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Thanksgiving is behind us but that’s not stopping the NFL from having a holiday triple-header. Once again, the league is holding three games as millions of Americans celebrate a holiday, this time on Christmas.

The NFL’s triple-header on Christmas is still a new concept for football fans. The league avoided the holiday for decades with one brief exception in 1971 for the divisional round of the playoffs.

In 1989, the NFL held a Christmas Day game because the holiday fell on a Monday. The Minnesota Vikings beat the Cincinnati Bengals 29-21 to end an 18-year drought on the holiday.

Over the next 30 years, the NFL played a total of 19 games on Christmas. The league traditionally avoided the holiday but that changed in recent times.

The NFL had a Christmas game in 2020 then expanded to multiple games the year after and kept that pace ever since. Here’s a look at the results of every Christmas Day NFL game:

NFL Christmas history, results

1971 (Divisional playoffs)

  • Dallas Cowboys 20-12Minnesota Vikings
  • Miami Dolphins 27-24 (2OT)Kansas City Chiefs

1989

  • Minnesota Vikings 29-21Cincinnati Bengals

1993

  • Houston Oilers 10-7San Francisco 49ers

1994

  • Miami Dolphins 27-20Detroit Lions

1995

  • Dallas Cowboys 37-13Arizona Cardinals

1999

  • Denver Broncos 17-7Detroit Lions

2000

  • Tennessee Titans 31-0 Dallas Cowboys

2004

  • Kansas City Chiefs 31-30 Oakland Raiders
  • Denver Broncos 37-16 Tennessee Titans

2005

  • Chicago Bears 24-17Green Bay Packers
  • Baltimore Ravens 30-23 Minnesota Vikings

2006

  • Philadelphia Eagles 23-7 Dallas Cowboys
  • New York Jets 13-10 Miami Dolphins

2009

  • San Diego Chargers 42-17 Tennessee Titans

2010

  • Arizona Cardinals 27-26 Dallas Cowboys

2011

  • Green Bay Packers 35-21 Chicago Bears

2016

  • Pittsburgh Steelers 31-27 Baltimore Ravens
  • Kansas City Chiefs 33-10 Denver Broncos

2017

  • Pittsburgh Steelers 34-6 Houston Texans
  • Philadelphia Eagles 19-10 Oakland Raiders

2020

  • New Orleans Saints 52-33 Minnesota Vikings

2021

  • Green Bay Packers 24-22 Cleveland Browns
  • Indianapolis Colts 22-16 Arizona Cardinals

2022

  • Green Bay Packers 26-20 Miami Dolphins
  • Los Angeles Rams 51-14 Denver Broncos
  • Tampa Bay Buccaneers 19-16 (OT) Arizona Cardinals

2023

  • Las Vegas Raiders 20-14 Kansas City Chiefs
  • Philadelphia Eagles 33-25 New York Giants
  • Baltimore Ravens 33-19 San Francisco 49ers

2024

  • Kansas City Chiefs 29-10 Pittsburgh Steelers
  • Baltimore Ravens 31-2 Houston Texans

2025

  • Washington Commanders vs. Dallas Cowboys, 1 p.m. ET, Netflix
  • Minnesota Vikings vs. Detroit Lions, 4:30 p.m. ET, Netflix
  • Kansas City Chiefs vs. Denver Broncos, 8:15 p.m. ET, Prime Video
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  • A letter allegedly from Jeffrey Epstein to Larry Nassar was included in a recent Justice Department document release.
  • The letter’s authenticity is questionable as it was postmarked in Virginia three days after Epstein’s death in New York.
  • Both Epstein and Nassar were convicted of sex crimes involving young women and girls.

(This story has been updated to include new information that the FBI is calling the letter a fake.)

The FBI is calling a letter alleged to be from Jeffrey Epstein to disgraced former USA Gymnastics team doctor Larry Nassar a fake.

The letter was among the more than 29,000 documents released by the Justice Department on Tuesday, Dec. 23.

Nassar was sentenced in 2018 to 40 to 175 years in prison after pleading guilty to seven counts of first-degree criminal sexual conduct for assaulting the young athletes he treated while working for both USA Gymnastics and Michigan State University. He was sentenced to 40 years to 125 years in another Michigan county, plus 60 years on federal child pornography charges.

The Department of Justice initially said it was investigating the authenticity of the handwritten letter. Later it put out a statement that the FBI was calling the letter a fake. Among the reasons:

  • The writing does not appear to match Jeffrey Epstein’s.
  • The letter was postmarked three days after Epstein’s death out of Northern Virginia, when he was jailed in New York.
  • The return address did not list the jail where Epstein was held and did not include his inmate number, which is required for outgoing mail.

The latest batch of material from the Justice Department’s Epstein investigation included dozens of video clips and other documents with many redactions. The Justice Department said on social media that documents include ‘untrue and sensationalist claims’ against President Donald Trump before the 2020 election.

‘To be clear: the claims are unfounded and false, and if they had a shred of credibility, they certainly would have been weaponized against President Trump already,’ the Department of Justice added in a statement about Tuesday’s document release. ‘Nevertheless, out of our commitment to the law and transparency, the DOJ is releasing these documents with the legally required protections for Epstein’s victims.’

The president has not been accused of any wrongdoing in relation to Epstein, a wealthy and well-connected financier who was charged with sex trafficking.

More than 150 women shared their experiences of abuse as part of an award-winning Indy Star/USA TODAY Network investigation series related to how Nassar assaulted the athletes he treated for both USA Gymnastics and Michigan State University. Nassar was convicted of abusing gymnasts under the premise of giving them medical exams. Nassar’s accusers included Olympic gold medal winners such as Simone Biles, Gabby Douglas, Jordyn Wieber, McKayla Maroney and Aly Raisman.

Epstein was charged by federal authorities with operating a sex-trafficking ring that preyed on young women and underage girls before he died in 2019.

This post appeared first on USA TODAY

The College Football Playoff’s first round served two competitive games and two blowouts. The reaction to that: Many fans and media types are demanding a change to the playoff bracket format.

Is that an overreaction to two lopsided games, or a worthy response? Let’s remember, last year’s playoff served up four first-round duds.

So, at least this year provided an upgrade. That doesn’t mean it’s perfect.

On this edition of ‘SEC Football Unfiltered,’ a podcast from the USA TODAY Network, hosts Blake Toppmeyer and Matt Hayes weigh in on the big CFP debate — just how badly does this format require revision?

Is this CFP format worth saving?

TOPPMEYER: We must face this reality: There’s no escaping blowouts. We had blowouts in the Bowl Championship Series era. We had them in the four-team playoff era, and now in the 12-team installment. You can’t pin it all on the Group of Five, either. Even the bluest of blue bloods have gotten blown out of a playoff game.

Tinkering with the CFP format is worth considering, but that won’t change the playoff’s unfixable problem: It’s not the regular season. That’s a bug that cannot be solved.

The playoff cannot match the splendor of 50 games occurring on a fall Saturday. The season peaks in November. The playoff format can be improved, but it still won’t trump Thanksgiving rivalry week.

This playoff is what it is. What it is, is this: better than the four-team playoff but inferior to the regular season.

HAYES: Fixing the CFP bracket format isn’t hard. Here’s what you do. First, get rid of participation ribbons.

Decide your number — 12 or 16 teams, I don’t much care — and then pick the best teams, period. No charity cases. If the Group of Five produces a team that proved itself worthy of selection (see 2024 Boise State), then, by all means, it should be included in the bracket. But, we don’t need guaranteed spots for any conference.

You know what else we don’t need? Athletic directors involved in the selection process. Fire the ADs off the CFP selection committee. What business do they have choosing the playoff field? Have a combination of former coaches and media members select the field.

No automatic bids. All at-large bids. Play your way in.

Imagine if Notre Dame and Texas had been in this playoff bracket instead of Tulane and James Madison. Right there, that’s how you improve the playoff.

Not so hard, is it?

TOPPMEYER: I’m open-minded to this idea of ditching automatic bids. I’m also open to 16 teams, although I prefer sticking at 12.

The idea I like best: Get the ADs off the selection committee. Their inclusion inserts bias, or at least the illusion of bias. Plus, nobody should be juggling a coaching search and selecting a playoff field at the same time.

Later in the episode

∎ The hosts preview the quarterfinals. They examine Miami’s potential to upset Ohio State and debate whether Alabama is for real or not.

CFP quarterfinals picks against the spread!

Hayes pinch-hit for cohost John Adams on this week’s podcast episode, but Adams is still submitting his CFP picks as he tries to maintain his lead.

Toppmeyer’s CFP picks (picks in bold):

Miami vs. Ohio State (-9.5)

∎ Oregon (-1.5) vs. Texas Tech

∎ Alabama vs. Indiana (-7)

Mississippi vs. Georgia (-7)

Season record: 39-40 (2-2 last week)

Adams’ CFP picks (picks in bold):

Miami vs. Ohio State (-9.5)

∎ Oregon (-1.5) vs. Texas Tech

∎ Alabama vs. Indiana (-7)

∎ Mississippi vs. Georgia (-7)

Season record: 42-37 (1-3 last week)

Where to listen to SEC Football Unfiltered

  • Apple
  • Spotify
  • iHeart
  • Google

Blake Toppmeyer is the USA TODAY Network’s national college football columnist. John Adams is the senior sports columnist for the Knoxville News Sentinel. Subscribe to the SEC Football Unfiltered podcast, and check out the SEC Unfiltered newsletter, delivered straight to your inbox

This post appeared first on USA TODAY

NFL power rankings entering Week 17 of the 2025 season (previous rank in parentheses):

1. Los Angeles Rams (1): We know they just lost, their second defeat in four games … albeit a quasi-fluky one. We know they’ve fallen from the NFC’s projected No. 1 playoff seed to its sixth in a matter of days. We know they just fired their special teams coordinator − perhaps an overdue move given how that phase of the game has legitimately cost LA three wins this season. Put all that aside. The Rams still have the presumptive MVP in Matthew Stafford, a head coach as good or better than any in the league and a roster that can win anywhere in any variety of ways.

2. Seattle Seahawks (2): We know they just won, running their heater to five games. We know they’ve risen from the NFC’s projected No. 5 playoff seed to its first. We know they rarely lose playoff games in Seattle. But admirable as his career turnaround has been, we need to see QB Sam Darnold prove he can win on the big stage the way Stafford finally did after he joined the Rams.

3. Jacksonville Jaguars (8): They’ve won six in a row, but QB Trevor Lawrence has truly been in the zone over his last four games − with a 120.8 passer rating during that stretch while accounting for 14 TDs. The defense has also added another 10 takeaways in those four recent victories. Any number of teams could emerge from a muddled AFC field − but, after a decisive win in Denver, the Jags are certainly playing as well as anyone in the conference right now.

4. San Francisco 49ers (9): Considering they haven’t needed P Thomas Morstead this month, who needs to worry about whatever their defensive issues are? The Niners are two wins from securing the No. 1 seed, which launched them into the Super Bowl in 2019 and 2023.

8. Buffalo Bills (5): They escaped with a win … but struggling against the Browns while trying to manage QB Josh Allen’s foot injury is something to monitor even as the stars seem to be aligning elsewhere for this crew.

11. Philadelphia Eagles (12): At a time when it can’t seem to execute the ‘Tush Push,’ the offense oddly seems to be finding a groove − averaging 30 points and 386 yards, albeit against Vegas and Washington, over the past two weeks on the way to the NFC East crown.

27. Miami Dolphins (22): They looked good without Tua Tagovailoa in the lineup … but only because of their throwback uniforms.

29. Cleveland Browns (31): Bagging a Steelers quarterback, even if − especially if? − it’s old friend Mason Rudolph could be an especially satisfying way for DE Myles Garrett to set the single-season sack record.

This post appeared first on USA TODAY

  • Reds pitcher Hunter Greene refutes rumors that he intentionally prolonged his injury recovery last season.
  • Greene affirmed his commitment to the Cincinnati Reds despite trade rumors and declined an invitation to the World Baseball Classic.
  • He aims to be a role model and increase the number of Black players in Major League Baseball.
  • Greene is focused on bringing a winning culture back to Cincinnati and making another postseason appearance.

MESA, AZ — Hunter Greene, donning a tan sweatsuit, a baseball cap worn backwards on his head, and flip-flops on his feet, plops down in the chair and is ready to talk.

Well, in reality, vent.

It has been two months since the Cincinnati Reds’ season ended at Dodger Stadium.

Two months since rumors began that Greene could be traded.

Two months before the Reds open spring training camp.

And two months before Greene hopes to take the mound in spring training, silence any critics, and show everyone that he’s not only one of the elite pitchers in the game, but he’s also an ultimate role model who proudly represents the rich tradition of the Reds.

In a 90-minute conversation with USA TODAY Sports, Hunter was adamant that he loves being with the Reds, doesn’t want to be traded to the New York Yankees or anyone else who has expressed interest, rejected repeated invitations from World Baseball Classic officials to remain with his teammates in spring training, and tersely dismissed any notion or narrative that he should have returned earlier from his strained right groin muscle that sidelined him for 2 ½ months last season.

‘There were some people and chatter about questioning my timing of coming back,’ Hunter said. ‘You know, like it took longer than it should have been. The idea that I was milking it, or taking a longer time, or the idea of not wanting to be with the team.

‘That was so disrespectful, so disingenuous to me.’

The idea that Greene actually wanted to be away from the team, and could have returned from the injured list earlier, he says, is ludicrous.

He was 4-2 with a 2.36 ERA in the first eight starts of the season and in the early conversation for the Cy Young Award race. He not only would be hurting his team by staying out longer than necessary, but also his own wallet. In the six-year, $53 million contract extension he signed in April, 2023, Hunter is scheduled to receive a $2 million bonus for winning the Cy Young Award, $1 million for finishing among the top three, and $500,000 for a top-10 finish. He also receives $200,000 for making the All-Star team.

So where does it make sense for him to stay on the injured list longer than necessary?

‘My mind would never let me take a break or remove myself from the team while the rest of my teammates are grinding through the season,’ says Greene, 26, who has been with the Reds since becoming their No. 1 pick in 2017. ‘I mean, let’s just talk about the pure sentiment of me signing the extension, wanting to be a Cincinnati Red, and me wanting to bring winning back to Cincinnati.

‘That was always my intention since the day I signed with the Reds, and as we talk now, I hold that same feeling.’

Besides, as the face of the organization, how in the world could he look at his teammates in the eye and take longer than necessary to return? He tried to return earlier. He originally strained his right groin May 7, returned in 15 days, and then re-injured the groin just three starts later.

Simply, he came back too early from the first soft tissue injury of his career, he says, and it backfired.

‘He thought he was ready, and tried to pitch through it, when he strained it again,’ said Nick Krall, Reds president of baseball operations. ‘Everyone wants to be available, and he did everything he could. He tried to pitch through it.

‘Then he went back on the injured list. Every injury is on its own timetable. There was certainly no frustration on our part.’

Greene, who traveled back to Arizona to work out at the Reds’ spring training facility, heard media rumblings that his return was taking too long. His MRI results were clean, so why wasn’t he back yet? Why did he need to make two additional rehab starts?

When he made his return Aug. 13 against the Philadelphia Phillies, pitching six shutout innings and giving up just three hits, he was asked by a local reporter if he needed to make amends with his teammates.

Make amends?

It wasn’t as if he just served an 80-game suspension for PED use. He wasn’t arrested for DWI. All he did was work out from 8 a.m. to 1 p.m. every day, driving 1 ½ hours to and from the workout facility in 110-degree heat, and go back to his suburban home where he’s the youngest homeowner in the community by about 30 years.

‘This thing,’ Krall said, ‘took on a life of its own. It got so overblown. Look, I had shoulder surgery 10 weeks ago. My MRI can be as clean as it can be. But the rehab is slow.’

The truth, Hunter said, is that he checked with the Reds’ medical and training staff to determine the best course of action to receive the proper care without disrupting his teammates’ regiment. He spoke to 10 to 12 of his teammates to explain that he would be leaving for Arizona, and they gave him his blessing.

He was gone for 1 ½ months, but watched their games, kept in constant contact, and vowed to return as soon as he felt that he could be back to being Hunter Greene again. The MRI may have come back clean, but he still felt tenderness and knew he wasn’t ready.

‘I knew after I came back and my groin grabbed again,’ Greene said, ‘I had to be careful and make sure I didn’t re-injure myself or I’d be out the rest of the year. The team realized that, ‘Hey, maybe we probably rushed this a little bit too much. We need to rehab it the right way.’

‘So, the training staff, Tito (manager Terry Francona), the front office, everybody came together and communicated that we need to approach this the right way, give myself enough time to really be able to rehab it and make sure it doesn’t rear its head again.’

Could he have come back and pitched at less than 100%? Sure.

Would he have been the same dominant Hunter Greene? No.

‘Maybe people would argue that it’s better than nothing,’ Greene says, ‘but is it really? What value is that for the team? It’s like what they tell you on the airplane, if you don’t put the mask on first, how are you going to help the next person?

‘I knew the expectation was to be dominant, and I didn’t want to deliver anything less than that. I wanted to execute at the highest level. And I think was able to do that.’

Greene went 3-1 with a 2.81 ERA in eight starts after returning from the injured list, including a one-hit shutout against the Chicago Cubs. The Reds won five of his starts, and needed every single one of them, earning a playoff berth on the final day of the regular season.

The Reds’ postseason lasted just 48 hours with the Dodgers blitzing Greene and the Reds 10-5 in Game 1 and 8-4 in Game 2 of the wild-card series, but the Reds finally ended their 12-year playoff drought. Now, they believe they can take the next step, vying for their first World Series appearance since 1990. They were a finalist in the Kyle Schwarber free agent sweepstakes and remain in talks with the Chicago White Sox for center fielder Luis Robert in hopes of another postseason run.

And to go where they want to go, the Reds realize they need Greene, and are simply doing their due diligence by listening to trade offers but have no intention of actually moving him.

‘Trade rumors are part of the game,’ Hunter said. ‘I can’t control any of that, especially with how social media is now with so many people having voices. People can say whatever they want now.

‘My thing is that I’m a Cincinnati Red. I love the city. I love the team, I love the potential. I’ve bought a home there. I’ve done so much philanthropy and community service in Cincinnati. I’m deeply embedded in that city.’

This commitment to the organization, Greene says, is the primary reason he declined the numerous attempts by Team USA officials to pitch in the WBC. He has represented Team USA three times as an amateur and loved the experience. Still, he believed it was important to be with his team during the entire spring. He certainly would like to pitch in the WBC, and he would be honored to pitch in the Olympics in 2028 if MLB permits big-league players to participate. But, for now, he’s got a team that needs him for a postseason sequel.

‘My priority is having a great season for the Reds,’ Greene said. ‘We got a taste of the playoffs, and I want to do it again. My mind is to be able to get back to the postseason with the Reds in 2026, and beyond. I like to see things through.

‘I would like to be able to look back one day and see the impact that I was able to have with the organization.’

Greene not only wants to make a difference in the Reds’ organization, but also for young Black players. He’s a staple in the MLB community for his volunteer work with youth programs and academies, charitable foundations, and provides two annual college scholarships from his Notre Dame High School in Los Angeles.

The Black population among Major League Baseball players has shrunk to just 6% with only one Black GM and one Black manager, with Greene hoping that his own success could open doors for young athletes to turn to baseball.

‘My ‘why’ is being able to grow the numbers of African-American players within our sport,’ Greene says, ‘or at least give the opportunity to the Black community. It’s up to the kids to want to continue to pursue baseball. But it’s clear as day. I’m 10 toes down in my ‘why.’ I think with a lot of the trials and tribulations of being a professional athlete, my ‘why’ doesn’t waver from continuing to work and make the strides that I want to make within the sport.

‘I’ve seen my impact in real time. I’ve been able to. I’ve had multiple kids come up to me and tell me, ‘I’m continuing to play this game because of the interaction that we had. Now I love the sport.’

‘This is not for show. This isn’t for an article or for the cameras. This is something that means everything to me.’

Just like winning in Cincinnati, making it one of the game’s elite franchises, once again.

‘I want to look back and know we helped create a lasting winning culture,’ Greene says. ‘Not just for the success of the franchise, but also for the city. This is the oldest team in baseball. This is where they had the Big Red Machine. This is the home of all of those Hall of Fame players.

‘This is such a great baseball town.

‘I want everybody to be able to see that again.’

Follow Bob Nightengale on X: @Bnightengale

This post appeared first on USA TODAY

(TheNewswire)

      

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

TORONTO, ONTARIO (December 22, 2025) TheNewswire – Laurion Mineral Exploration Inc. (TSX.V: LME|OTC: LMEFF|FSE: 5YD) (‘LAURION’ or the ‘Corporation’) is pleased to announce that it has closed its previously-announced non-brokered private placement (the ‘Private Placement’) consisting of flow-through units (the ‘FT Units’). Pursuant to the Private Placement, the Corporation issued 4,619,130 FT Units at a subscription price of $0.33 per FT Unit, for aggregate gross proceeds to the Corporation of $1,524,313.

Each FT Unit consists of one common share of the Corporation (each, a ‘FT Share‘) and one-half of one common share purchase warrant (each, a ‘Warrant‘). Each Warrant entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.39 per share for a period of 24 months from the date of issuance. The FT Shares and the Warrants comprising the FT Units qualify as ‘flow-through shares’, as defined in subsection 66(15) of the Income Tax Act (Canada) (the ‘Tax Act‘).

The gross proceeds of the Private Placement will be used for ‘Canadian exploration expenses’ (within the meaning of the Tax Act), which will qualify, once renounced, as ‘flow-through mining expenditures’, as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2025 (provided the subscriber deals at arm’s length with the Corporation at all relevant times) to the initial purchasers of FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units. LAURION intends to allocate the proceeds from the Private Placement to advance the Corporation’s 2026 drill program on the Ishkõday property. Planned drilling will focus on key areas within the A-Zone/McLeod and CRK Trend, as well as the historic Sturgeon River Mine area. These zones have been prioritized based on their structural characteristics, surface observations and past drill results, as LAURION continues to build on its growing understanding of the broader mineralized system.

‘This financing enables us to keep advancing our disciplined, technically driven approach to unlocking the potential of the Ishkõday system,’ said Cynthia Le Sueur-Aquin, President and CEO. ‘We are targeting areas with strong structural and geological signals, guided by strong technical fundamentals and a clear strategy for long-term value creation.’

In connection with the Private Placement, certain arm’s-length finders received an aggregate of $66,559 as a cash finder’s commission and an aggregate of 201,693 finder’s warrants. Each finder’s warrant entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.33 per share for a period of 24 months from the date of issuance.

Pursuant to applicable Canadian securities laws, all securities issued pursuant to the Private Placement are subject to a hold period of four months and one day, expiring on April 23, 2026. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the ‘TSXV‘).

About LAURION Mineral Exploration Inc.

 

The Corporation is a mid-stage junior mineral exploration and development company listed on the TSXV under the symbol LME and on the OTCPINK under the symbol LMEFF. LAURION now has 278,716,413 outstanding shares, of which approximately 73.6% are owned and controlled by insiders who are eligible investors under the ‘Friends and Family’ categories.

 

LAURION’s emphasis is on the exploration and development of its flagship project, the 100% owned mid-stage 57 km2 Ishkõday Project, and its gold-rich polymetallic mineralization.

 

LAURION’s chief priority remains maximizing shareholder value. A large portion of the Corporation’s focus in this regard falls within the scope of its mineral exploration activities and more specifically, advancing the Ishkõday Project. A consequence of LAURION’s success and advancement over the past several years is that the Corporation has become positioned as an acquisition target for appropriate potential acquirors. Accordingly, the Corporation’s Board of Directors is aware that possible strategic alternatives and transactional opportunities may arise and/or could be procured in the short or medium terms. The Corporation will promptly issue a press release if any material change occurs.

 

FOR FURTHER INFORMATION, CONTACT:


LAURION Mineral Exploration Inc.

 

Cynthia Le Sueur-Aquin – President and CEO

Tel: 1-705-788-9186 Fax: 1-705-805-9256

 

Douglas Vass – Investor Relations Consultant

Email: info@laurion.ca

 

Website: http://www.LAURION.ca

 

Follow us on: X (@LAURION_LME), Instagram (laurionmineral) and LinkedIn ()

 

Caution Regarding Forward-Looking Information

 

This press release contains forward-looking statements, which reflect the Corporation’s current expectations regarding future events including with respect to LAURION’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, the use of proceeds of the Private Placement, the Corporation’s ability to advance, expand and/or develop the Ishkõday Project and any possible strategic alternatives and transactional opportunities that may arise and/or could be procured in the future with respect to the Corporation. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of LAURION, the TSXV not providing its final approval for the Private Placement (including the payment of finders’ fees in connection therewith) or any strategic alternatives or transactional opportunities, the interpretation and actual results of current exploration activities, future prices of gold and/or other metals, and those factors disclosed in the Corporation’s publicly filed documents. Investors should consult the Corporation’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking statements. All sample values are from grab samples and channel samples, which by their nature, are not necessarily representative of overall grades of mineralized areas. Readers are cautioned to not place undue reliance on the assay values reported in this press release.

 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

  

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Lundin Mining (TSX:LUN,OTC Pink:LUNMF) has agreed to sell its Eagle mine and Humboldt mill in Michigan to Talon Metals (TSX:TLO,OTCID:TLOFF), pivoting its US-based operations to focus on domestic supply.

The transaction will see Lundin Mining receive 275.2 million Talon shares, representing 18.4 percent of Talon’s outstanding equity, with a total implied value of approximately US$83.7 million based on recent trading prices.

Following the deal, Lundin Mining’s stake in Talon will rise to 19.99 percent.

The Eagle mine, acquired by Lundin Mining in 2013, has produced more than 194,000 metric tons of nickel and 185,000 metric tons of copper. It had generated over US$3.2 billion in revenue as of the third quarter of 2025.

The strategic rationale for the deal centers on consolidating US nickel-copper assets under a single operator, while allowing Lundin Mining to concentrate on its larger-scale copper operations in Brazil and Chile.

Talon will operate the Eagle mine and Humboldt mill while adding new exploration opportunities, including the Tamarack project and its newly discovered Vault zone. Discovered through recent drilling, Vault features 47.33 meters of 11.01 percent nickel and 11.4 percent copper, as well as platinum-group metals.

“The combination of Talon and Eagle will create a pure-play US nickel company anchored by the Eagle mine, the only primary nickel mine currently operating in the United States,” said Lundin Mining President and CEO Jack Lundin.

“This transaction unlocks meaningful synergies, including the opportunity to leverage the Humboldt Mill as a shared, centralized processing facility,’ the executive added.

Darby Stacey, who has managed Eagle mine operations since commissioning, will assume the role of CEO and director of Talon. Lundin Mining will nominate Jack Lundin and Juan Andrés Morel to Talon’s reconstituted 10 member board.

The deal also includes arrangements such as a production payment agreement for non-Eagle ore processed at the Humboldt mill, transitional services provided by Lundin Mining and investor rights protections.

The transaction is expected to close in early January 2026, pending approval from the TSX and customary closing conditions. Talon will continue to trade on the TSX under the symbol TLO.

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

This post appeared first on investingnews.com

The global lithium market endured a bruising 2025, with persistent oversupply and softer-than-expected electric vehicle (EV) demand driving prices for the battery metal to multi-year lows.

Lithium carbonate prices in North Asia slipped below US$9,550 per metric ton in February — their weakest level since 2021 — triggering production cuts and project delays, particularly in Australia and China. Despite brief rallies later in the year, prices remained under pressure, reflecting a market struggling to absorb rapid supply growth.

That imbalance has been years in the making. Global lithium carbonate output surged 192 percent between 2020 and 2024 while demand lagged, leaving the market with a large surplus.

Analysts estimate that supply exceeded demand by more than 150,000 metric tons in both 2023 and 2024, with inventories continuing to cap price recovery in 2025. Although the surplus is shrinking, high stockpiles have kept prices rangebound, with lithium carbonate largely hovering near US$10,000 for much of the year.

Volatility punctuated the lithium industry in the second half of 2025.

Prices rebounded sharply in July on supply cut speculation, briefly pushing lithium carbonate to an 11 month high above US$12,000 before retreating as producers denied meaningful reductions and inventories remained ample.

Policy uncertainty in the US, including threats to EV incentives, and regulatory signals from China further weighed on sentiment, underscoring the market’s sensitivity to both geopolitics and headlines.

Despite the prolonged downturn, analysts increasingly view 2025 as a potential inflection point. With roughly a third of global production estimated to be unprofitable at current prices, further supply rationalization appears likely.

Forecasts point to a sharply narrower surplus in 2025 and a possible deficit emerging in 2026, suggesting that while lithium’s near-term outlook remains constrained, the sector’s long-term fundamentals — driven by electrification, the energy transition and data-intensive technologies — remain intact.

Lithium in 2025: A tale of two markets

In contrast, the second half of 2025 saw a boost in prices across the lithium space as market fundamentals improved due to Contemporary Amperex Technology (SZSE:300750,HKEX:3750) curtailing operations at the Jianxiawo lepidolite mine in early August. Despite reports that Jianxiawo would restart operations in December, it is unclear if the mine, which is one of the world’s largest, is back in operation.

Concern over the removed supply pushed carbonate prices higher from mid-October through the end of the year, when they rose from US$10,417.37 to US$14,131.44, a 34 percent increase.

Battery energy storage demand key to lithium growth

Another trend Klein pointed to was the rapid growth in the battery energy storage system (BESS) market, which is expected to grow by 44 percent in 2025, representing a quarter of all battery demand.

“We’ve been talking about BESS being a very fast, growing and big part of the market, but it’s now become the consensus opinion that it’s very strong not only in China, but elsewhere,” said Klein.

Although BESS is one of the fastest-growing segments of the battery market, Klein believes its growth potential is not fully understood. “The market’s probably still underestimating that narrative about battery energy storage,” he said, adding that it is only now starting to be understood by people who are in the industry.

“But for the broader, generalist investor who still equates lithium with EVs, they don’t fully understand the battery energy storage angle, so I think they’re still underestimating that,” said Klein. The market is projected to balloon from US$13.7 billion in 2024 to US$43.4 billion by 2030, growing at a compound annual growth rate of 21.3 percent.

Industry analysts expect BESS installations could expand from roughly 205 gigawatt-hours in 2024 to between 520 and 700 gigawatt-hours by 2030, driven by renewable integration, grid stability needs and declining costs.

While EVs have dominated the lithium narrative, Del Real said the real opportunity was “never just a play on EVs or hybrids — it was a play on grid storage, energy storage,” with cheaper battery cells unlocking faster adoption.

That mispricing has created a contrarian opportunity, he added, noting that lithium’s neglect over the past six months has rewarded patient investors. “It’s lonely in the forest sometimes,” Del Real said. But when sentiment turns, “the re-rating can be spectacularly profitable if you know how to play it.”

Lithium exploration budgets evaporate

Lithium exploration budgets were sharply reduced in 2025 as miners retrenched amid prolonged price weakness.

S&P Global’s 2025 corporate exploration strategies study shows that spending on lithium and other critical minerals exploration fell significantly, even as overall non-ferrous exploration dipped only slightly.

Lithium, which had previously broken the US$1 billion mark for exploration spending, saw its allocation cut as junior companies tightened their belts and delayed programs. Cuts were most pronounced in traditional exploration hubs such as Canada, Australia and the US, where weakened junior sectors hit budgets hardest; meanwhile, regions like Chile, Peru and Saudi Arabia recorded relative gains in broader exploration funding.

Lithium remains a structurally important exploration commodity despite a sharp pullback in spending, Kevin Murphy, director of metals and mining research at S&P Global, said during a December webinar.

Murphy described the metal’s rise over the past decade as a “lithium renaissance.”

Once “completely inconsequential for exploration,” lithium has become the third most explored commodity globally over the past five years, underscoring how central it has become to future-facing supply chains.

However, that momentum stalled in 2025 as ongoing price weakness forced a reset. Murphy said lithium exploration budgets were “absolutely gutted,” falling to roughly half of 2024 levels, a decline he described as expected given depressed prices and the completion of several late-stage programs that wrapped up in late 2024 and early 2025.

“The lithium price has been depressed for too long for the budgets to be resilient,” he said, framing the downturn as cyclical rather than structural.

Lithium stocks stage H2 rally

Speaking at this year’s Benchmark Week event in November, Sean Gilmartin, senior equity analyst at Bloomberg, explained that lithium equities staged a sharp rebound in H2 after years of underperformance.

After lagging broader materials and chemical indexes for much of the first half of the year, lithium stocks surged in the second half of the year, closely tracking rising spot prices.

“Over a three year window, lithium names were still very much lagging,” Gilmartin said, “but we’ve flipped the script in a few months. Year-to-date, we’re seeing on average 47 percent gains, closely aligned with spot markets.”

He attributed the turnaround to stronger-than-expected lithium demand, particularly from BESS, as well as supply curtailments in China, which have tightened the market.

Despite the rebound, he cautioned that volatility remains a defining feature of the lithium equities space.

“You need to have a long-term view, and you have to be very adherent to your thesis,” Gilmartin said, noting that the demand story remains intact and that fundamentals continue to support growth through 2026 and beyond.

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

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Nickel prices were stagnant in 2025, trading around US$15,000 per metric ton (MT) for much of the year.

The metal’s primary price motivation stemmed from persistent oversupply from Indonesian operations.

Overall, sentiment remained weak amid soft demand growth from the construction and manufacturing sectors, and declining interest in nickel as electric vehicle (EV) battery makers began to eye cheaper chemistries.

Nickel supply in 2026

The big question going into the new year is if nickel supply and demand will come into balance.

The most significant contributing factor over the last several years has been an abundance of supply from Indonesia, which has become the world’s top nickel producer.

The US Geological Survey estimates that full-year 2024 nickel production came in at 2.2 million MT, a staggering increase over the 800,000 MT it believes the nation produced in 2019.

In February 2025, the Indonesian government changed its quota system, effectively increasing nickel ore output to 298.5 million wet metric tons (WMT) from 271 million WMT in 2024. At the time, it said the increased production capacity was being limited to major production areas and was designed to reduce supply pressures.

The increase helped drive the amount of nickel sitting in exchange warehouses. Stockpiles at the London Metal Exchange (LME) had risen to 254,364 MT by the end of November, up from 164,028 MT at the start of 2025.

Meanwhile, the nickel price sank to US$14,295, toward the lower end of profitability for low-cost Indonesian miners.

The profitability question has raised the possibility of cuts — according to Shanghai Metal Market, the Indonesian government is proposing to cut nickel ore output to around 250 million MT in 2026. If the reduction comes to pass, it would mark a significant decline from the 379 million WMT laid out by Indonesia in 2025. Discussions on the final amount are ongoing, and the outlet states that it will be some time before the target is finalized.

“The global market is still forecast to remain in surplus — around 261,000 MT in 2026 — so further cuts would need to be significant to alter fundamentals,” she explained.

Additionally, there could be a wait-and-see approach as other new policies adopted by the Indonesian government in 2025 begin to take hold. The first, introduced in April, saw a shift from a flat 10 percent royalty to a more dynamic rate of 14 to 18 percent, depending on nickel prices. The second came in October, when the government cut the validity period of mining licenses from three years to one, providing the government greater oversight of production levels.

These prices, however, aren’t supportive of western producers, which began curtailing operations in 2024 when the LME average price was US$16,812 and reached US$21,000 in May of that year.

For her part, Manthy suggested that to get back to that range, there needs to be a more coordinated approach to constraining supply, and it may not make an immediate difference.

“To push prices to that range, cuts would need to be deep enough to erase most of the projected surplus. Given the scale — hundreds of thousands of MT — this seems unlikely without coordinated action. Even then, investor sentiment would probably require sustained prices above US$20,000 to materially improve producer attractiveness,” she said.

Nickel demand in 2026

The challenges faced by nickel go beyond oversupply; demand growth for the base metal is also soft.

Nickel’s primary use case is in the production of stainless steel, much of it destined for the Chinese housing market, which has yet to recover from its collapse in 2020.

While the Chinese government tried to stabilize the market in 2024 and earlier in 2025, it has done little to reverse the downward trend. According to a CNBC report on December 2, November sales were down 36 percent from the same period in 2024, and declined 19 percent through the first 11 months of the year.

“China’s property sector weakness has weighed on stainless steel demand, which accounts for over 60 percent of global nickel consumption. Even with broader economic growth, this stagnation has kept nickel prices subdued. A property turnaround would help, but given the surplus outlook, price upside would likely be limited,” Manthey said.

Adding to nickel’s woes is soft growth from the EV market.

Much of the increase in nickel production over the last five years was to fuel the need for EV batteries, but more recently producers like Contemporary Amperex Technology (SZSE:300750,HKEX:3750), one of the world’s largest battery makers, have shifted chemistry to lithium-iron-phosphate (LFP).

Nickel-manganese-cobalt batteries had been seen as superior due to their higher energy density and longer range. But recent advances in LFP technology have erased that gap, with vehicles using the chemistry achieving ranges of over 750 kilometers. Additionally, LFP batteries are cheaper to produce and less volatile, making them safer.

According to a December 1 Reuters article, nickel battery demand rose 1 percent year-on-year in September, while LFP battery demand increased 7 percent. However, the news outlet notes that most of the nickel demand was likely driven more by a rapidly growing EV market than by the benefits of its chemistry.

Although Reuters also notes that nickel chemistry remains the dominant battery technology in western EV markets, that too comes with a caveat, especially in the US, where the elimination of the EV tax credit in September has cratered EV demand. While US EV sales reached a record 1.2 million through the first nine months of 2025, much of that was driven by consumers seeking to take advantage of the US$7,500 credit before it expired.

Early data from Cox Automotive analysis indicates that American EV sales are down 46 percent in Q4 from the third quarter, and 37 percent from the same period last year.

Against that backdrop, Ford Motor (NASDAQ:F) has scaled back its EV plans, taking a US$19.5 billion writedown, and will pivot to extended-range EVs — which use gas-powered engines to augment range — and hybrid cars. Similarly, in mid-December, the EU dropped its plans to ban the sale of all internal combustion engine light vehicles by 2035.

These policy changes likely aren’t good news for nickel watchers.

“Any slowdown in energy transition policies adds to bearish sentiment for battery metals, including nickel,” Manthey said.

Nickel price forecast for 2026

Manthey suggested that nickel prices will remain under pressure throughout 2026.

“We expect prices to struggle to hold above US$16,000 given the surplus. Upside risks hinge on unexpected supply disruptions or stronger-than-forecast stainless and battery demand, but sustained levels above US$19,000 look unlikely under current fundamentals. We see prices averaging US$15,250 in 2026,” she said.

That’s in line with the World Bank’s 2026 nickel price outlook of US$15,500, rising to US$16,000 in 2027.

The primary reason for these projections is the ongoing nickel market surplus.

While it didn’t make a price prediction, Russia’s Nornickel, one of the world’s largest nickel producers, suggests that the market will see a surplus of 275,000 MT of refined nickel in 2026.

Low prices will be a challenge for nickel producers and investors alike. Until there is a shift in market fundamentals, a rebound for nickel doesn’t appear to be in the cards in the short or even medium term.

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

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