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Canada is a premier destination for mineral exploration and mining, but the nation’s exploration-stage companies are still struggling to attract investment dollars.

The country’s appeal is showcased in the Fraser Institute’s most recent Annual Survey of Mining Companies, which tracks the investment attractiveness of global mining jurisdictions. It places the Canadian provinces of Ontario and Saskatchewan among the world’s top mining jurisdictions, behind only Nevada.

The Canadian mining industry “serves as a proxy for the global (mining) industry” as it is home to “the largest concentration of public mineral companies in the world,” with Toronto at “the center of the mining finance universe,” said Douglas Silver, partner and senior advisor at Benwerrin Investment Partners, during his presentation at this year’s Prospectors & Developers Association of Canada (PDAC) convention, held last week.

Jeff Killeen, director of policy and programs for PDAC, shared similar sentiments in his own presentation, telling conference attendees, “Almost 30 percent of every dollar raised somewhere in the world for the (mining) sector comes through the Canadian marketplace: the TSX, the Venture and the CSE.”

Canada’s unique tax incentives crucial for mining investment

Canada owes its leading position in the global mining industry to its large landmass and abundance of natural resources. However, both Silver and Killeen pointed out that the nation’s flow-through share tax incentive — unique to Canada — is also “incredibly critical” to the success of the natioin’s mining sector.

Flow-through shares are a highly specialized financing tool that allow resource companies to transfer eligible exploration and development expenses to investors, who then deduct them from their own taxable income.

Under the Mineral Exploration Tax Credit (METC), funds generated from this type of capital raise must be put into a project within 18 months. There’s also the Critical Mineral Exploration Tax Credit (CMETC), which applies to critical minerals used for batteries and magnets, including rare earths, nickel, uranium, lithium and graphite, among others.

Generational shift shrinking pool of mining investors

Although Canada dominates the global mining finance sector and is teeming with multiple types of mineral deposits, it’s becoming increasingly difficult for the nation’s exploration-stage companies to attract investment dollars.

The tight financial landscape for today’s explorers stems in part from both a complex regulatory system that limits the areas open to mining activity, and a lack of proper infrastructure in the more remote regions of the country. Both of these shortcomings strike at the heart of perceived jurisdictional risk for both retail and institutional investors.

During his presentation, Killeen highlighted a few of the key financing trends affecting access to capital in the mineral industry, noting that last year saw a dramatic uptick in investment in the mining sector.

Where is capital originating from? Most of it was equity raised through private placements, which poses a problem as it represents a very narrow investor base that consists of friends and family of the management team and strategic investors that probably already own shares in the company.

“That just tells us that we’re not broadening the investor base. We’re not pulling in more investors. There’s no more new retail folks coming in investing in shares in Canada. This tells us that we’re in a very risky balance in terms of who actually can fund the sector through the next generation,” he warned the PDAC audience.

“There is a lesser population of retail investors as time goes on. You know that the Boomer generation is going away in terms of an investment pool, and the next generation isn’t necessarily replicating that.”

Silver also views the generational shift in the investment landscape as a problem for raising money in the mining industry. “There’s no question from what I’ve read and heard that the younger generations don’t pick individual stocks. They tend to lean towards ETFs or crypto or other stuff,” he said. “Crypto is definitely competing with mining.”

Gold grabbing all the dollars

Canada’s minerals industry did experience a strong rebound in terms of equity investment in 2025, but it was heavily targeted at producers and developers with large-scale, near-production projects. Gold dominated, but investment also increased in projects associated with critical minerals like lithium, nickel, copper and graphite.

“How much is going to the bottom end, to those sub-$100 million market cap companies, the lion’s share of the junior explorers that are out there? Well, in the Canadian marketplace, only about 10 percent of every dollar raised is getting down to those size of companies,” explained Killeen, highlighting the discrepancy.

In his view, the lack of investment over the past decade is bringing about a decline in grassroots exploration.

Gold is grabbing many mineral investment dollars, not only because its price is surging to unprecedented highs, but also because there’s a faster return on investment compared to other metals. Killeen said that’s due to the fact that gold mining doesn’t require large amounts of infrastructure such as railways and ports.

“In some cases, you don’t need roads. The capital to develop a gold mine might be one-sixth of, one-10th of or one-20th of a copper mine or a zinc mine,” he commented. “So the rate of return for the average investor who’s looking at an exploration stock saying, ‘Could I get money back into this? Could I get value back into this?’ Today that timeframe is much shorter, and the capital to bring it to market is much lower.”

Looking at copper, which is much more capital intensive, Killeen said production is down nearly 30 percent from seven or eight years ago. Reserves are also down, even though rising copper prices have resulted in more resources being upgraded to reserves. Silver agreed with that take — his research shows that the Canadian mining industry is overflowing with gold companies. Of the 1,555 mining companies in Canada in 2024, 42 percent of them were gold-focused firms compared to only 17 percent for copper, the second highest amount.

“So why do we have so many gold companies? I think the answer is pretty obvious to me, which is if you want to build a porphyry copper mine, you’ve got to go raise $5 (billion) or $10 billion,” said Silver. “That’s very difficult in the mining industry, because we just don’t have that much gross capital available to us relative to what some of the other industries have … but you can build a gold mine for a couple hundred million (dollars).’

Despite the massive focus on gold, Killeen and Silver both noted that Canada is actually seeing increasing exploration activity for rare earths, lithium, cobalt, graphite and uranium.

Improving the investment case for Canada’s juniors

Killeen said PDAC and its members are pushing for the Canadian government to make the METC and CMETC permanent to bring more investment into mineral exploration in greenfield regions and making new discoveries.

Last year, flow-through shares generated C$1.6 billion in investment into the sector, according to Silver’s research, or about 76 percent of funding received by mineral exploration companies in Canada.

“When you look at the role of Canadian flow through, it’s so incredibly critical to Canadian mining,” he said. Silver too is advocating for the mining industry and investors to “fight for flow through way more than you do.’

To address infrastructure challenges for bringing critical metals projects into production sooner for a quicker return on investment, Killeen suggested more pension funds investing in Canada and easing government regulations.

“We need them cooperating together with the federal government to develop major infrastructure that doesn’t exist beyond 100 kilometers from the border,” he said.

Killeen noted that “the world is changing” and governments, including Canada’s, are becoming more focused on securing domestic sources of critical minerals. For example, at PDAC, Tim Hodgson, Canada’s minister of energy and natural resources, announced a C$3.6 billion suite of investments targeting the critical minerals sector.

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

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Questcorp Mining Inc. (CSE: QQQ,OTC:QQCMF) (OTCQB: QQCMF) (FSE: D910) (the ‘Company’ or ‘Questcorp’) is pleased to announce the successful completion of 12.8 line kilometres of induced polarization (‘IP’) surveying over the Marisa Zone at its 1,168-hectare North Island Copper Project located near Port Hardy on Vancouver Island, British Columbia.

The Company is currently reviewing the newly acquired geophysical data and will release a detailed interpretation once the technical team has completed its evaluation. As part of this process, Peter E. Walcott and Associates Limited will integrate the historical 1992 IP survey data with the new 2026 survey results to generate a comprehensive 3D inversion model of the target area.

The results of this work are expected to assist in defining priority drill targets. Subject to final interpretation and permitting timelines, the Company intends to initiate permitting for a drill program in late H1 or early H2 2026.

Previous exploration at the Marisa Zone identified copper mineralization associated with an IP chargeability anomaly. In 1992, two of five diamond drill holes were completed to test the anomaly intersected copper mineralization, including:

  • 0.078% copper over 56.39 metres (DDH92-01)
  • 0.041% copper over 70.71 metres (DDH92-03)

Both intercepts were encountered within altered quartz diorite, with copper grades increasing with depth in DDH92-03.

Source: Geophysical and Diamond Drilling Report on the Marisa Property, G.J. Allen and P.G. Dasler, February 29, 1992, prepared for Great Western Gold Corporation.

‘This recently completed IP survey represents an important step in advancing the Marisa Zone target,’ stated Saf Dhillon, President & Chief Executive Officer of Questcorp Mining. ‘The survey has successfully confirmed the presence of the historical chargeability anomaly identified in earlier work. Once Walcott and Associates completes the 3D inversion and our technical team finishes reviewing the results, we expect to refine potential drill targets and move toward a drill program later in 2026.’

The Company cautions that a Qualified Person has not verified the historical exploration data referenced in this release. The presence of mineralization on adjacent or nearby properties, including NorthIsle Copper and Gold and BHP properties, is not necessarily indicative of mineralization on the North Island Copper Project.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P. Geo (BC), a Director of the Company and a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Questcorp Mining Inc.

Questcorp is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metal properties of merit. The Company holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 1,168.09 hectares comprising the North Island Copper property, on Vancouver Island, B.C., subject to a royalty obligation. The Company also holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 2,520.2 hectares comprising the La Union project located in Sonora, Mexico, subject to a royalty obligation.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon
President & CEO

Questcorp Mining Corp.
saf@questcorpmining.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street
Vancouver, British Columbia
V6C 2V6

https://questcorpmining.ca

This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the intended use of proceeds from the Offering; and closing of subsequent tranches of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive board or regulatory approvals. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims 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 law.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288086

News Provided by TMX Newsfile via QuoteMedia

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Investor Insight

With a strong asset foundation, C$8 million in cash, and an experienced technical team, Prince Silver is well-positioned to capitalize on the current macro tailwinds in the silver and manganese markets. The project has a US Critical Minerals advantage, hosting silver, zinc, lead, and manganese, in addition to gold.

Overview

Prince Silver (CSE:PRNC,OTCQB:PRNCF) is a Vancouver-based exploration company focused on unlocking value at the Prince silver project in southeastern Nevada.

In July 2025, the company completed a transformational acquisition of Stampede Metals Corporation and subsequently rebranded from Hawthorn Resources to Prince Silver Corp.

The flagship asset is a district-scale, past-producing silver-gold-zinc-manganese carbonate replacement system, historically mined through the early to mid-1900s. The immediate objective is to validate and expand upon the 129 historic drill holes (over 16,600 meters) to convert the exploration target into a maiden NI 43-101 mineral resource, targeted for the fourth quarter of 2026.

Company Highlights

  • Flagship Project: 100 percent ownership of the historic Prince silver mine in Lincoln County, Nevada, an open, near-surface silver-gold-zinc carbonate replacement deposit. It has an exploration target of 23 to 45 million tons, with strong historic grades.
  • Fully Funded Drilling Program Underway: A 9,000-meter reverse-circulation drill program is now underway with a steady stream of assay results expected from January to May 2026. This follows an recent funding raise of approximately C$4.75 million in gross proceeds.
  • Clean Corporate Reset: Hawthorn Resources completed the Stampede Metals acquisition and re-listed as Prince Silver Corp. on July 11, 2025.
  • Tight Share Structure: The company has 58.9 million shares issued and outstanding as of February 23, 2026.
  • US Critical Minerals Leverage: The Prince Project hosts critical and strategic minerals on the 2025 USGS list: silver, zinc, lead, and manganese, in addition to gold.
  • Experienced, Hands-on Leadership: President Ralph Shearing, CEO Derek Iwanaka, and new directors Marco Montecinos, Robert Wrixon and Darrell Rader add mine-building, corporate, and capital-markets depth to the leadership team.
  • Expanded Land Position: The land package at the Prince Silver Project has more than doubled, securing over 7 kilometers of prospective strike length along the mineralized fault system.

Key Projects

Prince Silver Project

The Prince silver project is a large-scale, polymetallic Carbonate Replacement Deposit (CRD) located just west of Pioche, a historic mining district in southeastern Nevada. The project hosts a structurally and stratigraphically controlled system of silver-rich mantos, breccias, and fissure veins. Historic underground production between 1912 and 1949 totaled approximately 1.12 million tons (Mt) at average grades of 100 grams per ton (g/t) silver, 4.5 percent zinc, and 10 percent manganese.

Highlights

  • Geological compilation work has defined an exploration target ranging between 23 and 45 Mt, grading approximately 37 to 40 g/t silver, 1.5 percent zinc, and 0.8 percent lead.
  • The fully-funded 9,000 meter drill program is underway with a steady stream of assay results expected from January to May 2026, targeting a maiden NI 43-101 Mineral Resource Estimate (MRE) in the fourth quarter of 2026.
  • The company recently expanded its land position, securing over 7 kilometers of prospective strike length along the mineralized fault system.

Stampede Gap Copper-Gold-Molybdenum Project

The Stampede Gap Copper-Gold-Molybdenum Project is a large, early-stage porphyry target in Nevada featuring over 200 claims. Historical geophysics have identified multiple IP-resistivity anomalies, and a single 700 meter drill hole encountered extensive skarn alteration. Its location is only 150 kilometers south of KGHM’s Robinson copper-gold-silver-molybdenum mine. The project presents a deep-seated exploration target that has the hallmarks of a large-scale copper-molybdenum deposit.

Management Team

Derek Iwanaka – Chief Executive Officer and Director

Derek Iwanaka is a mining-sector executive with over 23 years of investor relations, corporate development, and capital markets experience. He has supported more than 20 corporate transactions and helped raise over US$100 million, including one of Canada’s first at-the-market financings. Iwanaka previously held senior roles at BeMetals and First Mining Gold Corp., contributing to strategic acquisitions, project advancement, and significant market-cap growth.

Ralph Shearing – President and Director

Ralph Shearing is a professional geologist and mine developer with over 35 years in mineral exploration development and public company management. Since 1987, Shearing has held senior executive positions with public junior mining and exploration companies, notably Luca Mining, a company he founded and guided through exploration, development, construction, and pre-production of the Tahuehueto mine in Mexico. He currently acts as a Qualified Person for Prince Silver’s technical disclosure.

Rob Scott – Chief Financial Officer and Corporate Secretary

Rob Scott’s professional experience has helped raise over $200 million in equity with past and current executive and board positions with TSXV issuers, including Great Bear Resources, Valore Metals, Riverside Resources, Capitan Silver, and First Helium.

Dr. Robert Wrixon – Independent Director

Robert Wrixon is the managing director of Starboard Global, a Hong Kong-based project incubator and VC firm. Wrixon is a seasoned executive and engineer with over 20 years’ experience across ASX- and LSE-listed mining companies. He holds a PhD in mineral engineering from UC Berkeley and brings deep technical, corporate development, and mergers and acquisitions experience.

Darrell Rader – Independent Director

Darrell Rader is the president and chief executive officer of Minaurum Gold, a silver explorer in Mexico. He has directly raised over $150 million for mineral exploration and development and has strong relationships with institutional investors and bankers. Rader founded Defiance Silver Corp, a silver developer, and previously was the head of corporate development at IMPACT Silver. Rader holds a BBA in Finance from Simon Fraser University.

Marco Montecinos – Independent Director

Marco Montecinos has over 40 years of mineral exploration experience across the Americas, including a key role in the three-million-ounce Marlin Gold discovery, multiple gold discoveries, and current roles as chief president of exploration at Gunpoint Exploration and US Critical Metals, as well as president of Tigren, Inc.

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The top Senate Democrat wants President Donald Trump to tap the nation’s oil stockpile as fuel prices skyrocket, years after blocking his attempt to replenish the supply when prices were low.

Senate Minority Leader Chuck Schumer, D-N.Y., called on Trump to unleash reserve barrels of oil from America’s Strategic Petroleum Reserve (SPR) as oil prices spike amid the ongoing conflict in the Middle East.

Schumer argued in a statement that the reserve ‘exists for moments exactly like this.’

‘When wars and global crises disrupt energy markets, the United States has the ability to act, but President Trump and his administration are refusing to do so,’ Schumer said. ‘Trump should release oil from the SPR now to stabilize markets, bring prices down, and stop the price shock that American families are already feeling thanks to his reckless war.’

During his first term, Trump wanted to use about $3 billion from a colossal COVID-19 stimulus package making its way through Congress to fill the reserve, but the move was promptly rejected by Schumer and congressional Democrats, who panned it as a ‘bailout’ for the oil industry.

The price per barrel at the time was roughly $29, according to WTI Crude Oil. Now, oil has eclipsed $110 per barrel over the weekend for the first time since 2022.

Though the SPR has capacity for over 700 million barrels of crude oil, the reserve currently has far less.

That’s because under former President Joe Biden, it was tapped twice — once to relieve soaring fuel prices as the nation still grappled with the economic fallout from the COVID-19 pandemic, and another time to combat increased energy costs at the onset of the war between Russia and Ukraine.

At the end of Biden’s term, the reserve had about 415 million barrels of crude on hand, according to data from the Department of Energy. Schumer supported both instances when Biden opened the nation’s oil reserves but, years prior, blocked Trump from building up the stockpile toward the end of his first term.

‘Senator Schumer championed Joe Biden’s Green New Scam, which raised energy costs, threatened our national security, and stifled American energy independence,’ White House spokeswoman Taylor Rogers told Fox News Digital in a statement. ‘President Trump has been unleashing American energy dominance since day one, and now, American oil and gas production is at record highs.’ 

Schumer lauded Biden’s first move to tap into the SPR in 2021, arguing that it provided ‘much-needed temporary relief at the pump.’

‘Of course, the only long-term solution to rising gas prices is to continue our march to eliminate our dependence on fossil fuels and create a robust green energy economy,’ he said at the time.

And toward the end of Biden’s presidency, his administration did buy back barrels of oil to refill the reserves, which Schumer did not object to. 

Fast-forward, and the price per barrel of oil has launched into the stratosphere since Trump’s Operation Epic Fury and Iran’s response to put the Strait of Hormuz — a key route ferrying barrels around the globe — into a chokehold.

For now, the administration has no public plans to tap into the reserve as Americans undergo sticker shock at the pump.

Energy Secretary Chris Wright argued that the best way to lower prices was to reopen the Strait of Hormuz by neutralizing Iran’s ability to target oil tankers.

Wright told Fox News over the weekend that the disruption would last for ‘weeks, certainly not months.’

‘We believe this is a small price to pay to get to a world where energy prices will return back to where they were,’ Wright said. ‘Iran will finally be defanged, and now you can see more investment, more free flow of trade, and less ability to threaten energy supplies.’

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Lawmakers on Capitol Hill could soon add another priority to their growing agenda as Republicans work to navigate a partial government shutdown and other deadlines looming in the next several weeks — weighing whether to provide additional cash to fund President Donald Trump’s operation in Iran.

Early chatter is beginning in the House of Representatives over a potential supplemental funding bill to aid the U.S. and Israel’s joint strikes on Iran, depending on how long the operation lasts and how much both countries bear down on the Islamic Republic.

House Appropriations Committee Chairman Tom Cole, R-Okla., told reporters last week that he would ‘expect’ a supplemental funding request from the Department of War ‘well before the end of the year.’

‘We’ve been told the Pentagon is looking at it, but we haven’t been given anything about an amount or time frame yet,’ Cole said.

Asked by Fox News Digital about what kind of price tag he would expect, Cole speculated, ‘Maintaining two carrier battle groups in action is not a cheap thing, not to mention all the other resources that are being expended. So I would expect it to be very robust.’

‘It’s been a pretty frequent part of conversation,’ House Foreign Affairs Committee Chairman Brian Mast, R-Fla., told Fox News Digital of an Iran funding bill.

House Homeland Security Committee Chairman Andrew Garbarino, R-N.Y., also told Fox News Digital he would ‘absolutely’ back a defense supplemental funding bill.

A senior member of the House Appropriations Committee, who was granted anonymity to speak freely, said they envisioned a modest increase in funding for Iran but said there were multiple variables at work that made a total cost unknowable at this point.

‘It depends on how long it lasts,’ they said. ‘A lot of this depends on, do our Gulf Coast partners participate? If they do, that helps. It depends on how long Israel goes. But we’ll definitely need some more munitions, so I’d say a small supplemental is probably important to just restock.’

But it will likely be difficult to sell the need for more Iran funding to House Democrats, many of whom have argued Trump’s involvement has amounted to an illegal war.

‘We’ll cross that bridge when we get to it in terms of if the administration makes a request to Congress to consider additional funding,’ House Minority Leader Hakeem Jeffries, D-N.Y., told NBC’s ‘Meet The Press’ on Sunday. ‘But at this particular point in time, the administration has failed to make its case as to the rationale or justification for this war of choice in the Middle East.’

And with the House GOP’s razor-thin majority, which is expected to grow to two votes after a special election in Georgia this week, Republican leaders could have a tough time appeasing fiscal hawks in their own party.

‘We need to know what the terms of the conflict are going to be, how long — a lot of us are very happy with going after and taking out Iran’s capabilities and taking out a lot of their bad guys, but what’s the endgame?’ Rep. Chip Roy, R-Texas, said to Fox News Digital.

‘Number two, is it paid for? So, you know, general support for what we’re doing to go after the bad guys, but we’ve got to know what the limits are and how much it’s gonna cost, and if it’s paid for.’

Even if it passes the House, such legislation would need 60 votes to advance in the Senate, meaning at least several Democrats would need to be on board. 

Fox News Digital reached out to the Department of War for additional comment.

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President Donald Trump’s latest push to slash prescription drug prices promises relief at the pharmacy counter, but behind the headline savings lie trade-offs that could reshape how drugs are developed, priced and delivered in the United States.

To deliver on that promise, the administration has rolled out TrumpRx, a federal price-comparison platform aimed at lowering out-of-pocket costs. The effort unfolds against the backdrop of the midterm election cycle, where rising healthcare costs remain a central concern for voters and a defining campaign issue.

The political appeal is clear, but experts warn the economics are messier. Economists point to a basic trade-off: lower prices today can shape how and whether new drugs are developed tomorrow.

‘When drug prices are capped or negotiated down, companies anticipate lower returns, reducing investment in drug research and development,’ said Olivia Mitchell, a professor of business economics and public policy at the Wharton School.

‘Economic evidence shows that lower prices depress incentives to develop new drugs,’ she added. 

‘In the short term, patients and payers can see meaningful savings through lower prices and out-of-pocket costs, but in the longer term, there is more risk of fewer or slower-arriving new medicines, especially in areas most exposed to price controls.’

Michael Baker, director of healthcare policy at the American Action Forum, said government price setting does not eliminate costs so much as redistribute them.

‘At the most basic level, government price setting only limits what patients pay for a drug — usually reflected in an out-of-pocket or co-insurance payment,’ Baker said. ‘This does nothing to address the overall cost of the drug, which someone still has to pay, nor does it lower the cost associated with development.’

As a result, he said, those costs could reemerge through tighter health coverage rules, fewer treatment options or reduced future innovation.

Supporters of the administration counter that the policy does not amount to strict government price caps. Instead, they describe it as a negotiated arrangement.

Ed Haislmaier of the Heritage Foundation said companies appear to be lowering prices in exchange for expanded market access or other relief, a structure he argues avoids the most disruptive effects of traditional price controls.

‘In such cases, companies are likely calculating that revenue losses from lower prices will be offset by revenue gains from more sales,’ Haislmaier told Fox News Digital. 

‘The kind of government price controls that are most damaging to innovation are ones that limit the initial price a company can charge for a new product. That is the situation in some countries, but fortunately not yet in the United States,’ he added.

For patients squeezed by rising costs, the promise of immediate savings is hard to dismiss. 

But economists say the long run question is whether the system can deliver cheaper drugs without dulling the incentives that produce the next generation of treatments —an issue both parties are likely to keep pressing as health costs stay front and center.

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President Donald Trump’s declaration that he won’t sign any new bills until the Senate passes voter ID legislation threatens to derail his own legislative priorities and sideline confirmation of the newest addition to his Cabinet. 

Trump wants Senate Republicans to ram the Safeguarding American Voter Eligibility (SAVE) America Act through the upper chamber with the talking filibuster, even at the cost of the Senate’s most valuable commodity: floor time.

‘It must be done immediately. It supersedes everything else. MUST GO TO THE FRONT OF THE LINE. I, as President, will not sign other Bills until this is passed,’ Trump said on Truth Social. 

But that comes as the Senate is wrestling with reopening the Department of Homeland Security (DHS), which entered its fourth week of being shut down. A White House official told Fox News Digital that Trump was ‘referring to other bills, not DHS funding.’

‘If the Democrats do the right thing and pass funding for DHS, the president will, of course, fund the agency,’ the official said. 

Trump’s edict and push for the Senate to turn to the talking filibuster has intensified the pressure on Senate Majority Leader John Thune, R-S.D., who has vowed to have a vote on the bill, but could not guarantee it would pass. 

When asked about the growing campaign from both Trump and social media to use the talking filibuster, Thune said, ‘A lot of that is, it’s in that kind of, you know, paid influencer ecosystem.’ 

‘But there’s a lot of support for it,’ Thune said. ‘Like I said, we’re, I think, for the most part, not everybody, but there’s a lot of really strong support among Republican senators for the policy. But the process and how do you ultimately try and get a result is still unclear to me.’ 

Republicans are also working to advance a massive affordable housing package that Trump backs, to consider a likely supplemental spending package to resupply munitions for the conflict with Iran, and go through the confirmation process for Sen. Markwayne Mullin, R-Okla., the president’s latest pick to lead DHS.

Senate Majority Whip John Barrasso, R-Wyo., noted that the top priority for the GOP right now is funding DHS.

‘The Democrats have blocked that right now,’ Barrasso told Maria Bartiromo on ‘Sunday Morning Futures.’ ‘And the greatest threat to the American people today is terrorism.’

And while the SAVE America Act is supported by most Senate Republicans, it’s not an easy bill to pass in the upper chamber, given the hardline stance Senate Democrats have taken against it. 

Senate Minority Leader Chuck Schumer, D-N.Y., reiterated that the bill is ‘Jim Crow 2.0. It would disenfranchise tens of millions of people.’

‘If Trump is saying he won’t sign any bills until the SAVE Act is passed, then so be it: there will be total gridlock in the Senate,’ Schumer said on X. ‘Senate Democrats will not help pass the SAVE Act under any circumstances.’

Turning to the talking filibuster is unlikely, too, because of a major fear among Republicans it would dominate floor time for hundreds of hours of debate. But another factor is that there may not be unity among Republicans to kill amendments put forth by Senate Democrats. 

Further complicating matters is which version of the SAVE America Act Trump wants. 

House Republicans advanced the SAVE America Act last month, which would require voter ID to vote, proof of citizenship to register to vote in federal elections, mandate states to actively verify and remove noncitizens from voter rolls, expand information sharing with federal agencies, including DHS, to verify citizenship and create new criminal penalties for registering noncitizens to vote.

But Trump asked Republicans to ‘GO FOR THE GOLD’ with a bill to show voter ID and proof of citizenship, nix mail-in ballots except for military service members or people with illnesses, disabilities or travel issues, no men in women’s sports and ‘NO TRANSGENDER [MUTILATION] FOR CHILDREN!’

That version of the bill would again have to go through the House before making its way to the Senate. Whether it could survive either chamber is an open question. Thune acknowledged that Trump wanted a modified iteration of the bill, but still remained firm that the talking filibuster, or nuking the current filibuster, likely weren’t going to happen. 

‘The one thing I’ve said all along is, and I’ve told him and others that I can’t guarantee an outcome. I can’t guarantee a result,’ Thune said. ‘If the result is only achieved by nuking the legislative filibuster, we don’t have the votes to do that. And so that’s just not a realistic option. And I’ve made that clear to anybody who’s asked.’

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In a little over a year, the United States has carried out dozens of airstrikes on vessels in the Caribbean tied to alleged narco-trafficking networks, launched sustained operations against Houthi forces in the Red Sea, captured Venezuelan President Nicolás Maduro, struck Iranian nuclear facilities and now embarked on an extended military campaign aimed at degrading Tehran’s missile, drone and command infrastructure.

The tempo marks one of the most assertive stretches of American force projection in recent years, spanning Latin America, the Middle East and critical maritime corridors.

For War Secretary Pete Hegseth, it also represents a striking turn. 

Just before the 2024 presidential election, he described himself as a ‘recovering neocon,’ expressing regret over his support for Iraq-era interventionism and warning against open-ended wars. 

Several analysts say the defining feature of the administration’s approach may be less about ideological evolution and more about alignment and execution.

‘Unlike in Trump one, everyone in Trump’s cabinet now — Hegseth, Rubio, etc. — understands that the president is the boss,’ said Matthew Kroenig, a defense strategist at the Atlantic Council. ‘In Trump 1.0 you had some Cabinet officials who thought their job was to save the Republic from Trump, the so-called adults in the room. And so I think it’s pretty clear the president wanted to go in this direction, and I think Hegseth sees himself as supporting the president’s vision.’

‘Validation of … leadership’ 

That cohesion has coincided with a pattern of risk-taking. 

Several of the administration’s most consequential military moves, from Venezuela to the Houthis to the current Iran campaign, carried the potential for escalation.

Some strategists say the relative absence of early blowback from those interventions may have reinforced the administration’s willingness to escalate into the Iranian theater. 

‘I’m not sure I would have advised this,’ Kroenig said of the Iran operation. ‘It is pretty risky, but it’s going well so far.’ 

Iranian missile launches have declined in volume. Regional allies have not broken ranks. 

Whether that constitutes strategic success, however, depends on the metric.

Justin Fulcher, a former Pentagon adviser to Hegseth, argued the early phases of the campaign reflect what he described as a ‘return to strategic clarity.’

‘Deterrence is only credible when our allies actually believe that if President Trump says something, we will back it up,’ Fulcher said. ‘This is a validation of Secretary Hegseth and President Trump’s leadership.’

Hegseth, a former Army officer who served in both Iraq and Afghanistan, has argued that the current campaign bears little resemblance to those conflicts.

‘This is not Iraq. This is not endless. I was there for both,’ Hegseth said at a press conference in early March. ‘Our generation knows better and so does this president.’

In a separate interview, he added, ‘This is not a remaking of Iranian society from an American perspective. We tried that. The American people have rejected that.’

Danielle Pletka, a senior fellow at the right-leaning American Enterprise Institute think tank, said the campaign has unfolded largely as expected.

‘I think things have gone reasonably well,’ Pletka said, pointing to degraded air defenses and what she described as repeated miscalculations by Iran. ‘All they’ve really done is made everybody quite mad, and that was a really bad calculation on their part.’

At the same time, she cautioned against interpreting the administration’s actions as part of a fixed doctrine.

‘I don’t think that it is doctrinal,’ Pletka said. ‘I think this is ad hoc.’

Some longtime Trump supporters have said the current conflict is not what they expected from Trump, who campaigned on ending wars and ‘America First.’

‘It feels like the worst betrayal this time because it comes from the very man and the admin who we all believed was different and said no more,’ Rep. Marjorie Taylor Greene, R-Ga., wrote on X. ‘Instead, we get a war with Iran on behalf of Israel that will succeed in regime in Iran. Another foreign war for foreign people for foreign regime change. For what?’ 

In Pletka’s view, the president has shown a pattern of attempting diplomacy first and shifting to force only when he concludes negotiations are unserious. She argues that posture distinguishes the current moment from past interventions.

She also emphasized that much of the operational credit belongs to the professional military.

‘The planning behind this is credit to the U.S. military and to the CENTCOM commander and to the Chairman of the Joint Chiefs,’ she said.

‘Success and precision’ 

That distinction complicates efforts to attribute the current posture solely to Hegseth’s personal worldview. While the defense secretary has become a public face of the administration’s deterrence messaging, the execution of high-tempo campaigns rests heavily with career military leadership. 

Some critics argue the administration has yet to clearly articulate an end state for the Iran campaign.

‘Pete Hegseth needs to check with his boss on what the objective is,’ former national security advisor John Bolton recently said on CNN. ‘How does Hegseth explain that we’ve already changed the regime, which wasn’t our objective? I think the Pentagon top leadership, civilian top leadership, needs some attitude adjustment. I think the military’s doing fine, but I wonder about the civilian leadership.’

The White House pushed back forcefully on criticism of the campaign. 

Anna Kelly, a White House spokesperson, said Monday that Hegseth ‘is doing an incredible job leading the Department of War,’ pointing to what she described as the ‘ongoing success of Operation Epic Fury’ and other missions. 

Kelly said Iranian retaliatory attacks ‘have declined by 90 percent because the Department of War is destroying Iran’s ballistic missile capabilities,’ and added that Hegseth works ‘in lockstep with President Trump every day’ to ensure the U.S. military ‘continues to be the greatest, most powerful fighting force in the world.’

The Pentagon echoed that assessment. 

‘Operation Epic Fury continues to advance with overwhelming success and precision,’ Chief Pentagon Spokesman Sean Parnell said, describing a ‘resolute, full-spectrum campaign’ aimed at the ‘total dismantlement of Iran’s terrorist network or its unconditional surrender.’

Others see the moment in broader historical terms.

Peter Doran, a foreign policy analyst, described the campaign as a potential attempt to ‘end a 47-year war’ waged by the Islamic Republic against the United States, but on Washington’s terms.

‘This is a clear effort to end a 47-year war that Iran has been waging against the United States,’ Doran said.

He argued that visible American military performance could reverberate beyond the Middle East, particularly in Beijing.

‘They look good,’ Doran said of U.S. forces. ‘That will serve, I hope, as a disincentive for adventurism.’

If the operation ultimately succeeds in significantly degrading Iran’s military infrastructure, Doran argued, it could reshape the Middle East and expand diplomatic opportunities such as broader Arab-Israeli normalization.

‘It changes everything in the Middle East,’ he said.

Yet even supporters acknowledge that long-term effects remain uncertain. In Venezuela, Maduro’s removal marked a dramatic shift in U.S. policy, but the governing apparatus he built remains largely intact. 

Degrading missile stockpiles and drone infrastructure in Iran may buy time, but whether it produces durable deterrence or simply postpones reconstitution remains to be seen.

For now, the administration’s willingness to take calculated risks and its ability to avoid immediate escalation have reinforced the perception of restored American assertiveness. Whether that assertiveness translates into lasting strategic gains will likely define Hegseth’s tenure far more than the rhetoric that preceded it.

Hegseth and the Pentagon did not respond to requests for comment. 

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‘Think of Mojtaba Khamenei as his father on steroids.’

That is how Kasra Aarabi, director of Islamic Revolutionary Guard Corps research at the advocacy group United Against Nuclear Iran, described Iran’s new supreme leader in comments to Fox News Digital following reports that the son of Ayatollah Ali Khamenei has been selected to lead the Islamic Republic.

‘Mojtaba was already operating as a ‘mini supreme leader’ in the Bayt-e Rahbari — his father’s office and the core nucleus of power in the regime,’ Aarabi said.

‘His father had created the Bayt’s extensive apparatus as a hidden power structure to ensure continuity should he be eliminated — and through Mojtaba’s appointment, this is exactly what we will get,’ Aarabi said.

President Donald Trump also reacted to Mojtaba Khamenei’s rise. In an interview with the New York Post, Trump said he was ‘not happy with’ the younger Khamenei replacing his father as leader of Iran’s theocratic system but declined to elaborate on how the United States might respond. ‘Not going to tell you,’ Trump said when asked about his plans regarding the new supreme leader. ‘Not going to tell you. I’m not happy with him.’

An Iranian source with knowledge of the leadership transition told Fox News Digital that earlier speculation Mojtaba might pursue reforms now appears unlikely given the circumstances surrounding his appointment.

‘Previously there were whispers suggesting that if Mojtaba were to become the leader, he might introduce reforms that would both open up the domestic political space and bring a more interactive approach to foreign policy,’ the source said.

‘However, now this possibility seems very weak.’

Mojtaba was chosen ‘amid disputes, controversies, and pressure from the IRGC,’ according to the source, meaning he ‘owes his appointment to their support and therefore cannot act against their wishes.’

Built inside Iran’s security state

Mojtaba Khamenei, 56, has spent decades building influence inside the power structures surrounding Iran’s supreme leader.

Born in 1969 in Mashhad, he pursued clerical studies in Tehran, Iran, after the 1979 Islamic Revolution that brought his father to prominence. Over time, however, analysts say his influence developed less through traditional clerical authority and more through Iran’s security institutions.

In 2019, the United States sanctioned Mojtaba under Executive Order 13867. The U.S. Treasury Department said he had been ‘representing the supreme leader in an official capacity despite never being elected or appointed to a government position aside from work in the office of his father.’

Behnam Ben Taleblu, senior director of the Foundation for Defense of Democracies’ Iran Program, said Mojtaba’s background reflects a broader shift inside the Islamic Republic.

‘Despite donning a turban, Mojtaba is the product of the regime’s national security deep state,’ Ben Taleblu told Fox News Digital. ‘Expect him to work with and through the IRGC to keep his hold on power.’

Aarabi said Mojtaba has spent years consolidating influence behind the scenes.

‘His past tells us he enjoys micromanaging every aspect of authority to satisfy his thirst for power,’ Aarabi said, describing how Mojtaba allegedly relocated IRGC command centers to his office during protests, engineered election outcomes and installed loyalists across state institutions.

Since 2019, Aarabi added, Mojtaba has also been implementing what he described as his father’s effort to ‘purify’ the regime by promoting ideological loyalists across the political system.

‘Mojtaba is a deeply antisemitic, anti-American, and anti-Western ideologue,’ Aarabi said. ‘He has personally been involved in repression in Iran and terror plots abroad.’

Analysts see harder line ahead

Analysts say Mojtaba’s rise may further strengthen the role of Iran’s security institutions.

‘The rise of the younger Khamenei expedites trendlines seen in Iranian politics and national security for years,’ Ben Taleblu said. ‘From one Khamenei to another, things in Iran can be expected to go from bad to worse if this regime survives.’

‘And like the elder Khamenei, corruption runs in the family,’ he added.

Ben Taleblu warned that the regime may also escalate tensions externally as a survival strategy.

‘The regime knows it is weak, but believes it can extract a price and widen a crisis in order to survive,’ he said.

For opposition groups inside Iran, the leadership transition signals continuity rather than reform.

‘He’s the son of Khamenei and they have same ideology and they same strategy and they try to continue the same policy,’ said Khalid Azizi, spokesperson for the Kurdistan Democratic Party of Iran.

‘So far it’s very difficult to say what he will be done and is he going to have a different policy? I don’t expect this.’

The Iranian source who spoke with Fox News Digital said that while engagement with the United States and the West is theoretically possible in the future, the chances remain slim.

‘As I mentioned,’ the source said, ‘this possibility is very weak.’

‘In short,’ Aarabi said, ‘Mojtaba is his father on steroids. He’s certainly no MBS.’

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Iranian Kurdish opposition groups say they are prepared to challenge Tehran but are holding back for now as the war between the United States, Israel and the Islamic Republic continues to unfold.

Khalid Azizi, spokesperson for the Democratic Party of Iranian Kurdistan (KDPI), told Fox News Digital in an exclusive interview that Kurdish forces are closely watching developments but have no plans to launch a ground offensive at this stage.

Reports in recent days have suggested that President Donald Trump spoke with Mustafa Hijri, the leader of KDPI, as Washington explores possible Kurdish involvement in pressure on Iran. 

Azizi declined to confirm or deny whether such a conversation took place.

Azizi himself has firsthand experience with Iran’s military retaliation. 

In 2018, Iran’s Islamic Revolutionary Guard Corps launched ballistic missiles at the KDPI headquarters in Koy Sanjaq in Iraq’s Kurdistan region during a leadership meeting, killing at least 18 people and injuring dozens.

‘We have been targeted by the Islamic Republic,’ Azizi said. ‘The first Iranian missile was sent to my headquarters and I was personally injured in that attack.’

Despite the risks, Azizi said Kurdish resistance remains strong after decades of confrontation with Iran. 

‘The Iranian Kurdish resistance movement is actually very strong because we have been on the ground since the Iranian revolution,’ he said.

Azizi spoke from Washington, D.C., where he said Kurdish representatives were meeting with policymakers and institutions to discuss the situation in Iran and the role Kurdish groups could play if the conflict evolves.

But for now, Kurdish groups say they are waiting to see how the broader war develops.

‘We are ready and our party is well organized,’ Azizi said. ‘But right now we do not have any intention to enter Iranian Kurdistan because the ground forces in this war have not been a topic.’

‘It’s very easy to start a war,’ he added. ‘But it will be more complicated how to end this war.’

The KDPI is one of the oldest Kurdish opposition movements fighting Iran’s Islamic Republic. The group is a member of the Socialist International and operates primarily from bases in the Kurdistan region of Iraq and has been in armed and political opposition to Tehran since the 1979 Iranian Revolution.

Azizi said Kurdish political movements have recently taken a significant step by forming a joint alliance aimed at coordinating their political strategy.

‘We have managed to create a unity among the Kurdish political parties,’ he said. ‘This has been welcomed by the Iranian Kurdish people and by different Iranian political parties.’

The alliance, known as the Coalition of Political Forces of Iranian Kurdistan, brings together several historically divided Kurdish factions that oppose the Islamic Republic.

Azizi said the future of Iran will ultimately depend on whether Iranians themselves rise up against the regime.

‘If you look at the goal of the United States and Israel in this war, they have been targeting the Iranian military, security and political institutions. In this aspect Iran has been weakened,’ he said.

‘But the regime still remains in power because people are not on the streets and there is no alternative right now to replace this regime.’

Azizi urged Western governments to focus not only on the military campaign but also on helping Iranian opposition movements coordinate politically.

Iran, he said, is a multi-ethnic country whose future stability will depend on building a democratic system that includes all of its communities.

‘The path and the roadmap for rebuilding Iran must be based on the participation of all ethnic groups,’ Azizi said. ‘Iran is a multi-ethnic society.’

For now, he said, Kurdish fighters remain in a holding pattern.

‘We have the ability and we have the capacity,’ Azizi said. ‘But it is not easy right now for us to make any decision regarding entering Iranian Kurdistan.’

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