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Ukrainian President Volodymyr Zelensky has said forces operating in the Kursk region of Russia have captured two North Korean soldiers, marking the first time that Ukraine has captured alive soldiers from the isolated state.

“Our soldiers have captured North Korean military personnel in the Kursk region. Two soldiers, though wounded, survived and were transported to Kyiv, where they are now communicating with the Security Service of Ukraine,” Zelensky said Saturday in a statement on X, which include several images of the injured soldiers.

According to Ukrainian and Western assessments, some 11,000 North Korean troops are deployed in the Kursk region, where Ukrainian forces occupy several hundred square kilometers after staging a cross-border incursion in August last year.

Last week, US Secretary of State Antony Blinken said more than 1,000 North Korean forces had been killed or wounded in Kursk in the last week of December.

Zelensky said of the two Korean soldiers who had been captured: “This was not an easy task: Russian forces and other North Korean military personnel usually execute their wounded to erase any evidence of North Korea’s involvement in the war against Ukraine.”

Soldiers in bunk beds

The Ukrainian Security Service, the SBU, released video purportedly showing the soldiers.

In the video, the SBU spokesman says one of the North Koreans was captured on January 9 by Ukrainian special forces, and the other by Ukrainian paratroopers.

“They are being held in appropriate conditions that meet the requirements of international law,” the SBU said.

The video shows the two soldiers in bunk beds in a cell. One has a wound to his jaw. Neither is heard speaking. An unidentified doctor says that the second soldier has a fractured leg.

The SBU spokesman said that “communication with them is carried out through interpreters of Korean,” in cooperation with South Korean intelligence service.

Saturday’s capture is the first time that Ukraine has captured North Korea soldiers alive from the battlefield.

The SBU released images of a Russian military ID card issued in the name of another person from Tuva in Russia, which it said was being carried by one of the captured soldiers. According to the SBU, the soldier said he had been issued the document in Russia last autumn. He also said that some of North Korea’s combat units had just one-week training with Russian troops. The other captive had no documents, the SBU said.

The soldier said he had been in the North Korean military and had thought he was being sent to Russia for training rather than combat, according to the SBU’s account.

It comes as Ukraine on Sunday renewed its offensive on Kursk, where its troops have been holding territory after launching a shock incursion last summer.

Ukraine’s military said on Tuesday that it had conducted a precision strike on a Russian military command post near the town of Belaya.

Although Kyiv’s troops quickly advanced through Kursk in the summer – in the first ground invasion of Russia by a foreign power since World War II – Russia eventually managed to push the forces back. The lines had been mostly static for weeks before Ukraine’s latest push.

In his daily address on Monday, Zelensky said Kursk offensive was important in preventing Russian from redirecting its troops to Donetsk and other regions in eastern and southern Ukraine.

Despite both sides being drained after nearly three years of war, frontline fighting has ramped up in recent weeks. With Donald Trump set to return to the White House this month – promising to end the war in a day, without saying how – Moscow and Kyiv appear to be making an 11th-hour push to gobble up territory and strengthen their negotiating hands ahead of potential peace talks.

This story has been updated.

This post appeared first on cnn.com

Caroline Darian, the daughter of Gisèle Pelicot who sustained years of horrific sexual abuse by her then-husband and other men, has described how she’s certain her father drugged her and strongly suspects she was raped too.

In a wide-ranging interview with the BBC, Darian, aged 46, described the mental “burden” of being the daughter of both victim and perpetrator, as she expressed her strong desire for her father to die in prison.

A horrifying, monthslong mass rape and drugging trial that shook France to its core concluded last month, with 51 guilty verdicts. Dominique Pelicot and 49 others were found guilty of the rape or sexual assault of his former wife, while one of those on trial was convicted of the attempted and aggravated rape of his own wife, rather than Gisèle, having copied Pelicot’s methods.

The trial – which has pushed the country to examine a culture struggling with pervasive misogyny and systemic sexual assault – has galvanized women to demand changes in the way it approaches gender-based violence.

Darian described receiving a fateful phone call from her mother, one evening in November 2020, in which Gisèle informed her that her father, now 72, had been drugging Gisèle for around 10 years in order to facilitate her rape by different men.

“At that moment, I lost what was a normal life,” Darian told the broadcaster.

Darian spoke of how she strongly suspects that she was also a victim of sexual abuse orchestrated by her father. Days after the phone call, Darian herself was called by police and shown images found on Dominique’s laptop of herself lying unconscious on a bed wearing only a T-shirt and underwear – images she didn’t immediately recognize herself in.

She told the BBC she knows her father drugged her, and surmises she was raped too. “But I don’t have any evidence,” she laments.

“And that’s the case for how many victims? They are not believed because there’s no evidence. They’re not listened to, not supported.”

In court, Dominique maintained he had not abused his daughter. Earlier that day, Darian screamed at him: “I’ll never see you again! You’ll die alone like a dog!,” according to media reports.

Now, she describes her father as “one of the worst sexual predators of the last 20 or 30 years” and has written a book detailing her family’s trauma, titled “I’ll Never Call Him Dad Again.”

She described the reality she is faced with as a “terrible burden” and can now only view Dominique as the “sexual criminal he is.”

The book also explores the concept of “chemical submission” – the use of drugs to facilitate criminal action against a person, including sexual abuse. It was the method Dominique used to orchestrate his wife’s abuse, offering her unconscious body to strangers online.

In December, Dominique received the maximum sentence of 20 years for aggravated rape. Forty-eight other men on trial were found guilty of aggravated rape, with two guilty of sexual assault.

Evidence shows how Dominique recruited the men to rape his then-wife on the now-defunct Coco.fr “dating site” for years, using the chatroom called “without her knowledge,” where he would exchange pictures of an unconscious Gisèle before moving to Skype and text messages to arrange the meeting with his accomplices.

Gisèle testified that she was completely unaware of her husband’s actions. Over time, the frequent sedation and sexual abuse began to take a physical toll. Her husband accompanied her on several doctor’s visits during which she complained about memory loss and pelvic pain, according to court documents.

It was only after Dominique was arrested in a local supermarket in September 2020 for filming up the skirts of female customers, for which he was convicted, that his web of crimes came to light. Pelicot received an eight-month suspended prison sentence for this offense.

Whilst investigating the upskirting, police officers confiscated his hard drive, laptop and phones and found hundreds of images and videos of Gisèle being raped, opening one of the worst sex offense cases in modern French history.

This post appeared first on cnn.com

JOHANNESBURG, South Africa – The Biden Administration has been blasted by the incoming Chairman of the Senate Foreign Relations Committee, Sen. Jim Risch, R-Idaho., for ‘waiting’ until the outgoing President had only 13 days left in office before declaring rebel actions in Sudan, a country torn apart by 21 months of bitter war, to be ‘genocide.’

Earlier this week, Secretary of State Antony Blinken declared that members of the Sudanese rebel group, the Rapid Support Forces or RSF, ‘have committed genocide in Sudan.’ 

In a statement, Blinken said, ‘The United States is committed to holding accountable those responsible for these atrocities. We are sanctioning RSF leader Mohammad Hamdan Daglo Mousa, known as Hemedti, for his role in systematic atrocities committed against the Sudanese people.’

Blinken made his rulings, he stated, because ‘the RSF and RSF-aligned militias have continued to direct attacks against civilians, have systematically murdered men and boys—even infants—on an ethnic basis, and (have) deliberately targeted women and girls from certain ethnic groups for rape and other forms of brutal sexual violence.’

The Secretary continued, ‘Those same militias have targeted fleeing civilians, murdering innocent people escaping conflict, and prevented remaining civilians from accessing lifesaving supplies.’

Blinken added that the African nation is suffering through ‘a conflict of unmitigated brutality that has resulted in the world’s largest humanitarian catastrophe, leaving 638,000 Sudanese experiencing the worst famine in Sudan’s recent history, over 30 million people in need of humanitarian assistance, and tens of thousands dead.’

Risch has held out that the situation in Sudan has been catastrophic for well over a year, and called into question the timing of Blinken’s declaration. In a statement earlier this week, he wrote, ‘It has been nearly a year since I introduced a resolution calling the atrocities in Sudan what they are: a genocide. Additionally, I first called for Global Magnitsky sanctions to be imposed against the RSF and Hemedti 263 days ago – and yet these sanctions still have not been leveraged.’

Risch spoke to Fox News Digital, declaring, ‘The Biden Administration waited until it has less than two weeks in office to sanction RSF-affiliated companiesand Hemedti for their crimes and to call atrocities in Sudan a genocide.’

Risch said, ‘This neglect to address the crisis in Sudan weakened America’s influence in the region and the world years ago. If the Biden Administration backed its rhetoric with action, Sudan would be in a better position today, more lives would be saved, and the foreign proxies exacerbating this conflict would be kept at bay.’

Risch added, ‘This war must end. Further instability in Sudan will only breed terrorism and regional turmoil, threatening global security. The U.S. and our allies must seek to end the killing and atrocities, end the malign actions by proxies, manage migration pressures from mass displacement and protect strategic interests like the Red Sea corridor.’

In a statement to Fox News Digital, the U.S. Special Envoy for Sudan, Thomas Perriello, said ‘Making an atrocity determination is an immense responsibility that the Secretary takes seriously.  Such determinations are based on a careful review of the facts and the law. It requires information not only of certain acts but also that those acts were done with the specific intent to destroy, in whole or in substantial part, a racial, ethnic, national, or religious group. Information demonstrating intent is often difficult to find and assess.’
 
‘Since the start of the conflict the United States has taken repeated action to promote accountability of the RSF for its atrocities conduct. The U.S. already had sanctioned five RSF leaders, including two of Hemedti’s brothers. We also determined in December 2023 that members of the RSF committed ethnic cleansing, crimes against humanity, and war crimes. So the designation of Hemedti and the genocide determination reflect a consistent effort to document and call out atrocities, acknowledge the suffering of victims and survivors, and pursue justice and accountability.’

In his declaration, Blinken announced new sanctions stating, ‘We are also sanctioning seven RSF-owned companies located in the United Arab Emirates (UAE) and one individual for their roles in procuring weapons for the RSF.’

The Treasury Department also sent out a statement, virtually simultaneously to the one from State, saying ‘the RSF’s ability to acquire military equipment and generate finances continue to fuel the conflict in Sudan.’ Treasury stated one particular company in the UAE, owned by a Sudanese national  ‘has provided money and weapons to the RSF.’  

Other UAE companies sanctioned this past week have been accused by the Treasury Department of handling financial transactions, of being ‘an essential part of the RSF’s efforts to finance its operations’, and of importing IT and security equipment .

One gold company in the UAE has been sanctioned because it has allegedly ‘purchased gold from Sudan, presumably for the benefit of the RSF, and subsequently transported it to Dubai.’ Additionally, Treasury claimed ‘the RSF’s procurement director and brother of RSF leader Hemedti maintained access to (the gold company’s) bank account in the UAE, which held millions of dollars.’

‘The United States continues to call for an end to this conflict that is putting innocent civilian lives in jeopardy,’ Deputy Secretary of the Treasury Wally Adeyemo stated. ‘The Treasury Department remains committed to using every tool available to hold accountable those responsible for violating the human rights of the Sudanese people.’

In response to Fox News Digital questions involving UAE registered companies an official from its foreign ministry fired back, stating. ‘The UAE’s primary focus in Sudan remains on addressing the catastrophic humanitarian crisis. We continue to call for an immediate cease-fire and a peaceful resolution to this man-made conflict. In this regard, the UAE has already made absolutely clear that it is not providing any support or supplies to either of two belligerent warring parties in Sudan.’

The official continued, ‘the UAE takes its role in protecting the integrity of the international financial system extremely seriously. We remain committed to combating financial crime globally, enhancing international cooperation and developing strategies to address emerging risks.’

This post appeared first on FOX NEWS

Violent protests have erupted in China after the death of a teenage boy sparked accusations of a cover-up by authorities, videos from the northwestern region of Shaanxi have shown.

One of the protesters was seen hurling a fire extinguisher at a door, shattering its glass. In response, police are seen aggressively handling the demonstrators, beating some and throwing others to the ground.

The trigger for the protests was the death of a teenage student, whose surname was Dang and was in his third year at the school. Local authorities in Pucheng have claimed Dang’s death on January 2 was an accident and not criminal, but allegations have swirled on social media that there has been a cover-up.

Chinese authorities have been particularly wary of public protests in the country following the widespread “White Paper” demonstrations in late 2022 against Beijing’s hardline policies during the Covid-19 pandemic.

In a statement last weekend circulated by state media, local authorities claimed Dang “had a verbal and physical altercation” with a first-year student surnamed Guo over “disturbing his rest” in his dormitory. That night, a school official helped resolve the argument.

At around 3 a.m., another student in Dang’s dormitory went to the restroom, where he found a wooden stool underneath the balcony window, according to the statement.

“The sliding window was open, and the metal mesh screen has been removed. Dang had already fallen from the window to the ground below,” it said.

Human Rights In China, a US-based activist group, reported “suspicious circumstances” leading to Dang’s death, including witness reports of “signs of a struggle in Dang’s dormitory” and the suggestion that he was “pushed from the roof.”

The group said Dang’s family has rejected the official explanation of his death. The family also claimed that photos from his cell phone had been deleted, Reuters reported. The family’s skepticism has been amplified widely on social media.

It is unclear whether the protests, which began Monday, continued throughout the week.

This post appeared first on cnn.com

Four lynx “illegally released” into the Scottish Highlands have been captured by park rangers in a rollercoaster two-day rescue effort.

The search began on Wednesday afternoon when two lynx were spotted in the Cairngorms National Park, one of the last truly wild places remaining in the UK. The animals were captured the following day, lured with bait into humane traps.

Two additional lynx, which appeared to have been “deliberately abandoned,” were later spotted on camera traps Thursday night in the same region, according to the Royal Zoological Society of Scotland (RZSS).

The 48-hour rescue effort was initially declared a victory by conservation groups, but the discovery of the medium-sized cats – which once roamed free in Scotland – has sparked fears that some might be taking rewildling into their own hands.

Lynx tend to ignore humans and don’t generally pose a threat, according to wildlife experts. Some conservationists have called for the lynx to be released back into the Scottish Highlands, but reintroducing the lost species has long been a thorny issue.

David Field, chief executive of RZSS, told BBC Radio 4’s Today program that there are “rogue rewilders out there” who ignore international best practice with regard to the reintroduction of species.

“They are impatient and then proceed in a way which is this rebellious rogue rewilding. That’s really sad and that’s a real, real risk,” he said.

Edward Mountain, Conservative MSP for the Highlands and Islands, said the second lynx capture “would suggest a concerted approach to illegally reintroduce lynx,” according to PA Media.

Police Scotland and rangers from the Cairngorms National Park Authority joined the mammoth rescue effort and inquiries are being made into how the animals ended up roaming free in the park.

The second pair of cats were captured at around 6:30 p.m. local time on January 10 within the Kingussie region of the park and taken to the nearby Highland Wildlife Park to be assessed by vets, RZSS said.

The cats will be moved into quarantine for 30 days at Edinburgh Zoo, RZSS added.

“It’s been a rollercoaster 48 hours, with people working throughout the day and night, in some extremely challenging conditions,” Dr Helen Senn, RZSS Head of Conservation said in a statement Friday evening.

Senn added that they don’t think there are any more lynx in the park but will continue to monitor the release site.

Highland Wildlife Park said in a statement on Facebook that they “condemn the illegal release of these lynx in the strongest possible terms.”

“It is very unlikely they would have survived in the wild,” the park added.

This post appeared first on cnn.com

Meta on Friday told employees that its plans to end a number of internal programs designed to increase the company’s hiring of diverse candidates, the latest dramatic change ahead of President-elect Donald Trump’s second White House term.

Janelle Gale, Meta’s vice president of people, made the announcement on the company’s Workplace internal communications forum.

Among the changes, Meta is ending the company’s “Diverse Slate Approach” of considering qualified candidates from underrepresented groups for its open roles. The company is also putting an end to its diversity supplier program and its equity and inclusion training programs. Gale also announced the disbanding of the company’s diversity, equity and inclusion, or DEI, team, and she said that Meta Chief Diversity Officer Maxine Williams will move into a new role focused on accessibility and engagement.

Several Meta employees responded to Gale’s post with comments criticizing the new policy.

“If you don’t stand by your principles when things get difficult, they aren’t values. They’re hobbies,” one employee posted in a comment that got reaction from more than 600 colleagues.

The DEI policy change follows a number of sweeping policy reversals by the social media company this month. Last week, Meta replaced global affairs head Nick Clegg with Joel Kaplan, a veteran at the company with longstanding ties to the Republican Party. On Tuesday, Zuckerberg announced a new speech policy that included bringing an end to the company’s third-party fact-checking program.

Axios was first to report the DEI changes at the social media company. Meta didn’t immediately provide a comment.

You can read Gale’s memo, which CNBC obtained, in full below:

Hi all,

I wanted to share some changes we’re making to our hiring, development, and procurement practices. Before getting into details, there is some important background to lay out:

The legal and policy landscape surrounding diversity, equity and inclusion efforts in the United States is changing. The Supreme Court of the United States has recently made decisions signaling a shift in how courts will approach DEI. It reaffirms long standing principles that discrimination should not be tolerated or promoted on the basis of inherent characteristics. The term “DEI” has also become charged, in part because it is understood by some as a practice that suggests preferential treatment of some groups over others.

At Meta, we have a principle of serving everyone. This can be achieved through cognitively diverse teams, with differences in knowledge, skills, political views, backgrounds, perspectives, and experiences. Such teams are better at innovating, solving complex problems and identifying new opportunities which ultimately helps us deliver on our ambition to build products that serve everyone. On top of that, we’ve always believed that no one should be given — or deprived — of opportunities because of protective characteristics, and that has not changed.

Given the shifting legal and policy landscape, we’re making the following changes:

On hiring, we will continue to source candidates from different backgrounds, but we will stop using the Diverse Slate Approach. This practice has always been subject to public debate and is currently being challenged. We believe there are other ways to build an industry leading workforce and leverage teams made up of world-class people from all types of backgrounds to build products that work for everyone.

We previously ended representation goals for women and ethnic minorities. Having goals can create the impression that decisions are being made based on race or gender. While this has never been our practice, we want to eliminate any impression of it.

We are sunsetting our supplier diversity effort within our broader supplier strategy. This effort focused on sourcing from diverse-owned businesses; going forward, we will focus our efforts on supporting small and medium sized businesses that power much of our economy. Opportunities will continue to be available to all qualified suppliers, including those who are part of the supplier diversity program.

Instead of equity and inclusion training programs, we will build programs that focus on how to apply fair and consistent practices that mitigate bias for all, no matter your background.

We will no longer have a team focused on DEI. Maxine Williams is taking on a new role at Meta focused on accessibility and engagement.

What remains the same are the principles we’ve used to guide our People Practices:

We serve everyone. We are committed to making our products accessible, beneficial and universally impactful for everyone.

We build the best teams with the most talented people. This means sourcing people from a range of candidate pools but never making hiring decisions based on protected characteristics, (e.g., race, gender, etc.). We will always evaluate people as individuals.

We drive consistency in employment practices to ensure fairness and objectivity for all. We do not provide preferential treatment, extra opportunities or unjustified credit to anyone based on protected characteristics. Nor will we devalue impact based on these characteristics.

We build connection and community. We support our employee communities, people who use our products and those in the communities. We operate our employee community groups (MRGs) continue to be open to all.

Meta has the privilege to serve billions of people every day. It is important to us that our products are accessible to all, and useful in promoting economic growth and opportunity around the world. We continue to be focused on serving everyone and building a multi-talented, industry-leading workforce from all walks of life.

This post appeared first on NBC NEWS

Flight recorders from the passenger jet that crashed in South Korea last month, killing more than 170 people, stopped working minutes before the plane belly-landed and exploded on the runway, investigators said Saturday.

Officials probing the country’s deadliest aviation accident in almost three decades had hoped information from the so-called black boxes would shed light on why Jeju Air flight 7C 2216 from Bangkok belly-landed at Muan International Airport on December 29, erupting into a fireball.

The disaster killed 179 passengers and crew members. Two people survived.

But South Korea’s transport ministry said Saturday that both the cockpit voice recorder (CVR) and flight data recorder (FDR) from the Boeing 737-800 had stopped working about four minutes before the crash.

In a statement, the ministry said it was unclear why the devices stopped recording, adding that it will work to determine the cause.

“CVR and FDR data are important data for accident investigations, but accident investigations are conducted through investigation and analysis of various data, so we plan to do our best to accurately identify the cause of the accident,” the ministry said.

The cockpit voice recorder was first analyzed locally and later sent to the United States for cross-checking, the ministry said.

The flight data recorder, which was damaged and missing a connector, was sent to the National Transportation Safety Board in the US last week for analysis, after South Korean authorities concluded they could not extract data from the device, due to the damage.

The crash was the country’s deadliest since 1997, when a Korean Air Lines Boeing 747 crashed in the Guam jungle, with the loss of 228 lives.

It is not yet clear what caused it, with the investigation expected to take months.

Footage of the crash showed that neither the back nor front landing gear was visible at the time of the crash-landing.

Prior to the emergency landing, the pilot made a mayday call and used the terms “bird strike” and “go-around,” according to officials, who also said the control tower had warned the pilot of birds in the area.

Another point of contention has been the concrete embankment that the plane hit upon landing. Many airports don’t have similar structures so close to runways, according to aviation experts.

South Korean police last week also raided Jeju Air’s office in Seoul and the operator of Muan International Airport as part of their investigation, Reuters reported.

This post appeared first on cnn.com

(TheNewswire)

Silver Crown Royalties

TORONTO, ON, January 10, 202 5 TheNewswire – Silver Crown Royalties Inc. (‘ Silver Crown ‘, ‘ SCRi ‘, the ‘ Corporation ‘, or the ‘ Company ‘) (CBOE:SCRI; OTCQX:SLCRF; FRA:QS0) wishes to provide an update on its 2024 progress and 2025 expectations. Based on minimum silver payment obligations, we anticipate receipt of cash payments on 15,180 ounces of silver for 2024 and 36,063 ounces of silver in 2025 on our royalty portfolio.


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Silver Crown Royalties Growth Profile

B acTech Environmental Corp. (‘BacTech’)– Bioleaching Facility in Tanquel, Ecuador

In the fourth quarter of 2024 we closed our first all-equity royalty purchase transaction on BacTech’s future bioleaching facility in Tenguel, Ecuador and issued C$1.0 million of units of the Company (‘ Units ‘) at a deemed price of C$10 per Unit at closing. Each Unit consists of one common share in the capital of the company and one warrant entitling the holder thereof to acquire another common share at a price of C$16.00 for a period of 36 months from closing. BacTech is advancing a bioleaching facility in Ecuador with the expectation of first production within the next two years. Upon full deployment of royalty payments (an additional C$3.0 million in common shares at a deemed price of at C$10.00 per common share) BacTech is to deliver 90% of silver produced or 35,000 ounces per year, for a minimum of ten years, whichever is higher.

BacTech continues to make positive advancements regarding its bioleaching initiatives. Early last year BacTech, in collaboration with MIRARCO Mining Innovation, commissioned a bioleaching pilot plant in Sudbury to test bioleaching processes on pyrrhotite tailings, targeting the recovery of nickel, cobalt, and other valuable by-products. The pilot plant has completed baseline campaigns to ensure operational readiness, with full-scale testing planned to commence shortly. BacTech continues to expand its search for historic mine tailings in northern Peru to potentially supply feed for the Ecuador project or establish a base for a new plant near Trujillo, in northern Peru.

Gold Mountain – Elk Gold Mine, British Columbia, Canada

At the end of the third quarter of 2024 Silver Crown received the C$124,299 minimum royalty payment from Elk Gold Mining Corp. pursuant to the terms of the royalty agreement dated May 11, 2023. Cash payments delivered to Silver Crown pursuant to the terms of the Royalty Agreement now total C$216,296.

Gold Mountain encountered various financial challenges that reflected ongoing operational issues, including commissioning difficulties and delays that impacted production levels at the Elk Mine. These challenges stemmed from grade control and sampling inefficiencies during ramp-up, resulting in lower-than-forecast ore production. To address these challenges, the Company implemented a series of financial restructuring initiatives, that included issuing additional common shares, converting secured debt, raising additional capital by way of a convertible debenture and restructured secured obligations to improve its financial position.

Winter operations commenced in late November of 2024, with a planned return to normal operations by late February. The first phase of infill drilling, focused on the east bench, has been completed, supported by Phase 1 financing for exploration drilling. Currently, mining is focused on the east face of Pit 1, targeting the 1300 series vein system at surface. Construction of a new crushing and ore sorting system is set to begin by the end of the month, with the sorting system expected to significantly improve grades.

Pilar Gold Inc. – PGDM Mine, Goiás, Brazil

The restart of commercial production at the PGDM Complex was delayed from Q3 2024 to Q1 2025. Accordingly, while Pilar de Goiás Desenvolvimento Mineral Ltda. has acknowledged its obligation to make minimum royalty payments during Q3 2024 and Q4 2024, it has defaulted on its obligation to make its minimum royalty payment in the amount of US$81,536.41 for the quarter ending September 30, 2024 in accordance with the terms of the amended and restated royalty agreement dated April 26, 2024 between Silver Crown and Pilar (the ‘ A&R Royalty Agreement ‘). The Company had previously agreed to forbear on enforcement action under the A&R Royalty Agreement pursuant to a letter forbearance agreement whereby Pilar agreed to release the C$100,000 contained in a segregated cash account to the Company and pay the balance of the Royalty Payment for the third quarter of 2024 and replenish the Segregated Cash Account no later than December 31, 2024. However, Pilar failed to pay the balance of the Royalty Payment for the third quarter of 2024 and failed to replenish the Segregated Cash Account on December 31, 2024.

Silver Crown will work in good faith with Pilar to cure the ongoing default and provide a further update to the market as soon as possible.

PPX Mining Corp. – Igor 4 project, Peru

During the fourth quarter in 2024 Silver Crown announced the signing of a definitive royalty agreement for up to 15% of the cash equivalent of silver produced from the Igor 4 project in Peru for an aggregate of US$2.5 million in cash. The first tranche of US$1.0 million is to be paid on closing which is expected to occur in early 2025, with the second tranche of US$1.5 million to be paid within six months of Closing. The Royalty will be payable immediately based on current operations at the Project and, beginning on and from the earlier of October 1, 2025 and the startup of metallurgical operations at the 250 tpd CIL and flotation plant currently under construction, will provide for minimum deliveries of the cash equivalent of 14,062.5 ounces of silver per quarter up to a total of 225,000 ounces. Upon the closing of the second tranche, and upon the delivery of the cash equivalent of an aggregate of 225,000 ounces of silver to Silver Crown, the Royalty will automatically terminate. PPX intends to use the proceeds from the sale of the Royalty together with other sources of financing to complete the construction of the Beneficiation Plan.

Peter Bures, Silver Crown’s Chief Executive Officer commented, ‘We are very pleased to continue our collaboration with PPX and are excited about the opportunities the new year will bring. We have great faith in the company as skilled operators and are happy to support them in achieving their production milestones. We continue to be encouraged with progress at GMTN. Although we are disappointed by the non-payment of the PDGM royalty, we note the minimal impact (~C$14,000) to Silver Crown’s revenues to date as we have set up internal protection against such an eventuality. In the meantime, we have been able to identify numerous opportunities to grow our revenue and will continue to advance such opportunities.’

ABOUT Silver Crown Royalties INC.

Founded by industry veterans, SCRi is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.

For further information, please contact:

Silver Crown Royalties Inc.

Peter Bures

Chairman and CEO

Telephone: (416) 481-1744

Email: pbures@silvercrownroyalties.com

FORWARD-LOOKING STATEMENTS

This release contains certain ‘forward looking statements’ and certain ‘forward-looking information’ as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as ‘may’, ‘will’, ‘should’, ‘expect’, ‘intend’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘plans’ or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi’s ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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Lead prices rode a wave of volatility in 2024 as global economic uncertainty continued to wreak havoc on metals markets.

As an industrial metal, lead has largely been used in lead-acid batteries, and to a lesser extent in pigments, weights, cable sheathing and ammunition. More recently, the electric vehicle (EV) market has opened up a sector for growth as EV manufacturers need lead-acid batteries to power electrical systems, including lights, windows, navigation, air-conditioning and airbag sensors.

Lead is typically mined as a by-product of zinc, silver and to a lesser extent, copper. Disruptions to the mining and demand profiles for these metals can have a sizable impact on lead sector fundamentals.

How did lead perform in 2024?

Although they started off the year above the US$2,025 per metric ton level, lead prices quickly shot up nearly 8 percent in the first four weeks of 2024 on reduced primary and secondary supplies. While prices had shed those gains and then some down to US$1,963 by the end of March, only to rise to a high for the year of US$2,343 on May 28.

A December report from the International Lead and Zinc Study Group (ILZSG) show that China, which is both the world’s largest producer and consumer of the metal, increased its imports of lead concentrate by 7.5 percent compared to the first 10 months of 2023.

By August 5, lead prices had once again crashed, this time by more than 17 percent to their lowest point of the year at US$1930.

For much of the rest of the year, volatility continued to plague the lead market with price ups and downs swinging within the US$1950 to US$2,150 range.

“Toward the end of the year, following the reelection of Donald Trump as U.S. President, lead prices came under pressure as the U.S. dollar strengthened,” said Solanes.

Ironically, despite the wide price swings, as of December 18, 2024, lead prices are only down by 2.41 percent since the start of the year.

Lead

Lead’s price performance in 2024.

Chart via TradingEconomics.

“On the supply front, lead output growth slowed, constrained by high energy prices and supply chain problems in the automobile industry,” according to Solanes.

In the first 10 months of 2024, ILZSG figures show that global supply of lead exceeded demand by 21,000 metric tons. That’s compared to 41,000 metric tons in the previous year.

Worldwide lead mine production rose by 1.5 percent. Lead metal production decreased by 1.7 percent over the same period in 2023, which according to the ILZSG was due to “lower output in China and Canada, where a scheduled maintenance at Teck Resources’ Trail operations impacted production during the second quarter.” Meanwhile consumption of the metal decreased by 1.6 percent.

China, which is both the world’s largest producer and consumer of the metal, increased its imports of lead concentrate by 7.5 percent compared to the first 10 months of 2023.

What factors will move the lead market in 2025?

Heading into 2025, what supply and demand factors are expected to drive prices for lead?

The ILZSG forecasts that global lead mine supply will rise by 2.1 percent in 2025 to 4.64 million metric tons, compared to 1.7 percent growth in 2024. Increased lead supply is seen coming out of the three top lead-producing countries: China, Australia and Mexico.

Looking over at global refined lead supply, the ILZSG sees a 2.4 percent increase to 13.51 million metric tons in 2024; that’s compared to a 0.2 percent decrease to 13.2 million metric tons in 2024.

In terms of demand for refined lead metal in China, ILZSG is forecasting a growth rate of 0.5 percent in 2025 after projected demand growth of 0.9 percent in 2024. Demand in Europe and Mexico is expected to recover in 2025, and continue to rise in India and Vietnam. On a global scale, demand for refined lead metal is forecast to increase by 0.2 percent to 13.13 million tonnes in 2024 and by 1.9 percent to 13.39 million tonnes in 2025.

The ILZSG “anticipates that global supply of refined lead metal will exceed demand by 63,000 tonnes in 2024. In 2025, a much larger surplus of 121,000 tonnes is expected.”

What other key trends and catalysts should investors look out for in the lead market in 2025?

“The strength of China’s industrial sector and stimulus policies in the country, along with the pace of global monetary policy, are key factors to monitor,” advised Solanes.

As the largest consumer of lead, China’s economic health is also a major factor for consideration. The World Bank is forecasting 4.8 percent annual growth in 2024 for China, the world’s second largest economy, and calling for slower growth of 4.3 percent in 2025. The weakest segment of China’s market has been its property sector. Outside of the battery market, lead has several important applications in housing and infrastructure.

“Another relevant topic to track is trade policy under Trump, with the prospect of a Sino-American trade war posing headwinds to prices,” added Solanes.

As reported by Fastmarkets, during LME week, the global metals market gathering held each Fall in London, StoneX senior metals analyst Natalie Scott Gray shared her insight into what’s ahead for the lead market in 2025. Namely, increased mine production as well as demand.

Scott Gray said as copper, zinc and silver mining activity increases for the year, so will lead output as it’s often a by-product metal. Her firm is also forecasting that lead demand will increase by 2.2 percent in 2025 as falling interest rates improve demand for batteries. This would likely bring a slight uptick in lead prices for the year.

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

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Cobalt prices started 2024 trading at the US$29,151.50 per metric ton level, the highest price point the battery metal achieved in 2024. By the end of the year prices had contracted by 16.68 percent to US$24,287.90.

Prices remained under pressure due to oversupply, with the Democratic Republic of Congo (DRC) maintaining its dominant position as the world’s largest producer.

Meanwhile, efforts to diversify supply chains and reduce reliance on the DRC gained momentum, with new projects and funding infusions announced throughout the year in Canada, and the US.

On the demand side, the rise of battery chemistries utilizing less cobalt, particularly in electric vehicles (EVs), weighed heavily on consumption. Lithium-iron-phosphate (LFP) batteries continued gaining market share globally, further pressuring cobalt’s role in the EV sector.

However, cobalt’s use in high-performance batteries for smartphones and other electronics remained resilient, offering a counterbalance to declines elsewhere.

Geopolitics and policy added another layer of complexity, with China expanding its influence in African mining regions and Western nations pursuing stricter supply chain transparency laws.

These dynamics are expected to shape cobalt’s role in the critical metals market into 2025 and beyond, as stakeholders grapple with the metal’s evolving importance in a decarbonized economy.

2024 cobalt supply and demand trends

Residual oversupply from 2023 prevented any price positivity in the cobalt market through 2024.

According to the US Geological Survey’s annual commodity report, mine supply of the battery metal ballooned in 2023, growing 16.75 percent year-over-year, from 197,000 metric tons in 2022 to 230,000 metric tons in 2023.

Over the last three years annual mined supply has soared, from 142,000 metric tons to 230,000 metric tons, a 61 percent increase.

170,000 metric tons of 2023’s total was mined in the DRC; the African nation is home to the five largest cobalt mines in the world. These high-grade areas have attracted the attention of Chinese mining companies, particularly China Molybdenum (SHA:603993,OTC Pink:CMCLF), which is one of the largest cobalt producers in the DRC and the world.

In recent years cobalt mining practices in the DRC have come under fire by international rights groups concerned that artisanal and small-scale cobalt mining operations are using child labour.

In October 2024 the US Department of International Labour concluded a six year program entitled Combatting Child Labor in the Democratic Republic of the Congo’s Cobalt Industry (COTECCO).

Key achievements include supporting the creation of an Interministerial Commission to monitor child labor and a provincial commission in Lualaba.

Since its inception in 2018, the project has trained 458 stakeholders from government, civil society, and private sectors on combating child labor and introduced tools like ILAB’s Comply Chain to 28 mining entities in Lualaba and Haut-Katanga.

Additionally, COTECCO collaborated with the DRC government to establish a Child Labor Monitoring and Remediation System (CLRMS), training 110 officials to operate it. By March 2024, the CLRMS database registered 5,346 children and was officially handed over to the Ministry of Mines for sustained management.

Cobalt fundamentals tightly tied to EV growth

Combatting child exploitation in the cobalt supply chain will be paramount as demand from the electric vehicle sector alone is expected to increase by 60 to 70 percent by 2040.

The DRC is projected to play a vital role in supplying the majority of the 214,000 metric tons of cobalt demand expected by 2030.

“It’s hard to understate just how much demand will be added to the cobalt market by the EV industry,” said Roman Aubry, Benchmark Mineral Intelligence Pricing Analyst in an April email. “Already it has become the largest demand sector, and its dominance is only set to grow.”

In 2024, global electric vehicle (EV) sales reached a third consecutive record high, with China leading the surge. The China Association of Automobile Manufacturers reported a 5.3 percent increase in passenger vehicle sales, totaling 23.1 million units, with EVs and hybrids accounting for 47.2 percent of the market—a 40.7 percent rise from the previous year.

Tesla (NASDAQ:TSLA), a dominant player in the EV sector, experienced a 1.1 percent decline in worldwide sales, delivering 1.79 million vehicles compared to 1.81 million in 2023.

This downturn was attributed to increased competition and market saturation. However, other automakers reported significant growth. General Motors (TSX:LAC,NYSE:LAC), for instance, achieved a 50 percent increase in Q4 EV sales, driven by models like the Chevrolet Equinox EV SUV.

Analysts suggest that while Tesla’s sales dip impacted overall market perceptions, the broader EV market remained robust, with traditional manufacturers gaining traction.

Other notable developments in the EV sector through 2024 was the April announcement from Honda (NYSE:HMC) that it would invest C$15 billion to build a comprehensiveEV value chain in Ontario, Canada.

The plans include an EV assembly plant and a standalone battery manufacturing facility. Joint ventures will add a cathode active material processing plant and a separator plant.

The assembly plant aims to produce 240,000 vehicles annually, while the battery facility will have a 36 gigawatt hour capacity.

Government funding supports sector growth

Due to its critical mineral designation the cobalt sector has also been the recipient of government funding.

In May, the US and Canada partnered for a co-investment to enhance the North American critical minerals supply chain. The collaboration will benefit Fortune Minerals (TSX:FT,OTCQB:FTMDF) and Lomiko Metals (TSXV:LMR,OTCQB:LMRMF), with the latter set to receive up to C$7.5 million from the Canadian government, matched by an additional US$6.4 million from the US Department of Defense’s Defense Production Act Investments Office.

The funding is part of the Canada-US Energy Transformation Task Force.

“Canada is positioning itself as a global leader in the supply of responsibly sourced critical minerals for the green and digital economy,” said Jonathan Wilkinson, Canada’s minister of energy and natural resources.

“Through our work with the United States and other allies, we are developing secure critical minerals value chains that will power a prosperous and sustainable future,’ he added.

In August Electra Battery Materials (TSXV:ELBM,NASDAQ:ELBM)secureda US$20 million grant from the US Department of Defense to aid in the construction and commissioning of “North America’s only cobalt sulfate refinery,” located in Ontario.

“Electra is committed to strengthening the resiliency of the North American battery supply chain,” said Electra CEO, Trent Mell. “We are grateful to the US Department of Defense for its support. On issues of national security, there are no borders between Canada and the United States. We are proud to partner with the US Government to build a strong North American supply chain for critical minerals.”

Factors to watch for cobalt in 2025

Despite having several positive catalysts on the horizon, the cobalt market is facing immense pressure from substitution.

The shift toward LFP batteries, which omit cobalt, has drastically reduced demand for the metal in EV battery production. By Q3 2024, LFP batteries dominated 75.2 percent of the market, while nickel-manganese-cobalt (NMC) batteries fell to 24.6 percent, according to S&P Global.

The declining role of cobalt in EV batteries was further highlighted in a correspondence between China’s CMOC (OTC Pink:CMCLF,SHA:603993), the world’s largest cobalt-mining company and Bloomberg in late 2024.

“We predict that EV batteries will never return to the era that relies on cobalt,” said Zhou Xing, a spokesperson for CMOC. “Cobalt is far less important than imagined.”

As coblt’s future in the EV space begins to be clouded with uncertainty, demand persists in consumer electronics segment, which rely on lithium-cobalt-oxide batteries, and in superalloys for aerospace and military applications.

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

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