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State Department to axe 1,800 employees

The State Department will move to layoff nearly 2,000 employees on Friday as it begins its reorganization plan. 

An internal memo circulated Thursday evening by Michael Rigas, deputy secretary of management and resources, announced that domestic employees affected by the reduction in force (RIF) would be notified ‘over the coming days.’ 

Approximately 1,800 people will be affected, Fox News has learned. 

The RIF notices plus voluntary departures under the Trump administration amount to a 15% work force reduction. 

‘The departments, bureaus, offices and domestic operations have grown considerably over the last 25 years, and the resulting proliferation of bureaus and offices with unclear, overlapping or duplicative mandates have hobbled the department’s ability to rapidly respond to emerging threats and crises or to effectively advance America’s affirmative interests in the world,’ a senior State Department official said. 

The official added that there are ‘more than 700 domestic offices for 18,000 people.’ 

‘A lot of this, as we said, covers redundant offices and takes some of these cross-cutting functions and moves them to the regional bureaus and to our embassies overseas, to the people who are closest to where diplomacy is happening, to empower them with the resources and authorities they need to be able to carry out the President’s foreign policy.’

State Department spokesperson Tammy Bruce warned on Thursday the agency would move quickly after the Supreme Court stayed the lower court’s injunction blocking the administration from implementing widescale force reductions across federal agencies. 

A senior official said there are currently no plans for overseas closures of embassies and outposts. They added the State Department will work to preserve the dignity of affected workers. 

‘We’re going to work to preserve the dignity of federal workers,’ the official said. ‘We want to be sensitive to that process and make sure people have the resources they need … and make sure everyone is treated with dignity.’

This post appeared first on FOX NEWS

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‘Nothing to stand on’: Ex-White House physician slams Biden doctor for silence during House GOP grilling

A former White House physician is criticizing Kevin O’Connor after the ex-Biden administration doctor refused to answer questions by House Oversight Committee investigators earlier this week.

Dr. O’Connor, who served as White House physician to former President Joe Biden, sat down for a transcribed interview with committee staff and panel Chair James Comer, R-Ky., on Wednesday. The closed-door meeting lasted roughly 30 minutes, with O’Connor invoking the Fifth Amendment to all questions, save for his name.

His legal team said there were concerns the broad scope of Comer’s probe could force O’Connor into a position of risking doctor-patient confidentiality privileges. 

‘Well, you can’t do both,’ Rep. Ronny Jackson, R-Texas, a former White House doctor himself, told Fox News Digital in an interview afterward.

‘I mean, the Fifth Amendment is designed to keep him from incriminating himself in some type of, you know, criminal or unethical behavior. He’d already addressed the issue of patient-doctor privacy, or confidentiality, with the committee.’

He pointed out that O’Connor’s lawyers had already raised issues with patient-doctor confidentiality in a letter to the committee trying to get the interview delayed, but Comer pressed forward.

‘They had already let him know that in this particular case, because he had been subpoenaed, and it was a legal process, he’d been subpoenaed to testify before Congress in this closed session, that the patient-doctor privilege no longer applied,’ Jackson said. ‘And President Trump had waived presidential privilege. So it left him with nothing. Nothing to stand on except for pleading the Fifth.’

Before being elected to Congress, Jackson served as White House physician to both former President Barack Obama and current President Donald Trump.

Comer told reporters on Wednesday that Jackson played a key role in crafting questions for O’Connor. 

‘We have a lot of questions that we’ve prepared for this. We’ve consulted closely with Ronny Jackson, my colleague, who was the White House physician in the first Trump administration. We’ve consulted with a lot of people in the medical community, so there’s going to be a lot of medical questions that are asked,’ he told reporters before the transcribed interview.

He is investigating accusations that Biden’s former top White House aides covered up signs of his mental and physical decline while in office, and whether any executive actions were commissioned via autopen without the president’s full knowledge. Biden allies have pushed back on those claims.

‘The cover-up could not have happened without the assistance and the help of his personal physician, Kevin O’Connor,’ Jackson said. ‘I think that’s why he pled the Fifth, because he realized he was about to implicate himself as a key player in this cover-up.’

O’Connor’s lawyers have denied any implications of guilt.

Jackson said some of the questions he recommended to the committee would have surrounded any potential neurological concerns or cognitive tests while Biden was in office.

But many of those were left unasked, it appears, after O’Connor’s brief meeting with House investigators.

The doctor’s lawyers said O’Connor’s refusal to answer questions on Fifth Amendment grounds was not an admission of guilt, but rather a response to what they saw as an unprecedented investigatory scope that could have violated the bounds of patient-physician privilege.

‘This Committee has indicated to Dr. O’Connor and his attorneys that it does not intend to honor one of the most well-known privileges in our law – the physician patient privilege. Instead, the Committee has indicated that it will demand that Dr. O’Connor reveal, without any limitations, confidential information regarding his medical examinations, treatment, and care of President Biden,’ the attorney statement said.

‘Revealing confidential patient information would violate the most fundamental ethical duty of a physician, could result in revocation of Dr. O’Connor’s medical license, and would subject Dr. O’Connor to potential civil liability. Dr. O’Connor will not violate his oath of confidentiality to any of his patients, including President Biden.’

Fox News Digital reached out to O’Connor’s lawyers for further comment.

This post appeared first on FOX NEWS

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JONATHAN TURLEY: Justice Jackson plays pundit to dismay of SCOTUS colleagues

I wrote recently about the chilling jurisprudence of Justice Ketanji Brown Jackson, who has drawn the ire of colleagues in opinions for her rhetoric and extreme positions. Many have expressed alarm over her adherence to what has been described by one as an ‘imperial judiciary’ model of jurisprudence. Now, it appears that Jackson’s increasingly controversial opinions are serving a certain cathartic purpose for the far-left Biden appointee.

‘I just feel that I have a wonderful opportunity to tell people in my opinions how I feel about the issues, and that’s what I try to do,’ Jackson told ABC News.

Her colleagues have not entirely welcomed that sense of license. The histrionic and hyperbolic rhetoric has increased in Jackson’s opinions, which at times portray her colleagues as abandoning not just the Constitution but democracy itself.

Her dissent in the recent ruling on universal injunctions drew the rebuke of Justice Amy Coney Barrett over what was described as ‘a vision of the judicial role that would make even the most ardent defender of judicial supremacy blush.’

‘We will not dwell on Justice Jackson’s argument, which is at odds with more than two centuries’ worth of precedent, not to mention the Constitution itself,’ Barrett wrote. ‘We observe only this: Justice Jackson decries an imperial Executive while embracing an imperial Judiciary.’

Jackson, however, clearly feels that opinions are a way for her to opine on issues of the day. 

She is not alone. Across the country, liberal judges have been adding their own commentary to decisions in order to condemn Trump, his supporters, and his policies.

I previously wrote about this pattern of extrajudicial commentary.

District Court Judge Tanya Chutkan, an Obama appointee who previously presided over Trump’s election interference case, was criticized for failing to recuse herself from that case after she made highly controversial statements about Trump from the bench. Chutkan lashed out at ‘a blind loyalty to one person who, by the way, remains free to this day.’ That ‘one person’ was still under investigation at the time, and when Trump was charged, Chutkan refused to let the case go.

Later, Chutkan again added her own commentary when asked to dismiss a case due to Trump pardoning January 6 defendants. She acknowledged that she could not block the pardons, but proclaimed that the pardons could not change the ‘tragic truth’ and ‘cannot whitewash the blood, feces and terror that the mob left in its wake. And it cannot repair the jagged breach in America’s sacred tradition of peacefully transitioning power.’

One of Chutkan’s colleagues, Judge Beryl Howell, also an Obama appointee, lashed out at Trump’s actions, writing, ‘[T]his Court cannot let stand the revisionist myth relayed in this presidential pronouncement.’

Then there is Judge Amit Mehta, another Obama appointee, who has been criticized for conflicted rulings in Trump cases and his bizarre (and ultimately abandoned) effort to banish January 6 defendants from the Capitol.

Last week, Mehta had a straightforward question of jurisdiction concerning a challenge to the denial of grants by the Trump administration. While correctly dismissing the challenge, Mehta decided to add his own commentary on Trump’s priorities and policies:

‘Defendants’ rescinding of these awards is shameful. It is likely to harm communities and individuals vulnerable to crime and violence. But displeasure and sympathy are not enough in a court of law.’

For Jackson, her opinions have at times left her isolated on the Court. Weeks ago, Jackson and Sotomayor were alone in dissent over the defiance of a district court judge of the Court’s decision on universal injunctions. To her credit, Justice Elena Kagan (who voted with Sotomayor and Jackson in dissent in the earlier case) voted with her conservative colleagues in rebuking Judge Brian Murphy in Boston.

Kagan joined in the reversal of Murphy’s conflicting order and wrote the new order ‘clarifies only one thing: Other litigants must follow the rules, but the administration has the Supreme Court on speed dial.’

This week, Jackson lost even Sotomayor and stood alone in her dissent in support of an injunction over plans to downsize the government. Sotomayor observed that the Trump order only directed agencies to plan for such downsizing and said that the courts could hardly enjoin such policy preparations in the Executive Branch.

However, Jackson could and would. 

The controversial position of Jackson on the Court is not due to her liberal views. We have had many such liberal jurists. The difference is how Jackson views her role as a justice.

The danger is not confined to opinions. For years, justices have yielded to the temptations of public speaking before supportive groups. I have long been a critic of what I called the era of ‘celebrity justices,’ where members seem to maintain political constituencies at public events. 

Such speeches not only undermine the integrity of the Court by discussing matters that may come before it, but they can create a desire to maintain the adoration of supporters. The greatest danger is that justices will consciously or subconsciously pander to their bases with soundbites and inflammatory rhetoric.

Judicial advocacy from the bench has been a concern since the founding. Article III can have a corrosive impact on certain jurists who come to view themselves as anointed rather than appointed. Most judges and justices are acutely aware of that danger and struggle to confine their rulings to the merits of disputes, avoiding political questions or commentary.

The ‘opportunity to tell people how I feel’ can become a slippery slope where opinions become more like judicial op-eds. The Court is not a cable show. The price of the ticket to being ‘one of nine’ is that you should speak only through your opinions and only on the narrow legal matter before you. 

Opinions must remain ‘opportunities’ to do simple justice, not a supreme editorial.

This post appeared first on FOX NEWS

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Torex Gold Moves Beyond Single-Asset Status With Reyna Silver Takeover

Torex Gold (TSX:TXG,OTCQX:TORXF) is taking a step toward diversification with its planned acquisition of Reyna Silver (TSXV:RSLV,OYCQB:RSNVF), a junior explorer with early stage projects in Mexico and the US.

The US$26 million all-share deal, announced in late June, is set to close later this year and marks Torex’s first major move outside its flagship Mexico-based Morelos Complex.

The acquisition comes at a pivotal moment for Torex. The company is in the early ramp-up phase at its Media Luna project, part of the Morelos Complex southwest of Mexico City.

The site also includes the ELG underground and open-pit mines, which together produced 452,523 ounces of gold in 2024, meeting guidance for the sixth consecutive year at an all-in sustaining cost (AISC) of US$1,156 per ounce.

Looking ahead to 2025, Torex is forecasting production of 400,000 to 450,000 gold equivalent ounces, but expects a higher AISC range of US$1,400 to US$1,600 per ounce as development spending continues.

CEO Jody Kuzenko said the Reyna deal reflects Torex’s broader strategy to build out a pipeline of earlier-stage projects.

Reyna’s exploration-stage portfolio offers Torex low-cost entry into silver-rich terrain, while also signaling a shift in the producer’s long-term vision — one that includes earlier-stage risk and greater geographic flexibility.

Kuzenko stated that, with the company’s exploration team already having spent months conducting due diligence, Torex is ready to hit the ground running once the transaction is complete. She also noted the company had already developed conceptual programs and expects to commence work shortly after closing.

“We plan to leverage the same systematic approach to exploration employed at Morelos through which we effectively identify, rank, evaluate and prioritize targets with the success of the system demonstrated by the reserve and resource growth we have experienced at Morelos over the last several years,” Kuzenko said.

With the acquisition, Torex will gain immediate access to Reyna’s Mexican silver assets, including:

  • Guigui, a 4,750 hectare property covering a significant portion of the Santa Eulalia Mining District in Chihuahua. The area has a history of mining dating back to the 1700s and has recorded the production of 450 million ounces of silver.
  • Batopilas, a 1,183 hectare site that covers 94 percent of the Batopilas Mining District, which has significant deposits of native silver. Historic mining at the site produced an estimated 200 million to 300 million ounces of silver dating back to the mid-1600s.

Until now, Torex has primarily focused on operations in Mexico; however, with the takeover of Reyna, the company also has the option to acquire a 70 percent stake in the Griffin Summit project, located along the Carlin Trend in Nevada, US. The project covers an area of 10,300 hectares and is prospective for gold, silver and critical minerals.

Additionally, Torex will also have an option to acquire a 100 percent interest in the Medicine Springs project, also located in Nevada. The property spans 4,831 hectares south of Elko and is situated in a region with several large gold mines operated by major companies, including Newmont (TSX:NGT,NYSE:NEM) and Barrick Mining (TSX:ABX,NYSE:B).

Previous exploration at the site identified lead, zinc and silver mineralization.

“What attracted us to Reyna Silver is the immediate exposure to a portfolio of four properties in key mining regions of northern Mexico and Nevada,” Kuzenko said. She added that with the completion of Media Luna, Morelos is now positioned as the company’s flagship operation and serves as a foundation upon which it can build from.

Although shareholders won’t vote on the transaction until August, Kuzenko noted that the acquisition has the full support of management and the board of directors at Reyna Silver.

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

This post appeared first on investingnews.com

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Ekin Ober on Why AI Could Be Mining’s Most Valuable Tool Yet

For Ekin Ober, bringing generative artificial intelligence (AI) to the critical metals sector through her work at Aethos Labs wasn’t just about technological innovation — it reshaped how she thinks about strategy and sustainability in mining.

Now a principal at Kinterra Capital, Ober applies that broad, cross-disciplinary lens to investment decisions, emphasizing the importance of digital fluency, stakeholder alignment and long-term viability.

Her experience helps her identify operational bottlenecks and social license challenges early — essential in guiding assets like nickel and copper projects from concept to production.

While mining has long been viewed as a slow adopter of new technologies, Ekin Ober sees the tide turning — especially when it comes to AI.

However one of the largest learning curves has been educating industry stakeholders about the value of generative AI.

“They don’t need to be tech experts,” she said, “but it’s our job to show them how the tools work, and how their concerns can be addressed.”

As AI gains traction across the sector, she noted that even conservative markets are beginning to host dedicated discussions on the technology — a sign that change is accelerating.

How AI is being deployed

In addition to benefiting project planning through better modeling and digital twin, AI is making mining more efficient, safe and environmentally responsible.

In exploration, startups like KoBold use machine learning to analyze geological data, drastically cutting the time and cost of identifying potential lithium, copper, nickel and cobalt deposits

Operationally, majors such as Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and Freeport-McMoRan (NYSE:FCX), deploy AI-powered autonomous haul trucks, drills and predictive maintenance systems that have slashed downtime and fuel use by up to 15 percent, while boosting throughput by 10 to 15 percent.

On the environmental front, AI tools optimize water management, monitor air quality and reduce waste, BHP’s Escondida mine reportedly saved over 3 gigaliters of water and 118 gigawatt hours of energy since 2022.

While AI isn’t without its own controversy, usually arising from its energy consumption, Ober explained that AI integration can help reduce a mining site’s overall energy intensity.

It is estimated that one billion daily AI prompts utilize 340 megawatt hours of electricity each day, while a mining site can use upwards of 1000 – 5000 megawatt hours. According to data from Natural Resources Canada, global mining operations consume 3 percent – 6 percent of the world’s electricity.

Together, AI can help the mining sector better target deposits and reduce the amount of energy deployed.

“Drill holes (alone) use 3000 liters of diesel. And when you look at grinding, grinding ore is 70 percent of the mine’s electricity (consumption),” said Ober.

She added: So if you’re using the technology for scans, you’re able to use computer vision and scan a core, or look at the geography to reduce the number of drills, or the grinding exercise that you’re going through, then it can actually save 1000s of hours of energy, conserving more than it consumes.”

From policy bottlenecks to permit approvals

This efficiency has made AI data sets appealing to governments as well. Through initiatives like DARPA’s CriticalMAAS and a collaboration with the US Geological Survey, AI models can now transform geologic map processing — from years to mere days — by automating georeferencing and mineral feature extraction.

These tools help rapidly assess hundreds of critical minerals across vast regions, accelerating decision-making and reducing exploration risk.

Meanwhile, the Pentagon’s AI-driven metals forecasting program, now managed by the Critical Minerals Forum, models supply, pricing and policy scenarios to bolster US sourcing strategies — especially for rare earths, nickel and cobalt.

For Ober, AI can also be integral to the often extended permitting process, while also implementing ESG goals and best practices. She explained that at Kinterra, AI is already playing a key role in streamlining permitting assessments, one of the most complex hurdles in mine development.

The firm has built a closed-loop system using large language models layered with its own criteria and values, including permitting stages, Indigenous engagement and community sentiment. The tool filters thousands of data points — from state filings to news releases and emails — extracting only what’s relevant.

Jurisdiction-specific updates are then summarized and delivered directly into Microsoft Teams, offering a real-time, digestible overview of key permitting signals.

“We need the company and the community to be engaged,” she said. “We take a very proactive approach. We engage very early on.”

Industry wide Ober sees AI improving the efficiency and transparency of mining permitting.

“One of the biggest concerns we hear is around security,” said Ober. “But we already trust companies like Google, Microsoft and Apple with sensitive data every day. If you’re using legitimate tools with strong policies in place, it’s manageable.”

Ober believes AI’s biggest value lies in its ability to accelerate slow, document-heavy government processes.

“Permitting can stall a project for years — not because of technical issues, but because no one has time to read the documents,” she said. “That’s where AI can help. Large language models can extract key information, layer in governance or environmental criteria and summarize it in a way that’s actionable.”

To address the risk of accuracy, Kinterra has designed its systems to generate traceable outputs.

“You can click a link and go straight to the original document and quote,” she explained, adding that this level of transparency is crucial for regulators and investors alike.

“It’s hard to commit capital when you don’t know if or when a permit will be granted,” she said. “AI won’t replace people, but it can get us to decision points faster — something the entire sector needs.”

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

This post appeared first on investingnews.com

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Maritime Resources: A Low-risk Path to Gold Production in One of the World’s Top Mining Jurisdictions

Maritime Resources (TSXV:MAE) is a Canadian gold development company advancing the fully permitted, high-grade Hammerdown project in Newfoundland & Labrador’s prolific Baie Verte mining district. A past-producing asset, Hammerdown is shovel-ready and de-risked, with construction underway and first ore deliveries to the Pine Cove Mill anticipated between late summer and early fall 2025.

Hammerdown is uniquely positioned to capitalize on existing infrastructure, with close access to paved roads, power, ports, and Maritime’s wholly owned Pine Cove processing facility. Unlike many greenfield developers, Maritime is pursuing a low-capex, staged production strategy—leveraging its established infrastructure and skilled local workforce to reduce costs, mitigate risk, and fast-track value creation through near-term cash flow generation amid record-high gold prices.

Hammerdown project site

Looking ahead, Maritime Resources aims to establish a 100,000 oz/year production platform by integrating nearby deposits—including Orion, Stoger Tight, and Deer Cove—and reactivating its 700 tpd Nugget Pond gold plant. The company’s extensive regional land package spans over 435 sq km of highly prospective terrain, with strong potential for gold, VMS, and porphyry-style mineralization.

Company Highlights

  • Near-term Gold Production: First production targeted for H2/2025 from the fully permitted Hammerdown open pit project.
  • High-grade Gold Reserves: 1.9 Mt at 4.46 g/t gold (272 koz) proven and probable reserves support initial 35,000-45,000 oz/year production.
  • Low-CAPEX Startup: Initial capital estimated at C$15 to $20 million, among the lowest in the sector for a new mine, leveraging Maritime’s fully operational Pine Cove mill
  • Owned Processing Infrastructure: Pine Cove Mill (1,300 tpd, operational) and the Nugget Pond gold plant (700 tpd CIP circuit, on standby).
  • Exploration Upside: 435 sq km land package includes multiple brownfield and greenfield targets proximal to infrastructure.
  • Institutional Backing: Strong support from Dundee Corporation, Eric Sprott and other institutions.
  • Local Workforce Advantage: Fully staffed Pine Cove Mill with 100 percent local residents

This Maritime Resources profile is part of a paid investor education campaign.*

Click here to connect with Maritime Resources (TSXV:MAE) to receive an Investor Presentation

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Stallion Uranium Provides Update on Technology Data Acquisition Agreement

 

Stallion Uranium Corp. (the ‘ Company ‘ or ‘ Stallion ‘ ) ( TSX-V: STUD ; OTCQB: STLNF ; FSE: FE0 ) announces that further to its news release of July 8, 2025, announcing that it had entered into a technology data acquisition agreement, the Company clarifies that the technology licensing agreement is dated effective July 7, 2025 and not April 24, 2025. For further information in respect of this transaction, please refer to the Company’s news release of July 8, 2025.

 

  About Stallion Uranium Corp.:  

 

 Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of roughly 1,700 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.

 

Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties. For more information visit stallionuranium.com .

 

  On Behalf of the Board of Stallion Uranium Corp.:  

 

Matthew Schwab
CEO and Director

 

  Corporate Office:  
700 – 838 West Hastings Street,
Vancouver, British Columbia,
V6C 0A6

 

T: 604-551-2360
info@stallionuranium.com  

 

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

 

  This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, ‘forward-looking statements’) that relate to the Company’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as ‘will likely result’, ‘are expected to’, ‘expects’, ‘will continue’, ‘is anticipated’, ‘anticipates’, ‘believes’, ‘estimated’, ‘intends’, ‘plans’, ‘forecast’, ‘projection’, ‘strategy’, ‘objective’ and ‘outlook’) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.  

 

  Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement .

 

   

 

 

News Provided by GlobeNewswire via QuoteMedia

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Trump Tariffs to Raise US Medical Device Costs, Hospitals Hold Off on Stockpiling

President Donald Trump’s new round of tariffs —this time targeting copper— has intensified concerns about rising costs across key sectors, including healthcare.

But despite significant price pressures on steel, aluminum, and now copper, all vital to medical device production, there is no indication that US hospitals are stockpiling equipment ahead of expected price hikes, according to recent findings from GlobalData.

Announced earlier this week, Trump’s 50 percent tariff on copper imports matches the doubled rates already in effect for steel and aluminum.

The White House has defended these actions, imposed under Section 232 of the Trade Expansion Act of 1962, as necessary to protect US national security and revive domestic manufacturing.

But with tariffs applied indiscriminately across all import sources —excluding only the United Kingdom on certain metals—concerns are mounting over the downstream impact, especially on industries reliant on foreign raw materials.

“Although these tariffs are likely to impact distribution and increase consumer costs, some facilities may not have the financial resources to buy devices in advance,” said Amy Paterson, a medical analyst at GlobalData.

“While some markets have seen an increase in spending, it does not appear that healthcare facilities have been stocking up on medical devices in preparation for potential price increases or supply chain disruptions.”

Steel and aluminum are critical materials in the production of surgical tools, implants, diagnostic machines, and hospital infrastructure. Copper, now under the same elevated tariff level, is widely used in imaging equipment, monitors, and wiring for medical devices. All told, the latest tariff decisions mean higher input costs across a range of essential equipment.

GlobalData’s US Healthcare Facility Invoicing Database, which tracks procurement activity across 56 medical device categories, shows no significant increase in healthcare spending between January and May 2025.

Even as May and June data continue to roll in, early signs suggest healthcare purchasing behavior remains steady, not preemptive.

This spending inertia comes despite broader signals that cost pressures on US healthcare providers may worsen. Unlike certain exemptions applied to pharmaceuticals or food products, the latest tariffs make no carveouts for medical equipment or life-saving devices.

This means that hospitals, who are already facing tight budgets and post-pandemic financial strain, may have to absorb higher equipment costs or pass them on to patients.

Taken together, the policy shifts and trade actions illustrate a broader Trump administration approach centered on cutting international dependencies, regardless of sector.

In metals, the administration argues, cheap imports from China and elsewhere have flooded global markets, putting US producers out of business and threatening industrial self-sufficiency.

The move to double tariffs on steel and aluminum reflects that ambition. Copper, added to the list this week, signals a continued hardline stance that could affect everything from defense manufacturing to consumer electronics.

The US imports more than half its aluminum and about one-third of its copper, much of it from countries like Canada and Chile.

By raising costs on these materials, the administration hopes to encourage domestic mining and refining. However, in the short term, US industries are bearing the brunt.

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

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EVs Now Emit 73 percent Less Than Gasoline Cars Over Their Lifetime, Says ICCT Study

A new analysis from the International Council on Clean Transportation (ICCT) has found that battery electric vehicles (BEVs) sold in Europe today produce 73 percent fewer greenhouse gas emissions over their lifetime than comparable gasoline-powered cars

The findings are based on an updated life-cycle assessment (LCA) of all major vehicle powertrain types, including internal combustion engine vehicles (ICEVs), hybrids (HEVs), plug-in hybrids (PHEVs), battery electric vehicles (BEVs), and hydrogen fuel cell electric vehicles (FCEVs).

The report accounts for emissions from vehicle and battery manufacturing, energy production, use and maintenance, while crucially considering changes in the EU’s electricity mix over a car’s operational life.

“Battery electric cars in Europe are getting cleaner faster than we expected and outperform all other technologies, including hybrids and plug-in hybrids,” said lead researcher Dr. Marta Negri. “This progress is largely due to the fast deployment of renewable electricity across the continent and the greater energy efficiency of battery electric cars.”

Further estimates show that BEVs sold this year emit an average of 63 grams (g) of CO₂-equivalent per kilometer (e/km)—down from 83 g CO₂e/km in the ICCT’s 2021 study, and far below the 235 g CO₂e/km estimated for gasoline ICEVs.

The improvement, the ICCT said, reflects rapid decarbonization of Europe’s grid and growing efficiency gains in battery and vehicle production.

When BEVs are powered solely by renewable electricity, their life-cycle emissions fall even further—to 52 g CO₂e/km, or 78 percent lower than those of gasoline cars.

In contrast, the ICCT found that other powertrain types show only limited progress. Plug-in hybrids emit about 30 percent less than gasoline cars over their lifetime, and hybrids achieve just a 20 percent reduction. Natural gas vehicles offer only a 13 percent cut, and diesel cars show emissions similar to gasoline models.

The report also assessed hydrogen fuel cell vehicles. When powered by hydrogen derived from renewable electricity—a technology not yet widely available—FCEVs can reduce emissions by 79 percent compared to gasoline cars.

However, nearly all hydrogen currently used in Europe is produced from natural gas, limiting the actual emission savings to around 26 percent.

Decarbonizing the grid key to BEV success

The ICCT attributes the growing emissions advantage of electric cars to the rapid transition toward renewable energy across the EU.

In 2025, renewables are expected to make up 56 percent of electricity generation, up from 38 percent in 2020. This trend is projected to continue, reaching 86 percent by 2045, based on data from the EU’s Joint Research Centre.

Even with their higher production emissions—largely due to battery manufacturing—electric cars close the “emissions debt” within the first 17,000 kilometers of use, typically within the first one to two years in Europe.

Another purpose of its updated LCA, according to ICCT, was to counter widespread misinformation about electric vehicles’ environmental impacts.

“We hope this study brings clarity to the public conversation, so that policymakers and industry leaders can make informed decisions,” said Dr. Georg Bieker, co-author of the report. “We’ve recently seen auto industry leaders misrepresenting the emissions math on hybrids.”

“Life-cycle analysis is not a choose-your-own-adventure exercise. Our study accounts for the most representative use cases and is grounded in real-world data. Consumers deserve accurate, science-backed information,” he added.

A common misperception, the ICCT notes, is that electric cars are worse for the climate because of their manufacturing footprint.

However, the study concludes that failing to account for the evolving electricity mix and real-world driving patterns leads to distorted comparisons that undervalue electric cars’ advantages.

The full report can be viewed on the ICCT’s website.

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

This post appeared first on investingnews.com

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Top 5 Canadian Silver Stocks of 2025

Silver prices surged during the second quarter of 2025, surpassing the US$37 per ounce mark and reaching their highest levels in 14 years.

The price movements stem from a tightening supply and demand situation, which has seen above-ground inventories squeezed due to an increasing need from industrial sectors, particularly the growing photovoltaics industry.

However, demand has also increased due to heightened investor interest in alternative safe-haven assets, as gold prices reached record highs. The shifting sentiment comes amid uncertainty over a US trade policy that could reduce the world’s gross domestic product by 1 percent.

Investors have also been spooked by increasing conflict in the Middle East.

How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView’s stock screener on July 7, 2025, and all companies listed had market caps over C$10 million at that time.

1. Santacruz Silver (TSX:SCZ)

Year-to-date gain: 321.82 percent
Market cap: C$387.88 million
Share price: C$1.16

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include a 45 percent stake in the Bolivar and Porco mines, which it shares with the Bolivian government, and a 100 percent ownership of the Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project, an 8,325 hectare land package located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

In October 2021, Santacruz acquired Glencore’s (LSE:GLEN,OTC Pink:GLCNF) 45 percent stake in the Bolivar and Porco mines and a 100 percent interest in the Soracaya project. Under the terms of the deal, Santacruz made an initial payment of US$20 million and was obligated to make an additional US$90 million over a four-year period from the closing of the transaction. Glencore also retained a 1.5 percent net smelter return.

The pair amended the deal in October 2024, giving Santacruz the option to either pay off the US$80 million base purchase price through annual US$10 million installments or to accelerate the repayment by paying US$40 million by November 2025. The deal also includes additional terms such as monthly payments to Glencore contingent on zinc pricing benchmarks.

Santacruz chose the accelerated option through a structured payment plan, which allows it to satisfy the base purchase price of the properties while saving US$40 million compared to the annual installment option. As of its third payment to Glencore on July 7, Santacruz has now paid US$25 million.

In its Q1 2025 production report released on June 12, Santacruz disclosed consolidated silver production of 1.59 million ounces, marking a 1 percent increase from the 1.58 million ounces produced during the same quarter in 2024.

Santacruz shares reached a year-to-date high of C$1.16 on July 7.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 318.18 percent
Market cap: C$32.93 million
Share price: C$0.23

Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold-silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.

A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.

In April 2022, Mexico’s Supreme Court of Justice ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.

Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.

In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.

On March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.

The most recent update from the proceedings occurred on May 23, when the company announced that it had established a key personnel retention agreement (KPA) with CFO Korm Trieu and Executive Vice President Douglas McDonald. The KPA is intended as a long-term incentive program to retain employees for their knowledge of the proceedings, and the employees will need to perform certain duties related to the claims.

Under the terms of the agreement, the key personnel will split 4 percent of net proceeds, to a maximum of US$12 million, should Almaden’s claim prove successful.

Almaden shares reached a year-to-date high of C$0.245 on June 30.

3. Avino Silver and Gold (TSX:ASM)

Year-to-date gain: 296.85 percent
Market cap: C$710.8 million
Share price: C$5.04

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350 meter mine access and haulage decline. The company said the first phase at the site is expected to cost less than C$5 million, which will be funded from cash reserves.

In Avino’s Q1 financial report released on May 13, the company noted that work was progressing at the site according to plan, with blasting and construction of the decline underway. It added that a new drill was working on the haulage ramp to the Gloria and Abundancia veins.

On the production and finance side, the company reported a record quarterly after-tax income of US$5.6 million, 10 percent higher than the US$5.1 million during Q4 2024. Avino also reported a 6 percent increase in silver production to 265,681 ounces. The company attributed the gain to an increase in feeder grade.

Avino shares reached a year-to-date high of C$5.04 on July 7.

4. Excellon Resources (TSXV:EXN)

Year-to-date gain: 238.89 percent
Market cap: C$57.43 million
Share price: C$0.305

Excellon Resources is an exploration and development company that is advancing its recently acquired Mallay silver mine in Peru back into production.

Mining at the site produced 6 million ounces of silver, 45 million pounds of zinc and 35 million pounds of lead between 2012 and 2018 before the operation was placed on care and maintenance.

On June 24, Excellon announced that it had completed its acquisition of Minera CRC, and its Mallay mine and Tres Cerros gold-silver project in Peru.

Excellon began the court-supervised acquisition process in October 2024. On March 11, Excellon announced that it had entered into a definitive agreement with Adar Mining and Premier Silver, which resolved any outstanding disputes between Adar, Premier, and Minera, and paved the way to complete the transaction.

In the June release, the company stated that it will immediately commence the next phase of its strategy to restart the mine. As Mallay is fully permitted with infrastructure in place, Excellon is aiming for run-rate silver production in Q2 of next year.

Additionally, the company announced on July 3 that it had appointed Mike Hoffman to its board of directors. Hoffman has been in the mining sector for over 35 years, and has experience with developing mines in Latin America.

Shares in Excellon reached a year-to-date high of C$0.315 on July 4.

5. Andean Precious Metals (TSX:APM)

Year-to-date gain: 182.61 percent
Market cap: C$481.71 million
Share price: C$3.25

Andean Precious Metals is a precious metals company with a pair of operating assets in the Americas.

Its primary silver-producing operation is the San Bartolomé facility in the Potosi Department of Bolivia. The onsite processing facility has an annual ore capacity of 1.8 million metric tons. The company has transitioned from conventional mining and is processing feed from both its low-cost fines deposit facility and third-party ore purchases.

Its other producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 MT per day cyanide heap leach and Merril-Crowe processing facility. A mineral reserve statement showed a measured and indicated silver resource of 11.24 million ounces from 41.81 million MT at an average grade of 8.37 g/t silver. The company acquired Golden Queen from Auvergne Umbrella in November 2023 for total consideration of US$15 million.

On May 6, Andean released its Q1 operating and financial results. During the first quarter of the year, it produced 925,000 ounces of silver across its operations, up 0.9 percent over Q1 2024. However, the company noted that its revenues increased 43.9 percent year-over-year, reaching US$62 million compared to US$43.1 million. The company attributed this increase to higher silver and gold prices.

The most recent news from the company came on June 2 when it announced it entered into an exclusive, long-term agreement with the Bolivian state-owned mining company Corporacion Minera de Bolivia to acquire up to 7 million metric tons of oxide ore from mining concessions in Bolivia.

The ore is located within a 250 kilometer radius of the processing facility at its San Bartolomé operation, where it will process the ore. Under the terms of the 10 year agreement, Andean will immediately receive an initial 250,000 metric tons of ore, with the remaining to be delivered in tranches of 50,000 MT.

Shares in Andean reached a year-to-date high of C$3.25 on July 7.

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

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