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A House Democrat with a background in physics is sounding the alarm over what he views as a lack of a plan to deal with Iran’s nuclear sites during the U.S. offensive campaign.

After a classified briefing Tuesday with top administration officials, Rep. Bill Foster, D-Ill., said lawmakers were not presented with a clear plan to secure or neutralize Iran’s stockpile of enriched uranium.

‘We have heard that they never had a plan for that nuclear stockpile of enriched uranium — to destroy that, to seize it or to put it under international inspection,’ he said.

The U.S. intervention was publicly justifiedby the Trump administration as a necessary step to stop Iran from developing a nuclear weapon. 

U.S. forces have struck more than 1,700 targets across Iran, including ballistic missile launch sites, air defenses, naval assets and command centers. Core nuclear facilities, however, have not been among the primary targets.

‘Until that happens, Iran will be very, very close to making — as many observers have pointed out in a nonclassified situation — Iran can use that material to make a handful of Hiroshima-style nuclear devices,’ Foster told Fox News Digital. ‘Not the sort you can put on a missile, but the sort you can deliver by a number of other ways and are very hard to stop.’ 

Foster was referring to Iran’s stockpile of highly enriched uranium, material that, if weaponized, could be used to build a nuclear explosive device.

Experts note that building a compact warhead that fits on a ballistic missile is technically complex and requires advanced engineering. But a simpler, larger nuclear device — similar in basic concept to the bomb the U.S. dropped on Hiroshima, Japan, in 1945 — would not need to be miniaturized to fit on a missile. Such a device could not be delivered by long-range rocket but could theoretically be transported by other means.

Foster argued that containing Iran’s nuclear materials, most of which are buried deep underground, would likely require U.S. forces to enter Iran.

Recent satellite imagery shows damage to support buildings and access points at Iran’s Natanz enrichment site, though the deepest underground infrastructure at key nuclear facilities has not been confirmed as a primary target in the current campaign.

U.S. and international officials previously have acknowledged that while strikes can damage enrichment infrastructure, stockpiled enriched uranium stored underground may remain intact and potentially retrievable unless physically secured or removed.

‘You have to go in there with boots on the ground and grab a bunch of equipment,’ Foster said. ‘You have to go underground into those facilities and lose a lot of soldiers’ lives doing that.

‘They’re unwilling to do that, or they’ve decided not to or they’ve decided it’s impossible. In any case, they did not present to us any plan that would actually get the material under control.’

Without securing the nuclear material, he argued, military operations may push Iran closer to a nuclear weapon than diplomatic negotiations would have.

‘The only positive thing about the ayatollah is that he had a fatwa against building nuclear weapons,’ Foster said. ‘Who knows what the next generation of ayatollahs are going to feel? They’re going to be under a lot of pressure from the IRGC, which was not so much against having a nuclear weapon.’

Ayatollah Ali Khamenei, who was killed in the joint U.S.-Israeli operations, had previously issued a fatwa, a religious edict, opposing the pursuit of nuclear weapons. Analysts have long debated how binding or durable that ruling was.

At a White House briefing Wednesday, press secretary Karoline Leavitt said the administration believes Iran ‘wanted to build nuclear weapons to use against Americans and our allies,’ framing the strikes as necessary to prevent Tehran from advancing its nuclear ambitions.

‘The US military has more than enough munitions, ammo, and weapons stockpiles to achieve the goals of Operation Epic Fury laid out by President Trump — and beyond. Nevertheless, President Trump has always been intensely focused on strengthen our Armed Forces and he will continue to call on defense contractors to more speedily build American-made weapons, which are the best in the world,’ she said in a follow up statement to Fox News Digital. 

Missile suppression strategy faces ‘math problem’

Senior administration officials have emphasized that the current phase of the campaign is aimed at dismantling Iran’s ability to project force with missiles, drones and naval assets. 

Defense Secretary Pete Hegseth has highlighted strikes on Iran’s ballistic missile systems, air defenses and naval capabilities, describing the effort as a push to degrade the conventional tools Tehran uses to threaten U.S. forces and regional allies. 

Secretary of State Marco Rubio similarly has said the United States is working to ‘systematically take apart’ Iran’s missile program, so it could not ‘hide behind’ it to develop a nuclear weapon. 

While the broader justification for intervention centered on preventing a nuclear-armed Iran, the most immediate threat facing U.S. troops and partners has been Iran’s ongoing missile and drone launches. Administration officials contend Iran’s missile buildup was meant to create a deterrent buffer, shielding its broader strategic ambitions, including its nuclear program, from outside attack.

Lawmakers emerging from classified briefings said the campaign has become, in part, a question of sustainability.

‘We do not have an unlimited supply,’ Sen. Mark Kelly, D-Ariz., said of U.S. and allied interceptor inventories. He warned the conflict could become a ‘math problem,’ balancing launch volumes against finite air defense munitions and the ability to replenish them without weakening readiness in other theaters.

‘At some point — and we’re probably already in this — this becomes a math problem,’ Kelly added.

He said he pressed defense officials on how interceptor stocks are being replenished and whether diverting munitions to the Middle East could strain U.S. readiness elsewhere.

‘How can we resupply air defense munitions? Where are they going to come from? How does that affect other theaters?’ he said. ‘The math on this currently seems to be an issue.’

Sen. Andy Kim, D-N.J., said he also sought clarity on interceptor inventories but did not receive detailed answers.

‘I am very concerned about that,’ Kim said. ‘I did not get any specificity today. … Something akin to ‘trust us’ is not good enough for me.’

Republicans, however, pushed back on the notion that interceptor supplies are strained. 

Sen. Markwayne Mullin, R-Okla., said officials told lawmakers U.S. forces are ‘in great shape,’ dismissing concerns about shortages.

Ehud Eilam, a former Israeli defense official and national security analyst, said that while a nuclear weapon remains the most serious long-term threat, missile and drone systems pose the most immediate danger if intelligence assessments conclude Iran is not on the verge of assembling a device.

‘As long as it is estimated Iran cannot produce a nuclear weapon soon, then the focus moves to missiles and drones,’ Eilam said, noting that ballistic missiles would ultimately be required to deliver any future nuclear warhead. Suppressing mobile launchers, crews and command networks can reduce Iran’s firing tempo, conserving interceptor supplies while degrading Tehran’s broader military capacity, he said.

The concern is not theoretical. 

During the intense June 2025 Iran–Israel conflict, U.S. forces reportedly fired more than 150 Terminal High Altitude Area Defense interceptors, roughly a quarter of the global inventory, along with large numbers of ship-based Standard Missile interceptors to shield allies. 

Analysts note that replenishing high-end air defense systems such as Patriot, THAAD and SM-3 interceptors could take more than a year under current production rates.

The Pentagon also is balancing competing demands. The same missile defense systems used to protect U.S. bases and Gulf partners are being supplied to Ukraine to defend against Russian cruise missile attacks, creating what some analysts describe as a ‘zero-sum’ competition for inventory between Europe and the Middle East.

‘There is a limit to how many THAAD missiles can be used,’ Eilam said. ‘These are not systems you can reproduce overnight.’

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The partial government shutdown of the Department of Homeland Security could impact how the federal government is able to address potential terror threats in the U.S., a public safety expert said, warning that the escalating conflict with Iran could encourage those wishing to harm Americans.

Jeffrey Halstead, a retired police chief in Fort Worth, Texas, and a former commander for Homeland Security for Phoenix police, told Fox News Digital that U.S. military actions could ‘escalate the mindset of some of these outlying or outlier terrorist entities’ wanting to take action. 

‘We’ve seen historically that any time there is a conflict, especially in the Middle East with escalating tensions, military action and now a declaration of war, there is a significant impact on the ability for us to work collectively to share intelligence and gather information in a timely manner from our federal partners,’ Halstead said. ‘With the current Department of Homeland Security shutdown, if something were to occur here in the United States, there could be some significant delays because FEMA and other very, very critical divisions of the federal government are basically shut down.’

He specifically pointed out the terrorist attack in Austin, Texas, over the weekend, which left 2 people dead and 14 injured. The suspect, Ndiaga Diagne, a 53-year-old naturalized citizen born in Senegal, was also killed.

Authorities said they are investigating the shooting, which took place at a bar at about 2 a.m. on Sunday, as a ‘potential nexus to terrorism’ as Diagne appeared to wear a ‘Property of Allah’ sweatshirt and an undershirt depicting the Iranian flag. A Quran was also later recovered from his vehicle, and an Iranian flag and images of regime leaders were found at his home.

That attack comes after U.S.-Israeli joint military strikes, which began against Iran on Saturday morning, killed the Islamic Republic’s Supreme Leader Ali Khamenei and other leaders, triggering a wider conflict in the Middle East.

Halstead, who is also the director of strategic accounts at Genasys, a communications hardware and software provider that helps communities during emergencies, warned that events in the U.S. later this year, such as World Cup soccer matches and America’s 250th anniversary, could make the U.S. an ‘escalated target’ if the conflict in the Middle East remains active.

He also said anytime there is a government shutdown, there seems to be a ‘pretty significant distraction, both politically and administratively, in every facet of our federal government and the manner in which the government operates.’

‘Sometimes there is reduced staffing in some of these critical agencies, and some of the agencies aren’t being funded at all,’ he said. ‘This will delay and possibly impede some of that critical intelligence, which could be terroristic threat level intelligence, that needs to be in the hands of local police, so that the beat officers, the patrol officers, as well as all the supervisors, understand the latest and greatest threats, including high-profile targets that could be on the radar of some of these active cells in the United States.’

He added that the government shutdown has an impact on the ability to ‘get that intelligence as fast as possible into the hands of those that need it’ and that delays could be ‘very, very catastrophic’ if the information is ignored or not sent.

Halstead noted that he has not seen any evidence that the shooting in Austin is directly tied to the government shutdown.

‘However, when there are military actions overseas, especially in a lot of these high-profile terrorist organizations or terrorist hosting countries, it elevates the mindset for other people to take actions against American citizens and institutions in America,’ he explained. ‘That could be schools and religious sites, and it could be the way that we live our lives with freedom.’

‘When these incidents overseas happen that are terror-related, it does instill in the mindset of some of these lone wolf-style actors to take action,’ he continued. ‘And if you look at [the case in Austin], that is exactly what the FBI has profiled to date, that this was a lone wolf probably acting upon the military action that was taken against Iran, and then wearing a shirt, ‘Property of Allah,’ that speaks to his either religious belief and/or possibility of some terroristic ties.’

In a statement to Fox News Digital, Department of Homeland Security Secretary Kristi Noem said: ‘I am in direct coordination with our federal intelligence and law enforcement partners as we continue to closely monitor and thwart any potential threats to the homeland.’

DHS, President Donald Trump and Republican lawmakers on Capitol Hill continue to place blame on Democrats for the shutdown. After the conflict with Iran began over the weekend, Democratic lawmakers remain unmoved, including those who voted to end the government shutdown in November.

Sen. Tim Kaine, D-Va., argued that DHS still has plenty of money left from Trump’s spending bill signed last year and that Democrats are not going to suddenly abandon their demands for reform. Sen. Angus King, I-Maine, told The Hill that he sees no correlation between the funding negotiations and the ongoing war in Iran.

‘I don’t think there’s any relationship between FEMA and Iran — or the Coast Guard, for that matter,’ King said.

Republicans contend that the conflict makes DHS funding even more necessary, with House Majority Leader Steve Scalise, R-La., writing on X: ‘Following the successful strikes on Iran and the FBI’s warning of elevated threats here at home, it is dangerous for Democrats in Washington to keep the Department of Homeland Security shut down.’

Halstead said the funding fight ‘looks like all the other shutdowns that we’ve seen,’ adding that it ‘becomes one side against the other, and then they will make some strong allegations and statements and then publicly the other side will make retaliation.’

‘This is probably some of the worst infighting I think I’ve seen in almost 40 years,’ he said.

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An Iranian refugee held at gunpoint at school before fleeing Iran during the 1979 revolution is calling for hope, democracy and prayers for his homeland as the U.S. joins Israel in targeting Iran’s ruling clerical regime.

David Nasser, now an American pastor, spoke to Fox News Digital six days after Operation Epic Fury was launched in Iran — an event that reignited haunting memories for him and of the time when he was 9 years old.

‘As a child, my family and I were forced to escape Iran and run for our lives,’ Nasser, President and CEO of David Nasser Outreach recalled.

‘We found safe harbor as refugees granted political asylum here in the United States,’ Nasser said, before describing how his father had been a high-ranking officer in Iran’s military, meaning ‘his family became targets as the government collapsed.’

‘One of my most vivid memories of realizing that nothing was ever going to be the same again was at a school assembly on a military base – a soldier called out three names and mine was called first,’ he said.

‘When I got to the front, the soldier dropped a piece of paper, took a gun out of his holster and put it to my head and quoted the Quran. He told me that he was sent to make an example out of me,’ Nasser added.

The principal intervened, but the message he relayed was unmistakable. Nasser recalled.

‘They’re killing everybody who’s anybody. They’re trying to make an example out of people like our family, and they’re using fear,’ he remembered hearing at the time.

‘That’s one of my first memories of the revolution, but really just being completely scared for my life.’

Soon after, Nasser’s family devised an escape plan. They would pretend Nasser’s mother needed emergency heart surgery in Switzerland and buy round-trip tickets to avoid raising suspicion.

‘We bought round-trip airline tickets, like we were going and coming back, but we weren’t coming back. We were running for our lives,’ he said.

At the airport, Nasser remembers gripping his father’s hand tightly and hearing words he will never forget.

”If they find out we’re escaping, they’re going to kill us right here on the spot,” my father said as his hands shook, holding mine, he said. ‘The last time I was in Iran, I was a 9-year-old little boy running for my life,’ he said.

Now, watching events unfold in Iran from the safety of the U.S., Nasser said his heart remains with millions of desperate Iranians facing uncertainty.

‘We see them — I see them, I hear them. My heart is beating really fast for them right now, with hope and with prayers for their protection and their provision,’ Nasser said.

‘Protection. I’m praying for protection for them. I want to be a part of the provision for them. If Iran transitions from a theocracy to a democracy,’ he said, ‘I want to help rebuild.’

‘If this moment actually comes, and they go from a theocracy to a democracy, I want to be a part of the solution — for that 9-year-old little boy that I once was. I want to do this for him.’

Beyond political change, Nasser, who is also Teaching Pastor at New Vision Baptist Church, said he takes solace in what he describes as spiritual transformation already underway, calling it ‘the fastest-growing church in the world right now, or the underground church in Iran.’

‘We know there’s at minimum 4 million, at maximum 8 million Christians right now in Iran,’ he said.

‘In Iran, if you convert from Islam to Christianity, that can be a death sentence. If they come into your home and you’re gathering for Christian worship, they will take your home title, you will lose your home.’

‘They’re in prison. They’re being tortured. They’re being ridiculed. They’re being mocked,’ he added.

‘Above all, I came to America, and it was a land of opportunity, and I was given the gift of democracy, so I would love to see democracy in Iran, where all the boys and girls are afforded what I was afforded when I managed to escape.’

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Minnesota Gov. Tim Walz and Attorney General Keith Ellison faced a barrage of tough questions from Republicans during a Wednesday House hearing on the massive fraud scandal in the state, with most of the questions focused on one key theme: What did they know, and when did they know it?

Walz and Ellison were asked multiple times for specifics regarding when they were first made aware of the fraud problems and faced sharp rebukes from Republican members, including Rep. Virginia Foxx.

‘You did not do your job, you did not do your job,’ Foxx told Walz. ‘You did not protect taxpayer dollars. You allowed massive fraud. You and Mr. Ellison allowed massive fraud to go on in the state of Minnesota. It is unfortunate, as somebody said, that you can’t be held personally responsible at this stage in the game.’

An exchange between GOP Rep. Jim Jordan and Walz sparked immediate pushback from conservatives on social media. 

‘Why didn’t you tell the truth about why you restarted the payments?’ Jordan asked during a House Oversight Committee hearing on Minnesota fraud on Wednesday.

The exchange centered on Walz’s past public statements that a judge ordered the Minnesota Department of Education to continue reimbursements in April 2021 after the agency had halted payments over fraud concerns.

Jordan pointed to a 2022 court-authorized news release from then-Ramsey County District Court Judge John H. Guthmann that disputed the governor’s characterization of the events.

‘So either you’re lying or the court’s lying. And I’m just asking you which one is it?’ Jordan said.

One of the most contentious exchanges came during questioning from GOP Rep. Nancy Mace when she pressed Walz for specific numbers on how many children are in his state, the massive increase in autism care spending and why that occurred without getting specific numbers back from Walz.

‘Ok, so your excuse before — that you didn’t know what the 2017 autism numbers were — because you were not governor, and today you can’t answer the numbers about 2024 as governor, and you still said you prepared for this hearing today. It’s unbelievable.’

Walz shot back that he wouldn’t be a ‘prop’ for Mace, and she eventually said, ‘I expect you to know this information. Thank God you’re not vice president of the United States.’

GOP Rep. Clay Higgins confronted Ellison in another heated moment asking him to say he was ‘leading’ the fight against rooting out corruption without getting the specific answer he was looking for, prompting him to call for Ellison’s resignation. 

‘I’m not talking about Medicaid fraud, don’t hide behind that,’ Higgins said, interrupting Ellison. ‘You have the authority to prosecute anything criminally that the governor asks you to, and this thing is big. I’m giving you an opportunity sir, are you leading the criminal investigative effort into this massive fraud across the board…or not?’ Higgins pressed.

‘We are following the law,’ Ellison said before Higgins cut him off again.

‘You are not leading, I’m going to say, Mr. Chairman, that the attorney general of the state of Minnesota should resign,’ Higgins said.

At the close of the hearing, things became tense again when GOP Rep. Nick Langworthy suggested that Walz, who is still serving as governor despite dropping out of his re-election bid due to the fraud scandal, should be impeached for ‘malfeasance,’ citing Minnesota’s own state Constitution. 

Fox News Digital’s Ashley Carnahan contributed to this report.

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Iran’s tyrannical and ruthless regime is disintegrating. After yet again massacring thousands of its own citizens for voicing their dreams for liberty and better governance, the Iranian regime meantime resumed pursuing nuclear capability and its aggressive ICBM program. The regime’s overconfidence in U.S. inaction cost it its leader and its core military capabilities are going up in smoke. Against this backdrop, the conflict has spread to the Gulf, threatening the Strait of Hormuz, a chokepoint for roughly one-fifth of the world’s petroleum, and forcing the rest of the world to rethink how it prices energy risk and political alignment.

This is not another regional flare-up. This is a rupture of an old equilibrium in which sanctioned oil, shadow fleets and calibrated escalation kept markets stable enough to function. That equilibrium is now breaking. A rapid political-military shift in the Middle East is unfolding alongside a restructuring of the global energy order.

When I was in Afghanistan during the surge, Tehran’s active support for the insurgency fighting the United States and Afghan forces fomented instability and amplified violence for which civilians paid the biggest price, a dynamic that so many across several nations have tragically encountered for decades. But Iran was never a contained regional problem.

While its terrorism was widely perceived as a Middle East issue, its cyber and intelligence operations spanned continents, with assassination plots that included the American president. As to global effects, Iran’s energy has always made its regime globally significant.

At this stage of the conflict, the most economically significant and immediate geography is the Strait of Hormuz which Iran is working to choke off. Roughly one-fifth of global petroleum and a substantial portion of liquefied natural gas move through that narrow corridor. As strikes intensified, vessels paused transit, insurers reassessed exposure and operators rerouted cargoes. Markets adjusted immediately. Energy security and geopolitical stability are now inseparable; maritime risk has become the pressure valve through which regional conflict spills into global consequence. 

This realignment did not begin in the Gulf this weekend. It started with U.S. actions in Venezuela. Caracas holds the world’s largest proven crude reserves — about 303 billion barrels — and even marginal normalization under a more U.S.-cooperative government alters the supply calculus for Washington and its allies.

The new U.S.–Venezuela arrangement has already generated roughly $2 billion in transactions in just weeks, pulling Venezuelan barrels back into wider circulation and altering the discount ecosystem Moscow had grown accustomed to. Stack that with a post-crisis Iran re-entering markets on different terms, and the shadow ecosystem of discounted, sanctioned crude — Russia, Iran, Venezuela — begins to fracture and reprice simultaneously.

But the most consequential energy recalibration runs through Beijing. China is essentially Iran’s oil export market. In 2025, China bought more than 80% of Iran’s shipped oil, averaging ~1.38 million barrels per day, about 13.4% of China’s seaborne crude imports—meaning Beijing is simultaneously Tehran’s economic lifeline and its strategic choke chain.

By turning a sanctioned producer into a quasi-captive supply relationship — sustained through gray-market routing, reflagging and intermediary hubs — Beijing secured discounted barrels in normal times and leverage in crisis. Any sustained disruption of Iranian flows forces China into replacement buying that tightens global markets and exposes China’s own energy security; Iran exports about 1.6 million bpd mainly to China and such disruptions pushes Beijing to pivot to alternatives.

The relationship is therefore best understood as a dependency loop: Iran needs China for revenue and sanctions relief-by-proxy; China uses Iran as a discount supplier and as a pressure valve in the sanctioned crude system — one that can be tightened or loosened depending on Beijing’s broader negotiation posture with Washington and its appetite for risk in the Gulf. That Iran-China dependency is no longer stable.  With Iranian oil flows disrupted, China faces a choice between turning to alternative suppliers at higher cost or even tapping strategic reserves. Tightening global crude markets resulting from U.S. actions in Venezuela and now Iran give Washington leverage in energy pricing.

Beyond the tanker decks, this shift underscores the larger theme of reconfiguration: resources once bundled to manage sanctions are now subject to heightened geopolitical risk, forcing China to rethink dependencies while the U.S. and its partners are positioning to shape the post-conflict energy order. Energy supply patterns will restructure global power relations. And where China is recalibrating exposure, Russia is recalculating opportunity.

The same forces reshaping China’s calculations are altering Moscow’s. As India trims Russian purchases, Moscow has been pushing more barrels into China, and Reuters reports China’s Russian crude imports hitting new records in February while Russian sellers widened discounts to keep demand — Urals trading roughly $9–$11 below Brent for China deliveries, and other Russian grades also cutting hard as sellers chase Chinese refiners.

The new U.S.–Venezuela arrangement has already generated roughly $2 billion in transactions in just weeks, pulling Venezuelan barrels back into wider circulation and altering the discount ecosystem Moscow had grown accustomed to. 

This matters because China is also the anchor buyer for sanctioned Iranian crude; the ‘discount market’ is not infinite, so Russia and Iran are now competing for the same limited pool of Chinese buyers, driving deeper concessions and leaving cargoes idling — exactly the kind of sanctions-economy dynamic.

Add the West’s tightening focus on Russia’s ‘shadow fleet’ and the risk of seizures or insurance denial, and you get an energy chessboard where coercion moves from rhetoric to logistics: who can ship, insure and clear payments reliably becomes as strategic as who can produce.

In that context, Russia’s loud warnings about Hormuz disruption are not just diplomacy, they are a reminder that Moscow profits from volatility, but also needs a functioning gray-market channel to China, and Iran’s crisis threatens to scramble the very discount ecosystem Russia has used to finance its war in Ukraine. Structural realignment threatens the very gray-market architecture on which Moscow has relied.

Energy is only one layer of a global shift. Strategic minerals remain critical. The Trump administration has increased economic and maritime pressure on Cuba, tightening an effective oil blockade that choked off fuel imports. President Donald Trump has authorized tariffs targeting countries supplying oil to Havana.

This is not simply punitive policy. It reflects a broader strategic doctrine: deny adversarial regimes energy lifelines while repositioning the Western Hemisphere’s resource base toward U.S. leverage. Oil is only one domain. Rare earth elements are a strategic asset. Cuba’s nickel and cobalt output, combined with China’s tightening grip through rare-earth export controls indicates that leverage is not just oil fields but also supply chains. America achieving rare earth elements sovereignty will remain a strategic goal and such a global realignment on this front is much needed.

By the close of the first weekend, Iran appeared intent on accelerating its own collapse by compounding strategic error with strategic error. Iran felt it wise to respond to U.S. and Israeli strikes by pushing a half dozen other nations against it. On Saturday afternoon, Feb. 28, Iran launched attacks on seven sovereign nations – Bahrain, Saudi Arabia, UAE, Kuwait, Qatar, Jordan and Israel. It added Oman shortly after.

These nations now have a legal and political basis to deepen security ties with the U.S. and Israel that they could never have justified domestically before today. Iran has arguably done more to consolidate the anti-Iran regional architecture in one afternoon than a decade of American diplomacy. Watch for accelerated Abraham Accords-adjacent normalization with Saudi Arabia in the coming weeks.

Any sustained disruption of Iranian flows forces China into replacement buying that tightens global markets and exposes China’s own energy security…

After massacring thousands of its own citizens for demanding better governance, the regime’s long-standing presumption of U.S. inaction cost the 1979 Revolution its dream of ruling over Iranians perpetually. After 47 years, its leader is gone, and its core military capabilities are being dismantled.

The lesson is not simply that the Iranian regime is falling. It is that when it falls amid energy chokepoints and great-power competition, supply chains, alliances and leverage structures shift simultaneously. Iran’s collapse is not the end of the story; it is the catalyst for a broader redistribution of power across energy, alliances, and great-power leverage. America should exploit these shifting dynamics fully. 

The views expressed here are his and do not reflect the policy or positions of the Department of Homeland Security, Homeland Security Advisory Council, U.S. Army or Department of Defense. 

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The Justice Department’s endeavor to break up Live Nation, Ticketmaster’s parent company, has officially made its way to the courtroom.

The antitrust case, which began with jury selection Monday, is unfolding in federal court in New York. Opening statements are scheduled to start Tuesday, with the trial expected to last six weeks.

The lawsuit, filed in 2024 by the Justice Department and dozens of state attorneys general, as well as Washington, D.C., alleges that Live Nation has illegally dominated the live concert industry by monopolizing ticketing, concert booking, venues and promotions.

The complaint, which was filed in the Southern District of New York, accuses the company of engaging in ‘anticompetitive conduct’ that leads fans to pay more in fees, artists to get fewer opportunities to play concerts and venues to have limited choices for ticketing services.

Ticketmaster has for years been the target of scrutiny by music fans who reported frustrations with buying tickets through the platform.

Live Nation directly manages more than 400 musical artists and owns or controls more than 265 concert venues in North America. And through Ticketmaster, the lawsuit says, it controls around 80% of major concert venues’ ticketing — as well as a growing share of the resale market.

“Through interconnected agreements associated with Live Nation’s various roles as ticketer, promoter, artist manager, and venue owner,” the complaint says, “Live Nation has created a feedback loop that pushes ticketing and ancillary fees higher while allowing Live Nation to be on all sides of numerous transactions and thereby double-dip from the pockets of fans, artists, and venues.”

Here’s what else to know.

Attempts to advocate for ticketing reform have spanned decades. The rock band Pearl Jam tried to push the issue forward 30 years ago when its members testified before Congress, saying Ticketmaster had refused to agree to low concert ticket prices and fees. The case was dismissed a year later, and Ticketmaster’s dominance has persisted over the decades that followed.

But frustration over Ticketmaster began to boil over when it incurred the wrath of one of the country’s largest fan bases: Swifties, aka followers of Taylor Swift.

In late 2022, overloaded presale queues for the domestic leg of Swift’s 2023 Eras Tour caused the site to crash and led Ticketmaster to cancel the sale. The fiasco even drew the attention of Swift herself, who called it “excruciating” to watch.

Soon afterward, in January 2023, the Senate Judiciary Committee held a hearing examining Ticketmaster’s dominance in the industry. During the bipartisan hearing, which probed whether Ticketmaster’s outsize control has unfairly hurt customers, even senators couldn’t refrain from making references to Swift.

The Swifties also brought their own lawsuits against Ticketmaster in December 2022. One class-action suit was dropped by the end of 2023, while another suit, filed together by 355 individual ticket buyers, still awaits trial.

Live Nation Entertainment has denied that it’s a monopoly.

The company has told NBC News that the Justice Department’s lawsuit “won’t solve the issues fans care about relating to ticket prices, service fees, and access to in-demand shows.”

“Calling Ticketmaster a monopoly may be a PR win for the DOJ in the short term, but it will lose in court because it ignores the basic economics of live entertainment, such as the fact that the bulk of service fees go to venues, and that competition has steadily eroded Ticketmaster’s market share and profit margin,” the company said.

Last week, Live Nation asked U.S. District Judge Arun Subramanian to pause the case so it could appeal his decision denying the case’s dismissal.

Subramanian, who was appointed by President Joe Biden, declined to delay the trial and ruled to allow the Justice Department’s claims to proceed.

Potential witnesses for the trial include: musician Kid Rock (whose real name is Robert Ritchie), Minnesota Timberwolves CEO Matthew Caldwell, Roc Nation CEO Desiree Perez, Live Nation Entertainment CEO Michael Rapino and Mumford & Sons keyboardist Ben Lovett.

Kid Rock is expected to testify about ‘competitive conditions for concert promotions and primary ticketing, including the impact of Defendants’ actions on artists and fans,’ according to the potential witness list provided by the plaintiffs’ attorneys. In January, he told the Senate Commerce Committee at a hearing that the ticketing industry is ‘full of greedy snakes and scoundrels.’ (It appears Kid Rock is still partnering with Live Nation for his “Freedom 250” tour, with tickets currently being sold exclusively through the platform.)

Lovett’s testimony, meanwhile, would be likely to address ‘artist preferences and competitive dynamics associated with the promotions and amphitheaters markets,’ according to the plaintiffs’ potential witness list document. He’s also listed on the defendants’ potential witness list document.

Live Nation CEO Michael Rapino and former Ticketmaster CEO Irving Azoff are also expected to take the stand. They were instrumental figures in the 2010 merger.

Azoff, who represents major artists such as Harry Styles, is ‘likely to testify about industry trends, dynamics, and competition, the selection of live event promotion companies, and tour and show routing and venue selection, as well as ticketing provider preferences,’ according to the potential witness list provided by the defendants’ attorneys.

Rapino’s expected testimony would focus on ‘the company’s business, its corporate structure, strategy, and finances, including the different lines of business and how they interact, as well as industry trends, dynamics, and competition.’ The defendants’ attorneys also said he would be likely to ‘rebut the plaintiff’s allegations of misconduct and anticompetitive effects.’

Last year, the Federal Trade Commission separately sued Live Nation and Ticketmaster over allegations of illegal and deceptive business practices that it says caused consumers to pay ‘significantly more’ than the face value of a ticket.

Seven states — Colorado, Florida, Illinois, Nebraska, Tennessee, Utah and Virginia — joined the FTC’s suit, which was filed in U.S. District Court for the Central District of California.

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Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) proposes to complete a non-brokered private placement financing of up to 14,285,715 units (‘Units’) at a price of $0.35 per Unit for gross proceeds of up to $5 million (the ‘Offering’). Each Unit will consist of one (1) common share (a ‘Share’) and one-half (12) of a common share purchase warrant (each whole warrant, a ‘Warrant’). Each Warrant will entitle the holder to purchase one (1) additional common share of Sankamap at an exercise price of $0.55 for a period of twenty-four (24) months from the date of issuance. The gross proceeds from the sale of the Units will be used to advance exploration and development of Sankamap’s projects, including the acquisition of a drilling rig to be installed at the Fauro property, which will enable the simultaneous drilling of both the Kuma and Fauro properties, as well as for general working capital purposes.

Sankamap may pay finder’s fees to arm’s length finders (each a ‘Finder‘) in connection with this placement, which are expected to be up to 6.0% of the gross proceeds raised by such Finder, in cash, and share purchase warrants (each a ‘Finder’s Warrant‘) to acquire common shares of Sankamap of up to 6.0% of the number of Units sold to a purchaser or purchasers introduced by the Finder(s). Each Finder’s Warrant will entitle the holder to purchase one (1) common share of Sankamap at an exercise price of $0.35 for a period of twenty-four (24) months from the date of issuance.

The Offering is subject to the approval of the Canadian Securities Exchange (‘CSE‘) and any finder’s fees payable will be issued in accordance with the policies of the CSE and applicable securities laws. All securities issued will be subject to a four-month and one day hold period.

About Sankamap Metals Inc.

Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newmont’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).

Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.

At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au3; underscoring the area’s significant potential.

At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au4. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au4, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au4, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.

1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)

2. Bougainville Copper Ltd. Annual Report, 2016 (1.5 Mt containing 16.1 Moz Au at 0.33 g/t and 4.6 Mt Cu at 0.3 % Indicated, 300 Mt containing 3.2 Moz Au 0.4 g/t and 0.7 Mt Cu Inferred)

3. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012

4. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012

QP Disclosure

The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.

Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com

The Canadian Securities Exchange has not approved nor disapproved this press release.

Forward-Looking Statements

Forward-Looking Statements Certain statements in this release constitute ‘forward-looking statements’ or ‘forward-looking information’ within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company’s exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as ‘may’, ‘would’, ‘could’, ‘will’, ‘intend’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘estimate’, ‘scheduled’, ‘forecast’, ‘predict’ and other similar terminology, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results and speak only as of the date of this release.

Forward-looking statements in this press release but are not limited to, statements with respect to the expectations of management regarding the Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, and no objection from the CSE in respect of the Offering. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include the CSE objecting to the Offering; the proceeds of the Offering may not be used as stated in this news release; Sankamap may be unable to satisfy all of the conditions to the closing required by the CSE. Sankamap does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286173

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In 2025, supply disruptions highlighted a growing concern as copper mines in the top copper-producing countries were aging without new mines to replace them.

Additionally, copper demand from electrification is expected to rise significantly in the coming years.

The competing forces of the global macroeconomic situation and a tightening supply and demand situation caused major swings in the copper price last year, and the red metal set a new all-time high in January 2026 as it moved above the US$6 per pound mark on the COMEX for the first time.

Despite a tight supply situation, demand from the energy transition has largely been muted as China, traditionally the largest consumer of copper for its infrastructure, works to stimulate its flagging economy.

The forecast for copper over the next few years is that supply deficits will continue to widen, which in turn should provide more tailwinds for the price of copper and greater upside to company balance sheets.

For investors interested in copper, it’s worth looking at copper production by country. According to the latest US Geological Survey data, global copper production reached 23 million metric tons (MT) in 2025.

Chile again took the crown to become the top copper producing country last year, but some of the others on the list may surprise you. Read on to find out the top 10 copper countries and what mines are driving each country’s copper output.

1. Chile

Copper production: 5.3 million metric tons

In 2025, Chile produced 5.3 million metric tons of copper, making it the world’s largest copper producing country with about 23 percent of the total global copper output. Its copper production dropped 210,000 MT in 2025 compared to its 2024 output. Chile also takes first place for copper reserves with 180 million MT.

Naturally, many of the world’s leading copper miners have substantial operations in Chile, including the state-owned Codelco, Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Antofagasta (LSE:ANTO,OTC Pink:ANFGF).

Chile is also home to BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the largest copper mine in the world with an annual output in the 2 million metric ton range. BHP owns a 57.5 percent stake in the operation, with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) owning 30 percent and Jeco holding the remaining stake.

According to BHP’s 2025 annual report, the company’s portion of Escondida production came in at 1.13 million MT of copper in 2025.

Despite production disruptions at Codelco’s El Teniente, Chile’s copper production is expected to grow to 5.61 million MT in 2026, according to Chile’s copper industry watchdog Cochilco.

2. Democratic Republic of Congo

Copper production: 3.2 million metric tons

In 2025, the Democratic Republic of Congo (DRC) produced 3.2 million metric tons of copper, accounting for nearly 14 percent of global copper output.

The DRC has rapidly increased its copper production in recent years, and its 2025 output marked a continuation of the trend, rising from 2.99 million MT the previous year.

One of the country’s largest copper operations is the Kamoa-Kakula copper complex, a joint venture between Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) and Zijin Mining Group (HKEX:2899,SHA:601899,OTCPL:ZIJMF). The operation’s Phase 3 expansion commenced commercial production in August 2024.

In 2025, Kamoa-Kakula produced 388,838 MT of copper, a significant decrease from the 437,061 MT produced in 2024. While its copper output was supported by Phase 3, it was impacted by a temporary shutdown of sections of the mine in May 2025 after seismic activity and flooding occurred at the complex. On January 2, 2026, the company announced that it was proceeding to stage 3 dewatering as it works to ramp up production at the affected areas of the mine.

3. Peru

Copper production: 2.7 million metric tons

In 2025, Peru produced 2.7 million metric tons of copper, accounting for just below 12 percent of the world’s copper output. Its total is down a slight 40,000 MT from its copper output in 2024.

Freeport-McMoRan (NYSE:FCX) operates Cerro Verde, the largest copper mine in Peru. In its Q4 2025 report, the company reported that the mine produced 863 million pounds of copper, equivalent to 391,450 MT. This was down from 949 million pounds in 2024.

Other significant copper operations in Peru include Anglo American’s (LSE:AAL,OTCQX:NGLOY) Quellaveco mine and Southern Copper’s (NYSE:SCCO) Tia Maria mine. The majority of copper produced in Peru is shipped to China and Japan, and South Korea and Germany are other top export destinations.

4. China

Copper production: 1.8 million metric tons

In 2025, China mined 1.8 million metric tons of copper, marginally lower than the 1.84 million metric tons produced in 2024. The country’s production hit a peak of 1.94 million MT in 2022.

While the country is fourth place for mine production, when it comes to refined copper production, China is by far the winner. In 2025, China’s refined copper production totaled 14 million metric tons, representing more than 48 percent of global refined copper production and six times the production of the DRC, the second highest refined copper producer.

Zijin Mining Group, a leading metal producer in China, owns a majority stake in the Qulong copper-molybdenum-silver-gold mine in Tibet, the largest copper mine in China.

Zijin reported the Qulong mine produced over 190,000 MT of copper in 2025. Phase 2 started production in January 2026, and is expected to raise its copper output to 300,000 MT in 2026.

5. Russia

Copper production: 1.3 million metric tons

Russia produced 1.3 metric tons of copper in 2025, a sizable increase from the 1.02 million MT produced the previous year.

One of the key contributions to the rise in Russian copper output is the ramp up of Phase 1 production at Udokan Copper’s Udokan mine in Siberia, which entered production in 2023. Phase 1 is expected to produce up to 135,000 MT of copper per year once fully online. This is expected to grow to 450,000 MT if Phase 2 enters production.

Although the copper hydrometallurgical plant at Udokan was delayed by fires in late 2023, copper mining was reported to be unaffected. Udokan pivoted to exporting its copper concentrate instead of refining it domestically, and in a September 2025 release, the company reported it had cumulatively exported 160,000 MT of copper equivalent since the start of production.

6. United States

Copper production: 1 million metric tons

The United States produced 1 million metric tons of copper in 2025. This was down slightly from 1.04 million MT of copper the prior year, and continued a downward trend from the 1.23 million MT the country produced in 2022.

The majority of US copper comes from Arizona, which accounts for 70 percent of domestic supply. Other states with significant copper output include Michigan, Missouri, Montana, Nevada and New Mexico. Overall, 17 mines are responsible for 99 percent of copper production in the United States.

Freeport McMoRan’s Morenci mine in Arizona, a joint venture with Sumitomo (OTC Pink:SSUMF,TSE:8053), is the largest copper mine in the US. According to Freeport’s Q4 2025 report, its combined US operations produced 1.3 billion pounds of copper over the course of the year, equivalent to 591,484 MT.

Other significant operations include Freeport’s Safford and Sierrita mines, at which copper production totaled 249 million MT and 165 million MT respectively.

7. Zambia

Copper production: 940,000 metric tons

In 2025, Zambia produced 940,000 metric tons of copper, up significantly from 823,000 MT in 2024. Production fell to 712,000 MT in 2023 after reaching 840,000 MT in 2021; however, over the last two years, production has rebounded.

There are four major mines that dominate the country’s copper production, including Barrick’s (TSX:ABX,NYSE:B) Lumwana and First Quantum Minerals’ (TSX:FM,OTCPL:FQVLF) Kansanshi.

According to First Quantum’s fourth quarter report, Kansanshi produced 181,183 MT of copper during 2025, up from 170,929 MT the prior year.

Mopani Copper Mines is another major copper producer in the country. While the company was previously owned by a joint venture between Glencore (LSE:GLEN,OTCPL:GLCNF) and First Quantum, the Zambian government, which previously held a 10 percent stake, acquired full ownership in 2021.

8. Australia

Copper production: 730,000 metric tons

In 2025, Australia produced 730,000 metric tons of copper, a slight decrease from the 765,000 MT produced in 2024.

The country’s largest copper operation is BHP’s Olympic Dam mine in South Australia. According to BHP’s annual report, its Australian operations produced 101,900 MT of copper in 2025, down from 106,300 MT in 2024.

The state of Queensland is home to the Mount Isa complex, run by a subsidiary of Glencore. While it was one of Australia’s largest copper producers, the operation was shuttered in July 2025 after a 70 year mine life.

Although it may have modest output compared to those at the top of the list, Australia holds the second highest copper reserves in the world at 100 million metric tons.

9. Indonesia

Copper production: 710,00 metric tons

In 2025, Indonesia produced 710,000 metric tons of copper. While the country’s output had been rising steadily in recent years, it plummeted last year from 1.01 million MT in 2024 due to an accident at the Grasberg copper-gold complex, the country’s largest copper mine.

Grasberg is a 51/48 joint venture between the Indonesian state-owned PT Indonesia Asahan Aluminium and Freeport-McMoRan.

On September 8, 2025, a sudden ingress of wet materials at the mine’s primary Grasberg Block Cave killed seven workers. While Freeport was able to restart operations at unaffected portions of Grasberg during Q4 2025, the mine is unlikely to see full production return until sometime in 2027, with the companies projecting a 600,000 MT loss of contained copper by the end of 2026.

Another of the country’s largest operations is PT Amman Mineral’s (OTCPK:AMMNF,IDX:AMMN) Batu Hijau copper-gold mine. During the first nine months of 2025, the mine produced 145 million pounds of copper in concentrate, equivalent to about 65,770 MT. This marked a 51 percent decline from the same period in 2024 as Amman’s activities transitioned to Phase 8 of the operation. The company set full year 2025 copper guidance at 103,400 MT, and projected a significant increase to 220,000 MT in 2026.

10. Kazakhstan

Copper production: 710,000 metric tons

In 2025, Kazakhstan produced 710,000 metric tons of copper, slightly lower than the 724,000 MT produced in 2024. Still, Kazakhstan’s copper output has climbed substantially in recent years; it produced just 510,000 MT in 2021.

The nation plans to continue that trend, releasing a National Development Plan in February 2024 that aims to increase mineral production by 40 percent by 2029. The plan will involve increased exploration, project co-financing and tax incentives for investment.

Among the country’s largest mining companies is private firm KAZ Minerals, which owns the Aktogay mine. According to the company’s Q3 2025 production report, the mine produced 171,600 MT of copper during the first nine months of the year, in line with the 172,200 MT produced in 2024.

10. Mexico

Copper production: 690,000 metric tons

Rounding out our list of top copper producers, Mexico produced 690,000 metric tons of copper in 2025, a decrease from 2024’s 717,000 MT.

The country’s Sonora state holds Mexico’s two largest copper mines, Buenavista mine and La Caridad. Both mines are owned by Southern Copper (NYSE:SCCO), a subsidiary of Grupo Mexico (OTC Pink:GMBXF,BMV:GMEXICOB).

According to the company’s Q4 2025 report, Buenavista produced 332,710 MT during the year, down from 348,960 MT in 2024.

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

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ILC Critical Minerals Ltd. (TSXV: ILC,OTC:ILHMF) (OTCQB: ILHMF) (FSE: IAH0) (‘ILC’ or the ‘Company’) announces that it has not exercised, nor has it been able to extend, its option to buy 100% of Lepidico (Mauritius) Ltd. (‘Lepidico Mauritius’) from Lepidico (Canada) Inc. (‘Lepidico Canada’) which expired on February 27, 2026. This company controls 80% of the Karibib lithium, rubidium and cesium project in Namibia.

The ILC board had carefully considered the financial and legal risks of the transaction, and supported the exercise of the option. The board had the required funding ready. However TSX Venture Exchange (‘TSXV’) did not give the required approval in time to ILC that would have enabled ILC to complete the transaction. It might have been possible to extend the expiry date of the option further, but this would have required ILC to provide additional working capital to Lepidico Canada. The TSXV went further and also prevented ILC from lending more money for working capital to Lepidico Canada. This had the practical effect on ILC that the option could neither be exercised nor extended.

This is a setback for ILC’s plans in Southern Africa because Karibib has a large lithium resource, the biggest known rubidium resource in Africa, and enough cesium for about one year of world use, and it had already reached Definitive Feasibility Study stage under JORC in 2020. Such advanced stage development projects are hard to find, and the board believed after months of work on the transaction that it could have added considerable shareholder value albeit with some risk.

Lepidico Canada’s board felt that it was not able to continue further as a viable company without the extra funds needed for its working capital needs. While ILC’s board would have been willing for ILC to offer this, the block by TSXV made this impossible to offer. As a result Lepidico Canada has now changed ownership. There is still a possibility of ILC being offered involvement in this project, in which case the ILC board would allow an extended period for TSXV’s review processes to complete in such a manner that gives a greater chance of allowing a favourable outcome from TSXV. Obviously however such an outcome cannot be assumed.

By order of the board 

John Wisbey
Chairman and CEO

About ILC Critical Minerals Ltd.

ILC Critical Minerals Ltd., formerly International Lithium Corp., has exploration activities in Ontario, Canada, with intentions to expand into Southern Africa. It has projects at various stages, ranging from Preliminary Economic Assessment at Raleigh Lake to Pre-Drilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland) in which ILC has sold its share, but where the Company stands to receive future payments from either a resource milestone being achieved or from a Net Smelter Royalty.

While the world’s politicians remain divided on the future of the energy market’s historic dependence on oil and gas and on ‘Net Zero’, there is in any scenario an ever-increasing and significant demand for electricity driven by AI and data centres, and by a likely unstoppable momentum towards electric vehicles and grid-scale electricity storage. All of these contribute to rising demand for lithium, copper, and other metals. Rubidium is also a critical metal, strategic for high-precision clocks, space technology, and improving the performance of certain types of solar panels. ILC has seen the politically driven, increasingly urgent push by the USA, Canada, the EU, and other major economies to safeguard their supplies of critical minerals and to become more self-sufficient. The Company’s Canadian and Southern African projects, which contain lithium, rubidium, cesium and copper, are strategic in this regard.

The Company’s key mission for the next decade is to generate revenue for its shareholders from lithium, rubidium and other critical minerals while also contributing to the creation of a greener, cleaner planet and less polluted cities.

This includes optimizing the value of ILC’s existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. The Company has announced that it regards Southern Africa as a key strategic target market and it has applied for and hopes to receive EPOs in Zimbabwe. The board hopes to make further announcements on the portfolio developments over the next few weeks and months.

The Company’s interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:

Name Metal Location Stage Area in Hectares Current Ownership Percentage Future Ownership % if options exercised and/or residual interest Operator or JV Partner
Raleigh Lake Lithium
Rubidium
Ontario Dec 2023 : PEA for Li completed Apr 2023 Maiden Resource Estimates for Li and Rb 32,900 100% 100% ILC
Firesteel Copper, Cobalt Ontario Initial Drilling 6,600 90% 90% ILC
Wolf Ridge Lithium Ontario Pre-Drilling 5,700 0% 100% ILC
Mavis Lake Lithium Ontario May 2023
Maiden Resource Estimate
2,600 0% 0%
(carries an extra earn-in payment of AUD$ 0.75 million if resource targets met)
Critical Resources Limited (ASX: CRR)
Avalonia Lithium Ireland Drilling 29,200 0% 0%
2.0% Net Smelter Royalty
GFL Intl Co Ltd. (owned by Ganfeng Lithium Group Co. Ltd)
Forgan/
Lucky Lakes
Lithium Ontario Drilling < 500 0% 0%
1.5% Net Smelter Royalty
Power Minerals Limited (ASX: PNN)

 

The Company’s primary strategic focus at this point is on the Raleigh Lake Project, comprising lithium and rubidium, and the Firesteel copper project in Canada, as well as obtaining EPOs and mineral claims in Zimbabwe.

The Raleigh Lake Project now encompasses 32,900 hectares (329 square kilometres) of mineral claims in Ontario and represents ILC’s most significant project in Canada. To date, drilling has occurred on less than 1,000 hectares of the Company’s claims. A Preliminary Economic Assessment was published for ILC’s lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC’s separate rubidium resource still pending. This showed, for the lithium only and not yet taking into account the rubidium, a Post-tax NPV of CAD$342.9 million and a Post-tax IRR of 44.3% p.a. This was based on a spodumene price of US$2,350 per tonne. As at March 3, 2026 the spot spodumene price was back up to US$ 2,220 per tonne. Raleigh Lake is 100% owned by ILC, free from any encumbrances and royalties. The Raleigh Lake Project boasts excellent access to roads, rail, and utilities.

A continuing goal has been to remain a well-funded, strategically run company that turns ILC’s aspirations into reality. Following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in 2022, and the Avalonia project in 2025, ILC has continued to generate sufficient cash inflows to advance its exploration projects.

With increasing demand for high-tech rechargeable batteries used in electric vehicles, energy storage, and portable electronics, lithium has been dubbed ‘the new oil’. It is a key part of a green, sustainable economy. By positioning itself on projects with significant resource potential and solid strategic partners, ILC aims to become a preferred lithium and critical minerals resource developer for investors and to continue building value for its shareholders throughout the 2020s, the decade of battery metals.

On behalf of the Company,

John Wisbey
Chairman and CEO
www.ilccm.com

For further information concerning this news release, please contact info@ilccm.com or ILC@yellowjerseypr.com, or telephone +1 236 358 9100
 

 

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

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release or other releases contain certain ‘forward-looking information’ within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the timing of completion of any offering and the amount to be raised, the effect on results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge projects, expected commodity prices, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or cesium or copper recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company’s projects, the Company’s budgeted expenditures, government permits or approval for licences and licence renewals, future plans for expansion in Southern Africa and planned exploration work on its projects, increased value of shareholder investments in the Company, the potential from the Company’s third party earn-out or royalty arrangements, the future demand for lithium, rubidium, cesium and copper, and assumptions about ethical behaviour by our joint venture partners or shareholders in our projects or third party operators of projects or royalty partners. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled ‘Risks’ and ‘Forward-Looking Statements’ in the interim and annual Management’s Discussion and Analysis which are available at www.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286187

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