Author

admin

Browsing

President Donald Trump rallied House Republicans behind closed doors to pass his ‘one big, beautiful bill’ as soon as possible – and to quickly resolve their interparty disagreements in the process.

Trump made a rare visit to Capitol Hill just days before the House of Representatives is expected to vote on a massive bill advancing his agenda on tax, immigration, defense, energy and the debt limit.

It is a reflection of the high stakes that congressional Republicans and the White House are facing, with just razor-thin majorities in the House and Senate.

Trump warned House Republicans to not ‘f— around’ with Medicaid and state and local tax (SALT) deduction caps, two significant points of contention for warring GOP factions, two people in the room told Fox News Digital.

Two people said Trump targeted Rep. Mike Lawler, R-N.Y., on SALT specifically. Lawler, one of just three Republicans in districts Trump lost in 2024, has been one of the most vocal proponents of a higher SALT deduction cap.

‘I know your district better than you do. If you lose because of SALT, you were going to lose anyway,’ Trump said during his remarks, the sources told Fox News Digital.

When asked about those comments by reporters after the meeting, Lawler said, ‘The issue of SALT is one of the biggest issues impacting my district. It’s the reason I won.’

‘I made very clear when I ran for office back in ’22 that I would never support a tax bill that does not adequately lift the cap on SALT,’ Lawler said.

Meanwhile, three sources in the room said Trump also targeted Rep. Thomas Massie, R-Ky., who has frustrated both the president and House GOP leaders in the past by bucking the party line. Trump had called Massie a ‘grandstander’ in public comments to reporters minutes before the meeting.

Massie told reporters when asked for his response, ‘It would be ironic if one of you guys who stopped me, wants to report that I’m a grandstander. Because you are the ones who are performing this, standing. I would be walking.’

I don’t think he wants to talk about cutting spending,’ Massie said of Trump.

SALT deduction caps and Medicaid remain two of the biggest sticking points in Republican negotiations. SALT deduction caps primarily benefit people living in high-cost-of-living areas like New York City, Los Angeles and their surrounding suburbs. Republicans representing those areas have argued that raising the SALT deduction cap is a critical issue and that a failure to address it could cost the GOP the House majority in the 2026 midterms.

Republicans in redder, lower-tax areas have said in response that SALT deductions favor wealthy people living in Democrat-controlled states and that such deductions reward progressive high-tax policies.

It was Trump’s Tax Cuts and Jobs Act of 2017 that first instituted caps on SALT deductions – setting the maximum at $10,000 for both married couples and single filers.

SALT Caucus members like Lawler have rejected House Republican leaders’ offer to increase that to $30,000, but Trump told those Republicans to accept what offer was on the table, according to people in the room.

Members of the conservative House Freedom Caucus, meanwhile, are pushing for the bill to be more aggressive in cutting waste, fraud and abuse in the Medicaid system, including a faster timeline for implementing work requirements for able-bodied recipients. Currently, the legislation has work requirements kicking in 2029.

They also want to restructure Medicaid cost-sharing to put a bigger burden on the states.

Moderates, meanwhile, have been wary of making significant cuts to the program.

A White House official said Trump stressed he wanted complete unity on the bill, and ‘made it clear he’s losing patience with all holdout factions of the House Republican Conference, including the SALT Caucus and the House Freedom Caucus.’

He also urged Republicans to debate SALT ‘later’ while warning, ‘Don’t touch Medicaid except for eliminating waste, fraud, and abuse, including booting off illegal immigrants and common-sense work requirements,’ the White House official said.

However, lawmakers leaving the meeting appear to have taken away very different conclusions.

‘He’s just like, listen. I think where we’re at with the bill is good, and to keep pushing for more will be difficult,’ Rep. Scott Fitzgerald, R-Wis., said of Trump’s Medicaid comments.

House Financial Services Committee Chairman French Hill, R-Ark., similarly said, ‘I think he’s referring to members who want to change the approach that the Energy & Commerce Committee has taken.’

‘He thinks they’ve taken a good, balanced approach to preserve the program, enhance the program, while narrowing the scope and hunting out waste, fraud, and abuse,’ Hill said.

Meanwhile, House Freedom Caucus Chairman Andy Harris, R-Md., told Fox News Digital, ‘I think the president will not mind changes that…decrease waste, fraud, and abuse in the bill.’

However, it is unclear how much Trump’s message moved Republicans who were skeptical of the bill previously.

Harris came out of the meeting insisting the House-wide vote should be delayed, so House Republicans could take more time to negotiate the bill.

Additionally, SALT Caucus Republicans like Lawler, as well as Reps. Nick LaLota and Andrew Garbarino of New York, indicated to reporters they would oppose the bill as currently written.

Some last-minute changes are expected to be made to the legislation before a 1 a.m. House Rules Committee meeting to advance the bill. The powerful panel acts as the final gatekeeper to most legislation before a House-wide vote.

However, it is unclear now if changes will be made to SALT deduction caps or Medicaid after Trump urged Republicans to clear up both fights.

Republicans are working to pass Trump’s policies on tax, immigration, energy, defense and the national debt all in one massive bill via the budget reconciliation process.

Budget reconciliation lowers the Senate’s threshold for passage from 60 votes to 51, thereby allowing the party in power to skirt the minority — in this case, Democrats — to pass sweeping pieces of legislation, provided they deal with the federal budget, taxation, or the national debt.

House Republicans are hoping to advance Trump’s bill through the House by the end of this week, with a goal of a final bill on the president’s desk by the Fourth of July.

This post appeared first on FOX NEWS

Health and Human Services Secretary Robert F. Kennedy Jr. slammed Washington Sen. Patty Murray during a Tuesday Senate hearing for allegedly ‘presiding over the destruction’ of Americans’ health across her more than 30 years in the upper chamber. 

‘You’ve presided here, I think, for 32 years. You presided over the destruction of the health of the American people. Our people are now the sickest people in the world,’ Kennedy said to Murray during a tense back and forth Tuesday morning. 

Murray began her tenure in the Senate in 1993. 

‘Seriously?’ Murray interjected. 

‘What have you done about it? Kennedy shot back. What have you done about the epidemic of chronic disease?’

As the two continued talking over one another, the subcommittee chair, Republican West Virginia Sen. Shelley Moore Capito, asked Kennedy to ‘hold back and let the senator ask the questions.’

‘Mr. Secretary, I’m asking you a question about child care,’ Murray continued. ‘I’m asking you who made the decision to withhold child care and development block grant funding?’  

‘That was made by my department,’ Kennedy responded. 

Kennedy appeared before the Senate Appropriations subcommittee Tuesday morning to answer questions related to HHS’ budget proposal for fiscal year 2026. The hearing comes just after Kennedy joined lawmakers in both a Senate hearing and a House hearing, both of which included fiery exchanges between Kennedy and Democrat lawmakers. 

Murray continued in her questioning that the HHS was making vast cuts to scientists at the agency, which Kennedy dismissed, citing that he does not ‘trust’ Murray’s information. 

‘And you said last week, quote, ‘we were not cutting thousands of scientists,’ Murray continued. ‘We are not cutting clinical trials.’ But I want you to know, in the last four months, you fired or pushed out nearly 5,000 NIH staff and terminated more than 1,600 NIH grants. That includes more than 240 clinical trials across the country. So whose decision was it to fire scientists and terminate these NIH grants and the clinical trial?’ 

‘Senator, I don’t trust your information with all due respect,’ Kennedy responded, continuing that Murray’s previous remarks in a recent hearing were not correct. ‘You told me what, three days ago or four days ago, that we had cut a clinical trial in your state and … what you said turned out to be completely untrue. And you knew it was untrue because you corresponded with (Director of the National Institutes of Health) Jay Bhattacharya before that.’ 

‘You came here to argue with me,’ Murray added. ‘I came here to ask you questions about your budget request. Your budget request is asking us to cut dramatically. But I am also making the point that Senator Baldwin made, that what you are doing right now is enacting your budget, that Congress has not passed, by cutting critical funding across the board.’ 

The Washington Democrat previously exchanged barbs with Kennedy Wednesday, when Murray accused Kennedy and the Trump administration of delaying critical cancer care for one of her constituents. 

‘Mr. Secretary, one of my constituents … she’s a mom of two from Bainbridge Island in Washington state,’ Murray said in her opening line of questioning Wednesday. ‘She has been fighting aggressive stage four colorectal cancer for nearly five years now. Her best hope now is a clinical trial she’s participating in at the [National Institutes of Health’s] Clinical Center.’ 

‘But because of the thoughtless mass firing of thousands of critical employees across NIH and HHS that you carried out, Natalie’s doctors at that clinical center have told her they have no choice but to delay her treatment by an additional four weeks.’

‘I can’t tell you that now, Sen. Murray,’ Kennedy responded. ‘What I can tell you is that if you contact my office tomorrow, I’ll look specifically into that.’ 

However, that answer from Kennedy was ‘not acceptable’ to the senator.

‘That is not acceptable,’ Murray shot back, eventually demanding Kennedy provide her an update on Natalie’s case within 24 hours. ‘I want an answer.’ 

Kennedy added during Tuesday’s hearing that Murray’s constituent had qualified for the clinical trial ‘this week,’ adding that ‘we shouldn’t be talking about patients’ private information,’ with Murray agreeing. 

Fox News Digital’s Alec Schemmel contributed to this article. 

This post appeared first on FOX NEWS

Secretary of Defense Pete Hegseth is instructing the Pentagon to launch a comprehensive review into the U.S. withdrawal from Afghanistan in 2021. 

In 2021, then-President Joe Biden removed U.S. troops from Afghanistan, following up on existing plans from the first Trump administration in 2020 with Taliban leaders to end the war in the region. Biden faced scrutiny after the withdrawal as the Taliban quickly took over Afghanistan again and more than a dozen U.S. service members died supporting evacuation efforts. 

Thirteen U.S. service members were killed during the withdrawal process due to a suicide bombing at Abbey Gate, outside the then-Hamid Karzai International Airport, as the Taliban quickly seized control of Kabul.

‘The Department of Defense has an obligation, both to the American people and to the warfighters who sacrificed their youth in Afghanistan, to get to the facts,’ Hegseth said in a Tuesday memo. ‘This remains an important step toward regaining faith and trust with the American people and all those who wear the uniform and is prudent based on the number of casualties and equipment lost during the execution of this withdrawal operation.’ 

Hegseth said the Pentagon has already completed a review into the ‘catastrophic’ withdrawal and concluded that a full investigation is necessary to provide a complete picture of the event and to hold those responsible accountable. 

As a result, Hegseth is directing Pentagon spokesperson Sean Parnell to spearhead a special review panel to evaluate previous investigations and to ‘analyze the decision-making that led to one of America’s darkest and deadliest international moments.’ 

‘This team will ensure ACCOUNTABILITY to the American people and the warfighters of our great Nation,’ Hegseth wrote in the memo. 

On Aug. 26, 2021, an ISIS-K suicide bomber who the Taliban released earlier that month detonated his body-worn improvised explosive device at Abbey Gate outside Kabul’s airport, according to a U.S. Army Central Command investigation released in 2024. In addition to the 13 U.S. service members who were killed, approximately 170 Afghan civilians also died.

The Biden administration’s White House released a report in 2023 evaluating the Afghanistan withdrawal, which stated that top intelligence officials did not accurately assess how quickly the Taliban would retake control of Kabul. 

Republicans on the House Foreign Affairs Committee conducted their own investigation into the withdrawal, and the U.S. military produced at least two reports on the matter. 

The Biden administration ‘prioritized the optics of the withdrawal over the security of U.S. personnel on the ground,’ according to the House Foreign Affairs Committee report. 

‘For that reason, they failed to plan for all contingencies, including a noncombatant evacuation operation (NEO) and refused to order a NEO until after the Taliban had already entered Kabul,’ the report said.

Additionally, the report said the ‘failure’ to adequately establish evacuation plans led to an unsafe environment at the airport and put the lives of service members and State Department officials at risk. 

In February, Trump told reporters that he wouldn’t instruct Hegseth on what actions the Pentagon should take when asked if he was considering firing military leaders who oversaw the withdrawal. But Trump said he would ‘fire every single one of them.’ 

The commander of U.S. Central Command in 2021, retired Marine Gen. Kenneth F. McKenzie Jr., in 2024 took full ownership of the loss of U.S. troops that day. 

‘I was the overall commander, and I and I alone bear full military responsibility for what happened at Abbey Gate,’ McKenzie told the House Foreign Affairs Committee in March 2024.

Now-retired Army Gen. Mark Milley, the former chair of the Joint Chiefs of Staff, told lawmakers at the same hearing that he believed the evacuation should have occurred sooner and that multiple factors contributed to failures in the withdrawal. Both McKenzie and Milley told lawmakers they advised Biden to keep some U.S. troops in Afghanistan after pulling out most U.S. forces.

‘The outcome in Afghanistan was the result of many decisions from many years of war,’ Milley told lawmakers. ‘Like any complex phenomena, there was no single causal factor that determined the outcome.’

Fox News’ Liz Friden contributed to this report.

This post appeared first on FOX NEWS

President Donald Trump’s rallying speech to House Republicans Tuesday morning wasn’t enough to convince some holdouts to unite behind his ‘big, beautiful bill’ ahead of a planned vote this week.

Trump urged Republicans to cease infighting on Medicaid reform and state and local tax (SALT) deduction caps at the House GOP’s weekly conference meeting. Several Republicans who emerged said they were still concerned enough to oppose the bill, however.

House Freedom Caucus Chair Andy Harris, Rep. Eric Burlison of Missouri, Rep. Thomas Massie of Kentucky and representatives Nick LaLota, Mike Lawler and Andrew Garbino of New York told Fox News Digital Tuesday they would vote against the bill if changes were not made.

On the other hand, Trump did persuade some people. Rep. Ralph Norman of South Carolina, one of several Republicans to sink a committee vote on the bill Friday, told reporters he would review it and make a ‘judgment call’ ahead of a 1 a.m. meeting to advance the bill through the House Rules Committee.

Norman said Trump did a ‘fantastic job’ and delivered ‘one of the best speeches I’ve heard’ at the House GOP meeting, and he urged his blue state colleagues to ‘take the words the president said to heart about SALT.’

Norman and Rep. Chip Roy, R-Texas, are both members of the powerful rules panel who have not been shy about their concerns with the current bill. The committee acts as the final gatekeeper before most legislation sees a full House vote.

Roy did not appear to attend Trump’s speech but told reporters Monday evening the 1 a.m. Wednesday vote should be postponed.

But the New York Republicans weren’t budging after Trump’s ‘big, beautiful’ speech, maintaining the bill doesn’t go far enough to deliver for middle-class New Yorkers on the SALT deduction cap.

‘This is the single biggest issue that I’ve talked about, and, with all due respect to the president, I’m not budging,’ Lawler said. 

‘Between property taxes and income taxes, it blows well past the $30,000 cap with the $400,000 income cap. So, as I’ve said repeatedly, that is insufficient. We will continue the dialogue with leadership, but as it stands right now, I do not support the bill,’ Lawler said. 

Lawler said SALT is one of the biggest issues affecting his district in New York and campaigned on never supporting a tax bill that doesn’t ‘adequately lift the cap.’

‘The president can say whatever he wants, and I respect him, but the fact is, I certainly understand my district. I’m one of only three Republican members that won in a district Kamala Harris won, and I did so for reasons,’ Lawler said. 

‘We need a little more SALT on the table to get to this,’ fellow New York Republican LaLota added. ‘I hope the president’s presence motivates my leadership to give us a number that we can go sell back home.’

LaLota said while he is still a ‘no,’ he hopes ‘the president’s presence here today motivates some folks in the Ways and Means Committee and my leadership to give us a number to which we can actually say ‘yes.’’

When asked if Trump did enough to ease concerns in Tuesday’s meeting, Garbarino, another New York Republican, said, ‘No. There were no specifics. … It was more of a rally. We need to get this done.’

‘We share President Trump’s call for unity within the House Republican Conference,’ Rep. Young Kim, R-Calif., said in a joint statement after Trump’s visit to Capitol Hill. 

‘We hope his remarks today motivate the Speaker to advance a SALT proposal that delivers meaningful relief for our middle-class constituents, as we have worked in good faith with House Leadership for more than a year,’ the statement from Kim, Garbarino, Lawler, LaLota and Rep. Tom Kean, R-N.J., said.

Meanwhile, Trump urged Republicans not to ‘f— with’ Medicaid in his speech, though different factions came to different conclusions about what he meant.

Rep. Andy Ogles of Tennessee, who was not in the room for Trump’s speech, called for more cuts to the entitlement program in an X post Tuesday afternoon but told Fox News Digital he was opposed to the legislation as written.

‘I agree with President Trump — we must crush the waste, fraud, and abuse. Liberal states like California and New York are abusing Medicaid — and making you pay for it. Illegal aliens and freeloaders have no right to taxpayer-funded benefits,’ Ogles said on X.

Other fiscal conservatives, like Ogles, who were in the room, said the bill does not go far enough to reform Medicaid and would also vote ‘no’ in the bill’s current form. 

‘I think it’s inappropriate for us to say we’re not going to touch it and then leave all of this fraud that’s happening in the system,’ Burlison said. 

Harris, the House Freedom Caucus chair, said, ‘I can’t support the bill. It does not eliminate waste, fraud and abuse in Medicaid. The president called for waste, fraud and abuse to be eliminated. I don’t think that’s where the bill sits.’

Massie, known for being a libertarian, was unconvinced by Trump’s appearance, telling reporters that his constituents didn’t ‘vote for increased deficits and Biden-level spending.’

He acknowledged that younger members or those who harbor ambitions for higher office would likely fall in line, however.

‘I think he probably closed the deal in there,’ Massie said. 

SALT deduction caps and Medicaid remain two of the biggest sticking points in Republican negotiations. SALT deduction caps primarily benefit people living in high-cost-of-living areas like New York City, Los Angeles and their surrounding suburbs. Republicans representing those areas have argued that raising the SALT deduction cap is a critical issue and that a failure to address it could cost the GOP the House majority in the 2026 midterms.

Republicans in redder, lower-tax areas have said in response that SALT deductions favor wealthy people living in Democrat-controlled states and that such deductions reward progressive high-tax policies.

It was Trump’s Tax Cuts and Jobs Act of 2017 that first instituted caps on SALT deductions, setting the maximum at $10,000 for both married couples and single filers.

SALT Caucus members have rejected House Republican leaders’ offer to increase that to $30,000.

Members of the conservative House Freedom Caucus, meanwhile, are pushing for the bill to be more aggressive in cutting waste, fraud and abuse in the Medicaid system, including a faster timeline for implementing work requirements for able-bodied recipients. Currently, the legislation has work requirements kicking in 2029.

They also want to restructure Medicaid cost-sharing to put a bigger burden on the states. Moderates, meanwhile, have been wary of making significant cuts to the program.

House GOP leaders are hoping to hold a full House vote on the bill this week.

This post appeared first on FOX NEWS

President Donald Trump and Defense Secretary Pete Hegseth announced the U.S. will soon begin construction of a ‘Golden Dome’ missile defense system they say will be a next-generation ‘game changer’ protecting the American homeland from outside adversaries.

A similar system, the Iron Dome, has already been developed in Israel with U.S. assistance and has proven effective in repelling missile attacks. Now. Trump says a bigger, more technologically advanced, multi-layered dome system will soon be installed in America.  

The president announced the ‘one big beautiful’ budget bill being discussed in Congress will include $25 billion in initial funding for the project, which he expects will cost $175 billion overall. He said he expects a major phase of the dome will be complete in under three years and that it will be ‘fully operational before the end of my term.’

He noted there is significant support for the project in Congress, quipping, ‘It’s amazing how easy this one is to fund.’

‘In the campaign, I promised the American people that I would build a cutting-edge missile defense shield to protect our homeland from the threat of foreign missile attack. And that’s what we’re doing today,’ he said, adding that the Golden Dome ‘will be capable of intercepting missiles even if they are launched from the other side of the world and even if they are launched from space.’

Trump also announced he is placing Space Force Gen. Michael Guetlein in charge of the project, saying, ‘No one is more qualified for this job.’

Hegseth called the Golden Dome a ‘bold initiative’ and another addition to Trump’s ‘long and growing list of promises made and promises kept.’

He said investing in the new system is essential to respond to growing threats from countries like Russia and China.

‘Ultimately, this right here, the Golden Dome for America, is a game changer,’ said Hegseth. ‘It’s a generational investment in the security of America and Americans.’

Addressing Trump, Hegseth said, ‘Mr. President, you said we’re going to secure our southern border and get 100% operational control after the previous administration allowed an invasion of people into our country. President Reagan 40 years ago cast the vision for it. The technology wasn’t there. Now it is, and you’re following through to say we will protect the homeland from cruise missiles, ballistic missiles, hypersonic missiles, drones, whether they’re conventional or nuclear.’

Guetlein indicated the Golden Dome is necessary to preserve the safety, security and the quality of life Americans are used to.

‘We owe it to our children and our children’s children to protect them and afford them a quality of life that we have all grown up enjoying. Golden dome will afford that,’ said Guetlein.

The general said ‘our adversaries have become very capable and very intent on holding the homeland at risk.’

‘While we have been focused on keeping the peace overseas, our adversaries have been quickly modernizing their nuclear forces, building up ballistic missiles capable of hosting multiple warheads, building out hypersonic missiles capable of attacking the United States within an hour and traveling at 6,000 miles an hour, building cruise missiles that can navigate around our radar and our defenses, building submarines that can sneak up on our shores and, worse yet, building space weapons,’ Guetlein said. 

‘It is time that we change that equation and start doubling down on the protection of the homeland.’

This post appeared first on FOX NEWS

House Speaker Mike Johnson has reached a tentative deal with blue state Republican lawmakers to boost the cap on state and local tax deductions, or ‘SALT,’ to $40,000 in President Donald Trump’s so-called ‘big, beautiful bill,’ Republican sources confirmed to Fox News late Tuesday. 

The proposed cap – which is up from $30,000 – would be per household for taxpayers making less than $500,000 per year. 

 It remains unclear whether GOP hardliners who oppose raising the SALT cap deductions will sign off on the measure. 

The tentative agreement, first reported by Politico and confirmed by Fox News, comes as House GOP factions have been engaged in high-stakes debates on taxes, Medicaid, and green energy subsidies while crafting the president’s ‘big, beautiful bill.’

SALT deduction caps primarily benefit people living in high-cost-of-living areas like New York City, Los Angeles, and their surrounding areas. 

Republicans representing those areas have framed raising the SALT deduction cap as an existential issue, arguing that a failure to address it could cost the GOP the House majority in the 2026 midterms. 

Meanwhile, Republicans representing lower-tax states are largely wary of raising the deduction cap, believing that it incentivizes blue states’ high-tax policies. 

Fox News Digital’s Elizabeth Elkind contributed to this report. 

This post appeared first on FOX NEWS

The U.S. Senate has passed a new bill that would offer a tax deduction on tips worth up to $25,000.

This bill, if enacted into law, would also extend to business tax credits for payroll taxes on tips in beauty and spa services.

Sen. Ted Cruz, a Texas Republican, is pushing the proposal – which passed unanimously – an outcome considered rare for substantive legislation.

There are stipulations in the new bill: an employee with compensation exceeding $160,000 in the prior tax year would not be eligible to claim the new tax deduction for tips.

The bill is limited to cash tips received by occupations that are customarily tipped. 

‘Tipped occupations’ are jobs where tips are common in the U.S., such as waiters, waitresses and professionals providing beauty services like barbering, hair care, nail care, esthetics, body and spa treatments.

The Budget Lab at Yale say they estimate there will be approximately 4 million workers in tipped occupations in 2023. 

They must also be reported by the employee to the employer for withholding payroll taxes. Under the current law, only tips exceeding $20 per month are required to be reported.

According to the report by Budget Lab, a non-tipped worker in 2023 was a minimum of approximately 10 years older than the typical tipped worker.  They also say one-third of the number of tipped workers were below 25, with 13% being teenagers.

This new bill, if passed, would cost $110 billion in federal revenues over 10 years, according to estimates by the center-right Peter G. Peterson Foundation.

Sen. Jacky Rosen, D-Nevada, pointed out during her floor speech that this bill was one of President Donald Trump’s key campaign promises.

‘I am not afraid to embrace a good idea, wherever it comes from. So I agreed we need to get this done,’ she said.

The passing of this bill through the Senate occurs as congressional Republicans attempt to seek advancement of a massive tax cut and spending package that will create a tax break on tips for the next four years.

The next step is the House of Representatives before it becomes law.

This post appeared first on FOX NEWS

 FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (‘ FPX ‘ or the ‘ Company ‘) is pleased to provide an update on the activities of its affiliate company, CO2 Lock Corp. (‘ CO2 Lock ‘).

Background

In 2022, FPX announced the formation of CO2 Lock as a self-funding subsidiary to pursue geoscience-related carbon capture and storage (‘ CCS ‘) opportunities via permanent mineralization of carbon dioxide. FPX retains 100% of the carbon credits associated with CCS on FPX’s own properties, and can use any intellectual property developed by CO2 Lock for the benefit of FPX’s own properties.

Since its inception, CO2 Lock has completed multiple field programs at its flagship SAM site in central British Columbia , including a successful CCS field program in 2023, which included drilling an exploration well. This achievement marked a significant milestone in the development of CO2 Lock’s innovative in-situ CO 2 mineralization technology.

Commercial Updates

In recent months, CO2 Lock has achieved several commercial milestones, including the signing of preliminary agreements with key counterparties in the CCS value chain as follows:

  • Letter of Intent with Cielo Carbon Solutions (‘ Cielo ‘) and Carbon Quest outlining the framework for capturing and sequestering 100,000 tonnes of CO 2 per year, scaling up to a target of 1 million tonnes per year. This strategic relationship combines Cielo and Carbon Quest’s point-source carbon capture solution with CO2 Lock’s storage solution to create an end-to-end value chain from industrial emitters to the permanent storage of carbon dioxide.
  • Memorandum of Understanding with Ionada Carbon Solutions LLC (‘ Ionada ‘) to pursue a variety of commercial arrangements relating to the capture and storage of carbon dioxide and the related sale of carbon credits into the commercial market. The collaboration will integrate Ionada’s proprietary carbon capture technology with CO2 Lock’s permanent mineralization storage solutions, creating end-to-end carbon capture storage systems that are cost-effective and scalable.
  • Letter of Intent with a leading carbon marketplace platform (the ‘ Platform ‘), under which the Platform will purchase up to 33% of the carbon credits generated annually from CO2 Lock’s flagship SAM carbon sequestration site, representing the potential for over 300,000 verified carbon credits (tonnes) per year.

Following the successful field program in 2023, CO2 Lock has submitted an application for a carbon capture and storage exploratory reservoir license with British Columbia’s Ministry of Energy and Climate Solutions. Receipt of this license would provide CO2 Lock with the regulatory approval to advance the project towards commercial operations at the SAM project.

CO2 Lock Financing and Restructuring

CO2 Lock recently completed the final $600,000 tranche of its latest funding round, which raised a cumulative total of $1.7 million through a Simple Agreement for Future Equity (‘ SAFE ‘) from third-party investors. Since its inception, CO2 Lock has raised a total of approximately $3.4 million from third-party investors.

In connection with the closing of the SAFE round, FPX and CO2 Lock have agreed to a restructuring of CO2 Lock’s capital structure such that FPX’s undiluted ownership interest in CO2 Lock has been reduced from approximately 88% (prior to the SAFE round) to 30% (on conclusion of the SAFE round). This restructuring better positions CO2 Lock to seek additional funding from third party investors going forward, while ensuring that FPX retains a meaningful ownership interest in CO2 Lock and enduring rights to utilize CO2 Lock’s intellectual property for the benefit of FPX’s own properties.

About FPX Nickel Corp.

FPX Nickel Corp.  is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.  For more information, please view the Company’s website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel Corp.

‘Martin Turenne’
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered ‘forward-looking information’ within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2025/20/c0028.html

News Provided by Canada Newswire via QuoteMedia

This post appeared first on investingnews.com

Over the last several years, gold has reasserted itself as a safe-haven investment against a backdrop of inflation, geopolitical turmoil and growing distrust of traditional fiat currencies.

Since the pandemic, gold has surged from lows around the US$1,600 per ounce mark to nearly US$3,500.

A significant portion of the gains have been attributed to unprecedented purchases from central banks, particularly China, with western investment only recently adding momentum.

Yet despite gold’s phenomenal price rise, gold equities haven’t followed suit.

Why did gold stocks stall?

Up until mid-2024, many gold producers were facing structural challenges, and balance sheet issues were one of the primary factors holding investors back from putting money into gold equities.

Between 2020 and 2023, average all-in sustaining costs rose from US$950 to US$1,300 per ounce. The increase was driven by rising prices for energy and other essential materials needed in the mining process.

Additionally, supply chain disruptions caused delays in shipping equipment to mining sites, and in delivering mined materials to refiners and vendors. On a similar note, increasing travel and accommodation costs, along with challenges due to new on-site health and safety protocols, impacted the labor force.

A sharp increase in worker shortages due to lockdowns and illnesses also contributed to higher costs, as operators were forced to raise wages to attract and retain skilled workers throughout the pandemic. Aside from that, recent decades have brought greater reliance on computer-controlled equipment and autonomous fleets. A shortage of semiconductors provided further challenges for operators as prices for new components became more costly.

Essentially, costs rose more rapidly than the price of gold, dramatically reducing the profitability of producers.

“The thing about commodities is that the producers of the commodities are price takers,’ Winmill said.

‘So whatever the price is, that’s what they get. They can’t really add something special to their ounce of gold or their ounce of silver. They take whatever the market will give them for that ounce.’

Is now the time to invest in gold stocks?

As mentioned, gold has been on a record-setting run, with central banks playing a key role in its move.

China has increased its gold holdings by more than 1,000 metric tons in recent years in response to global sanctions following Russia’s invasion of Ukraine in February 2022. The US provided further impetus in this direction by cutting Russia off from the SWIFT money transfer system and seizing dollar-denominated assets.

“We think central banks around the world are saying, ‘Hey, we want to buy gold now, because for 3,000 years, there’s always been a buyer. We won’t depend on another party to redeem our bond or buy our asset,” Winmill said.

Central banks have also been adding gold to minimize risks associated with political whims, currency devaluation and growing deficits, particularly in countries like the US, where the federal debt has ballooned to US$34 trillion.

Gold purchases from central banks have resulted in incredible momentum, helping to set new records in 2024. Support during that time came from investment inflows from Asian investors, while western investors remained on the sidelines until late 2024 to early 2025. Coinciding with their return was considerable uncertainty, as the Trump administration’s trade policy had investors looking to gold as a hedge, pushing the price toward the US$3,500 mark in April.

A higher gold price means higher profit margins for producers, making equities more attractive.

“In the 25 years I’ve been managing a gold fund, I’ve never seen these kinds of profit margins in the offing, and it’s really exciting,’ Winmill said during the conversation. ‘I mean, Canada has 2.6 percent inflation, but that really doesn’t make much difference when the gold price is up over 40 percent and going higher.’

He described a situation where production costs have plateaued between US$1,600 and US$1,800 per ounce, while gold has surged to US$3,400. “All that difference between … that’s all pure profit,” Winmill said.

What qualities to look for in a gold stock?

Before investing in a gold stocks it’s important to understand company risks and how they are being minimized.

Among the more unpredictable risks is jurisdiction. Gold companies often do not have the luxury of operating in low-risk regions like Canada or the US, and may have to contend with unstable regimes.

According to Winmill, companies are turning to sovereignty risk insurance as a means of derisking their investments.

“If the local government seizes all of your mines and a US$100 million investment goes up in smoke … if you have sovereignty risk insurance, you can go to the insurance company and say, ‘Hey, we were expropriated, pay us US$100 million so we can pay off our bank,’” the expert explained.

On a more fundamental level, Winmill suggested avoiding companies without free cashflow.

“I would stay away, in my opinion, from any company that does not have free cashflow, because if you have free cashflow, time is on your side. If you don’t have free cashflow, every day that goes by you are getting poorer,’ he said.

Winmill also advised looking to companies led by individuals with a strong track record in the industry.

He said he doesn’t prefer companies managed by geologists, who tend to get overly enthusiastic about chasing discoveries, or by accountants, who can get too absorbed in the costs.

“You need a balanced approach,” Winmill stated, adding that it takes a team to develop a mining company and deal with deposits that can be very complicated.

When he reviews the industry, he is able to find only a handful of investible companies that meet the parameters of having free cashflow, quality management, great deposits and less political risk.

How can investors avoid risk?

Winmill also noted that mutual funds, like the fund he manages, can be helpful in reducing risk.

“They tend to have many, many holdings. So you buy one fund and you get the benefit of a diversified strategy,” Winmill said. He manages the Midas Discovery fund, whose top holding is Agnico Eagle (TSX:AEM,NYSE:AEM). Rounding out the top three are Lundin Gold (TSX:LUG,OTCQX:LUGDF) and Northern Star Resources (ASX:NST,OTC Pink:NESRF).

Other benefits of funds include professional, continuous management. Fund managers spend their days researching companies and projects, which individual investors may not have the time for.

Another suggestion that Winmill gave for those looking to benefit as the gold price and gold equities rise is to look at royalty companies, which tend to maintain greater upside potential while minimizing risk.

Royal Gold (NASDAQ:RGLD) is one of the Midas Discovery fund’s top 10 holdings.

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

This post appeared first on investingnews.com

The S&P/TSX Composite Index (INDEXTSI:JX)reached a new all-time high of 26,105.67 as markets opened on Tuesday (May 20), representing a 4.88 percent uptick since January.

The milestone extends the index’s five week rally, which has been fueled by strong performances in the mining and financial sectors, as well as easing global trade tensions.

Gold has been a significant contributor to the TSX’s ascent as well. After peaking at US$3,500.05 per ounce in April, the metal has experienced some volatility, but remains up about 25 percent year-to-date.

Last week’s downgrade of US debt from Moody’s (NYSE:MCO) has intensified interest in gold as a safe-haven asset. The downgrade from AAA to AA1 was attributed to the nation’s growing debt levels and rising interest costs.

The firm’s move marks the first time all three major credit rating agencies — Moody’s, S&P Global (NYSE:SPGI) and Fitch Ratings — have rated US government debt below the top tier. The downgrade reflects concerns over the US government’s fiscal trajectory, with Moody’s stating in a May 16 release that ‘successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs.’

This fiscal uncertainty has led investors to seek the stability of gold, a traditional hedge against economic instability.

Gold’s strong performance is also benefiting gold-mining equities. Gold miners across the board are reaping the rewards of record-high bullion prices, with many major producers recently reporting robust Q1 results.

Despite these results, many analysts argue gold equities remain undervalued.

There’s also a widespread belief that the gold price can keep rising.

Earlier this month, analysts at JPMorgan Chase (NYSE:JPM) laid out a scenario where the yellow metal could rise to US$6,000 on the back of a 0.5 percent reallocation of foreign-held US assets to gold.

The bank estimates this shift could amount to US$273.6 billion — or 2,500 metric tons — over four years. With gold supply relatively fixed, JPMorgan notes that ‘even a slight increase in demand can have a dramatic impact on prices.’

Beyond the mining sector, easing global trade tensions have also contributed to the TSX’s record performance. Recent developments, including a truce in US-China tariffs, have alleviated concerns and bolstered market confidence.

Moving forward, market participants will be closely watching the Bank of Canada’s interest rate decision in the coming weeks. Tuesday’s mixed inflation data has created some uncertainty about what’s next.

As the TSX continues its upward trajectory, investors are optimistic about the sustained growth, supported by strong commodities prices and improving global economic conditions.

As of 11:10 a.m. EST on Tuesday, the TSX was holding above 26,000.

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

This post appeared first on investingnews.com