for goods coming from China and Hong Kong, and on July 30 he expanded the rollback to all countries, calling it a “catastrophic loophole” that’s been used to evade tariffs and get “unsafe or below-market” products into the U.S.

The de minimis exemption had previously been slated to end in July 2027 as part of sweeping legislation passed by Congress, but Trump’s executive order eliminated the provision much sooner, giving businesses, customs officials and postal services less time to prepare.

“The ending of that under-$800-per-person-per-day rule, from a global perspective, is about to probably cause a bit of pandemonium,” said Lynlee Brown, a partner in the global trade division at accounting firm EY. “There’s a financial implication, there’s an operational implication, and then there’s pure compliance, right? Like, these have all been informal entries. No one’s really looked at them.”

Already, the sudden change has snarled supply chains from France to Singapore and led post offices across the world to temporarily suspend shipments to the U.S. so they can ensure their systems are updated and able to comply with the new regulations.

It’s forced businesses both large and small to rethink not just their supply chains, but their overall business models, because of the impact the change could have on their bottom lines — setting off a panic in board rooms across the country, logistics experts said.

“Obviously it’s a big change for operating models for companies, not just the Sheins and the Temus, but for companies that have historically had e-com and brick-and-mortar stores,” Brown said.

The change also means consumers, already are under pressure from persistent inflation and high interest rates, could now see even higher prices on a wide range of goods, from Colombian bathing suits to specialty ramen subscription boxes shipped straight from Japan.

The end of de minimis could cost U.S. consumers at least $10.9 billion, or $136 per family, according to a 2025 paper by Pablo Fajgelbaum and Amit Khandelwal for the National Bureau of Economic Research. The research found low-income and minority consumers would feeling the biggest impact as they rely more on the cheaper, imported purchases.

Popularized by Chinese e-tailers Shein and Temu, use of the de minimis exemption has exploded in the last decade, ballooning from 134 million shipments in 2015 to over 1.36 billion in 2024. Prior to the recent change to limit its use, U.S. Customs and Border Protection said it was processing over 4 million de minimis shipments into the country each day.

A 2023 House report found more than 60% of de minimis shipments in 2021 came from China, but because the packages require less information than larger containers, very little information is known about their origins and the types of goods they contain. That opacity is one of the key reasons why both former President Joe Biden and Trump sought to curtail or end the exemption.

Both administrations have said the exemption was overused and abused and that it’s made it difficult for CBP officials to target and block illegal or unsafe shipments coming into the U.S. because the packages aren’t subject to the same level of scrutiny as larger containers.

“We didn’t have any compliance information … on those shipments, and then that is where the danger of drugs and whatnot being in those shipments” comes in, said Irina Vaysfeld, a principal in KPMG’s trade and customs practice.

The Biden administration particularly focused on how the exemption allowed goods made with forced labor to make it into the country in violation of the Uyghur Forced Labor Protection Act. Meanwhile, Trump has said the exemption has been used to ship fentanyl and other synthetic opioids into the U.S. In a fact sheet published on July 30, the White House said 90% of all cargo seizures in fiscal 2024, including 98% of narcotics seizures and 97% of intellectual property rights seizures, originated as de minimis shipments.

Across the globe, it’s common for countries to allow low-value shipments to be imported duty-free as a means to streamline and facilitate global trade, but typically, it’s for packages valued around $200, not $800, said EY’s Brown.

Until 2016, the U.S.’s threshold for low-value shipments was also $200, but it was changed to $800 when Congress passed the Trade Facilitation and Trade Enforcement Act, which sought to benefit businesses, U.S. consumers and the overall U.S. economy, according to the Congressional Research Service. It said higher thresholds provide a “significant economic benefit” to both business and shoppers and thus, the overall economy.

While well-intentioned, the law came with unintended consequences, said Brown.

The “rise in value, from $200 to $800, just made it kind of like a free for all to say, OK, everything come in,” she said.

Eventually companies designed supply chains around the exemption: They set up bonded warehouses, where duties can be deferred prior to export, in places like Canada and Mexico and then imported goods in bulk to those regions before sending them across the border one by one, duty free, as customer orders rolled in, said Brown.

“Companies have really laid out their supply chain in a very specific way [around de minimis] and that’s really the crux of the issue,” said KPMG’s Vaysfeld. “The way that the supply chain has been laid out now may need to change.”

Until the rise of Shein and Temu, the de minimis exemption was rarely discussed in retail circles. Soon, the e-commerce behemoths began facing widespread criticism for their use of what many called a loophole.

In 2023, the House Select Committee on the Chinese Communist Party released a report on Shein and Temu and said the two companies were “likely responsible for more than 30 percent of all packages shipped to the United States daily under the de minimis provision, and likely nearly half of all de minimis shipments to the U.S. from China.”

The revelation sparked widespread consternation among retail executives, lobbyists and government officials who said the companies’ use of the exemption was unfair competition.

However, behind closed doors, companies large and small began mimicking the same model after realizing how it could reduce the steep costs that come along with selling goods online.

Direct-to-consumer companies that only have online presences have relied on it more heavily, so much so that their businesses may not work without it, said Vaysfeld.

“Some of the companies we’ve spoken to, they’ve modeled out, if the tariffs continue for one year, for two years, how does that impact their profitability, and they know how long they can last,” said Vaysfeld. “These aren’t the huge companies, right? These are the smaller companies … Depending on what country they’re sourcing from or where they’re manufacturing, it could really impact their profitability that they can’t stay in business for the long term.”

While smaller, digital companies are more exposed, “pretty much most companies that you can think of” had been using the exemption in some form before it ended, said Vaysfeld.

Take Coach and Kate Spade’s parent company Tapestry: About 13% to 14% of the company’s sales were previously covered under de minimis and will now be subject to a 30% tariff, according to an estimate by equity research firm Barclays.

On the company’s earnings call earlier this month, Chief Financial Officer Scott Roe said tariffs will hit its profits by a total of $160 million this year, including the impact of the end of de minimis. That amounts to about 2.3% of margin headwind, he said.

Shares of the company fell nearly 16% the day that Tapestry reported the profit hit.

In a statement, Roe said Tapestry used de minimis to help support its strong online business, adding it is a practice that “many companies with sophisticated supply chains have been doing for years.”

To help offset its termination, he said Tapestry is looking for ways to reduce costs and is leaning on its manufacturing footprint across many different countries.

Canadian retailer Lululemon is another company that uses de minimis, according to Wells Fargo. Last week, the bank cut its price target on the company’s stock from $225 to $205, citing the end of de minimis. In the note, Wells Fargo analyst Ike Boruchow said the equity research firm sees a potential 90 cent to $1.10 headwind to Lululemon’s earnings per share from the de minimis elimination.

Lululemon declined to comment, citing the company’s quiet period ahead of its reporting earnings.

The National Retail Federation, the industry’s largest trade organization, has not taken a position in favor of or against the exemption. It has members who both supported and opposed the policy, said Jonathan Gold, vice president of supply chain and customs policy at NRF.

Retailers of all sizes, including independent sellers with digital storefronts, have used the approach as “a convenient way to get products to the consumer” for less, Gold said.

“Their costs are going to go up and those costs could be passed on to the consumer at the end of the day,” Gold said.

The most acute impact of the end of de minimis is expected to be felt on online marketplaces where millions of small businesses sell goods like Etsy, eBay and Shopify and used de minimis to defray costs when sending online orders from other parts of the globe to the U.S.

American shoppers have gotten used to buying artwork, coffee mugs, T-shirts and other items from merchants outside the country without paying duties. With that tariff exemption gone, consumers could face higher costs and a more limited selection of items to choose from.

Etsy, eBay and some other retailers sought to defend the loophole prior to its removal, submitting public comments on proposed de minimis regulation by the CBP. An eBay public policy executive said the company was concerned that restrictions to de minimis “would impose significant burdens on American consumers and importers.”

Etsy’s head of public policy, Jeffrey Zubricki, said the artisan marketplace supports “smart U.S. de minimis reform,” but that it was wary of changes that could “disproportionately affect small American sellers.”

“These exemptions are a powerful tool that help small creators, artisans and makers participate in and navigate cross-border trade,” Zubricki wrote in a March letter to CBP.

An Etsy spokesperson declined to comment on the policy change. Etsy CFO Lanny Baker said at a Bernstein conference in May that transactions between U.S. buyers and European sellers comprise about 25% of the company’s gross merchandise sales.

EBay didn’t immediately provide a comment in response to a request from CNBC. The company warned in its latest earnings report that the end of de minimis outside of China could impact its guidance, though CEO Jamie Iannone told CNBC in July that he believes eBay is generally “well suited” to navigate the shifting trade environment.

Some eBay and Etsy sellers based in the UK, Canada and other countries are temporarily closing off their businesses to the U.S. as they work out a plan to navigate the higher tariffs. Blair Nadeau, who owns a Canadian bridal accessories company, was forced to take that step this week.

“This is devastating on so many levels and millions of small businesses worldwide are now having their careers, passions and livelihoods threatened,” Nadeau wrote in an Instagram post on Tuesday. “Just this past hour I have had to turn away two U.S. customers and it broke my heart.”

Nadeau sells her bespoke wedding veils, jewelry and hair adornments through her own website and on Etsy, where 70% of her customer base is in the U.S. The de minimis provision had been a “lifeline” for many Canadian businesses to get their products in the hands of American consumers, Nadeau said in an interview.

“This is really hitting me,” Nadeau said. “It’s like all of a sudden 70% of your salary has been removed overnight.”

In the absence of de minimis, online merchants are faced with either paying import charges upfront and potentially passing those costs on to shoppers through price hikes, or shipping products “delivery duty unpaid,” in which case it’s the customer’s responsibility to pay any duties upon arrival.

Alexandra Birchmore, an artist based in the Cotswolds region of England, said she expects to raise the price of her oil paintings on Etsy by 10% as a result of paying the duties upfront.

“At the moment every small business forum I am on is in chaos about this,” Birchmore said. “It looks to me to be a disaster where no one benefits.”

The disruption could end up being a boon for the likes of Amazon and Walmart. U.S. consumers may turn to major retailers if they face steeper prices elsewhere, as well as potential shipping delays due to backlogs or other issues at the border.

Amazon, in particular, has already proven resilient after the U.S. axed the de minimis provision for shipments from China and Hong Kong in May. The company’s sales increased 13% in the three-month period that ended June 30, compared with 10% growth in the prior quarter. Amazon’s unit sales grew 12%, an acceleration from the first quarter.

Both Amazon and Walmart have fulfillment operations in the U.S. that allow overseas businesses to ship items in bulk and store them in the companies’ warehouses before they’re dispatched to shoppers. Shein and Temu largely eschewed the model in the past in favor of the de minimis exception, but they’ve since moved to open more warehouses in the U.S. in the wake of rising tariffs.

Since the exemption ended on Chinese imports in May, the impact on Shein and Temu has been swift. Temu was forced to change its business model in the U.S. and stop shipping products to American consumers from Chinese factories.

The end of de minimis, as well as Trump’s new tariffs on Chinese imports, also forced Temu to raise prices, reign in its aggressive online advertising push and adjust which goods were available to American shoppers.

The Financial Times reported on Tuesday that Temu has resumed shipping goods to the U.S. from Chinese factories and will also increase its advertising spend following what it called a “truce” between Washington and Beijing.

Temu didn’t return a request for comment.

Meanwhile, Shein has been forced to raise prices and daily active users on both platforms in the U.S. have fallen since the de minimis loophole was closed, CNBC previously reported. Temu’s U.S. daily active users plunged 52% in May versus March, while Shein’s were down 25%, according to data shared with CNBC by market intelligence firm Sensor Tower.

This post appeared first on NBC NEWS

Europe’s powerhouse trio, the U.K., France, and Germany (E3), on Thursday initiated the process to reimpose sweeping sanctions against Iran over its ‘significant non-compliance’ with international nuclear agreements. 

At 9 am EST, they submitted a letter to the president of the United Nations Security Council, Panama’s Ambassador Eloy Alfaro de Alba, notifying him of their intent to trigger the snapback sanctions mechanism enshrined under the 2015 nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA).

The action comes after months of warnings from European leaders, and years of calls from the U.S. dating back to the first Trump administration in 2018, flagging that Tehran was in violation of nuclear agreements made under the 2015 Joint Comprehensive Plan of Action (JCPOA) – though Iran’s record of non-compliance did not initiate until 2019 per findings by international nuclear watchdogs. 

According to a U.K. official on Thursday, the decision to enforce snapback sanctions, which is expected to have severe consequences for Iran’s already flagging economy, was not a decision that was made ‘lightly.’

The official confirmed that there has been ‘very intense diplomacy’ over the last ’12-months, 6-months, 6-weeks’ that ultimately led to this decision – including three major factors like Tehran’s uranium stockpile levels, its operating of advanced centrifuges and its refusal to adhere to international inspection regulations – all of which are dictated under the JCPOA.

The official confirmed that in May Iran was found to have roughly 20,000 lbs of enriched uranium, including 900 lbs of near-weapons grade highly enriched uranium (HEU) – which is 45 times higher than the JCPOA limit of under 660 lbs of enriched uranium.

‘Iran is the only non-nuclear weapons state producing highly enriched uranium,’ the official said, adding that those stockpiles remain unaccounted for. 

Thursday’s actions mean that by the end of the 30-day period all 15 members of the United Nations Security Council (UNSC), which includes Russia and China, could be legally bound to reimpose sanctions on Iran. 

But in speaking to reporters in Washington, D.C. on Wednesday, the head of the U.N.’s nuclear watchdog, the International Atomic Energy Agency, said there is ‘still time’ for Iran to prevent the sanctions from taking hold. 

‘Iran will have to comply,’ IAEA Director General Raffael Grossi said. ‘I think there is a possibility. I’m not naively optimistic, but at the same time, there is no reason why we should not [have] a good outcome.’

The E3 and the U.S. have made clear there are specific steps that Tehran needs to do in order to avoid snapback sanctions, including giving the IAEA full access to all Iranian nuclear sites, direct negotiations with Washington, and accounting for roughly 900 lbs of highly enriched uranium (HEU).

But Grossi also noted that it would be ‘almost impossible’ for Iran to get to a point of compliance with the JCPOA due to too many technical advances. 

Questions over the location of the HEU, which is estimated to be enough to make 10 nuclear warheads, mounted after the U.S. levied direct strikes at Iran’s nuclear program in June. Reports suggested that in the days leading up to the strikes, Iran may have moved and hidden some of its uranium based on satellite imagery that showed convoys leaving the Fordow and Isfahan nuclear sites.

But on Wednesday, Grossi countered these concerns and said the IAEA had no evidence that the uranium has been moved to a secret location. 

Though the stockpile of HEU is still not officially accounted for as the IAEA has not been granted access to Iran’s top nuclear sites – though Grossi said he anticipated that access to come shortly as inspectors on Wednesday visited the Bushehr nuclear power plant after being re-granted access in Iran. 

When asked by reporters whether Iran was taking immediate action to begin meeting the E3 demands and avoid sanctions, Grossi said, ‘point blank…no.’

‘Our work hasn’t started. We are not yet where I would like us to be – I will not hide this,’ he said. ‘But at the same time I am a diplomat, I am always working towards peace.’

Iran has threatened to retaliate if the sanctions are implemented, though how it will do so remains unclear.

Tehran in recent years has strengthened ties with powerful allies like Russia and China, who have rejected calls for snapback sanctions.

But even though Russia and China sit on the U.N. Security Council with veto powers, they will not be able to unilaterally stop the sanctions from going through.

In an unprecedented move in 2015, the sanctions mechanism was written in a way that reversed standard council procedure, which would traditionally require all five permanent members to approve of any action, meaning that just one veto could block the action.

In the case of snapback sanctions on Iran, every permanent member, which includes the U.S., France, U.K., China and Russia, must veto the push to reimpose sanctions.

This means that, despite opposition from Russia and China, they cannot block the sanctions, as they have increasingly done when it comes to other security council actions in recent years – leading to what some have argued is a paralyzed state in the U.N.’s highest body.

This post appeared first on FOX NEWS

Newly declassified documents have stated that former President Barack Obama was present for key meetings with his top intelligence and national security officials that led to critical steps in the opening of the Trump–Russia investigation.

Director of National Intelligence Tulsi Gabbard and CIA Director John Ratcliffe have declassified new documents related to the origins of the original Trump–Russia probe at the FBI — known inside the bureau as ‘Crossfire Hurricane.’

Trump has accused Obama of being the ‘ringleader’ of the Russiagate narrative — an allegation vehemently denied by the former president.

‘Out of respect for the office of the presidency, our office does not normally dignify the constant nonsense and misinformation flowing out of this White House with a response,’ Obama spokesman Patrick Rodenbush said in a July statement. ‘But these claims are outrageous enough to merit one.’ 

‘These bizarre allegations are ridiculous and a weak attempt at distraction,’ Obama’s spokesman continued. ‘Nothing in the document issued last week undercuts the widely accepted conclusion that Russia worked to influence the 2016 presidential election but did not successfully manipulate any votes.’ 

He added: ‘These findings were affirmed in a 2020 report by the bipartisan Senate Intelligence Committee, led by then-Chairman Marco Rubio.’

Here’s a look at the known key meetings the former president attended and was reportedly made aware of: 

Aug. 3, 2016

On Aug. 3, 2016, then-CIA Director John Brennan reportedly briefed then-President Obama on intelligence that then-Democratic nominee former Secretary of State Hillary Clinton allegedly was stirring up a plan to tie Trump to Russia.

Then-Vice President Joe Biden, then-FBI Director James Comey, then-Attorney General Loretta Lynch and then-Director of National Intelligence James Clapper also were reportedly present for the briefing.

Brennan’s notes from that briefing were declassified in 2020 by John Ratcliffe, who, at the time, was serving as director of National Intelligence. Ratcliffe is now the director of the CIA. 

Fox News Digital, at the time, exclusively reported on those notes.

‘We’re getting additional insight into Russian activities from (REDACTED),’ Brennan notes read. ‘CITE (summarizing) alleged approved by Hillary Clinton a proposal from one of her foreign policy advisers to vilify Donald Trump by stirring up a scandal claiming interference by the Russian security service.’ 

The notes state ‘on 28 of July.’ In the margin, Brennan writes ‘POTUS,’ but that section of the notes is redacted.

‘Any evidence of collaboration between Trump campaign + Russia,’ the notes read.

The remainder of the notes are redacted, except in the margins, which reads:  ‘JC,’ ‘Denis,’ and ‘Susan.’

The notes don’t spell out the full names but ‘JC’ could be referring to then-FBI Director James Comey or former Director of National Intelligence James Clapper. ‘Susan’ could refer to National Security Adviser Susan Rice. And ‘Denis’ could possibly refer to then-Obama chief of staff Denis McDonough.

The meeting came just days after the FBI, July 31, 2016, opened a counterintelligence investigation into whether candidate Trump and members of his campaign were colluding or coordinating with Russia to influence the 2016 campaign. It was opened by then-Deputy Assistant Director for Counterintelligence Peter Strzok.

Days after that briefing, the CIA properly forwarded that information through a Counterintelligence Operational Lead (CIOL) to Comey and Strzok, with the subject line: ‘Crossfire Hurricane.’

Fox News Digital exclusively obtained and reported on the CIOL in October 2020, which stated: ‘The following information is provided for the exclusive use of your bureau for background investigative action or lead purposes as appropriate.’

‘Per FBI verbal request, CIA provides the below examples of information the CROSSFIRE HURRICANE fusion cell has gleaned to date,’ the memo continued. ‘An exchange (REDACTED) discussing US presidential candidate Hillary Clinton’s approval of a plan concerning US presidential candidate Donald Trump and Russian hackers hampering US elections as a means of distracting the public from her use of a private email server.’

But days before the Aug. 3, 2016, briefing, and before the July 31, 2016, opening of the Crossfire Hurricane probe, foreign sources allegedly connected to left-wing billionaire George Soros were emailing about the FBI opening a probe into the salacious Trump–Russia narrative. 

That information came from emails dated July 25, 2016, to July 27, 2016, contained in the newly declassified appendix of Special Counsel John Durham’s report.

The appendix reveals that the foreign sources were allegedly tied to George Soros’ Open Society Foundations.

The appendix said that Russian government actors in 2016 reportedly hacked emails from the Open Society Foundations, formerly known as the Soros Foundation.

‘Two of the apparently hacked emails appear to have originated from the Open Society Foundations,’ the appendix states, noting that the purported author of these emails was Leonard Benardo, who was the regional director for Eurasia at the Open Society Foundations.

‘During the first stage of the campaign, due to lack of direct evidence, it was decided to disseminate the necessary information through the FBI-affiliated…technical structures… in particular, the Crowdstrike and ThreatConnect companies, from where the information would then be disseminated through leading U.S. publications,’ Benardo reportedly wrote in an email, per the appendix. 

‘The media analysis on the DNC hacking appears solid …. Julie (Clinton Campaign Advisor) says it will be a long-term affair to demonize Putin and Trump. Now it is good for a post-convention bounce,’ Benardo allegedly wrote, per the appendix. ‘Later the FBI will put more oil into the fire.’

Another email reportedly from Benardo on July 27, 2016, states: ‘HRC (Hillary Rodham Clinton) approved Julie’s idea about Trump and Russian hackers hampering U.S. elections.’

‘This should distract people from her own missing email, especially if the affair goes to the Olympic level,’ Benardo reportedly continued, per the annex. ‘The point is making the Russian play a U.S. domestic issue. Say something like a critical infrastructure threat for the election to feel manic since both POTUS and VPOTUS have acknowledge the fact IC would speed up searching for evidence that is regrettably still unavailable.’ 

Crossfire Hurricane, the FBI’s Trump–Russia investigation, was opened just several days later, on July 31, 2016. And Brennan briefed Obama just days after that.

It is unclear if the Benardo emails were part of the Aug. 3, 2016, briefing.

Nov. 10, 2016

Then-President Obama invited then-President-elect Donald Trump to the White House just two days after the 2016 presidential election.

During that meeting, Obama warned Trump against hiring Michael Flynn to serve as his White House national security adviser. 

Flynn, a critic of the Obama administration, had been fired as head of military intelligence by Obama in 2014.

Trump tapped Flynn for the post anyway, but Flynn resigned less than a month into his tenure after reports that he had misled then-Vice President Mike Pence about his conversations with Russia’s ambassador to the United States, Sergey Kislyak.

Flynn ended up being a key figure in the early days of Russiagate.

As part of former Special Counsel Robert Mueller’s investigation, Flynn pleaded guilty to making false statements in his FBI interview regarding his talks with Kislyak. Flynn was charged with lying to federal investigators about whether he had talked to Kislyak about limiting the Russian government’s response to Obama’s sanctions for election meddling.

His plea deal involved his full cooperation with investigators in the special counsel’s office.

But FBI agents did not actually believe that Flynn intentionally lied about his talks with Kislyak.

In 2020, the Justice Department dropped its case against Flynn, shortly after internal memos were released that raised serious questions about the nature of the investigation that led to the guilty plea for lying to the FBI. 

Those documents showed how agents discussed their motivations for interviewing him in the Russia probe — questioning whether they wanted to ‘get him to lie’ so he’d be fired or prosecuted, or get him to admit wrongdoing. Flynn allies howled over the revelations, arguing that he was essentially set up in a perjury trap.

Declassified notes showed agents considered various options in the run-up to their fateful January 2017 interview with Flynn, including getting Flynn ‘to admit to breaking the Logan Act’ when he spoke to Kislyak during the presidential transition period.

‘What is our goal?’ one of the notes read. ‘Truth/Admission or to get him to lie, so we can prosecute him or get him fired?’

Another note read, ‘If we get him to admit to breaking the Logan Act, give facts to DOJ + have them decide.’ 

The memo appeared to weigh the pros and cons of pursuing those different paths, while cautioning: ‘If we’re seen as playing games, WH (White House) will be furious.’

Flynn’s communications with Kislyak in December 2016 had been picked up in wiretapped discussions, apparently unbeknownst to him. The FBI agents in January 2017 questioned him on the communications and later used his answers to form the basis for the false-statement charge and his guilty plea.

Flynn had moved to withdraw his guilty plea for lying to the FBI in the Russia probe, citing ‘bad faith’ by the government. That court filing came just days after the Justice Department reversed course to recommend up to six months of prison time in his case, alleging he was not fully cooperating or accepting responsibility for his actions.

The case had been plodding through the court system with no resolution ever since his original plea, even amid speculation about whether Trump himself could extend a pardon.

Trump, in May 2020, said Flynn was a target of the Obama administration and called the investigation into his former national security adviser treasonous.

‘They’re human scum,’ Trump said. ‘It’s treason.’

Dec. 9, 2016

Current Director of National Intelligence Gabbard recently declassified documents claiming that the Obama administration ‘manufactured and politicized intelligence’ to allegedly create the narrative that Russia was attempting to influence the 2016 presidential election, despite information from the intelligence community stating otherwise.

Documents revealed that in the months leading up to the November 2016 election, the intelligence community consistently assessed that Russia was ‘probably not trying…to influence the election by using cyber means.’

One instance was Dec. 7, 2016, weeks after the election. 

Then-Director of National Intelligence Clapper’s talking points stated: ‘Foreign adversaries did not use cyberattacks on election infrastructure to alter the U.S. presidential election outcome.’

Fox News Digital obtained a declassified copy of the Presidential Daily Brief, which was prepared by the Department of Homeland Security, with reporting from the CIA, Defense Intelligence Agency, FBI, National Security Agency, Department of Homeland Security, State Department and open sources, for Obama, dated Dec. 8, 2016.

‘We assess that Russian and criminal actors did not impact recent US election results by conducting malicious cyber activities against election infrastructure,’ the Presidential Daily Brief stated. ‘Russian Government-affiliated actors most likely compromised an Illinois voter registration database and unsuccessfully attempted the same in other states.’

But the brief stated that it was ‘highly unlikely’ the effort ‘would have resulted in altering any state’s official vote result.’

‘Criminal activity also failed to reach the scale and sophistication necessary to change election outcomes,’ it stated. 

The brief noted that the Office of the Director of National Intelligence assessed that any Russian activities ‘probably were intended to cause psychological effects, such as undermining the credibility of the election process and candidates.’ 

The brief stated that cyber criminals ‘tried to steal data and to interrupt election processes by targeting election infrastructure, but these actions did not achieve a notable disruptive effect.’

Fox News Digital obtained declassified, but redacted, communications from the FBI on the Presidential Daily Brief, stating that it ‘should not go forward until the FBI’ had shared its ‘concerns.’

Those communications revealed that the FBI allegedly drafted a ‘dissent’ to the original Presidential Daily Brief. 

The communications revealed that the brief was expected to be published Dec. 9, 2016, the following day, but later communications revealed that Office of the Director of National Intelligence, ‘based on some new guidance,’ decided to ‘push back publication’ of the Presidential Daily Brief. 

‘It will not run tomorrow and is not likely to run until next week,’ wrote the deputy director of the Presidential Daily Brief at Office of the Director of National Intelligence, whose name is redacted. 

The following day, Dec. 9, 2016, a meeting convened in the White House Situation Room, with the subject line starting: ‘Summary of Conclusions for PC Meeting on a Sensitive Topic (REDACTED.)’

The meeting included top officials in the National Security Council, Clapper, Brennan, Rice, then-Secretary of State John Kerry, Lynch, then-Deputy FBI Director Andrew McCabe, among others, to discuss Russia.

The declassified meeting record, obtained by Fox News Digital, revealed that principals ‘agreed to recommend sanctioning of certain members of the Russian military intelligence and foreign intelligence chains of command responsible for cyber operations as a response to cyber activity that attempted to influence or interfere with U.S. elections, if such activity meets the requirements’ from an executive order that demanded the blocking of property belonging to people engaged in cyber activities.

After the meeting, according to the Office of the Director of National Intelligence, Clapper’s executive assistant reportedly emailed intelligence community leaders tasking them to create a new intelligence community assessment ‘per the president’s request,’ that detailed the ‘tools Moscow used and actions it took to influence the 2016 election.’

‘ODNI will lead this effort with participation from CIA, FBI, NSA, and DHS,’ the record states.

Later, Obama officials allegedly ‘leaked false statements to media outlets’ claiming that ‘Russia has attempted through cyber means to interfere in, if not actively influence, the outcome of an election.’

By Jan. 6, 2017, a new Intelligence Community Assessment was released that, according to the Office of the Director of National Intelligence, ‘directly contradicted the IC assessments that were made throughout the previous six months.’ 

Jan. 5, 2017

Then-President Obama held an Oval Office meeting Jan. 5, 2017, with then-FBI Director James Comey, then-National Security Adviser Susan Rice, then-CIA Director John Brennan, then-Director of National Intelligence James Clapper and then-Vice President Joe Biden.

During that meeting, Comey reportedly suggested to Obama that the National Security Council might not want to pass ‘sensitive information related to Russia’ to then-incoming National Security Adviser Michael Flynn.

On Jan. 20, 2017, the day Trump was first inaugurated, Rice sent herself an email documenting the Jan. 5, 2017, Oval Office meeting. That email was declassified by former acting Director of National Intelligence Richard Grenell in 2020.

During that meeting, Comey provided guidance on how law enforcement needed to investigate Russian interference in the 2016 presidential race.

Comey reportedly told Obama he was proceeding with the Trump–Russia probe ‘by the book,’ and went on to discuss concerns about Flynn’s known conversation with Kilsyak.

Rice, in her email to self, wrote: ‘From a national security perspective, Comey said he does have some concerns that incoming NSA Flynn is speaking frequently with Russian Ambassador (Sergey) Kislyak. Comey said that could be an issue as it relates to sharing sensitive information. President Obama asked if Comey was saying that the NSC should not pass sensitive information related to Russia to Flynn.’

Rice then wrote, ‘Comey replied, ‘potentially.’ He added that he has no indication thus far that Flynn has passed classified information to Kislyak, but he noted that ‘the level of communication is unusual.’’

When the email was declassified in 2020, a representative for Rice told Fox News Digital that ‘no discussion of law enforcement matters or investigations took place, despite accusations to the contrary.’ 

The spokeswoman also insisted the Obama administration did not change the way it briefed Flynn, saying Rice briefed Flynn for more than 12 hours on four separate occasions during the transition.

‘Ambassador Rice did not alter the way she briefed Michael Flynn on Russia as a result of Director Comey’s response,’ Rice representative Erin Pelton said.

‘President Obama began the conversation by stressing his continued commitment to ensuring that every aspect of this issue is handled by the intelligence and law enforcement communities ‘by the book,” Rice emailed to herself. ‘The president stressed that he is not asking about, initiating or instructing anything from a law enforcement perspective. He reiterated that our law enforcement team needs to proceed as it normally would by the book.’

The email also appeared to reflect Obama’s guidance on sharing sensitive information with both the Russians and the incoming Trump administration.

Rice wrote that Obama said, ‘He wants to be sure that, as we engage with the incoming team, we are mindful to ascertain if there is any reason that we cannot share information fully as it relates to Russia.’

Rice wrote: ‘The president asked Comey to inform him if anything changes in the next few weeks that should affect how we share classified information with the incoming team. Comey said he would.’

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Foxit, a major PDF software company founded in China, removed any mention of its various U.S. government customers from its website after Fox News Digital began asking questions about its government ties and Chinese connections.

The company develops PDF software for reading, editing and signing documents, with customers ranging from businesses to U.S. agencies. Foxit was founded in 2001 in Fuzhou, China, by Eugene Xiong. Its parent company — Fujian Foxit Software Development Joint Stock Co., Ltd. — is traded on the Shanghai stock market and oversees a U.S. subsidiary based in Fremont, Calif.

Until Fox News Digital began pressing Foxit on its background, the company’s website touted clients across the federal government — from the Missile Defense Agency (MDA) and State Department to the Army, Navy, Air Force, Department of Homeland Security (DHS), Food and Drug Administration (FDA), U.S. courts and the Department of Transportation.

But following Fox News Digital’s request for comment, Foxit scrubbed any mention of U.S. government customers from its site. The company did not respond to questions.

Over the course of reporting, multiple agencies confirmed they had either removed Foxit products or no longer maintained active contracts with Foxit’s U.S. subsidiary. 

An MDA spokesperson said Foxit had been used on an isolated network ‘not connected to any operational missile defense system’ but is ‘no longer in any MDA system.’ The spokesperson did not say when Foxit had been removed from its systems but added that the team behind the initial decision to use the software is no longer with the agency, and that an updated review of all software is underway. 

A State Department source said small Foxit contracts had existed in the past but were terminated, though did not clarify when.

Before the website purge, Foxit even published ‘case studies’ on work with U.S. Citizenship and Immigration Services and the FDA. A DHS source, however, told Fox News Digital that Foxit is now ‘specifically identified and listed on our prohibited software list.’

The FDA handles trade secrets, sensitive clinical trial data and even biodefense-related health information. The agency did not return a request for comment on whether it is still using Foxit. 

The Department of Justice likewise confirmed Foxit was removed from its networks last year after a security review.

Other agencies, including the Office of the Secretary of Defense (OSD) and the National Institutes of Health, acknowledged receiving questions from Fox News Digital but did not confirm current usage.

Foxit is difficult to track in publicly available records: government purchases may be logged under distributors, integrators or resellers rather than the company itself.

Fox News Digital identified dozens of solicitation requests — documents federal agencies issue when seeking bids for goods and services — that specifically mentioned Foxit software, from the Army, Navy, NIH, NASA, the Defense Department and the General Services Administration. Which of those turned into finalized contracts is unclear.

One known Foxit contract with OSD expired in 2023.

On its U.S. website, Foxit emphasizes its California headquarters and ‘global’ reach, without mention of its Chinese listing. On its Chinese-language site, however, Foxit highlights clients such as the Chinese Ministry of Foreign Affairs, the State Intellectual Property Office, and the National Standards Committee. In 2023, it announced a partnership with China Media Group, which operates under the Chinese Communist Party’s Publicity Department.

Its Chinese website lists offices in Fuzhou, Beijing, Nanjing and Hefei. 

U.S. agencies typically contract through the California-based Foxit Software Inc., not the Chinese parent, allowing Foxit to present itself as a U.S.-based company. Still, Foxit’s parent company remains subject to Chinese law — including the 2017 National Intelligence Law, which compels companies to assist Chinese intelligence if requested. 

One analyst questioned whether the corporate separateness could fully insulate the U.S. subsidiary from the interests of the Chinese parent. 

‘It sounds especially similar to the TikTok argument. We’re doing everything here, all the data is located here, we have TikTok USA. We’re a Singaporean company, we have no relations with the Chinese mainland – outside of our corporate structure, which is almost wholly owned by a Chinese based company,’ said Joel Thayer, a Washington-based tech and telecommunications attorney.

‘Chinese companies are masters of concealing their intentions through corporate filings and corporate infrastructure,’ he said.

Foxit counts Idax.ai as its subsidiary, a company specifically tailored to redact sensitive documents. ‘The company’s AI-powered solutions are aimed at professionals across various industries, including healthcare, finance, real estate, law, and government,’ according to a branded content release in NY Weekly.

Fox News Digital could not determine whether Idax has been used by government agencies.

Foxit claims to have 750 million users and over 425,000 clients around the world, with business centers not just in the U.S. and China but Japan, Europe and Australia, with plans to expand into Russia, Brazil and India. 

 Critics warn that even seemingly routine data could be of intelligence value.

‘Even if Foxit isn’t being used for secret documents, the information the company could potentially glean would be invaluable to the CCP,’ said Thayer. 

‘You are basically banking on it that the platform isn’t behind the veil, collecting an immense amount of data about what contracts and services are being provided to our government,’ he said.

Foxit originally positioned itself as a cheaper alternative to Adobe Acrobat. But China tech watchers warn the discount may come with hidden risks.

‘That’s invaluable information for any of our adversaries – how much money a contract is worth, what services are being rendered, what technologies are they looking at, what are they hiring people to do, what the government is looking into… competitors would kill for that information,’ Thayer said. 

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The nominee President Donald Trump tapped to serve as ambassador to a United Nations office charged with overseeing global aviation standards has a checkered tax history and background donating to Democrats and political opponents of the president, a Fox News Digital review of the nominee’s public records found. 

The White House and Trump allies, however, have doubled down in support of the nominee, saying he will assist the administration in ‘ushering in the Golden Age of aviation.’ 

Jeffrey Anderson was tapped to lead the International Civil Aviation Organization in July, when the White House published a list of nominations to fill various roles, from the International Civil Aviation Organization ambassadorship to director of the Mint to membership with the National Labor Relations Board. Anderson is a U.S. Navy veteran who worked as a commercial airline captain for more than 34 years, retiring from that role earlier in 2025, according to his LinkedIn. 

The International Civil Aviation Organization is a U.N. office based in Montreal that is charged with overseeing international aviation standards, including issues related to safety, navigation and environmental protection. The role had sat vacant for the past three years, when the former ambassador, pilot Chesley ‘Sully’ Sullenberger, stepped down in 2022. 

Sullenberger gained widespread applause in 2009, when the US Airways pilot landed Flight 1549 on the Hudson River after a bird strike disabled both engines — an event known as the ‘Miracle on the Hudson.’

Anderson is a former Delta Air Lines pilot whose nomination drew ire from the Air Line Pilots Association, a union that represents nearly 80,000 pilots across the U.S. and Canada, arguing his ‘only’ qualification was supporting an effort to raise the mandatory pilot retirement age. 

The union opposes increasing the mandatory retirement from 65 years of age to 67, arguing it ‘would leave the United States as an outlier in the global aviation space and create chaos on pilot labor, and international and domestic flight operations,’ the group’s statement in July read.

Fox News Digital took a look back at Anderson’s political campaign contributions and found he donated to a handful of Democratic candidates often hostile to Trump and his policies. 

He also made a handful of small dollar donations to Republican Nikki Haley during the 2024 campaign cycle, when the former U.S. ambassador to the U.N. ran against Trump, whom she slammed as ‘unhinged’ while on the campaign trail before dropping out of the race and endorsing Trump as the GOP nominee for president. 

Anderson contributed at least $200 to Haley during the month of February 2024, when Haley and Trump were the only GOP candidates left in the primary race, according to four small dollar donations recorded by the Federal Election Commission. 

The former pilot also donated to Shawn Harris, the former Democratic opponent who tried to unseat Republican Georgia Rep. Marjorie Taylor Greene in the 2024 cycle. The $100 donation was made in September 2024 through ActBlue, the Democratic Party’s massive fundraising arm, and earmarked for the Democratic candidate who ultimately failed to oust Greene. 

Harris’ campaign included slamming Trump and characterizing him as a politician who acts as a ‘king’ and threatens democracy. 

Anderson’s political donations to Democrats stretch back years, including in 2017 when he donated to Democrats, such as former House candidate Dan Ward in Virginia and former Rep. Peter DeFazio of Oregon — both of whom received $250 contributions from Anderson that year, according to election records. 

Both Democrats had slammed Trump and his policies across his first administration, including DeFazio declaring after the Jan. 6, 2021, breach of the Capitol that: ‘Donald Trump is a threat to our democracy, national security and the safety of all Americans. He must be removed from office immediately.’ 

The former Delta pilot has also landed in hot water over unpaid taxes, Fox News Digital found. IRS records show Anderson and his wife had over $426,000 in unpaid federal taxes across seven years from 2013 to 2019, raising concerns that his financial responsibility. The taxes were related to a ‘small business,’ according to the forms. 

‘Jeffrey Anderson isn’t a Trump Republican at all; he’s a liberal sleeper who slipped through the cracks of PPO (Presidential Personnel Office),’ a former Trump official told Fox Digital of Anderson’s political donations and tax history. 

When approached for comment on the previous donations and tax issues, Anderson told Fox News Digital that at ‘the very least, some of your information is factually incorrect or tendered well out of context.’ Anderson did not respond when asked for additional details on what was ‘factually incorrect.’

‘At the very least, some of your information is factually incorrect or tendered well out of context. I am fully supportive of President Trump and his America First agenda. I have been fully vetted by the White House and appreciate the approval of the President, House Aviation Chair Troy Nehls and House T&I Chair Sam Graves, among others. I look forward to advancing American interests as the next Permanent Representative to ICAO,’ he wrote in a direct message on LinkedIn to Fox Digital in August, while adding that Trump is seeking to ‘move effectively forward in a space negligently left vacant by Biden.’

When asked about Anderson’s tax history and donations to Democrats and Trump opponents, a White House official told Fox Digital: ‘Jeffrey Alderson is highly qualified to serve as America’s ambassador to the ICAO, and he is a great choice to represent the President’s America First foreign policy agenda in the international aviation community.’

Fox News Digital additionally reached out to the State Department, which helps manage the vetting of potential ambassador nominees, for comment and was directed the White House’s statement. 

The former pilot himself also floated a run for political office more than a decade ago in Georgia as a Democrat, according to a local Georgia news report that called him ‘prospective Democratic Congressional candidate Jeff Anderson.’ In an opinion piece published that same year, titled ‘The sinking Democratic Party in Georgia is bad news for everyone,’ Anderson was described as a ‘a 2010 Independent candidate for the U.S. House in Georgia’s 11th District.’ 

While old social media posts on X show Anderson celebrated former President Biden’s 2012 DNC speech at the time as ‘wonderful American message: major concepts, not petty; Democratic, but not commercially political.’ While other tweets targeted the NRA and celebrated how Anderson ‘politely but firmly faced’ NRA representatives and gun manufacturers on ‘sensible policy ideals’ back in 2023, according to a review of the X account @JeffAndersonPAI that ceased activity back in 2014.  

In addition to the White House defending Anderson’s nomination, Texas Republican Rep. Troy Nehls, who serves as chairman of the House Transportation and Infrastructure Subcommittee on Aviation, told Fox Digital that Anderson will help usher in ‘the Golden Age of aviation’ under the Trump administration. 

‘As Chairman of the House Aviation Subcommittee, I have complete confidence in Jeffrey Anderson to serve as ambassador to the International Civil Aviation Organization (ICAO),’ Nehls said in comment to Fox Digital in August. ‘Mr. Anderson served as a naval aviator and has more than three decades of experience as a pilot for Delta. He is, without a doubt, qualified to represent the United States of America at ICAO, where his first-hand experience with the aviation industry will play a crucial role in advancing President Trump’s mission of ushering in the Golden Age of aviation.’

A board member of a pilots group called Experienced Pilots Advancing Aviation Safety, added that he fully backs Anderson’s nomination, citing his honesty and credentials as an airline captain. The Experienced Pilots Advancing Aviation Safety, which endorsed Anderson’s nomination, also advocates raising the mandatory retirement age for airline pilots, arguing experienced pilots lead to safer skies and can mentor the next generation instead of ‘forced retirements of America’s most experienced aviators,’ according to its website. 

‘I feel 100% confident in Captain Anderson’s honesty and professional credentials. Having flown aircraft around the world in international operations for the past 40 years in the Marine Corps and Delta Airlines, and my working with and in association with ICAO and IATA, I feel Jeff would be a perfect fit for this position as it seems the president of the United States does also,’ the board member told Fox Digital in emailed comment earlier in August. 

International aviation rules currently prohibit airline pilots older than 65 from flying. Global airline groups such as the International Air Transport Association has called on the ICAO to consider raising the international pilot retirement age to 67. The UN General Assembly will convene on Sept. 23, with the ICAO expected to consider the proposal, Reuters reported on Thursday. 

Anderson’s nomination was sent to the Senate in July, and was then referred to the Committee on Foreign Relations. The nomination is currently awaiting final confirmation proceedings. 

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A Centers for Disease Control and Prevention official who posted his resignation letter on social media used the term ‘pregnant people’ and capped off his missive by including ‘he/his/him’ pronouns after his name.

‘I am writing to formally resign from my position as Director of the National Center for Immunization and Respiratory Diseases at the Centers for Disease Control and Prevention (CDC), effective August 28, 2025, close of business,’ Dr. Demetre Daskalakis wrote in the lengthy post on X.

Daskalakis accused President Donald Trump’s administration of attempting ‘to erase transgender populations.’

‘For decades, I have been a trusted voice for the LGBTQ community when it comes to critical health topics. I must also cite the recklessness of the administration in their efforts to erase transgender populations, cease critical domestic and international HIV programming, and terminate key research to support equity as part of my decision,’ he wrote.

The inclusion of pronouns and the term ‘pregnant people’ caught people’s attention.

‘This resignation is a huge win for the Trump administration and the American people. We don’t need anyone who can’t understand basic biology working at the CDC,’ noted Jeremy Redfern, communications director for Florida Attorney General James Uthmeier.

Karol Markowicz tweeted, ‘No one who uses ‘pregnant people’ should work at the CDC. This isn’t hard.’ 

Responding to Markowicz’s post, Florida Gov. Ron DeSantis wrote, ‘Example of how ‘trusting the science’ really means following the political science and perpetuating the prevailing narrative…’ He added, ‘Embracing evidence-based medicine should be the bare minimum for working at the CDC…’

Daskalakis suggested that the Department of Health and Human Services is on a ‘dangerous’ path.

‘I am unable to serve in an environment that treats CDC as a tool to generate policies and materials that do not reflect scientific reality and are designed to hurt rather than to improve the public’s health,’ he wrote.

‘I wish the CDC continued success in its vital mission and that HHS reverse its dangerous course to dismantle public health as a practice and as an institution. If they continue the current path, they risk our personal well-being and the security of the United States,’ Daskalakis concluded at the end of his message.

Fox News Digital reached out to HHS for comment on Thursday.

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Bipartisan anger is brewing over the drama that unfolded at the Centers for Disease Control (CDC), with the top members of the Senate’s healthcare panel forming a united front in the midst of the turmoil.

Senate Healthcare, Education, Labor and Pensions Committee Chair Bill Cassidy, R-La., and the panel’s ranking member, Sen. Bernie Sanders, I-Vt., dove head first into the issues stemming from the firing of CDC Director Susan Monarez, which spurred a string of departures from the agency.

Monarez was abruptly fired from her position by the Department of Health and Human Services (HHS), less than a month after being confirmed by the Senate. Her removal, which her lawyers rejected, appeared to stem from disagreements over vaccines with HHS Secretary Robert F. Kennedy, Jr., a vaccine skeptic.

Cassidy was the deciding vote during Kennedy’s confirmation hearing earlier this year.

Monarez has since refused to leave the post, with her lawyers arguing that she had neither resigned nor been fired and had not received notification from the president of her removal.

Following news of her ouster, a string of top officials at the CDC announced their resignations, too, including National Center for Emerging and Zoonotic Infectious Diseases Director Dr. Daniel Jernigan, Chief Medical Officer Debra Houry, National Center for Immunization and Respiratory Diseases Director Demetre Daskalakis and Director of Public Health Data, Science, Technology Jennifer Layden.

In response to their resignations, Cassidy demanded that the federal government’s vaccine advisory panel, which was filled with Kennedy’s handpicked replacements after he recently booted the original panel members, postpone its scheduled meeting in September.

His demand marks the second time this year that Cassidy called on the panel to halt its meeting, a move that directly bucks Kennedy’s and President Donald Trump’s Make America Healthy Again (MAHA) agenda. 

Cassidy argued Thursday that there were ‘serious allegations made about the meeting agenda, membership, and lack of scientific process being followed for the now announced September [Advisory Committee on Immunization Practices] meeting.’

‘These decisions directly impact children’s health, and the meeting should not occur until significant oversight has been conducted,’ Cassidy said. ‘If the meeting proceeds, any recommendations made should be rejected as lacking legitimacy given the seriousness of the allegations and the current turmoil in CDC leadership.’

Daskalakis posted his reason for resigning on X, where he charged that he was ‘unable to serve in an environment that treats CDC as a tool to generate policies and materials that do not reflect scientific reality and are designed to hurt rather than to improve the public’s health.’

Meanwhile, Sanders demanded a congressional investigation be opened into the Trump administration’s decision to fire Monarez.

‘We need leaders at the CDC and HHS who are committed to improving public health and have the courage to stand up for science, not officials who have a history of spreading bogus conspiracy theories and disinformation,’ Sanders said Thursday.

HHS did not immediately respond to a request for comment for this story.  

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North Shore Uranium Ltd. (TSXV:NSU) (‘North Shore‘ or the ‘Company‘) is pleased to announce that it has closed the non-brokered private placement as previously announced on August 7, 2025 (the ‘Offering‘), through the issuance of 24,055,000 non-flow-through units (the ‘NFT Units‘) at a purchase price of $0.05 per NFT Unit and 3,034,922 flow-through units (the ‘FT Units‘) at a purchase price of $0.065 per FT Unit for total aggregate gross proceeds of $1,400,020.

The Company also announces it has entered into a definitive option agreement (the ‘Option Agreement‘) with Resurrection Mining LLC (‘Resurrection‘), an arm’s length party, to acquire up to 87.5% of the Rio Puerco uranium project (‘Rio Puerco‘ or the ‘Project‘) located in northwestern New Mexico (the ‘Transaction‘). The signing of a binding term sheet (the ‘Term Sheet‘) was announced on June 24, 2025.

Brooke Clements, President and CEO of North Shore stated: ‘This is a very exciting milestone for North Shore. The private placement was significantly oversubscribed and we would like to thank our existing shareholders and new shareholders for their support. The Rio Puerco project in New Mexico hosts a significant historical uranium resource and offers us exposure to a uranium project in the USA with excellent upside, at a time when the US government is increasing its support for the nuclear power and uranium mining sectors. The Company plans to work towards confirming and expanding upon previous work at Rio Puerco while further assessing the potential for in-situ uranium recovery. North Shore now has uranium exposure in two North American jurisdictions that have seen significant uranium production, the Grants Uranium District in New Mexico and the Athabasca Basin in Saskatchewan, at a time when the world is moving to increase its reliance on nuclear power.’

$1.4 Million Private Placement

Each NFT Unit consists of one non-flow-through common share and one-half of one share purchase warrant (each whole share purchase warrant, a ‘Warrant‘). Each FT Unit consists of one flow-through common share and one-half of one Warrant. Each Warrant entitles the holder to purchase one non-flow through common share (each a ‘Warrant Share‘) at a price of $0.10 per Warrant Share for a period of two years from the date of closing the Offering.

The net proceeds of the Offering will be used to complete the Transaction, exploration of the Project, continued exploration of the Company’s Saskatchewan uranium properties, the costs of the Offering and for general working capital.

In connection with the Offering, the Company paid cash finder’s fees of $13,500 and issued 228,462 non-transferable finder’s warrants to certain arm’s length finders. The non-transferable finder’s warrant is exercisable to acquire one common share of the Company at a price of $0.10 per share for a period of two years from the date of closing the Offering.

All securities issued in connection with the Offering are subject to a four-month and one-day hold period from the date of closing the Offering. The Offering is subject to the final approval of the TSX Venture Exchange (the ‘Exchange‘).

The completion of the Offering satisfied a closing requirement of the Transaction which required the Company to complete a financing raising a minimum of $750,000.

Insider Participation

Brooke Clements, Director, President and CEO of the Company, James Arthur, a Director of the Company, and Doris Meyer, a Director of the Company, participated in the Offering. These purchases constitute as related party transactions pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘). There has not been a material change in the percentage of the outstanding securities of the Company that are individually or beneficially owned by Messrs. Clements or Arthur, or Ms. Meyer as a result of their participation in the Offering. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the insiders in the Offering in reliance of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the insider participation does not exceed 25% of the Company’s market capitalization as determined in accordance with MI 61-101.

The Company obtained approval by the board of directors of the Company of the Offering, with Messrs. Clements and Arthur, and Ms. Meyer declaring and abstaining from voting on the resolutions approving the Offering with respect to their participation in the Offering. No materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.

Rio Puerco Option Agreement

Upon closing of the Offering, and thereby satisfying the financing requirement of the Transaction, the Company entered into the Option Agreement with Resurrection to acquire up to 87.5% of the Project. The terms of the Option Agreement are substantively the same as the terms of the Term Sheet which was announced on June 24, 2025.

Pursuant to the Option Agreement, the Company paid Resurrection a cash payment of $125,000 and issued Resurrection 7,483,000 common shares in the capital of the Company (the ‘Common Shares‘) at a deemed issue price of $0.05, so that Resurrection holds 9.99% of the Common Shares post-Offering, satisfying the Company’s Milestone 1 obligations. The 7,483,000 Common Shares issued will bear a legend restricting trading for a period of two years from the date of issuance.

The remaining milestones and key terms of the Option Agreement are as follows:

  • Milestone 2, to earn a 40% interest in the Project: on or before 18 months after completion of the Transaction, a $250,000 payment in cash or Common Shares, at the option of North Shore, and $750,000 in exploration expenditures.
  • Milestone 3, to earn an aggregate 65% interest in the Project: on or before 36 months after completion of the Transaction, a $375,000 payment in cash or Common Shares, at the option of North Shore, and $1,000,000 in additional exploration expenditures.
  • Milestone 4, to earn an aggregate 87.5% interest in the Project: on or before 60 months after completion of the Transaction, a $500,000 payment in cash or Common Shares, at the option of North Shore, and $1,500,000 in additional exploration expenditures.
  • North Shore may elect to not continue to sole-fund exploration expenditures at any time after earning a 40% interest in Rio Puerco at which time North Shore and Resurrection will enter into a joint venture agreement to govern the funding of Rio Puerco on a proportional basis.
  • Bonus payments: For the 78-month period after completion of the Transaction, North Shore will pay Resurrection $100,000 or issue Common Shares of the same value as a bonus (the ‘Bonus Payment‘) for each million lbs. of uranium estimated in current resources defined by the Company above 5 million and up to 20 million lbs. in accordance with NI 43-101 standards, if and when such resources are defined.
  • Other terms: Resurrection shall have a participation right to maintain its 9.99% interest in the Common Shares of North Shore for 5 years from completion of the Transaction and the right, but not the obligation, to appoint one nominee to the North Shore Board of Directors. All share issuances will be subject to Canadian and US securities law and will be priced in accordance with Exchange policies.

The Transaction constituted an ‘Expedited Acquisition’ in accordance with Exchange policies. All Common Shares issued and issuable under the Option Agreement will be issued with a restrictive period of four months and one day. The minimum deemed share price of any Common Share issuance is $0.05 and will be priced in accordance with the Exchange policies. There were no finder’s fees payable in connection with the Option Agreement.

Technical disclosure on the Property can be found in the Company’s news release dated June 24, 2025.

Caution to US Investors

The securities referred to in this news release 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, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. ‘United States’ and ‘U.S. person’ have the respective meanings assigned in Regulation S under the U.S Securities Act.

ABOUT NORTH SHORE

The nuclear power industry is in growth mode as more nuclear power will be required to meet the world’s ambitious CO2 emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is well-positioned to become a major force in exploration for economic uranium deposits. The Company is working to achieve this goal by exploring its Falcon and West Bear properties at the eastern margin of the Athabasca Basin in Saskatchewan, expanding its exploration efforts to include the Grants Uranium District in New Mexico and by evaluating other quality opportunities in the United States and Canada to complement its portfolio of uranium properties. North Shore summarized its exploration efforts at its Falcon property in the Company’s May 27, 2025 news release. For more information about the Rio Puerco property, see the Company’s June 24, 2025 news release.

ON BEHALF OF THE BOARD

Brooke Clements,
President, Chief Executive Officer and Director

For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com

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

Forward-Looking Statements

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as ‘plan’, ‘project’, ‘appear’, ‘interpret’, ‘coincident’, ‘potential’, ‘confirm’, ‘suggest’, ‘evaluate’, ‘encourage’, ‘likely’, ‘anomaly’, ‘continuous’ and variations of these words as well as other similar words or statements that certain events or conditions ‘could’, ‘may’, ‘should’, ‘would’ or ‘will’ occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the highly speculative nature of the Property given the early-stage nature of Rio Puerco; the ability of the Company to meet the Milestones; the ability of the Company to acquire up to 87.5% of the Project; the creation of a joint venture between the Company and Resurrection; the Bonus Payment to Resurrection; the actual results of current and planned exploration activities including the potential for the definition of a mineral deposit of potential economic value at the Company’s Falcon property in Saskatchewan and Rio Puerco in New Mexico; that drilling results, geophysical survey results and/or interpretations thereof define potentially mineralized corridors; results from future exploration programs including drilling; interpretation and meaning of completed and future geophysical surveys; conclusions of future economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on terms acceptable to the Company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Source

Click here to connect with North Shore Uranium (TSXV:NSU) to receive an Investor Presentation

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Investor Insight

Cobre offers investors a rare combination of district-scale copper-silver discovery potential, near-term development upside through its ISCR-ready Ngami copper project, and a capital-light growth model underpinned by major-partner funding and diversified exposure to critical minerals.

Overview

Cobre (ASX:CBE) is an Australian exploration company unlocking the copper-silver potential of the Kalahari Copper Belt in Botswana, one of the world’s most prospective but underexplored sediment-hosted copper provinces. With approximately 5,348 sq km of land position, the company’s near-term focus is the Ngami copper project (NCP), where a maiden JORC resource at the Comet deposit establishes an initial copper-silver resource with strong in-situ copper recovery (ISCR) development credentials.

Cobre’s project location in the Kalahari Copper Belt

Cobre’s growth strategy balances district-scale discovery potential with development-ready assets, leveraging major-partner funding, including up to AU$40 million (US$25 million) investment from BHP to accelerate exploration at Kitlanya, while concentrating company capital on advancing NCP through technical, environmental and permitting milestones. The company complements its Botswana assets with strategic exposure to high-purity quartz and volcanogenic massive sulphide (VMS) opportunities in Western Australia. This diversified, capital-light approach aims to build shareholder value through discovery, derisking and development optionality.

Company Highlights

  • Dominant land position – ~5,348 sq km across Botswana’s Kalahari Copper Belt (KCB), the second largest tenement package in the districtInvestor
  • Maiden JORC Mineral Resource – Comet deposit (Ngami copper project): 11.5 Mt @ 0.52 percent copper and 11.6 grams per ton (g/t) silver (60.3 kt copper; 4.3 Moz silver), incl. 1.1 Mt indicated @ 0.59 percent copper and 12.8 g/t silver
  • BHP partnership – Eight-year earn-in across Kitlanya East & West, allowing BHP to earn 75 percent by providing up to US$25 million for exploration expenditure, while Cobre retains exposure
  • BHP Xplor cohort – Selected in 2024, securing US$500,000 non-dilutive funding and technical support
  • Multi-jurisdiction exploration portfolio – Botswana (copper-silver), Western Australia (VMS, high-purity quartz)

Key Projects

Ngami Copper Project

The 100 percent owned Ngami copper project is Cobre’s flagship asset and the primary focus of current exploration and technical work. Situated in the Kalahari Copper Belt (KCB), NCP spans multiple licences covering highly prospective sediment-hosted copper-silver targets along basin margins.

Comet Deposit – Maiden JORC Resource

  • Announced in August 2025, the Comet deposit hosts 11.5 Mt @ 0.52 percent copper and 11.6 g/t silver, including 1.1 Mt indicated @ 0.59 percent copper and 12.8 g/t silver, at a 0.2 percent copper cut-off.
  • Contained metal: ~60,300 tonnes copper and 4.3 Moz silver.
  • Mineralisation is predominantly fine-grained chalcocite, an ideal feedstock for hydrometallurgical processing.

In-Situ Copper Recovery Development Potential

ISCR is a low-cost, low-impact method of producing copper by circulating a solution through the orebody underground to dissolve and pump the metal to surface for processing. For Cobre’s Ngami project, ISCR offers the potential to unlock value without the expense and disruption of conventional mining, thanks to favourable geology, high recoveries in test work, and minimal surface disturbance – positioning it as a potentially faster, cleaner and more capital-efficient path to production.

Exploration Upside

Beyond the initial Comet resource, Ngami hosts extensive growth potential with 40 km of mineralised strike and large, defined exploration targets that could significantly expand the resource base. Early drilling at new zones, such as the Cosmos target, has intersected high-grade copper. More than 20 km of prospective contact remains untested, offering multiple opportunities for further discoveries that could enhance scale, mine life and project economics.

Kitlanya East & West

Cobre’s Kitlanya East and West licences, also located in Botswana, involve an eight-year earn-in agreement with BHP. Under the deal, BHP can invest up to US$25 million to earn a 75 percent interest in Kitlanya, allowing the company to leverage a major partner’s technical expertise and funding while retaining exposure to potential tier-one discoveries. Exploration is targeting preserved fold hinge settings along basin margins – geological positions known to host large sediment-hosted copper deposits – using advanced geophysics and seismic techniques to define high-priority drill targets.

Okavango Copper Project

Another Botswana copper asset, the Okavango project is located along strike from MMG’s Zone 5 deposit. Okavango offers 186 km of prospective contact in the northeast Kalahari Copper Belt. Early drilling has intersected multiple zones of anomalous copper and silver mineralisation, and geophysical data shows gravity signatures comparable to those in producing areas, indicating strong potential for significant new discoveries.

Perrinvale Project

In addition to its African portfolio, Cobre holds the Perrinvale project in Western Australia, prospective for both high-grade VMS mineralisation and high-purity quartz (HPQ). The HPQ target has an exploration range of 5.1 to 28.3 Mt grading 99.1 to 99.6 percent SiO₂, positioning it as a potential supplier to critical silicon markets for renewable energy and electronics.

Management Team

Martin Holland – Executive Chairman

Martin Holland is the founder of Cobre and co-founder of multiple ASX-listed companies, including Lithium Power International. He has more than 15 years’ experience in capital markets and resource company leadership, raising more than AU$200 million for exploration.

Adam Wooldridge – Chief Executive Officer

Founding partner and CEO of KML, Adam Woolridge has more than 28 years’ experience in exploration management and target generation in Africa, the Middle East and Europe.

Ross McGowan – Non-executive Director

CEO of Armada Metals and founder of RED Group, Ross McGowan has over 20 years of experience in African exploration, and was part of the Kamoa discovery team.

Michael McNeilly – Non-executive Director

Michael McNeilly, is a corporate financier and CEO of Strata Plc, with experience across multiple listed resource companies.

Michael Addison – Non-executive Director

Michael Addison is the founder of Endocoal, Carabella Resources and Genex Power, with extensive mining and energy development background.

Andrew Sissian – Non-executive Director

Andrew Sissian is co-founder of Cobre and Procon Telematics. He is a corporate and capital markets specialist with a CPA background.

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NVIDIA (NASDAQ:NVDA) delivered another blockbuster quarter, reporting record revenue of US$46.7 billion for its second fiscal period as demand for artificial intelligence (AI) infrastructure continues to surge.

The chipmaking giant said sales rose 56 percent from a year earlier and 6 percent from the prior quarter, marking the ninth straight period of year-on-year revenue growth above 50 percent.

Meanwhile, NVIDIA’s net income jumped 59 percent to US$26.42 billion from US$16.6 billion. Its adjusted earnings per share were US$1.05, beating analyst forecasts of US$1.01.

“Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap — production of Blackwell Ultra is ramping at full speed, and demand is extraordinary,” said founder and CEO Jensen Huang.

“The AI race is on, and Blackwell is the platform at its center,” he added.

The company’s data center division once again fueled growth as it generated US$41.1 billion in revenue, 56 percent higher than a year ago. Roughly US$33.8 billion of that total came from sales of NVIDIA’s GPUs, while US$7.3 billion was from networking hardware that ties together large AI computing systems.

Sales of NVIDIA’s Blackwell processors, launched in May, rose 17 percent quarter-on-quarter. The product line has quickly become the backbone of NVIDIA’s data center business, accounting for a majority of the segment’s revenue.

Wall Street reacts to NVIDIA results

Despite NVIDIA’s strong numbers, company shares initially slipped in after-hours trading as some investors fretted about slower growth momentum in the data center division.

Regardless, the stock later pared its losses by turning positive on Thursday (August 28).

Overall, NVIDIA has surged 35 percent so far this year after nearly tripling in 2024.

NVIDIA performance, August 25 to 28, 2025.

Chart via Google Finance.

The company is guiding for revenue of US$54 billion, plus or minus 2 percent, in the October quarter.

However, that forecast does not assume any shipments of the H20, a chip that was designed for the Chinese market, but is currently sidelined by export restrictions.

Colette Kress, NVIDIA’s CFO, told analysts the company could ship between US$2 billion and US$5 billion worth of H20 processors this quarter if geopolitical conditions allow.

No H20 sales to China

NVIDIA confirmed it had no H20 sales to China in its second quarter.

Instead, it benefited from releasing US$180 million in previously reserved H20 inventory to a customer outside of China, boosting reported revenue by US$650 million. The company previously said that the lack of H20 shipments cost it up to US$8 billion in potential sales in the second quarter alone.

Huang met with US President Donald Trump earlier this summer to lobby for licenses to export the H20, a chip that was developed specifically to comply with US trade restrictions.

Under a tentative deal, NVIDIA agreed to pay 15 percent of China H20 revenue to the US government in exchange for export approvals. However, the arrangement has yet to be codified into a formal agreement.

Blackwell and the China dilemma

Beyond H20, attention has shifted to NVIDIA’s newest flagship processor, Blackwell.

On Wednesday’s (August 27) earnings call, Huang said there is “a real possibility” of bringing Blackwell to China.

“We just have to keep advocating the importance of American tech companies to be able to lead and win the AI race, and help make the American tech stack the global standard,” he said. Huang estimates that China represents a US$50 billion opportunity for NVIDIA this year, with growth of 50 percent annually. He argued it is better for Chinese AI firms to use NVIDIA chips, even if modified, rather than being forced to rely on domestic alternatives.

Trump, however, has expressed caution. Speaking at a press conference earlier this month, he said, “The Blackwell is super-duper advanced. I wouldn’t make a deal with that.”

However, he said he could allow a “somewhat enhanced in a negative way” Blackwell chip to be sold to China, further suggesting that such a version could be slowed by 30 to 50 percent to comply with US restrictions.

Even without China sales, NVIDIA maintains a bright outlook.

Huang told analysts the buildout of AI infrastructure is still in its early stages, further projecting that global spending on AI infrastructure could reach US$3 trillion to US$4 trillion by the end of the decade.

Furthermore, large cloud providers, which remain NVIDIA’s biggest customers, have announced plans to spend tens of billions of dollars per quarter on AI infrastructure, ensuring a steady pipeline of demand for the company’s chips.

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

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