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NextSource Materials

Investor Insight

NextSource Materials is an emerging leader in the global battery materials sector, backed by a world-class graphite resource and proven technology to produce high-performance anode material. With a focus on full vertical integration, the company is strategically positioned to supply critical materials essential to the global clean energy transition.

Overview

NextSource Materials (TSX:NEXT, OTCQB:NSRCF) is a Canadian-based battery materials development company focused on becoming a vertically integrated global supplier of critical minerals essential to the global clean energy transition. The company’s strategy spans the full value chain – from mining and upgrading high-quality flake graphite to producing advanced battery anode materials – positioning it as a key supplier to the rapidly growing electric vehicle (EV) and renewable energy storage markets.

NextSource’s core asset is the Molo graphite mine in Madagascar, one of the largest and highest-grade flake graphite deposits in the world. Commencing production in October 2024, the Molo mine has a resource base of more than 153 million tonnes and the exclusive source of NextSource’s trademarked SuperFlake® graphite.

Complementing the Molo graphite mine is the company’s downstream expansion through battery anode facilities (BAFs), which will convert its proprietary SuperFlake® graphite into spherical purified graphite (SPG) and coated SPG (CSPG), enabling direct supply to global battery and automotive manufacturers outside traditional Asian supply chains.

Global demand for flake graphite, valued at US$3.12 billion in 2024, is forecast to grow to US$5.48 billion by 2034, driven by a 6.1 percent CAGR. This growth is primarily fueled by the expansion of lithium-ion battery manufacturing for EVs and renewable energy systems, where graphite remains the dominant material used in battery anodes.

NextSource also owns the Green Giant vanadium project, an advanced-stage and strategically significant vanadium asset located near the Molo mine. With a large, sediment-hosted deposit suited for vanadium redox flow batteries (VRFBs), Green Giant provides additional exposure to the grid-scale energy storage market – a rapidly emerging segment of the clean energy landscape.

NextSource has assembled an impressive leadership team with a proven track record in mine operations and building shareholder value. With long-term offtake agreements in place, a scalable mine-to-anode business model, and strategic backing from Vision Blue Resources, led by former Xstrata CEO Sir Mick Davis, NextSource is positioned to deliver significant value as a secure and sustainable supplier of critical battery materials.

Company Highlights

  • Molo Graphite Project: The Molo graphite project in Madagascar is among the world’s largest and highest-quality graphite resources and is the exclusive source of SuperFlake® graphite.
  • First Commercial Shipments Completed: SuperFlake® shipments have been to multiple end-users and approved for high-demand applications for flake graphite, including battery anodes, refractory and graphite foils for fire retardants and consumer electronics.
  • Long-term Offtake Agreements: One of the few graphite producers globally to secure long-term sales agreements with tier one partners, including a 20,000 tpa agreement with a leading Japanese trader that supplies intermediate anode material to the Japanese market, and a 35,000 tpa agreement with thyssenkrupp Materials Trading GmbH for SuperFlake® graphite concentrate.
  • Mine Expansion Planned: With anticipated volume demands expected to quickly outgrow its Phase 1 volume capacity, NextSource updated its operational strategy to utilize Phase 1 for campaign production to focus on development of its Phase 2 mine expansion.
  • Downstream Value-add Expansion: The company is executing a phased rollout of battery anode facilities to produce spherical purified graphite and coated SPG at commercial scale. These facilities will supply high-performance anode material directly to battery and automotive manufacturers outside traditional Asian supply chains.
  • Strategic Shareholder Support: Vision Blue Resources, a battery materials investment fund led by former Xstrata CEO Sir Mick Davis, is NextSource’s corner-stone shareholder. Sir Mick Davis also serves as NextSource’s chairman, bringing decades of mine development and operational leadership to the company.
  • Vanadium Exposure: NextSource also holds the Green Giant vanadium project in Madagascar, an advanced-stage NI 43-101 resource and one of the world’s largest known sedimentary vanadium (V2O5) deposits.

Key Projects

Molo Graphite Mine and Project

NextSource’s flagship Molo graphite project ranks as one of the largest-known and highest-quality flake graphite deposits in the world. The property spans more than 62.5 hectares, sits in the Tulear region of Southwestern Madagascar, and is located 11.5 kilometers east of the town of Fotadrevo. Phase 1 of the mine is currently in operation.

NextSource has superior flake size distribution and well above the global average. The Molo asset is relatively unique for having almost 50 percent premium-priced large and jumbo flake graphite and can achieve up to 97 percent carbon purity with simple flotation alone. Molo SuperFlake® has been verified by end-users and meets or exceeds all criteria for the top demand markets for flake graphite; anode material for lithium-ion batteries, refractories, graphite foils and graphene inks.

Project Highlights

Geological and Resource Overview:

  • Measured and indicated resources: 100.37 million tonnes (Mt) at 6.3 percent total graphitic carbon (C), based on a 2 percent C cut-off.
  • Proven and probable reserves: 53.75 Mt at 6.2 percent C, based on a 3 percent C cut-off, including 21.33 Mt proven and 32.41 Mt probable.
  • Over 300 km of continuous surface graphite mineralization has been delineated, enabling flexible, demand-driven production scale-up.
  • The resource base supports more than 100 years of mine life at 17,000 tpa and 25+ years at 150,000 tpa production levels.

Operational Status:

  • Phase 1 operations commenced production in October 2024, with the first commercial shipments of SuperFlake® graphite concentrate delivered to customers in Germany and the US in early 2025.
  • In May 2025, NextSource transitioned Phase 1 to campaign production in order to preserve capital and prioritize the larger Phase 2 expansion, which is now the operational focus.
  • Nameplate capacity for Phase 1 is 17,000 tpa, with modular Phase 2 plans targeting up to 150,000 tpa production capacity.

Strategic Sales Agreements:

  • A 20,000 tpa agreement with a leading Japanese trader that supplies anode material to major OEM supply chains (Tesla, Toyota).

Battery Anode Facilities

NextSource’s BAFs are value-added processing plants designed to convert smaller flake graphite into high-performance anode material, an essential component of lithium-ion batteries used in electric vehicles.

Project Highlights

Technology and Product Focus:

  • Using a proprietary and proven processing technology, licensed exclusively by NextSource and currently supplying major OEMs, the BAFs will produce spherical purified graphite (SPG) and coated SPG (CSPG) through a process verified within, and currently being used by, the Tesla and Toyota supply chains.
  • The CSPG production process involves micronizing flake graphite, shaping it into spheres (spheroidization), purifying it and applying a hard carbon coating to enhance durability and performance in battery applications.

Pilot to Commercial Progression:

  • A pilot BAF in Mauritius successfully validated NextSource’s processing technology and facilitated advanced product qualification with Tier 1 EV and battery manufacturers.
  • In 2025, the company redirected its BAF expansion focus from Mauritius to the Middle East, identifying Saudi Arabia and the UAE as ideal first locations due to favorable permitting, infrastructure, and access to global EV markets.

Strategic Plans and Economic Advantages:

  • NextSource’s established technical process gives it a competitive advantage by significantly reducing the time and cost required for R&D and qualification phases.
  • The modular BAF rollout strategy supports flexible scaling, with additional facilities planned for North America, Europe, and Asia to meet growing OEM demand.
  • Feedstock will be sourced primarily from the Molo Mine, with provisions for qualified third-party graphite as needed.

Green Giant Vanadium Project

The Green Giant vanadium project is a 100-percent-owned, advanced-stage exploration asset located in south-central Madagascar, approximately 15 kilometers from the Molo Graphite Mine. It is one of the world’s largest known vanadium deposits and a potential future growth driver for NextSource.

Project Highlights

Resource Profile:

  • NI 43-101 compliant resource of approximately 60 million tonnes, grading an average of 0.7 percent vanadium pentoxide at a 0.5 percent cut-off.
  • The deposit is sediment-hosted, a rare geological profile seen in only about 5% of vanadium occurrences, and favorable for producing high-purity vanadium compounds.

Strategic Importance:

  • Vanadium is a key material in vanadium redox flow batteries (VRFBs), which are emerging as a critical solution for long-duration grid-scale energy storage—a necessary component of the transition to renewable power.
  • With increasing global focus on decarbonizing power systems, Green Giant provides long-term optionality in a growing adjacent market.

Development Status:

  • Over US$20 million has been invested in exploration and development since acquisition in 2007.
  • While currently on hold to maintain focus on graphite and anode material commercialization, the project remains a strategic asset for future energy storage market expansion.

Management Team

Hanré Rossouw – President and Chief Executive Officer, Director

Hanré Rossouw joins NextSource from his role as executive director and chief financial officer of Sasol Limited with extensive experience in the global natural resources industry over the last 25 years. A British and South African national, Rossouw has held senior positions in leading global mining and investment companies where his roles involved business development, M&A, capital markets, asset management and growth optimization.

Craig Scherba – Chief Development Officer, Director

Craig Scherba brings extensive operational and geologic experience, having discovered both the Molo and Green Giant deposits. He currently heads up development of NextSource’s downstream OEM offtake strategy and plans.

Jaco Crouse – Chief Financial Officer

Jaco Crouse brings over 20 years of experience in the global natural resources sector, with expertise in M&A, capital markets and financial strategy. He held senior positions at Glencore and Xstrata.

Brent Nykoliation – EVP, Strategy and Corporate Affairs

Brent Nykoliation joined the senior management team at NextSource Materials as vice-president in 2007 and leads strategy and corporate affairs for the company. In addition, he oversees all communications with graphite customers, institutional investors and analysts for the company.

He brings over 20 years of senior management experience, having held marketing and strategic development positions with several Fortune 500 corporations in Canada.

Dr. Tilo Hauke – EVP, Downstream Operations

Dr. Tilo Hauke leads the development of the company’s BAFs, focused on producing commercial-scale graphite anode material for lithium-ion batteries used in electric vehicles. He previously spent two decades at SGL Carbon SE, a global leader in carbon and graphite products, holding senior roles including SVP of Fuel Cell Components and Group VP of Technology and Innovation.

Danniel Stokes – VP, Special Projects

Daniel Stokes spearheads the project management aspects of the company, with significant experience across a diverse portfolio of projects in mining, infrastructure and nuclear industries.

Markus Reichardt – VP, Sustainability

Markus Reichardt is responsible for driving the company’s safety, health, environment, social, climate change and quality performance and initiatives. He has a 25-year track record in operational, senior corporate and advisory roles in the resources, agricultural and renewables sectors across the developing world.

Jean Luc Marquetoux – Country Manager

Jean Luc Marquetoux brings nearly three decades of experience in mining and project development in Madagascar and brings deep regional and governmental expertise in Madagascar.

Board of Directors

Sir Mick Davis – Chairman

Sir Mick Davis is the CEO of Vision Blue Resources and a highly successful mining executive accredited with building Xstrata plc into one of the largest mining companies in the world before its acquisition by Glencore plc.

Ian Pearce – Director

Ian Pearce is the former CEO of Xstrata Nickel, and was the former COO of Falconbridge Limited, which was acquired by Xstrata Plc in 2006. Xstrata Plc’s acquisition of Falconbridge was one of the largest mining takeovers globally and one of the largest takeover bids in Canadian history.

Brett Whalen — Director

Brett Whalen has over 20 years of investment banking and M&A expertise, spending over 16 of those years at Dundee Corporation. During his tenure at Dundee, Whalen was directly involved in completing approximately $2 billion in M&A deals and helped raise over $10 billion in capital for resource sector companies.

Christopher Kruba – Director

Christopher Kruba is vice-president and legal counsel to Nostrum Capital Corporation and several related corporations that are part of the Toldo Group.

Martina Buchhauser – Director

Martina Buchhauser is a globally recognized leader in the automotive industry, with deep expertise in sustainable mobility and the transition to low-carbon, responsible business practices. Her executive career includes senior roles in global procurement and supply chain management at General Motors, MAN, BMW, and most recently Volvo Cars.

This post appeared first on investingnews.com

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Teck Greenlights Highland Valley Expansion After Beating Q2 Profit Estimates

Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) has secured board approval for a multi-billion-dollar life extension of its Highland Valley copper mine in British Columbia, setting the stage for a two-decade boost in copper output.

The Vancouver-based miner said Thursday (July 24) that construction on the Highland Valley Copper Mine Life Extension Project (HVC MLE) will begin in August, following receipt of environmental and permitting approvals in June.

The newly sanctioned Highland Valley project is expected to extend the mine’s life from 2028 through 2046, with average annual copper production of 132,000 metric tons.

The company further confirmed that engineering progress is nearly 70 percent complete.

Over its lifespan, the project is expected to maintain approximately 1,500 direct jobs and US$500 million in annual GDP from current operations. During the construction phase alone, Teck said that it anticipates roughly 2,900 jobs and US$435 million in additional GDP.

“This extension of Canada’s largest copper mine, Highland Valley, is foundational to our strategy to double copper production,” said CEO Jonathan Price in the company’s announcement.

“The project will strengthen Canada’s critical minerals sector, generate new economic activity, and support the continuation of the jobs and community benefits that HVC generates for many more years to come,” Price added.

The announcement comes as Teck posted better-than-expected earnings for the second quarter. The company reported an adjusted profit of C$0.38 per share, beating the average analyst estimate of C$0.27.

The outperformance was largely attributed to stronger profitability from the company’s Trail operations, a major zinc and lead smelting complex also located in British Columbia.

Teck produced 109,100 metric tons of copper in the quarter ending June 30 but lowered its full-year copper production guidance to a range of 470,000 to 525,000 metric tons, down from earlier estimates.

While London Metal Exchange (LME) copper prices dipped 2 percent year-over-year to an average of US$4.32 per pound during the quarter, Teck could benefit from recent geopolitical developments that may tighten global copper supply.

US President Donald Trump’s planned 50 percent copper import tariff, set to take effect August 1, could push prices higher despite Teck’s minimal exposure to the US market, as most of the company’s copper exports go to Asia and Europe.

The company said that it expects the project’s total ore throughput to average 50 million metric tons annually, while total material moved will vary significantly depending on the phase.

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

This post appeared first on investingnews.com

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Pinnacle Increases Non-Brokered Private Placement

 

(TheNewswire)

 

  

   
 

  

  The net proceeds raised from the Offering will be used to advance the high-grade El Potrero gold-silver project in Durango, Mexico, and for general working capital.  

 

  All securities to be issued will be subject to a four-month hold period from the date of issuance and subject to TSX Venture Exchange approval.  The securities offered have not been registered under the   United States Securities Act of 1933   , as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.  

 

      About Pinnacle Silver and Gold Corp.  

 

  Pinnacle   is   focused   on   district-scale   exploration   for   precious   metals   in the Americas.  The high-grade Potrero gold-silver project in Mexico’s Sierra Madre Belt hosts an underexplored low-sulphidation epithermal vein system and provides the potential for near-term production   .   In the prolific   Red   Lake   District   of   northwestern   Ontario, the Company owns a 100%   interest in the   past-producing,   high-grade   Argosy   Gold   Mine and the adjacent North Birch   Project   with an eight-kilometre-long target horizon   .   With   a   seasoned,   highly   successful   management   team   and   quality   projects,   Pinnacle   Silver   and   Gold   is committed   to   building   long   -term   ,   sustainable   value   for   shareholders.  

 

  Signed: ‘Robert A. Archer’  

 

  President & CEO  

 

    For further information contact   :  

 

  Email:     info@pinnaclesilverandgold.com    

 

  Tel.:  +1 (877) 271-5886 ext. 110  

 

    Website:     www.pinnaclesilverandgold.com    

 

  Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release   .  

 

Copyright (c) 2025 TheNewswire – All rights reserved.

 

 

News Provided by TheNewsWire via QuoteMedia

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Editor’s Picks: Miners Rescued, US Mine Waste Strategy, Ontario Expands CIMF

Here’s a quick recap of some of the most impactful resource sector news items for the week.

The period saw three miners rescued after 60 hours underground at the Red Chris mine in BC, the US announce a mine waste recovery strategy and the Ontario government add C$7 million to boost critical minerals innovation.

Red Chris rescue: Three miners freed after 60 hours underground

Three miners trapped underground at Newmont’s (TSX:NGT,NYSE:NEM) Red Chris copper-gold mine in British Columbia have been safely rescued after more than 60 hours.

The workers were sheltered in a MineARC chamber with access to food, water, and communication, following a series of rockfalls.

The rescue effort, which included drilling a 100-meter access tunnel, concluded successfully, with all miners reported in good health.

We are relieved to share that all three individuals are safe, and in good health and spirits. They had consistent access to food, water, and ventilation whilst they remained in place in a refuge chamber underground over the last two days,” a Newmont statement read. They are now being supported by medical and wellness teams. Their families have been notified.”

Investigations into the cause of the rockfalls are ongoing.

US prioritizes critical mineral recovery from mine waste

The US government is ramping up efforts to recover critical minerals from mine waste, with the Department of the Interior announcing plans to map legacy tailings across federal lands.

The initiative is part of a broader push to secure domestic supplies of essential minerals like lithium, cobalt, and rare earths.

By tapping into existing waste sites, the US hopes to reduce reliance on foreign imports while minimizing new environmental disruptions.

“By streamlining regulations for extracting critical minerals from mine waste, we are unleashing the full potential of America’s mineral resources to bolster national security and economic growth,” said Acting Assistant Secretary of Lands and Minerals Adam Suess. “This proactive approach will attract private investment, support environmental reclamation, and pave the way for mineral independence.”

The move aligns with ongoing federal investment into clean energy and supply chain resilience.

Zijin leads bid for Barrick’s Tongon mine in West Africa

Chinese mining giant Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) is reportedly leading the race to acquire Barrick Mining’s (TSX:ABX,NYSE:B) Tongon gold mine in Côte d’Ivoire.

Barrick has tapped TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of Tongon. The operation produced 148,000 ounces of gold in 2024.

With resources depleting, the mine is expected to enter care and maintenance by 2027.

Sources say the bid could be valued near US$500 million as Barrick shifts its focus toward copper and lithium assets.

The potential deal signals ongoing Chinese interest in African gold assets and underscores Barrick’s strategic pivot toward energy transition materials.

No final agreement has been announced.

Panther Minerals exits Boulder Creek uranium project in Alaska

Panther Minerals (CSE:PURR,OTC:GLIOF,FWB:2BC) has officially ended its option to acquire the Boulder Creek uranium project in Alaska’s Cape Nome District.

The company chose not to proceed with its next annual payment, leading to the automatic termination of the agreement signed in April 2024.

All 140 associated mining claims have been returned to Tubutulik Mining Company LLC via a quitclaim deed.

While Panther completed preliminary assessments and a site review, it opted not to advance the project further, citing seasonal, logistical, and capital constraints.

The project had drawn criticism from local Indigenous groups concerned about environmental impacts.

Ontario adds C$7 million to Critical Minerals Innovation Fund

The Ontario government is committing over C$7 million to expand its Critical Minerals Innovation Fund (CMIF), aiming to boost research, development and commercialization across the province’s mining sector.

The new funding round—open for applications from July 23 to October 1—targets innovation in deep exploration, mineral recovery, battery supply chains and mining technologies.

This latest investment brings total CMIF funding to C$27 million since its 2022 launch, supporting more than two dozen projects to date.

The CIMF also aligns with Ontario’s broader Critical Minerals Strategy, which seeks to strengthen domestic supply chains and reduce reliance on foreign sources, especially amid growing global demand and looming US tariffs.

“With global demand for critical minerals soaring – and new US tariffs targeting Canada’s mining and manufacturing sectors – Ontario is taking action to accelerate growth and innovation in Ontario’s mining sector,’ said Stephen Lecce, Minister of Energy and Mines.

He added: “Through the Critical Minerals Innovation Fund, we are putting Ontario first, building a made-in-Canada supply chain that attracts investment and creates good-paying jobs here at home.”

Looking down the supply chain, the Ontario government is also investing C$500 million in the creation of a new Critical Minerals Processing Fund to “provide financial support for projects that accelerate the province’s critical mineral processing capacity and made-in-Ontario critical minerals supply chain.”

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

This post appeared first on investingnews.com

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Top 5 Canadian Mining Stocks This Week: St. Augustine Gains 67 Percent

Statistics Canada released its monthly mineral production report for May 2025 on Monday (July 21). The data shows that the production of both copper and silver increased from April. Copper output rose to 36.3 million kilograms from 35.85 million in April, and silver increased to 26,502 kilograms from 25,412. Meanwhile, gold production decreased marginally to 16,518 kilograms from 16,640 the previous month.

However, shipments were up across the board. Copper shipments rose to 34.34 million kilograms compared to 30.01 million kilograms in April. Silver increased to 26,376 kilograms, up considerably from 22,106 kilograms a month earlier. Gold shipments saw a slighter gain, rising to 14,858 kilograms from 14,660 kilograms in April.

The report comes amid heightened uncertainty due to tariff threats from the United States.

On Friday (July 25), President Donald Trump stated that the US and Canada may not reach a new trade deal, implying that there may not be further negotiations, and suggested that Canada may “just pay tariffs.”

Earlier in the month, the White House sent letters to several nations, informing them that tariffs would take effect on August 1 if no deal was reached before that time. The US threatened Canada with a 35 percent tariff on all goods not covered under the current Canada-United States-Mexico Agreement (CUSMA), which was negotiated during Trump’s first term in office.

The president’s remarks come after Canadian Trade Minister Dominic LeBlanc said that he felt encouraged following meetings earlier in the week with US representatives, including Commerce Secretary Howard Lutnick.

Markets and commodities react

In Canada, equity markets were positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.29 percent to close at 27,494.35 on Friday, setting a new all-time high, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.55 percent to 801.13. The CSE Composite Index (CSE:CSECOMP) was the largest gainer, jumping 3.87 percent to 132.89.

As for US equity markets, the S&P 500 (INDEXSP:INX) gained 1.18 percent to 6,388.65 and the Nasdaq 100 (INDEXNASDAQ:NDX) climbed 0.62 percent to 23,285.57, with both closing the week setting new all-time highs. The Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.74 percent to 44,901.93, closing in on its record of 45,014 set on December 4, 2024.

In precious metals, the gold price was flat, ending the week down slightly at US$3,337.31 by Friday at 4 p.m. EDT. Meanwhile, the silver price continued to trade near 11-year highs mid-week, but fell to finish the week flat at US$38.15 per ounce.

In base metals, copper posted a 3.93 percent gain, trading near all time highs at US$5.82 per pound. The S&P GSCI (INDEXSP:SPGSCI) registered a 0.75 percent loss to finish the week at 545.08

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. St. Augustine Gold and Copper (TSX:SAU)

Weekly gain: 66.67 percent
Market cap: C$414.68 million
Share price: C$0.5

St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines’ Davao de Oro province. The project consists of 184 mining claims.

According to the latest preliminary economic assessment from 2013, the company projects an after-tax net present value of US$1.78 billion, with an internal rate of return of 24 percent and a payback period of 2.4 years using a base case scenario of a copper price of US$3.00 per pound and a gold price of US$1,250 per ounce.

The company is currently working toward an update to the study.

On May 30, St. Augustine announced that it had entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor’s wholly owned subsidiary Kingking Milling, which holds the development rights to King-king.

Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.

The project’s exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.

The company announced its latest news on Friday, reporting that it had closed a private placement, raising gross proceeds of C$24.9 million. In the announcement, the company said it intends to use the funds to advance development at King-king.

Additionally, the company reported on Thursday that Nicolaos Paraskevas and Andrew J. Russell had joined the board of directors. It notes that Paraskevas has experience in supervising business development activities in the copper industry, while Russell is one of the original founders of St. Augustine and brings two decades of experience in mining management. The announcement also reported that Love D. Manigsaca had been appointed as St. Augustine’s new CFO.

2. Kapa Gold (TSXV:KAPA)

Weekly gain: 62.12 percent
Market cap: C$19.66 million
Share price: C$0.30

Kapa Gold is an exploration company focused on advancing the past-producing Blackhawk gold mine in San Bernardino County, California.

The project site is composed of seven patented and 178 contiguous federal lode claims covering 1,496.2 hectares. The property hosts multiple mineralized zones with previous exploration work revealing deposits with high grade gold, silver, lead and zinc. Historic production from ramps and underground mines has graded an average 10 grams per metric ton (g/t) gold.

Kapa’s most recent news from the project was reported on March 5, when it announced it had initiated biological surveys in advance of exploration activities on the site and submitted the requested bonding to San Bernardino County, allowing for drilling on patented claims at Blackhawk.

3. North Peak Resources (TSXV:NPR)

Weekly gain: 47.3 percent
Market cap: C$47.28 million
Share price: C$1.09

North Peak Resources is an exploration company working to advance its Prospect Mountain Mine Complex in Central Nevada, US.

The property comprises 221.9 acres of patented claims and 1,905 acres of unpatented claims, consolidating several historical mines that have hosted operations dating back to the 1870s.

Despite the extensive history of the property, limited modern exploration work has been conducted, and a technical report from April 2023 notes that no mineral resource estimate has been produced. Part of the property is currently covered by a plan of operation that entitles North Peak to carry out surface exploration, infrastructural works and underground mining of up to 331,000 metric tons per year.

The most recent exploration update from the property was released on May 27, when North Peak announced results from samples collected from underground and surface historical occurrences. Highlights included grades of 45.6 g/t gold, 569 g/t silver, 4.09 percent lead and 3.12 percent zinc over 15 cm from channel samples of in-situ material from the Dean Cave area; and 5.3 g/t gold, 39 g/t silver, 7.03 percent lead and 1.92 percent zinc from dump grab samples collected from the Kit Carson mine.

The latest news from the company came on Monday, when North Peak announced it had acquired the remaining 20 percent stake in the property from Solarljos in exchange for 3 million common shares. North Peak purchased its original 80 percent interest in the property in August 2023.

4. NextSource Materials (TSX:NEXT)

Weekly gain: 46.15 percent
Market cap: C$92.46 million
Share price: C$0.475

NextSource Materials is a mining and exploration company focused on advancing its Molo graphite mine to Phase 2 production.

The mine is located in Southern Madagascar and has a nameplate capacity of 11,000 metric tons per year, with a fixed carbon content between 94 percent and 97 percent. The company is currently working towards a Phase 2 expansion at the mine, which will increase capacity to 150,000 metric tons per year. NextSource expects to complete an updated feasibility study for the project by the end of Q3 2025.

The company is also developing a series of battery anode facilities in key geographic locations. The facilities will be designed with modular production capacities that are intended to expand in line with automotive demand.

The most recent announcement from NextSource came on June 2, when it announced its withdrawal from its battery anode facility option in Mauritius, instead planning to develop a larger-scale facility in the Middle East, which would help streamline permitting and increase access to EV manufacturers. The company stated it is advancing discussions with EV manufacturers for potential offtake agreements.

5. BeMetals (TSXV:BMET)

Weekly gain: 44.44 percent
Market cap: C$10.3 million
Share price: C$0.065

Bemetals is a gold and copper explorer advancing its Pangeni copper project in Zambia.

The project is located in Northwestern Zambia along the western edge of the Central African Copperbelt. BeMetals has been actively exploring the property since 2020 and identified several areas with copper mineralization.

The most recent update from the property came on March 25 when the company reported that it had commenced a new 2,000 meter to 2,500 meter drilling program to identify additional zones of copper mineralization and expand the existing footprint within the D-Prospect area.

Previous exploration at the site has yielded highlighted assays with up to 0.74 percent copper and 533 parts per million (ppm) cobalt over 16.16 meters, including an intersection of 0.93 percent copper and 701 ppm cobalt over 5.5 meters.

On July 10, BeMetals announced that it had entered into a non-binding letter of intent with Prospector Metals (TSXV:PPP,OTCQB:PMCOF) to acquire up to a 100 percent stake in the Savant gold project in Northwestern Ontario, Canada. The property covers an area of 232 square kilometers and hosts numerous gold occurrences. Under the terms of the agreement, BeMetals has agreed to meet certain milestones, including the production of a mineral resource estimate.

Final ownership share will be determined by the size of the reported resource. If the reported resource is under 500,000 ounces of contained gold, Prospector will retain full ownership. If it is between 500,000 and 1 million ounces, Prospector and BeMetals will form a 50/50 joint venture. Lastly, if the resource is over 1 million ounces, with at least 500,000 ounces in the indicated category, BeMetals will earn the full 100 percent interest, with Prospector holding a 0.5 percent net smelter royalty.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

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

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

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Microsoft’s Satya Nadella says job cuts have been ‘weighing heavily’ on him

Microsoft has laid off over 15,000 people so far in 2025. The stress of the belt-tightening has gotten to CEO Satya Nadella.

“Before anything else, I want to speak to what’s been weighing heavily on me, and what I know many of you are thinking about: the recent job eliminations,” Nadella wrote in a memo to employees Thursday.

After Microsoft’s latest labor reductions, investors pushed the stock’s closing price above $500 for the first time on July 9. The company announced the layoffs of about 9,000 people a week earlier. Microsoft employed 228,000 people as of June 2024. It hasn’t provided a new figure that takes into account its layoffs this year, but Nadella wrote that headcount is basically flat.

“This is the enigma of success in an industry that has no franchise value,” he wrote. “Progress isn’t linear. It’s dynamic, sometimes dissonant, and always demanding. But it’s also a new opportunity for us to shape, lead through, and have greater impact than ever before.”

The cuts at Microsoft are reflective of an overall trend across the tech industry, with over 80,000 positions eliminated to date in 2025, according to one count. Recruit Holdings announced earlier this month that it would lay off 1,300 people from its human resources technology segment that includes the Indeed and Glassdoor websites. The company’s CEO pointed to artificial intelligence in a memo, Bloomberg reported.

On social media in recent months, some Microsoft employees have become disheartened about the company’s cutbacks, given its stature.

“I have loved working for this company, still do, but this has done so much damage to that loyalty because it has shown that Microsoft’s espoused values do not apply to business decisions at the macro level,” a person who lists themselves as a Microsoft directed on LinkedIn posted last week.

Microsoft is the world’s most valuable public company after Nvidia, whose chips have become a critical piece of the AI arms race. Microsoft’s Windows and Office franchises remain dominant, and its Azure cloud services have seen faster growth in recent years as OpenAI and other companies rent out Nvidia graphics cards to run AI models.

In the memo, Nadella touched on Microsoft’s mission for the past 10 years, which has been to empower every person and every organization on the planet to achieve more, and how the rise of AI is changing it.

“We must reimagine our mission for a new era,” he wrote. “What does empowerment look like in the era of AI? It’s not just about building tools for specific roles or tasks. It’s about building tools that empower everyone to create their own tools. That’s the shift we are driving — from a software factory to an intelligence engine empowering every person and organization to build whatever they need to achieve.”

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FCC greenlights Paramount’s $8 billion merger with entertainment group Skydance

Trump administration regulators have approved Skydance Media’s $8 billion bid to acquire CBS News parent company Paramount, paving the way for a tectonic shift in ownership of one of America’s three major networks.

The Federal Communications Commission said Thursday that it had approved the acquisition, with FCC Chairman Brendan Carr adding in a news release that the move would bring change to the company’s news coverage. Paramount owns CBS, which includes CBS News.

‘Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change,’ Carr said. ‘That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network. In particular, Skydance has made written commitments to ensure that the new company’s programming embodies a diversity of viewpoints from across the political and ideological spectrum.’

‘Today’s decision also marks another step forward in the FCC’s efforts to eliminate invidious forms of DEI discrimination,’ Carr added.

David Ellison; Shari Redstone.AP; Getty Images

In recent days, Paramount’s new owner made a number of concessions to the FCC, including agreeing to not implement any diversity, equity or inclusion programs. Skydance also said it would ‘undertake a comprehensive review’ of CBS and ‘will commit, for a period of at least two years, to have in place an ombudsman.’ That role would report to the president of the new company.

A number of companies that have billion-dollar transactions pending before Carr’s FCC have also backed off of DEI programs, including Verizon and T-Mobile.

The concessions also came after Paramount Global settled a lawsuit with President Donald Trump for $16 million. Trump brought that suit, saying the way CBS edited a ’60 Minutes’ interview with former Vice President Kamala Harris was ‘election and voter interference.’

The lone Democrat in FCC leadership, Commissioner Anna Gomez, did not mince words about the push to secure promises from the companies.

“After months of cowardly capitulation to this Administration, Paramount finally got what it wanted,’ she said in an emailed statement.

‘In an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom,’ she added. ‘Once again, this agency is undermining legitimate efforts to combat discrimination and expand opportunity by overstepping its authority and intervening in employment matters reserved for other government entities with proper jurisdiction on these issues.’

‘Even more alarming, it is now imposing never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law.’

Skydance is run by David Ellison, son of Oracle founder and Trump ally Larry Ellison. While the younger Ellison made a donation to President Joe Biden’s re-election fund in February 2024 shortly before the former president bowed out of the race, Trump recently signaled his comfort with his takeover of Paramount and its assets, which in addition to CBS News include Nickelodeon, Comedy Central, The CW, MTV, BET and film franchises like “Smurfs” and “Sonic the Hedgehog.”

“Ellison is great. He’ll do a great job with it,” Trump said in June.

There is likely to be a sea change in the editorial direction of CBS News under its new ownership. In a recent filing, Ellison and Skydance said they’d told Carr that they were committed to pursuing a focus on “American storytelling” while touting a new, “unbiased” editorial direction for CBS News. Their meeting came shortly after Paramount agreed to settle Trump’s lawsuit.

It also came just days after CBS announced it was canceling “The Late Show,” currently hosted by Stephen Colbert — an announcement Trump praised on social media. Colbert had recently criticized the parent company’s multimillion-dollar settlement with Trump, while CBS said the cancellation was “purely a financial decision against a challenging backdrop in late night.”

There had been signs of an editorial shift ahead of the merger. Most notably, longtime “60 Minutes” editor Bill Owens announced he was stepping down this spring, citing CBS News’ fading editorial independence. Shortly after, CBS News President and CEO Wendy McMahon was pushed out. Last week, The New York Times reported Skydance was in early talks to acquire the conservative-leaning The Free Press media outlet. Meanwhile, “Daily Show” host Jon Stewart has said he did not know whether his program would survive the merger.

Skydance has spent years pursuing Paramount and eventually realized it could successfully execute the transaction by purchasing Paramount’s parent, National Amusements, the company once helmed by Sumner Redstone, the father of the company’s current chairwoman, president and CEO, Shari Redstone. Yet the proposed deal continued to face hurdles, first under the Biden administration then at the outset of Trump’s term. Its approval came in what was its third deadline extension period.

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Trump foe Boasberg orders DOJ to detail status of CECOT migrants sent to Venezuela

U.S. District Judge James Boasberg pressed Justice Department officials Thursday on the status and location of more than 250 U.S. migrants deported from CECOT to Venezuela, in an attempt to weigh what, if any, opportunities the court has to order their return.

Boasberg has been at the center of the sweeping immigration case since March 15, when he issued an emergency order blocking the Trump administration’s use of the Alien Enemies Act, a 1798 wartime immigration law, to deport certain migrants to El Salvador. Despite the order, hundreds of migrants were deported to the Salvadorian prison, CECOT, in March, where they remained until last week, when they were sent from the prison in El Salvador to Venezuela, as part of a prisoner exchange with the U.S. 

Boasberg used Thursday’s hearing to primarily focus on the status of the 252 Venezuelan migrants now in the custody of Venezuelan President Nicolas Maduro’s government. He pressed ACLU lawyer Lee Gelernt, who is representing the class of CECOT migrants, about whether they had been in contact with the individuals sent from CECOT to Venezuela and their current status.

Gelernt said Thursday that while the migrants appear to be ‘thrilled’ to be out of CECOT custody, which he described in court as a ‘torture chamber,’ he said they have not been able to make contact with the majority of people who were detained for processing upon arrival in Venezuela.

He also cited fresh concerns about their custodial status in the country, noting that ‘many, if not most’ of the people deported from the U.S. to El Salvador in March had been in the U.S. seeking asylum from Venezuela. 

The Trump administration has not provided, as of this writing, a list of the migrants sent to CECOT in March, or details of their immigration status in the U.S. prior to removal. 

Justice Department lawyer Tiberius Davis told the court earlier Thursday that talks about the prisoner exchange began earlier this year, when Maduro reached out to Salvadoran President Nayib Bukele to initiate discussions. The conversations abruptly stalled, he said, noting the two countries ‘hate each other,’ and revived with the U.S. as an intermediary.

That, he said, coupled with the fact that the 10 American prisoners released from Venezuela were sent to El Salvador, and then to the U.S., showed that the US ‘does not have constructive custody.’ Boasberg did not press them for specifics.

Boasberg did, however, attempt to gauge the government’s compliance ahead of any future actions or rulings.

Asked Thursday whether the Justice Department would comply with the court’s orders, Davis said they would ‘if it was a lawful order.’ They also said they would likely seek an appeal from a higher court.

Boasberg signaled eagerness to move on further contempt proceedings. He took umbrage at the lack of action from the U.S. Court of Appeals for the D.C. Circuit, which had stayed his original motion in April. 

He ruled then that the court had found ‘probable cause’ to hold the Trump administration in contempt for failing to return the planes to U.S. soil, in accordance with his emergency order, and said the court had determined that the Trump administration demonstrated a ‘willful disregard’ for his order.

On Thursday, he revisited this, noting that the claims made by former DOJ attorney and whistleblower Erez Reuveni have ‘only strengthened the case for contempt.’

The hearing ultimately ended quickly, with Boasberg ordering the government and lawyers for the migrants to submit a joint status update to the court on Thursday, Aug. 7, and ordered them to continue to do so every two weeks thereafter until the court rules otherwise.

In June, Boasberg ordered the Trump administration to provide all noncitizens deported from the U.S. to a maximum-security prison in El Salvador to be afforded the opportunity to seek habeas relief in court, and challenge their alleged gang status. That was also appealed to the higher court.

Speaking to reporters outside the court on Thursday, ACLU lawyer Lee Gelernt characterized the Trump administration’s response during the status hearing as ‘the least’ of what they should be expected to do to grant due process to the class of CECOT plaintiffs now in Venezuela.

 ‘Given that there was a constitutional violation, it’s remarkable that the United States government will not simply bring the individuals back without a court order,’ Gelernt told Fox News. 

‘I’ve been doing this work for more than 30 years,’ he said. ‘It’s hard for me to imagine any prior administration, Democrat or Republican, not agreeing to simply bring individuals back where there was constitutional violation and the individuals have suffered so much and are continuing to be in harm.’

The brief hearing comes as Boasberg found himself at the center of Trump’s ire and attacks on so-called ‘activist’ judges this year, following his March 15 temporary restraining order that sought to block Trump’s use of the Alien Enemies Act to quickly deport hundreds of Venezuelan nationals to El Salvador earlier this year.

Boasberg ordered all planes bound for El Salvador to be ‘immediately’ returned to U.S. soil, which did not happen. 

The emergency order touched off a complex legal saga that ultimately spawned dozens of federal court challenges across the country – though the one brought before his court on March 15 was the very first – and later prompted the Supreme Court to rule, on two separate occasions, that the hurried removals had violated migrants’ due process protections under the U.S. Constitution.

Boasberg, as a result, has emerged as the man at the center of the legal fallout.

While the order itself has been in a bit of a holding pattern – since the U.S. Circuit Court of Appeals stayed it when they agreed to review the ruling – Thursday’s hearing may well revive the bitterly divisive court fight.

Trump administration officials have repeatedly excoriated Boasberg as an ‘activist judge’ – a term they have employed for judges who have either paused or blocked Trump’s sweeping policy priorities enacted via executive order. Trump himself floated the idea that Boasberg could be impeached earlier this year – prompting Supreme Court Chief Justice John Roberts to issue a rare public warning.

‘Such was the situation into which Frengel Reyes Mota, Andry Jose Hernandez Romero, and scores of other Venezuelan noncitizens say they were plunged on March 15, 2025,’ Boasberg said.

Thursday’s hearing comes amid a flurry of new reports and allegations filed by plaintiffs in the case in an effort to reopen discovery.  

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Hamas ‘hardens’ stance in ceasefire talks as Netanyahu recalls negotiation team

Ceasefire negotiations between Israel and the Hamas terrorist organization hit a setback Thursday, as Prime Minister Benjamin Netanyahu recalled Israel’s negotiating delegation from Doha following what officials described as a hardening of Hamas’ demands.

‘In light of the response Hamas delivered this morning, it has been decided to recall the negotiating team for further consultations in Israel,’ the Prime Minister’s Office said in a statement. ‘We appreciate the efforts of the mediators, Qatar and Egypt, and the efforts of envoy Steve Witkoff to achieve a breakthrough in the talks.’

According to reports in Israeli media, the terror group is now demanding the release of 200 Palestinians serving life sentences for murdering Israelis, and an additional 2,000 Palestinians detained in Gaza after Oct. 7. That demand significantly exceeds the previous mediator-backed framework – reportedly accepted by Israel – which included the release of 125 life-term prisoners and 1,200 other detainees.

Witkoff announced on X that his team is returning from Doha ‘for consultations after the latest response from Hamas, which clearly shows a lack of desire to reach a ceasefire in Gaza.’ 

He praised the mediators’ efforts but said, ‘Hamas does not appear to be coordinated or acting in good faith.’ Witkoff added, ‘We will now consider alternative options to bring the hostages home and try to create a more stable environment for the people of Gaza,’ calling it ‘a shame that Hamas has acted in this selfish way.’

‘The return of the delegation is not a collapse or a crisis, but the gaps are significant and present across all core issues,’ a senior Israeli official told Channel 12. Another official confirmed to U.S. Middle East envoy Steve Witkoff that Hamas’ updated prisoner exchange terms are ‘unacceptable.’

A joint statement by 25 countries condemning Israel’s conduct in Gaza may have further complicated already fragile ceasefire negotiations, Israeli officials suggested. In response to the condemnation, Israel’s Foreign Ministry issued a sharply worded statement, warning, ‘At these sensitive moments in the ongoing negotiations, it is better to avoid statements of this kind.

‘Israel rejects the joint statement published by a group of countries, as it is disconnected from reality and sends the wrong message to Hamas.’ The ministry added that ‘all statements and all claims should be directed at the only party responsible for the lack of a deal for the release of hostages and a ceasefire: Hamas, which started this war and is prolonging it.’ 

Hostage families expressed deep concern about the breakdown in negotiations. ‘The families are watching with concern as reports emerge about the negotiating team’s return,’ the Hostages and Missing Families Forum said in a statement. ‘Every day that passes endangers the hostages’ chances of recovery and the ability to locate the dead. Another missed opportunity to bring everyone home would be unforgivable – a moral, security, and diplomatic failure.’

The negotiations, which have dragged on for weeks, are part of a proposed U.S.-backed deal involving a 60-day ceasefire in exchange for the release of some 50 remaining Israeli hostages, a phased release of Palestinian prisoners and expanded humanitarian aid to Gaza.

Hamas is also demanding that Israeli troops withdraw to positions held before March 2, when the last ceasefire collapsed, and that the Rafah crossing between Gaza and Egypt reopen in both directions. The group further opposes the newly established U.S.-backed Gaza Humanitarian Fund, demanding that aid distribution return to the previous U.N.-supervised mechanism.

A Hamas official told Reuters the group is insisting on a return to a Jan. 19 protocol for aid entry, and that ceasefire negotiations must include a clause preventing Israel from resuming military operations after the 60-day truce – even if a broader deal is not reached.

At the center of the deadlock is the growing humanitarian crisis. The U.N. and international aid groups warn that hundreds of thousands of people in Gaza face severe food insecurity. It is claimed that civilians in the north have been forced to survive on animal feed and foraged plants, while chaotic aid distributions in the south have repeatedly turned deadly.

In response to mounting pressure, Israel is visibly increasing the pace of aid deliveries. On Thursday, COGAT (Coordinator of Government Activities in the Territories) reported that 70 aid trucks were transferred into Gaza on Wednesday through the Zikim and Kerem Shalom crossings. The shipments, primarily food, were delivered under IDF coordination with the U.N. and humanitarian organizations.

COGAT said more than 150 trucks were collected inside Gaza, but warned that over 800 trucks remain uncollected at the crossings due to logistical breakdowns on the Palestinian side.

The Gaza Humanitarian Foundation (GHF) stated on X that it offered on Wednesday to deliver the U.N.’s tons of aid sitting in Gaza for free. John Acree, GHF’s interim director, said, ‘We’ve seen aid by the U.N. and other organization(s) being piled near the borders but not being delivered.’

Israeli journalist Nadav Eyal reported Thursday that senior defense officials say they’ve been instructed by the political echelon to ‘greatly speed up the entry of humanitarian aid into Gaza’ and to ‘be less concerned with precautions or plans to keep it out of Hamas’ hands.’

As talks stall and military activity resumes, Israeli officials warn that the window for a deal may be closing. ‘There are still significant gaps,’ one source told Channel 12. ‘The negotiations are not over – but time is running out.’

 

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White House sends mixed signals in Russia ‘hoax’ blame game

The White House is claiming that Russia was attempting to sow ‘distrust and chaos,’ even as reports from the Office of the Director of National Intelligence suggest the Obama administration ‘manipulated’ Russian interference to undercut Trump’s win in 2016. 

Press secretary Karoline Leavitt was asked about whether Secretary of State Marco Rubio’s position when he led the Senate Intelligence Committee fell in line with the Office of the Director of National Intelligence’s new findings. 

‘He said what they found is troubling,’ Leavitt said, while standing beside Director of National Intelligence Tulsi Gabbard at a Wednesday White House press briefing. ‘We found irrefutable evidence of Russian meddling, which the director of national intelligence just confirmed for all of you that Russia was trying to sow distrust and chaos.’ 

‘What’s the outrage in this – that Secretary Rubio did not say at the time, the Democrats were saying at the time – is the fact that the intelligence community was concocting this narrative that the president colluded with the Russians, that the president’s son was holding secret meetings with the Russians, all of these lies that were never true,’ she continued. 

In 2020, the Senate Intelligence Committee, led by then-Sen. Rubio, released a report finding ‘irrefutable evidence’ of Russian interference in the 2016 election. Now, Gabbard claims Obama officials manipulated intelligence to undermine Trump’s victory by playing up Russia’s actions during the 2016 election. 

But, Rubio said at the time, ‘We can say, without any hesitation, that the Committee found absolutely no evidence that then-candidate Donald Trump or his campaign colluded with the Russian government to meddle in the 2016 election.’

He added that the report had found ‘deeply troubling actions’ on behalf of the FBI, ‘particularly their acceptance and willingness to rely on the ‘Steele Dossier’ without verifying its methodology or sourcing.’

The Steele dossier was funded by Hillary Clinton’s presidential campaign and the Democratic National Committee through the law firm Perkins Coie.

Documents recently released by Gabbard found intelligence showing Russian actors did not impact the 2016 election had been ‘suppressed.’ 

The Obama administration ‘manufactured and politicized intelligence’ to create the narrative that Russia was attempting to influence the 2016 presidential election, despite information from the intelligence community stating otherwise, Gabbard claimed.

Gabbard also said the declassified documents have been shared with the Department of Justice and the FBI so those agencies can evaluate if any criminal implications stemming from the materials are warranted. 

Obama spokesperson Patrick Rodenbush responded to the DNI claims: ‘Out of respect for the office of the presidency, our office does not normally dignify the constant nonsense and misinformation flowing out of this White House with a response. But these claims are outrageous enough to merit one. These bizarre allegations are ridiculous and a weak attempt at distraction.’

‘Nothing in the document issued last week undercuts the widely accepted conclusion that Russia worked to influence the 2016 presidential election but did not successfully manipulate any votes. These findings were affirmed in a 2020 report by the bipartisan Senate Intelligence Committee, led by then-Chairman Marco Rubio,’ he added. 

Rubio’s office referred Fox News Digital to Leavitt’s comments. 

Documents stated that intelligence officials had found Russia was ‘probably not trying… to influence the election by using cyber means.’

One instance was on Dec. 7, 2016, weeks after the election. Then-Director of National Intelligence James Clapper’s talking points stated: ‘Foreign adversaries did not use cyberattacks on election infrastructure to alter the U.S. presidential election outcome.’

A presidential daily brief prepared for President Barack Obama in 2016 assessed: ‘Russian and criminal actors did not impact recent US election results by conducting malicious cyber activities against election infrastructure.’

But, the brief found, ‘Russian Government-affiliated actors most likely compromised an Illinois voter registration database and unsuccessfully attempted the same in other states.’

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

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

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

Obama officials then ‘leaked false statements to media outlets,’ according to Gabbard’s office, claiming, ‘Russia has attempted through cyber means to interfere in, if not actively influence, the outcome of an election.’

Fox News Digital’s Brooke Singman contributed to this report. 

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