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Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) (‘Freegold’ or the ‘Company ‘) is pleased to announce that all matters set out in the Management Information Circular dated May 26 2025 for the 2025 Annual General and Special Meeting of Shareholders held on June 27, 2025 (the ‘Meeting’) were approved by the shareholders holding 98,154,137 shares were voted representing approximately ~ 18.56% of the outstanding shares of the Company.

The following nine nominees were elected as directors of Freegold. The detailed results of the vote for the election of directors are set out below:

MOTIONS

NUMBER OF SHARES

PERCENTAGE OF VOTES CAST

FOR

AGAINST

WITHHELD/
ABSTAIN

FOR

AGAINST

WITHHELD/
ABSTAIN

To elect as Director :Kristina Walcott

96,353,303

1,800,834

98.165 %

1.835 %

To Elect as Director: Alvin Jackson

97,016,593

1,137,544

98.841 %

1.159 %

To Elect as Director: David Knight

85,790,018

12,364,119

87.403 %

12.597 %

To Elect as Director: Garnet Dawson

97,308,977

845,160

99.139 %

0.861 %

To Elect as Director: Ron Ewing

96,839,477

1,314,660

98.661 %

1.339 %

To Elect as Director: Glen Dickson

85,396,927

12,757,210

87.003 %

12.997 %

To Elect as Director: Reagan Glazier

79,513,338

18,640,799

81.009 %

18.991 %

To Elect as Director: Maurice Tagami

97,900,807

253,330

99.742 %

0.258 %

To Elect as Director: Vivienne Artz

93,614,569

4,539,568

95.375 %

4.625 %

The Company’s shareholders approved the appointment of Davidson & Company LLP, Chartered Professional Accountants, as the Company’s auditors, as set forth in the management information circular.

The Company’s shareholders approved the Company’s new omnibus equity incentive plan.

Each of the matters voted upon at the Meeting is discussed in detail in the Company’s Information Circular dated May 26 th, 2025, which is filed under the Company’s profile at www.sedarplus.com.

Golden Summit Project Update:

Drilling at Golden Summit is progressing well. Drilling is focused on resource definition, which includes both expansion and infill drilling, as well as geotechnical and metallurgical holes. Like the 2024 drill program, the current efforts aim to upgrade inferred resources to indicated status in preparation for the upcoming pre-feasibility study, which is expected to commence later this year. An updated mineral resource estimate is expected to be finalised soon, and the initial assay results from the 2025 drill program are also anticipated shortly.

The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited  
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

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/June2025/27/c9322.html

News Provided by Canada Newswire via QuoteMedia

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A Senate Democrat’s push to put a check on President Donald Trump’s powers and reaffirm the Senate’s war authority was shut down by lawmakers in the upper chamber Thursday.

Sen. Tim Kaine’s war powers resolution, which would have required Congress to debate and vote on whether the president could declare war, or strike Iran, was struck down in the Senate on a largely party-line vote, save for Sen. John Fetterman, D-Pa., a staunch advocate of Israel who supported Trump’s strike on the Islamic Republic, and Sen. Rand Paul, R-Ky., who has been vocal in his thoughts about congressional war powers in recent days.

Earlier in the week, the Virginia Democrat vowed to move ahead with the resolution despite a fragile ceasefire brokered between Israel and Iran following weekend strikes on the Islamic Republic’s key nuclear facilities that were not given the green-light by Congress.

Kaine argued that the ceasefire gave his resolution more credence and breathing room to properly debate the role that Congress plays when it comes to authorizing both war and attacks abroad.

He said ahead of the vote on the Senate floor that he came to Washington to ensure that the country does not again get into another ‘unnecessary’ war, and invoked the rush to approve war powers for President George W. Bush over two decades ago to engage with Iraq.

‘I think the events of this week have demonstrated that war is too big to consign to the decisions of any one person,’ Kaine said. 

Indeed, his resolution became a focal point for a debate that has raged on Capitol Hill since Israel began its bombing campaign against Iran: whether the strikes like those carried out during Operation Midnight Hammer constituted an act of war that required congressional approval, or if Trump’s decision was under his constitutional authority as commander in chief.  

Senate Republicans have widely argued that Trump was well within his purview, while most Senate Democrats raised constitutional concerns about the president’s ability to carry out a strike without lawmakers weighing in. 

Experts have argued, too, that Trump was within his executive authority to strike Iran. 

The Constitution divides war powers between Congress and the White House, giving lawmakers the sole power to declare war, while the president acts as the commander in chief directing the military. 

And nearly two centuries later, at the height of the Vietnam War, the War Powers Resolution of 1973 was born, which sought to further define those roles.

But the most impact lawmakers could have is through the power of the purse, and Sen. Mitch McConnell, R-Ky, who plays a large role in controlling the purse strings as the Senate Appropriations Subcommittee on Defense, had a sharp message against Kaine’s resolution. 

McConnell used instances where Democratic presidents over the last three decades have used their authority for limited engagements in Kosovo, Libya, Syria and Yemen, and questioned why ‘isolationists’ would consider the strike on Iran to kneecap its nuclear program a mistake. 

‘I have not heard the frequent flyers on War Powers resolutions reckon seriously with these questions,’ he said. ‘Until they do, efforts like this will remain divorced from both strategic and constitutional reality.’

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Jio Financial shares witnessed a steep rally on Friday after India’s stock market regulator SEBI gave a green signal to the newly formed Jio BlackRock Broking.

With approval from the Securities Exchange Board of India (SEBI), Jio BlackRock Broking can start its operations and act as a stockbroker and clearing member.

In a regulatory filing with SEBI, Jio Financial informed that:

“The Securities and Exchange Board of India has granted a certificate of registration dated June 25, 2025, to Jio BlackRock Broking Private Limited to act as a stockbroker/clearing member.”

The development pushed the share prices of Jio Financial Services, which traded around 5% higher at Rs 326.55 during the day.

Jio BlackRock Broking Private Limited is fully owned by Jio BlackRock Investment Advisers Private Limited.

This is not the first good news for the Jio BlackRock partnership in India as earlier SEBI gave its approval to Jio BlackRock Investment Advisers to operate as investment advisors.

Potential disrupter

Jio BlackRock’s entry is being viewed as a game-changer for India’s Rs 72 lakh crore mutual fund market, which is currently dominated by 44 asset management firms handling assets worth roughly $813.8 billion.

The venture brings together Jio’s expansive digital reach and BlackRock’s international investment know-how.

Its goal is to reduce costs, enhance transparency, and make investment options available even in the remotest parts of India.

According to several investment advisors in India, this move could mark a turning point for the country’s mutual fund landscape.

They believe it may drive greater technological adoption and cost efficiency, ultimately helping the industry reach a much broader section of the population.

Jio Financial shares: What’s more behind recent surge?

The Jio Financial shares are trading high this week after its recent acquisition of more than 7.9 crore equity shares in Jio Payments Bank Limited (JPBL) from the State Bank of India (SBI). The deal, valued at Rs 104.54 crore, was finalized last week.

Originally announced in March, the move marks JFS’s plan to buy SBI’s 17.8% stake in the payments bank and is being viewed as a strategic push to deepen its presence in the digital payments and fintech space.

Jio Financial Services shares have risen nearly 7% since the start of the year, keeping pace with the Sensex, which has posted a similar gain.

However, over the past 12 months, the stock is down around 8%, having touched its 52-week low of Rs 198.60 on March 3.

Its highest point in the same period was Rs 363, reached on September 27 last year.

The surge in Jio Financial shares came amid an overall upbeat trend in the Indian markets as the benchmark indices are trading very close to their all-time highs.

The Indian markets are closely following its Wall Street peers as US stock indices briefly touched a new record on Thursday after a strong backing from tech stocks.

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Tudor Gold (TSXV:TUD,OTC Pink:TDRRF) has signed a definitive agreement to acquire American Creek Resources (TSXV:AMK,OTCQB:ACKRF) in an all-share transaction, marking a consolidation in BC’s Golden Triangle.

Under the deal, dated Wednesday (June 25), each American Creek shareholder will receive 0.238 shares of Tudor for each share held, effectively giving Tudor an 80 percent ownership stake in the Treaty Creek project — one of Canada’s largest undeveloped gold-copper porphyry systems. American Creek previously held a fully carried 20 percent interest.

‘Our acquisition of American Creek increases our interest to 80 percent in the Treaty Creek Project, which hosts one of the largest gold discoveries in Canada with excellent potential for expansion and additional gold-copper discoveries, at a reasonable per ounce of gold equivalent cost,’ said Joe Ovsenek, Tudor Gold president and CEO, in a press release.

According to Tudor, Treaty Creek is located adjacent to world-class deposits held by Seabridge Gold (TSX:SEA,NYSE:SA) and Newmont (TSX:NGT,NYSE:NEM). Treaty Creek’s flagship Goldstorm deposit is a large-scale system that holds both gold and copper mineralization, and the project has consistently returned high-grade intercepts.

The transaction also includes the settlement of up to US$2.22 million in severance obligations to American Creek insiders — US$1 million in cash and the remainder in Tudor shares at a price of US$0.537 per share.

These shares will be subject to a four month statutory hold period, pending approval from the TSX Venture Exchange.

Golden Triangle deal mirrors global M&A trend

The Tudor-American Creek deal is the latest in a wave of mining sector consolidations driven by a record gold price, rising corporate cash reserves and dwindling new deposit discoveries.

Notable deals in the first half of 2025 include the C$2.6 billion merger of Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) and Calibre Mining, which was announced in February and closed this month.

In Australia, Northern Star Resources (ASX:NST,OTC Pink:NESRF) closed its AU$5 billion acquisition of De Grey Mining in May. De Grey was the owner of the massive Hemi gold deposit. The same month, Gold Fields (NYSE:GFI,JSE:GFI) made a US$2.4 billion bid for Gold Road Resources (ASX:GOR,OTC Pink:ELKMF).

Ramelius Resources’ (ASX:RMS,OTC Pink:RMLRF) AU$2.4 billion acquisition of Spartan Resources (ASX:SPR,OTC Pink:GYYSF), announced in March, further underscores the appetite for consolidation.

Data from S&P Global Commodity Insights shows last year’s M&A activity laid the groundwork for this trend.

With US$26.54 billion in deal value across 62 qualifying transactions, gold remained the dominant metal of focus, accounting for 43 deals and US$19.31 billion of total deal value. ‘Ever-depleting mining reserves and limited exploration success mean that acquisition is now the key strategy for growth,’ the report notes.

Gold’s record price rise, which took it to the US$3,500 per ounce level in April, has made previously uneconomic deposits viable and pushed miners’ margins to historic highs.

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

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The Tennis Channel is extending its deal with the Women’s Tennis Association that will see the cable TV network and streaming service continue to broadcast more than 2,000 matches each season.

While terms of the deal weren’t disclosed, Tennis Channel CEO Jeff Blackburn told CNBC in an interview there was a “pretty big step up in our payments” to the WTA for the U.S. media rights, which includes international tournaments and the WTA Finals event. The new agreement lasts through 2032.

“Our goal and mission is to just cover pro tennis and the game of tennis like no one else, every day, every hour, all year round. There’s no offseason,” Blackburn said. “WTA plays a huge role in that and it was a big priority for me to make sure that we renewed our relationship and extend it as long term as we were able.”

The exclusive rights renewal comes as the Tennis Channel is in the midst of a transition on several fronts.

Last year, longtime Tennis Channel CEO Ken Solomon was ousted from the company. Blackburn stepped into the role in early May, following a 24-year career at Amazon, where he helped to build out Prime Video and expand the streaming service into sports, among other businesses.

Meanwhile, Sinclair, the owner of broadcast stations as well as the Tennis Channel, had recently considered offloading the network, CNBC previously reported. The parent company, however, is no longer exploring a sale of the Tennis Channel, particularly since Blackburn has taken the helm, according to a person familiar with the matter who spoke on the condition of anonymity to discuss nonpublic details.

In the backdrop, the Tennis Channel, like its network peers, is contending with the continued loss of customers from the pay-TV bundle. While live sports garner the biggest audiences — and leagues have reaped huge rights payouts as a result — media companies are focused on growing the profitability of their streaming businesses.

In 2014 the 24/7 tennis network took its first step into streaming with Tennis Channel Plus, and later in 2022 introduced Tennis Channel 2, a free, ad-supported streaming channel. While Blackburn said Tennis Channel 2 has been successful and attracted a younger audience, he is focused on beefing up the Tennis Channel’s recently launched direct-to-consumer streaming app.

The app, which launched in November 2024, costs $9.99 a month or $109.99 annually and offers the same programming as the pay-TV network. Media companies are increasingly offering the same live sports featured on pay-TV networks on their counterpart streaming alternatives — most notably with the launch of Disney’s flagship ESPN app later this year.

“What’s important about the partnership is that they’re committing to doing more with us,” said Marina Storti, CEO of WTA Ventures, the commercial arm of the WTA. “They’re committed to that increased exposure across all of their platforms. They’re committed to ensuring this kind of equal exposure for women and men, where they have the rights. And they’re making a significant commitment. There is a substantial increase in the rights fees, which is a big milestone for us as part of our plan and commitment to growing.”

The Tennis Channel’s agreement with the WTA covers a large swath of the WTA’s tournaments outside of North America through the season-closing WTA Finals.

The audience for WTA events on the Tennis Channel has been growing, particularly among the younger demographic. Viewership among 18- to 34-year-olds on the Tennis Channel has grown annually for each of the past two years, according to a news release.

The deal comes as American female tennis players have shot to the top of global rankings and women’s sports in general have seen a rise in popularity and investment funding.

Already in 2025, two American women have won two of the top majors: Madison Keys took the Australian Open in January, and Coco Gauff was crowned the winner of the French Open in June. Gauff and Keys will be among the participants at Wimbledon, which kicks off on Monday.

“Tennis is really the only major sport where the men’s and women’s game is on equal footing, and that’s really important,” said Blackburn. “I think for tennis it makes it unique. The growth of women’s sports overall? Maybe basketball and soccer will get there, but I think tennis is way ahead in terms of providing that for the fan.”

The Tennis Channel 2 free streaming option has earmarked every Tuesday as “Women’s Day” — showing only women’s match coverage — and Blackburn highlighted the network’s roster of heavy-hitting female talent, including former players and Hall of Famers Martina Navratilova and Lindsay Davenport, among others.

The deal extension also builds on WTA Ventures’ recent efforts to grow its commercial revenue and build the profiles of its athletes.

In 2023 the WTA formed a strategic partnership with private equity firm CVC Capital Partners, which invested $150 million for a 20% stake in the newly created WTA Ventures. The entity was formed to focus on growing commercial revenue through sponsorships and media rights deals, with the goal of tripling its revenue by 2029.

In 2024 WTA Ventures said it expected to increase revenue by 24% in its first full year.

The media rights extension marks the first renegotiation with the Tennis Channel under the WTA Ventures framework. The WTA’s long-standing media rights deal with streaming service DAZN expires at the end of next year, and talks have begun for new deals that would begin in 2027, said Storti.

WTA Ventures said its global audience surpassed 1 billion viewers on broadcast and streaming last season, and Storti said the U.S. is among one of the WTA’s biggest growth markets, along with China and Poland.

“We are a completely mass-market product that attracts hundreds of millions of fans across the world, and I would say we deliver a product that stands kind of shoulder to shoulder with the men counterpart,” Storti said.

The WTA has also recently emphasized improvements for players.

This year it’s has announced a paid maternity leave funded by the Saudi Public Investment Fund, as well as a new policy allowing players to protect their rankings during fertility treatments

Still, tennis is not without its issues of disparity. While the U.S. Open awarded equal prize money to men and women beginning in 1973, it was decades ahead of Wimbledon and other majors. And while equal prize money is given at the majors level, there’s still a considerable pay gap at lower-level tournaments.

The sport also drew criticism around the 2025 French Open when the majority of prime-time slots went to men’s matches.

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Those who leaked a preliminary assessment — rejected by the White House — on the U.S. strikes on Iranian nuclear facilities will face justice for sharing the document, according to White House Press Secretary Karoline Leavitt. 

President Donald Trump and multiple leaders are saying that the strikes destroyed three Iranian nuclear sites.  

A leaked report from the Defense Intelligence Agency, published by CNN and the New York Times, cast doubt on that though, saying that the strikes only set back Iran’s nuclear program by several months. CNN first reported the assessment’s findings, citing seven people who were briefed on the report. The outlet reported the findings were based on a battle damage assessment from U.S. Central Command. 

Leavitt pushed back on the early assessment’s credibility, claiming the report was ‘flat-out wrong.’ 

‘Everyone knows what happens when you drop 14 30,000-pound bombs perfectly on their targets: total obliteration,’ Leavitt said in a Tuesday statement. 

Secretary of Defense Pete Hegseth said Wednesday that the FBI is conducting an investigation to get to the bottom of the matter and who shared the document with the media. 

Additionally, Leavitt told reporters that leaking classified information is a criminal offense and that those who fail to follow the law ‘need to be held accountable for that crime.’ 

‘This administration wants to ensure that classified intelligence is not ending up in irresponsible hands, and that people who have the privilege of viewing this top secret classified information are being responsible with it,’ Leavitt told reporters Thursday. 

‘Clearly, someone who had their hands on this and it was a very few people, very few number of people in our government who saw this report,’ Leavitt said. ‘That person was irresponsible with it. And we need to get to the bottom of it. And we need to strengthen that process to protect our national security and protect the American public.’ 

Meanwhile, the U.S., Israel and Iran’s Foreign Ministry have all said that the three nuclear sites U.S. forces struck have encountered massive damage. 

Iran’s Foreign Ministry spokesman Ismail Baghaei told Al Jazeera Wednesday that the country’s nuclear facilities were ‘badly damaged,’ and Israel’s Atomic Energy Commission said the U.S. strikes were ‘devastating.’

On Sunday, Chairman of the Joint Chiefs of Staff Gen. Dan Caine said that initial battle damage assessments suggest ‘all three sites sustained extremely severe damage and destruction.’

Trump issued a word of caution to Iran Wednesday, should it attempt to repair its nuclear program once more, and said the U.S. wouldn’t hesitate to launch another strike against Iran. 

Trump personally called for the firing of one of the reporters who authored the story about the initial assessment, claiming in a Wednesday Truth Social post that the reporter should be ‘IMMEDIATELY reprimanded, and then thrown out ‘like a dog.’’

Even so, CNN came to the defense of the reporter, Natasha Bertrand. 

‘We stand 100% behind Natasha Bertrand’s journalism and specifically her and her colleagues’ reporting of the early intelligence assessment of the U.S. attack on Iran’s nuclear facilities,’ CNN said in a Wednesday statement. ‘CNN’s reporting made clear that this was an initial finding that could change with additional intelligence. We have extensively covered President Trump’s own deep skepticism about it.’

Fox News’ Brooke Singman contributed to this report. 

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European stock markets started Thursday’s session mostly higher, with investors digesting a landmark decision from NATO to increase defense spending targets, while also keeping a watchful eye on the fragile ceasefire between Israel and Iran.

Fresh economic data from Germany showed a slight dip in consumer confidence, and in the corporate world, H&M reported weaker-than-expected sales, while Shell refuted takeover speculation.

Global market sentiment continues to be influenced by the ongoing ceasefire between Israel and Iran, with investors assessing its durability.

Adding a new dynamic, NATO announced on Wednesday a significant decision to hike defense spending targets for its member states from 2% to 5% of gross domestic product by the year 2035.

This move, which caused shares of European defense companies to pop, will remain a key focus for the market.

At 9:00 am CET, the positive sentiment was reflected in most major bourses. Germany’s DAX rose 0.49%, the EURO STOXX 50 jumped 0.34%, and the French CAC 40 increased 0.38%.

However, London’s FTSE 100 opened flat, showing a more muted start. In currency markets, the euro gained 0.33% against the US dollar, selling for $1.16985 at 8:59 am CET.

Simultaneously, the British pound advanced 0.39% against the greenback to trade at $1.37185.

On the economic data front, fresh figures showed a slight dip in German consumer confidence for July, adding a note of caution.

Investors are also awaiting remarks from European Central Bank (ECB) and Bank of England officials later in the day, which will be scrutinized for clues on future monetary policy.

The backdrop from overnight trading was mixed, with Asia-Pacific markets mostly declining, while US stock futures were relatively unchanged.

Corporate spotlight: H&M sales slip, Shell denies BP takeover rumors

Swedish clothing giant H&M reported weaker-than-expected sales for its fiscal second quarter on Thursday, though it did point to a recent uptick in demand at the start of the summer season.

Revenues at the world’s second-largest clothing retailer dipped year-on-year to 56.71 billion Swedish krona ($5.99 billion) in the three-month period ending May 31.

This figure fell slightly short of the 57.01 billion Swedish krona forecast by LSEG analysts, highlighting ongoing challenges in the retail sector.

In the energy sector, oil major Shell on Thursday emphatically denied speculation that it was considering a bid for its embattled British peer, BP.

The denial came in response to a Wall Street Journal report that had suggested takeover talks were underway between the two oil giants.

“In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” Shell said in a formal statement.

A Shell spokesperson had already told CNBC on Wednesday, in an initial response, “This is further market speculation. No talks are taking place.”

BP shares had surged more than 10% in the previous session following the Wall Street Journal report.

Investors have been watching to see whether Shell—or other industry behemoths like Chevron, Exxon Mobil, or the United Arab Emirates’ Adnoc—would make a move to acquire BP, which has been underperforming its rivals in recent years and has struggled to define a clear strategic direction amid the global transition to green energy.

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Cobalt prices are surging after the Democratic Republic of Congo (DRC), the world’s largest producer, extended its export ban by three months in a bid to address global oversupply and stabilize plunging prices.

According to the Financial Times, cobalt prices on China’s Wuxi Stainless Steel Exchange rose nearly 10 percent after the DRC government announced the news over the weekend.

The ban — originally set to expire on Monday (June 23) — will now remain in effect until at least September.

The DRC’s Strategic Mineral Substances Market Regulation and Control Authority (ARECOMS) said the extension was necessary “due to the continued high level of stock on the market.”

The ban, first imposed in February of this year, was initially slated to last four months.

It came after a prolonged slump in cobalt prices, which have plummeted approximately 60 percent over the past three years, reaching a nine year low of US$10 per pound earlier this year.

The DRC produced 72 percent of the global cobalt mine supply in 2024, as per market intelligence firm Project Blue.

The export halt has already begun to ripple through international markets. In China, where most of the world’s cobalt is refined, prices for the metal and related company stocks spiked.

‘We are likely to see an initial price spike, but real pressure will be later in the year as intermediate stocks begin to dry up,’ Thomas Matthews, a battery materials analyst at CRU Group, told Bloomberg. ‘In short, strap yourselves in.’

The government of the DRC is attempting to tackle a persistent supply glut that has undermined the cobalt market since 2022. By curbing exports, Kinshasa is aiming to drive up prices, thereby increasing revenues from royalties and taxes on mining companies, while also incentivizing further investment in its domestic mining infrastructure.

ARECOMS said that a follow-up decision will be made before the new deadline in September, signaling that the ban could be modified, extended or lifted depending on market developments.

Reuters reported last week that Congolese officials are also exploring a quota-based system for cobalt exports, which would allow selected volumes to leave the country while still exerting downward pressure on global supply.

The proposal has garnered support from major industry players.

Glencore (LSE:GLEN,OTC Pink:GLCNF), the world’s second largest cobalt producer and a key stakeholder in Congolese mining operations, is backing the potential quota system. The Swiss trader declared force majeure on some of its cobalt supply contracts earlier this year due to the export restrictions, citing exceptional circumstances. Nevertheless, Glencore has managed to fulfill its obligations so far, thanks to pre-existing cobalt stockpiles located outside the DRC.

By contrast, CMOC Group (OTC Pink:CMCLF,HKEX:3993,SHA:603993), the China-based firm that overtook Glencore as the world’s top cobalt producer in 2024, has been lobbying for the ban’s complete removal.

CMOC, which processes a significant share of Congolese cobalt in China, argues that prolonged supply constraints could jeopardize downstream industries and global battery production.

A race against the clock

Despite initial cushioning from global stockpiles, experts warn that refined cobalt supply may soon run thin.

Transporting cobalt from the landlocked DRC to China’s processing hubs typically takes about 90 days. This means that if shipments do not recommence soon, shortages could begin to materialize in late Q3 or early Q4.

‘Stockpiles of cobalt outside the DR Congo will reach very low levels by the September 21 deadline if nothing else changes,’ Jack Bedder, founder of Project Blue, told the Financial Times.

Cobalt plays a vital role in lithium-ion batteries used in electric vehicles, consumer electronics and renewable energy storage. While many battery makers have begun shifting toward lower-cobalt or cobalt-free chemistries, demand for the metal remains strong — especially for high-performance applications.

Complicating the supply/demand dynamics is the fact that cobalt is often a by-product of copper mining.

With copper prices rebounding sharply — trading around US$9,600 per metric ton this week on the London Metal Exchange — producers have little incentive to curb overall output.

The move to extend the cobalt ban also coincides with the DRC’s recent efforts to assert greater control over its vast mineral wealth. The Central African nation is currently in discussions with the US over a potential minerals partnership aimed at strengthening supply chain security for clean energy technologies.

The export suspension is just the latest in a series of efforts by resource-rich countries to assert more control over key commodities. Similar moves have been seen in Indonesia, which banned nickel ore exports in 2020 to spur domestic processing, and in Chile, where the government is pushing for greater state participation in the lithium sector.

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

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Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker’s stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission.

The sales are worth nearly $15 million at Tuesday’s opening price.

The transactions are the first sale in Huang’s plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It’s a plan that was announced in March, and it’d be worth $873 million at Tuesday’s opening price.

The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday’s SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index.

The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too.

Nvidia stock is up more than 800% since December 2022 after OpenAI’s ChatGPT was first released to the public. That launch drew attention to Nvidia’s graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service.

The company’s chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology.

Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips.

In May, the company reported first-quarter earnings that showed the chipmaker’s revenue growing 69% on an annual basis to $44 billion during the quarter.

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Emil Bove forcefully rejected criticisms that he was President Donald Trump’s ‘henchman’ or ‘enforcer’ during a Senate hearing Wednesday focused on his nomination by Trump to serve as a federal judge.

Bove, a top Department of Justice (DOJ) official vying to fill a lifetime role on the Third Circuit Court of Appeals, said media reports painted a ‘wildly inaccurate caricature’ about him.

‘I am not anybody’s henchman. I’m not an enforcer,’ Bove said, referring to descriptors used in headlines about him. ‘I’m a lawyer from a small town who never expected to be in an arena like this.’

Bove served as a key attorney on Trump’s personal defense team during the president’s four criminal prosecutions. Prior to that, he led drug trafficking and terrorism cases during his decade as a prosecutor in the Southern District of New York.

But Bove’s formidable demeanor and controversial decisions upon joining DOJ leadership, which included dismissing New York City Mayor Eric Adams’ corruption charges and warning of personnel action for FBI employees who worked on Jan. 6 cases, have caused his nomination to the powerful appellate court bench to attract heightened scrutiny.

Capping off a string of reports examining these controversies was a whistleblower claim leveled Tuesday, one day prior to Bove’s nomination hearing.

The whistleblower, Erez Reuveni, a 15-year veteran of the department who was fired this year for perceived insubordination, alleged that Bove warned during an internal meeting that DOJ attorneys might need to say ‘f*** you’ to judges and defy any adverse orders they issue regarding one of Trump’s most provocative maneuvers to deport alleged illegal immigrants.

Senate Democrats, who have widely objected to Bove’s nomination, grilled the nominee over the claim, noting that flouting court orders was unconstitutional and disqualifying. Bove said he has never advised anyone to defy judges’ orders.

‘Did you or did you not make those comments during that meeting?’ Sen. Adam Schiff, D-Calif., pressed.

‘I did not suggest that there would be any need to consider ignoring court orders. At the point at that meeting there were no court orders to discuss,’ Bove said. 

Schiff repeated the profane phrase several times, asking if Bove said it in relation to the courts.

‘I don’t recall,’ Bove said.

‘You just don’t remember that,’ Schiff replied incredulously.

Other Democrats pressed Bove on the Adams saga, which had led in February to a handful of high-level DOJ employees resigning in protest of Bove’s order that they dismiss the mayor’s federal corruption charges. A judge ultimately dropped Adams’s charges at Bove’s request, but not before excoriating the DOJ for giving ‘inconsistent’ justifications for wanting to drop the case.

Bove was accused by the ousted lawyers of asking the courts to toss out Adams’s charges in exchange for the mayor’s cooperation with the Trump administration’s immigration policy. Bove denied the allegation when pressed on it.

‘The suggestion that there was some kind of quid pro quo was just plain false,’ Bove said.

Despite Democrats’ concerns, as well as concerns voiced by some defense lawyers who said they have had negative experiences with the nominee, Bove has some loyal supporters. No Republican senators have voiced opposition to him at this stage, a sign that he could eventually be confirmed, albeit narrowly.

In an interview prior to the hearing, Deputy Attorney General Todd Blanche, Bove’s longtime friend and colleague, told Fox News Digital that Bove was a ‘freaking brilliant lawyer.’

Blanche said reports that Bove was unqualified were ‘distorted’ and that installing him on the Third Circuit was a ‘no-brainer.’

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