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1911 Gold Corporation (‘1911 Gold’ or the ‘Company’) (TSXV: AUMB; OTCQB: AUMBF; FRA: 2KY) is pleased to announce the appointment of Éric Vinet as Chief Operating Officer (COO), effective December 1, 2025. The Company has also made several key site-level appointments to further strengthen its operations team, including Sam Bates (Mine Superintendent), David Towle (Mill Manager), and Dan Barrie (Director, Special Projects). These appointments reflect the Company’s strategic focus on building the operational leadership required to advance the 100%-owned and fully permitted True North Gold Project toward a planned restart of operations in 2027.

‘I am excited to welcome Éric Vinet to 1911 Gold as Chief Operating Officer,’ stated Shaun Henrichs, President & CEO. ‘Éric has already played a key role in shaping our technical and operational strategy through his current advisory work with the Company. His extensive experience in mine development, operational optimization, and risk management will be instrumental as we complete the Preliminary Economic Assessment and prepare for the trial mining program next year – important steps toward the restart of the True North Gold mine. Alongside other recent senior site-level appointments, Éric’s leadership further strengthens our capability to execute a safe, efficient, and successful restart of operations at True North.’

‘I look forward to joining 1911 Gold as it moves toward the restart of the True North gold mine,’ stated Éric Vinet. ‘The combination of a proven, high-grade gold system, a skilled operations team, and existing, permitted infrastructure creates an exceptional foundation for success. Having worked on similar underground operations throughout my career (and having spent the past year working alongside the 1911 Gold team as the project advanced), I see a tremendous opportunity to apply my technical and operational experience to safely and efficiently bring the mine back into production. I’m also eager to help evaluate other areas across the Rice Lake property that have strong potential to support additional near-term production.’

Éric Vinet, Chief Operating Officer

Mr. Vinet brings over 30 years of progressive technical and operational experience in the mining industry and has held several senior positions, including Senior Vice President (SVP) Operations at New Gold, where he was also General Manager at the Rainy River mine (2019-2020), repositioning the asset and reinitiating underground mining operations. Prior to this, Mr. Vinet served for several years as General Manager at Semafo Inc.’s gold operations in both Niger and Burkina Faso.

Prior to joining 1911 Gold, Mr. Vinet held key technical roles in several underground mining operations with production ranging from 800 to 4,800 tonnes per day. His experience includes the El Mochito Mine in Honduras with Breakwater Resources Ltd., the Nuestra Señora Mine in Sinaloa, Mexico with Scorpio Gold Corporation, and with African Barrick at the Bulyanhulu Mine in Tanzania. He also held progressively more senior positions at multiple underground operations in the Val-d’Or region, including the Louvicourt Mine, Sigma Mines, and the Kiena Gold and Copper Rand Mines in Chibougamau.

The breadth of this experience – spanning diverse mining methods, operational and capital budgeting, cost management, capital construction, contractor oversight, health and safety management, and the preparation of numerous technical studies – provides Mr. Vinet with a comprehensive and practical skill set that will greatly benefit the Company. He is a graduate of École Polytechnique de Montréal, earning his degree in Mining Engineering in 1989.

In connection with Mr. Vinet’s appointment as COO and under the terms of his current advisory agreement, he has been granted 800,000 options to purchase common shares of the Company, pursuant to the Company’s Long-Term Incentive Plan (the ‘LTIP’). Such options have an exercise price of $0.93 per common share and expire on October 28, 2030. The options vest as to one-third immediately and one-third after the first and second anniversaries of the date of grant. Mr. Vinet has also been granted 300,000 restricted share units (‘RSU’) under the LTIP, vesting one-third on December 1, 2025 and one-third after the first and second anniversaries of the effective date of his appointment.

Sam Bates, Mine Superintendent

Mr. Bates brings over 20 years of mining experience, primarily in the Red Lake gold camp, most recently serving as Mine Operations Superintendent at the Madsen Mine, where he oversaw underground development in support of the mine’s restart. His strong leadership and commitment to safety, combined with experience at operations such as McIlvenna Bay, Keno Hill, and Red Lake, further strengthen 1911 Gold’s site team.

David Towle, Mill Manager

Mr. Towle has over 40 years of milling and processing experience and was most recently Mill Manager at the Madsen Mine in Red Lake, where he managed mill commissioning and startup to achieve nameplate production. His extensive background in plant operations, commissioning, and leadership across multiple Canadian gold projects will be invaluable as 1911 Gold advances toward the restart of operations.

Dan Barrie, Director, Special Projects

Mr. Barrie brings over 30 years of experience in supply chain management, contract administration, and project execution across major Canadian mining projects. His proven expertise in procurement, logistics, and operational readiness will be instrumental as 1911 Gold strengthens its supply chain capabilities in support of long-term operational excellence.

About 1911 Gold Corporation

1911 Gold is a junior developer with a highly prospective, consolidated land package totaling more than 61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, Canada. The Company also owns the True North mine and mill complex in Bissett, Manitoba. 1911 Gold believes its land package represents a prime exploration opportunity, with the potential to develop a mining district centred on the True North complex.

In addition, the Company holds the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and remains focused on advancing organic growth while pursuing accretive acquisition opportunities across North America.

1911 Gold’s True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

www.1911gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or describes a ‘goal’, or variation of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.

All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the completion of the Preliminary Economic Assessment, and the timing and results thereof, commencement of trail mining next year, and the potential re-start of mining operations in 2027, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

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.

SOURCE 1911 Gold Corporation

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Investing

CHARBONE annonce le debut officiel des travaux de construction civil a Sorel-Tracy, conformement a l’echeancier annonce

(TheNewswire)

Brossard, Quebec TheNewswire – le 28 octobre 2025 CORPORATION CHARBONE (TSXV: CH,OTC:CHHYF; OTCQB: CHHYF; FSE: K47) (« CHARBONE » ou la « Société »), un producteur et distributeur nord-américain spécialisé dans l’hydrogène propre Ultra Haute Pureté (« UHP ») et les gaz industriels stratégiques, a le plaisir d’annoncer que les travaux de construction civil ont officiellement débuté hier, le 27 octobre 2025 sur le site de Sorel-Tracy, conformément à l’échéancier présenté dans le communiqué du 22 octobre dernier .

Ce jalon marque le lancement concret de la phase de construction du premier module de production d’hydrogène propre UHP de CHARBONE au Québec. Les travaux visent la préparation complète des infrastructures techniques et la mise en place des fondations nécessaires à la réinstallation des équipements principaux, dont la livraison avait été complétée avec succès plus tôt ce mois-ci.

« Nous sommes très fiers de voir le projet progresser exactement selon le plan établi , grâce à l’engagement exceptionnel de nos équipes et de nos partenaires , » a déclaré Dave B. Gagnon, PDG de CHARBONE . « Le début des travaux civils concrétise notre vision d’une production locale et décarbonée d’hydrogène propre UHP au Québec. Chaque étape franchie nous rapproche de la mise en service prévue en novembre et du déploiement de notre modèle modulaire . »

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À propos de CORPORATION CHARBONE

CHARBONE est une entreprise intégrée spécialisée dans l’hydrogène propre Ultra Haute Pureté (UHP) et la distribution stratégique de gaz industriels en Amérique du Nord et en Asie-Pacifique. Elle développe un réseau modulaire de production d’hydrogène vert tout en s’associant à des partenaires de l’industrie pour offrir de l’hélium et d’autres gaz spécialisés sans avoir à construire de nouvelles usines coûteuses. Cette stratégie disciplinée diversifie les revenus, réduit les risques et augmente sa flexibilité. Le groupe Charbone est coté en bourse en Amérique du Nord et en Europe sur la bourse de croissance TSX (TSXV: CH,OTC:CHHYF) ; sur les marchés OTC (OTCQB: CHHYF) ; et à la Bourse de Francfort (FSE: K47) . Pour plus d’informations, visiter www.charbone.com .

Énoncés prospectifs

Le présent communiqué de presse contient des énoncés qui constituent de « l’information prospective » au sens des lois canadiennes sur les valeurs mobilières (« déclarations prospectives »). Ces déclarations prospectives sont souvent identifiées par des mots tels que « a l’intention », « anticipe », « s’attend à », « croit », « planifie », « probable », ou des mots similaires. Les déclarations prospectives reflètent les attentes, estimations ou projections respectives de la direction de Charbone concernant les résultats ou événements futurs, sur la base des opinions, hypothèses et estimations considérées comme raisonnables par la direction à la date à laquelle les déclarations sont faites. Bien que Charbone estime que les attentes exprimées dans les déclarations prospectives sont raisonnables, les déclarations prospectives comportent des risques et des incertitudes, et il ne faut pas se fier indûment aux déclarations prospectives, car des facteurs inconnus ou imprévisibles pourraient faire en sorte que les résultats réels soient sensiblement différents de ceux exprimés dans les déclarations prospectives. Des risques et des incertitudes liés aux activités de Charbone peuvent avoir une incidence sur les déclarations prospectives. Ces risques, incertitudes et hypothèses comprennent, sans s’y limiter, ceux décrits à la rubrique « Facteurs de risque » dans la déclaration de changement à l’inscription de la Société datée du 31 mars 2022, qui peut être consultée sur SEDAR à l’adresse www.sedar.com; ils pourraient faire en sorte que les événements ou les résultats réels diffèrent sensiblement de ceux prévus dans les déclarations prospectives.

Sauf si les lois sur les valeurs mobilières applicables l’exigent, Charbone ne s’engage pas à mettre à jour ni à réviser les déclarations prospectives.

Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n’acceptent de responsabilité quant à la pertinence ou à l’exactitude du présent communiqué.

Pour contacter Corporation Charbone :

Téléphone bureau: +1 450 678 7171

Courriel: ir@charbone.com

Benoit Veilleux

Chef de la direction financière et secrétaire corporatif

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Investing

CHARBONE Announces the Official Start of Civil Construction Work in Sorel-Tracy, in Line with the Announced Schedule

(TheNewswire)

Brossard, Quebec TheNewswire – October 28, 2025 CHARBONE CORPORATION (TSXV: CH,OTC:CHHYF; OTCQB: CHHYF; FSE: K47) (‘ CHARBONE ‘ or the ‘ Company ‘), a North American producer and distributor specializing in clean Ultra High Purity (‘ UHP ‘) hydrogen and strategic industrial gases, is pleased to announce that civil construction work officially began yesterday, October 27, 2025, at the Sorel-Tracy site in accordance with the timeline presented in the Company’s October 22 press release.

This milestone marks the concrete launch of the construction phase for CHARBONE’s first clean UHP hydrogen production module in Quebec. The work involves the complete preparation of technical infrastructure and the installation of foundations required for the reassembly of the main equipment, the delivery of which was successfully completed earlier this month.

‘ We are extremely proud to see the project progressing exactly according to plan, thanks to the outstanding commitment of our teams and partners ,’ said Dave B. Gagnon, CEO of CHARBONE . ‘ The start of civil construction work brings our vision of local, decarbonized clean UHP hydrogen production in Quebec to life. Each milestone achieved brings us closer to commissioning in November and to the broader deployment of our modular model .’

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About CHARBONE CORPORATION

CHARBONE is an integrated company specializing in clean Ultra High Purity (UHP) hydrogen and the strategic distribution of industrial gases in North America and Asia-Pacific. Through a modular approach, the Company is building a distributed network of green hydrogen production plants while diversifying revenues via helium and specialty gas partnerships. This disciplined model reduces risk, enhances flexibility, and positions CHARBONE as a leader in the transition to a low-carbon future. CHARBONE is listed on the TSX Venture Exchange (TSXV: CH,OTC:CHHYF) , the OTC Markets (OTCQB: CHHYF) , and the Frankfurt Stock Exchange (FSE: K47) . Visit www.charbone.com .

Forward-Looking Statements

This news release contains statements that are ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’). These forward-looking statements are often identified by words such as ‘intends’, ‘anticipates’, ‘expects’, ‘believes’, ‘plans’, ‘likely’, or similar words. The forward-looking statements reflect management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under ‘Risk Factors’ in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

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

Contact Charbone Corporation

Telephone: +1 450 678 7171
Email: ir@charbone.com Benoit Veilleux CFO and Corporate Secretary

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Investing

Pinnacle Receives Positive Results from Preliminary Metallurgical Tests at El Potrero with Average of 95.09% Gold Recovery

(TheNewswire)

Highlights:

Three samples from the mineralized zone within the Pinos Cuates underground mine were sent to the SGS Lab in Durango, Mexico for grinding, bottle roll cyanide leach and gravity tests.
Initial grind calibration tests in a ball milling application achieved a target grind of 80% passing 270 mesh (53 micron) particle size.
Average unoptimized reagent consumption was 0.71 kg/t NaCN and 1.62 kg/t CaO, both within expected ranges for a preliminary test.
Initial gravity tests utilising a Knelson concentrator and Mozley table resulted in variable recoveries ranging from 29.1% to 76.38% for gold and 3.98% to 15.91% for silver.

‘We are very pleased with the results from this preliminary round of metallurgical tests , especially for gold recoveries, and considering that there were only three samples from one of the three historic mines,’ stated Robert Archer, Pinnacle’s President & CEO. ‘These tests were run using simple baseline parameters and without any optimization. The results indicate that we need to conduct mineralogical tests on the mineralization to determine the nature of the gold and silver occurrences. While it is likely that gold occurs either as free particles or in electrum, silver can occur in electrum, silver sulphides or silver sulphosalts. Once this has been established, further testing will be able to fine tune the metallurgical processes in order to increase recoveries, particularly for silver. Metallurgical testing is an iterative process, and it is expected that sampling of the other mines on the property will result in further variations. However, this is the whole point of the testing as we aim to maximize recoveries and streamline the flow sheet prior to rebuilding the plant.’

The Pinos Cuates mine is the central mine of the three historic workings on the Dos de Mayo low sulphidation epithermal vein system at El Potrero. The three metallurgical samples were taken from the raise and upper level of the mine, based upon the results of previous channel sampling. Each sample weighed approximately 25 kg. Samples were fire assayed with AAS finish for gold and silver, in duplicate, and analysed for 32 elements by 4-acid digestion and ICP finish. The latter confirmed that there are negligible amounts of copper, lead, zinc, arsenic, mercury or any other deleterious elements present. Some variation between gold analyses of the channel samples versus the metallurgical samples suggests the presence of a nugget effect, likely due to fine free gold, as silver analyses were comparable. A comparison of the two sets of analyses can be seen in the table below:

Channel sample	MET sample	Au g/t	Ag g/t
EPUG25097		2.91	108
	EPMET25001	6.20	99
EPUG25136		13.00	56
	EPMET25002	5.10	52
EPUG25421		34.60	228
	EPMET25003	17.30	210

Prior to the bottle leaching tests, a grinding calibration was carried out for each sample using a ball mill in order to achieve the target particle size for the leaching and gravity concentration tests, which was 80% passing 270 mesh (53 microns). This information will be used in future tests on hardness and work index.

A bottle roll test was carried out for each sample, separately from the gravity test, in order to evaluate the gold and silver extraction response for each method. The bottle roll test was performed in a 2-gallon Nalgene bottle, using 1,000 g of sample, with a retention time of 72 hours. Monitoring was conducted at intervals of 12, 24, 48, and 72 hours to collect solution samples and evaluate the gold and silver extraction kinetics. Additionally, sodium cyanide and lime consumptions were determined.

Dissolution kinetics showed rapid recoveries of 79-92% for gold after only 24 hours, increasing gradually to their ultimate levels of 92.81%, 95.68% and 96.79%, averaging 95.09%, after 72 hours. Silver recoveries increased more gradually towards 41.41%, 73.53% and 49.11%, with an average of 54.68%, after 72 hours. It is considered that a longer leach time could improve the silver recoveries.

Sodium cyanide (NaCN) consumption ranged from 0.49 to 0.94 kg/t, while lime (CaO) consumption ranged from 0.93 to 2.03 kg/t, both within expected ranges for unoptimized tests.

According to the SGS report, ‘Gravity concentration using the Knelson concentrator is based on the separation of mineral particles according to their density differences, applying centrifugal force. This equipment concentrates the heavy minerals (such as free gold or high-density sulfides) into a small volume of concentrate, while the lighter material is discharged as tailings.

The concentrate obtained from the Knelson is subsequently subjected to cleaning on a Mozley table, which allows for a finer and more selective separation. This stage improves the purity of the final concentrate by removing gangue minerals and obtaining a fraction richer in valuable minerals.

For metallurgical balance purposes, the sum of the Knelson concentrate and the Mozley ‘middlings’ is necessary, since both products belong to the same gravity concentration stream and contain a significant portion of the recovered metallic values. Combining these products provides a more accurate representation of the total recovery attributable to the gravity circuit, preventing underestimation of the metallic content in the overall balance.’

Approximately 20 kg of each sample with a particle size of 53 microns was used for the gravity tests. Gold recoveries were somewhat variable, yielding 29.10%, 33.02% and 76.38%, whereas silver was a little more consistent, albeit lower, with recoveries of 3.98%, 7.77% and 15.31%. As gold is heavier than silver, it is normal for gold to yield higher recoveries in a gravity circuit. The particularly high gold recoveries of 76.38% in one sample is likely due to the presence of a higher percentage of free gold. It is worth noting that this sample also had the highest head assay of 17.2 g/t Au and the highest recovery from leaching of 96.79%.

In subsequent metallurgical work, gravity and leaching tests will likely be conducted in series, with the high-grade gravity concentrate being removed and the tails being leached. While it is normal for higher grade material to yield higher recoveries, it is also considered that a finer grind and extended leach times may improve recoveries at the lower end. These along with other optimized process details will be addressed in the next testing stage.

Qualified Person

Mr. David Salari, P.Eng., a Director of Pinnacle and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved this news release.

Mr. Jorge Ortega, P. Geo, a Qualified Person as defined by National Instrument 43-101, and the author of the NI 43-101 Technical Report for the Potrero Project, has also reviewed and approved this news release.

About the Potrero Property

El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four operating mines, including the 4,000 tonnes per day (tpd) Ciénega Mine (Fresnillo), the 1,000 tpd Tahuehueto Mine (Luca Mining) and the 250 tpd Topia Mine (Guanajuato Silver).

High-grade gold-silver mineralization occurs in a low sulphidation epithermal breccia vein system hosted within andesites of the Lower Volcanic Series and has three historic mines along a 500 metre strike length. The property has been in private hands for almost 40 years and has never been systematically explored by modern methods, leaving significant exploration potential.

A previously operational 100 tpd plant on site can be refurbished / rebuilt and historic underground mine workings rehabilitated at relatively low cost in order to achieve near-term production once permits are in place. The property is road accessible with a power line within three kilometres. Surface rights covering the plant and mine area are privately owned (no community issues).

Pinnacle will earn an initial 50% interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the Company’s ownership to 100% subject to a 2% NSR. If successful, this approach would be less dilutive for shareholders than relying on the equity markets to finance the growth of the Company.

About Pinnacle Silver and Gold Corp.

Pinnacle is focused on the development of precious metals projects 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 .

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Investing

Metals Focus: Contrasting Futures for Platinum and Palladium

Platinum and palladium are both basking in gold’s glow, however their performance is tempered by each metal’s unique market dynamics.

Of the two, platinum has been the biggest winner in 2025. The price of the precious metal climbed by 90 percent to its year-to-date high of US$1,725 per ounce it reached briefly on October 16. Although the market has since experienced a pull back below the US$1,600 level, platinum prices remain at 12-year highs.

As for palladium, the precious metal rose by nearly 80 percent to reach a peak of US$1,630 on October 16. However, the palladium price has since fallen back to the US$1,430 level.

In its annual Precious Metals Investment Focus report published October 25, Metals Focus showcased key supply and demand trends moving the market and prices for precious metals such as platinum and palladium.

Platinum market reflecting more than gold’s shine

Platinum is no doubt benefitting from strong investor demand for precious metals on stagnation fears in 2025. But the metal’s robust supply and demand fundamentals are also at play, according to Metals Focus analysts.

Above ground inventories of platinum remain tight while future mine production is bogged down in operation challenges. “In Southern Africa, outages and heavy rainfall have disrupted production, while North America is undergoing restructuring,” noted the report.

On the demand side, the platinum demand from the jewelry sector has posted significant gains this year, especially in China. As the price of gold skyrockets, platinum jewelry has become a much more attractive alternative. Investment flows into platinum exchange-trade products in China and the US are another key demand driver for the metal this year.

Platinum and palladium prices

Chart via Metals Focus, Bloomberg

While platinum prices are at levels not seen in 12 years, palladium prices are only experiencing a 2-year high. “Palladium has also benefited at the margin, but remains a laggard, with a more lacklustre fundamental outlook limiting investor enthusiasm,” according to Metals Focus.

2026: Platinum bull and palladium bear

Platinum prices will continue to benefit from the overall upward trend in precious metals prices in the remainder of 2025 and well into 2026. The ongoing supply deficit in the platinum market is also highly price supportive.

Metals Focus is forecasting a third consecutive year of physical deficit for 2025, totaling 415,000 ounces as platinum mine output is expected to decline by 6 percent year-over-year. Demand is projected to fall by 4 percent largely due to lower outputs in the glass and automotive sectors.

Platinum’s supply deficit is expected to continue into 2026 and grow to an estimated 480,000 ounces as mine supply is forecast to fall by 2 percent to a 12 year low (excluding COVID 2020). “With few new projects coming online after years of underinvestment, mine supply is undergoing structural decline,” noted the report’s authors.

This will be happening at the same time that demand is expected to rebound by 1 percent on renewed industrial demand, specifically out of the glass and chemical sector in China. Yet, Metals Focus cautions that demand out the automotive and jewelry sectors are likely to contract.

The trend toward electrification is the auto industry may have slowed, but it’s still expected to erode platinum demand, especially as catalytic converter manufacturers shift back to more cost-effective palladium.

Metals Focus is forecasting a 2026 average platinum price of US$1,670 per ounce, up 34 percent over the previous year.

Platinum and palladium price outlook

Chart via Metals Focus, Bloomberg

Looking over to palladium, Metals Focus has a more bearish view. The firm is projecting palladium prices to average US$1,350 per ounce in Q4 2025, falling to US$1,150 by Q4 2026. Although the palladium market has been in a physical deficit for the past few years, that deficit is expected to shrink from 566,000 ounces in 2024 to 367,000 ounces in 2025 before narrowing even further to 178,000 in 2026.

The same structural issues plaguing platinum are also of course weighing on palladium mine supply, which is forecast to fall by 3 percent in 2026. However, secondary supply is projected to increase by 10 percent as recycling activity recovers. Overall, total palladium supply is expected to grow by 1 percent for the year. At the same time, demand for palladium is set to decline by just over 1 percent in 2026 on a drop from the automotive sector.

Investor takeaway

Both platinum and palladium are considered precious metals based on their rarity and use in jewelry fabrication and physical bullion. As such, they both are known to benefit when investor sentiment for safe-haven gold is high.

However, not all precious metals are precious to investors at the same time. Just ask silver. The industrial uses for these metals is a much bigger driver of demand compared to the investment space. For 2026, it’s platinum that will continue to ride gold’s rally and provide investors with plenty of upside based on its strong fundamentals.

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

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Politics

Swalwell demands 2028 Dem candidates vow to destroy Trump’s White House ballroom project

Rep. Eric Swalwell, D-Calif., said the next Democratic presidential nominee must vow to demolish President Donald Trump‘s White House ballroom, proposing the pledge a litmus test for the party’s 2028 contenders.

‘Don’t even think of seeking the Democratic nomination for president unless you pledge to take a wrecking ball to the Trump Ballroom on DAY ONE,’ Swalwell wrote on X on Saturday.

Swalwell’s office did not immediately respond to Fox News Digital for additional comment.

For the first time in its history, the White House will have a formal ballroom, a new addition built where the East Wing once stood, a project that has become a political flashpoint as photos of the demolition fuel debate over President Trump’s mark on the historic residence.

On July 31, White House press secretary Karoline Leavitt announced the planned construction of a 90,000-square-foot ballroom. The sprawling ballroom will accommodate approximately 650 seated guests and will stay true to the classical design of the White House.

‘The White House is currently unable to host major functions honoring world leaders in other countries without having to install a large and unsightly tent approximately 100 yards away from the main building’s entrance,’ Leavitt said, adding the new ballroom will be ‘a much-needed and exquisite addition.’

Construction on the White House grounds, which began earlier this month, is estimated to cost $250 million and will be financed by Trump and private donors.

The ballroom isn’t the only update.

Trump has introduced gold accents in the Oval Office and Cabinet Room, a new monument dubbed the ‘Arc de Trump,’ the ‘walk of fame’ with portraits of former presidents, including a photo of the autopen representing former President Joe Biden’s time in office, added stone pavers to the Rose Garden lawn and installed two 88-foot flagpoles.

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Politics

PHOTOS: The making of Trump’s White House ballroom, a look at the construction progress

History is being rewritten on the White House grounds, where a new formal ballroom is rising in place of the East Wing. The project has become a political lightning rod, as images of its construction reignite debate over President Donald Trump’s imprint on the nation’s most iconic address.

While the White House has hosted countless ceremonial events, it has never had a dedicated ballroom. The new structure will fill that void, replacing the historic East Wing with a space designed instead to host large-scale gatherings.

The ballroom is estimated to cost $250 million and will be financed jointly by Trump and private donors.

While the White House has pledged to release details on the individuals and corporations funding the ballroom’s construction, a comprehensive breakdown of contributions has not yet been made public.

During a July 31 briefing, White House press secretary Karoline Leavitt detailed the administration’s plans to construct a 90,000-square-foot ballroom on the White House grounds.

Leavitt said the new ballroom will accommodate approximately 650 seated guests and will stay true to the classical design of the White House.

She added that the new ballroom will be ‘a much-needed and exquisite addition.’

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Politics

Milei scores historic win in Argentina midterms, tightens grip on Congress

Argentine President Javier Milei secured a decisive victory Sunday in midterm elections, expanding his control of Congress and giving his government fresh momentum to push forward with deep spending cuts and sweeping free-market reforms.

The result gives Milei’s libertarian movement a boost and marks another sharp turn for one of Latin America’s largest and most volatile economies.

Milei’s party, La Libertad Avanza, won about 41.5% of the vote in Buenos Aires province, a historic upset in a region long dominated by the Peronist opposition. The rival coalition took 40.8%, according to figures cited by Reuters and The Associated Press.

Nationwide, La Libertad Avanza increased its seats in the lower house from 37 to 64, positioning Milei to more easily defend his vetoes and executive decrees that have defined his economic agenda.

‘The result is better than even the most optimistic Milei supporters were hoping for,’ Marcelo Garcia, Americas director at the risk-analysis firm Horizon Engage, said in comments reported by Reuters. ‘With this result, Milei will be able to easily defend his decrees and vetoes in Congress.’

Political consultant Gustavo Cordoba told Reuters the outcome reflected a cautious optimism among voters who appear willing to give Milei’s economic policies more time.

‘Many people were willing to give the government another chance,’ Cordoba said. ‘The triumph is unobjectionable, unquestionable.’

Reuters reported that inflation has fallen from 12.8% before Milei’s inauguration to 2.1% last month. His government has also posted a fiscal surplus and pushed through broad deregulation measures — a dramatic reversal after years of economic turbulence.

According to The Associated Press, the U.S. government under President Donald Trump offered Argentina a $40 billion aid package, including a $20 billion currency swap and a proposed $20 billion debt-investment facility, after tying future U.S. support to Milei’s performance in the midterms.

Investors reacted positively to the results. Reuters reported that Argentine bonds and stocks are expected to rally as Milei’s stronger hand in Congress gives him the political capital to accelerate his reforms

Milei called the election ‘a turning point for Argentina,’ according to AFP via the Times of Israel.

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Politics

TREY GOWDY: China is misjudging Trump on trade. It may soon be very surprised

In a political environment where little is agreed upon, there stands one exception: China. That country is cited by nearly every national security expert as the No. 1 geopolitical threat to the U.S. The question is how to coexist without being codependent, how to compete without conflict, and how to protect American producers and consumers while China plays by its arbitrary rules.

No sooner had a meeting between President Donald Trump and Chinese President Xi Jinping been announced before China threatened U.S. access to rare earth minerals. The U.S. countered by threatening an additional 100% tariff on Chinese imports.

Most Americans could not conjure why China would make such a provocative move after both presidents agreed to meet. Surely, the Chinese government must know Trump would react. Xi has been the leader of China for well over a decade with no sign of relenting.

Conversely, Trump is nearly a year into his final term in office. China has always played the long game, assuming Americans lack the will to wait out a prolonged contest. China thinks patience will win — that Americans can’t sustain pressure. It may wind up being surprised that patience is an overrated virtue and how quickly this administration can act.

The Trump administration has already resolved conflicts around the globe, as evidenced by its history-defying peace agreement in the Middle East. The administration has used tariffs and the threat thereof to increase revenue for the U.S., balance the trade playing field and reposition the U.S. for increased domestic manufacturing.

It has been clear about the threats posed by Venezuela, repositioned our relationship with Colombia, opened dialogue between Israel and moderate Arab states, bombed Iranian nuclear ambitions and closed a porous border. All of that in less than a year.

The conflict left to be resolved is in Eastern Europe, and the ‘white whale’ among outstanding trade agreements is China. The two are interconnected. While the U.S. was trying to isolate Russia for its aggression against Ukraine, China was providing both military and economic assistance to Russia.

Next on the administration’s agenda is ending the Russian invasion of Ukraine and negotiating a trade agreement with China that can withstand the reality that the problematic forces within today’s Chinese Communist Party aren’t going anywhere.

Even if Xi steps down or his power wanes, there is no Chinese equivalent to America’s 22nd Amendment — no constitutional limit to the number of terms or years a leader can serve. That means Beijing’s leadership can remain in power indefinitely, which is a central pillar of the Communist Party’s strategy. The United States must live with that reality and yet negotiate from a position of strength to achieve our interests.

While recent reports suggest Xi’s grip may be weakening amid internal purges and speculation about dissent within the Chinese Communist Party, history teaches such reports are often exaggerated. And even if Xi were to fall, his successor would continue the long-term authoritarian policies that define modern China.

China perceives time and our democratic system as allies in its strategy. The key is to make Beijing recognize Trump’s impatience with that country’s malingering and duplicity is not a weakness but rather a threat to their own interests.

The administration’s China pressure strategy isn’t confined to tariffs. It extends to the technological front, where the next great battles for global power will be fought.

The Trump administration has already resolved conflicts around the globe, as evidenced by its history-defying peace agreement in the Middle East.

Recognizing that China’s dominance in communications and artificial intelligence poses an existential threat to U.S. security, the Trump administration has moved to aggressively end Beijing’s control of critical infrastructure.

For example, the Department of Justice has taken decisive steps to counter the dominance of Huawei, a company controlled by the Chinese Communist Party, over global telecommunications. Huawei still controls the global telecom market (and, by extension, the AI and 5G future) and has repeatedly been found by the Department of Defense and our security agencies to include backdoors and security vulnerabilities.

To level this playing field, the Trump administration — working together with U.S. intelligence officials — approved the HPE-Juniper merger, giving America a credible competitor and a real chance to out-innovate China while securing critical communications infrastructure.

There were opponents to this merger — both the usual suspects and a few new ones. Democrat attorneys general, led by Colorado Attorney General Phil Weiser — are crying foul but doing so without access to any of the information necessary to make an informed decision. Too often, visceral disdain for the president has supplanted a reasoned consideration of national security realities.

When the president perceived national security threats in the computer chip realm, he took the unprecedented step of teaming with Intel. Unconventional? Yes. But these are not traditional times, and the next conflicts will not be waged in conventional terms.

While progress has been made both practically and in principle with China, more remains to be done, which is why the president and his economic, trade and national security teams are willing to meet with China. Next may come tightening export controls on other sensitive technologies and strengthening military partnerships in the Indo-Pacific to deter Chinese ambitions.

Beijing has watched Trump re-invigorate NATO, end several wars, impose tariffs and meet intended pain with imposed pain. Beijing has seen patience when warranted, power when called for, and an overarching preference for peace.

While recent reports suggest Xi’s grip may be weakening amid internal purges and speculation about dissent within the Chinese Communist Party, history teaches such reports are often exaggerated.

Do not mistake diplomacy for weakness or discussion for a lack of resolve. Trump can make peace, level the playing field, stop intellectual property theft, punish currency manipulation and allow for healthy, fair competition, even among perceived opponents.

The fact that someone seeks peace does not mean he isn’t preparing for a world without it. China would be wise to know that while democracy limits a person’s time in office, it does nothing to deter the speed with which actions can be taken to preserve that democracy.

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Politics

Trump answers whether he would run as vice presidential candidate in 2028

President Donald Trump shot down speculation that he would run as a vice presidential candidate in 2028, telling reporters aboard Air Force One that Republicans already have ‘great’ prospective candidates.

Trump made the statement during a gaggle with reporters on Sunday, brushing off questions about whether he would fully pursue such an option. Trump pointed to Vice President JD Vance and Secretary of State Marco Rubio as two potential successors, while denigrating potential Democratic candidates as ‘low IQ.’

‘We have great people. I don’t have to get into that, but we have one of them standing right here. We have JD, obviously. The Vice President is great. Marco is great, I think. I’m not sure if anybody would run against those. I think if they ever formed a group, it would be unstoppable,’ Trump said.

‘They have Jasmine Crockett, a low IQ person. They have AOC’s low IQ. If you give her an IQ test, have her pass, like, the exams that I decided to take when I was at Walter Reed. I took those very hard, they’re really aptitude tests, I guess, in a certain way, but they’re cognitive tests. Let AOC go against Trump. Let Jasmine go against him,’ he continued.

‘The first couple of questions are easy. A tiger, an elephant, a giraffe, you know. When you get up to about five or six, and then when you get up to 10 and 20 and 25, they couldn’t come close to answering any of those questions,’ he asserted.

Asked about whether he would run as vice president in 2028, Trump noted that he would be ‘allowed to do that,’ but he called the plan ‘too cute.’

‘Is it the White House, or the White House counsel’s, or your legal position, I guess, that you could do that?’ a reporter pressed.

‘You’d be allowed to do that, but I wouldn’t do that. I think it’s too cute,’ Trump responded.

Trump’s comments come as he flies across Asia meeting with world leaders in a five-day tour this week. The president landed in Japan early Tuesday morning, and he is expected to meet with newly-elected Prime Minister Sanae Takaichi in Tokyo. Takaichi is Japan’s first female prime minister.

Trump also confirmed on Sunday that he would be open to meeting with North Korean dictator Kim Jong Un during his visit to South Korea.

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