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Speaker Mike Johnson, R-La., said President Donald Trump has accomplished more in the first 100 days of his tenure than ‘most politicians or presidents accomplish in their entire lifetimes.’

The top House Republican said this first period of a new GOP trifecta in government has been a ‘flurry of activity’ used to set the stage for the party’s plans to pass a massive piece of legislation setting up Trump’s priorities on defense, taxes, energy and the border.

‘o much of what we’ve done is leading up to the big reconciliation bill, and that is the legislative vehicle, as I’ve explained to people, it will help us, through which we will deliver the president’s America First agenda,’ Johnson told Fox News Digital.

‘We’ve done it with arguably the smallest margin in the history of the Congress, so challenges every day, but it’s been very rewarding to lead us through that.’

He noted that Trump and Congress had worked together on passing the Laken Riley Act, and on keeping transgender women out of biological women’s spaces.

But the speaker also acknowledged that Trump has acted quite a bit on his own, as well.

‘He’s issued, I think, 110 executive orders and many other executive actions. And we’ve been working to codify so much of that. It’s been kind of a partnership,’ Johnson said.

But not everyone views it as equal. Democrats have accused Republicans of acquiescing power to Trump on issues ranging from tariffs to government funding.

‘I don’t think we’ve ceded any authority. I think that he’s doing what is within his scope to do. There’s an assumption made by Congress that the administration, whoever is in the administration, will use the money that is appropriated to the executive branch as a good steward, that they will take every measure possible to prevent fraud, waste and abuse,’ Johnson said. 

‘And tariffs as well – the president, whomever is president, has a responsibility and I think an expectation from Congress that they will deal with unfair trade partners around the globe.’

He also pointed out that a significant number of Trump’s orders have targeted Biden administration actions or policies that were similarly enacted without Congress.

‘I don’t think the president has engaged in executive overreach,’ Johnson said. ‘So much of what he’s done by executive order is reversing executive orders of his predecessor. So, it looks like he’s doing a lot, but he’s unwinding the damage done by the previous occupant of the Oval Office. So, he certainly has latitude to do that.’

But Johnson, a former constitutional law attorney who styled himself ‘a jealous guardian of Article I,’ vowed he would raise his concerns with Trump if he ever felt Congress’ power was being infringed. 

‘I don’t think he’s crossed the line yet. If he does, or if he did, you know, I would address it with him personally as a concern, as a partner, and explain that I think it’s been overdone,’ he said.

This post appeared first on FOX NEWS

In President Donald Trump’s first 100 days, the Department of Energy says it has saved taxpayers more than $700 million by cutting programs the administration labeled as ‘wasteful.’

The immediate savings are resulting from the cancellation of ongoing contracts at the DOE relating to topics such as diversity equity and inclusion (DEI) and progressive climate change goals linked to the Democrats’ Green New Deal proposals. They are part of a broader $3 billion in savings that the Trump administration has projected will occur as a result of the cancellation of additional contracts that were not yet finalized. 

‘In the first 100 days of the Trump Administration, the Department of Energy has saved the American taxpayer more than $3 billion in projected savings – and this is just the beginning,’ DOE spokesperson Ben Dietderich told Fox News Digital in a statement. 

Dietderich said to date, the DOE has suspended contracts supporting DEI initiatives and Green New Deal priorities, as well as other ‘wasteful’ programs, ‘generating more than $700 million in immediate savings for the American taxpayers.’ 

‘President Trump and Secretary Wright are fully committed to making government more accountable, efficient, and effective stewards of the American taxpayers’ dollars,’ he said.

During Trump’s first 100 days in office, according to Elon Musk’s Department of Government Efficiency (DOGE), the administration’s efforts have saved the government at least $160 billion. That amounts to $993.79 per taxpayer, according to DOGE. 

An ‘Agency Efficiency Leaderboard,’ tracking which departments have received the most savings, shows the Department of Health and Human Services ranked number one. 

HHS is followed by the General Services Administration at number two, the Department of Education at number three, the Labor Department at number four, and the Office of Personnel Management rounds out the top five.

The Department of Justice is ranked last, just before the Department of Veterans Affairs. The DOE, according to DOGE, is ranked as the agency with the third least savings.

The savings reportedly stemmed from a combination of asset sales, contract and lease cancellations or re-negotiations, fraud and improper payment deletion, grant cancellations, interest savings, programmatic changes, regulatory savings and workforce reductions.  

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The American economy may be heading toward stagflation, an environment characterized by high inflation, slowing growth and rising unemployment, US Federal Reserve Chair Jerome Powell cautioned earlier this month.

‘Unemployment is likely to go up as the economy slows in all likelihood, and inflation is likely to go up as tariffs find their way and some part of those tariffs come to be paid by the public,’ Powell said during an April 15 appearance in Chicago.

While he was careful not to use the word ‘stagflation,’ experts have pointed out that the circumstances Powell outlined correspond with its definition, thrusting the term back into public discourse.

But what exactly is stagflation, and why is it such a concern for investors? Read on to find out.

What is stagflation?

Stagflation describes the economic scenario where inflation remains high even as economic growth slows and unemployment rises. Stagflation is a rare occurrence, and contradicts the foundational economic belief that inflation typically rises during economic booms and falls during recessions.

The term was coined by British politician Iain Macleod in 1965 and became infamous during the 1970s oil crisis, when a dramatic spike in oil prices triggered both rising costs and shrinking output across much of the global economy.

In simple terms, stagflation means you’re paying more for everything while earning less; at the same time, finding a new job, or even keeping your current one, becomes more difficult.

The misery index, created to measure such bleak periods, adds the unemployment rate to the inflation rate. During the worst of the 1970s, it exceeded 20. As of March 25, 2025, it stood at around 6.6, with inflation at 2.4 percent and unemployment at 4.2 percent. Many economists fear that number could rise quickly if current trends continue.

Why are experts sounding the alarm on stagflation?

A combination of geopolitical shocks, fragile supply chains and new economic policies — particularly a sweeping series of tariffs enacted by the Trump administration — has created a perfect storm, economists say.

The tariffs include a 10 percent universal tax on all imports, up to 25 percent duties on goods from Canada and Mexico and a staggering 245 percent tariff on imports from China. These are not minor adjustments — they are foundational changes to the pricing structure of the US consumer and business marketplace.

‘The level of the tariff increases announced so far is significantly larger than anticipated,’ Powell said in a written statement from his Chicago appearance that was published on April 16. ‘The same is likely to be true of the economic effects, which will include higher inflation and slower growth.’

In other words, the tariffs act as a supply shock: They make it more expensive to bring goods into the country, which businesses pass on to consumers through price hikes. At the same time, higher costs can lead companies to cut back on investment and hiring, slowing the economy and increasing job losses.

“The Trump White House tariff policy has certainly increased the risk of both higher inflation and lower growth,” Brett House, professor of professional practice in economics at Columbia Business School, told CNBC.

To better understand what’s at stake, economists are looking at the 1970s — a decade that was marked by an oil embargo, skyrocketing prices and stagnant economic activity.

In response, then-Fed Chair Paul Volcker aggressively hiked interest rates, with the federal funds rate peaking at nearly 21 percent in 1981. The move ultimately tamed inflation, but plunged the country into two recessions.

That painful cure became the playbook for handling runaway prices, with central banks committing to maintaining credibility and acting decisively, even at the cost of job losses.

“The Fed’s credibility in keeping inflation low and stable, won over decades, kept longer-term inflation expectations stable,” Fed Governor Adriana D. Kugler said in a recent statement.

Still, today’s economic landscape differs from the 1970s in critical ways. The US is no longer as dependent on foreign oil. And labor unions, once a powerful driver of wage spirals, now represent a smaller portion of the workforce.

However, these differences might not offer much protection. While oil prices are less of a concern today, tariff-induced uncertainty could have a similar chilling effect.

How does stagflation impact everyday life?

For most people, stagflation translates into economic whiplash.

Essentially, prices go up, wages don’t keep pace and job security becomes tenuous. According to Forbes, a rising misery index would create a whole new roster of challenges for the everyday person.

To illustrate, people will likely have to spend more to get the same quantity of food, clothes and gas. Employees’ chances of getting laid off or working fewer hours will increase. For recent college graduates, the job market could become especially brutal. For families, the cost of borrowing — whether to buy a home, finance a car or use a credit card — could rise steeply if the Fed chooses to raise interest rates to combat inflation.

Diane Swonk, chief economist at KPMG, described today’s environment as having a “whiff of stagflation,” where people feel less secure about their financial future, even if the economic statistics haven’t fully caught up to the sentiment.

Is stagflation a certainty?

Not all economists agree that stagflation is inevitable, or that it will reach the same severity as in the 1970s.

Still, concerns are growing. Michael Feroli, JPMorgan Chase & Co.’s (NYSE:JPM) chief US economist, issued a warning earlier this month, stating the bank now expects a recession in 2025.

He predicts unemployment will rise to 5.3 percent, while a core measure of inflation will reach 4.4 percent, which he described as a “stagflationary forecast.”

KPMG also projects a shallow recession, with inflation peaking at the end of the third quarter. But even a modest downturn could be painful for vulnerable workers and households already stretched thin by pandemic-era economic disruptions and the fading buffer of savings built up during that time.

What does stagflation mean for investors?

Stagflation presents a complex and often discouraging landscape for investors.

Unlike recessions, where bonds tend to do well as interest rates fall, stagflation often erodes the value of both stocks and bonds. In such periods, equities can suffer from declining corporate profits due to rising input costs, as well as weakening consumer demand, creating varied headwinds for the stock market.

At the same time, high inflation erodes the real value of future earnings, often leading to downward pressure on stock prices, particularly for growth-oriented companies whose valuations depend heavily on projected future cashflow.

Bonds, too, become vulnerable. Inflation eats into the fixed income stream provided by bonds, especially longer-term bonds. As inflation rises, the purchasing power of interest payments declines, and yields on newly issued bonds increase to compensate investors, driving down the market value of existing lower-yield bonds.

This was evident during the 1970s, the last prolonged period of US stagflation. At that time, both the S&P 500 (INDEXSP:.INX) and US treasuries experienced prolonged periods of underperformance in real terms.

Gold, on the other hand, surged in value as investors sought assets that could maintain their purchasing power amid inflation and economic uncertainty. The price of gold increased more than 1,000 percent from 1971 to 1980, reflecting its appeal as a hedge during economic stress. Commodities more broadly — such as oil, agricultural products and industrial metals — have historically performed better in stagflationary conditions.

Since commodities prices are a direct input into inflation measures, they tend to rise during inflationary periods, particularly when inflation is driven by supply shocks. For instance, in the 1970s, oil prices quadrupled following the OPEC embargo, delivering significant gains for energy producers and commodity-focused investors.

Still, it’s worth noting that no single asset or strategy is immune to the pressures of stagflation. While diversification, inflation hedging and a focus on quality assets are time-tested approaches, the unique combination of rising prices and faltering growth challenges even seasoned investors.

Investor takeaway

Stagflation is not just an economic term from the past — it may soon be a lived reality for millions and even billions.

With tariffs reshaping trade dynamics in real time, inflation hovering stubbornly above the Fed’s target and job growth showing signs of slowing, the conditions are set for a troubling period ahead.

Whether or not future policymaking can steer the economy away from this outcome remains to be seen. For now, consumers, businesses and investors alike would do well to prepare for the reality that stagflation brings — not just a historical anomaly, but a modern economic threat.

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

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(TheNewswire)

Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) ( ‘Silver Crown’ ‘SCRi’ the ‘Corporation’ or the ‘Company’ ) is pleased to announce that the Company has successfully closed the third and final tranche (‘ Final Tranche ‘) of its non-brokered offering of units ( ‘Units’ ) that was previously announced on February 6, 2025 (the ‘Offering’ ) and issued 89,400 Units at a price of C$6.50 per Unit, for gross proceeds of approximately C$581,100

Each Unit consists of one common share ( ‘Common Share’ ) and one Common Share purchase warrant ( ‘Warrant’ ), with each Warrant exercisable to acquire one additional Common Share at an exercise price of C$13.00 for a period of three years from the closing date. A total of 232,248 Units were issued in accordance with the Offering for cumulative gross proceeds of C$1,509,615.

The proceeds from the Final Tranche will be used to partially fund the second tranche of the Company’s silver royalty acquisition on the Igor 4 project in Peru, as well as general and administrative expenses. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The closing was subject to customary conditions, including the approval of Cboe Canada Inc.

Regarding the receipt of payments from the Company’s producing royalties, Silver Crown expects to receive cash payments equivalent to approximately 6,703 ounces of silver in the first quarter of 2025. This is driven by the early payment of the PPX/Igor 4 royalty as well as payments under the Elk Gold Royalty.

ABOUT Silver Crown Royalties INC.

Founded by industry veterans, Silver Crown Royalties ( Cboe: SCRI | OTCQX: SLCRF | BF: QS0 ) is a publicly traded, silver royalty company. Silver Crown (SCRi) currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure that allows 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, the proceeds from the Final Tranche will be used to partially fund the second tranche of the Company’s silver royalty acquisition on the Igor 4 project in Peru, as well as general and administrative expenses. 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.

CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Copyright (c) 2025 TheNewswire – All rights reserved.

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Q1 2025 Operational and Financial Highlights

  • Gold equivalent ounce (‘GEO’) production of 9,082 GEOs and sales of 8,034 GEOs for Q1 2025. The Company is on track to achieve annual sales guidance of 31,000 to 41,000 GEOs for 2025
  • Preliminary interim consolidated cash costs of US$1,175-1,275 per GEOs sold and consolidated all-in sustaining costs (‘AISC’) of US$1,375-1,475 for Q1 2025. The Company is on track to achieve its annual cash cost guidance range of US$1,800-1,900 per GEOs sold and AISC of US$1,950-2,100 per GEOs sold
  • Average sale price of US$2,875 per ounce of gold for Q1 2025
  • Closing of the quarter with US$27M in cash and no debt

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) is pleased to report preliminary interim results for the three months ended March 31, 2025 (‘Q1 2025’), which corresponds to the fourth quarter of Heliostar’s fiscal reporting year 2024-25.

The Company plans to host a corporate update webinar on May 13th, 2025, at 8:00AM Pacific Time/11:00AM Eastern Time. Full fiscal year-end reporting is anticipated in late July 2025.

Heliostar CEO, Charles Funk, commented, ‘The first quarter of 2025 was a very strong, first full quarter of production for the Company. We restarted production at La Colorada, fully paid off the acquisition debt and returned lower costs than budgeted.

‘In Q2, production is expected to decrease due to drawdown of inventory on the leach pad at San Agustin prior to a planned restart of primary mining activities later in 2025. We remain well on track to meet our production and cost guidance for 2025.

‘Heliostar exited the quarter with a strong cash balance of US$27M. This allows us to expand the drilling program at La Colorada and commence the Company’s largest drilling campaign at our flagship Ana Paula project, where we see potential to increase the high-grade underground resource.

‘Looking forward, in Q2, we are focused on delivering an updated technical report to support a planned increase in production at La Colorada and completing the permitting to allow for the restart of mining at San Agustin. The Company intends to utilize the cash flow from operations to increase annual gold production from both producing mines, as well as build Ana Paula with minimal equity dilution.’

Operational and Financial Results1

Key Performance Metrics La Colorada San Agustin El Castillo Total
Ore processed 2 t ore 959,365 ——- —— 959,365
Gold production 3 oz Au 4,109 4,412 257 8,777
Silver production3 oz Ag 18,279 8,595 546 27,421
GEO production 4 oz GEO 4,312 4,507 263 9,082
Gold sold oz Au 3,112 4,172 497 7,781
Silver sold oz Ag 12,468 9,936 523 22,927
GEO sold 4 oz GEO 3,250 4,282 502 8,034
Cash Cost 5 US$/GEO sold 1,175-1,275
All-In Sustaining Cost (AISC) 5 US$/GEO sold 1,375-1,475
Cash and cash equivalents US$ 26,900,000

 

Notes:

  1. Results are preliminary in nature and subject to final reconciliation.
  2. Production from San Agustin and El Castillo from re-leaching.
  3. Metals production before payable deductions.
  4. GEO production and GEO sold are based on weighted average sale prices for Q1 2025 of US$2,875/oz Au and US$31.95/oz Ag.
  5. These measures are non-IFRS financial measures.

Non-IFRS Measures.This news release refers to certain financial measures, such as all-in sustaining cost, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been derived from the Company’s financial statements because the Company believes that they are of assistance in the understanding of the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company’s MD&A for Q4 2024 available on SEDAR+.

Cash costs.The Company uses cash costs per ounce of metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is the cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company’s reporting of these non-IFRS financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS financial measures. Cash costs include production costs, refinery and transportation costs and extraordinary mining duty. Cash costs exclude non-cash depreciation and depletion and site share-based compensation.

AISC.AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations.

Statement of Qualified Persons

Gregg Bush, P.Eng., and Mike Gingles, Qualified Persons, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and have approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of the Company, and Mr. Gingles is employed as Vice President of Corporate Development.

About Heliostar Metals Ltd.

Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045

 

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

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain ‘Forward-Looking Statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: In Q2, production is expected to decrease due to drawdown of inventory on the leach pad at San Agustin prior to a planned restart of primary mining activities later in 2025. We remain well on track to meet our production and cost guidance for 2025. This allows us to expand the drilling program at La Colorada and commence the Company’s largest drilling campaign at our flagship Ana Paula project, where we see potential to increase the high-grade underground resource. Looking forward, in Q2 we are focused on delivering an updated technical report to support a planned increase in production at La Colorada and completing the permitting to allow for the restart of mining at San Agustin. The Company intends to utilize the cash flow from operations to increase annual gold production from both producing mines as well as build Ana Paula with minimal equity dilution.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249931

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Source Rock Royalties Ltd. (‘Source Rock’) (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period and year ended December 31, 2024.

Annual Highlights:

  • Record annual royalty production of 251 boe/d (95% oil and NGLs), an increase of 21% over 2023.
  • Record annual royalty revenue of $7,689,586 , an increase of 16% over 2023.
  • Record annual Adjusted EBITDA (2) of $6,816,173 ( $0.15 per share), an increase of 18% (16% per share) over 2023.
  • Record annual funds from operations (2) of $5,994,371 ( $0.13 per share), an increase of 6% (5% per share) over 2023.
  • Declared $3,473,939 in dividends ( $0.0765 per share), resulting in a payout ratio (2) of 58%.
  • Achieved an operating netback (2) of $74.20 per boe and a corporate netback (2) of $65.25 per boe.
  • 43 gross new horizontal wells began producing on royalty lands in S.E. Saskatchewan (20), central Alberta (18), west-central Saskatchewan (3), east-central Alberta (1) and Manitoba (1).
  • Working capital of $4,860,362 ( $0.105 per share) as at December 31, 2024 .

Fourth Quarter Highlights:

  • Quarterly royalty production of 256 boe/d (97% oil and NGLs), an increase of 17% over Q4 2023.
  • Quarterly royalty revenue of $1,871,245 , an increase of 9% over Q4 2023.
  • Quarterly Adjusted EBITDA (2) of $1,709,057 ( $0.038 per share), an increase of 12% over Q4 2023.
  • Quarterly funds from operations (2) of $1,511,958 ( $0.033 per share), a decrease of 9% (11% per share) over Q4 2023.
  • Declared three monthly dividends of $0.0065 per share, resulting in a payout ratio (2) of 59%.
  • Achieved an operating netback (2) of $72.57 per boe and a corporate netback (2) of $64.20 per boe.

2024 Reserves Information

Source Rock’s reserves data and other oil and natural gas information, as required under National Instrument 51-101, is available on SEDAR+ at www.sedarplus.ca .

Financial and Operational Results

Three Months Ended December 31,

Year Ended December 31,

FINANCIAL ($, except as noted)

2024

2023

Change

2024

2023

Change

Royalty revenue

1,871,245

1,720,264 (1)

9 %

7,689,586

6,646,326 (1)

16 %

Adjusted EBITDA (2)

1,709,057

1,525,386

12 %

6,816,173

5,793,204

18 %

Per share (basic)

0.038

0.034

12 %

0.15

0.129

16 %

Funds from operations (2)

1,511,958

1,663,376

-9 %

5,994,371

5,653,618

6 %

Per share (basic)

0.033

0.037

-11 %

0.132

0.126

5 %

Total comprehensive income (loss)

501,915

382,367

31 %

1,495,319

1,566,310

-5 %

Per share (basic)

0.011

0.008

38 %

0.033

0.035

-6 %

Per share (diluted)

0.01

0.008

25 %

0.031

0.034

-9 %

Dividends declared

888,863

812,850

9 %

3,473,939

2,968,990

17 %

Per share

0.0195

0.018

8 %

0.0765

0.066

16 %

Payout ratio (2)

59 %

49 %

20 %

58 %

53 %

9 %

Cash and cash equivalents

4,635,727

1,462,040

217 %

4,635,727

1,462,040

217 %

Per share (basic)

0.10

0.03

214 %

0.10

0.03

215 %

Average shares outstanding (basic)

45,582,727

45,139,091

1 %

45,386,449

45,022,140

1 %

Shares outstanding (end of period)

45,582,727

45,231,645

1 %

45,582,727

45,231,645

1 %

OPERATING

Average daily production (boe/d)

256

218 (3)

17 %

251

208 (3)

21 %

Percentage oil & NGLs

97 %

94 %

3 %

95 %

93 %

2 %

Average price realizations ($/boe)

79.45

85.86

-7 %

83.58

87.54

-5 %

Operating netback (2) ($/boe)

72.57

76.06

-5 %

74.20

76.30

-3 %

Corporate netback (2) ($/boe)

64.20

82.94

-23 %

65.25

74.47

-12 %

(1)

Source Rock also benefited from $211,892 (Q4 2023) and $373,437 (fiscal 2023) of sales proceeds from royalty production that occurred after the effective date but prior to the closing date of acquisitions. These proceeds were accounted for as a reduction to the purchase price of the acquisitions.

(2)

This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading ‘Non-GAAP Financial Measures & Ratios’ for more information on each non-GAAP financial measure or ratio.

(3)

Source Rock also benefited from 29 boe/d (100% oil & NGLs) for Q4 2023 and 12 boe/d (100% oil & NGLs) for fiscal 2023, of royalty production that occurred after the effective date but prior to the closing date of acquisitions.

About Source Rock Royalties Ltd.

Source Rock is a pure-play oil and gas royalty company with an existing, oil focused portfolio of royalty interests concentrated in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock’s strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

Forward-Looking Statements

This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as ‘plans’, ‘is expected’, ‘expects’, ‘scheduled’, ‘intends’, ‘contemplates’, ‘anticipates’, ‘believes’, ‘proposes’ or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. Forward-looking statements in this news release include statements regarding Source Rock’s dividend strategy and the amount and timing of future dividends (and the sustainability thereof), the potential for future drilling on Source Rock’s royalty lands, expectations regarding commodity prices, Source Rock’s growth strategy and expectations with respect to future royalty acquisition and partnership opportunities, and the ability to complete such acquisitions and establish such partnerships. Such statements and information are based on the current expectations of Source Rock’s management and are based on assumptions and subject to risks and uncertainties. Although Source Rock’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Source Rock. Although Source Rock has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Source Rock undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures & Ratios

This news release uses the terms ‘funds from operations’ and ‘Adjusted EBITDA’ which are non-GAAP financial measures and the terms ‘payout ratio’, ‘operating netback’ and ‘corporate netback’ which are non-GAAP ratios. These financial measures and ratios do not have   a standardized prescribed meaning under GAAP and these measures and ratios may not be comparable with the calculation of similar measures disclosed by other entities.

‘Adjusted EBITDA’ is used by management to analyze the Corporation’s profitability based on the Corporation’s principal business activities prior to how these activities are financed, how assets are depreciated, amortized and impaired, and how the results are taxed. Additionally, amounts are removed relating to share-based compensation expense, the sale of assets, fair value adjustments on financial assets and liabilities, other non-cash items and certain non-standard expenses, as the Corporation does not deem these to relate to the performance of its principal business. Adjusted EBITDA is not intended to represent net profit (or loss) as calculated in accordance with IFRS.

The most directly comparable GAAP financial measure to funds from operations is cash flow from operating activities. ‘Funds from operations’ is defined as cash flow from operating activities before the change in non-cash working capital. Source Rock believes the timing of collection, payment or incurrence of these non-cash items involves a high degree of discretion and as such may not be useful for evaluating Source Rock’s operating performance. Source Rock considers funds from operations to be a key measure of operating performance as it demonstrates Source Rock’s ability to generate funds to fund operations, acquisition opportunities, dividend payments and debt repayments, if applicable. Funds from operations should not be construed as an alternative to income or cash flow from operating activities determined in accordance with GAAP as an indication of Source Rock’s performance.

‘Corporate netback’ is calculated as funds from operations divided by cumulative production volumes for the period. Corporate netback is used by Source Rock to better analyze the financial performance of its royalties against prior periods and to assess the cost efficiency of its overall corporate platform as it relates to production volumes. There is no standardized meaning for ‘corporate netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Operating netback’ represents the cash margin for products sold. Operating netback is calculated as revenue minus cash administrative expenses divided by cumulative production volumes for the period. Operating netback is used by Source Rock to assess the cash generating and operating performance of its royalties against prior periods and to assess the costs efficiency of its operating platform as it relates to production volumes. There is no standardized meaning for ‘operating netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Payout ratio’ is calculated as the aggregate of cash dividends declared in a period divided by funds from operations realized in such period. Source Rock considers payout ratio to be a key measure to assess Source Rock’s ability to fund operations, acquisition opportunities, dividend payments, cash taxes and debt repayments, if applicable.

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

SOURCE Source Rock Royalties Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/28/c6620.html

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Phase 2b study evaluating diagnostic performance of 18F-RAD101 for suspected recurrent brain metastases from solid tumors of different origins

Underscores Radiopharm’s commitment to developing transformative oncology radiopharmaceuticals

Radiopharm Theranostics (ASX:RAD, Nasdaq: RADX, ‘Radiopharm’ or the ‘Company’), a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for areas of high unmet medical need, today announced the dosing of the first patient in its U.S. Phase 2b imaging study of 18F-RAD101 in suspected recurrent brain metastasis.

The U.S. multicenter, open-label, single arm Phase 2b clinical trial 1 is evaluating the diagnostic performance of 18F-RAD101 in 30 individuals with confirmed recurrent brain metastases from solid tumors of different origins. The primary objective of the study is concordance between 18F-RAD101 positive lesions and those seen in conventional imaging (MRI with gadolinium) in participants with suspected recurrent brain metastases.

RAD101 is a novel imaging small molecule that targets fatty acid synthase (FASN), a multi-enzyme protein that catalyses fatty acid synthesis and is overexpressed in many solid tumors, including cerebral metastasis. Disruption of FASN activity allows for the accurate detection of cancer cells, representing a strongly viable target for the imaging of brain metastasis. Positive data from the Imperial College of London’s Phase 2a imaging trial of 18F-RAD101 in patients with brain metastases showed significant tumor uptake that was consistent with and independent from the tumor of origin. 2

‘We are proud to pioneer the first U.S. clinical trial of RAD101,’ said Harshad R. Kulkarni, MD, Chief Medical Advisor at BAMF Health and Principal Investigator of this Phase 2b study. ‘This marks an important step toward improving diagnostic precision and enabling more evidence-based, individualized treatment decisions for patients with brain metastases following stereotactic radiosurgery.’

‘This trial is an excellent illustration of BAMF Health’s clinical trials platform in action,’ added BAMF Health’s Director of Clinical Trials. ‘Our Radiopharmacy is producing the imaging agent on-site, our clinic team is caring for the patient and providing the best image in the world, and our clinical trials team expertly coordinates it all. BAMF’s facility and team were built to do trials just like this.’

‘Current standard of care imaging is less sensitive in discriminating between tumor recurrence and radiation necrosis in patients with brain metastasis who have received anticancer treatments, including radiation,’ said Riccardo Canevari, CEO and Managing Director of Radiopharm Theranostics Ltd. ’18F-RAD101 has the strong potential to improve diagnostic accuracy of brain metastases, and holds promise for discriminating between treatment effect and true progression in the more than 300,000 patients diagnosed with brain metastasis each year in the U.S. alone. We look forward to advancing this clinical trial and to reporting topline data in the second half of 2025.’

About Radiopharm Theranostics

Radiopharm Theranostics is a clinical stage radiotherapeutics company developing a world-class platform of innovative radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical need. Radiopharm is listed on ASX (RAD) and on NASDAQ (RADX). The company has a pipeline of distinct and highly differentiated platform technologies spanning peptides, small molecules and monoclonal antibodies for use in cancer. The clinical program includes one Phase 2 and three Phase 1 trials in a variety of solid tumor cancers including lung, breast, and brain. Learn more at radiopharmtheranostics.com .

About BAMF Health

BAMF Health is the world’s first vertically integrated platform for intelligence-based precision medicine. Headquartered in Grand Rapids, Michigan, BAMF Health employs the most advanced theranostic imaging technology to detect and treat cancer and other diseases and conduct advanced clinical trials. Our overriding mission is to empower patients to become people again. With a team of data scientists, researchers, software engineers, and clinicians —all working in lockstep—we’re making good on it. To learn more about BAMF Health, visit www.bamfhealth.com .

Authorized on behalf of the Radiopharm Theranostics Board of Directors by Executive Chairman Paul Hopper.

For more information:

Investors:

Riccardo Canevari
CEO & Managing Director

Radiopharm Theranostics
P: +1 862 309 0293
E: rc@radiopharmtheranostics.com

Andrew Dymon
Precision AQ (formerly Stern IR)
andrew.dymon@precisionaq.com

Media:

Matt Wright
NWR Communications
P: +61 451 896 420
E: matt@nwrcommunications.com.au

Follow Radiopharm Theranostics:
Website – https://radiopharmtheranostics.com/
Twitter – https://twitter.com/TeamRadiopharm
Linked In – https://www.linkedin.com/company/radiopharm-theranostics/
InvestorHub – https://investorhub.radiopharmtheranostics.com/

________________________
1
https://www.clinicaltrials.gov/study/NCT06777433
2 S. Islam et. Al., EJNMMI; 07 February 2025. https://doi.org/10.1007/s00259-025-07118-0

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Pope Francis had a great sense of humor. When I met him once at the back of the papal plane, I cracked a joke with him that was a little bit close to the line. Luckily, he roared with laughter and told me “Sei cattivo!” (“You’re naughty!”). Every day, he used to say, he prayed the words of St. Thomas More: “Lord, give me a sense of humor.”

Francis took what he did seriously. But he never took himself too seriously.

One thing that struck me about him was his intuition and pastoral instincts. Whatever the situation, he always seemed to find the right words to say. When I met him with my family one time, my youngest child was crying.

“Whenever they see a man in white, they think I’m a doctor and about to give them some medicine!” he joked.

His ability to read people was also vital in his leadership. When he met bishops, he would get them into a circle and ask which one wanted to start speaking. It allowed him to understand the dynamics of a group, which helped him make appointments and decisions in the future.

Francis liked to make himself accessible. He would say his door was always open – but that same door also had a sign on it that read “no whining.”

There was never a dull moment covering his pontificate. As pope, he gave more media interviews than anyone else, but he never had a spokesperson or media advisers. Predicting his next move was notoriously difficult, and when it came to appointing new cardinals, no one knew in advance who he’d be choosing or when. New cardinals would talk about their phones blowing up in the middle of a Mass as people tried to contact them to tell them the news.

Francis wasn’t naïve, however. He was a politically savvy pope, very decisive and often stubborn. He wanted to stay true to himself and not become scripted. My enduring memory is of a very human pope who was full of surprises. He leaves big shoes to fill.

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Fatalities have been confirmed after a car plowed into a crowd at a street festival celebrating Filipino heritage in Vancouver on Saturday night, according to officials in the Canadian city.

“A number of people have been killed and multiple others are injured after a driver drove into a crowd at a street festival,” the Vancouver Police Department wrote in a statement on X.

The driver of the vehicle is in custody, according to police.

Prime Minister Mark Carney mourned the dead and wounded, calling the ramming “horrific” in a statement on X.

“I offer my deepest condolences to the loved ones of those killed and injured, to the Filipino Canadian community, and to everyone in Vancouver. We are all mourning with you,” he wrote.

Vancouver’s mayor also offered condolences.

“I am shocked and deeply saddened by the horrific incident at today’s Lapu Lapu Day event,” Ken Sim wrote on X.

“Our thoughts are with all those affected and with Vancouver’s Filipino community during this incredibly difficult time.”

Sim said he would provide more information on the incident.

This is a developing story and will be updated.

This post appeared first on cnn.com

Ana María Careaga was just 16 when she was kidnapped, stolen by the regime then running Argentina. To her mother, Esther Ballestrino de Careaga, it was as if she had vanished.

It was an event that would change not just the lives of both the women and the daughter Ana María was carrying, but the future of Argentina. And it was something a priest named Jorge Bergoglio would never forget.

It was 1977 and Argentina was under the grip of a military dictatorship following a coup the year before. Those who opposed the regime were abducted, tortured, and killed – victims of what would become known as the “Dirty War.”

There was no notification or public record of the detentions, and families had no idea what had happened to their loved ones.

By the time Ana María was seized, her brother-in-law had already disappeared. Soldiers took her to the clandestine detention center known as El Atlético, where she was tortured – even after she told her captors she was three months pregnant.

Although the extrajudicial kidnappings were becoming increasingly common, families did not speak of them — until mothers took a stand.

On April 30, 1977, a dozen or so women, each the mother of a missing child, gathered in Plaza de Mayo, the grand square in front of the Casa Rosada presidential palace in Buenos Aires. They were ordered to disperse, but instead linked arms and continued to walk slowly around the square.

Each Sunday, more women would come to join in, soon to include Esther who became one of the leaders of Las Madres de Playa de Mayo (the Mothers of Playa de Mayo.)

Esther knew Bergoglio long before he had even joined the priesthood. She had been his boss while he was a high schooler working a technical internship at a laboratory.

‘The disappeared are my children’

While Ana María was detained — always chained and blindfolded, she said — her mother and other members of the movement met in a back room at the Santa Cruz Church in downtown Buenos Aires.

Ana María turned 17 while still in captivity, and she was released on September 30, 1977, by then seven months pregnant.

Within days of a medical check arranged by her mother, she left for Sweden, where she was granted asylum.

“That was the last time we saw each other,” Ana María said. “We wrote letters to each other, and in one letter she tells me that when I was kidnapped, she was like an automaton, thinking about (me) the whole time. She left in the morning and came back at night, out all day with the mothers searching, searching, searching.”

Even when her daughter was safe, Esther kept campaigning for those who had become known as the “disappeared.”

To Ana María, and perhaps to the priest who’d befriended her mother, it was a reflection that “the struggle wasn’t just individual, but a collective one.”

Months after her daughter’s release, in December 1977, Esther and others met as usual at Santa Cruz when they were betrayed. Stepping out of the church, she and others were abducted.

“They had been taken to … a clandestine center for torture and extermination, and then they were thrown alive from the ‘death flights,’ which was the final solution they (the regime) boasted of having found to get rid of the bodies,” Ana María said. The “death flights” where prisoners were killed by being tossed from a plane over land or sea is now a documented horror of the Dirty War.

Many bodies were never recovered, but days after she disappeared, the remains of Esther washed up on land.

“What the Mothers say is that the sea did not want to be an accomplice and returned the bodies,” Ana María said.

Esther’s remains were unidentified though and buried in a mass grave.

Ana María did not know of her mother’s disappearance until she called to tell her of the birth of her granddaughter, the baby carried while she was detained.

“She was born on December 11, and we called on December 11, 1977, to say that she had been born, and that’s when we found out that my mom had been kidnapped three days earlier,” she said. “My mom didn’t know that she had been born safely.”

‘I did what I could’

As Archbishop of Buenos Aires, Bergoglio testified about Esther during a 2010 trial related to Dirty War atrocities. In an excerpt posted on YouTube by journalist Uki Goñi, he said he had known her for more than 20 years.

“It caused me great pain,” Bergoglio said of learning of her abduction. “I tried to get in touch with relatives, I wasn’t able to. They were mostly … in hiding.”

He said he had tried to speak to people who could help but had not approached the authorities. His actions or lack thereof during the Dirty War hung around him as unanswered questions, even as the Vatican dismissed allegations against him.

“I did what I could,” he told the trial. “I remember her as a great woman.”

Decades later, long after the fall of the military regime in 1983, the remains from the oceanside mass grave were identified, and found to include Esther.

Families petitioned Bergoglio to allow them to be buried not in a cemetery, but outside the Church of Santa Cruz — the last place they had walked free.

“He said it was an honor,” Ana María told us. “He remembered his friend Esther and said it was an honor and authorized it so we could, as the faithful of this church say, sow them in the last free land that their feet trod.”

To commemorate her mother and all the others who challenged the regime, April 30 is now recognized as the founding of the Mothers of the Plaza de Mayo.

The Vatican publicized a message then Pope Francis sent to Ana Marìa in 2018 to play on a radio show she hosts. “I very much remember your mother,” he said then. “She worked hard, she was a fighter and together with her many women who fought for justice, both because they had lost their children or simply because mothers who, seeing the drama of so many missing children, came together to fight for this as well.”

Standing just off the main altar inside Santa Cruz Church, Ana María calmly pulled out her replacement phone — her original had been recently stolen. Fortunately, her WhatsApp messages had been backed up, preserving the Pope’s words, and her memories.

She still has that recording on her phone. In it, the Pope tells her: “I’m glad you follow these footsteps of your mother and that you broadcast it to others in your radio show. So today, in a special way, I pray for mothers, I pray for you, I pray for your mother Esther, and I pray for all the men and women of good will who wish to carry forward a project of justice and fraternity among all. May God bless you all.”

Esther Ballestrino de Careaga never met her granddaughter. But Pope Francis did, spending about an hour with her last year when she visited Rome, her mother said, proudly showing a video of the two together. “He knew the whole story because my mom told him everything they had done to me, the torture, everything,” Ana María said.

As another April 30 anniversary approaches, Ana María has only memories now of her mother and the Pope.

Of her mother, she said: “I have a very vivid memory of a very loving, hard-working, and committed person. I feel she left me with many values, and she’s present in our history because disappearance generates that — disappearance is the permanent presence of an absence.”

She carries a directive from the Pope as well.

“When my daughter went to see him last year, he told her that we had to continue bearing witness,” she said. “We, right now in Argentina, are going through a very difficult time, and I say … we need to remember again.”

“Everything that happened, the 30,000 disappeared, and how the Mothers created a civilizing pact in this country, a social contract of ‘never again.’ And that’s why it’s so important to preserve memory, which was also what the Pope said: that memory had to be preserved.”

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