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Biden DHS’s purchase of weapon linked to Havana Syndrome attacks leads House Republicans to demand answers

The Biden administration purchased a pulsed energy weapon suspected of being the type that may have caused ‘Havana Syndrome’ which caused a series of mysterious ailments for U.S. diplomats and government workers in Cuba. 

The weapon was bought at the end of the Biden Administration and has since been tested by the Pentagon, Fox News has learned. House Republicans are demanding answers amid reports of the purchase of the device.

In a letter to Homeland Security Kristi Noem, House Committee on Homeland Security Chairman Andrew Garbarino, R-N.Y., is asking for information on the procurement process for the weapon, its costs and the findings associated with its year-long testing related to Havana Syndrome, officially known as Anomalous Health Incidents (AHI). 

‘The device in question is described as capable of producing pulsed radio waves and containing Russian components, though it is supposedly not entirely Russian in origin,’ the letter states. ‘Following HSI’s successful acquisition of the device, it was reportedly transferred to DoW, which spent more than a year testing the device and its capabilities.’

Some U.S. intelligence agencies have said a foreign adversary could be behind the mysterious ailment. 

Fox News Digital previously reported that Adam, a former government employee whose identity Fox News agreed to protect, is considered to be ‘Patient Zero.’

He was first attacked in December 2016 while living in Havana on assignment. During his time on the Caribbean island, Adam experienced multiple attacks and described pressure to the brain that led to vertigo, tinnitus and cognitive impairment.

‘While assessments from the Intelligence Community (IC) do not conclusively identify the factors causing AHIs or any foreign actor responsible, an assessment from the Office of the Director of National Intelligence (ODNI) presented a majority view concluding that it was ‘very unlikely’ that a foreign actor ‘used a novel weapon or prototype device to harm even a subset of the U.S. Government personnel,’ with five out of seven agencies agreeing with that assessment,’ Garbarino wrote in his letter. 

‘However, two agencies dissented from the majority view and assessed that there was a chance that foreign actors may have developed some sort of ‘novel weapon or prototype device’ that could have harmed U.S. personnel,’ he added. 

However, the Office of the Director of National Intelligence (ODNI) released the report and held a background call with reporters on Friday explaining that new reporting ‘led two components to shift their assessments about whether a foreign actor has a capability that could cause biological effects consistent with some of the symptoms reported as possible AHIs.’

‘This shift consequently led two IC components to subtly change their overall judgment about whether a foreign actor might have played a role in a small number of events,’ the agency said. 

Fox News’ Liz Friden contributed to this report. 

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China quietly builds worldwide space network, alarming US over future military power

More than a decade ago, China launched its Belt and Road Initiative, pouring billions into ports, railways and power plants across the developing world to extend Beijing’s economic and political reach far beyond its borders.

Today, experts say China is applying that same playbook to a far more strategic domain: space.

Across Africa, Latin America and other parts of the Global South, Chinese firms have quietly built or expanded satellite ground stations, tracking facilities and space infrastructure that position Beijing as a gateway to orbit for countries like Pakistan, Egypt, Ethiopia, Venezuela, Argentina and Namibia, which lack the resources to get there on their own. Analysts warn the effort carries implications not just for economic influence, but for future warfare and global dominance.

A new report from the Center for Strategic and International Studies (CSIS) finds that China is embedding itself deeply into the space programs of dozens of countries, offering end-to-end services that include satellite design, manufacturing, launches, training and ground infrastructure — a strategy that could give Beijing long-term leverage over a domain increasingly critical to modern military power.

High above Ethiopia’s capital, Addis Ababa, a newly expanded satellite facility built by Chinese firms now tracks objects in orbit. Similar Chinese-built or Chinese-operated sites have appeared in Egypt and Namibia, where large satellite dishes, tracking antennas and testing complexes support space missions that can serve both civilian and military purposes.

Together, the facilities form part of a growing global network strengthening China’s ability to track, communicate with and potentially influence activity in space — now widely viewed by defense planners as a new frontier of conflict.

‘This is really about who’s winning the space diplomacy race in the Global South,’ said Matthew Funaiole, a senior fellow at CSIS and one of the report’s authors. ‘Space is becoming central to economic power, national security, and military capability, and China is positioning itself accordingly.’

Once dominated by science and commerce, space is now treated as a warfighting domain alongside land, sea, air and cyberspace. Satellites underpin modern military operations, enabling communications, intelligence collection, missile warning, navigation and targeting.

Experts say China cannot operate a truly global space power from within its own borders alone. Satellites require constant tracking and communication, which is only possible through a worldwide network of ground stations spread across multiple continents. 

By building facilities overseas, China is closing gaps in its own network and adding redundancy that would be critical in a crisis.

‘Chinese-built ground stations can absolutely support civil and scientific missions — and they do,’ Funaiole said. ‘But they also provide China with the ability to level up its own national security capabilities.’

The report raises particular concern about the dual-use nature of the infrastructure China is exporting. Facilities marketed as scientific or commercial assets also can be used to monitor military satellites, communicate with defense systems, and collect sensitive data — capabilities closely tied to China’s People’s Liberation Army.

Compounding those concerns is a lack of transparency over who ultimately controls the data flowing through these systems.

‘When you’re dealing with space technology in China, there’s always a question of who has access and what the data is being used for,’ Funaiole said. ‘That lack of transparency is a real issue.’

Instead of ports and highways, experts say Beijing is now exporting satellites, launch services and ground stations — offering countries a turnkey path to space while embedding Chinese technology, standards and companies deep inside critical national systems. It is, in effect, Belt and Road applied to orbit.

‘There’s a lot of interest across Africa and Latin America in gaining access to space,’ Funaiole said. ‘Many countries just don’t have the capabilities to do it on their own, and China has stepped into that gap in a way the United States largely hasn’t.’

The report introduces a new China Space Cooperation Index, ranking 64 countries based on the depth of their engagement with Beijing. More than three-quarters of those countries are in the Global South, with Africa accounting for the largest share.

While China’s commercial space sector remains less advanced than that of the United States, it has leveraged state-backed financing, diplomatic outreach and bundled technology offerings to gain footholds that can be difficult to unwind.

‘Once countries are in China’s ecosystem, it becomes very costly for them to switch away,’ Funaiole said. ‘We’ve seen that play out in other critical technologies.’

The United States, by contrast, built its global space network decades ago primarily for warfighting and allied defense, relying on facilities in close partner nations rather than developing countries. Washington never packaged space access as a diplomatic tool, leaving a gap China is now exploiting.

While Africa has emerged as a hub for China’s newest physical infrastructure, the report finds some of Beijing’s deepest space partnerships are in Latin America, including Venezuela and Argentina — developments with direct implications for U.S. security interests closer to home.

That expansion has not gone unnoticed in Washington. 

On display during the most recent operation to capture Venezuelan dictator Nicolás Maduro, President Donald Trump explicitly revived what he dubbed the ‘Donroe Doctrine,’ a modernized and more confrontational take on the Monroe Doctrine that asserted the United States’ right to push hostile foreign powers out of the Western Hemisphere.

The posture was sharpened by the crisis in Venezuela, where China had built a significant economic and technological footprint, reinforcing concerns that Beijing was using infrastructure and technology partnerships to gain long-term strategic leverage in Latin America.

Experts say China’s growing role in satellite launches, space infrastructure and data-sharing agreements shows how strategic competition is moving beyond ports, power plants and telecom networks — and into space.

Beyond security concerns, the report warns of economic consequences if China becomes the space partner of choice for the developing world. The global space economy is projected to reach trillions of dollars in the coming decades, and long-term partnerships forged today could determine who dominates that market tomorrow.

Despite China’s momentum, Funaiole stressed that the United States still holds decisive advantages, if it chooses to use them.

‘The U.S. still has tremendous strengths,’ he said, pointing to companies like SpaceX, which he described as ‘leaps and bounds ahead’ of Chinese competitors. ‘China is trying to emulate that success.’

The question, he said, is whether Washington is willing to treat space not just as a scientific or commercial arena, but as a strategic tool of diplomacy, deterrence and competition.

‘This isn’t an area where it’s too late,’ Funaiole said. ‘The U.S. still has the ability to provide a real alternative — but it requires sustained attention and commitment.’

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Venezuelan opposition leader María Corina Machado presents Nobel medal to Trump despite institute ban

Venezuelan opposition leader María Corina Machado said she presented President Donald Trump with her Nobel Peace Prize medal, describing it as a historic gesture recognizing his commitment to freedom and the fight against tyranny.

Machado spoke with reporters outside the U.S. Capitol Thursday, when she was asked whether she offered her Nobel Peace Prize to Trump.

‘I presented the president of the United States the medal … the Nobel Peace Prize, and I told him, ‘Listen to this, 200 years ago, General Lafayette gave Simón Bolívar a medal with George Washington’s face on it,’ Machado said. ‘He kept that medal for the rest of his life. Actually, when you see his portraits, you can see the medal.’

She said Lafayette gave the medal to Bolívar as a symbol of the partnership between the people of the U.S. and the people of Venezuela and their shared fight for freedom against tyranny.

‘Two hundred years in history, the people of Bolívar are giving back the heir of Washington, a medal, in this case the medal of the Nobel Peace Prize, as a recognition for his unique commitment with our freedom,’ Machado said.

Machado’s meeting with Trump came nearly two weeks after the U.S. captured Venezuelan dictator Nicolás Maduro and amid lingering questions about her political future. The meeting also followed comments from Trump casting doubt on Machado leading the country rather than endorsing the Venezuelan opposition leader.

‘I think it would be very tough for her to be the leader,’ Trump told reporters Jan. 3. ‘She doesn’t have the support within or the respect within the country. She’s a very nice woman, but she doesn’t have the respect.’

The Washington Post previously reported Trump was annoyed Machado won the Nobel Peace Prize in 2025, an award he had hoped to receive and that Machado dedicated to him, though the White House said the president’s decisions were based on ‘realistic decisions.’

Still, Machado floated the idea of transferring the prestigious award to Trump last week during an appearance on Fox News’ ‘Hannity.’

‘Did you at any point offer to give him the Nobel Peace Prize?’ Sean Hannity asked. ‘Did that actually happen?’

Machado responded, ‘Well, it hasn’t happened yet.’

‘I certainly would love to be able to personally tell him that we believe — the Venezuelan people, because this is a prize of the Venezuelan people — certainly want to give it to him and share it with him,’ Machado continued. ‘What he has done is historic. It’s a huge step toward a democratic transition.’

Despite her intent, the Norwegian Nobel Institute shut down the idea last Friday.

‘Once a Nobel Prize is announced, it cannot be revoked, shared or transferred to others,’ the institute said in a statement. ‘The decision is final and stands for all time.’

Fox News Digital has reached out to the White House for a reaction.

Fox News Digital’s Michael Sinkewicz contributed to this report.

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Trump’s tariffs could be undone by one conservative doctrine: ‘Life or death’

The Supreme Court is poised to rule soon on President Donald Trump’s use of an emergency wartime law to unilaterally impose sweeping tariffs on most U.S. countries — and which brought to the fore key questions over the ‘major questions doctrine,’ or the limiting principle by which courts can, in certain circumstances, move to curb the power of executive agencies.

During oral arguments over Trump’s tariffs in November, justices honed in on the so-called major questions doctrine — which allows courts to limit the power of executive agencies on actions with ‘vast economic and political significance’ — and how it squares with Trump’s use of the International Emergency Economic Powers Act to enact his sweeping global and reciprocal tariffs.

Plaintiffs told the court that Trump’s use of IEEPA to unilaterally impose his steep import duties violates the major questions doctrine, since IEEPA does not explicitly mention the word ‘tariffs.’ Rather, it authorizes the president to ‘regulate … importation’ during a declared national emergency — plaintiffs noted, arguing that it falls short of the standard needed to pass muster for MQD.

‘Congress does not (and could not) use such vague terminology to grant the executive virtually unconstrained taxing power of such staggering economic effect — literally trillions of dollars — shouldered by American businesses and consumers,’ they told the court in an earlier briefing.

Lawyers for the Trump administration countered that text of the IEEPA emergency law is the ‘practical equivalent’ of a tariff.

‘Tomorrow’s United States Supreme Court case is, literally, LIFE OR DEATH for our Country,’ Trump posted on Truth Social back in November.

‘With a Victory, we have tremendous, but fair, Financial and National Security. Without it, we are virtually defenseless against other Countries who have, for years, taken advantage of us,’ Trump continued.

‘Our Stock Market is consistently hitting Record Highs, and our Country has never been more respected than it is right now,’ he added. ‘A big part of this is the Economic Security created by Tariffs, and the Deals that we have negotiated because of them.’

While U.S. Solicitor General D. John Sauer acknowledged to the justices that IEEPA does not explicitly give an executive the power to regulate tariffs, he stressed in November that the power to tariff is ‘the natural common sense inference’ of IEEPA.

But whether the high court will back his argument remains to be seen.

That was the conclusion reached by the U.S. Court of International Trade last year. Judges on the  three-judge panel voted unanimously to block Trump’s tariffs from taking force, ruling that, as commander in chief, Trump does not have ‘unbounded authority’ to impose tariffs under the emergency law. 

‘The parties cite two doctrines—the nondelegation doctrine and the major questions doctrine—that the judiciary has developed to ensure that the branches do not impermissibly abdicate their respective constitutionally vested powers,’ the court said in its ruling.

The doctrine was also a focus in November, as justices pressed lawyers for the administration over IEEPA’s applicability to tariffs, or taxation powers, and asked the administration what guardrails, if any, exist to limit the whims of the executive branch, should they ultimately rule in Trump’s favor.

Though it’s not clear how much the court will rely on the MQD in its ruling, legal experts told Fox News Digital that they would expect it to potentially be cited by the Supreme Court if it blocks Trump’s tariff regime.

The high court agreed to take up the case on an expedited basis last fall, and a ruling is expected to be handed down within the coming days or weeks.

There’s very little precedent for major questions as a formal precedent cited by the courts, as noted by the University of Chicago College of Law in 2024.

The doctrine was cited formally by the Supreme Court for the first time ever in its 2022 ruling in West Virginia v. EPA, when the court’s majority cited the doctrine as its basis for invalidating the EPA’s emissions standards under the Clean Power Plan. 

Prior to that, the doctrine existed as a more amorphous strand of statutory interpretation — a phenomenon that Justice Elena Kagan noted in her dissent in the same case.

‘The current Court is textualist only when being so suits it,’ Kagan said then. ‘When that method would frustrate broader goals, special canons like the ‘major questions doctrine’ magically appear as get-out-of-text-free cards.’

One factor that could play in Trump’s favor is the fact that the tariffs case is to some degree a foreign policy issue, which is an area where executives enjoy a higher level of deference from the court. 

Still, if oral arguments were any indication, the justices seemed poised to block Trump’s use of IEEPA to continue his steep tariff plan. 

Justices pressed Sauer as to why Trump invoked IEEPA to impose his sweeping tariffs, noting that doing so would be the first time a president used the law to set import taxes on trading partners.

They also seemed skeptical of the administration’s assertion that they did not need additional permission from Congress to use the law in such a sweeping manner, and pressed the administration’s lawyers on their contention that EEPA is only narrowly reviewable by the courts.

‘We agree that it’s a major power, but it’s in the context of a statute that is explicitly conferring major powers,’ Sauer said. ‘That the point of the statute is to confer major powers to address major questions — which are emergencies.’

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Trump’s pick for Iceland ambassador apologizes for joking about Arctic nation becoming 52nd state

Former Rep. Billy Long, who was nominated by President Donald Trump to be ambassador to Iceland, has apologized after privately joking to House lawmakers that the Arctic island would become the ’52nd state’ with him as its governor.

Long, a Republican who represented Missouri from 2011 to 2023 and served a brief stint as IRS commissioner last year, said he was just joking with his former congressional colleagues.

‘There was nothing serious about that, I was with some people, who I hadn’t met for three years, and they were kidding about Jeff Landry being governor of Greenland and they started joking about me and if anyone took offense to it, then I apologize,’ Long told Arctic Today.

‘I apologize and that’s my only comment, I look forward to working with the people of Iceland and I apologize it was taken that way, I was with a group of friends and there was nothing serious about it,’ he added.

Trump recently named Louisiana Gov. Jeff Landry as a special envoy to Greenland.

This comes as Trump heats up his threats to acquire Greenland, a Danish territory, saying he plans to take the island ‘one way or the other.’

‘We are going to do something on Greenland, whether they like it or not,’ Trump said last week. ‘Because if we don’t do it, Russia or China will take over Greenland, and we’re not going to have Russia or China as a neighbor.’

Trump administration officials are openly weighing options such as military force to take Greenland, a move that would violate NATO’s Article V, which states that an attack on one member is an attack on all of them and could end the alliance of more than 75 years.

Denmark and other European countries have made moves, including sending additional troops to Greenland in case of a U.S. invasion, backing the territory as it reaffirms its position that it does not want to join the U.S. Iceland is among the NATO members that have expressed opposition to Trump’s repeated threats to take Greenland.

On Capitol Hill, most Democrats and even some Republicans have opposed the idea of taking Greenland, while other Republicans have voiced support for pursuing closer ties with the territory, including Rep. Randy Fine, R-Fla., who introduced legislation to make it the 51st U.S. state, although he said the best way to acquire Greenland is voluntarily.

Trump has also said he wanted to make Canada the 51st U.S. state.

Long was visiting former colleagues on the House Floor earlier this week when he made the controversial comment about Iceland, sparking some minor diplomatic backlash, with Iceland’s Ministry for Foreign Affairs demanding answers from the U.S. Embassy in Reykjavík.

‘There is no doubt that this is very serious for a small country like Iceland,’ Icelandic Parliament member Sigmar Guðmundsson told MBL. ‘We need to understand that all the security arguments made by the U.S. regarding Greenland, also apply to Iceland.’

Some Icelanders also launched a petition drive calling on their government to reject Long as ambassador if he is confirmed by the U.S. Senate. The petition has obtained 2,000 signatures.

Senate Majority Leader John Thune, R-S.D., told Politico that Long was ‘probably having some fun’ and ‘I wouldn’t read too much into that.’

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American Eagle Continues to Expand South Zone near Surface Mineralization: Highlights Include 140 m of 0.74% Copper Eq. and 130 m of 0.62% Copper Eq.

American Eagle Gold Corp. (TSXV: AE) (‘American Eagle’ or the ‘Company’) is pleased to announce drill results that further expand the South Zone at its NAK copper-gold project in British Columbia. Holes NAK25-55 and NAK25-62 extend shallow mineralization nearly 150 meters east-southeast, while NAK25-69 and NAK25-72 expand it 150 meters to the west-southwest. Notably, NAK25-55 and -62 highlight near-surface mineralization along the southern edge of the Babine porphyry stock shown in Figure 1. Additionally, Figure 2 highlights the South Zone growth achieved through the drill results presented in this release.

Highlights:

  • NAK25-62: Extended near-surface mineralization 150 m east of NAK25-46, intersecting 140 m of 0.74% CuEq within 189 m of 0.61% CuEq starting near surface.
  • NAK25-55: Extended near-surface mineralization 150 m south of NAK25-62, intersecting 134 m of 0.40% CuEq starting near surface.
  • NAK25-69: Extended mineralization 150 m south of NAK25-41, intersecting 130 m of 0.62% CuEq within 409 m of 0.33% CuEq starting 215 m downhole.
  • NAK25-72: Further westward extension of NAK25-69 drilled from the same location at a shallower inclination, intersecting 455 m of 0.31% CuEq starting 166 m downhole.

Strategic Importance of the South Zone:

The South Zone is characterized by strong grades, shallow mineralization, and minimal overburden, making it a logical focus for continued step-out and infill drilling. This area has the potential to support early-stage development scenarios while providing optionality for bulk mining approaches in adjacent, yet-to-be-defined zones across the NAK project.

With these latest results, the South Zones dimensions extend over 700 m in the east-west direction, 500 m in the north-south direction, and to over 800 m in depth. The holes in this release have contributed a high-confidence expansion of over 150 m in both the east-west and north-south dimensions from the previous iteration of the model, and a substantial increase over the previous seasons of drilling (see Figure 3). Strong potential for expansion remains along the southern margin of the Babine Porphyry stock, where the Company has completed additional widely spaced step-out drilling, within a 1 km trend of open, highly prospective ground, extending eastward from the currently modeled bounds of the zone (see Figure 4).

‘These results reinforce the South Zone as the focus of our drilling program, yet they also highlight that it sits within what is clearly an exceptionally large and continuous copper-gold system at NAK that exists far beyond what is the South Zone. The consistent near-surface mineralization and significant step-out extensions in multiple directions confirm both the scale and the potential of NAK,’ said Anthony Moreau, CEO of American Eagle Gold Corp.

View Interactive 2D Map of NAK

View Core Photos for Released Holes

Watch: Webinar with Anthony Moreau and Neil Prows Discussing Significance of January 15 Results

NAK25-62 Assay Results (Table 1) and Details*

Hole From To Length Cu % Au g/t Ag g/t Mo ppm CuEq %
NAK25-62 124 264 140 0.28 0.35 1.2 100 0.74
Within
NAK25-62 75 264 189 0.23 0.28 1.1 90 0.61
And
NAK25-62 483 701 218 0.17 0.15 0.4 49 0.37
Within
NAK25-62 32 827 795 0.13 0.12 0.5 51 0.30

View Clean Cross Section l View Combined Hole Cross Section l View Hole Location

* Copper Equivalent (CuEq) shown in Tables for drill intercepts are calculated on the basis of US$ 4.50/lb for Cu, US$ 3,375/oz for Au, US$ 60/oz for Ag and US$ 25/lb for Mo, with 80% metallurgical recoveries assumed for all metals (since it’s unclear what metals will be the principal products, assuming different recoveries is premature at this stage). The formula is: CuEq. = Cu % + (Au grade in g/t x (Au recovery / Cu recovery) x [Au price ÷ 31] / [Cu price x 2200 x 1%]) + (Ag grade in g/t x (Ag recovery / Cu recovery) x [Ag price ÷ 31] / [Cu price x 2200 x 1%] + (Mo grade in % x (Mo recovery / Cu recovery) x [Mo price] / [Cu price]). The assays have not been capped.

NAK25-62 was collared approximately 150 m to the east of NAK25-46 and drilled steeply to the west. This hole was designed to expand the known extent of South Zone mineralization to the east of the tested zone. NAK25-62 collared into interbedded siltstone, sandstone, and conglomerate, before transitioning into a well mineralized package of sandstone at a depth of 75 m. Concordant with the Company’s modelling, mineralization, consisting of disseminated and vein hosted chalcopyrite remained strong to a depth of 264 m, where the hole transitioned to a thinly bedded, less well mineralized package of fine-grained sedimentary rock. Disseminated chalcopyrite mineralization abruptly increases in abundance below this unit, at a depth of 480 m, coinciding with a transition to the well constrained mineralized conglomerate. As the hole traversed deeper, sulfide speciation gradually shifted to pyrite/pyrrhotite dominant, bottoming in concretion-bearing fine sandstone cut by narrow mafic dyking.

NAK25-55 Assay Results (Table 2) and Details*

Hole From To Length Cu % Au g/t Ag g/t Mo ppm CuEq %
NAK25-55 97 231 134 0.13 0.21 1.3 14 0.40
And
NAK25-55 503 808 305 0.12 0.07 0.5 60 0.23
Within
NAK25-55 119 884 765 0.09 0.07 0.6 40 0.21

View Cross Section l View Hole Location

NAK25-55 was collared approximately 150 m south-southeast of NAK25-62 and drilled steeply to the west-northwest. The hole was designed to test both near surface and deep mineralization beyond the southeastern extent of drilling in the South Zone. The hole collared into interbedded sandstone and siltstone with subordinate lenses of conglomerate, to a depth of 300 m, where the hole’s first instance of fine grained mafic intrusive was encountered. The mafic unit continued to a depth of 400 m, where the hole transitioned into sparsely feldspar phyric porphyry dyking followed by conglomerate. Conglomerate predominated to a depth of 600 m, where thin beds of sandstone were interspersed with numerous intervals of fine grained mafic intrusive rock, which remained the dominant lithology to end of hole. Mineralization in NAK25-55 consisted of sparse chalcopyrite disseminations and stringers, primarily confined to sandstone and conglomerate lithologies, with local punctuations of vein hosted bornite confined to narrow zones within the lower intercept of mafic dyking.

NAK25-69 Assay Results (Table 3) and Details*

Hole From To Length Cu % Au g/t Ag g/t Mo ppm CuEq %
NAK25-69 452 582 130 0.32 0.16 1.0 175 0.62
Within
NAK25-69 215 624 409 0.18 0.08 0.8 77 0.33
Within
NAK25-69 13 787 774 0.13 0.05 0.6 62 0.23

View Cross Section l View Hole Location

NAK25-69 was collared from the same location as NAK25-49, and drilled steeply to the west. This hole was designed to test the southern limits of mineralization, approximately 100 m south of the stronger than anticipated mineralization encountered in NAK25-41. The hole collared into interbedded sandstone and siltstone interspersed with thin beds of conglomerate, before entering dominantly conglomerate units at a depth of 175 m. The hole remained in conglomerate, cut by numerous instances of compositionally and texturally variable porphyry dyking, to a depth of 450 m, where interbedded fine to coarse sandstone prevailed as the dominant lithology. Mineralization in NAK25-69 was characterized by broad zones of low to moderate grade, represented by sparsely distributed chalcopyrite bearing quartz-anhydrite veins and sparse chalcopyrite disseminations, punctuated by shorter intervals of stronger grade, associated with bornite and dense chalcopyrite mineralization. The strongest zones of mineralization are commonly associated with the presence of porphyry dyking, notably between 452 and 582 m, where the dykes themselves host abundant chalcopyrite and bornite disseminations.

NAK25-72 Assay Results (Table 4) and Details*

Hole From To Length Cu ppm Au g/t Ag g/t Mo ppm CuEq %
NAK25-72 166 245 79 0.28 0.11 1.3 217 0.54
And
NAK25-72 416 570 154 0.27 0.08 1.6 72 0.42
Within
NAK25-72 166 621 455 0.18 0.06 1.0 72 0.31

View Cross Section l View Hole Location

NAK25-72 was collared from the same location as NAK25-69 and drilled shallowly to the west, designed to test westward from the encouraging mineralization encountered previously in the steeper oriented NAK25-69. The hole collared into interbedded sandstone and siltstone, transitioning to conglomerate at a depth of 75 m. Conglomerate predominated to a depth of 350 m, succeeded by fine to coarse grained sandstone for the remainder of the hole. As with NAK25-69, mineralization was characterized by broad intervals of low grade disseminated chalcopyrite, punctuated by zones of vein hosted bornite and densely disseminated chalcopyrite mineralization commonly within and enveloping porphyry dykes of variable composition. Sulfide speciation within the disseminated mineralization transitions from chalcopyrite dominant to pyrite-pyrrhotite dominant, as the hole traverses farther to the west, with local zones of chalcopyrite dominant sporadically throughout.

NAK25-65 Assay Results (Table 5) and Details*

Hole From To Length Cu % Au g/t Ag g/t Mo ppm CuEq %
NAK25-65 211 339 128 0.18 0.05 0.8 23 0.26
Within
NAK25-65 7 575 568 0.09 0.03 0.6 20 0.15

View Cross Section l View Hole Location

NAK25-65 was collared approximately 120 m west-southwest of NAK25072/69, designed to test the southwestern limits of known South Zone mineralization. This hole encountered a similar association of interbedded coarse to fine sedimentary rocks, transitioning to conglomerate, and finally sandstone, as described above in NAK25-72 and 69. Similarly to NAK25-72, the best mineralization was strongly associated with narrow intervals of feldspar phyric porphyry dyking, intruding weakly mineralized sedimentary host rocks. Sulfide speciation within the sedimentary units transitions from chalcopyrite-pyrite to pyrite dominant as the hole traversed farther to the west, and consistent with drilling elsewhere at NAK, the hole was terminated when pyrite was observed to be the dominant disseminated sulfide.

Collar details for holes in this release (table 6):

Hole UTM_Grid UTM_East UTM_North Azimuth Inclination TD (m)
NAK25-55 NAD83_Z9 675620 6129124 280 -75 884
NAK25-62 NAD83_Z9 675575 6129266 265 -75 827
NAK25-65 NAD83_Z9 675191 6129109 265 -50 575
NAK25-69 NAD83_Z9 675297 6129153 255 -75 787
NAK25-72 NAD83_Z9 675297 6129153 255 -55 621

QA/QC and Sampling Protocol

Sampling at NAK follows a rigorous methodology and internal QA/QC protocol. Drill core is halved on site, and samples are submitted to ALS Geochemistry in Langley, British Columbia for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, and 250 g of the homogenized sample is pulped. All samples were analyzed for gold, silver, copper, molybdenum and a suite of 45 other major and trace elements. Analysis for gold is by fire assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp. Analysis for silver, copper, and molybdenum and all other major and trace elements are analyzed by four-acid digestion followed by Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).

Internal QA/QC protocols dictate that individual core samples are no less than 70 cm and no greater than 3 m in length. To control standard, blank, and duplicate sample frequency, and to better constrain pass/fail re-analysis intervals, samples are submitted to the lab in 50 sample batches. Within each 50-sample batch, there is one gold-copper standard and two coarse reject duplicates, inserted at regular intervals, and two blank samples, inserted sequentially following well-mineralized samples where possible, for a total of 10% QA/QC samples. All gold and copper standard analyses from the 2024 program passed within 3 standard deviations of expected values. Where duplicate values differed significantly, the lower values from the resulting re-analyses were used.

About American Eagle’s NAK Project

The NAK Project lies within the Babine copper-gold porphyry district of central British Columbia. It has excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological, and geochemical work at NAK, which began in the 1960’s, tested only to shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over 1.5 km x 1.5 km. Drilling completed by American Eagle in 2022, 2023, and 2024 returned significant intervals of high-grade copper-gold mineralization that reached beyond and much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system. Drilling is currently in progress, with over 16,500 metres drilled across 26 holes out of the planned 30,000-metre drill program. Three drills are actively operating, including one helicopter-supported hole, and expected to continue into December.

For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our YouTube Channel: youtube.com/@theoregroup

About American Eagle Gold Corp.

American Eagle is dedicated to advancing its NAK copper-gold porphyry project in west-central British Columbia, Canada. The Company benefits from over $36 million in cash, bolstered by two strategic investors formed in the past two years with Teck Resources and South32. With substantial financial and technical resources, American Eagle Gold is well-positioned to drill, de-risk, and define the full potential of the NAK Copper-Gold porphyry project.

Anthony Moreau, Chief Executive Officer

416.644.1567
amoreau@oregroup.ca
www.americaneaglegold.ca

Q.P. Statement

Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified Professional Geologist and independent ‘qualified person’ for the purposes of Canada’s National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

Forward-Looking Statements

Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to: including statements relating to the use of proceeds of the Offering, the tax treatment of the Charity FT Shares, the receipt of all necessary regulatory approvals in connection with the Offering, the 2025 drill program or its anticipated results at the Company’s NAK project, the ability of the Company to make the Qualifying Expenditures as anticipated by management, and other matters ancillary or incidental to the foregoing. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.

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

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S&P Global: Fragmented Climate and Energy Strategies Will Define 2026

Global sustainability strategies are entering a more politically complex phase in 2026 as governments and companies balance immediate economic pressures against long-term climate risks, according to S&P Global’s latest outlook on sustainability trends.

S&P Global said sustainability decision-making in 2026 will be shaped by a growing tension between near-term priorities (energy security, affordability, geopolitical risk) and longer-term realities (climate adaptation, decarbonization, resource constraints).

The result is a world moving away from multilateral coordination toward a patchwork of national and regional responses.

Regulatory fatigue reshapes supply chains, critical minerals take center stage

Trade tensions, protectionist policies, and political fatigue around sustainability regulation are pushing climate and human rights risks in supply chains out of the spotlight.

S&P Global notes that as regulatory momentum slows in some jurisdictions, companies may increasingly need to treat climate exposure as a core risk management issue rather than a compliance exercise.

The European Union (EU) remains a key exception, though its policy direction is evolving. While the bloc has introduced far-reaching disclosure and due diligence rules, it is also simplifying parts of its regulatory framework.

Meanwhile, the EU’s carbon border adjustment mechanism (CBAM), which took full effect on January 1, is expected to add at least US$15 billion in costs to imports from carbon-intensive producers, potentially reshaping global trade flows.

Furthermore, the firm said critical minerals will sit at the center of these dynamics in 2026.

Materials such as copper, lithium, and rare earths underpin electrification, clean energy deployment, and AI infrastructure, making access to them a central feature of trade diplomacy and investment.

China is expected to retain its lead in cleantech manufacturing, reinforcing its role as both a key supplier and a strategic risk for countries pursuing energy transitions.

Energy policy diverges as fossil fuels rebound, renewables expand

Another aspect of fragmentation is most visible in energy policy, where global fossil fuel demand rebounded faster than many policymakers expected after the pandemic and is projected to continue growing modestly.

In contrast, renewable energy remains the fastest-growing segment, though from a smaller base. S&P Global Energy estimates that fossil fuel demand will rise by less than 1 percent in 2026 compared with 2025, while solar and wind generation are expected to grow by more than 17 percent.

Similarly, the divergence between the world’s two largest economies is particularly stark. The US has prioritized expanding fossil fuel exports, while China continues to invest heavily across clean energy supply chains such as solar manufacturing and electric vehicles.

The report said that this same divergence leaves many countries navigating trade-offs between supply security and dependence. China continues to maintain a dominant position in clean energy technologies and has demonstrated its willingness to use export controls on strategic materials such as rare earths.

Despite continued growth in renewables, S&P Global expects 2026 to mark the first year-over-year decline in global solar capacity additions, driven largely by a slowdown in China. While overall renewable capacity will still expand, analysts said the period of uninterrupted growth is ending.

At the same time, increasing renewable penetration is pushing wholesale power prices lower in some markets while accelerating demand for battery storage and more flexible power purchase agreements.

AI adds new strain to power systems

Artificial intelligence is adding further strain to energy systems. The rapid expansion of AI-driven data centers is driving electricity demand sharply higher, complicating sustainability targets for both governments and corporations.

S&P Global estimates that data center power consumption could exceed 2,200 terawatt-hours by 2030, roughly equivalent to India’s current electricity use. Grid constraints, rising power prices in some regions, and growing water stress are emerging as political and social flashpoints, particularly in parts of the US.

While major technology companies have made high-profile net-zero commitments, the report’s data shows that sustainability ambition across the data center sector remains uneven.

According to the firm’s 2024 Corporate Sustainability Assessment, 38 percent of assessed companies with data center operations do not have a net-zero target.

Analysts warned that rising AI-related energy demand may lead to increased fossil fuel use in the near term, with some regions delaying planned coal and gas plant retirements to maintain grid reliability.

Climate adaptation gains priority

The implications of rapid energy shifts also mean that climate adaptation and resilience are gaining prominence.

S&P Global said governments and investors increasingly recognize that the world is likely to overshoot the Paris Agreement’s 1.5-degree Celsius warming goal, making adaptation unavoidable.

Global economic losses from natural disasters reached US$320 billion in 2024, according to Munich Re, while United Nations (UN) data suggests the number of natural disasters could rise by 40 percent by 2030 without stronger mitigation.

Therefore, investment in adaptation is emerging as a major opportunity as well as a necessity. Singapore sovereign wealth fund GIC, for instance, estimates that adaptation and resilience investments could total US$9 trillion by 2050. That theme featured prominently at Climate Week NYC in 2025 and at COP30, where governments agreed to triple public adaptation finance by 2035 from 2025 levels.

Taken altogether, S&P Global’s outlook points to a sustainability landscape that is less coordinated but no less consequential.

While global consensus is weakening, pressures from various sectors are forcing governments and companies to make increasingly difficult trade-offs as they chart their paths through 2026.

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

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Sirios Adds $1.5 Million to the Treasury After Warrant and Option Exercises

Sirios Resources Inc. (TSXV: SOI) (OTCQB: SIREF) (‘Sirios’ or ‘the Company’) has started the year with an infusion of capital, giving the Company additional financial flexibility for enhancing its exploration and investor programs in 2026.

The exercise of 10,209,000 warrants and 1,750,000 options have added $1,516,080 to the treasury and resulted in the issuance of 11,959,000 shares. There are now 397,933,426 common shares outstanding.

‘These exercises validate our proposed combination with OVI Mining Corp. and reflect the recent performance of our stock,’ said Dominique Doucet, Founder and CEO of Sirios Resources. ‘Our strategy is gaining traction, and investors are noticing. We intend to build on this momentum by expanding our investor outreach this year. Jean-Félix Lepage, who will take over as CEO after the closing of the transaction with OVI Mining, will join me for a series of investor events in the coming weeks.’

Sirios to Attend Key Industry Conferences in Q1
As part of its continued commitment to enhancing market visibility and shareholder engagement, Sirios will participate in the following investment conferences:

    In addition, Dominique Doucet and Jean-Félix Lepage will host a series of investor luncheons and one-on-one meetings in Vancouver, Calgary, Montreal and Toronto. Full details on these events will be posted to the Sirios website. To request an invitation, please send an email to info@sirios.com.

    In addition, Sirios also has engaged Resource Stock Digest (RSD) to initiate an advertising and marketing program. An initiation fee of US$8,500 has been paid and a monthly cost of US$2,450, starting this month, will be paid for the first three months and can extend to a total period of 18 months. RSD is owned and operated by Gerardo Del Real and Nick Hodge and its contact details are as follows: Gerardo Del Real, 2051 Gattis School Rd, Ste. 540 PMB 176, Round Rock, TX 78664, USA.

    About Sirios
    Sirios Resources is a mining exploration company based in Quebec, focused on developing its portfolio of high-potential gold projects in the Eeyou Istchee James Bay, Canada. Sirios announced on December 11, 2025, the details of the acquisition of OVI Mining, a landmark event in the company’s history.

    Contact
    Dominique Doucet, Eng., President and CEO
    Phone: 450-482-0603
    ddoucet@sirios.com
    www.sirios.com

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains ‘forward-looking statements’ within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, expectations and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in such forward-looking statements include, but are not limited to: capital and operating costs that differ materially from estimates; the tentative nature of metallurgical test results; delays or failures in obtaining required governmental, environmental or other approvals; uncertainties related to the availability and cost of necessary financing in the future changes in financial markets; inflation; fluctuations in metal prices; delays in project development; other risks relating to the mineral exploration and development industry; and risks disclosed in public filings of the Company on SEDAR+ at www.sedarplus.ca. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this news release are reasonable, readers should not place undue reliance on this information, which speaks only as of the date of this news release, and there can be no assurance that such events will occur or occur within the time periods presented. The Company disclaimed any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

    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.

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    Application for EU Strategic Project Designation for Black Schist Ni-Cu-Co-Zn Project, Finland

    Further to the Preliminary Economic Assessment announced on 31 January 2025, Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals exploration and development company, is pleased to announce it has formally applied to the EU for Strategic Project designation for the Company’s Black Schist Ni-Cu-Co-Zn Project in Finland. The application has been made pursuant to the Critical Raw Materials Act, which seeks to establish a framework for ensuring a secure and sustainable supply of critical raw materials.

    Highlights of Basis of Application

    Project Summary & Strategy Recap

    The Black Schist Project comprises the Rautavaara (‘R1’) and Paltamo (‘P5’) deposits in eastern Finland, near the regional mining centre of Sotkamo and supported by excellent transport and power infrastructure. Metals One holds 100% of the licences through its wholly owned subsidiary and acquired the project in 2023, commissioning CSA Global to prepare a Competent Persons Report, including a Mineral Resource Estimate for R1. The project is located within the economically significant Kainuu Schist Belt, which hosts Talvivaara-style black schist mineralisation – one of Europe’s lowest-cost and most environmentally attractive sources of Ni-Zn-Co-Cu battery metals.

    On listing, Metals One secured low-risk exploration licences across the belt, including an existing JORC Inferred Resource of 28.1 Mt at R1 and a JORC Exploration Target of 16-25 Mt at P5. The Company’s strategy focuses on rapidly growing resources by refining a geological and geophysical prospectivity model, expanding and upgrading R1 and P5 through drilling, and identifying new targets. In late 2023, an eight-hole, 1,548 m drill programme at the R1 Hook anomaly refined the model and highlighted potential resource extensions, with early results already guiding further target generation, including the K1 prospect at Korpimäki.

    Purpose of Designation

    For the purposes of designation under the Critical Raw Materials Act, the R1 deposit constitutes the Strategic Project core asset of the Black Schist Project.

    The designation is sought to support the advancement of R1 from Preliminary Economic Assessment (‘PEA’) to Pre-Feasibility Study (‘PFS’) and subsequent permitting, enabling near-term de-risking of EU-based extraction capacity for strategic raw materials, notably cobalt and copper, with nickel produced as a strategically relevant co-product.

    Basis for Prioritisation

    R1 has been prioritised based on the following PEA-supported factors:

    • Demonstrated positive economics at PEA level, including a post-tax NPV at both 5% and 8% discount rates as announced on 31 January 2025
    • Established JORC-compliant Inferred Mineral Resource constrained by reasonable prospects for eventual economic extraction
    • Proximity to established Finnish processing infrastructure and technical precedent
    • Manageable environmental and permitting risks that are identifiable and capable of early mitigation

    P5 is excluded from the initial Strategic Project scope and is considered a contingent, medium-term optional expansion subject to future optimisation and market conditions.

    Strategic Intent

    Strategic Project designation is intended to:

    • Support structured and coordinated permitting for the Rautavaara deposit
    • Facilitate engagement with EU institutions, Member State authorities and potential downstream counterparties
    • Enable access to EU-aligned de-risking, financing and technical assistance mechanisms
    • Preserve optionality for future expansion without diluting near-term strategic focus

    Project Relevance

    In 2023, global nickel production was reported to be over 3.3 Mt, an increase of over 10% from 2022, of which Indonesia and the Philippines account for over 60%. By contrast, negligible amounts of nickel are currently produced in Europe. Although nickel does not currently qualify as a critical raw material in the EU, the US Geological Survey added nickel (and zinc) to its critical minerals list in 2022, meaning that the metal is now considered to be essential to the economic security of the US. Despite not qualifying for the EU list, analysis still identified nickel to be of material economic importance to the EU as a Strategic Raw Material and, since the start of Q2 2022, Indonesia (the largest global producer) has banned the export of unprocessed nickel ores to ensure that ores are processed domestically as opposed to being exported and processed offshore. Given these relatively recent developments in the nickel market, producing the metal domestically within the EU becomes an ever more critical goal.

    The PEA highlights the opportunity for the Company’s Black Schist Project to make a meaningful contribution to the security of the EU’s supply of this strategic material.

    Daniel Maling, Managing Director of Metals One, commented:

    ‘Access to raw materials is essential for the EU’s economy and the functioning of the internal market. The Black Schist Project is a multi-metal extraction project potentially contributing to the Union’s security of supply for several Strategic Raw Materials.

    Strategic Project designation would provide several key advantages that could aid in the project’s development and long-term success, including but not limited to enhanced access to project financing, including eligibility for funding from EU programmes, and streamlined permitting processes.

    Given the key role of many critical raw materials in realising the green and digital transitions, and considering their use for defence and aerospace applications, demand is likely to increase exponentially in the coming decades. Further, risk of supply disruptions is increasing against the background of rising geopolitical tensions and resource competition. We believe our Black Schist Project can contribute a stable and secure resource of strategic and critical metals to the EU market.’

    Enquiries:

    Metals One Plc

    Daniel Maling, Managing Director

    Craig Moulton, Chairman

    info@metals-one.com

    +44 (0)20 7981 2576

    Beaumont Cornish Limited (Nominated Adviser)

    James Biddle / Roland Cornish

    +44 (0)20 7628 3396

    Oak Securities (Joint Broker)

    Jerry Keen / Calvin Man

    +44 (0)20 3973 3678

    Capital Plus Partners Limited (Joint Broker)

    Jonathan Critchley

    +44 (0)207 432 0501

    Vigo Consulting (UK Investor Relations)

    Ben Simons / Fiona Hetherington

    IR.MetalsOne@vigoconsulting.com +44 (0)20 7390 0230

    About Metals One

    Metals One is pursuing a strategic portfolio of critical and precious metals projects and investments underpinned by the Western World’s urgent need for reliably and responsibly sourced raw materials – and record high gold prices. Metals One’s shares are listed on the London Stock Exchange’s AIM Market (MET1) and on the OTCQB Venture Market in the United States (MTOPF).

    Map of Metals One projects/investments

    Follow us on social media:

    LinkedIn: https://www.linkedin.com/company/metals-one-plc/

    X: https://x.com/metals_one_PLC

    Subscribe to our news alert service on the Investors page of our website at: https://metals-one.com

    Market Abuse Regulation (MAR) Disclosure

    The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’).

    Nominated Adviser

    Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

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    Syntholene Energy

    Investor Insight

    Syntholene offers investors exposure to a first‑of‑its‑kind, publicly traded pure‑play synthetic fuel company positioned to disrupt a multi‑trillion‑dollar liquid fuels market with a scalable pathway to cost‑competitive, carbon‑negative aviation fuel.

    Overview

    Syntholene Energy (TSXV:ESAF,FSE:3DD0) is a next-generation clean energy company focused on producing high-performance, carbon-negative, low-cost synthetic liquid fuels, with aviation as its initial target market. Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel (eSAF), manufactured at 70 percent lower cost than the nearest competing technology today. The company’s mission is to deliver the world’s first truly high-performance, low-cost, and carbon-neutral eFuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.

    Synthetic fuels offer a drop-in solution for the aviation industry seeking to reduce emissions without modifying aircraft or infrastructure, addressing one of the most pressing challenges in global decarbonization.

    The company is operating against the backdrop of a large and rapidly expanding aviation fuel market. The global aviation fuel market was valued at approximately US$391 billion in 2023 and is projected to grow to nearly US$820 billion by 2032, while the sustainable aviation fuel segment is expected to expand from just over US$2 billion in 2025 to more than US$25 billion by 2030. This growth is being driven by regulatory mandates, airline decarbonization commitments, and limited near-term alternatives for long-haul flight, making aviation one of the most attractive early markets for synthetic fuels.

    Beyond aviation, the global eFuel market is projected to grow rapidly over the coming decade, from US$8.89 billion in 2024 to more than US$215 billion by 2032, supported by increasing demand for low-emissions liquid fuels across shipping, industrial energy, and other hard-to-electrify applications that rely on existing combustion infrastructure. While aviation is Syntholene’s initial commercial focus, the company’s synthetic fuel platform is designed for application across a wide range of liquid fuel markets, allowing it to leverage a substantially larger total addressable market over time. These dynamics create a multi-layered growth opportunity, with aviation serving as a high-value entry point into a much broader global eFuel market.

    Syntholene is progressing its Hybrid Thermal Production System from laboratory-scale validation toward a real-world demonstration facility in Iceland, leveraging abundant geothermal resources and long-term expansion potential.

    The company’s leadership team brings experience across advanced energy, large-scale industrial deployment, and climate-tech commercialization, positioning the company to scale modular production facilities globally as regulatory and market demand intensifies.

    Key Solution

    Syntholene’s core offering is synthetic fuel (eFuel) produced through a proprietary, integrated production pathway designed to deliver high performance at materially lower cost than conventional power-to-liquid approaches. Synthetic aviation fuels are produced from renewable electricity, green hydrogen and captured carbon, and can deliver up to 90 percent lower lifecycle emissions while remaining fully compatible with existing aircraft and fueling infrastructure.

    Syntholene’s Thermal Hybrid Production System integrates high-temperature solid oxide electrolysis with industrially proven fuel synthesis reactors. By introducing low-cost thermal energy at critical stages of the process, the system significantly reduces electricity consumption, which is the primary cost driver for most eFuel producers. This approach underpins the company’s targeted 70 percent cost advantage versus competing technologies and supports a credible pathway toward cost parity — and potentially superiority — relative to fossil fuels at scale.

    From a market perspective, the company is targeting a sector supported by strong regulatory tailwinds. In Europe, the ReFuelEU Aviation Regulation mandates rising sustainable aviation fuel blending requirements beginning in 2025 and increasing through 2050, while complementary subsidies of up to €6 per liter further incentivize adoption.

    Syntholene’s development plans are centered on delivering a demonstration facility by the end of 2026, followed by commercial facilities capable of scaling from tens to hundreds of megawatts as demand accelerates. Over time, Syntholene aims to evolve from carbon‑neutral fuel production to carbon‑negative fuels, actively removing more CO₂ from the atmosphere than is emitted when the fuel is consumed.

    Management Team

    Dan Sutton – Chief Executive Officer

    Dan Sutton has spent the last 15 years as a founder and executive leader in sustainable infrastructure deployment and operations. He was the founder and CEO of Tantalus Labs, where he and his team designed, built and operated its first-of-a-kind production facility SUNLAB, reducing energy demand by 90 percent per square foot relative to historic incumbents. He scaled his team to 150 employees, grew revenue from 0 to $20 million annually, and delivered leading revenue-per-employee sector-wide. Sutton has a strong track record in executive leadership, government relations, public relations and project management. He prides himself on building cultures that foster intellect, drive and relentless resourcefulness.

    Steve Oldham – Director

    Steve Oldham is a globally recognized leader in carbon management and climate‑tech commercialization. He is the former CEO of Carbon Engineering, where he helped establish direct air capture as a viable industry and led the company through its sale to Occidental Petroleum at a $1.6 billion valuation. He is also CEO of Captura and brings decades of experience scaling complex, capital‑intensive clean energy technologies.

    Canon Bryan – Director

    Canon Bryan is a founder and company builder with more than 25 years of experience in advanced energy and resource companies. He co-founded Terrestrial Energy (developer of Generation IV nuclear power), Uranium Energy (NYSE:UEC), and NioCorp (NASDAQ:NB), and has contracted with public and private companies across finance, accounting, planning and corporate development. Bryan’s background spans full-cycle accounting, economic modelling and strategic leadership in complex industrial sectors.

    John Kutsch – Chief Engineer

    As Syntholene’s chief engineer, John Kutsch leads the integration of multiple discrete systems into a unified, optimized and scalable infrastructure for economic and rapid construction and operation. He brings over 30 years of experience in systems design and implementation across large industrial companies, including work on energy, chemical processing and advanced reactor designs.

    Jack Williams – Head Engineer

    Jack Williams is head engineer at Syntholene. He has seven years of experience in high-temperature and pressure reactors, pilot-scale rig design and execution. As a research fellow at the University of Cambridge and IChemE, his work focused on reactor design for synthetic fuel production and CO₂ capture, including developing groundbreaking electrolysis and catalytic reactor technologies.

    Grant Tanaka – Chief Financial Officer

    Grant Tanaka is Syntholene’s CFO with more than 15 years of senior financial leadership experience across the global natural resources sector. His experience includes directing finance operations for major mining companies and holding senior finance roles at Teck Resources, New Gold and Copper Mountain Mining. Tanaka combines financial discipline with operational performance management and holds a Bachelor of Business Administration. He is also a chartered professional accountant.

    Anna Pagliaro – Director

    Anna Pagliaro is a senior commercial and risk management executive with extensive experience in the energy and mining sectors. She currently serves as director, commercial and risk at Vizsla Silver, leading strategic negotiations, risk mitigation and governance for complex international projects. Pagliaro’s prior roles include leadership positions at Ausenco, NexGen Energy and Integra Gold, and she holds legal and business credentials that support strategic value creation and operational excellence.

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