Firefly- In an important observation. Ethereum co-founder Vitalik Buterin has thrown fresh light on the debate over whether a truly successful Web3 social product is possible. And Vitalik emphasised how Firefly, a multi-platform “everything” app, might actually have the ingredients to make it work. Speaking on Space, Buterin argued that the two big problems for
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President Donald Trump on Thursday filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, claiming that the bank improperly closed his accounts for political reasons.
‘While we regret President Trump has sued us, we believe the suit has no merit,’ a JPMorgan Chase spokesperson said. ‘We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for.’
The suit accuses the bank of libel and breach of implied covenant of good faith and fair dealing. It also says the bank and its chief executive violated Florida trade practices laws.
The suit says Trump held ‘several’ accounts at the firm which were closed.
On Feb. 19, 2021, shortly after the Jan. 6 Capitol Hill riot, the bank notified Trump that the accounts would be closed within two months, the suit also says.
The lawsuit adds to a still-growing list of legal efforts from Trump directed at a wide variety of institutions — from media outlets to tech platforms — many of which have resulted in multimillion-dollar settlements. The president’s company, the Trump Organization, sued Capital One Bank last year over allegations of improper account closures. Capital One said at the time that the allegations have no merit.
Dimon, as head of JPMorgan Chase, the nation’s largest bank, is among the most influential people in the business world and someone who has been courted for years by Republicans and Democrats. In the run-up to the 2024 election, Trump falsely claimed that Dimon had endorsed him.
Dimon has at times been critical of some Trump policies — most notably inflation — while supportive of others, including efforts to streamline the U.S. government.
On Wednesday, Dimon criticized the Trump administration over its immigration policies.
‘I don’t like what I’m seeing,’ Dimon told attendees at the World Economic Forum in Davos, Switzerland. Dimon also said that while he doesn’t agree with everything the administration does, he does agree with some of its economic policies.
On Saturday, Trump threatened the lawsuit in a Truth Social post. Over the weekend, JPMorgan Chase said it appreciated ‘that this administration has moved to address political debanking and we support those efforts.’
Almost exactly one year ago, Trump used an address at the World Economic Forum to take a shot at JPMorgan and its competitor, Bank of America.
‘I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business,’ Trump said.
“You and Jamie and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” Trump said.
Bank of America said that it serves over 70 million consumers and does not close accounts for political reasons. JPMorgan says that it also serves tens of millions of accounts and likewise does not close accounts on political grounds.
In an expletive-laden interview with CNBC last year, Trump vented his frustrations at big banks that close accounts for legal and regulatory reasons.
‘I had JPMorgan Chase — I had hundreds of millions of dollars in cash,’ Trump told the cable network on Aug. 5. ‘I was loaded up with cash, and they told me, ‘I’m sorry, sir, we can’t have you.”
Trump says he was informed he had 20 days to move his assets out of the bank. ‘I said, ‘You got to be kidding. I’ve been with you for 35, 40 years,” the president recounted.
Trump said, ‘then what happens is I call a Bank of America.’
‘And they have zero interest,’ he said. CEO Brian Moynihan ‘was kissing my a– when I was president, and when I called him after I was president to deposit a billion dollars plus and a lot of other things … and he said, ‘we can’t do it.”
The JPMorgan Chase spokesperson said Thursday that the bank ‘does not not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.’
Trump was indicted multiple times after his first term in office. In 2024, he was indicted on charges that he conspired to defraud the United States, conspiracy to to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding and conspiracy against rights.
In recent years, banks have faced intense pressure from conservatives leveling ‘debanking’ claims against them. However, banks and their lobbying groups have long maintained that they do not close accounts for political or religious reasons, but they close accounts based primarily on legal or regulatory grounds.
Trump’s administration has sought to ease those regulations in order to make it harder for a bank to close a customer’s account. In August, Trump signed an executive order which sought to end ‘politicized or unlawful debanking activities.’
In September, the Office of the Comptroller of the Currency, one of the top banking regulators, began a review of banking rules to ‘depoliticize the banking system.’
New Found Gold is an emerging Canadian gold producer with a multi-asset portfolio in Newfoundland and Labrador, anchored by the high-grade, district-scale Queensway project and complemented by the Hammerdown operation and permitted processing infrastructure at Pine Cove and Nugget Pond. New Found Gold offers a combination of near-term cash flow potential and long-term, district-scale growth.
New Found Gold (TSXV:NFG,NYSE:NFGC) is an emerging Canadian gold producer with assets located in Newfoundland and Labrador, Canada. The company’s portfolio includes its flagship Queensway gold project, as well as the Hammerdown operation, Pine Cove mill and Nugget Pond hydrometallurgical gold plant.
In 2025, New Found Gold refreshed its board of directors and management team, adding a group of experienced mine builders and operators to support the company’s transition from exploration to production, and build off its established exploration expertise. The reconstituted board is led by chairman Paul Andre Huet and includes seasoned mining executives and capital markets specialists.
In November 2025, New Found Gold completed the acquisition of Maritime Resources, creating a diversified gold company with both development and producing assets in a top-tier jurisdiction. The transaction brought together two high-quality gold projects — Queensway and Hammerdown — and added permitted processing infrastructure, positioning the company to pursue a clear path to production and cash flow.
The company is currently focused on ramping up Hammerdown safely and efficiently through 2026, while advancing Queensway through engineering, permitting and project finance toward a targeted Phase 1 start-up in H2/2027. This multi-asset approach is intended to support near-term cash flow potential while maintaining meaningful exploration and development upside through Queensway’s large, high-grade gold system.
At Queensway, New Found Gold has consolidated a district-scale land position and continues to advance technical work including infill drilling, grade control drilling, geotechnical studies, metallurgical testwork, environmental baseline studies and broader exploration programs. In parallel, the company has engaged Cutfield Freeman as project finance advisor to help evaluate and select an optimal financing package for Queensway Phase 1 initial capital.
The 100 percent owned Queensway gold project is New Found Gold’s flagship asset and the primary driver of long-term value creation. Located in central Newfoundland, Queensway spans 230,225 hectares and covers more than 110 kilometres of strike along the Appleton and JBP fault zones, highlighting its district-scale exploration potential.
Aerial view of the Queensway gold project, adjacent to the Trans-Canada Highway near Gander, Newfoundland and Labrador
In 2025, New Found Gold published its initial MRE for Queensway, outlining 18 Mt grading 2.40 grams per ton (g/t) gold for 1.39 Moz (indicated), with an additional 10.7 Mt grading 1.77 g/t gold for 0.61 Moz (inferred), establishing a solid mineral resource base to underpin development studies.
In July 2025, New Found Gold completed a PEA for Queensway showing total production of approximately 1.5 Moz over a 15-year mine life and robust base-case economics, including after-tax NPV5 percent of C$743 million and after-tax IRR of 56.3 percent at US$2,500/oz gold, with life-of-mine AISC of US$1,256/oz, and Phase 1 initial capital of approximately C$155 million. The PEA outlines a phased development strategy designed to accelerate the project’s path to production, with Phase 1 focused on high-grade, near-surface mineralization from the Appleton Fault Zone (AFZ) Core and a low-capital processing approach leveraging off-site milling and tailings capacity (including the company’s permitted Pine Cove facility).
The AFZ Core hosts multiple high-grade gold zones, including Keats, Iceberg, Keats West, Lotto and Monte Carlo, which form the foundation of the PEA mine plan. Ongoing infill drilling, grade control drilling, excavation and geotechnical programs are being carried out to support mine planning, improve resource confidence, and advance future mineral resource updates. In 2025, the company completed more than 74,000 metres of diamond drilling, primarily focused on resource definition and pre-development work, alongside continued near-surface excavation, mapping and channel sampling in key zones.
Beyond the current mine plan, continued drilling along strike and at depth across Queensway has delivered new discoveries, highlighting the project’s potential for resource growth beyond the initial PEA scope. Notably, exploration success at targets outside the AFZ Core — including the Dropkick zone — underscores the broader camp-scale potential across the district-scale land package.
The Hammerdown operation is a high-grade gold project that New Found Gold is advancing through production ramp-up. Following the Maritime acquisition, Hammerdown achieved a first gold pour in November 2025 and is targeted to ramp up to commercial/steady-state production later in 2026.
Hammerdown benefits from on-island processing infrastructure and regional synergies, providing the company flexibility to pursue a production-focused strategy alongside ongoing development at Queensway. Hammerdown is the first step in establishing New Found Gold as a new Canadian gold producer.
New Found Gold also owns the Pine Cove operation, which includes a fully permitted mill and tailings facility, as well as the Nugget Pond hydrometallurgical gold plant. These assets provide the company with permitted processing infrastructure in Newfoundland and Labrador and support operational flexibility as Hammerdown ramps up and Queensway advances toward a phased production strategy.
Keith Boyle brings over 40 years of global mining experience, including extensive roles in operations, project development, technical studies, investor relations and budget management. Prior to joining New Found Gold, Mr. Boyle served as chief operating officer at Reunion Gold, where he fast-tracked the high-grade Oko West project in Guyana ahead of its acquisition for $870 million. He holds a Bachelor of Science in Mining Engineering and an MBA, and is a registered professional engineer in Ontario and Newfoundland & Labrador.
Paul Andre Huet is currently the chief executive officer at Americas Gold and Silver and was chairman and CEO of Karora Resources from 2019 to 2024, until its acquisition by Westgold Resources for $1.3 billion. Prior to this he was president, CEO and Director of Klondex Mines from 2012 to 2018, until its acquisition by Hecla Mining Company for $700 million. Huet has a strong command of capital markets and has served in all levels of engineering and operations within publicly traded mining companies. He graduated with Honors from the Mining Engineering Technology program at Haileybury School of Mines in Ontario and successfully completed the Stanford Executive program at the Stanford School of business.
Melissa Render is an exploration geologist with more than 18 years of experience focused on orogenic gold systems. She joined New Found Gold as a consultant in 2020, became vice-president, exploration in 2021, and was promoted to president in 2024. Ms. Render has led exploration programs worldwide across multiple gold belts and brings expertise in target generation, 3D modelling, data management and exploration program design. She holds a Bachelor of Science in Geological and Earth Sciences from Dalhousie University and is a registered professional geoscientist in Ontario and Newfoundland & Labrador.
Hashim Ahmed brings 25 years of finance, corporate strategy and capital markets experience to New Found Gold. He has held senior financial and executive positions across the mining industry, including most recently as executive vice-president and CFO at Mandalay Resources. His background spans royalty, mid-tier and senior gold companies. Mr. Ahmed obtained his CA/CPA designation with PricewaterhouseCoopers LLP.
Robert Assabgu is an experienced mining engineer with expertise in project management, engineering and operations. His career includes leadership roles at Inco/Vale and Hudbay Minerals, where he oversaw multiple mines, concentrators and technical services teams. He also played a key role at Reunion Gold on the Oko West project ahead of the G Mining Ventures acquisition. Mr. Assabgui holds a Bachelor of Engineering degree in Mining and Mineral Engineering from McGill University in Montreal.
Fiona Childe has more than 25 years of industry experience, beginning as an exploration geologist and later focusing on capital markets, corporate development and investor communications. Throughout her career, she has held senior management positions and consulted for mining companies, such as Mineros S.A. and Tau Capital Corp. with a primary focus on gold. Dr. Childe holds a Ph.D. in geology from the University of British Columbia and a professional geoscientist designation in Ontario.
Jared Saunders brings over two decades of experience in environmental science, regulatory compliance and stakeholder engagement. His background includes environmental leadership roles at Vale Newfoundland & Labrador and consulting project experience in environmental risk assessment and contaminated site management. Dr. Saunders holds a Ph.D. in Environmental Sciences degree from the Royal Military College in Kingston, Ontario. He sits on the Board of Directors for Mining Industry, NL as Director – Exploration.
Jelena Novikov Fried has more than 20 years of legal experience in corporate, commercial and securities law. Prior to joining New Found Gold, she served as legal director, corporate and securities at lithium-ion battery recycler Li-Cycle, and practiced corporate and securities law with Cassels Brock & Blackwell LLP and Bennett Jones LLP. Ms. Novikov Fried holds a Juris Doctor from the University of British Columbia.
Torrent Capital (TSXV:TORR) is a publicly traded investment company providing exposure to an actively managed growth portfolio of public and private investments.
Torrent Capital provides investors with access to a sector-agnostic, actively managed portfolio that blends long-term core holdings with income-generating strategies. Our diversified platform spans public equities, private ventures, and royalty investments. This approach is designed to deliver compounded NAV growth.
Torrent’s core public equity holdings include the following:
Kneat (TSX:KSI) – A leader in SaaS solutions for digitising validation and quality processes in regulated industries, including life sciences. Torrent invested early, recognising Kneat’s scalable platform and its potential to transform compliance-heavy sectors globally.
Lemonade (NYSE:LMND) – An insurance technology company that leverages artificial intelligence to automate operations such as claims processing and policy issuance, disrupting the $2 trillion global insurance market.
SentinelOne (NYSE:S) – A global leader in AI-powered cybersecurity. Torrent invested in SentinelOne for its ability to disrupt traditional security solutions and scale rapidly as enterprises adopt automated threat detection and response.
Fortune Bay (TSXV:FOR) – A Canadian gold exploration company with promising assets in Saskatchewan and Mexico. Torrent’s investment reflects our belief in gold’s enduring role as a hedge against market volatility, coupled with Fortune Bay’s potential to unlock significant resource value through exploration success.
Sona Nanotech (CSE:SONA) – Innovator in nanotechnology with applications across healthcare and diagnostics. Torrent’s investment thesis is based on the potential for Sona’s unique gold nanorods to deliver breakthroughs in medical technology, particularly in diagnostics and cancer treatment.
ReeXploration (TSXV:REE) – A rare earth exploration company focused on the Eureka Project in Namibia. Torrent invested in ReeXploration for its strategic exposure to critical minerals essential to clean energy and advanced technologies.
Torrent selectively invests in early-stage private ventures with high growth potential.
OARO Technologies – A cybersecurity and digital identity company delivering advanced blockchain-powered authentication, digital ticketing, and secure credential solutions. Torrent invested in OARO for its ability to meet the growing global demand for secure, scalable identity management, positioning the company at the intersection of cybersecurity and blockchain adoption.
Torrent maintains selective exposure to royalty investments designed to generate potential long-term, recurring cash flows.
Argentia Capital – Argentia Capital is focused on the construction of port infrastructure, the provision of services and equity ownership in businesses that support aquaculture, renewable energy, and oil and gas sectors, as well as other port developments.
Torrent’s leadership is aligned with shareholders and focused on long-term value creation.
Wade Dawe is an Atlantic Canadian entrepreneur and skilled investor. Fiercely independent throughout the entirety of his career, he achieved early success internationally in the resource sector and went on to play a pivotal role in a number of companies as a financier and company founder.
Carl Sheppard is the current president and chief operating officer of Torrent Capital and is also the president and managing partner of Strategic Concepts, a business consulting company. For the past 30 years, he has provided consulting services to many of Canada’s leading resource companies and organizations. He has participated in numerous economic studies, strategic plans, cost/benefit reports and business plans targeted at the identification of development opportunities.
Eric Thompson has over ten years of accounting and assurance experience in both public practice and industry. Prior to assuming the CFO position, he served as the controller of Torrent Capital, contributing to enhanced financial reporting and treasury oversight.
Evan Dawe is a Portfolio Manager at Torrent Capital, focused on identifying high-growth public equity opportunities across U.S. and Canadian markets. He brings a rigorous, fundamentals-driven approach with a strong emphasis on business quality, competitive positioning, and long-term value creation. Evan is a CFA charter holder and holds a Bachelor of Commerce degree from Queen’s University. Prior to Torrent Capital, he served as a Corporate Development Officer at Numus Capital, where he sourced venture capital deal flow and coordinated capital raises for early-stage companies.
Jim Megann is Managing Director of Numus Financial and serves as a Director of OARO Technologies. He has extensive experience in capital markets, corporate development, and strategic communications, and is the former Chair of NWest Energy.
Carl Hansen is CEO of Cascada Silver Corp. and a geologist with more than 30 years of experience in exploration, mining, and public markets. He has led multiple successful exploration companies and has significant experience in corporate finance and capital formation.
Wayne Myles is a legal advisor specializing in international mergers and acquisitions, corporate, and commercial law. He provides strategic legal guidance to Torrent’s management and board on governance and cross-border transaction structures.
Japan is preparing to launch its first crypto exchange-traded funds by 2028. The Financial Services Authority (FSA) is taking a cautious yet significant step by including cryptocurrencies in the list of approved ETF assets. With the much-anticipated launch of crypto ETFs, Japanese retail investors will gain exposure to assets like Bitcoin. Japan Moves to Open
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Over $2 billion worth of traditional commodities and forex are traded daily on Bitget TradFi – Bitget’s traditional market. Bitget TradFi was launched as part of Bitget’s efforts to become a Universal Exchange (UEX) and define an era where the gap between traditional and crypto markets is becoming slimmer. While anyone can trade on the
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The Metaplanet stock has dropped sharply after trading sideways in recent weeks. The new drop came as the bitcoin treasury firm posted its financial reports which reported a significant loss in value. Bitcoin Treasury Loss Triggers Metaplanet Stock Slide According to Yahoo Finance data, the firm’s stock, 3350.T, has recorded at least a 7% loss
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Bitcoin price dipped below $88,000 on Monday, reflecting continued weakness in the cryptocurrency market. This downward trend was a part of a bigger fall in the crypto market in general, as the entire crypto market fell by almost 1% in the last 24 hours. Ethereum price also declined, reaching $2,880, and Solana, XRP, and Cardano
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Binance coin has gained another major boost as Swedish asset manager Virtune AB announced the launch of a BNB ETP on Nasdaq Stockholm. This comes as institutions look to gain exposure to the token. Virtune Launches BNB ETP in Europe In a press release, the asset manager shared that they would launch their Virtue BNB
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The race for the next Fed Chair continues to heat up, with Rick Rieder now leading market expectations. Rieder, BlackRock’s Chief Investment Officer of Global Fixed Income, has surged ahead after public praise from President Donald Trump. This shift in sentiment follows Trump’s direct meetings with finalists, as Jerome Powell’s term ends May 15 and
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