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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

News Provided by Newsfile via QuoteMedia

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The first two days of the 2025 NFL draft were dominated by what didn’t happen – namely the free fall of University of Colorado quarterback Shedeur Sanders, a presumed first-round pick, and the intense scrutiny and reaction from traditional and social media that followed.

Sanders’ plight was exacerbated Friday – Rounds 2 and 3 passed that night without his selection – when he also received a prank phone call that he initially thought to be from general manager Mickey Loomis of the New Orleans Saints, a team then believed to have interest in Sanders. (Loomis actually chose Louisville quarterback Tyler Shough in the second round with the 40th overall pick.)

Sunday afternoon, the identity of one of the pranksters was confirmed – necessitating a surprise apology from yet another NFL club which employs the caller’s father as its defensive coordinator.

The Atlanta Falcons released a statement, which read: ‘Earlier in the week, Jax Ulbrich, the 21-year-old son of defensive coordinator Jeff Ulbrich, unintentionally came across the draft contact phone number for Shedeur Sanders off an open iPad while visiting his parent’s home and wrote the number down to later conduct a prank call. Jeff Ulbrich was unaware of the data exposure or any facets of the prank and was made aware of the above only after the fact. 

‘The Atlanta Falcons do not condone this behavior and send our sincere apologies to Shedeur Sanders and his family, who we have been in contact with to apologize to, as well as facilitate an apology directly from Jax to the Sanders family.

‘We have also been in contact with the NFL and will continue to cooperate fully with any inquiries we may receive from the NFL league office.

‘We are thoroughly reviewing all protocols, and updating if necessary, to help prevent an incident like this from happening again.’

Jax Ulbrich issued a statement of his own apologizing to Sanders, calling his actions ‘completely inexcusable, embarrassing and shameful.’ Jax Ulbrich also claimed to have spoken on the phone with Sanders and thanked him for taking the call.

The NFL has been investigating the matter since the incident occurred and has been in contact with the Falcons.

Sanders, a son of Hall of Famer and Colorado coach Deion Sanders, was eventually drafted Saturday in the fifth round by the Cleveland Browns. His wait sparked intense debate about why NFL teams were passing on him, speculation running amok about his pre-draft interviews, his famous father’s role and – in the simplest terms – his talent level and where it should appropriately slot him, though few draft observers prognosticated him to go any later than the second round.

The debate reached a heated level on ESPN’s air Saturday afternoon, when longtime draft analyst Mel Kiper Jr., an ardent supporter of Shedeur Sanders’ abilities, blasted the NFL.

Friday’s prank call began with Sanders answering his phone and saying, ‘What’s going on?’

He then put the call on speaker phone for those gathered around to hear at his draft party in Texas.

“This is Mickey Loomis here, of the Saints,’ the voice on the other end says.

The prankster told Sanders: ‘It’s been a long wait, man. We’re gonna take you with our next pick right here, man.’

Sanders replied: ‘Yes sir, let’s be legendary.’

The prank continued, ‘But you’re going to have to wait a little bit longer. Sorry about that.’

The phone call ended and Sanders is seen saying, ‘What does that mean?’

Later Friday night, after the third round finished with him still on the board, Sanders posted on X: ‘Thank you GOD for EVERYTHING.’

Jeff Ulbrich spent 10 seasons in the NFL as a linebacker for the San Francisco 49ers. He retired following the 2009 campaign and immediately moved into the coaching ranks as an assistant and steadily climbed the ladder. He was hired by the Falcons in January after spending most of last season as the New York Jets’ interim head coach.

Shedeur Sanders’ brother, former Colorado safety Shilo Sanders, went undrafted but agreed to join the Tampa Bay Buccaneers as a free agent Saturday evening.

All NFL news on and off the field. Sign up for USA TODAY’s 4th and Monday newsletter.

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Basketball Hall of Famer Dick Barnett, who played guard in both of the New York Knicks’ NBA championship seasons, has died, the team announced Sunday. He was 88.

Barnett died in his sleep overnight at an assisted living facility in Largo, Florida, according to multiple media reports.

He was inducted into the Naismith Memorial Basketball Hall of Fame in 2024 as a player and as a three-time All-America for Tennessee A&I (now Tennessee State) teams that won three consecutive NAIA championships (1957-59) —the first HBCU program to win a national title in basketball.

‘Throughout his illustrious career, Dick Barnett embodied everything it meant to be a New York Knick, both on and off the court,’ the Knicks said in a statement. ‘He left a positive impact on everyone he encountered and this organization is incredibly fortunate to have him be such an integral part of its history. His jersey will forever hang in the rafters of Madison Square Garden, and his play throughout his career will forever be a part of Knicks fans memories.’

The Knicks won NBA crowns in 1970 and 1973 with large contributions from Barnett, a 6-foot-4 all-around player known for his unique ‘fall back, baby’ shooting style. His legs flew backward when the left-hander shot jumpers.

It worked for the native of Gary, Indiana, who was selected by the Syracuse Nationals with the fifth overall pick of the 1959 NBA draft.

He played for Syracuse for two seasons (1959-61) and one season for the Cleveland Pipers of the American Basketball League (1961-62). He returned to the NBA with the Los Angeles Lakers (1962-65) and finished his 14-year career with the Knicks (1965-74).

An All-Star in the 1967-68 season, Barnett averaged 15.8 points, 2.9 rebounds, 2.8 assists and 29.8 minutes in 971 NBA regular-season games. He also averaged 15.1 points, 2.7 rebounds, 2.4 assists and 27.3 minutes in 102 playoff games.

This post appeared first on USA TODAY

It couldn’t have gone much worse for the Milwaukee Bucks on Sunday.

After suffering a 129-103 loss to the Pacers in Game 4 at Fiserv Forum, the Bucks will head to Indiana facing elimination in the first round of the NBA playoffs for the third consecutive season.

There isn’t much time for Bucks head coach Doc Rivers to ponder season-saving solutions. Game 5 is at Gainbridge Fieldhouse in Indianapolis on Tuesday.

The Bucks played without Lillard when he had a blood clot that kept him out a month before returning for Game 2 of this series.

Kevin Porter Jr. provides some hope

If there was any bright spot for the Bucks it was the play of backup guard Kevin Porter Jr.

Lillard left the game with just under six minutes left in the first quarter with a non-contact leg injury. Porter was thrust into a larger role and finished with 23 points, six assists and five rebounds.

Giannis Antetokounmpo carrying a heavy burden

Giannis Antetokounmpo came into the game averaging 35.7 points and 14 rebounds per game in the series.

He struggled in the first half with eight points on 3-for-10 shooting. But he still finished with 28 points, 15 rebounds and six assists.

The short-handed Bucks couldn’t keep up with the go-go Pacers, who were led by Tyrese Haliburton (17 points and 15 assists) and Myles Turner (23 points).

This post appeared first on USA TODAY

Jayson Tatum collected game highs of 37 points and 14 rebounds to lead the visiting Boston Celtics to a 107-98 victory over the Orlando Magic on Sunday in Game 4 of their NBA Eastern Conference first-round playoff series.

The second-seeded Celtics made 30 of their 32 free-throw attempts in the victory, which gave Boston a 3-1 edge in the best-of-seven series.

Orlando tied the score at 91 on a Wendell Carter Jr. putback with 4:18 to play, but the reigning NBA champions seized control by scoring 10 of the next 11 points.

Four of Boston’s five starters scored at least 18 points. Jaylen Brown had 21 points and 11 rebounds, Kristaps Porzingis tossed in 19 points and Derrick White finished with 18.

Paolo Banchero led seventh-seeded Orlando by scoring 31 points. Franz Wagner added 24 points, six rebounds and seven assists, and Carter finished with nine points and a team-high 11 rebounds.

Cory Joseph (12) and Anthony Black (10) were the other Magic players who scored in double figures.

Boston’s Jrue Holiday missed his second straight game in the series with a hamstring strain. Boston’s reserves were limited to six points, all from Sam Hauser.

The Celtics were 9 of 31 on 3-point attempts (29 percent). Orlando was 8 of 30 from behind the 3-point arc (26.7 percent).

Boston led 32-29 after one quarter and stretched its lead to nine, 42-33, with 7:46 left in the second. Orlando went in front 48-46 on a Banchero layup with 3:17 remaining in the first half. The Celtics finished the quarter on a 7-0 run and had a 53-48 halftime lead.

Orlando edged Boston 27-26 in the third quarter, which left Boston with a 79-75 advantage entering the final 12 minutes. Brown scored 11 of his 21 points in the third.

The Celtics can advance if they win Game 5 on Tuesday night in Boston.

This post appeared first on USA TODAY

Game 4 of the Minnesota Timberwolves-Los Angeles Lakers series was fantastic.

Especially offensively with Minnesota’s Anthony Edwards and Julius Randle and Los Angeles’ Luka Doncic and LeBron James combining for 133 points – 43 from Edwards, 25 from Randle, 38 from Doncic and 27 from James.

The back-and-forth contest ended with the sixth-seeded Timberwolves taking Game 4 116-113 and taking a 3-1 lead against the third-seeded Lakers in their NBA Western Conference first-round playoff series.

Edwards’ two free throws with 10.7 seconds remaining – after Minnesota challenged a call and won, putting Edwards on the line – put the Timberwolves up 116-113, and Lakers guard Austin Reaves missed a 3-pointer to end the game.

Just 13 teams have come back from a 3-1 deficit, and it hasn’t happened since 2020 when Denver did it twice. The Lakers’ attempt to extend the series starts with Game 5 Wednesday in Los Angeles (10 p.m. ET, TNT).

Anthony Edwards’ star continues to rise and shine

For all the talk about the next “face of the NBA,” Edwards meets the requirement. He’s an elite talent. At the 2024 Paris Olympics, U.S. men’s basketball and Golden State coach Steve Kerr said, “As he continues to learn how to use (his talent) and be efficient in his play, he will be unguardable.”

He possesses the charismatic smile, the confidence and the humor. He’s in commercials (and yes, it would be nice if he limited his fines from the league office.)

Edwards put together one of his finest playoff performances, scoring a game-high 43 points on 12-for-23 shooting, including 5-for-10 on 3-pointers and 14-for-17 on free throws, and adding nine rebounds and six assists.

The talent and efficiency that Kerr mentioned was all there in Game 4. Edwards had 16 points, four rebounds, two assists and one block in the fourth quarter as the Timberwolves eliminated a 10-point deficit to start the fourth.

“You could see it in his eyes that he was going to bring it home,” Minnesota coach Chris Finch told reporters.

Lakers’ roster flaws exposed

Lakers coach JJ Redick mentioned the lack of rim protection after losing Game 3. Starting center Jaxson Hayes played just four minutes as the Lakers’ lack of versatility was exposed in Game 4.

It was Los Angeles’ best offensive game of the series (40% on 19 made 3-pointers and stellar production from James and Doncic). Yet, it wasn’t enough even though Rui Hachimura scored 23 points and Reaves added 17.

Take away shooting stats from James and Doncic, the Lakers were just 18-for-43 from the field (41.9%). Four Lakers played at least 40 minutes, including 46 minutes, 14 seconds from James and 45 minutes, 49 seconds from Doncic. The Lakers simply can’t go many minutes without either one on the court.

Minnesota’s bench outscored Los Angeles’ 25-6, and Dorian Finney-Smith, who played 41 minutes, was the only Lakers reserve to score.

Saving the coach’s challenge for the right time

Finch could’ve used his coach’s challenge long before 10 seconds remained in the fourth quarter. But he saved it. Saved it for just the right time.

With the Timberwolves leading 114-113 and in possession of the basketball, Edwards drove toward the rim. James swatted at the basketball, and it went out of bounds off of Edwards – Lakers ball, the refs ruled.

However, Finch still had his challenge available, and he used it, knowing that under review, the referees could call a foul on James. That’s what happened, sending Edwards to the free throw line for two foul shots, which he made.

Finch used his coach’s challenge 74 times this season and was successful 46 times (62.2% rate) – in the middle of the pack. A coach gets one challenge, and if they get that correct, they get one more in a game.

Each team has a behind-the-bench assistant coach who helps the head coach determine if a challenge should be made. For the Timberwolves, that’s Jeff Newton who has worked in the NBA for the past 12 seasons and had a stint as a head coach in the G League.

Finch and Newton made it work at the right time.

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U.S. trucking is heading for a slowdown, with industry players fearing the “worst is yet to come” as tariffs start to crimp imports.

Trucking volumes have plunged to near pre-pandemic levels, according to Craig Fuller, founder of the logistics industry publication FreightWaves.

“With imports deteriorating, volumes are expected to fall by another 3-4% over the next month,” Fuller said Tuesday in a post on X, citing the real-time freight data platform Sonar, which he also founded. Fuller said that’s a worrying sign for truckers this year.

Container volumes are down 20% at the busy Port of Los Angeles since a year ago, FreightWaves reported Tuesday, saying “this downturn spells trouble” for trucking firms that ship the overseas cargo inland across the country. Freight trucks carrying goods out of the metro area are “converging downward toward 2020 lockdown levels,” the outlet said.

The flags come as warning signs pile up for the broader U.S. economy due to President Donald’s Trump’s evolving trade war.

The International Monetary Fund on Tuesday knocked down its forecast for the year, lowering its January projection for global gross domestic product growth to 2.8%, from 3.6% previously. The IMF also cut its outlook for U.S. growth to just 1.8%, down from 2.7%, citing “epistemic uncertainty and policy unpredictability” out of the White House. Fresh GDP data is due out next Wednesday.

Freight carriers are “heavily dependent on the health of the U.S. economy, and many industry insiders are waiting on the final outcome of tariffs prior to expressing opinions regarding their outlook,” said John Crum, head of specialty equipment finance at Wells Fargo.

Trucks are the nation’s freight mode of choice for everything from grain to gravel, as measured by weight, and also carry the lion’s share, by dollar value, of foodstuffs, electronics and vehicles, federal data shows. Imports accounted for 40% of freight tonnage moved domestically by truck as of 2023.

Despite freight firms’ broader reticence, many are still “expressing caution regarding freight volumes for 2025,” Crum said.

In a separate note, Wells Fargo supply chain finance managing director Jeremy Jansen said one silver lining is that companies “have a bit more profit margins than in 2018/19 to absorb some tariff actions.” 

The growing pessimism comes just months after industry experts were heralding a likely rebound in trucking volumes after two years of declines. Just days before Trump was sworn in to a second term in January, the American Trucking Association released a forecast projecting a 1.6% boost in freight for the year.

“Understanding the trends in our supply chain should be key for policymakers in Washington, in statehouses around the country and wherever decisions are being made that affect trucking and our economy,” ATA President and CEO Chris Spear said in a statement at the time.

But in the more than three months since then, consumers’ outlooks have nosedived, executives across industries have ramped up their warnings about slower sales, and Wall Street has swung wildly in response to ever-shifting signals about the administration’s trade agenda. Small-business owners say they’re doing their best to stockpile inventory before steeper tariffs take hold, even as many already get hit with higher bills from suppliers.

With much of Trump’s sweeping April 2 slate of tariffs temporarily rolled back, shipping volumes could jump in the second quarter “as consumers scoop up pre-tariff goods before prices go up,” logistics researchers at Cass Information Systems said in their March report. “But thereafter, the trade war is likely to extend the for-hire freight recession as higher prices reduce goods affordability and consumers’ real incomes.”

Overall U.S. exports rose 4.6% through February, federal researchers reported this month, while imports surged 21.4% as the trade war heated up.

The Cass Freight Index fell 5.5% in 2023 and 4.1% last year, “and so far, is trending toward another decline in 2025,” the analytics company said.

Mack Trucks recently announced layoffs of hundreds of workers at a Pennsylvania plant due to economic uncertainty, betting on slower demand for its iconic freight vehicles.

The decision drew sharp criticism last week from Pennsylvania Gov. Josh Shapiro, a Democrat, who said, “I fear that we’re going to see more like this” due to tariffs. “We’re going to see more rising prices, more layoffs, more companies not investing in the future.”

“The economy has COVID,” Fuller wrote in a follow-up X post on Wednesday, in response to downbeat manufacturing data released this week. “The only cure is a deescalation of the tariffs.”

This post appeared first on NBC NEWS

OKLAHOMA CITY — Amazon and Nvidia executives said Thursday that the construction of artificial intelligence data centers is not slowing down, as recession fears have some investors questioning whether tech companies will pull back on some of their plans.

“There’s been really no significant change,” Kevin Miller, Amazon’s vice president of global data centers, said at a conference organized by the Hamm Institute for American Energy. “We continue to see very strong demand, and we’re looking both in the next couple years as well as long term and seeing the numbers only going up.”

The comments run contrary to worrying buzz building on Wall Street about tech companies changing data center buildout plans. Wells Fargo analysts said Monday that Amazon Web Services is pausing some leases on data center commitments, citing industry sources. The magnitude of the pause was unclear, the analysts said, but the comments raised fears that Amazon was doing something similar to Microsoft’s recent move to pull back on some early stage projects.

Miller said “there’s been little tea leaf reading and extrapolating to strange results” about Amazon’s plans.

Nvidia is also not seeing signs of a slowdown, said Josh Parker, the chipmaker’s senior director of corporate sustainability.

“We haven’t seen a pullback,” Parker said. China’s artificial intelligence startup DeepSeek sparked a sell-off in power stocks earlier this year as investors worried that its artificial intelligence model is more efficient and data centers might need as much energy as originally anticipated.

But Parker said Nvidia sees compute and energy demand only rising due to AI, describing the reaction to DeepSeek as “kneejerk.” Anthropic co-founder Jack Clark said 50 gigawatts of new power capacity will be needed by 2027 to support AI. That is the equivalent of about 50 new nuclear plants.

“Anthropic and the other AI companies, what we’re seeing is tremendous growth in the need for new baseload power. We’re seeing unprecedented growth,” Clark said.

The executives were speaking at a gathering of tech and energy companies at a conference in Oklahoma City organized by the Hamm Institute to discuss how the U.S. can address the growing energy needs for AI. There is a growing consensus in both industries that natural gas will be needed to meet the power needs.

This post appeared first on NBC NEWS

OKLAHOMA CITY — Amazon and Nvidia executives said Thursday that the construction of artificial intelligence data centers is not slowing down, as recession fears have some investors questioning whether tech companies will pull back on some of their plans.

“There’s been really no significant change,” Kevin Miller, Amazon’s vice president of global data centers, said at a conference organized by the Hamm Institute for American Energy. “We continue to see very strong demand, and we’re looking both in the next couple years as well as long term and seeing the numbers only going up.”

The comments run contrary to worrying buzz building on Wall Street about tech companies changing data center buildout plans. Wells Fargo analysts said Monday that Amazon Web Services is pausing some leases on data center commitments, citing industry sources. The magnitude of the pause was unclear, the analysts said, but the comments raised fears that Amazon was doing something similar to Microsoft’s recent move to pull back on some early stage projects.

Miller said “there’s been little tea leaf reading and extrapolating to strange results” about Amazon’s plans.

Nvidia is also not seeing signs of a slowdown, said Josh Parker, the chipmaker’s senior director of corporate sustainability.

“We haven’t seen a pullback,” Parker said. China’s artificial intelligence startup DeepSeek sparked a sell-off in power stocks earlier this year as investors worried that its artificial intelligence model is more efficient and data centers might need as much energy as originally anticipated.

But Parker said Nvidia sees computer and energy demand only rising due to AI, describing the reaction to DeepSeek as “kneejerk.” Anthropic co-founder Jack Clark said 50 gigawatts of new power capacity will be needed by 2027 to support AI. That is the equivalent of about 50 new nuclear plants.

“Anthropic and the other AI companies, what we’re seeing is tremendous growth in the need for new baseload power. We’re seeing unprecedented growth,” Clark said.

The executives were speaking at a gathering of tech and energy companies at a conference in Oklahoma City organized by the Hamm Institute to discuss how the U.S. can address the growing energy needs for AI. There is a growing consensus in both industries that natural gas will be needed to meet the power needs.

This post appeared first on NBC NEWS

U.S. spirit exports reached a record $2.4 billion in 2024, driven in large part by tariff concerns and ongoing global trade disputes.

That is according to the American Spirits Exports report published by trade association the Distilled Spirits Council of the United States on Thursday.

“U.S. spirits exports hit a new high in 2024, recapturing lost market share since the UK and EU lifted retaliatory tariffs that were applied between 2018-2021,” said DISCUS President and CEO Chris Swonger. “Unfortunately, ongoing trade disputes unrelated to our sector have caused uncertainty, keeping many U.S. distillers on the sidelines and curtailing sales growth.”

U.S. spirits exports to the EU surged by 39%, fueled by concerns over the potential return of a 50% tariff on American whiskey imports in 2025, which was suspended in 2022.

In March, Trump threatened to put 200% tariffs on French Champagne and other EU spirits, which led European world leaders — specifically from Ireland, France and Italy — to advocate for bourbon tariffs not to return as part of retaliatory measures.

The threat of that specific tariff has faded somewhat as the U.S. and EU continue trade negotiations.

Approximately 50% of U.S. spirits were exported to the EU — totaling $1.2 billion — making it the largest export market.

Exports to the rest of the world, however, declined by nearly 10%, the report found, which reflects the broader softening alcohol category.

Suntory Beam, the Japanese maker of Jim Beam bourbon whiskey, said in December it was preparing for tariffs by stockpiling supply in Europe. The company is already heavily reliant on France and the United Kingdom, which make up over 50% of its global exports market over the last eight years, according to global trade data from Panjiva.

Several of the top states for exports in 2024 are significant bourbon economies, according to the report.

Still, American whiskey exports, which accounted for 54% of all U.S. spirits exports, dipped 5.4% to $1.3 billion.

Swonger said that while outlook for spirits remains highly unpredictable with ongoing trade disputes, one fact rings true in the data: Exports go to countries that have eliminated tariffs.

“We are thankful for President Trump’s early success in securing India’s reduction of its tariff on Bourbon from 150% to 100%,” Swonger said. “It’s our hope that the administration builds on this positive momentum by securing additional tariff reductions in India and reducing trade barriers in other countries.”

Headwinds remain for the industry. Canada, the second largest market for U.S. spirits exports, imposed a 25% tariff in on alcohol coming over the border in March, and several provinces have removed product from shelves.

Distiller and brewers also face steel and aluminum tariffs that impact materials costs for brewers like Constellation Brands, which lowered long-term 2027 and 2028 guidance significantly around “the anticipated impact of tariffs.”

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