Goldgroup Mining Inc is a Canadian-based gold production, development, and exploration company with an upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San Jose de Gracia, located in the State of Sinaloa. In addition, the company operates its 100%-owned Cerro Prieto heap-leach gold mine, in the State of Sonora, Mexico.
Canada One Mining Corp. (TSXV: CONE) (OTC Pink: COMCF) (FSE: AU31) (‘Canada One’ or the ‘Company’) is pleased to provide an exploration review of the Boundary Zone at its 100% owned Copper Dome Project, (‘Copper Dome’, ‘Project’ or ‘Property’), Princeton B.C.
BOUNDARY ZONE HISTORICAL HIGHLIGHTS
Peter Berdusco, President and CEO of the Company commented: ‘The Boundary Zone historical results outline a broad copper-gold system extending toward Copper Mountain. Copper values above 10,000 ppb and evidence of potassic alteration are consistent with porphyry-style mineralization. These findings make the Boundary Zone a clear focus for detailed geochemical and geophysical follow-up head of future drill targeting.’
Boundary Review
The main feature of this area is a very dominant copper-gold anomalous zone that also contains silver and molybdenum anomalies. It strikes north northeasterly, has an approximate width of 1,000 meters, and has a minimum strike length of 1,750 meters being open to the north-northeast towards one of the Copper Mountain Mine pits which are only 1,500 meters away. It is also open to the south-southwest.
The copper results are especially high with many of the values above 10,000 ppb. Two rock samples taken within this anomaly contain copper mineralization with one of these samples also containing gold. In addition, at the southwest edge of the anomaly where it is open to the southwest two rock samples taken also containing copper mineralization with gold.
The copper-gold anomalous zone is also somewhat devoid of anomalous values in zinc, lead, and cadmium. Most of the anomalous values in these elements occur outside of the main zone, especially to the east. Certain types of porphyry copper deposits are known to contain zinc mineralization around their peripheries. Another feature is the potassium values which are higher within the anomalous zone. This indicates potassic alteration, often associated with porphyry copper deposits.
Niobium, titanium, yttrium, and zirconium values were also plotted since these four elements indicate Lost Horse intrusive which on the Copper Mountain mine site, either hosts and/or is adjacent to copper mineralization. In general, these elements are somewhat lower within the anomalous zone, but higher outside, especially to the east. This indicates the possibility that the Lost Horse intrusive may occur to the immediate east of the anomalous zone.1
Figure 1: Location Map of the Copper Dome Project
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Figure 2: Grid Map of Boundary Zone MMI Sampling – Copper Results
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Figure 3: Grid Map of Boundary Zone MMI Sampling – Gold Results
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Figure 4: Grid Map of Boundary Zone MMI Sampling – Silver Results
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Figure 5: Grid Map of Boundary Zone MMI Sampling – Potassium Results
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Management cautions that past results, discoveries and mineralization on Copper Mountain are not necessarily indicative of the results that may be achieved on Copper Dome.
About The Copper Dome Project
Copper Dome is located in the lower Quesnel Trough porphyry belt, one of British Columbia’s most prolific mining districts. The Project directly adjoins Hudbay Minerals Inc.’s (TSX: HBM) producing Copper Mountain Mine to the north which hosts Proven and Probable Reserves of 702 million tonnes grading 0.24% Cu, 0.09 g/t Au, and 0.72 g/t Ag (hudbayminerals.com). Multiple mineralized zones have been identified across the Property, with historical drilling confirming high-grade copper associated with northeast-trending structures similar to those hosting mineralization at Copper Mountain.
The Project benefits from excellent infrastructure, enabling year-round access, cost-efficient exploration, and a stable, low-risk jurisdiction.
Historical Work Completed
With a five-year drill permit in place, the Company is focused on advancing the Project toward drill-ready target definition.
About Canada One
Canada One Mining Corp. is a Canadian junior exploration company focused on copper-the critical metal powering the global energy transition. The Company advances projects from discovery through resource definition with disciplined, data-driven exploration and responsible practices. Its flagship Copper Dome Project, near Princeton, British Columbia, targets a porphyry copper-gold system in a Tier-1 jurisdiction. Canada One aims to deliver sustainable growth and long-term value for shareholders and local communities.
Acknowledgement
Canada One acknowledges that the Copper Dome Project is located within the traditional, ancestral and unceded territory of the Smelqmix People. We recognize and respect their cultural heritage and relationship to the land, honoring their past, present and future.
Qualified Person
The technical information contained in this news release has been reviewed and approved by David Mark, P.Geo., an independent Qualified Person for the purposes of National Instrument 43-101.
Historical Sampling
The sampling was done to the standards of the time and is considered ‘historical’ in nature and is not NI43-101 compliant and cannot be relied upon. The results are listed here to show why the Company is interested in this area. Future work and drilling may not repeat similar results.
Note 1: Mark, (2024), Exploration Report on MMI Soil Sampling, Rock Sampling and Backpack Drilling on the Copper Dome Property Copper Mountain Mine Area Similkameen Mining Division, British Columbia, AR 41492.
Contact Us
For further information, interested parties are encouraged to visit the Company’s website at www.canadaonemining.com, or contact the Company by email at info@canadaonemining.com, or by phone at 1.877.844.4661.
On behalf of the Board of Directors of
Canada One Mining Corp.
Peter Berdusco
President
Chief Executive Officer
Interim Chief Financial Officer
Forward-Looking Statements
This press release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
TSX Venture Exchange Disclaimer
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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Substantial assays strengthen the shallow central-south shoots and demonstrate robust continuity along the northwestern dip of the Santa Helena Breccia, supporting a significantly expanded resource footprint and a strong economic outlook for the upcoming MRE and PEA.
Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied’ or the ‘Company’), a tungsten-focused exploration and development company advancing its 100%-owned Borralha Tungsten Project in northern Portugal, is pleased to announce new assay results from the ongoing 2025 Reverse Circulation (RC) drilling campaign.
The results from holes Bo_RC_27/25 and Bo_RC_28/25 confirm strong mineralization continuity in the northwestern dip area of the Santa Helena Breccia (SHB), extending the recently discovered high-grade North dip backbone toward the north and west and reinforcing previous Mineral Resource Estimate (MRE) indications.
Borralha is delivering stronger, wider, and higher-grade intercepts than expected, positioning Allied to unlock significant resource growth and advance one of the most strategic tungsten projects in the Western world. Tungsten price reaches high of $685 USD/MTU APT, up approximately 50% in last 6 months as demand for the critical mineral increases with further supply chain restrictions from non-Western countries.
Highlights:
Bo_RC_27/25:
Robust mineralized intercept expanding the northwestern dip area of the SHB.
Bo_RC_28/25:
Roy Bonnell, CEO and Director of ACM, commented: ‘Borralha continues to exceed expectations. We are now consistently intersecting thicker and higher-grade zones than previously modelled. Hole Bo_RC_27/25 delivered one of the most continuous and grade-consistent intercepts drilled to date within the northwestern extension of the Santa Helena Breccia, validating our interpretation of a broad, steeply dipping feeder system. In addition, Bo_RC_28/25 confirmed the up-dip continuity of high-grade mineralization toward surface, an encouraging indicator for potential shallow extraction scenarios. Together with earlier successes, these results continue to demonstrate both excellent scale and grade expansion as we advance toward our updated Mineral Resource Estimate and Preliminary Economic Assessment.’
Geological Context
Drill hole Bo_RC_27/25 intersected a thick zone of disseminated wolframite mineralization along the northwestern structural dip of the SHB, corresponding to a domain where the 2024 MRE had identified only moderate-grade envelopes.
This intercept — including a 6 m @ 1.02 % WO₃ — demonstrates significant grade enhancement and continuity within the newly modeled corridor, supporting the revised interpretation of a wider, steeper feeder system.
Hole Bo_RC_28/25, collared 50 m northeast of Bo_RC_26/25, successfully tested the continuity of mineralization up-dip toward surface, intersecting multiple high-grade lenses associated with breccia-hosted wolframite.
Together, the two holes confirm northward and up-dip expansion potential, bridging the 2023-2024 drilling domains.
These results will directly feed into the upcoming Mineral Resource Estimate update and Preliminary Economic Assessment (PEA) scheduled for Q1 2026, aiming to delineate additional tonnage and improve confidence in high-grade zones.
Drill Program Progress
To date, 4,210 metres of drilling have been completed from the initially planned 5,625-metre Phase 1 campaign, as the desired results were achieved with more strategically focused drilling. The program focus was:
Expanding and upgrading the current NI 43-101 Mineral Resource Estimate (MRE), expected in Q4 2025.
The development of a robust Preliminary Economic Assessment (PEA).
Supporting underground mine design and integration with ongoing EIA review.
Further and final assay results are expected in the coming weeks as drilling has completed and the last assays of the drill campaign are being analyzed.
Table 1 – Drill hole Collar Locations and Status
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Table 2 – Current Campaign Interval Highlights Update
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Next Steps
With Phase 1 drilling campaign is finished, final results are expected in the coming weeks. Step-out holes targeted both western and northern extensions of SHB, while infill drilling will refine the core resource model. Results will continue to inform the MRE and subsequent economic studies.
Figure 1 – Drill collar plan showing planned holes for the completed 4,210 m RC campaign at the Borralha Project. The red outline delineates the main mineralized breccia zone.
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Figure 2 – Geological Cross-Section for hole Bo_RC_27/25.
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Sampling, QA/QC and Analytical Notes
Drilling was completed using reverse-circulation (RC). All sample bags were pre-labelled with a unique internal sequence number used consistently for the assay sample and corresponding reject. Sampling was conducted on 2.0 m intervals for analytics. For each 2.0 m interval, two 1.0 m reject samples were also collected as representative splits. Splitting was performed at the rig via a rotary splitter integral to the RC cyclone.
Sampling followed pre-prepared sample lists that recorded downhole metreage, sequence, and the placement of Certified Reference Materials (CRMs) and field duplicates. CRMs were inserted at a rate of 1 in 20 samples (5%) and field duplicates at 1 in 20 samples (5%), arranged so that every 10th sample alternated between a CRM and a duplicate.
Analytical and reject samples were boxed at the drill site and transported by company personnel to the project core/logging facility. Analytical samples were stored on labelled pallets pending direct shipment to ALS’s preparation laboratory in Seville, Spain. Pulps and rejects were subsequently stored securely in the project logging room.
At ALS Seville, samples were crushed to 70% passing 2 mm, riffle-split to ~250 g, and pulverized using hardened steel to 85% passing 75 μm. Pulps were shipped to ALS Loughrea (Ireland) for analysis. The primary analytical method was ME-MS81 (lithium borate fusion with ICP-MS finish). Base metals were also reported using ME-4ACD81 (four-acid digestion with ICP-MS finish). Over-limit tungsten results were re-assayed using W-XRF15b (lithium borate fusion with XRF). Analytical results were delivered directly by ALS to the Company via secure electronic transfer.
Primary disclosure remains the reported grade and interval length (and true width where known).
To the best of the Company’s knowledge, no drilling, sampling, recovery, or other factors have been identified that would materially affect the accuracy or reliability of the data referenced herein.
Qualified Person
The scientific and technical information in this release has been reviewed and approved by Mr. Vítor Arezes, BSc, MIMMM (QMR), Vice-President Exploration of Allied Critical Metals, a Qualified Person under National Instrument43-101. Mr. Arezes is not independent of Allied Critical Metals Inc. as he is an officer of the Company.
About the Borralha Tungsten Project
Allied’s Borralha Tungsten Project is one of the largest and most historically significant past-producing tungsten operations in Western Europe. Located in northern Portugal, Borralha was once the second-largest tungsten mine in the country and supplied strategic materials to European and Allied industries during the 20th century, including both World Wars and the Cold War period.
Today, the project is undergoing a modern revitalization based on a combination of scale, grade, metallurgy, and jurisdictional strength. Mineralization is dominated by coarse-grained wolframite, which is highly desirable in global markets due to its favorable processing characteristics and higher recoveries compared to scheelite-bearing deposits.
Borralha benefits from existing infrastructure, shallow mineralization, and a simple processing route, making it one of the most advanced tungsten development projects in the European Union. These attributes are particularly important in the context of the EU Critical Raw Materials Act (2024/1252) and NATO strategic autonomy initiatives, both of which explicitly identify tungsten as a defense-critical raw material subject to severe supply risk.
With the EU currently dependent on over 80% of its tungsten imports from China, Borralha represents a rare and strategic opportunity to develop a secure, domestic, and NATO-aligned supply source. As Allied continues to advance drilling, resource expansion, and economic studies, Borralha is poised to play a central role in reshaping Europe’s tungsten landscape-supporting both decarbonization technologies and defense-industrial resilience.
ON BEHALF OF THE BOARD OF DIRECTORS,
‘Roy Bonnell’
Roy Bonnell
CEO and Director
For further information or investor relations inquiries, please contact:
Dave Burwell
Vice President, Corporate Development
Email: daveb@alliedcritical.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915
ABOUT Allied Critical Metals
Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China and Russia represent approximately 90% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.
Please also visit our website at www.alliedcritical.com
Also visit us at:
LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc/
X: https://x.com/@alliedcritical/
Facebook: https://www.facebook.com/alliedcriticalmetalscorp/
Instagram: https://www.instagram.com/alliedcriticalmetals/
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and use of proceeds for exploration and development of the Company’s mineral projects as described in the Company’s Listing Statement, news releases, and corporate presentations. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 and news release dated May 16, 2025, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.
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Highlights
– Sodium-Nickel-Chloride (SNC) batteries have operated for over two decades in South Africa’s telecom and UPS sectors
– Field data shows an exceptionally low failure rate of just 0.6-1.5% across deployed AMPower or equivalent SNC batteries
– Lithium batteries typically show 3-5% failure rates; 8-12% lead-acid and NiCd often exceed 2-4%.
– Service life routinely exceeds 15-20 years, with minimal capacity fade and little maintenance required
– Performance benchmarked against lithium-ion, lead-acid, and nickel-cadmium batteries, demonstrating clear lifetime and safety advantages.
– SNC battery continues to function even if individual cell fails, ensuring uninterrupted system operation
– Major cost advantage: lower replacement frequency, no ventilation or cooling systems, and reduced total cost of ownership
– Validates SNC as the most reliable and maintenance-free UPS solution for explosive ATEX environments, remote operations, and critical industrial assets
For more than 15 years, SNC batteries have powered South Africa’s telecommunication and industrial UPS sectors, enduring extreme climates, unstable grids, and remote conditions. This long history of reliability underscores why SNC technology is now central to Altech Batteries’ expansion strategy for European pipeline and hydrogen control infrastructure.
SOUTH AFRICAN FIELD EXPERIENCE – PROVEN IN HARSH ENVIRONMENTS
SNC batteries have been in service across South Africa since the early 2010s, supporting telecom towers, utility substations, and industrial control systems. They operate reliably in some of the toughest conditions-regularly exposed to temperatures above 50degC and constant power interruptions. Evidence shows that they continue to deliver stable capacity and output. A number of units installed as far back as mid 2000s are still running today, without the need for maintenance or electrolyte replacement. Field data collected by AMPower shows a remarkably low failure rate of just 0.6% to 1.5%, underscoring the chemistry’s proven reliability. With no need for active cooling and minimal servicing requirements, field evidence has demonstrated SNC batteries are well suited to remote or high-temperature environments.
WHY SNC BATTERIES LAST SO LONG
Sodium-Nickel-Chloride batteries derive their longevity from their solid-state ceramic construction and fully sealed architecture. There are no flammable electrolytes, no venting gases, and no corrosion pathways. The internal molten sodium and nickel chloride reaction is contained within a B-alumina ceramic electrolyte, ensuring stable operation across thousands of cycles. Unlike lead-acid and lithium-ion batteries, SNC chemistry suffers no electrode dendrite formation or electrolyte degradation. It is immune to over-discharge damage and can remain idle for months without capacity loss. This combination of chemical stability and mechanical robustness allows SNC batteries to achieve service lives exceeding 15-20 years under both float and cycling conditions.
COMPARISON: SNC VS. LITHIUM, LEAD ACID, AND NICKEL-CADMIUM
Industry experience shows that lithium-ion batteries typically fail at rates of around 3-5%, lead-acid systems at 8-12%, and nickel-cadmium batteries at 2-4%. See Table 1. Failures usually stem from chemical wear, heat stress, or physical damage. In lithium-ion cells, problems such as dendrite growth, electrolyte breakdown, and thermal runaway are common. Lead-acid batteries often suffer from sulfation and corrosion of the plates, while nickel-cadmium types are prone to memory effect and electrolyte leakage.
SNC batteries, by contrast, avoid these issues altogether. Their solid ceramic electrolyte contains no liquid components to corrode or gas to evolve, and they operate in a stable thermal environment.
TECHNOLOGICAL REDUNDANCY – EACH CELL INDEPENDENT
In SNC batteries, each cell is housed inside a beta-alumina solid electrolyte (BASE) tube that allows sodium ions (Na+) to pass through while blocking electrons. If a small crack develops in the ceramic, the battery doesn’t immediately fail. Because the sodium is molten at the operating temperature of about 270degC, it remains fluid enough to seep into the micro-fracture and coat the surfaces. This forms a thin ionic bridge that keeps sodium ions moving across the damaged area, maintaining conductivity. The elevated temperature keeps both the sodium and nickel-chloride materials molten and active, allowing ion transport to continue smoothly. Moreover, SNC battery modules contain many cells connected in series or parallel, so if one cell’s resistance increases slightly, the others compensate-ensuring steady voltage and reliable overall performance.
Altech Managing Director Iggy Tan commented:
‘It’s great to see real service-life data confirming the reliability and consistency of SNC battery technology.
These results back up our long-held understanding of how well the batteries perform under harsh conditions, including high temperatures and frequent power disruptions. The exceptionally low failure rate highlights the strength of the chemistry and design, while the high float life proves their long-term stability.
This outstanding durability sets SNC batteries apart as one of the most dependable and low-maintenance energy storage solutions available today.’
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/EWZYW817
About Altech Batteries Ltd:
Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS (‘Fraunhofer’) to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech’s land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
Source:
Altech Batteries Ltd
Contact:
Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com
Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com
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Alvopetro Energy Ltd. (TSXV:ALV,OTC:ALVOF) (OTCQX: ALVOF) announces an operational update and financial results for the three and nine months ended September 30, 2025.
All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
President & CEO, Corey C. Ruttan commented:
‘Our sales in Brazil in October averaged 2,766 boepd, a 34% increase from September. Our Western Canadian assets added an additional 157 bopd bringing our company average up to 2,923 boepd, a new record for Alvopetro. On our 100% owned Murucututu project in Brazil, our 183-D4 well achieved IP30 rates of 1,071 boepd, significantly above our pre-drill estimates. This result helps strengthen our longer-term growth plans in Brazil. Our success in Brazil is being complimented by our Western Canadian capital program and our recently expanded partnership covering virtually all of the Saskatchewan portion of the Mannville Stack Heavy Oil play fairway. We are in a strong position to continue our disciplined capital allocation model, balancing returns to stakeholders and investing in high rate of return growth opportunities in Brazil and the Western Canadian Sedimentary Basin.’
Operational Update
October Sales Volumes
|
Natural gas, NGLs and crude oil sales: |
October 2025 |
September 2025 |
Q3 |
|
Brazil: |
|||
|
Natural gas (Mcfpd), by field: |
|||
|
Caburé |
9,136 |
5,463 |
8,735 |
|
Murucututu |
6,115 |
5,812 |
3,558 |
|
Total natural gas (Mcfpd) |
15,251 |
11,275 |
12,293 |
|
NGLs (bopd) |
206 |
180 |
147 |
|
Oil (bopd)(1) |
18 |
9 |
9 |
|
Total (boepd) – Brazil |
2,766 |
2,069 |
2,205 |
|
Canada: |
|||
|
Oil (bopd) – Canada |
157 |
163 |
138 |
|
Total Company – boepd(2) |
2,923 |
2,232 |
2,343 |
|
(1) |
Oil sale volumes in Brazil relate to the Bom Lugar and Mãe da lua fields. Alvopetro has entered into an assignment agreement to dispose of the fields, the closing of which is subject to standard regulatory approvals, including approval of the ANP. |
|
(2) |
Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes. |
October sales volumes increased to 2,923 boepd, including 2,766 boepd from Brazil (with natural gas sales of 15.3 MMcfpd, associated natural gas liquids sales from condensate of 206 bopd, and oil sales of 18 bopd) and 157 bopd from oil sales in Canada, based on field estimates, setting a new record for sales volumes at Alvopetro. In Brazil, sales volumes increased 34% over September and 25% over Q3 2025 following Alvopetro and Bahiagas agreeing to a spot contract with discounted pricing for volumes above our firm contract reference volumes of 400 e3m3/d (14.1 MMcfpd).
Quarterly Natural Gas Pricing Update
As previously announced, effective November 1, 2025, our natural gas price under our long-term gas sales agreement was adjusted to BRL1.81/m3 and will apply to firm natural gas sales (up to 400,000 m3/d) from November 1, 2025 to January 31, 2026. Based on our average heat content to date and the October 31, 2025 BRL/USD exchange rate of 5.38, our expected realized price at the new contracted price is $10.15/Mcf, net of applicable sales taxes, a decrease of 8% from the Q3 2025 realized price of $11.04/Mcf due mainly to lower Henry Hub prices in the third quarter. Amounts ultimately received in equivalent USD will be impacted by exchange rates in effect during the period November 1, 2025 to January 31, 2026. Natural gas sales above 400,000 m3/d are currently being sold on a flexible basis under spot contracts at discounts to our firm contracted price.
Development Activities – Brazil
On our 100% owned Murucututu field, the 183-D4 well was completed in seven intervals in the third quarter. With this well on production from the field since late August, third quarter natural gas sales from Murucututu increased to 3.6 MMcfpd (+199% from Q2 2025) and October natural gas sales increased further to 6.1 MMcfpd.
Our joint development on the unitized area (‘the Unit’), which includes our Caburé field, continued in the third quarter and four wells (2.2 net) were drilled. Three of the wells have now been completed and brought on production. We are planning a sidetrack of the fourth well due to challenges encountered while executing the final phase of the well. The timing of drilling the fifth planned development well (0.6 net) is subject to the receipt of all necessary regulatory approvals.
Development Activities – Western Canada
In the third quarter, two additional wells were drilled (1.0 net to Alvopetro) and commenced production in September. As previously announced, we entered into an expanded area of mutual interest (‘Expanded AMI’) with our existing partner. Under the terms of the Expanded AMI, we have agreed to fund 100% of two earning wells to earn a 50% working interest in an additional 46.9 sections of land (15,010 net acres). The two earning wells are expected to commence drilling in late 2025. After drilling, Alvopetro will have a 50% interest in 74.4 sections of land (23,900 net acres).
Financial and Operating Highlights – Third Quarter of 2025
|
(1) |
Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes. |
|
(2) |
See ‘Non-GAAP and Other Financial Measures‘ section within this news release. |
The following table provides a summary of Alvopetro’s financial and operating results for the periods noted. The consolidated financial statements with the Management’s Discussion and Analysis (‘MD&A’) are available on our website at www.alvopetro.com and will be available on the SEDAR+ website at www.sedarplus.ca.
|
As at and Three Months Ended September 30, |
As at and Nine Months Ended September 30, |
|||||
|
2025 |
2024 |
Change (%) |
2025 |
2024 |
Change (%) |
|
|
Financial |
||||||
|
($000s, except where noted) |
||||||
|
Natural gas, oil and condensate sales |
14,175 |
12,879 |
10 |
42,198 |
35,303 |
20 |
|
Net income |
4,613 |
7,152 |
(36) |
17,513 |
14,052 |
25 |
|
Per share – basic ($)(1) |
0.12 |
0.19 |
(37) |
0.47 |
0.38 |
24 |
|
Per share – diluted ($)(1) |
0.12 |
0.19 |
(37) |
0.46 |
0.37 |
24 |
|
Cash flows from operating activities |
12,153 |
10,714 |
13 |
31,443 |
27,787 |
13 |
|
Per share – basic ($)(1) |
0.33 |
0.29 |
14 |
0.84 |
0.75 |
12 |
|
Per share – diluted ($)(1) |
0.32 |
0.28 |
14 |
0.83 |
0.74 |
12 |
|
Funds flow from operations(2) |
10,448 |
9,886 |
6 |
30,036 |
26,309 |
14 |
|
Per share – basic ($)(1) |
0.28 |
0.27 |
4 |
0.81 |
0.71 |
14 |
|
Per share – diluted ($)(1) |
0.28 |
0.26 |
8 |
0.79 |
0.70 |
13 |
|
Dividends declared |
3,673 |
3,295 |
11 |
10,976 |
9,887 |
11 |
|
Per share(1) (2) |
0.10 |
0.09 |
11 |
0.30 |
0.27 |
11 |
|
Capital expenditures |
11,249 |
4,747 |
137 |
28,610 |
10,623 |
169 |
|
Cash and cash equivalents |
12,081 |
24,515 |
(51) |
12,081 |
24,515 |
(51) |
|
Net working capital(2) |
2,209 |
15,848 |
(86) |
2,209 |
15,848 |
(86) |
|
Weighted average shares outstanding |
||||||
|
Basic (000s)(1) |
37,263 |
37,300 |
– |
37,273 |
37,286 |
– |
|
Diluted (000s)(1) |
37,851 |
37,662 |
1 |
37,801 |
37,671 |
– |
|
Operations |
||||||
|
Average daily sales volumes(3): |
||||||
|
Brazil: |
||||||
|
Natural gas (Mcfpd), by field: |
||||||
|
Caburé (Mcfpd) |
8,735 |
11,378 |
(23) |
10,741 |
9,817 |
9 |
|
Murucututu (Mcfpd) |
3,558 |
616 |
478 |
2,286 |
490 |
367 |
|
Total natural gas (Mcfpd) |
12,293 |
11,994 |
2 |
13,027 |
10,307 |
26 |
|
NGLs – condensate (bopd) |
147 |
95 |
55 |
137 |
83 |
65 |
|
Oil (bopd) |
9 |
12 |
(25) |
8 |
12 |
(33) |
|
Total (boepd) – Brazil |
2,205 |
2,106 |
5 |
2,315 |
1,813 |
28 |
|
Canada: |
||||||
|
Oil (bopd) – Canada |
138 |
– |
– |
93 |
– |
– |
|
Total Company (boepd) |
2,343 |
2,106 |
11 |
2,408 |
1,813 |
33 |
|
As at and Three Months Ended September 30, |
As at and Three Months Ended September 30, |
|||||
|
2025 |
2024 |
Change (%) |
2025 |
2024 |
Change (%) |
|
|
Average realized prices(2): |
||||||
|
Natural gas ($/Mcf) |
11.04 |
10.92 |
1 |
10.69 |
11.70 |
(9) |
|
NGLs – condensate ($/bbl) |
74.16 |
86.70 |
(14) |
75.83 |
88.77 |
(15) |
|
Oil ($/bbl) |
50.42 |
68.36 |
(26) |
49.36 |
68.48 |
(28) |
|
Total ($/boe) |
65.76 |
66.46 |
(1) |
64.19 |
71.06 |
(10) |
|
Operating netback ($/boe)(2) |
||||||
|
Realized sales price |
65.76 |
66.46 |
(1) |
64.19 |
71.06 |
(10) |
|
Royalties |
(3.54) |
(1.89) |
87 |
(4.71) |
(1.94) |
143 |
|
Production expenses |
(6.10) |
(5.38) |
13 |
(5.58) |
(6.23) |
(10) |
|
Transportation expenses |
(0.22) |
– |
– |
(0.12) |
– |
– |
|
Operating netback |
55.90 |
59.19 |
(6) |
53.78 |
62.89 |
(14) |
|
Operating netback margin(2) |
85 % |
89 % |
(4) |
84 % |
89 % |
(6) |
|
Notes: |
|
|
(1) |
Per share amounts are based on weighted average shares outstanding other than dividends per share, which is based on the number of common shares outstanding at each dividend record date. The weighted average number of diluted common shares outstanding in the computation of funds flow from operations and cash flows from operating activities per share is the same as for net income per share. |
|
(2) |
See ‘Non-GAAP and Other Financial Measures’ section within this news release. |
|
(3) |
Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes. |
Q3 2025 Results Webcast
Alvopetro will host a live webcast to discuss our Q3 2025 financial results at 8:00 am Mountain time on Thursday November 6, 2025. Details for joining the event are as follows:
DATE: November 6, 2025
TIME: 8:00 AM Mountain/10:00 AM Eastern
LINK: https://us06web.zoom.us/j/87150507093
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kdLidYPIoO
WEBINAR ID: 871 5050 7093
The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com.
Corporate Presentation
Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation.
Social Media
Follow Alvopetro on our social media channels at the following links:
X – https://x.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd
Alvopetro Energy Ltd. is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro’s organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are building off the strength of our Caburé and Murucututu natural gas fields and the related strategic midstream infrastructure.
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 news release.
Abbreviations:
|
$000s |
= |
thousands of U.S. dollars |
|
boepd |
= |
barrels of oil equivalent (‘boe’) per day |
|
bopd |
= |
barrels of oil and/or natural gas liquids (condensate) per day |
|
BRL |
= |
Brazilian Real |
|
e3m3/d |
= |
thousand cubic metre per day |
|
m3 |
= |
cubic metre |
|
m3/d |
= |
cubic metre per day |
|
Mcf |
= |
thousand cubic feet |
|
Mcfpd |
= |
thousand cubic feet per day |
|
MMcf |
= |
million cubic feet |
|
MMcfpd |
= |
million cubic feet per day |
|
NGLs |
= |
natural gas liquids (condensate) |
|
Q1 2025 |
= |
three months ended March 31, 2025 |
|
Q3 2024 |
= |
three months ended September 30, 2024 |
|
Q2 2025 |
= |
three months ended June 30, 2025 |
|
Q3 2025 |
= |
three months ended September 30, 2025 |
|
USD |
= |
United States dollars |
|
GAAP or IFRS |
= |
IFRS Accounting Standards |
Non-GAAP and Other Financial Measures
This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. While these measures may be common in the oil and gas industry, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP and other financial measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are used by management in assessing the Company’s financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures used in this news release. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the ‘Non-GAAP Measures and Other Financial Measures‘ section of the Company’s MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca.
Non-GAAP Financial Measures
Operating Netback
Operating netback is calculated as natural gas, oil and condensate revenues less royalties, production expenses, and transportation expenses. This calculation is provided in the ‘Operating Netback‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca. Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations.
Non-GAAP Financial Ratios
Operating Netback per boe
Operating netback is calculated on a per unit basis, which is per barrel of oil equivalent (‘boe’). It is a common non-GAAP measure used in the oil and gas industry and management believes this measurement assists in evaluating the operating performance of the Company. It is a measure of the economic quality of the Company’s producing assets and is useful for evaluating variable costs as it provides a reliable measure regardless of fluctuations in production. Alvopetro calculated operating netback per boe as operating netback divided by total sales volumes (boe). This calculation is provided in note 3 of the interim condensed consolidated financial statements and in the ‘Operating Netback‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca. Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations on a per boe basis.
Operating netback margin
Operating netback margin is calculated as operating netback per boe divided by the realized sales price per boe. Operating netback margin is a measure of the profitability per boe relative to natural gas, oil and condensate sales revenues per boe and is calculated as follows:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Operating netback – $ per boe |
55.90 |
59.19 |
53.78 |
62.89 |
|
Average realized price – $ per boe |
65.76 |
66.46 |
64.19 |
71.06 |
|
Operating netback margin |
85 % |
89 % |
84 % |
89 % |
Funds Flow from Operations Per Share
Funds flow from operations per share is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by the weighted average shares outstanding for the respective period. For the periods reported in this news release the cash flows from operating activities per share and funds flow from operations per share is as follows:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
|
$ per share |
2025 |
2024 |
2025 |
2024 |
|
Per basic share: |
||||
|
Cash flows from operating activities |
0.33 |
0.29 |
0.84 |
0.75 |
|
Funds flow from operations |
0.28 |
0.27 |
0.81 |
0.71 |
|
Per diluted share: |
||||
|
Cash flows from operating activities |
0.32 |
0.28 |
0.83 |
0.74 |
|
Funds flow from operations |
0.28 |
0.26 |
0.79 |
0.70 |
Capital Management Measures
Funds Flow from Operations
Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company’s ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities however management finds that the impact of working capital items on the cash flows reduces the comparability of the metric from period to period. A reconciliation of funds flow from operations to cash flows from operating activities is as follows:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash flows from operating activities |
12,153 |
10,714 |
31,443 |
27,787 |
|
Changes in non-cash working capital |
(1,705) |
(828) |
(1,407) |
(1,478) |
|
Funds flow from operations |
10,448 |
9,886 |
30,036 |
26,309 |
Net Working Capital
Net working capital is computed as current assets less current liabilities. Net working capital is a measure of liquidity, is used to evaluate financial resources, and is calculated as follows:
|
As at September 30, |
|||
|
2025 |
2024 |
||
|
Total current assets |
18,582 |
30,197 |
|
|
Total current liabilities |
(16,373) |
(14,349) |
|
|
Net working capital |
2,209 |
15,848 |
|
Supplementary Financial Measures
‘Average realized natural gas price – $/Mcf‘ is comprised of natural gas sales as determined in accordance with IFRS, divided by the Company’s natural gas sales volumes.
‘Average realized NGL – condensate price – $/bbl‘ is comprised of condensate sales as determined in accordance with IFRS, divided by the Company’s NGL sales volumes from condensate.
‘Average realized oil price – $/bbl‘ is comprised of oil sales as determined in accordance with IFRS, divided by the Company’s oil sales volumes.
‘Average realized price – $/boe‘ is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company’s total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
‘Dividends per share‘ is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.
‘Royalties per boe‘ is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
‘Production expenses per boe‘ is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
‘Transportation expenses per boe‘ is comprised of transportation expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).
BOE Disclosure
The term barrels of oil equivalent (‘boe’) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Contracted Natural Gas Volumes
The 2025 contracted daily firm volumes under Alvopetro’s long-term gas sales agreement of 400 e3m3/d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Alvopetro’s reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro’s natural gas is approximately 7.8% higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e3m3/d (13.1MMcfpd).
Well Results
Data obtained from the 183-D4 well identified in this press release, including initial production rates, should be considered preliminary. There is no representation by Alvopetro that the data relating to the 183-D4 well contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future.
Forward-Looking Statements and Cautionary Language
This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘may’, ‘believe’, ‘estimate’, ‘forecast’, ‘anticipate’, ‘should’ and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning the expected natural gas price, gas sales and gas deliveries under Alvopetro’s long-term gas sales agreement, future production and sales volumes, plans relating to the Company’s operational activities, proposed exploration and development activities and the timing for such activities, capital spending levels, future capital and operating costs, the timing and taxation of dividends and plans for dividends in the future, anticipated timing for upcoming drilling and testing of other wells, and projected financial results. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulations relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro’s SEDAR+ profile at www.sedarplus.ca. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
www.alvopetro.com
TSX-V: ALV, OTCQX: ALVOF
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/November2025/05/c9260.html
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Brien Lundin, editor of Gold Newsletter and New Orleans Investment Conference host, shares his outlook for gold and silver as prices continue to consolidate.
‘At the end of this cycle, I’ve long predicted that we’re going to get to a US$6,000 to US$8,000 (per ounce) price range, whenever that may happen — I hope it takes years from now,’ he said about gold.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
What if Sen. Bernie Sanders is right and Federal Reserve Chair Jerome Powell is wrong?
What if the AI revolution causes mass layoffs of American workers, as the Vermont senator warned in a recent Fox News op-ed? And what if Powell is wrong that the softening labor market is due primarily to supply issues — lower immigration and a lower labor participation rate — rather than AI-produced ‘efficiencies’?
What will be the response of policymakers? What should it be?
AI will soon become a political battleground. Democratic socialist Sanders, ever the class warrior, has already questioned whether AI will help all Americans or only ‘a handful of billionaires.’ Like the trade deals that sent millions of jobs overseas, Sanders worries that the massive investment flowing into AI could result in up to 100 million Americans losing their jobs over the next decade. He could be right; imagine the repercussions.
Young people are already losing faith in capitalism and cozying up to socialism. Two-thirds of Democrats now view socialism more positively than capitalism. Nothing could undermine our capitalist system faster than widespread job losses stemming from a tech breakthrough cheered by the investor class.
This is the critical issue of our day — one getting scant attention, even from self-described ‘data-driven’ Powell, who is perennially looking backward rather than forward. In his latest press conference, Powell answered one question about employment by saying, ‘The supply of workers has dropped very, very sharply due to mainly immigration, but also lower labor force participation. So, and that means there’s less need for new jobs, because there’s — there isn’t this flow into the pool of labor where people need jobs.’ Excuse me, what?
The economy is growing, yet hiring is declining. Though the government shutdown has blocked the usual monthly labor reports, plenty of data suggests the job market is weakening. Companies are increasingly citing AI investment as a factor in lower headcounts.
Corporate America is spending tens of billions of dollars on AI, promising shareholders great gains in productivity. But where will that productivity come from, other than reducing headcounts? Certainly, people armed with artificial intelligence can deliver information and analyses more rapidly, making themselves and their organizations more productive. But ultimately, it will also make some people redundant and slow new hiring. The impact on America’s labor market will be profound — and is largely being ignored.
Amazon recently announced it was laying off 14,000 employees. A top human resources official at the firm sent a note titled ‘Staying nimble and continuing to strengthen our organizations.’ She wrote that ‘the world is changing quickly. This generation of AI is the most transformative technology we’ve seen since the Internet, and it’s enabling companies to innovate much faster than ever before.’
What kinds of workers are at risk? Factory workers and truck drivers, for sure, who are already being replaced by robots and AI — but also white-collar employees. Fortune notes that the Amazon layoffs ‘show it’s coming for middle management first.’ The world’s largest retailer employs about 1.5 million people; 14,000 is a drop in the bucket. But the trend is worrisome — and for those 14,000 people, devastating.
Amazon is not alone. UPS recently announced it has cut 48,000 jobs this year — 14,000 management positions and 34,000 in operations. UPS started the year with about 500,000 employees. Target also made headlines recently, saying it will cut 8% of its corporate workforce — its first significant layoffs in a decade.
Outplacement firm Challenger, Gray & Christmas cites market and economic conditions as the main reason for most corporate layoffs to date but also points to AI. That makes sense. After all, the economy is growing briskly — second-quarter real GDP growth was 3.8%, and it looks like we’ll see robust expansion for the third quarter as well.
There has never been a faster adoption of new technology. Already, an estimated one-third of Americans use AI; ChatGPT receives 5.4 billion visits per month. Global AI revenues are expected to total $391 billion this year and could reach $3.5 trillion by 2033. These estimates may be optimistic, but top tech firms are investing about $400 billion this year alone to expand capacity, according to The Wall Street Journal. They clearly believe the projections.
Bernie Sanders aside, no one should want to halt the AI revolution. Artificial intelligence promises extraordinary advances in medicine and other sciences — and could radically improve education for America’s children.
It’s also largely American companies that will benefit from the explosion in AI spending, reaping the profits and influence that come with global dominance of a new technology. Rising productivity will spur hiring in certain industries and boost real wages. It will also allow for the retirement of the 20-plus million baby boomers still working.
But there may well be a period of adjustment when layoffs exceed job creation. Unemployment may rise, fueling anger at the innovations producing more out-of-work Americans and resentment toward the companies behind the disruptions.
Lawmakers and financial leaders need to be prepared for this possibility — one that could deepen voters’ growing affection for socialism and rejection of capitalism. That would be a disaster for a country that has outperformed every other nation on Earth, producing unprecedented opportunity and wealth.
Otherwise, it will be Bernie Sanders and his left-wing colleagues dictating the response. Sanders advocates a 32-hour workweek with no loss in pay, giving workers significantly more power and imposing a ‘robot tax’ on big tech companies. Such measures would slow American competitiveness and growth, as they have in Europe.
We cannot allow that to happen.
The Department of Justice on Monday urged a federal court to reject former FBI Director James Comey’s bid to dismiss his case, arguing that his claims of selective prosecution are unfounded.
The DOJ, in its 48-page filing, also denied that President Donald Trump’s September Truth Social post calling on U.S. Attorney General Pam Bondi to prosecute prominent political adversaries, including Comey, Sen. Adam Schiff, D-Calif., and New York Attorney General Letitia James, had any influence on the decision to bring charges.
‘These posts reflect the President’s view that the defendant has committed crimes that should be met with prosecution. They may even suggest that the President disfavors the defendant. But they are not direct evidence of a vindictive motive,’ prosecutors argued.
‘The defendant spins a tale that requires leaps of logic and a big dose of cynicism, then he calls the President’s post a direct admission,’ they continued. ‘There is no direct admission of discriminatory purpose. To the contrary, the only direct admission from the President is that DOJ officials decided whether to prosecute, not him.’
Trump wrote in a Sept. 20 post on his Truth Social platform that ‘nothing is being done’ to Comey, Schiff or James.
‘They’re all guilty as hell,’ he said. ‘They impeached me twice, and indicted me (5 times!), OVER NOTHING. JUSTICE MUST BE SERVED, NOW!!!’
The Wall Street Journal reported that the public Truth Social post was intended as a private message to Bondi.
Comey was indicted by a federal grand jury in late September on charges of false statements and obstructing a congressional proceeding. He pleaded not guilty.
His legal team filed a motion on Oct. 20 to dismiss the indictment on grounds of vindictive and selective prosecution. They also argued that Lindsey Halligan, the interim U.S. Attorney for the Eastern District of Virginia, was unlawfully appointed.
Halligan, Trump’s former personal attorney, was appointed by the president after Erik Siebert, the former U.S. Attorney for the Eastern District of Virginia, resigned. Siebert reportedly resigned amid mounting pressure from the White House to bring charges against Comey and James.
‘The official who purported to secure and sign the indictment was invalidly appointed to her position as interim U.S. Attorney. Because of that fundamental constitutional and statutory defect, the indictment is a nullity and must be dismissed,’ Comey’s legal team wrote.
The Justice Department maintains that Halligan’s appointment as interim U.S. attorney was lawful, arguing that it was in line with federal statute and the Constitution’s Appointments Clause.
Comey’s trial is scheduled to begin in January 2026.