Carbonxt Group (CG1:AU) has announced CG1 non-renounceable pro-rata entitlement offer
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NORTH KINGSTOWN, R.I. — The winged passenger ferry gliding over the surface of Narragansett Bay could be a new method of coastal transportation or a new kind of warship.
Its maker, Regent Craft, is betting on both.
Twelve quietly buzzing propellers line the 65-foot wingspan of Paladin, a sleek ship with an airplane’s nose. It looks nothing like the sailboats and fishing trawlers it speeds past through New England’s largest estuary.
“We had this vision five years ago for a seaglider — something that is as fast as an aircraft and as easy to drive as a boat,” said CEO Billy Thalheimer, jubilant after an hours-long test run of the new vessel.
On a cloudy August morning, Thalheimer sat in the Paladin’s cockpit and, for the first time, took control of his company’s prototype craft to test its hydrofoils. The electric-powered watercraft has three modes — float, foil and fly.
From the dock, it sets off like any motorized boat. Farther away from land, it rises up on hydrofoils — the same kind used by sailing ships that compete in America’s Cup. The foils enable it to travel more than 50 miles per hour — and about a person’s height — above the bay.
What makes this vessel so unusual is that it’s designed to soar about 30 feet above the water at up to 180 miles per hour — a feat that hasn’t quite happened yet, with the first trial flights off Rhode Island’s seacoast planned for the end of summer or early fall.
If successful, the Paladin will coast on a cushion of air over Rhode Island Sound, lifting with the same “ground effect” that pelicans, cormorants and other birds use to conserve energy as they swiftly glide over the sea. It could zoom to New York City — which takes at least three hours by train and longer on traffic-clogged freeways — in just an hour.
As it works to prove its seaworthiness to the U.S. Coast Guard and other regulators around the world, Regent is already lining up future customers for commercial ferry routes around Florida, Hawaii, Japan and the Persian Gulf.
Regent is also working with the U.S. Marines to repurpose the same vessels for island-hopping troops in the Pacific. Those vessels would likely trade electric battery power for jet fuel to cover longer journeys.
With backing from influential investors including Peter Thiel and Mark Cuban, Thalheimer says he’s trying to use new technology to revive the “comfort and refined nature” of 1930s-era flying boats that were popular in aviation’s golden age before they were eclipsed by commercial airlines.
This time, Thalheimer added, they’re safer, quieter and emission-free.
“I thought they made travel easier in a way that made total sense to me,” Cuban said by email this week. “It’s hard to travel around water for short distances. It’s expensive and a hassle. Regent can solve this problem and make that travel fun, easy and efficient.”
Co-founders and friends Thalheimer, a skilled sailor, and chief technology officer Mike Klinker, who grew up lobster fishing, met while both were freshmen at the Massachusetts Institute of Technology and later worked together at Boeing. They started Regent in 2020.
They’ve already tested and flown a smaller model. But the much bigger, 12-passenger Paladin — prototype of a product line called Viceroy — began foil testing this summer after years of engineering research and development. A manufacturing facility is under construction nearby, with the vessels set to carry passengers by 2027.
The International Maritime Organization classifies “wing-in-ground-effect” vehicles such as Regent’s as ships, not aircraft. But a database of civilian ships kept by the London-based organization lists only six around the world, all of them built before it issued new safety guidance on such craft in 2018 following revisions sought by China, France and Russia.
The IMO says it treats them as marine vessels because they operate in the vicinity of other watercraft and must use the same rules for avoiding collisions. The Coast Guard takes a similar approach.
“You drive it like a boat,” Thalheimer said. “If there’s any traffic on the harbor, you’ll see it on the screen. If you see a boat, you’d go around it. We’re never flying over boats or anything like that.”
One of the biggest technical challenges in Regent’s design is the shift from foiling to flying. Hydrofoils are fast for a seafaring vessel, but far slower than the speeds needed to lift a conventional airplane from a runway.
That’s where air blown by the 12 propellers comes in, effectively tricking the wing into generating high lift at low speeds.
All of this has worked perfectly on the computer simulations at Regent’s headquarters in North Kingstown, Rhode Island. The next step is testing it over the water.
For decades, the only warship known to mimic such a ground-effect design was the Soviet Union’s hulking ekranoplan, which was built to fly under radar detection but never widely used. Recently, however, social media images of an apparent Chinese military ekranoplan have caught the attention of naval experts amid increasingly tense international disputes in the South China Sea.
Regent has capitalized on those concerns, pitching its gliders to the U.S. government as a new method for carrying troops and cargo across island chains in the Indo-Pacific region. It could also do clandestine intelligence collection, anti-submarine warfare and be a “mothership” for small drones, autonomous watercraft or medical evacuations, said Tom Huntley, head of Regent’s government relations and defense division.
They fly below radar and above sonar, which makes them “really hard to see,” Huntley said.
While the U.S. military has shown increasing interest, questions remain about their detectability, as well as their stability in various sea states and wind conditions, and their “cost at scale beyond a few prototypes and maintainability,” said retired U.S. Navy Capt. Paul S. Schmitt, an associate research professor at the Naval War College, across the bay in Newport, Rhode Island.
Schmitt, who has seen Paladin from afar while sailing, said he also has questions about what kind of military mission would fit Regent’s “relatively short range and small transport capacity.”
The possibilities that most excite Cuban and other Regent backers are commercial.
Driving Interstate 95 through all the cities that span Florida’s Atlantic Coast can take the better part of a day, which is one reason why Regent is pitching Miami as a hub for its coastal ferry trips.
The Viceroy seagliders can already carry more passengers than the typical seaplane or helicopter, but a growing number of electric hydrofoil startups, such as Sweden’s Candela and California-based Navier, are trying to stake out ferry routes around the world.
Thalheimer sees his vehicles as more of a complement than a competitor to electric hydrofoils that can’t travel as fast, since they will all use the same docks and charging infrastructure but could specialize in different trip lengths.
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Walmart on Thursday raised its full-year earnings and sales outlook as its online business posted another quarter of double-digit gains, even as the company said costs are rising from higher tariffs.
The big-box retailer topped Wall Street’s quarterly sales estimates but fell short of earnings expectations, the first time it missed on quarterly earnings since May 2022. The company said it felt pressure on profits for the period, including from some one-time expenses, such as restructuring costs, pricier insurance claims and litigation settlements.
Walmart said it now expects net sales to grow 3.75% to 4.75% for the fiscal year, up from its previous expectations of 3% to 4%. It raised its adjusted earnings per share outlook slightly to $2.52 to $2.62, up from a prior range of $2.50 to $2.60 per share.
In an interview with CNBC, Chief Financial Officer John David Rainey said the company is working hard to keep prices low — including speeding up imports from overseas and stepping up the number of Rollbacks, or limited-time discounts, in its stores.
“This is managed on an item-by-item and category-by-category basis,” he said. “There are certainly areas where we have fully absorbed the impact of higher tariff costs. There are other areas where we’ve had to pass some of those costs along.”
But he added “tariff-impacted costs are continuing to drift upwards.”
Even so, Rainey said Walmart hasn’t seen a change in customer spending. For example, sales of private label items, which typically cost less than national brands, were roughly flat year over year, he said.
“Everyone is looking to see if there are any creaks in the armor or anything that’s happening with the consumer, but it’s been very consistent,” he said. “They continue to be very resilient.”
Yet on the company’s earnings call, CEO Doug McMillon said middle- and lower-income households have been more sensitive to tariff-related price increases, particularly in discretionary categories.
“We see a corresponding moderation in units at the item level as customers switch to other items, or in some cases, categories,” he said.
Here’s what the big-box reported for the fiscal second quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:
Walmart shares fell about 2% in premarket trading Thursday.
Walmart’s net income jumped to $7.03 billion, or 88 cents per share, in the three-month period that ended July 31, compared with $4.50 billion, or 56 cents per share, in the year-ago quarter.
Revenue rose from $169.34 billion in the year-ago quarter.
Comparable sales for Walmart U.S. climbed 4.6% in the second quarter, excluding fuel, compared with the year-ago period, as both the grocery and health and wellness category saw strong growth. That was higher than the 4% increase that analysts expected. The industry metric, also called same-store sales, includes sales from stores and clubs open for at least a year.
At Sam’s Club, comparable sales jumped 5.9% excluding fuel, higher than the 5.2% that analysts anticipated.
E-commerce sales jumped 25% globally and 26% in the U.S., as both online purchases and advertising grew. In the U.S., Walmart said sales through store-fulfilled delivery of groceries and other items grew nearly 50% year over year, with one-third of those orders expedited. The company charges a fee for some of those faster deliveries, and others are included as a benefit of its subscription-based membership program, Walmart+.
Its global advertising business grew 46% year over year, including Vizio, the smart TV maker it acquired for $2.3 billion last year. Its U.S. advertising business, Walmart Connect, grew by 31%.
As Walmart’s online business drums up more revenue from home deliveries, advertising and commissions from sellers on its third-party marketplace, e-commerce has become a profitable business. The company marked a milestone in May — posting its first profitable quarter for its e-commerce business in the U.S. and globally.
Rainey said on Thursday that Walmart doubled its e-commerce profitability in the fiscal second quarter from the prior quarter.
In the U.S., shoppers both visited Walmart more and spent more on those trips during the quarter. Customer transactions rose 1.5% year over year and average ticket increased 3.1% for Walmart’s U.S. business.
As the largest U.S. retailer, Walmart offers a unique window into the financial health of American households. As higher duties have come in fits and starts — with some getting delayed and others going into effect earlier this month — Wall Street has tried to understand how those costs will ripple through the U.S. economy.
Walmart warned in May that it would have to raise some prices due to higher levies on imports, even with its size and scale. The company’s comments drew the ire of President Donald Trump, who said in a social media post that Walmart should “EAT THE TARIFFS.”
About a third of what Walmart sells in the U.S. comes from other parts of the world, with China, Mexico, Canada, Vietnam and India representing its largest markets for imports, Rainey said in May.
According to an analysis by CNBC of about 50 items sold by the retailer, some of those price changes have already hit shelves. Items that rose in price at Walmart over the summer included a frying pan, a pair of jeans and a car seat.
Rainey on Thursday declined to specify items or categories where Walmart had increased prices, saying the company is “trying to keep prices as low as we can.”
He said one of the company’s strategies has been bringing in inventory early, particularly for Sam’s Club as it gets ready for the second half of the fiscal year and its crucial holiday season. At the end of the quarter, inventory was up about 3.5% at Sam’s Club, Rainey said. It was up 2.2% for Walmart U.S.
On the company’s earnings call, McMillon said the impact of tariffs has been “gradual enough that any behavioral adjustments by the customer have been somewhat muted.”
“But as we replenish inventory at post-tariff price levels, we’ve continued to see our costs increase each week, which we expect will continue into the third and fourth quarters,” he said.
Yet even with higher costs from tariffs, Walmart has fared better than its retail competitors as it has leaned into its reputation for value, competed on faster deliveries to customers’ homes and attracted more business from higher-income households.
The Arkansas-based retailer’s performance has diverged sharply from rival Target, which posted another quarter of sales declines on Wednesday and named the new CEO who will be tasked with trying to turn around the company.
Walmart has gained from Target’s struggles. It has followed the Target playbook by launching more exclusive and trend-driven brands, including grocery brand BetterGoods and activewear brand Love & Sports. It has also expanded its third-party marketplace to include prestige beauty brands and more.
Sales of general merchandise, items outside of the grocery department, were a bright spot for Walmart in the fiscal second quarter, Rainey said. That category struggled during peak inflation in recent years, as consumers spent less on discretionary items because of rising grocery bills.
Comparable sales for general merchandise rose by a low-single-digit percentage and accelerated throughout the quarter, Rainey told CNBC. He added clothing and fashion sales “really shined for us.”
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Director of National Intelligence Tulsi Gabbard announced a transformation of the agency Wednesday that will cut the ‘bloated’ ODNI by more than 40% by the end of the year and save taxpayers more than $700 million annually, all while executing its core national security and intelligence mission ‘in the most agile, effective, and efficient way.’
Gabbard, on Wednesday, announced what she described as a ‘long-overdue’ transformation, that will refocus ODNI and eliminate offices that were involved in the politicization of intelligence.
‘Over the last 20 years, ODNI has become bloated and inefficient, and the intelligence community is rife with abuse of power, unauthorized leaks of classified intelligence, and politicized weaponization of intelligence,’ Gabbard said. ‘ODNI and the IC must make serious changes to fulfill its responsibility to the American people and the U.S. Constitution by focusing on our core mission: find the truth and provide objective, unbiased, timely intelligence to the President and policymakers. Ending the weaponization of intelligence and holding bad actors accountable are essential to begin to earn the American people’s trust which has long been eroded.’
Gabbard said that ‘under President Trump’s leadership, ODNI 2.0 is the start of a new era focused on serving our country, fulfilling our core national security mission with excellence, always grounded in the U.S. Constitution, and ensuring the safety, security, and freedom of the American people.’
ODNI was first created after the 9/11 terror attacks and exposed systemic failures across the intelligence community. ODNI’s purpose was to integrate intelligence from and provide oversight over all intelligence community elements in order to ensure the intelligence provided to the president and policymakers was ‘timely, accurate, and apolitical.’
‘Unfortunately, two decades later, ODNI has fallen short in fulfilling its mandate,’ an ODNI spokesperson said.
ODNI 2.0 is set to eliminate ‘redundant missions, functions and personnel,’ and is set to make ‘critical investments’ in areas that support Trump’s national intelligence priorities.
ODNI officials said that ODNI 2.0 will focus on rebuilding trust, exposing politicization and weaponization of intelligence, holding bad actors accountable, saving American tax dollars, and focusing on their ‘core mission,’ which is to protect ‘the safety, security, and freedom of the American people.’
As part of the effort, Gabbard is closing ODNI’s Reston Campus and moving the National Intelligence Council to the main ODNI campus, which will ensure the all essential intelligence functions are kept ‘under one roof,’ which officials say will ‘enable savings,’ and will ensure ‘greater efficiency and oversight, and integration across the ODNI and IC.’
Gabbard is also leading intelligence community-wide reforms for ‘efficient and effective operations.’ Gabbard is expected to issue guidance to create a streamlined contracting authority for companies that pursue emerging technologies, and that are already approved for business with the IC to provide services quickly.
Gabbard is also leading an IC-wide effort to ‘rebalance and optimize’ its civilian and contractor workforce to ‘reduce bloat, increase analytic capability, remove stovepipes, eradicate politicization and analytic bias, accelerate information sharing, and increase efficiency to ensure mission success,’ officials said.
Meanwhile, Gabbard has also ended non-merit-based recruitment of intelligence community professionals.
As for ODNI components, the National Counterterrorism Center is building capability to increase two-way information sharing between federal, state, and local law enforcement to secure borders and communities.
As for the National Counterintelligence and Security Center, Gabbard is calling for a renewed focus on security clearance reform, deterring counterintelligence threats, and oversight of investigations and probes of unauthorized leaks of classified information.
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A Russian drone may have crashed in a field in Poland, a move the country’s deputy prime minister called a ‘provocation,’ as the United States and European leaders continue to push Moscow to end its war in Ukraine.
The drone hit a cornfield in the village of Osiny in the eastern Lublin province, about 62 miles from Poland’s border with Ukraine, Reuters reported.
Deputy Prime Minister Wladyslaw Kosiniak-Kamysz, who also serves as defense minister, said Wednesday’s incident was similar to cases in which Russian drones flew into Lithuania and Romania, and could be linked to efforts to end the war in Ukraine, according to the outlet.
‘Once again, we are dealing with a provocation by the Russian Federation, with a Russian drone. We are dealing with it in a crucial moment, when discussions about peace (in Ukraine) are underway,’ Kosiniak-Kamysz told journalists.
Foreign Ministry spokesperson Pawel Wronski told Reuters that some experts have suggested a Russian version of the Shahed drone developed by Iran was involved in the latest incident.
Polish Gen. Dariusz Malinowski said the drone had a Chinese engine and appeared to be a decoy that was designed to self-destruct.
The blast shattered windows in several homes, but nobody was injured, the Polish PAP news agency reported.
Police recovered burnt metal and plastic debris at the site.
‘I was sitting in my room at night, around midnight, maybe, and I heard something just bang,’ local resident Pawel Sudowski told local news website Lukow.tv. ‘It exploded so loudly that the whole house simply shook.’
On X, Polish Foreign Minister Radoslaw Sikorski said his ministry would issue a protest against the airspace violation, without naming the perpetrator.
‘Another violation of our airspace from the East confirms that Poland’s most important mission towards NATO is the defence (sic) of our own territory,’ he wrote.
The incident came as the Trump administration continues to broker talks between Russia and Ukraine to end the bloody three-year conflict. On Monday, Trump hosted Ukrainian President Volodymyr Zelenskiy and a group of European leaders at the White House.
On Friday he met with Russian President Vladimir Putin in Alaska.
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Russian drone crashes in Polish field; Warsaw protests airspace violation and plans formal complaint
A Russian drone may have crashed in a field in Poland, a move the country’s deputy prime minister called a ‘provocation’ as the United States and European leaders continue to push Moscow to end its war in Ukraine.
The drone hit a cornfield in the village of Osiny in the eastern Lublin province, about 62 miles from Poland’s border with Ukraine, Reuters reported.
Deputy Prime Minister Wladyslaw Kosiniak-Kamysz, who also serves as defense minister, said Wednesday’s incident was similar to cases in which Russian drones flew into Lithuania and Romania and could be linked to efforts to end the war in Ukraine, according to the outlet.
‘Once again, we are dealing with a provocation by the Russian Federation, with a Russian drone. We are dealing with it in a crucial moment, when discussions about peace (in Ukraine) are underway,’ Kosiniak-Kamysz told journalists.
Foreign Ministry spokesperson Pawel Wronski told Reuters some experts have suggested a Russian version of the Shahed drone developed by Iran was involved in the latest incident.
Polish Gen. Dariusz Malinowski said the drone had a Chinese engine and appeared to be a decoy that was designed to self-destruct.
The blast shattered windows in several homes, but nobody was injured, the Polish PAP news agency reported.
Police recovered burnt metal and plastic debris at the site.
‘I was sitting in my room at night, around midnight, maybe, and I heard something just bang,’ local resident Pawel Sudowski told local news website Lukow.tv. ‘It exploded so loudly that the whole house simply shook.’
On X, Polish Foreign Minister Radoslaw Sikorski said his ministry would issue a protest against the airspace violation without naming the perpetrator.
‘Another violation of our airspace from the East confirms that Poland’s most important mission towards NATO is the defence (sic) of our own territory,’ he wrote.
The incident came as the Trump administration continues to broker talks between Russia and Ukraine to end the bloody three-year conflict. On Monday, Trump hosted Ukrainian President Volodymyr Zelenskyy and a group of European leaders at the White House.
On Friday, he met with Russian President Vladimir Putin in Alaska.
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The NATO Chiefs of Defense reaffirmed support for Ukraine in a virtual meeting Wednesday in Brussels that included all 32 allied military leaders and featured the first briefing in this format led by U.S. Gen. Alexus Grynkewich, the new Supreme Allied Commander Europe (SACEUR).
U.S. Joint Chiefs of Staff Chairman Gen. Dan Caine attended the meeting virtually, along with Grynkewich, who also leads U.S. European Command, U.S. officials confirmed to Fox News on Tuesday.
NATO officials said in a statement that the ‘candid discussion’ centered on what security guarantees the alliance might provide Ukraine as part of a potential peace agreement to end Russia’s three-year war.
Col. Martin O’Donnell, spokesperson for Supreme Headquarters Allied Powers Europe, wrote on X that ‘the Supreme Allied Commander was honored to brief the Chiefs of Defense, his first in such a format. As he has said before, ‘these are consequential times.”
‘NATO has faced important times before — and these have only made our Alliance stronger. As we work through these important issues, we will all stay informed, engaged, and united in the defense of the Euro-Atlantic region and with NATO’s ongoing support to Ukraine as progress towards peace continues,’ he added.
The Chair of NATO’s Military Committee also praised the discussions, writing on X that it was a ‘great, candid discussion among NATO Chiefs of Defence’ and an ‘excellent update on the security environment from our new SACEUR, his first with us.’
The chair added that the meeting confirmed support for Ukraine, emphasizing the alliance’s focus on a ‘just, credible and durable peace’ and praising the ‘relentless courage’ of Ukrainian forces.
According to the Associated Press, assurances that Ukraine won’t face another invasion are seen as central to any settlement, with Kyiv pressing for Western-backed military commitments, including weapons and training. European allies are working on options for a multinational security force that could backstop a peace deal.
Wednesday’s virtual session unfolded against the backdrop of President Donald Trump’s push to steer Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy toward a settlement. Trump met with Putin last Friday in Alaska and hosted Zelenskyy and European leaders at the White House on Monday.
The reaffirmations come a day after Caine convened a smaller meeting in Washington with defense chiefs from Germany, the U.K., France, Finland and Italy to prepare for Wednesday’s broader NATO discussions.
Russian Foreign Minister Sergey Lavrov criticized NATO discussions on Ukraine’s security conducted without Moscow’s involvement, warning that ‘this will not work’ and vowing Russia would ‘ensure its legitimate interests firmly and harshly,’ RIA Novosti reported, according to AP.
The White House did not immediately return Fox News Digital’s request for comment.
The Associated Press contributed to this report.
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A Trump-aligned legal group founded by White House aide Stephen Miller filed Freedom of Information Act requests Thursday targeting a Biden organ transplant program that critics warn could be open to abuse.
The requests from America First Legal went to the Department of Health and Human Services, the Centers for Medicare & Medicaid Services, and the Health Resources and Services Administration. At issue is the Increasing Organ Transplant Access Model, a six-year mandatory program finalized in December 2024 and set to take effect in July 2025, which aims to expand access to kidney transplants but has drawn criticism from Trump officials who warn it may be vulnerable to outside influence.
The model builds on earlier payment experiments, testing whether financial rewards and penalties can improve care and expand access for Medicare and Medicaid patients.
Trump officials and allies, including America First Legal, argue the system risks distortion by outside interests — a charge that prompted AFL’s FOIA requests as part of a broader investigation.
They cited in part recent findings from an HRSA-led probe published earlier this year. That investigation suggested third-party groups or for-profit organizations ‘may have unduly influenced the IOTA Model’— though their exact role or the extent they may have done so is unclear.
HHS Secretary Robert F. Kennedy Jr. also cited concerns from the study, which the department said in a statement ‘revealed clear negligence and disturbing practices’ by a large organ procurement organization in the U.S., prompting him to launch a new reform initiative.
In previewing the FOIA requests to Fox News Digital, AFL cited related concerns about patient safety, ethical misconduct, and discrimination in organ allocation, among other things.
The requests ask HHS, CMS and HRSA for a long list of information regarding the program and related correspondence — including emails, letters and memos between agency personnel and third-party representatives about the development or implementation of the IOTA Model. They also seek meeting records, agendas and summaries of discussions involving agency staff and outside officials.
The payment model will affect more than 100 U.S. transplant hospitals over six years, imposing mandatory financial incentives and penalties tied to a final performance score.
IOTA was touted as a way to help increase access to organ donors and transplants in the U.S. and help address the long waiting list of patients awaiting a transplant, which as of last fall stood at roughly 90,000 people.
Participating hospitals are evaluated for their performance in three key areas, according to CMS’s final rule, which took force in July, including the volume of kidney transplants, their matching efficiency, and post-transplant outcomes of their patients. But the role outside groups have played, including during the process of drafting the final rule, has prompted criticism and calls for additional scrutiny from Trump allies, including AFL.
Self-interested third parties should play no role in shaping America’s organ transplant policy,’ AFL counsel Laura Stell told Fox News Digital in a statement previewing the FOIA requests and broader investigation.
‘Where monetary incentives and penalties come into play, there must be utmost certainty that CMS developed the program without influence from entities with improper motives.’
America First Legal, though not officially part of the Trump administration, was founded by longtime Trump adviser Stephen Miller after Trump’s first presidential term.
Miller stepped down from AFL before rejoining the White House in 2025 as Trump’s deputy chief of staff.
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Providence Gold Mines Inc. (“Providence” or the “Company”) announces that subject to Regulatory approval it has entered an option agreement to acquire the “La Dama de Oro Gold Property”. The property is a historical gold mine 100% owned by the Optionor, (” Mohave Gold Mining”), a private Company incorporated under the laws of the state of California.
Providence recently commissioned Ethos Geological Inc. of Bozeman MT to complete an NI 43 101 technical report, authored by Zachary Black, SME-RM acting as the Qualified Person under NI 43 101. The NI 43 101 technical report has been submitted for Exchange review and approval. A cautionary note: The property is at an early exploration stage and does not have sufficient data for a mineral resource.
The La Dama de Oro Property is situated in the Silver Mountain Mining District, within the structurally complex Eastern California Shear Zone and the intersection with the San Andreas Fault Zone. Bedrock geology includes Mesozoic quartz monzonite that intrudes the Jurassic Sidewinder Volcanics. The structural history of the region implies a sequence of compressional and extensional events that reactivated favorably oriented zones of weakness for the circulation of hydrothermal fluids. The main zone of mineralization is hosted by the La Dama de Oro Fault, a shallow northeast-dipping oblique-slip fault.
The mineralization at the property is classified as a structurally controlled, low-sulfidation epithermal gold-silver vein system. Gold and silver mineralization is associated with multi-phase quartz veining, brecciation, and pervasive hydrothermal alteration along the La Dama de Oro Fault. The largest known vein is 4.5 feet at its widest point and remains open to exploration, with the potential for additional undiscovered veins along the fault system. The property has an approved exploration permit that includes a bulk sample.
The Option entitles the Company the right to purchase 100% of the La Dama de Oro Gold Property under the following terms:
YEAR 1
Within 15 days of Regulatory approval the Company shall issue 2,000,000 common shares from treasury and incur $20,000 in expenditures within 12 months of the effective date.
YEAR 2
The Company shall issue an additional 2,000,000 common shares from treasury and incur $250,000 in expenditures before the second-year anniversary of the effective date
YEAR 3
The Company shall issue an additional 500,000 common shares from treasury and incur a further $250,000 in expenditures before the third-year anniversary date of the effective date
YEAR 4
The Company shall incur an additional $250,000 expenditures before the fourth-year anniversary of the effective date
Ronald A. Coombes, President & CEO of Providence commented; “The best place to explore for gold is where gold is, with the rich historical history of past gold production at the La Dama de Oro mine there remains very good discovery potential”.
The scientific and technical information contained in this news release has been reviewed and approved by Zachary Black, SME-RM, a Qualified Person as defined under NI 43-101. Mr. Black is a consultant and is independent of Providence Gold Mines Inc.
For more information, please contact Ronald Coombes, President, and CEO of the Company.
Ronald A. Coombes, President & CE
Phone: 604 724 2369
roombes@providencegold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the OTCQB and or the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statement.
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ESGold (CSE:ESAU,OTCQB:ESAUF) has signed a binding memorandum of understanding with Colombian firm Planta Magdalena to form a 50/50 joint venture on a fully permitted gold- and silver-bearing tailings project.
Under the agreement, ESGold will invest C$1.5 million for its stake and will retain a first right of refusal to acquire the remaining 50 percent interest from Planta Magdalena within 12 months.
The project is designed to replicate ESGold’s Montauban model in Québec, which focuses on generating cashflow by reprocessing legacy tailings, while providing environmental remediation.
Preliminary due diligence sampling of 27 tailings collected from the project, located in Colombia’s Bolívar department, returned encouraging results, including assays of 42.7 grams per metric ton (g/t) gold and 280 g/t silver.
Several samples exceeded 5 g/t gold and 190 g/t silver, highlighting the potential for high-grade recovery.
Bulk concentrate tests are underway, with final verification to be completed at Actlabs in Québec.
Bolívar is one of Colombia’s most prolific gold regions, with artisanal miners processing an estimated 300,000 metric tons of ore annually. ESGold, a self-described scalable clean mining and exploration innovation company, plans to apply modern, mercury-free recovery methods to improve yields while addressing environmental concerns.
“The region still processes hundreds of thousands of metric tons of ore annually, yet much of it is handled using rudimentary mercury amalgamation methods that leave behind a substantial amount of gold and silver in the tailings,” said Gordon Robb, CEO of ESGold. “This creates an immense opportunity for ESGold to apply modern, environmentally responsible recovery technology that can significantly improve yields while remediating legacy mine sites.”
Pending completion of technical and legal due diligence, ESGold aims to fast track the project toward production in 2026, establishing a second high-margin operation alongside Montauban.
Green revenue stream
It is estimated that there are 8,500 tailings facilities around the globe, holding more than 217 billion cubic meters of mine ‘waste.’ In an effort to reduce the amount of stored tailings and their environmental impact, tailings reprocessing is emerging as both an economic and sustainable revenue stream.
By extracting valuable residual metals, such as gold, copper and critical minerals, from legacy waste, companies can generate revenue while reducing the environmental footprint of tailings facilities.
The approach also aligns with sustainability goals, as it mitigates risks like tailings dam failures and restores degraded sites, turning longstanding liabilities into productive assets
Globally, the growing recognition of untapped value in tailings has spurred renewed interest and investment, with major miners — like Vale (NYSE:VALE) — and governments prioritizing tailings projects as part of circular mining strategies and critical minerals security.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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