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President Donald Trump and Russian President Vladimir Putin are in sync when it comes to Iran obtaining nuclear weapons, according to the White House. 

Trump and Putin, who spoke over the phone Tuesday morning about how to draw an end to the war in Ukraine, agreed that Iran must not obtain access to weapons permitting Tehran to obliterate Israel, the White House said. 

‘The leaders spoke broadly about the Middle East as a region of potential cooperation to prevent future conflicts,’ the White House said in a statement after the call. ‘They further discussed the need to stop proliferation of strategic weapons and will engage with others to ensure the broadest possible application. The two leaders shared the view that Iran should never be in a position to destroy Israel.’

Meanwhile, Russia is urging the U.S. to loosen its sanctions on Iran, which have crippled Tehran’s economy. Representatives from Russia met with Chinese and Iranian counterparts in Beijing Friday, and pressed the U.S. to withdraw the ‘unlawful’ sanctions and resume nuclear discussions, according to a statement from the three countries. 

‘The three countries reiterated that political and diplomatic engagement and dialogue based on the principle of mutual respect remains the only viable and practical option in this regard,’ China’s Vice Foreign Minister Ma Zhaoxu read aloud in a joint statement Friday. 

Russia has maintained a cozy relationship with Iran and has utilized Iranian drones in the war against Ukraine. For example, Russia started to employ the Iranian-made Shahed-131 and Shahed-136 series drones in 2022 to hit Ukrainian artillery targets and areas of Ukraine’s electricity distribution grid, according to the nonprofit organization Washington Institute for Near East Policy. 

The Defense Intelligence Agency also released a report in 2023 detailing how Iran had given Russia access to ‘hundreds’ of one-way attack air drones. Although Iran denied that the drones originated from Tehran, the Defense Intelligence Agency said it obtained debris from attacks in Ukraine that ‘clearly prove Iran’s support to Russia.’ 

Trump cautioned in February he believed that Iran was ‘close’ to developing a nuclear weapon, and his administration reinstated a maximum pressure campaign against Iran through sanctions targeting Iran’s oil exports in February. 

Additionally, Trump revealed March 7 that a nuclear deal with Iran could emerge in the near future and that he sent a letter to Iranian Supreme Leader Ayatollah Ali Khamenei, urging Tehran to agree to a nuclear agreement. 

 

Failure to do so could mean military intervention, he said. 

‘I would rather negotiate a deal,’ Trump told Fox Business in an interview March 9. ‘I’m not sure that everybody agrees with me, but we can make a deal that would be just as good as if you won militarily.’ 

‘But the time is happening now, the time is coming up,’ he said. ‘Something is going to happen one way or the other. I hope that Iran, and I’ve written them a letter saying I hope you’re going to negotiate, because if we have to go in militarily, it’s going to be a terrible thing for them.’

The Associated Press contributed to this report. 

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Senate Minority Leader Chuck Schumer told the hosts of ‘The View’ on Tuesday morning that ‘oligarchs’ running the United States keep him up at night, despite his ties to the billionaire Soros family. 

‘I wake up at 3 in the morning sometimes so worried about the future of this country under these oligarchs,’ Schumer said on ‘The View.’  

Mega-donor George Soros donated millions to Schumer’s Senate Majority PAC during the 2024 election, and Schumer maintains a well-documented relationship with the billionaire’s son, Alex Soros. 

Campaign finance reports revealed Democracy PAC II, primarily funded by Soros, gave $2.5 million to Senate Majority PAC in 2024, Fox News confirmed. Democracy PAC II gave $3.5 million in calendar year 2022, and $2.5 million in calendar year 2021, for a combined $6 million, records show. 

A 2023 Fox News Digital review of Alex’s Instagram found dozens of pictures with top Democrats in the House and the Senate between 2018 and 2022, including at least nine meetings with Schumer.

‘Good to see majority leader [Schumer] earlier this week! Energized to elect at least two more Democratic senators so we can secure voting rights and a woman’s right to chose!’ Soros posted on his Instagram in July 2022 along with a picture of the pair.

In a December 2021 Instagram post, Alex called Schumer his ‘good friend’ and said he had a ‘great meeting’ with him at the Capitol. A few months earlier, Alex took a selfie with Schumer wearing a bicycle helmet and said it was ‘good to see our senate majority leader [Schumer] the other day, biking and in good shape, and so focused on [voting rights] legislation.’

A Fox News Digital review of visitor logs found Alex visited the White House six times from October 2021 to December 2022, during former President Joe Biden’s administration. A White House official confirmed to Fox News Digital that two of the visits were with Ron Klain, Biden’s chief of staff. 

Alex’s social media presence has consistently showcased his relationship with leading Democrats, including House Minority Leader Hakeem Jeffries, former Speaker of the House Nancy Pelosi and candidates from the most contested down-ballot races of 2024, such as Sen. Ruben Gallego, D-Ariz. 

Biden awarded George Soros with the Presidential Medal of Freedom in January, which Alex accepted in his honor. 

‘His inspiring generosity reminds us all of our capacity and our obligation to stand up to the abuse of power and to be guardians of democracy and all people yearning to be free,’ Biden said during the ceremony. 

‘A travesty that Biden is giving Soros the Medal of Freedom,’ Elon Musk, who has been at the center of Democrats’ accusations of rising oligarchy, posted on X in response to Soros accepting the nation’s highest civilian honor. 

MoveOn.org, a group that has accepted millions from Soros and his Open Society Policy Center in recent years, led the ‘Congress Works for Us, Not Musk’ initiative that shut down town halls and Republican offices across the country. 

National Students for Justice in Palestine (NSJP), a national organization on the forefront of the pro-Palestine Columbia University protests, accepted fiscal sponsorship from the Westchester Peace Action Committee Foundation (WESPAC). Fox News Digital reported last year that WESPAC received a six-figure donation from a nonprofit funded by Soros’ network.

The Democratic Party also leaned on wealthy surrogates on the campaign trail in 2024. Former Vice President Kamala Harris hosted events with celebrities, including Beyoncé, Eminem, Bruce Springsteen and Mark Cuban. 

FEC filings show the Harris campaign made two $500,000 payments to Oprah Winfrey’s production company on Oct. 15, a month after Winfrey appeared with Harris at a town hall event and weeks before Oprah was on stage with Harris at a Philadelphia rally before election day.

Despite the Democrats’ own recorded ties to billionaire donors, the term ‘oligarchy’ has been used by Democrats to describe President Donald Trump’s second term. 

Sen. Bernie Sanders, I-Vt., has drawn thousands of supporters to his ‘Fighting Oligarchy’ rallies across the country, with stops in Michigan and Wisconsin this past weekend. The events are billed as an opportunity to ‘discuss how we take on the greed of the billionaire class and create a government that works for all and not just the few.’

Democrats were outraged by Trump inviting billionaires like Musk, Jeff Bezos and Mark Zuckerberg to his inauguration, and Biden used the term ‘oligarchy’ in his farewell address to the nation. 

‘Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,’ Biden told Americans on Jan. 13. 

Schumer defended his leadership on ‘The View’ following his decision to vote for a Republican spending bill to avert a government shutdown and subsequently canceling stops on his book tour over ‘security concerns.’

‘We are fighting them tooth and nail in every way we can, but you’ve got to fight them smart and if you led yourself into a shutdown, which, by the way, Musk, DOGE, Vought, they wanted a shutdown. They said they wanted a shutdown, and they thought we’d play into their hands,’ Schumer continued to ‘The View’ on Tuesday. 

Schumer said ‘MAGA right-wing Republicans,’ including Musk and Director of Office of Management and Budget (OMB) Russell Vought, wanted to shut down the government to deliver ‘tax cuts for the wealthiest Americans.’

‘The MAGA right-wing Republicans dream of decimating the government. You know why they do it? They want tax cuts for the wealthiest Americans. They want to destroy government, give it all to the wealthy and get rid of any regulations they might have, so I felt an obligation to stop it.’

Schumer said ‘a small group of wealthy, greedy’ Republicans are seizing power from the people and mocked Republicans who want to protect their hard-earned money from increased taxes. 

‘The Republican Party is a different kettle of fish than it used to be, and that’s why we’re fighting them so hard. They are controlled by a small group of wealthy, greedy people. You know what their attitude is? ‘I made my money all by myself. How dare your government take my money from me? I don’t want to pay taxes. I built my company with my own bare hands. How dare your government tell me how I should treat my customers, the land and water that I own, or my employees?’ They hate government. Government is a barrier to people, a barrier to stop them from doing things. They want to destroy it. We are not letting them do it. And we are united,’ Schumer said. 

Schumer’s office did not immediately respond to Fox News Digital’s request for comment.

Fox News Digital’s Cameron Cawthorne, Andrew Mark Miller, Stephany Price and Danielle Wallace contributed to this report.

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The White House does not have a list of banned words that are restricted from use in official documents, and instead charges individual agencies with word choice in government documents, Fox News Digital learned.

Media outlets in recent weeks have promoted reports that the Trump administration has banned hundreds of words from official documents, including words such as ‘diverse’ or ‘LGBTQ’ or ‘unconscious bias.’ 

An administration official told Fox Digital that the White House does not have a list of banned words. Instead, individual agencies hold discretion over word choice in compliance with President Donald Trump’s executive orders. 

Trump has signed 92 executive orders since his inauguration in January, including ones that have targeted diversity, equity and inclusion (DEI) initiatives in the public and private sectors, as well as ones addressing transgender issues, such as banning biological men from playing in women’s sports or banning transgender surgical procedures for children. 

A handful of the executive orders rescinded Biden-era policies, such as ending DEI programs that were woven into the fabric of the federal government during his term. 

The New York Times reported that about 250 words were removed from the Trump administration’s lexicon or used with discretion. The list included a handful of words that could defy Trump’s executive orders on trans issues and DEI, including: ‘they/them,’ ‘breastfeed + people,’ ‘antiracist,’ ‘people + uterus’ or ‘confirmation bias.’ 

In February, the White House hit back on a report that Food and Drug Administration officials were instructing scientists to stop using words such as ‘woman,’ ‘disabled’ and ‘elderly’ in external documents, as they were on an alleged FDA list of banned words for the administration. 

A White House official told Reuters in February that the majority of words listed as allegedly banned did not need to be removed from external communications and documents, arguing the agency likely misinterpreted Trump’s executive orders on gender ideology. 

The White House specifically identified words such as ‘gender,’ ‘inclusion,’ ‘identity,’ ‘diversity,’ ‘intersex,’ ‘equity,’ ‘equitable,’ ‘transgender’ and ‘trans’ as ones that do not need to be prohibited in order to comply with Trump’s executive orders, according to Reuters. 

Presidential administrations have a long history of adjusting the language used in their official documents and external communications in an effort to realign the federal government with the administration’s policies and vision for the future. 

The Biden administration, for example, used the phrase ‘birthing people’ instead of ‘mothers’ in a 2022 budget proposal before the phrase — and similar ones such as ‘menstruators’ — were used by other federal officials and agencies. The Obama administration favored the phrase ‘undocumented immigrants’ versus ‘illegal immigrant’ in official text and presidential speeches.

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PUNTACANA, Dominican Republic – A Dominican Republic judge on Tuesday evening ruled in favor of witness Joshua Riibe’s writ of habeas corpus in the March 6 disappearance of University of Pittsburgh student Sudiksha Konanki from a Punta Cana resort.

Riibe appeared in court in the Dominican Republic, where he has been held in the disappearance of Konanki, 20, who has been missing since the early morning hours of March 6. Riibe has not been named a suspect in the case, which has been considered a missing person case and not a criminal one.

The 22-year-old appeared with his father as prosecutors argued that the witness’ freedom has not been limited while he has been held in the Dominican after his passport was confiscated, and he has the right to walk around the RIU Republica resort without issue.

It was not immediately clear when Riibe would be able to leave the country. Riibe will have another hearing on March 28, when he is expected to receive an explanation about the location of his passport. He can move freely within the Dominican Republic until then.

Riibe’s lawyers had said his passport was confiscated, but prosecutors argued that he lost his passport. Meanwhile, Dominican authorities returned Riibe’s friend’s passport on Tuesday afternoon.

Lawyers and prosecutors screamed at each other during a very heated hearing on Tuesday after Riibe’s counsel submitted photos of him surrounded by police and patrol cars.

Riibe is not paying for lodging; the RIU allowing him to remain there for free.

His lawyer, meanwhile, said the prosecutor is playing with the court and the public opinion. His lawyer claimed that Riibe always has police around for his safety.

The 22-year-old Iowa man and his father also had the opportunity to testify Tuesday.

‘Ever since my passport was taken, it’s very rare I’m alone.’

— Joshua Riibe

Riibe said on Sunday, he woke up and went to get breakfast, and when he returned to his hotel room, police ‘showed up saying that they were p—ed we didn’t tell them.’

He added that police eat with him, and officers went ‘crazy’ when he and his father went to the American embassy.

‘So we had to wait in the lobby for the tourist police to arrive to get escorted,’ he said. ‘That same day, I had another meeting, and when we grabbed lunch, the police [were] there. The issue is that we only have [one] method of communication, so every time they need us, we have to be in the room. I can’t go anywhere. I really want to be home. Hug my family and friends.’

Ribbe also said he ‘hugged’ Konanki’s parents before they left the Dominican and returned home to Virginia.

‘I understand there is an investigation, and I’ve cooperated, but haven’t been allowed to leave,’ he told the court on Tuesday. ‘When Sudiksha’s parents left, they said goodbye and even hugged me. She thanked me for saving her daughter the first time. All I’ve been doing is waiting in my hotel room to be interviewed but at this point. I just want to be home.’

Konanki went swimming in the ocean with the witness, identified as 22-year-old Riibe of Iowa, outside the RIU Republica resort in Punta Cana after drinking at a hotel bar. She has yet to be located.

Riibe has been detained in the Dominican since then and filed a writ of habeas corpus on Monday, challenging his de facto detention in the country. He arrived in court for a hearing Tuesday in which a judge will rule on whether he can return home, sources said.

The State Department confirmed to Fox News Digital earlier on Tuesday that it was assisting a witness in University of Pittsburgh student Sudiksha Konanki’s March 6 disappearance from the Dominican Republic.

‘We take seriously our commitment to assist U.S. citizens abroad and are providing consular assistance,’ the State Department said in a statement when asked about Riibe’s Monday filing of a writ of habeas corpus. ‘Due to privacy considerations, we have no further comment.’

Konanki had gone to the beach with a group of seven other friends after a night of drinking. Six of her friends returned to the RIU Republica around 6 a.m., leaving the 20-year-old student alone with Riibe, who was also on spring break at the RIU Republica and is believed to be one of the last people to see her alive.

Riibe, who is considered a witness in Konanki’s disappearance, apparently told Dominican authorities that while they were swimming, a large wave crashed over them, according to a translated transcript of his interview to police shared with Fox News. 

He said he tried to help her and last saw her wading through knee-deep water. He then began vomiting up seawater and noticed that Konanki was no longer in sight and assumed she had returned to her hotel room. Riibe said he fell asleep in a beach chair before eventually returning to his room. 

Hotel surveillance footage shows Riibe returning to his hotel room around 9 a.m. on March 6.

Konanki’s parents, Subbarayudu and SreeDevi Konanki, are not disputing Riibe’s account of what happened, according to a letter they sent to Dominican police on Monday. Her father had previously asked police to investigate all possibilities.

‘Following an extensive search, Dominican authorities have concluded that Sudiksha is believed to have drowned,’ her parents wrote in a letter to La Policia Nacional, the country’s national police force, Monday night. ‘Her clothes were discovered on a beach near where she was last seen. The individual last seen with her is cooperating with the investigation, and no evidence of foul play has been found.’

They said they made the request after ‘much deliberation’ and thanked supporters for the international search effort.

The Loudoun County Sheriff’s Office in Virginia, where Konanki is from, issued a statement sharing her family’s belief that she drowned.

‘While a final decision to make such a declaration rests with authorities in the Dominican Republic, we will support the Konanki family in every way possible as we continue to review the evidence and information made available to us in the course of this investigation,’ the sheriff’s office said.

Riibe, a senior at St. Cloud State University in Minnesota who has not been accused of a crime but is considered a crucial witness in the case, has been held under surveillance at the resort since Konanki was reported missing.

His family has called his continued required presence in the country ‘irregular.’

Riibe is not accused of a crime, but authorities confiscated his passport while investigating his account of what happened.

Fox News’ Mara Robles and Nate Foy contributed to this report.

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The Associated Press, not exactly a White House favorite, has shot itself in the foot.

The following retraction is nothing short of humiliating:

‘The Associated Press has withdrawn its story about U.S. Director of National Intelligence Tulsi Gabbard saying President Trump and Russian President Vladimir Putin ‘are very good friends.’ Gabbard was talking about Trump and Indian Prime Minister Narendra Modi. The AP will publish a corrected version of the story.’

Whoa! How do you run that piece in the first place without having it nailed down?

The wire service, you may recall, is suing the Trump administration for ousting its reporters from the White House pool over its refusal to refer to ‘Gulf of America.’ So, this unforced error puts the White House in I-told-you-so mode.

On Monday, when Trump was at the Kennedy Center, an NBC reporter tried to ask a question, Trump asked, ‘Who are you with?’

After the journalist identified himself, the president said: ‘I don’t want to talk to NBC anymore. I think you’re so discredited.’ 

The Trump team later posted the exchange with ‘mic drop’ emojis.

The point is that Trump dominates the news no matter what he does. And, as I’ve been saying for the 35 years I’ve known him, even a torrent of negative publicity helps him because his media detractors are playing on his turf.

While Trump was visiting the Kennedy Center, he ‘floated’ the idea of personally hosting the annual awards show. And who’s going to stop him, since he’s purged the Democratic board members?

The ratings, he said, would skyrocket. And he’s right about that.

As the New York Times notes, a younger Trump dreamed of becoming a Broadway producer. He now says the Kennedy Center will concentrate on producing ‘Broadway hits.’

And by the way, Trump released 80,000 pages of JFK assassination files yesterday and has asked for no redactions.

The president can make news on the slightest whim, just by posting on Truth Social.

He just went after Judge James Boasberg, who ordered the deportations of mostly Venezuelan gang members to be stopped while planes were still in the air:   

‘This judge, like many of the Crooked Judges’ I am forced to appear before, should be IMPEACHED!!!’ WE DON’T WANT VICIOUS, VIOLENT, AND DEMENTED CRIMINALS, MANY OF THEM DERANGED MURDERERS, IN OUR COUNTRY.’

The posting drew a rare rebuke from Chief Justice John Roberts:

‘For more than two centuries, it has been established that impeachment is not an appropriate response to disagreement concerning a judicial decision. The normal appellate review process exists for that purpose.’

The president is also renewing his habit of going after journalists personally. Ashley Parker had a highly successful career at the New York Times and Washington Post–she’s also an MSNBC analyst–who recently joined the Atlantic.

She asked Trump for an interview. 

After dismissing the liberal Atlantic as a ‘Third Rate Magazine,’ Trump posted:

‘Ashley Parker is not capable of doing a fair and unbiased interview. She is a Radical Left Lunatic, and has been as terrible as is possible for as long as I have known her. To this date, she doesn’t even know that I won the Presidency THREE times. If you have some other reporter, let us know, but Ashley is not capable or competent enough to understand the intricacies of High Level politics.’

Parker is restrained, not radical, and in bringing up the 2020 election, Trump is asking her to accept something that has never been proven in court or by his own attorney general.

A magazine spokesperson said, ‘Atlantic reporters are diligent and fair and continue to pursue stories of importance to the public.’

And then there is, you know, the actual job of the presidency. Trump reported yesterday on his 90-minute phone call with Vladimir Putin.

They ‘stressed the need for improved bilateral relations between the United States and Russia’ – no surprise there.

‘The leaders agreed that the movement to peace will begin with an energy and infrastructure ceasefire, as well as technical negotiations on implementation of a maritime ceasefire in the Black Sea, full ceasefire and permanent peace…. 

‘They further discussed the need to stop proliferation of strategic weapons and will engage with others to ensure the broadest possible application. The two leaders shared the view that Iran should never be in a position to destroy Israel.’

And: ‘The two leaders agreed that a future with an improved bilateral relationship between the United States and Russia has huge upside,’ including ‘enormous economic deals and geopolitical stability.’

It seems to me that Trump got next to nothing. A 30-day pause in attacks on energy plants and infrastructure, that’s about it. Everything else is subject to negotiations, which gives the Kremlin more time to keep attacking Ukraine and lock in further territorial gains. A real cease-fire seems a long way off.

But whether Trump is on the attack or being attacked, he is driving the news every day, even inserting himself into culture and sports topics. Keep that in mind when the ratings-driven president hosts the Kennedy Center honors.

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The U.S. State Department has ended funding for tracking thousands of Ukrainian children abducted by Russia, and a U.S. database with information on the victims may have been deleted, according to a letter U.S. lawmakers plan to send to Trump administration officials on Wednesday.

A group of Democratic U.S. lawmakers penned the letter to Secretary of State Marco Rubio and Treasury Secretary Scott Bessent, urging the administration to restore the program that helps track the abducted Ukrainian children.

The administration has ended a government-funded initiative led by Yale University’s Humanitarian Research Lab that tracked the mass deportation of children from Ukraine, meaning researchers have lost access to a significant amount of information — including satellite imagery — on roughly 30,000 children kidnapped from Ukraine.

‘We have reason to believe that the data from the repository has been permanently deleted. If true, this would have devastating consequences,’ the letter, led by Ohio Rep. Greg Landsman, said.

News of the letter came on Tuesday, the same day U.S. President Donald Trump spoke with Russian President Vladimir Putin, who stopped short of agreeing to a 30-day truce in Moscow’s war against Ukraine.

A person familiar with the tracking program said the canceled State Department contract led to the deletion of $26 million in war crimes evidence.

‘They took $26 million of U.S. taxpayers money used for war crimes data and threw it into the woodchipper, including the dossiers on all the children,’ the person told Reuters.

‘If you wanted to protect President Putin from prosecution, you nuke that thing. And they did it. It’s the final court-admissible version with all the metadata,’ the person added.

The letter to administration officials also calls for sanctions to punish officials in Russia and its ally Belarus who are involved in abducting children.

‘These egregious, openly acknowledged violations of the rights of children afforded under international law demand consequences,’ the letter said.

Yale University’s Humanitarian Research Lab also no longer has access to the satellite imagery needed to track the abducted children, according to the lawmakers.

‘Our government is providing an essential service – one that does not require the transfer of weapons or cash to Ukraine – in pursuit of the noble goal of rescuing these children. We must, immediately, resume the work to help Ukraine bring these children home,’ the letter said.

Ukraine has described the abductions of tens of thousands of its children taken to Russia or Russian-occupied territory without parental consent as a war crime that meets the U.N. treaty definition of genocide.

Russia has claimed it has been evacuating people voluntarily to protect vulnerable children from being caught in the crossfire.

In March 2023, the International Criminal Court issued warrants for the arrest of Lvova-Belova and Putin in connection with the abduction of Ukrainian children, a move Russia denounced as ‘outrageous and unacceptable.’

Eurojust, Europe’s agency for criminal cooperation, said on Tuesday it learned the U.S. government was ending its support for the International Centre for the Prosecution of the Crime of Aggression against Ukraine, which was collecting evidence to prosecute Putin and others. The U.S. special prosecutor at Eurojust, Jessica Kim, would leave as part of the move.

Reuters contributed to this report.

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An extraordinary episode in the two centuries of Mexican-American relations unfolded on Feb. 27, as aircraft of the Mexican state flew northward to various locations across the United States. They carried within them 29 of the most-wanted Mexican-cartel leaders hitherto held in their own country, and now remanded to the justice of the Americans. 

Most meaningfully for the receiving nation, the aging Rafa Caro Quintero stepped off a plane to the welcome of the DEA and DOJ personnel whose colleague, Enrique ‘Kiki’ Camarena, he murdered 40 years before. Arraigned the next day in a U.S. federal courtroom, Caro Quintero was shackled with Camarena’s own handcuffs. 

The United States has waited a long time for him, and for the many other cartel lords and killers who now come into its hands. 

The questions are why it has waited, and why it no longer waits, if only in these specific cases. Caro Quintero and the other 28 cartel leaders had been prisoners of Mexico for years, and the United States had been requesting their extradition for years. In 2022, the Biden regime even gave the Mexican government a list of desired extraditions, including Caro Quintero – but the previous year, 2021, had seen the lowest level of Mexican extraditions to the U.S. in 15 years, and things would not improve so long as Andres Manuel Lopez Obrador remained president.

The source of AMLO’s delay was no mystery: he and his ruling Morena coalition, which has nearly transformed Mexico into a leftist one-party state, have long-standing ties with narco leaders, most notably within the Sinaloa Cartel. This Mexican state-cartel synthesis, referenced directly by the White House as ‘an intolerable alliance,’ effectively precluded meaningful and strategic cooperation between the two nations against its criminal cartels. 

What has changed? In a word: Donald Trump. The American president, who was among those who rationally believed that a workable deal could be struck with AMLO and his regime at its outset, now possesses an accurate assessment of the Mexican state’s basic nature, and is making policy accordingly. 

The well-known threatened tariffs, across-the-board implementation of which are now delayed for a second month to April 2, are one element and the most public-facing of the tools he has directed his administration to wield. The mere threat of them has manifestly exerted tremendous effect upon Mexican officialdom’s thinking. 

Despite much discussion in Mexico that the country will simply turn to China if American trade relations are disrupted, the reality is that the country’s economy will be plunged into disarray long before any Chinese remedy takes effect. 

Though the Mexican regime does not particularly care about the welfare of its people – having presided over an internal war that has seen the slaughter of hundreds of thousands of ordinary Mexicans by its own cartel allies and sometimes its own armed forces – it does care for its own position and privileges, and so an economic collapse alarms it in ways that death and cruelty among its own people does not. 

The other major tool wielded by the president against the Mexican state-cartel alliance has been alluded to, but never made explicit, in public. It is the threat of unilateral American military action within Mexico, and as reporting from the Wall Street Journal reveals, it was made explicit in a Jan. 31 conversation between Secretary of Defense Pete Hegseth and unnamed senior Mexican-military leadership, in which the latter were informed ‘that if Mexico didn’t deal with the collusion between the country’s government and drug cartels, the U.S. military was prepared to take unilateral action.’ The Mexicans were reportedly astonished and indignant. 

Their astonishment is their own fault: many observers have told them for years that American patience with their cartel partnerships would eventually run out. That it had no effect is partially indicative of the ideological fever dream in which the Morena regime operates. It is also, to a larger part, rational, because no American president has ever before brought real consequences to bear. 

Their indignation, by contrast, has no defense except by reference to the perennial Mexican civic narrative that its sovereignty is forever menaced by the United States. 

Yet the Mexican state routinely fails to give the respect to its neighbor that it loudly demands for itself. It partners with trafficking organizations that directly attack American sovereignty and citizenry with illegal mass migration, deadly fentanyl, and more. It establishes Morena party cells within the United States and activates them when desired.

It interferes, however ineptly, in American elections. Its armed forces in uniform are routinely encountered within the United States, often protecting trafficking cartel shipments and occasionally taking an American soldier prisoner. Its cartel partners frequently kill American citizens in Mexico, and menace Americans in the United States. It is a deeply rooted victim mentality that receives a well-earned warning from the U.S. secretary of defense and responds with wounded pride. Yet so it is. 

Need it be said, a regime genuinely interested in the defense of its own national sovereignty would not surrender 30% to 40% of its national territory to cartel governance. Yet it has. A Mexican state determined to defend its territorial integrity would not back down again and again versus cartel challenges. Yet it has. It is useless to ask why: everyone in Mexico knows why. Those on the lower rungs of the social ladder risk death, and those on the upper rungs get rich. 

Unlike every previous American president of the modern era, Donald Trump understands this, and via his secretaries of defense and state, and others, he is delivering the message to the Mexican regime: we will respect your sovereignty as much as you respect ours. In fact, we will respect it as much as you respect yours

This, then, is the key to understanding why the Mexican state under President Claudia Sheinbaum is abruptly disgorging its prisoners into the hands of the Americans, and why it is furthermore making a show of going after cartel operations in various parts of the country. Mexican officialdom – the state and its elites – is betraying its criminal-sector partners in the hopes that it will satisfy the United States, lest the Americans go after them

It is furthermore shutting down, temporarily, the great cartel-controlled influx of trafficked persons that has numbered in the millions across the past decade. These efforts are having a real effect on cartel operations in the short run, although as the New York Times writes, they don’t expect it to last: ‘Cartel members said the only reason the government hadn’t really fought them until recently was because they’d bought off enough officials,’ and they expect that status quo ante will return. 

They are probably right. Mexican grand strategy, never a robust corpus of thought, has always had as a major pillar the imperative to keep the Americans out. In the past half-century a second pillar has been erected, which is the imperative to profit from the Americans. There is a tension between the two, especially when the second conflicts with the first by virtue of cartel and trafficking operations. 

Eventually the superstructure of multibillion-dollar illegal trade and the political-powerholder buyoffs that render it useful to nearly the whole apparatus of governance will reassert itself. The intent now, on the Mexican side, is simply to buy time until the Americans, believing they have secured a political win, move on to the next crisis. In that light, the sacrifice of the great mass of expendable bosses, lab men and sicarios is the price of business. There are rumors that a corrupt state governor may even be offered to placate the United States. 

Then, Mexican officialdom will make the case that all this cooperation is so valuable, the Americans dare not risk it by, say, imposing tariffs or attacking cartels or indicting former Mexican presidents – in short, by doing anything that imperils the Mexican governing elites themselves. This is a potent line of argument, according to some reports with purchase in the White House itself – although not, in any reporting, with the American president himself. This author has heard it directly from U.S. government personnel in Mexico City, and has also heard it from Mexican-government personnel, expressive of an operational logic reminiscent of criminal extortion. 

The test for American policymaking now is whether it makes the mistake of believing the Mexican narrative. It ought not. 

The Mexican state has done several things right since Jan. 20, 2025, but we must understand that it did so under extraordinary duress. The president had to threaten tariffs, and the secretary of defense had to threaten U.S. military intervention for the first time in a century, to compel the Mexican government to execute on the most-basic tasks of any state: control its territory and deliver criminals to justice. 

That duress is amplified by threats from its erstwhile cartel partners as well: Ismael ‘El Mayo’ Zambada, for example, now in U.S. custody, has threatened to ‘collapse’ U.S.-Mexican relations by telling all he knows if the Mexicans fail to secure his return to Mexico. 

President Trump, offering the carrot as well as the stick, has been effusive in his praise – as is diplomatically prudent – for the Mexican president in her efforts to date. His administration has simultaneously signaled that Mexican politicians are coming into American view as proper targets of justice. 

What the Morena regime in Mexico now wishes to do is navigate these straits with its own powerholders and eminences essentially untouched. Chief among them is Andres Manuel Lopez Obrador, whose long-rumored ties to the Sinaloa Cartel would likely not withstand renewed scrutiny from the U.S. Department of Justice. 

If it is allowed to do so, then America will simply face a greater crisis later, when Morena has completed its openly stated transformation of Mexican society into a Venezuelan-model left-populist autocracy, cartel and trafficking operations have resumed with different narcos in partnership with the same elites, and Mexican-government solicitation of offshore balancers in China and Russia has matured into effective operational partnership. 

Bad as the Mexican crisis has been for both ordinary Mexicans and Americans across the past two decades, it pales versus what will come to pass when the Morena ambition is fulfilled. We have already seen Chinese and Russian soldiers marching in review before the Mexican president in independence-day celebrations, and we have already seen that same Mexican president declare that he would have his armed forces defend the cartels against American action. These are warnings of worse to come, and we must pay attention, because they are not expressions of sentiment alone: they are programmatic

Put differently, this is a regime that, by its nature, is not amenable to a long-term partnership with the United States. 

The bad news is that every previous American administration would have been satisfied with the Mexican offer on hand now. The good news is that this administration will likely not be. 

President Trump has taken an accurate measure of the Mexican regime. What remains is to put his vision into action. Policy takes time to unfold, but we know what success looks like: neither narcos nor their friends in Mexican governance, from alcaldes to generals to presidents, are safe any longer inside Mexico. They are not safe from the long reach of the American neighbor whose citizens they have killed, whose border they have violated, and whose sovereignty they have disregarded for so very long. 

Mexico’s regime wants a cooperative agreement. But America wants justice. 

This post appeared first on FOX NEWS

Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukraine’s energy infrastructure, but the 30-day ceasefire still leaves many significant issues unresolved. 

The temporary truce did not include any protections for troops fighting on the front lines or for Ukrainian civilians who continue to live through Russia’s constant aerial bombardments. 

Putin’s preliminary agreement came after a 90-minute phone conversation with President Donald Trump, who took to social media afterward and described it as ‘very good’ and ‘productive.’

‘We agreed to an immediate Ceasefire on all Energy and Infrastructure, with an understanding that we will be working quickly to have a Complete Ceasefire and, ultimately, an END to this very horrible War between Russia and Ukraine,’ he said. ‘That process is now in full force and effect, and we will, hopefully, for the sake of Humanity, get the job done!’

Trump later told Fox News’ Laura Ingraham on the ‘Ingraham Angle’ that pushing Putin further in a ceasefire ‘would have been tough. Russia has the advantage.’

Speaking to Sean Hannity on Tuesday, Special Envoy Steve Witkoff said National Security Advisor Mike Waltz and Secretary of State Marco Rubio will travel to Saudi Arabia on Sunday to discuss the details of Tuesday’s agreement between the two leaders.

Ukrainian President Volodymyr Zelenskyy’s office did not respond to Fox News Digital’s questions, but in a message posted to X he said, ‘Putin effectively rejected the proposal for a full ceasefire.’

‘It would be right for the world to respond by rejecting any attempts by Putin to prolong the war,’ he continued, highlighting Russia’s continued attacks on Ukrainian civilians, including on Tuesday when a Russia-fired Shahed drone hit a hospital in Ukraine’s Sumy region.

‘Sanctions against Russia. Assistance to Ukraine. ‘Strengthening allies in the free world and working toward security guarantees,’ Zelenskyy listed as steps the Western world can take to counter Putin. ‘Only a real cessation of strikes on civilian infrastructure by Russia, as proof of its willingness to end this war, can bring peace closer.’

The Trump administration has argued that true negotiations can only begin once a ceasefire has been secured, though it remains unclear how negotiations will proceed with no truce that includes civilian protections from Russia’s aerial attacks.

Neither the State Department nor the White House responded to Fox News Digital’s questions on why the president believes Putin ‘wants to make peace’ — which Trump accused Zelenskyy of not being ‘serious’ about when he attempted to negotiate security guarantees for Ukraine last month.

Officials from NATO and the EU were also tight-lipped following the call between Trump and Putin.

Ukraine agreed to a ceasefire last week following an hours-long meeting with Secretary of State Marco Rubio and national security advisor Mike Waltz, which the pair said they would then ‘take to the Russians.’

While Washington was short on the details of the negotiations agreed to by Kyiv, Zelenskyy said the U.S. had pushed for a full ceasefire along the front lines, in the air and on the Black Sea — a push Trump was apparently unable to secure in his Tuesday discussions with Putin.

Zelenskyy said his delegation had also discussed the ‘release of prisoners of war and detainees — both military and civilian — and the return of Ukrainian children who were forcibly transferred to Russia.’

While the Kremlin on Tuesday said Putin had agreed to a 175-prisoner swap with Ukraine, there was no mention of the 20,000 Ukrainian children Kyiv has reported to have been forcibly abducted, largely from Luhansk and Donetsk, and then funneled through adoption schemes in Russia.

There are a litany of issues that still need to be negotiated between Ukraine and Russia, which the U.S. has said Europe will also be a part of.

Putin has already made clear Ukraine should not be allowed to join NATO — which the Trump administration has also backed over concerns it could not only perpetuate but escalate the nature of Russia’s war.

European leaders and Zelenskyy have argued that peacekeeping troops should then be placed in Ukraine to prevent Russia from launching a future invasion — but Moscow has also already signaled this will be viewed as a threat to Russia.

Issues over Western arms supplies, international observance of Russian occupied lands, Ukraine’s future security, Ukrainian troops in Kursk and Russia’s continued aerial campaigns over civilian populations all remain major issues that need to be negotiated. 

‘Putin doesn’t share Trump’s abhorrence of war,’ former CIA Moscow Station Chief Dan Hoffman told Fox News Digital. ‘At this point there’s no indication that he’s going to do anything else but negotiate with an eye towards ensuring Ukraine can’t deter future Russian attacks.’

Hoffman also argued that the Trump administration needs to be careful about finding itself in a situation where Washington wants a ceasefire more than Moscow.

‘The strategic objective is still to destroy Ukraine,’ Hoffman said. ‘The question is, Putin has not agreed to a ceasefire, so what are you going to do about?’ 

‘Define success by what serves U.S. national security interests. A bad deal would not serve our interests,’ he added. 

‘Let them go negotiate,’ Hoffman said.

This post appeared first on FOX NEWS

Falco Resources Ltd. (TSX.V: FPC) (‘ Falco’ or the ‘ Company’ ) is pleased to publish the results of an independent survey of the population of Rouyn-Noranda and Abitibi-Témiscamingue conducted by Léger regarding the understanding and social acceptability of the Falco Horne 5 underground mine project (the ‘ Project’ ).

Three out of four people support the Project

The results show that Falco enjoys strong majority support in Rouyn-Noranda, where 72% of respondents are in favour of the Horne 5 Project, and in Abitibi-Témiscamingue, where support reaches 74%. These results demonstrate the population’s significant support for the Project, particularly given its economic spin-offs and positive impact on employment.

Trust in Falco

Respondents recognize the benefits the Project will bring to the region, emphasizing its key role in local and regional economic growth and job creation. Despite some concerns about environmental impacts, a strong majority of respondents (73%) are confident that Falco will work with civil society actors to ensure responsible implementation of the Project.

A Project for the common good

In addition, a high proportion of respondents (74%) felt that the Project should proceed for the community’s benefit, strengthening the legitimacy and social acceptability of the Falco Horne 5 Project in the region.

Hélène Cartier, Vice-President of Environment, Sustainable Development and Community Relations, stated: ‘As demonstrated by the numerous briefs submitted to BAPE, these results confirm the population’s strong support for our Project and our commitment to act responsibly. We will continue our concerted efforts with all stakeholders to ensure a mutually beneficial development. We believe this strong support justifies our request to the Québec government to deem the project acceptable.’

Luc Lessard, President and CEO, added: ‘These results are a testament to the broad support for the Project among Rouyn-Noranda residents, consistent with what we have been seeing for several years now. Falco has submitted to the authorities at the Québec government a mining development project that will be of great benefit to the city, the Abitibi-Témiscamingue region and all of Québec. It remains surprising, however, that after more than 8 years, the government has yet to recognize the Project’s conformity.’

The Company will continue its discussions with the Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (the ‘ Ministère ‘) to have the Project’s compliance recognized and complete the environmental analysis.

Highlights
Favourability of the Project

  • 73% of respondents were in favor of the Project (28% very favorable, 46% somewhat favorable)
  • Only 15% are unfavorable (5% very unfavorable, 10% somewhat unfavorable).

Main reasons for being in favor

  • 47% : Job creation
  • 26% : Positive impact on the local economy

Main perceptions

  • 86% believe the Project will have a positive economic impact
  • 80% believe mining projects strengthen regional pride
  • 73% are confident that Falco will make its project acceptable and aligned with applicable societal and environmental expectations
  • 61% believe Falco will take public opinion into account

The survey was conducted from February 27 to March 9, 2025, among 500 Abitibi-Témiscamingue residents aged 18 and over. The presumed margin of error is ±4.38%, 19 times out of 20. The survey can be viewed by clicking on the following link: https://bit.ly/3RfaMlZ

The Falco Horne 5 Project features a state-of-the-art mining operation that maximizes the use and rehabilitation of previously disturbed sites such as Quemont and Norbec. The Project will generate significant economic benefits, contributing approximately $3.8 billion to Québec’s GDP, including $2.2 billion to the regional GDP, notably through the creation of 900 jobs during construction and 500 jobs during operations. By adding value to critical and strategic minerals, it will actively contribute to the energy transition and decarbonization of the economy.

ABOUT FALCO
Falco Resources is one of the largest mineral claim holders in the province of Quebec, with an extensive portfolio of properties in the Abitibi Greenstone Belt. Falco holds rights to approximately 67,000 hectares of land in the Noranda Mining Camp, which represents 67% of the camp and includes 13 former gold and base metal mining sites. Falco’s main asset is the Horne 5 Project located beneath the former Horne mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp. is Falco’s largest shareholder, with a 16% interest in the Company.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Hélène Cartier
Vice President, Environment, Sustainable Development and Community Relations
514 216-8611
hcartier@falcores.com

FOR MORE INFORMATION ON THE METHODOLOGY:
Éric Normandeau
Strategic consultant, Léger
514 245-0195
enormandeau@leger360.com

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and information (collectively ‘ forward-looking statements ‘) within the meaning of applicable securities laws. These statements include references to the social acceptability and development of the Project, its economic spin-offs and positive impacts on employment, the benefits the Project will bring to the region, its key role in local and regional economic growth and job creation, and public support for the Project.

These statements are based on information currently available to the Company, and the Company provides no assurance that actual results will meet management’s expectations. The occurrence of such events or the making of such statements are subject to several risk factors, including, without limitation, the risk factors identified in Falco’s annual management report and other continuous disclosure documents available at www.sedarplus.com .

Although Falco believes that the assumptions and factors applied in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release, and there can be no assurance that such events will occur within the time frames disclosed or at all. As mentioned by Falco in its public disclosure and previous press releases, certain major issues have been raised by the   Ministère   in connection with the development of the Project and in the BAPE process, including the Project’s compliance with section 197 of the Règlement sur l’assainissement de l’atmosphère (RAA).   There can be no assurance or guarantee that the Ministère will change its position with respect to the application of section 197 of the RAA to the Project, that Falco will be able to respond to the Ministère’s numerous additional requests in a timely manner or that Falco will be able to raise the funds necessary to pursue the additional studies requested by the Ministère, which could materially delay or prevent the granting of the required authorizations and thus adversely affect the development of the Project and Falco’s financial condition.   Except as required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces an operational update, our financial results for the year ended December 31, 2024 a quarterly dividend of US$0.10 per common share and filing of our annual information form. We will be hosting a live webcast to discuss our Q4 2024 results on Wednesday March 19, 2025 at 8:00 a.m. Mountain time .

All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

President & CEO, Corey C. Ruttan commented:

‘Through 2024 we increased our productive capacity both at the Caburé Unit and on our 100% interest Murucututu project. This allowed us to increase our firm natural gas sales volumes for 2025 resulting in a strong start to the year with a 37% increase in our sales volumes. We are increasing our base dividend to US$0.10 per share, consistent with our long-standing commitment to a more disciplined capital allocation model, balancing returns to stakeholders and organic growth.’

Operational Update

As announced on December 17, 2024 , our updated long-term gas sales agreement came into effect on January 1, 2025 increasing Alvopetro’s contracted firm reference volumes by 33%. As a result, Alvopetro’s daily sales in January and February increased 37% from Q4 2024 sales to an average of 2,375 boepd, including 13.4 MMcfpd of natural gas, natural gas liquids sales from condensate of 129 bopd and oil sales of 10 bopd. Effective February 1, 2025 , our natural gas price under our long-term gas sales agreement with Bahiagás has been adjusted to BRL1.95 /m 3 , a 7% increase from the January 2025 price of BRL1.83 /m 3 and consistent with the Q4 2024 price of BRL1.94 /m 3 . All natural gas sales from February 1, 2025 to April 30, 2025 will be sold at BRL1.95 /m 3 ( $10.55 /Mcf, net of applicable sales taxes, based on average heat content to date and the January 31, 2025 BRL/USD exchange rate of 5.83).

On February 5, 2025 , we announced the terms of a farmin agreement in Canada , pursuant to which Alvopetro agreed to fund 100% of two earning wells in exchange for a 50% non-operated working interest in 12,243 acres (6,122 net acres) of land in Western Saskatchewan . The first two earning wells have now been drilled and are being completed and equipped. Both wells are expected to be on production within the next 30 days. Alvopetro’s estimated total costs for the two earning wells is expected to be approximately C$4.0 million ( $2.8 million ). After these initial two earning wells Alvopetro’s working interest will be 50%.

On the Company’s Murucututu natural gas field, we spud the first of two development wells planned for 2025 in February. Drilling is underway. On the unitized area (the ‘Unit’) which includes the Caburé natural gas field, Alvopetro has five development wells planned for 2025, with the first well expected to be drilled in April.

On February 26, 2025 , we announced our December 31, 2024 reserves based on the independent reserve assessment and evaluation prepared by GLJ Ltd. (‘GLJ’) dated February 26, 2025 with an effective date of December 31, 2024 (the ‘GLJ Reserves and Resources Report’). Highlights include:

  • After 2024 production of 0.7 MMboe, 1P reserves increased 65% to 4.5 MMboe, representing a 1P production replacement ratio (1) of 372%. The increase was mainly due to the successful working interest redetermination at the Caburé field and increases of Caruaçu assigned reserves on our 100% Murucututu field following success on the 183-A3 well completion, somewhat offset by technical revisions related to the Gomo Formation.
  • 2P reserve volumes increased 5% to 9.1 MMboe, representing a 2P production replacement ratio of 167% (1) . The increase in 2P volumes was due to the higher working interest on the Caburé field following the redetermination, partially offset by 2024 production of 0.7 MMboe. At Murucututu, additional reserves associated with the Caruaçu reservoir were offset by technical revisions reducing reserves assigned to the Gomo Formation.
  • With increased reserve volumes, 1P net present value before tax, discounted at 10% (‘NPV10’) increased 53% to $177.7 million and 2P NPV10 increased 6% to $327.8 million .
  • Risked best estimate contingent resources decreased by 0.8 MMboe from 5.4 MMboe to 4.5 MMboe at December 31, 2024 with a NPV10 of $110.0 million , decreases from December 31, 2023 of 15% and 13% respectively. The decreases were associated with the migration of volumes to reserves for the Caruaçu Formation.
  • Risked best estimate prospective resources increased from 9.6 MMboe to 10.2 MMboe with a NPV10 of $208.9 million , increases of 6% and 13% respectively from December 31, 2023 .

Financial and Operating Highlights – Fourth Quarter of 2024

  • Our average daily sales decreased to 1,738 boepd in Q4 2024 (-19% from Q4 2023 and -17% from Q3 2024) with reduced natural gas demand as well as shutdowns during the month of November for planned facility turnarounds and inspections.
  • Our average realized natural gas price decreased to $10.51 /Mcf in Q4 2024 (-18% from Q4 2023 and -4% from Q3 2024), due mainly to the devaluation of the BRL relative to the USD, which depreciated 18% compared to the average rate in Q4 2023. Our overall averaged realized sales price was $63.88 per boe (-18% from Q4 2023 and -4% from Q3 2024).
  • With lower sales volumes and lower prices, our natural gas, oil and condensate revenue decreased to $10.2 million (-33% from Q4 2023 and -21% from Q3 2024).
  • Our operating netback (1) in the quarter was $55.09 per boe (- $14.60 per boe from Q4 2023) due mainly to the reduction in our realized sales price per boe as well as higher production expenses per boe with lower overall production.
  • We generated funds flows from operations (1) of $7.0 million ( $0.19 per basic share and per diluted share), decreases of $5.4 million compared to Q4 2023 and $2.9 million compared to Q3 2024 due mainly to lower sales volumes and lower realized prices.
  • We reported net income of $2.2 million in Q4 2024, an increase of $1.6 million compared to Q4 2023 despite lower sales volumes and realized prices due to impairment losses recognized in Q4 2023, offset by foreign exchange losses in Q4 2024 compared to foreign exchange gains in Q4 2023.
  • Capital expenditures totaled $4.7 million , including costs to re-enter the 183-B1 well on our exploratory Block 183 and costs associated with the facilities upgrade at our Caburé field.
  • Our working capital surplus was $13.2 million as of December 31, 2024 , increasing $0.1 million from December 31, 2023 and decreasing $2.7 million from September 30, 2024 .

Financial and Operating Highlights – Year Ended December 31, 2024

  • We reported net income of $16.3 million , compared to $28.5 million in 2023 (-43%).
  • We generated funds flow from operations (1) of $33.3 million ( $0.89 per basic share and per diluted share), a decrease of $14.8 million compared to 2023.
  • Capital expenditures totaled $15.3 million in 2024.
  • Dividends declared totaled $0.36 per share in 2024 compared to $0.56 per share in 2023 (-36%).

(1) Refer to the sections entitled ‘ Oil and Natural Gas Advisories – Other Metrics ‘ and ‘ Non-GAAP and Other Financial Measures ‘.

The following table provides a summary of Alvopetro’s financial and operating results for the periods noted. The consolidated financial statements with the Management’s Discussion and Analysis (‘MD&A’) are available on our website at www.alvopetro.com and will be available on the SEDAR+ website at www.sedarplus.ca .

As at and Three Months Ended

December 31

As at and Year Ended

December 31,

2024

2023

Change (%)

2024

2023

Change (%)

Financial

($000s, except where noted)

Natural gas, oil and condensate sales

10,214

15,300

(33)

45,517

59,687

(24)

Net income

2,243

652

244

16,295

28,525

(43)

Per share – basic ($) (1)

0.06

0.02

200

0.44

0.77

(43)

Per share – diluted ($) (1)

0.06

0.02

200

0.43

0.76

(43)

Cash flows from operating activities

7,114

7,904

(10)

34,901

47,702

(27)

Per share – basic ($) (1)

0.19

0.21

(10)

0.94

1.29

(27)

Per share – diluted ($) (1)

0.19

0.21

(10)

0.93

1.26

(26)

Funds flow from operations (2)

6,966

12,393

(44)

33,275

48,030

(31)

Per share – basic ($) (1)

0.19

0.33

(42)

0.89

1.29

(31)

Per share – diluted ($) (1)

0.19

0.33

(42)

0.89

1.27

(30)

Dividends declared

3,283

5,127

(36)

13,170

20,462

(36)

Per share (1) (2)

0.09

0.14

(36)

0.36

0.56

(36)

Capital expenditures

4,682

4,934

(5)

15,305

27,449

(44)

Cash and cash equivalents

21,697

18,326

18

21,697

18,326

18

Net working capital (2)

13,181

13,117

13,181

13,117

Weighted average shares outstanding

Basic (000s) (1)

37,315

37,262

37,289

37,121

Diluted (000s) (1)

37,566

37,963

(1)

37,558

37,770

(1)

Operations

Average daily sales volumes:

Natural gas (Mcfpd), by field:

Caburé (Mcfpd)

7,476

11,699

(36)

9,228

11,742

(21)

Murucututu (Mcfpd)

2,231

546

309

928

487

91

Total natural gas (Mcfpd)

9,707

12,245

(21)

10,156

12,229

(17)

NGLs – condensate (bopd)

109

92

18

90

99

(9)

Oil (bopd)

11

10

10

12

6

100

Total (boepd)

1,738

2,143

(19)

1,794

2,142

(16)

Average realized prices (2) :

Natural gas ($/Mcf)

10.51

12.85

(18)

11.42

12.64

(10)

NGLs – condensate ($/bbl)

75.95

89.45

(15)

84.84

86.29

(2)

Oil ($/bbl)

61.74

73.67

(16)

66.94

71.22

(6)

Total ($/boe)

63.88

77.60

(18)

69.31

76.33

(9)

Operating netback ($/boe) (2)

Realized sales price

63.88

77.60

(18)

69.31

76.33

(9)

Royalties

(2.15)

(2.07)

4

(1.99)

(2.13)

(7)

Production expenses

(6.64)

(5.84)

14

(6.33)

(5.38)

18

Operating netback

55.09

69.69

(21)

60.99

68.82

(11)

Operating netback margin (2)

86 %

90 %

(4)

88 %

90 %

(2)

Notes:

(1)

Per share amounts are based on weighted average shares outstanding other than dividends per share, which is based on the number of common shares outstanding at each dividend record date. The weighted average number of diluted common shares outstanding in the computation of funds flow from operations and cash flows from operating activities per share is the same as for net income per share.

(2)

See ‘Non-GAAP and Other Financial Measures’ section within this news release.

Quarterly Dividend of   US$0.10 per Share

With our updated gas sales agreement in effect as of January 1, 2025 and higher production levels forecasted in the first quarter of 2025 our Board of Directors determined it was appropriate to increase the declared quarterly dividend to US$0.10 per common share, payable in cash on April 15, 2025, to shareholders of record at the close of business on March 31, 2025. This dividend is designated as an ‘eligible dividend’ for Canadian income tax purposes.

Dividend payments to non-residents of Canada will be subject to withholding taxes at the Canadian statutory rate of 25%.  Shareholders may be entitled to a reduced withholding tax rate under a tax treaty between their country of residence and Canada.  For further information, see Alvopetro’s website at https://alvopetro.com/Dividends-Non-resident-Shareholders .

Annual Information Form

Alvopetro has filed its annual information form (‘AIF’) with the Canadian securities regulators on SEDAR+. The AIF

includes the disclosure and reports relating to oil and gas reserves data and other oil and gas information required

pursuant to National Instrument 51-101 of the Canadian Securities Administrators. The AIF may be accessed

electronically at www.sedarplus.ca and on our website at www.alvopetro.com .

2024 Results Webcast

Alvopetro will host a live webcast to discuss our 2024 financial results at 8:00 am Mountain time on Wednesday March 19, 2025. Details for joining the event are as follows:

DATE: March 19, 2025
TIME : 8:00 AM Mountain/ 10:00 AM Eastern
LINK: https://us06web.zoom.us/j/84540021301
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kBRCh4fgE
WEBINAR ID   : 845 4002 1301

The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com .

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

Social   Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd

Alvopetro Energy Ltd. is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro’s organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are   building off the strength of our Caburé and Murucututu natural gas fields and the related strategic midstream infrastructure.

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

Abbreviations:

$000s

=

thousands of U.S. dollars

1P

=

proved reserves

2P

=

proved plus probable reserves

boepd

=

barrels of oil equivalent (‘boe’) per day

bopd

=

barrels of oil and/or natural gas liquids (condensate) per day

BRL

=

Brazilian Real

Mcf

=

thousand cubic feet

Mcfpd

=

thousand cubic feet per day

MMcf

=

million cubic feet

MMcfpd

=

million cubic feet per day

NGLs

=

natural gas liquids (condensate)

NPV10

=

net present value before tax, discounted at 10%

Q3 2024

=

three months ended September 30, 2024

Q4 2023

=

three months ended December 31, 2023

Q4 2024

=

three months ended December 31, 2024

USD

=

United States dollars

GAAP or IFRS

=

IFRS Accounting Standards

Non-GAAP and Other Financial Measures

This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure . Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. While these measures may be common in the oil and gas industry, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP and other financial measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are used by management in assessing the Company’s financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures used in this news release. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the ‘ Non-GAAP Measures and Other Financial Measures ‘ section of the Company’s MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .

Non-GAAP Financial Measures

Operating netback

Operating netback is calculated as natural gas, oil and condensate revenues less royalties and production expenses. This calculation is provided in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations.

Non-GAAP Financial Ratios

Operating netback per boe

Operating netback is calculated on a per unit basis, which is per barrel of oil equivalent (‘boe’). It is a common non-GAAP measure used in the oil and gas industry and management believes this measurement assists in evaluating the operating performance of the Company. It is a measure of the economic quality of the Company’s producing assets and is useful for evaluating variable costs as it provides a reliable measure regardless of fluctuations in production. Alvopetro calculated operating netback per boe as operating netback divided by total sales volumes (boe). This calculation is provided in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations on a per boe basis.

Operating netback margin

Operating netback margin is calculated as operating netback per boe divided by the realized sales price per boe. Operating netback margin is a measure of the profitability per boe relative to natural gas, oil and condensate sales revenues per boe and is calculated as follows:

Three Months Ended

December 31,

Year Ended

December 31,

2024

2023

2024

2023

Operating netback – $ per boe

55.09

69.69

60.99

68.82

Average realized price – $ per boe

63.88

77.60

69.31

76.33

Operating netback margin

86 %

90 %

88 %

90 %

Funds Flow from Operations Per Share

Funds flow from operations per share is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by the weighted average shares outstanding for the respective period. For the periods reported in this news release the cash flows from operating activities per share and funds flow from operations per share is as follows:

Three Months Ended

December 31,

Year Ended

December 31,

$ per share

2024

2023

2024

2023

Per basic share:

Cash flows from operating activities

0.19

0.21

0.94

1.29

Funds flow from operations

0.19

0.33

0.89

1.29

Per diluted share:

Cash flows from operating activities

0.19

0.21

0.93

1.26

Funds flow from operations

0.19

0.33

0.89

1.27

Capital Management Measures

Funds Flow from Operations

Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company’s ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities however management finds that the impact of working capital items on the cash flows reduces the comparability of the metric from period to period. A reconciliation of funds flow from operations to cash flows from operating activities is as follows:

Three Months Ended

December 31,

Year Ended

December 31,

2024

2023

2024

2023

Cash flows from operating activities

7,114

7,904

34,901

47,702

Changes in non-cash working capital

(148)

4,489

(1,626)

328

Funds flow from operations

6,966

12,393

33,275

48,030

Net Working Capital

Net working capital is computed as current assets less current liabilities. Net working capital is a measure of liquidity, is used to evaluate financial resources, and is calculated as follows:

As at December 31

2024

2023

Total current assets

26,984

25,995

Total current liabilities

(13,803)

(12,878)

Net working capital

13,181

13,117

Supplementary Financial Measures

Average realized natural gas price – $/Mcf ‘ is comprised of natural gas sales as determined in accordance with IFRS, divided by the Company’s natural gas sales volumes.

Average realized NGL – condensate price – $/bbl ‘ is comprised of condensate sales as determined in accordance with IFRS, divided by the Company’s NGL sales volumes from condensate.

Average realized oil price – $/bbl ‘ is comprised of oil sales as determined in accordance with IFRS, divided by the Company’s oil sales volumes.

Average realized price – $/boe ‘ is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company’s total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

Dividends per share ‘ is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

Royalties per boe ‘ is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

Production expenses per boe ‘ is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

Oil and Natural Gas Advisories

Oil and Natural Gas Reserves

The disclosure in this news release summarizes certain information contained in the GLJ Reserves and Resources Report but represents only a portion of the disclosure required under National Instrument 51-101 (‘NI 51-101’). Full disclosure with respect to the Company’s reserves as at December 31, 2024 is included in the Company’s annual information form for the year ended December 31, 2024 which has been filed on SEDAR+ ( www.sedarplus.ca ). The GLJ Reserves and Resources Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the ‘COGE Handbook’ or ‘COGEH’) that are consistent with the standards of NI 51-101. GLJ is a qualified reserves evaluator as defined in NI 51-101.

All net present values in this press release are based on estimates of future operating and capital costs and GLJ’s forecast prices as of December 31, 2024 . The reserves definitions used in this evaluation are the standards defined by COGEH reserve definitions and are consistent with NI 51-101 and used by GLJ. The net present values of future net revenue attributable to Alvopetro’s reserves estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Cabur   é   Working Interest

Alvopetro’s working interest in the Caburé natural gas field is 56.2% as of December 31, 2024 and the date hereof. This working interest is subject to redetermination, the first of which was completed in April 2024 . An independent expert (the ‘Expert’) was engaged in connection with the first redetermination to evaluate the redetermination and the impact to each party’s working interest. Following the Expert’s decision, Alvopetro’s working interest was increased from 49.1% to 56.2%. Alvopetro’s partner filed a notice of dispute with respect to the Expert’s decision, seeking to stay the redetermination procedure. Alvopetro subsequently filed a request for emergency arbitration before the International Chamber of Commerce (‘ICC’) seeking to make the Expert decision effective starting on June 1, 2024 . In May 2024 , Alvopetro received the decision of the emergency arbitrator (‘the Order’) wherein the arbitrator found in favour of Alvopetro, making the Expert decision effective June 1, 2024 until such time as the dispute is reviewed by and decided upon by an arbitral tribunal pursuant to the Rules of Arbitration of the ICC. The redetermination dispute has proceeded to a full arbitration under the Rules of the ICC, however the timing and outcome of the full arbitration is uncertain and the resulting impact on the reserves and the net present value of future net revenue attributable to such reserves as presented herein may be material. In addition, future redeterminations may also have a material impact on Alvopetro’s reserves and future cash flows.

Contingent Resources

This news release discloses estimates of Alvopetro’s contingent resources and the net present value associated with net revenues associated with the production of such contingent resources as included in the GLJ Reserves and Resources Report. There is no certainty that it will be commercially viable to produce any portion of such contingent resources and the estimated future net revenues do not necessarily represent the fair market value of such contingent resources. Estimates of contingent resources involve additional risks over estimates of reserves. Full disclosure with respect to the Company’s contingent resources as at December 31, 2024 is included in the Company’s annual information form for the year ended December 31, 2024 which has been filed on SEDAR+ ( www.sedarplus.ca ).

Prospective Resources

This news release discloses estimates of Alvopetro’s prospective resources included in the GLJ Reserves and Resources Report. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Estimates of prospective resources involve additional risks over estimates of reserves. The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While resources presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. Full disclosure with respect to the Company’s prospective resources as at December 31, 2024 is included in the Company’s annual information form for the year ended December 31, 2024 which has been filed on SEDAR+ ( www.sedarplus.ca ).

Other Metrics

This new release contains references to ‘production replacement ratio’, a metric commonly used in the oil and natural gas industry, which has been calculated by management. This term does not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.

‘Production replacement ratio’ is calculated by dividing the change in reserve volumes plus current year production by current year production. Alvopetro’s 1P production replacement ratio and 2P production replacement ratio in 2024 is calculated as:

1P

2P

Reserve volumes as at December 31, 2024 – Mboe

4,512

9,148

Reserve volumes as at December 31, 2023 – Mboe

2,727

8,711

Reserve additions – Mboe

1,785

437

2024 production – Mboe

657

657

Change in reserves before 2024 production – Mboe

2,442

1,094

2024 production replacement ratio

372 %

167 %

BOE Disclosure

The term barrels of oil equivalent (‘boe’) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Contracted Natural Gas Volumes

The 2025 contracted daily firm volumes under Alvopetro’s long-term gas sales agreement of 400 e 3 m 3 /d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Alvopetro’s reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro’s natural gas is approximately 7.8% higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e 3 m 3 /d (13.1MMcfpd).

Forward-Looking Statements and Cautionary Language

This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘may’, ‘believe’, ‘estimate’, ‘forecast’, ‘anticipate’, ‘should’ and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning the expected natural gas price, gas sales and gas deliveries under Alvopetro’s long-term gas sales agreement, the timing and taxation of dividends and plans for dividends in the future, plans relating to the Company’s operational activities, proposed exploration and development activities and the timing for such activities, capital spending levels, future capital and operating costs, future production and sales volumes, the expected timing of production commencement in Canada , arbitration procedures associated with the redetermination of working interests of the Caburé natural gas field,  anticipated timing for upcoming drilling and testing of other wells, and projected financial results. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of  redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro’s SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Alvopetro Energy Ltd.

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