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Freegold Significantly Upgrades and Expands Resources at Golden Summit

 

 

  •   2024’s drill program was highly successful at converting Inferred resources, upgrading and expanding Indicated resources – meeting the key objectives and providing a foundation for Pre-Feasibility activities.  

    •  

  •   Indicated Primary Mineral Resource: 17.2 Moz at 1.24 g/t Au, a 42% increase in ounces and 15% grade increase from our Sept/24 resource estimate.

    •  

  •   Inferred Primary Mineral Resource: 11.9 Moz at 1.04 g/t Au, a 11 % increase in ounces, at the same grade

    •  

  • Cut-off grades are unchanged at 0.50 g/t Au.

    •  

  •   The 2025 Program will consist of infill and expansion drilling. Infilling is expected to continue the trend of enhancing grade and ounces, while converting Inferred Resources to Indicated Resources.

    •  

  •   Ongoing Metallurgical Work has demonstrated >90% recoveries with sulphide-oxidizing methods such as BIOX®, POX, and the Albion Process. Additional test work is ongoing for these and conventional processing methods.

    •  

 

 

 

   2025 PROGRAM   

 

  •   Drilling in progress with four rigs, 30,000m planned.

       Conversion of inferred resources into indicated & further exploration drilling.

      

    •  

  •   Ongoing metallurgical work, focusing on flowsheet optionality with sulphide oxidation is a key part of our strategy to maximize the potential of the resource
    .      

    •   

 

 

 Freegold Ventures Limited (TSX: FVL,OTC:FGOVF) (OTCQX: FGOVF) (‘Freegold’ or the ‘Company’) is pleased to announce an updated mineral resource estimate (‘MRE’) for its Golden Summit Project, located near Fairbanks, Alaska . In line with the results from our 2023 drill program, the 2024 program has significantly increased the number of ounces and improved Indicated grades, all while maintaining finding costs below US$4 per ounce. This new estimate incorporates data from drilling conducted in 2024 and includes metallurgical recoveries from our extensive metallurgical program. This represents another critical milestone in our ongoing exploration and development efforts.

 

 

   

 

 

  Comparison of July 2025 , September 2024 and March 2023 Resource Estimates  

 

 

                                                                                     

 

   July 2025 Resource Update   

 

    

   September 2024 Resource Update   

 

    

   March 2023 Resource Update   

 
 

   Primary Open Pit Resource   

 

    

   Primary Open Pit Resource   

 

    

   Primary Open Pit Resource   

 
   

   Moz   

 

  

   gpT   

 

  

   Cut
off
Grade   

 

      

   Moz   

 

  

   gpT   

 

  

   Cut
off
Grade   

 

      

   Moz   

 

  

   gpT   

 

  

   Cut
off
Grade   

 
 

  Indicated  

 

  

   17.2   

 

  

   1.24   

 

  

  0.5  

 

    

  Indicated  

 

  

  12.1  

 

  

  1.08  

 

  

  0.5  

 

    

  Indicated  

 

  

  12.0  

 

  

  0.92  

 

  

  0.45  

 
 

   Change from
2024   

 

  

  42 %  

 

  

  15 %  

 

      

   Change from
2023   

 

  

  0 %  

 

  

  18 %  

 

            
 

  Inferred  

 

  

   11.9   

 

  

   1.04   

 

  

  0.5  

 

    

  Inferred  

 

  

  10.3  

 

  

  1.04  

 

  

  0.5  

 

    

  Inferred  

 

  

  7.7  

 

  

  0.85  

 

  

  0.45  

 
 

   Change from
2024   

 

  

  16 %  

 

  

  0 %  

 

      

   Change from
2023   

 

  

  33 %  

 

  

  22 %  

 

            
 

   Cut off gpt 0.50 (GP$2,490)   

 

    

   Cut off gpt 0.50 (GP$1,973)   

 

    

   Cut off gpt 0.45 (GP$1792)   

 

 

 

    July 2025 Updated Mineral Resource Estimate   

 

 

                                                  

 

   Cut-off Grade   

 

   gpT   

 

  

   Classification   

 

  

   Au   

 

   gpt   

 

  

   Tonnes   

 

  

   Ounces   

 
 

   OXIDE   

 

        
 

  0.15  

 

  

  Indicated  

 

  

  0.45  

 

  

  63,706,000  

 

  

  920,000  

 
 

  0.15  

 

  

  Inferred  

 

  

  0.47  

 

  

  18,837,000  

 

  

  287,000  

 
 

   PRIMARY   

 

        
 

  0.50  

 

  

   Indicated   

 

  

   1.24   

 

  

   431,949,000   

 

  

   17,236,000   

 
 

  0.50  

 

  

   Inferred   

 

  

   1.04   

 

  

   357,614,000   

 

  

   11,964,000   

 
 

   UNDER PIT   

 

        
 

  0.75  

 

  

  Indicated  

 

  

  1.12  

 

  

  2,205,000  

 

  

  79,000  

 
 

  0.75  

 

  

  Inferred  

 

  

  1.35  

 

  

  18,014,000  

 

  

  782,000  

 

 

 

 

 

 

    Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price of US$2,490 /ounce, US$2.50/t mining cost, US$25 processing cost, US$2.00/t G+A, 92% gold recovery, and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand.    

 

 

 

The July 2025 resource estimate utilises a recovery rate of 92%, which is the average of the three sulfide oxidation methods assessed to date, along with a 3-year trailing gold price of $2,490 . Processing costs have increased from   US$14 per tonne ( 72% recovery)   to US$25 per tonne   (92% recovery) to account for the additional processing needed to achieve these higher recoveries. Ongoing metallurgical work aims to identify the most effective oxidation method for the deposit and to further optimize the use of gravity, flotation, and CIL techniques, determining if a simpler flowsheet is preferable.

 

Since 2020, Golden Summit has become one of North America’s largest undeveloped gold resources. The significant increase in resource ounces and grade is due to several targeted drilling campaigns conducted between 2020 and 2024, continuous upgrades to geological models, and a deeper understanding of the site. Additionally, strong metallurgical results have contributed to these advancements. The project presents an exceptional development opportunity, further enhanced by its strategic proximity to essential infrastructure, including roads, supply centres, and a readily available labour force.

 

The drilling programs have discovered significantly higher-grade material and have converted previously classified waste areas into mineralized zones deemed potentially economically viable. The expansion of mineralisation to the west has also provided new data on the higher-grade portions of Golden Summit. Consequently, there has been an increase in both the total indicated gold ounces and their grades within an open-pit context.

 

While the increase in resource size has been our most notable success, the improvement in grade has been particularly rewarding for Freegold. The expanded database of drill holes has enabled us to refine the geological model and deepen our understanding of how higher-grade mineralisation is distributed within a broader lower-grade halo. Over the last year, the focus has been on strengthening fault control boundaries to identify a higher-grade corridor, which has contributed to our success in increasing the overall grade of the indicated resource.

 

We anticipate that further infill drilling will help convert inferred resources into the indicated category and may continue the trend of increasing grade as we reduce drill spacing. This will contribute to greater confidence in the higher-grade zones identified in our model. The most recent resource estimate indicates growth in both overall resources and grades, while also maintaining Freegold’s remarkably low discovery cost of less than $4.00 per ounce.

 

In 2025, Freegold will focus on upgrading inferred resources to indicated resources to support further the planned pre-feasibility study (PFS), scheduled to commence later this year. Since inferred resources cannot be included in a PFS, drilling activities will focus on improving grade and increasing drill density to move inferred resources into the indicated category. Additionally, further drilling will aim to enhance the resource and define a smaller, higher-grade starter pit as the project progresses through the pre-feasibility phase. The goal is to reduce both operating and initial capital costs. This strategic approach is designed to optimize value by minimizing expenditures while maximizing resource grade and growth, thereby increasing overall effectiveness.

 

Supplementary metallurgical test holes will be drilled to obtain additional material for comprehensive testing. This will help optimize recovery rates and identify the most suitable processing methods. In addition, geotechnical drilling is being conducted to assess groundwater conditions. Ongoing archaeological, paleontological, and cultural resources studies are also part of the process.

 

Trade-off studies will be conducted to enhance the project’s economics, weighing improved recovery rates against capital and operating expenses as development proceeds. These studies will also assess various cut-off grades and strip ratios. The table below presents specific cut-off grades applicable within and beneath the current pit.

 

  OXIDE  

 

 

                                                                      

 

   Cut-Off Grade   

 

   gpt   

 

  

   Classification   

 

  

   Au   

 

   gpt   

 

  

   Tonnes   

 

  

   Ounces   

 
 

  1.00  

 

  

   Indicated   

 

  

  1.98  

 

  

  4,154,000  

 

  

  264,000  

 
 

  0.75  

 

  

   Indicated   

 

  

  1.45  

 

  

  7,954,000  

 

  

  370,000  

 
 

  0.50  

 

  

   Indicated   

 

  

  1.08  

 

  

  14,153,000  

 

  

  490,000  

 
 

  0.40  

 

  

   Indicated   

 

  

  0.89  

 

  

  20,007,000  

 

  

  574,000  

 
 

  0.30  

 

  

   Indicated   

 

  

  0.70  

 

  

  30,918,000  

 

  

  695,000  

 
 

  0.15  

 

  

   Indicated   

 

  

  0.45  

 

  

  63,706,000  

 

  

  920,000  

 
         
 

  1.00  

 

  

   Inferred   

 

  

  1.47  

 

  

  1,598,000  

 

  

  76,000  

 
 

  0.75  

 

  

   Inferred   

 

  

  1.08  

 

  

  4,628,000  

 

  

  160,000  

 
 

  0.50  

 

  

   Inferred   

 

  

  1.02  

 

  

  5,225,000  

 

  

  172,000  

 
 

  0.40  

 

  

   Inferred   

 

  

  0.90  

 

  

  6,613,000  

 

  

  191,000  

 
 

  0.30  

 

  

   Inferred   

 

  

  0.74  

 

  

  9,242,000  

 

  

  221,000  

 
 

  0.15  

 

  

   Inferred   

 

  

  0.47  

 

  

  18,837,000  

 

  

  287,000  

 

 

 

  PRIMARY  

 

 

                                                                      

 

   Cut-Off
Grade   

 

   gpt   

 

  

   Classification   

 

  

   Au   

 

   gpT   

 

  

   Tonnes   

 

  

   Ounces   

 
 

  1.00  

 

  

   Indicated   

 

  

  2.51  

 

  

  131,992,000  

 

  

  10,666,000  

 
 

  0.75  

 

  

   Indicated   

 

  

  1.85  

 

  

  220,694,000  

 

  

  13,115,000  

 
 

  0.50  

 

  

   Indicated   

 

  

  1.24  

 

  

  431,949,000  

 

  

  17,236,000  

 
 

  0.40  

 

  

   Indicated   

 

  

  1.04  

 

  

  579,279,000  

 

  

  19,358,000  

 
 

  0.30  

 

  

   Indicated   

 

  

  0.87  

 

  

  774,281,000  

 

  

  21,541,000  

 
 

  0.15  

 

  

   Indicated   

 

  

  0.68  

 

  

  1,094,031,000  

 

  

  23,862,000  

 
         
 

  1.00  

 

  

   Inferred   

 

  

  2.08  

 

  

  96,158,000  

 

  

  6,427,000  

 
 

  0.75  

 

  

   Inferred   

 

  

  1.60  

 

  

  157,927,000  

 

  

  8,125,000  

 
 

  0.50  

 

  

   Inferred   

 

  

  1.04  

 

  

  357,614,000  

 

  

  11,964,000  

 
 

  0.40  

 

  

   Inferred   

 

  

  0.87  

 

  

  499,019,000  

 

  

  14,006,000  

 
 

  0.30  

 

  

   Inferred   

 

  

  0.74  

 

  

  676,275,000  

 

  

  15,987,000  

 
 

  0.15  

 

  

   Inferred   

 

  

  0.56  

 

  

  1,018,956,000  

 

  

  18,473,000  

 

 

 

  UNDER PIT  

 

 

                                                                      

 

   Cut-Off
Grade   

 

   gpt   

 

  

   Classification   

 

  

   Au   

 

   gpT   

 

  

   Tonnes   

 

  

   Ounces   

 
 

  1.00  

 

  

   Indicated   

 

  

  1.38  

 

  

  1,106,000  

 

  

  49,000  

 
 

  0.75  

 

  

   Indicated   

 

  

  1.12  

 

  

  2,205,000  

 

  

  79,000  

 
 

  0.50  

 

  

   Indicated   

 

  

  0.76  

 

  

  6,741,000  

 

  

  165,000  

 
 

  0.40  

 

  

   Indicated   

 

  

  0.63  

 

  

  11,872,000  

 

  

  239,000  

 
 

  0.30  

 

  

   Indicated   

 

  

  0.50  

 

  

  21,854,000  

 

  

  351,000  

 
 

  0.15  

 

  

   Indicated   

 

  

  0.35  

 

  

  46,969,000  

 

  

  525,000  

 
         
 

  1.00  

 

  

   Inferred   

 

  

  1.92  

 

  

  8,537,000  

 

  

  526,000  

 
 

  0.75  

 

  

   Inferred   

 

  

  1.35  

 

  

  18,014,000  

 

  

  782,000  

 
 

  0.50  

 

  

   Inferred   

 

  

  0.81  

 

  

  62,654,000  

 

  

  1,635,000  

 
 

  0.40  

 

  

   Inferred   

 

  

  0.66  

 

  

  107,236,000  

 

  

  2,277,000  

 
 

  0.30  

 

  

   Inferred   

 

  

  0.53  

 

  

  182,142,000  

 

  

  3,117,000  

 
 

  0.15  

 

  

   Inferred   

 

  

  0.34  

 

  

  444,266,000  

 

  

  4,898,000  

 

 

 

 

 

 

    Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price of $ US$2,490/ounce, US$2.50/t mining cost, US$25 processing cost, US$2.00/t G+A, 92% gold recovery, and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand.    

 

 

 

The Golden Summit assay dataset for the current MRE includes collar locations for 444 drill holes and 89,485 assays within the grade shell boundaries used to constrain the MRE. The MRE is constrained within three lithological domains that have been used for resource estimation: High-Grade Schist, Low-Grade Schist and Intrusive. These three domains are further constrained by a 0.14 g/t Au gradeshell.

 

Compositing of samples is performed to mitigate the impact of sample length on the contribution of sample grade (sample support). Assays were composited to a length of three (3) meters, as over 90% of the samples within the three domains have a length equal to or less than three meters. Composites honour domain boundaries, and if the last sample within a domain was less than 1.0 meters in length, it was discarded.

 

Capping analysis was conducted for composites in three domains using cumulative frequency curves. A break in the cumulative frequency curve for the High-Grade Schist domain at 110 g/t suggested that this would be an appropriate capping level. However, it was determined that applying this cap resulted in a lower average gold grade for the block model compared to the corresponding composite population. Consequently, the capping level was increased to 170 g/t. At this new level, only two composites were affected, resulting in a 1.5% reduction in the cumulative value of the composite population.

 

In the Low-Grade Schist domain, the capping level was set at 70 g/t Au, where the cumulative frequency curve shows a sharp break. This affected ten composites, resulting in an approximate 1.5% decrease in the cumulative value of the composite population.

 

For the Intrusive domain, the cumulative frequency curve exhibits a break between 7 and 8 g/t, and the capping level was set at 8 g/t. Six composites were impacted by this cap, resulting in a reduction of about 1.5% in the aggregate value of the population.

 

In 2024, Freegold provided Tetra Tech with 75 specific gravity measurements, of which 33 were identified as intrusive and 42 as schist. The average specific gravity for intrusive samples was 2.68 g/cm³, while for schist samples, it was 2.67 g/cm³. These average values are very similar to previous measurements and were applied to the estimation domain wireframes.

 

Variographic ranges were analyzed using Sage 2001 software, which generates least-squares best-fit curves for the variogram values. The Schist parameters were utilized for the High-Grade domain, as it is primarily located within the Schist domain.

 

Grades were interpolated into the block model in a single pass using SGS Genesis software and the ordinary kriging method. For a grade to be interpolated into a block, a minimum of four (4) and a maximum of six (6) composites had to be present within the volume of the search ellipse. Additionally, a maximum of two composites was permitted from a single drill hole, ensuring that the grade interpolated into each block was informed by composites from at least two different drill holes. The dimensions of the search ellipses were determined by combining variographic ranges with the minimum requirements needed to include at least two drill holes.

 

Mineral Resources were classified as Indicated or Inferred as defined by CIM (2005, 2014).

 

Because the Golden Summit mineralization occurs in part at or near surface, the global estimated resource was constrained with a conceptual pit shell. The gold price was obtained from three-year trailing averages. Mining and processing costs were obtained from internal Freegold studies, and the process recovery is based on 2024 metallurgical tests.

 

The block model has been validated through visual comparison of blocks and associated assay grades, as well as numeric comparison of assay, composite, and block model grades using swath plots.

 

The past five years have been transformational for the Company, and 2025 is set to be an exciting year for Freegold. Our plans include further metallurgical test work, as well as additional infill and expansion drilling. The 2024 program demonstrated our ability to both expand the resource and improve the overall resource grade. A Pre-Feasibility Study (PFS), which will incorporate the 2025 drilling results, is expected to commence later this year. We want to acknowledge the continued support of our shareholders and look forward to making further progress with the 2025 program.

 

  Qualified Person and Technical Information  

 

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS’s facility using the PREP-31BY package. Each core sample is crushed to better than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS’s Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the fine fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS’s North Vancouver and Reno facilities. Several holes were analyzed by MSALABS. At MSALABS, the entire sample was dried and crushed to 70% passing -2mm (CRU-CPA). A ~500g riffle split was analyzed for gold using CHRYSOS PhotonAssay (CPA-Au1). From this, 250g was further riffle split from the original PhotonAssay sample, pulverized, and a 0.25g sub-sample was analyzed for multi-element geochemistry using MSA’s IMS230 package, which includes 4-acid digestion and ICP-MS finish. MSALABS operates under ISO/IEC 17025 and ISO 9001 certified quality systems. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

 

The MRE, with an effective date of July 23, 2025 , was prepared by Tetra Tech Canada. Greg Mosher , P. Geo and Maurie Marks , P.Eng of Tetra Tech Canada are ‘Qualified Persons’ for the Updated Mineral Resource Estimate as defined in NI 43-101 and are ‘independent’ of Freegold for the purposes of NI 43-101. Greg Mosher and Maurie Marks have reviewed and approved the scientific and technical information herein regarding the Golden Summit project. Greg Mosher visited Golden Summit on November 11–12, 2022, and October 16, 2024 . Greg Mosher and Maurie Marks visited the project on September 12, 2023 .

 

The full technical report, which is being prepared in accordance with NI 43-101 by Tetra Tech Canada, will be available on SEDAR ( www.sedarplus.com) under the Company’s issuer profile within 45 days from this news release.

 

  Alvin Jackson , P.Geo, Vice President of Exploration and Development of the Company and a ‘Qualified Person’ as defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein.

 

  Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold’s Annual Information Form for the year ended December 31st, 2024 , filed under Freegold’s profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold’s operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect   on Freegold’s business, results of operations, and financial condition.  

 

SOURCE Freegold Ventures Limited

 

 

 

  View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/24/c0851.html  

 

 

 

News Provided by Canada Newswire via QuoteMedia

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Drill Program Planning at Flagship Mosseau Project in Quebec is Complete: Regional Exploration Plans at Labelle and Urban Barry Properties Commissioned

 

(TheNewswire)

 

  

 
 

 

Vancouver, British Columbia TheNewswire – July 24, 2025 ‑ Harvest Gold Corporation (TSXV: HVG,OTC:HVGDF) (‘ Harvest Gold ‘ or the ‘ Company ‘) is pleased to announce that it has completed all aspects of preparation for a diamond drilling program slated to begin in early August 2025 at its 100%-owned Mosseau Gold Project in the Abitibi Greenstone Belt, Quebec (Figure 1). This follows an extensive regional data compilation, high-resolution magnetic survey, and encouraging results from recent fieldwork, including reconnaissance mapping, prospecting, soil sampling.

 

  The present financing announced July 3, 2025 is expected to close on or about July 31, 2025 and, once closed, the funds will be released immediately to the related exploration contractors.  

 

Rick Mark, President and CEO of Harvest Gold states: ‘I want to thank Louis Martin and the entire geological team for their excellent and extensive work in preparing for drilling at Mosseau. The quality and scale of the targets identified across this large property provide a strong foundation for what we believe is a significant discovery opportunity. We will also fly a magnetic survey on Labelle and execute a regional till sampling program on Urban Barry, both largely unexplored until now.’

 

  Phase I of the diamond drill program is expected to consist of approximately 5,000 metres of drilling and will test the highest-priority targets in both the Northern and Central portions of the property to evaluate their gold potential (Figure 2).  

 

  The Company has now identified approximately 23 priority drill targets, located in the Northern and Central parts of the Mosseau property (Figure 3), as a result of its integrated exploration efforts. These targets exhibit strong geological, geochemical, and geophysical signatures consistent with orogenic gold mineralization (Figure 4).  

 

  In addition to the Mosseau drill program, Harvest Gold will be launching two key regional exploration initiatives this summer:  

 

  •  

      A high-resolution magnetic survey over the LaBelle property, and  

     

    •  

  •  

      A property-wide till sampling survey over its Urban Barry properties.  

     

    •  

  These programs are designed to expand the Company’s exploration pipeline and support future drill targeting across its Quebec project portfolio.  

 

    
Click Image To View Full Size  

 

  Figure 1: Project Location: Urban-Barry Greenstone Belt  

 

    
Click Image To View Full Size  

 

  Figure 2: Magnetic Domains across the Northern and Central Target Areas of Mosseau  

 

    
Click Image To View Full Size  

 

  Figure 3: Drill targets on the Mosseau property (magnetics)  

 

    
Click Image To View Full Size  

 

  Figure 4: Compilation and Drill targets in the Central Part – Mosseau (magnetics)  

 

  Qualified Person Statement  

 

  All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo., Technical Advisor to the Company and considered a Qualified Person for the purposes of NI 43-101.  

 

  About Harvest Gold Corporation  

 

 Harvest Gold is focused on exploring for near surface gold deposits and copper-gold porphyry deposits in politically stable mining jurisdictions. Harvest Gold’s board of directors, management team and technical advisors have collective geological and financing experience exceeding 400 years.

 

  Harvest Gold has three active gold projects focused in the Urban Barry area, totalling 377 claims covering 20,016.87 ha , located approximately 45-70 km west of Gold Fields – Windfall Deposit (Figure 1).  

 

  Harvest Gold acknowledges that the Mosseau Gold Project straddles the Eeyou Istchee-James Bay and Abitibi territories.  Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local Indigenous communities.  

 

Harvest Gold’s three properties, Mosseau, Urban-Barry and LaBelle, together cover over 50 km of favorable strike along mineralized shear zones.

 

  ON BEHALF OF THE BOARD OF DIRECTORS  

 

Rick Mark
President and CEO
Harvest Gold Corporation

 

  For more information please contact:  

 

  Rick Mark or Jan Urata
@ 604.737.2303 or     info@harvestgoldcorp.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.  

 

  Forward Looking Information  

 

  This news release includes certain statements that may be deemed ‘forward looking statements’. All statements in this news release, other than statements of historical facts, that address events or developments that Harvest Gold expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur.  

 

  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and   actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.  

 

Copyright (c) 2025 TheNewswire – All rights reserved.

 

 

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Maritime Commences Construction at Hammerdown, Adds to Technical Team

Maritime Resources Corp. (TSXV: MAE,OTC:MRTMD) (‘Maritime’ or the ‘Company’) is pleased to provide an update for the Hammerdown Gold Project, located in the Baie Verte mining district of Newfoundland and Labrador (‘Hammerdown’), near the towns of King’s Point and Springdale, including its Pine Cove milling facility located near the towns of Baie Verte and Ming’s Bight.

Highlights:

  • Start of civil construction and earthworks at the Hammerdown Gold Project

  • Excavation and transportation of the historic ore pad to the Pine Cove mill

  • Strengthening of the technical and project management team

  • Funding received from provincial government for reagent technology pilot project

‘Activity at Hammerdown is ramping up with work crews focused on the civil earthworks to prepare the site for mine development, including overburden removal, site road and stockpile pad construction along with the water management systems. Through this work our site team was able to locate and excavate the original Richmont Mines ore pad which has been transported to our Pine Cove mill for processing,’ comments Garett Macdonald, President and Chief Executive Officer. ‘We have also made several key project management appointments and have established the procurement and hiring systems needed to execute the project and maximize benefits for the local communities. We would also like to recognize the funding received from the province to study an innovative technology that could help optimize reagent consumption in our process plant.’

Construction Early Works
Maritime has received the Certificate of Approval from the Pollution Prevention Division of the provincial Department of Environment and Climate Change for full mine construction and operation. Over the next few months civil construction will establish key infrastructure for mine development including access roads, water management features, the power line right of way and rock filled pads for the crushing plant, maintenance and administration facilities. As a brownfields mine site, Hammerdown benefits from existing road access and a large volume of blasted waste rock left over from the original mine development in 2000. The site contains no major watercourses or fish habitat, and is generally dry, with minimal overburden over the deposit, averaging 2-3 metres of glacial till.

Figure 1. Hammerdown Project Site – Looking Southwest

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/259859_7ed1efe654102995_001full.jpg

Technical Team Appointments
The appointment of several key technical and project management personnel marks a positive step forward for the Company and Hammerdown. Recent additions to the Maritime team include:

  • Collin Ellison, Project Director. Collin has over 50 years experience in the mining industry, focusing on project development and operations. Former CEO, President and Director with Goldbelt Resources, Asian Mineral Resources and PMI Gold.

  • Billy Grace, Chief Mine Engineer. Former Manager of Technical Services with Newmont at the Musslewhite Mine in Ontario and General Manager with Aureus Gold in Nova Scotia.

  • Gregg Vickell, Senior Metallurgical Advisor. Gregg has more than 40 years experience in gold and base metals management and metallurgy including Mill Manager, Mill Superintendent, Chief Metallurgist and Operations Technical Services roles with a host of companies both in Canada and abroad. He has in depth experience with plant design, operations readiness, commissioning and process optimization.

  • Paolo Toscano, Technical Advisor – construction and engineering. Paolo recently served at Sr. Vice President Engineering and Construction for Calibre Mining at the Valentine Gold Project in Newfoundland and Labrador and has over 30 years of experience. Former Director of Projects for Alamos Gold.

Richmont Mines Historic Ore Pad
The Company’s mine geology team identified a volume of material left over from Richmont Mines when the mine closed in 2004. This material consists of broken rock from the former underground mining operation that was stockpiled on surface and transferred to highway trucks for delivery to the Nugget Pond mill. Crews have transported a portion of the existing stockpile material to the Company’s Pine Cove mill for mineral processing, providing an opportunity to test the material ahead of mine development. The remaining material is being used for construction of access roads and laydown on the Hammerdown site.

Figure 1. Excavating the historic Richmont Mines ore pad

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/259859_7ed1efe654102995_002full.jpg

Government Funding for Reagent Technology
Maritime is pleased to announce the receipt of funding in the amount of $154,000 from the provincial Department of Industry, Energy and Technology under its Green Transition Fund to study a new reagent technology for its Pine Cove gold mill. GlyCat is a glycine based technology developed by Draslovk that fosters a green approach to responsible resource development by greatly reducing the amount of sodium cyanide required in gold production. GlyCat also offers the potential for greatly reduced cyanide detoxification costs, effluent treatment and increased gold recoveries. Test work is scheduled during the third quarter of 2025.

Qualified Person
Exploration activities at the Hammerdown Gold Project are administered on site by the Company’s Exploration Manager, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this press release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.

Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime. Drill core samples are collected from NQ sized diamond drill core and sawn in half. The half core samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.

About Maritime Resources Corp.
Maritime (TSXV: MAE,OTC:MRTMD) (OTC Pink: MRTMF) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.

On Behalf of the Board:

Maritime Resources Corp.

Garett Macdonald, MBA, P.Eng.
President and Chief Executive Officer
info@maritimegold.com
www.maritimeresourcescorp.com

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Caution Regarding Forward-Looking Statements: 

Certain of the statements made and information contained herein is ‘forward-looking information’ within the meaning of National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipate’, ‘expects’, ‘intends’, ‘indicates’ ‘plans’ and similar expressions. Forward-looking statements include, but are not limited to, statements concerning the Hammerdown mineralization, its’ metallurgical response, precious metal extraction based on the ongoing metallurgical testwork, sampling programs, the grade control drilling program, location and grade of underground workings and backfill material, construction elements planned for Hammerdown, production ramp up at Hammerdown, preparation of an updated technical report for Hammerdown, investments to be made to and plans for the Pine Cove mill, growth of the Company and the creation of long-term value for shareholders, exploration plans at the Company’s properties, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision and executing exploration programs on the Company’s proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company’s properties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259859

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FPX Nickel Provides Update on Normal Course Issuer Bid

 

 

 FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (‘ FPX ‘ or the ‘ Company ‘) is pleased to provide an update on its Normal Course Issuer Bid (‘ NCIB ‘) that was announced on December 2, 2024 . Since December 5, 2024 the Company has repurchased a total of 720,000 common shares (‘ Common Shares ‘) of the Company at an average price of $0.24 per share under the NCIB.

 

 

   

 

 

The repurchased shares represent progress toward the Company’s ability to acquire up to an aggregate of 5,000,000 Common Shares, representing approximately 2% of the Company’s issued and outstanding shares, over the 12-month period ending December 5, 2025 . All shares repurchased under the NCIB have been cancelled.

 

Purchases under the NCIB continue to be executed through open market transactions on the TSX Venture Exchange, with the acquisition price determined by the prevailing market conditions at the time of each transaction. Cormark Securities Inc. is managing the NCIB on behalf of FPX.

 

  About FPX Nickel Corp.  

 

 FPX Nickel Corp.  is focused on the exploration and development of the Decar Nickel District, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.  For more information, please view the Company’s website at   https://fpxnickel.com/.   

 

On behalf of FPX Nickel Corp.

 

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

 

   Forward-Looking Statements   

 

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

 

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

 

SOURCE FPX Nickel Corp.

 

 

 

  View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/24/c8569.html  

 

 

 

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IBN Announces Latest Episode of The MiningNewsWire Podcast featuring Chairman Kal Malhi and CEO Paul Ténière of LaFleur Minerals Inc.

 

Via IBN IBN a multifaceted communications organization engaged in connecting public companies to the investment community, is pleased to announce the release of the latest episode of The MiningNewsWire Podcast as part of its sustained effort to provide specialized content distribution via widespread syndication channels.

 

The MiningNewsWire Podcast features revealing sit-downs with executives who are shaping the future of the global mining industry. The latest episode features Chairman Kal Malhi and CEO Paul Ténière of LaFleur Minerals Inc. (CSE: LFLR,OTC:LFLRF) (OTCQB: LFLRF) , a Canadian exploration and development company focused on gold assets in Québec’s Abitibi region.

 

To begin the interview, Ténière outlined LaFleur Minerals’ strategy as a near-term gold producer.

 

‘We’re an interesting company in the fact that we have an advanced gold project in Québec’s Abitibi Gold Belt and a nearby permitted mill,’ he said. ‘That puts us in a strong position as a near-term gold producer.’

 

Malhi, who is also the founder of Bullrun Capital , then detailed how LaFleur acquired its flagship assets and how the company is positioned for rapid development.

 

‘Two years ago, I started looking at the opportunities in the gold mining sector. I didn’t want to go and acquire a grassroots project… but I did come across a bankruptcy,’ he explained. ‘We were able to win a bid on the Beacon Gold Mill, which Monarch had invested $20 million into upgrading. It’s fully permitted and ready to rock. We also acquired a nearby gold deposit called the Swanson Gold Deposit… We’ve turned that project into LaFleur Minerals. Now, with gold prices surging, the economics have changed phenomenally — and we may look at producing not just from our own property, but also from others in the region.’

 

Ténière closed by emphasizing LaFleur’s accelerated timeline and production-ready infrastructure.

 

‘We have a mining lease at Swanson, which allows us to get into production much faster than we could otherwise,’ he said. ‘With gold hitting over $3,000 an ounce, it makes a lot of these deposits very economically viable… It’s an exciting time to be in gold, and we’re in a great position to move quickly.’

 

Join IBN’s Stuart Smith for a conversation with LaFleur Minerals Chairman Kal Malhi and CEO Paul Ténière on restarting gold production in Québec, scaling a district-scale asset, and accelerating into the gold producer category.

 

To hear the whole podcast and subscribe for future episodes, visit https://podcast.miningnewswire.com  

 

The latest installment of The MiningNewsWire Podcast continues to reinforce IBN’s commitment to the expansion of its robust network of brands, client partners, followers and the growing IBN Podcast Series . For more than 19 years, IBN has leveraged this commitment to provide unparalleled distribution and corporate messaging solutions to 500+ public and private companies .

 

To learn more about IBN’s achievements and milestones via a visual timeline, visit:   https://IBN.fm/TimeLine   

 

  About LaFleur Minerals Inc.  

 

 LaFleur Minerals Inc. is focused on the development of district-scale gold projects in the Abitibi Gold Belt near Val-d’Or, Québec. The company’s mission is to advance mining projects with a laser focus on its resource-stage Swanson Gold Project and the Beacon Gold Mill, which have significant potential to deliver long-term value.

 

The Swanson Gold Project is approximately 16,600 hectares (166 km 2 ) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings which make up the Swanson Gold Project. The Swanson Gold Project is easily accessible by road with a rail line running through the property allowing direct access to several nearby gold mills, further enhancing its development potential.

 

 LaFleur Minerals’ fully-refurbished and permitted Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material at Swanson and for custom milling operations for other nearby gold projects.

 

For more information, visit the company’s website at www.LaFleurMinerals.com  

 

  About IBN  

 

  IBN consists of financial brands introduced to the investment public over the course of 19+ years. With IBN, we have amassed a collective audience of millions of social media followers. These distinctive investor brands aim to fulfill the unique needs of a growing base of client-partners. IBN will continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

 

Through our Dynamic Brand Portfolio (DBP) , IBN provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets ; (3) Press Release Enhancement to ensure maximum impact; (4) full-scale distribution to a growing social media audience; (5) a full array of corporate communications solutions ; and (6) total news coverage solutions.

 

For more information, please visit https://www.InvestorBrandNetwork.com  

 

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://IBN.fm/Disclaimer  

 

  Forward-Looking Statements  

 

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.

 

  Corporate Communications  

 

IBN
Austin, Texas
www.InvestorBrandNetwork.com  
512.354.7000 Office
Editor@InvestorBrandNetwork.com  

 

   

 

 

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Credit card startup Imprint beats big banks for Rakuten co-brand deal

There’s a new player making waves in an industry dominated by big banks.

Imprint, the 5-year-old credit card startup, beat out banks in a competitive bidding process for a new co-branded card from online shopping platform Rakuten, CNBC has learned.

The deal is the most recent sign that Imprint is gaining traction in the co-branded credit card industry.

The New York-based startup also just raised $70 million in additional capital, boosting its valuation by 50% to $900 million less than a year from its previous round, according to Imprint CEO Daragh Murphy.

Credit card partnerships with retailers, airlines and hotels are some of the most hotly contested deals in finance. Brands often go through extensive bidding processes to select a card company, while the companies compete for the right to issue cards to millions of loyal customers. The industry’s largest players include JPMorgan Chase, Capital One, Citigroup and Synchrony.

“We’re talking to Fortune 500 companies about being their partner and them choosing us over Synchrony, over Barclays, over U.S. Bank,” Murphy said in an interview. “We have to kind of walk and talk like we’re a big, important company, even though we still have a startup ethos.”

That’s why the company recently raised capital, bringing its total to $330 million, most of which is held on the firm’s balance sheet, according to Murphy. Those funds help show potential partners that Imprint has staying power, he said.

Imprint also has about $1.5 billion in credit lines from banks including Citigroup, Truist and Mizuho, which it uses to extend loans to card customers, Murphy said. The startup is behind the cards from brands including Eddie Bauer, Brooks Brothers and Turkish Airlines.

To offer its credit cards, Imprint usually partners with one of two small banks, First Electronic Bank or First Bank and Trust. Imprint handles the customer experience, including the technology and credit decisions, while using the credit card rails of regulated banks.

In the case of the Rakuten card, Imprint is relying on the American Express network, which allows users to get Amex purchase protections and other perks. It is using First Electronic Bank to help issue the cards.

“Though we’re not a regulated bank, we’re effectively building a bank,” Murphy said. “We have to do all the same things as a bank. We’re a capital markets company; we’re a compliance company; we’re a risk and credit and fraud company; we’re a technology company.”

To gain a toehold in the market for co-branded cards, which can be used anywhere credit cards are accepted, Imprint decided it would focus on a seamless digital experience for customers, Murphy said. That requires technology integration that is difficult for established players who rely on third-party companies including Fiserv to complete transactions, he said.

“The banks are in trouble because they don’t own the technology that the credit card runs on,” Murphy said. “Every credit card in your wallet, whether it’s Chase … or from Citi or Synchrony, they rely on two or three different third parties to power the technology.”

Imprint also decided to set itself apart by making it easy for customers to pay off their loans, Murphy said. Card companies including Bread Financial and Synchrony make a far larger percentage of revenue from late fees than Imprint does, he said.

“You shouldn’t have all these regressive late fees, and you shouldn’t make it hard to pay,” Murphy said. “The easier we make it to pay, the more likely you are to use the card, and the more likely you are to use the card, the better it is for everybody.”

Finally, Murphy said the company’s low customer acquisition costs allow it to fund more rewards for card users.

The new Rakuten card, for instance, offers users an extra 4% in cash back in addition to what customers earn through shopping on the online portal, capped at $7,000 in spending per year.

Users also earn 10% in cash back while dining at Rakuten’s partner restaurants, and 2% cash back on groceries and non-partner restaurants.

The previous Rakuten credit card was issued by Synchrony and discontinued in 2022.

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Businesses are cautiously spending on corporate travel as trade uncertainty looms

Corporations are continuing to spend on business travel, but are being strategic about how they allocate those dollars amid ongoing trade uncertainties, according to new reports from the travel and expense platform Navan and the Global Business Travel Association.

Corporate travel spending activity increased 15% year over year in the second quarter of 2025, according to a business travel index published Tuesday from Navan.

Navan’s index, backed by Nasdaq, is derived from millions of corporate business transactions on its platform. It examines the amount spent and number of transactions relating to airline travel, hotel reservations and expense transactions from corporate cards.

Amy Butte, Navan’s CFO, said during an interview that from talking with other chief financial officers over the past few months, she never got the sense that corporate leaders would stop spending on business travel altogether. Instead, they are in “wait and see” mode.

“If you’re making choices about where you’re being cautious, we’re not seeing people be cautious in the area of relationship building, either with their customers or with their teammates. We’re still seeing the spend allocated towards travel as a key component of any business strategy,” Butte said.

But while global business travel is expected to reach a new high of $1.57 trillion in 2025, according to a Monday report by the Global Business Travel Association, that total represents 6.6% year-over-year growth, which is less than the 10.4% increase that was previously predicted. GBTA cited trade tensions, policy uncertainty and economic pressures as the reasons for the more moderate growth.

A string of sentiment polls by GBTA also shows that corporate travel optimism for the rest of 2025 appears muted. The percentage of respondents who said they were optimistic about the overall outlook for the business travel industry in 2025 dropped sharply from 67% in November 2024 to 31% in April and declined slightly again this month to 28%.

The findings from both reports, grouped together with commentary from airline CEOs last week, show C-suite leaders are still largely left in wait-and-see mode amid President Donald Trump’s fluid tariff policies, but companies appear now to have a better read on how they will manage the uncertainty.

“Historically, corporate travel has been the first thing, one of the easiest things, to minimize if you’re a company,” Delta Air Lines CEO Ed Bastian said during the company’s earnings call this month, adding that corporate travel on the airline has been flat on a year-over-year basis.

But Butte said that Navan has not seen a drop-off in business travel. Instead, businesses are shifting how they are spending.

For example, Butte said businesses are continuing to commit to individual, face-to-face meetings, rather than spending on large group outings. The Navan index shows that spending on personal meals, meaning one-on-one meetings held over a meal, was up 9.8% from last year, while spending on team events and meals was the only category in the report that declined.

Navan did see some compression earlier in the year in the share of higher-priced airline tickets purchased that were first class or business class, Butte said, but she added that the platform has since seen an acceleration as uncertainty has lessened.

Airfare prices have also declined so far this year, which means business and consumers alike are spending less on plane tickets. Airfare fell 3.5% in June from a year earlier while inflation overall rose, according to the Bureau of Labor Statistics.

GBTA CEO Suzanne Neufang said during an interview that CFOs have not cut travel spending off entirely, but are looking for efficient ways to get employees on the road. This may look like booking multicity trips, scheduling multiple meetings per trip or booking fewer trips per month, she said.

Neufang said the business travel industry has been focused over the past five years on making sure every trip has a purpose and delivers a return on investment.

“Gone are the days when there’s really frivolous business traveling,” Neufang said.

The new findings on business travel spending also come as airlines are reporting their quarterly earnings.

When Delta reported earnings on July 10, Bastian said he expects both consumer and corporate confidence to improve in the second half of the year, creating an environment for travel demand to accelerate.

Delta and other airlines saw travel demand come in weaker than expected at the beginning of the year, especially from price-sensitive customers traveling domestically. Bastian said back in April that Trump’s trade policies were hurting bookings.

Bastian took a more positive tone this month, telling CNBC that corporate travel has stabilized as businesses have more clarity and confidence than they did earlier this year. But he said corporate travel is in line with last year, not the 5% to 10% growth Delta expected at the start of the year.

Meanwhile, Delta President Glen Hauenstein said on an earnings call this month that corporate travel trends are “choppy” and overall corporate volumes are expected to be “flattish” over last year.

United Airlines reported earnings last week. CEO Scott Kirby said during the company’s call with analysts that so far this month, the airline has seen a double-digit acceleration in business demand as uncertainty has declined.

Andrew Nocella, United’s executive vice president and chief commercial officer, added that the business traffic growth is “across the board” and not restricted to any singular hub or vertical, which he said reflects lessening macroeconomic uncertainty.

Southwest Airlines, Alaska Airlines and American Airlines are scheduled to report their quarterly results this week.

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Lawsuit says Clorox hackers got passwords simply by asking

WASHINGTON — Bleach maker Clorox said Tuesday that it has sued information technology provider Cognizant over a devastating 2023 cyberattack, alleging that the hackers pulled off the intrusion simply by asking the tech company’s staff for employees’ passwords.

Clorox was one of several major companies hit in August 2023 by the hacking group dubbed Scattered Spider, which specializes in tricking IT help desks into handing over credentials and then using that access to lock them up for ransom. The group is often described as unusually sophisticated and persistent, but in a case filed in California state court on Tuesday, Clorox said one of Scattered Spider’s hackers was able to repeatedly steal employees’ passwords simply by asking for them.

“Cognizant was not duped by any elaborate ploy or sophisticated hacking techniques,” according to a copy of the lawsuit reviewed by Reuters. “The cybercriminal just called the Cognizant Service Desk, asked for credentials to access Clorox’s network, and Cognizant handed the credentials right over.”

Cognizant did not immediately return a message seeking comment on the suit, which was not immediately visible on the public docket of the Superior Court of Alameda County. Clorox provided Reuters with a receipt for the lawsuit from the court.

Three partial transcripts included in the lawsuit allegedly show conversations between the hacker and Cognizant support staff in which the intruder asks to have passwords reset and the support staff complies without verifying who they are talking to, for example by quizzing them on their employee identification number or their manager’s name.

“I don’t have a password, so I can’t connect,” the hacker says in one call. The agent replies, “Oh, ok. Ok. So let me provide the password to you ok?”

The 2023 hack caused $380 million in damages, Clorox said in the suit, about $50 million of which were tied to remedial costs and the rest of which were attributable to Clorox’s inability to ship products to retailers in the wake of the hack.

Clorox said the clean-up was hampered by other failures by Cognizant’s staff, including failure to de-activate certain accounts or properly restore data.

This post appeared first on NBC NEWS

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Stocks

Tech Taps the Brakes, Homebuilders Hit the Gas: See the Rotation on StockCharts Today

The stock market feels like it’s holding its breath ahead of Big Tech earnings. The first two days of the trading week were mostly quiet, but Tuesday gave us a few nuggets worth chewing on.

The S&P 500 ($SPX) squeaked out another record close, up by a modest +0.06%. It’s barely a blip, but it keeps the uptrend intact.

Tech momentum slowed down a tad, but we didn’t see a wave of selling. It was more like a little profit-taking after a strong run. No reason to hit the panic button just yet.

StockCharts Tip: Head to the Market Summary page and take a glance at the Market Factors panel. On Tuesday, Large-Cap Growth and Large-Cap Momentum were the only factors in the red (see image below).

FIGURE 1. MARKET FACTORS PANEL IN THE MARKET SUMMARY PAGE. Here you see the one-day performance metrics of the factors. You can change the timeframe using the dropdown menu at the top of the page. Image source: StockCharts.com. For educational purposes.

In the US Sectors panel in the Market Summary page, Technology was the lone S&P 500 sector that finished lower. Tuesday’s action can be seen in the StockCharts MarketCarpet of the S&P 500, based on a one-day performance.

FIGURE 2. MARKETCARPET FOR THE S&P 500. The Technology sector took a bit of a hit on Tuesday, but other sectors saw gains. Image source: StockCharts.com. For educational purposes.

The big names — NVIDIA (NVDA), Microsoft Corp. (MSFT), Amazon.com (AMZN), Meta Platforms (META), and Broadcom (AVGO) — were all in the laggard camp. This pause in tech stocks comes right before a wave of Big Tech earnings.

Some of the big tech companies reporting earnings this week are Alphabet, Inc. (GOOGL), Tesla, Inc. (TSLA), and International Business Machines (IBM). All three report on Wednesday after the close. If GOOGL and TSLA come in hot with solid numbers and upbeat guidance, the S&P 500 and Nasdaq Composite ($COMPQ) could catch a tailwind. (Fun fact: both stocks closed higher on Tuesday.)

Despite Tuesday’s tech wobble, major support levels are holding. The Nasdaq Composite remains comfortably above its 20-day exponential moving average (EMA), and breadth is improving (see chart below).

FIGURE 3. DAILY CHART OF THE NASDAQ COMPOSITE. The index is above its 20-day exponential moving average, and market breadth is improving. Chart source: StockCharts.com. For educational purposes.

Small Caps Still in the Game

We’re also seeing small-cap stocks rising. When small-caps participate in the market’s upside move, it’s an indication of a healthy stock market. Healthcare stocks represent a significant portion of the small-cap indexes, which explains why Health Care was the top-performing sector on Tuesday. 

Another area that stole the spotlight was homebuilders. The SPDR S&P Homebuilders ETF (XHB) broke above its 200-day simple moving average (SMA), a positive sign for the struggling industry group (see chart below). Its Relative Strength Index (RSI) indicates that momentum is relatively strong.

FIGURE 4. SPDR S&P HOMEBUILDERS ETF (XHB). The ETF broke above its 200-day simple moving average, and momentum is relatively strong. XHB has underperformed SPY over the last year. Chart source: StockCharts.com. For educational purposes.

Over the last year, XHB has lagged the SPDR S&P 500 ETF (SPY) by roughly 18%. Strong earnings from DR Horton, Inc. (DHI) and PulteGroup, Inc. (PHM), however, have given the group a welcome boost, even with a soft housing backdrop. We’ll get the June Existing Home Sales data on Wednesday. A stronger-than-expected report could add fuel to XHB’s rally.

StockCharts Tip: The XHB chart above is part of the  Market Summary ChartPack, which is free for StockCharts subscribers. Install it, and you’ll have a ready-to-use list of charts for days like this.

Also worth a peek is the U.S. Dow Jones Home Construction Index ($DJUSHB), which topped the Dow Industries list (check the US Industries panel in Market Summary and hit the Dow Industries tab).

Gold and Silver Nudge Higher

While tech cooled and home builders heated up, precious metals prices climbed higher. Gold ($GOLD) rose 0.92% and silver ($SILVER) gained 0.94%. Gold sits just under its all-time high, and silver is back to levels we haven’t seen since 2011.

The Big Picture: Still a Healthy Market Environment

None of Tuesday’s actions suggests a crack in the market’s growth story. We are in the thick of earnings season, and that always brings uncertainty and volatility. Expectations are high for Big Tech, especially in light of a weaker dollar. Stay patient, watch the price action, and let the charts guide your next move.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Politics

GOP lawmakers advocate for US condemnation of persecution against Christians in Muslim-majority nations

Sen. Josh Hawley, R-Mo., is pushing a resolution that would indicate that the Senate denounces the persecution of Christians in Muslim-majority nations, while Rep. Riley Moore, R-W.V., and several other House Republicans are pushing a House version that would declare the lower chamber’s condemnation of such persecution.

The resolutions urge the president to prioritize the defense of persecuted Christians in America’s foreign policy, including via ‘diplomatic engagement with Muslim-majority countries’ as well as ‘efforts to stabilize the Middle East.’

The proposed resolutions also urge the president to leverage the diplomatic toolkit ‘to advance the protection of persecuted Christians worldwide and within Muslim-majority countries.’

Fox News Digital reached out to the White House, which did not provide comment.

‘Our country was founded on religious liberty. We cannot sit on the sidelines as Christians around the world are being persecuted for declaring Jesus Christ as their Lord and Savior. We must condemn these heinous crimes,’ Hawley said, according to press releases issued by the offices of Hawley and Moore.

‘Year after year, the number of Christians murdered by extremists in Nigeria has numbered in the thousands. Millions more have been displaced. We cannot allow this to continue. I urge my colleagues to join me in condemning the persecution of Christians around the world by supporting this resolution.’

Original cosponsors in the House included GOP Reps. Greg Steube of Florida, Michael Guest of Mississippi, Glenn Grothman of Wisconsin, Addison McDowell of North Carolina, Brandon Gill of Texas, Pat Harrigan of North Carolina, and Anna Paulina Luna of Florida.

While not an original cosponsor, Rep. Warren Davidson, R-Ohio, is a cosponsor of the resolution in the House, according to congress.gov.

‘Around the world, our brothers and sisters in Christ face rampant persecution for simply acknowledging the name of Jesus. That is unacceptable. In Nigeria alone, more than 50,000 Christians have been martyred and more than 5 million have been displaced simply for professing their faith. During a Divine Liturgy in Damascus last month, an islamic jihadist opened fire on worshippers and detonated an explosive device — killing at least 30 and wounding dozens more. These examples illustrate the violence and death Christians face on a daily basis,’ Moore said, according to press releases.

‘Unfortunately, decades of U.S. foreign policy blunders have exacerbated this crisis, with ethno-religious cleansing accelerating in Iraq after our failure to stabilize the country following the 2003 invasion. We as lawmakers cannot continue to sit idly by. I urge my colleagues to join me in condemning the persecution of Christians across the globe.’

This post appeared first on FOX NEWS

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