International Graphite (IG6:AU) has announced Japanese testwork achieves top results
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Lithium Universe (LU7:AU) has announced Becancour Lithium Refinery Definitive Feasibility Study
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Brightstar Resources (BTR:AU) has announced Excellent 90% recoveries at Cork Tree Well & Board Update
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Liberty Gold (TSX:LGD,OTCQX:LGDTF) plans to spin out its Goldstrike project, including the Antimony Ridge discovery, into a separate entity that will focus on strategic metals exploration and development in the US.
The company will continue developing its Black Pine oxide gold project in Idaho, while shareholders will gain exposure to a newly formed entity dedicated to antimony and gold assets in Utah.
In a Tuesday (February 11) press release, Liberty Gold said it has identified a third high-grade antimony zone at Antimony Ridge, located approximately 1.5 kilometers west of previously known mineralization.
The newly discovered zone extends over 400 meters, contributing to a cumulative mapped strike length exceeding 2 kilometers. Soil geochemical anomalies suggest a broader mineralized area spanning up to 5 kilometers.
Recent surface sampling in the new zone has yielded antimony values exceeding 3 percent and gold concentrations reaching 0.68 grams per metric ton. Additional sampling efforts are ongoing to further delineate the mineralized zone.
Further, three drill sites near the historic Lejaiv mine at Antimony Ridge are permitted, with additional applications underway to cover a larger portion of the mineralized trend. Liberty Gold has also expanded its land position at Antimony Ridge by staking an additional 2 square kilometers, increasing the total claim block to 10 square kilometers.
‘We believe that separating Liberty Gold into two independent entities will unlock significant shareholder value and maximize market exposure to both the Black Pine Oxide Gold Project in Idaho and to the new Antimony Ridge discovery at our Goldstrike Project in Utah,’ said Cal Everett, CEO and director at Liberty Gold, in the company’s release.
Future plans for Antimony Ridge include additional surface sampling, detailed field mapping and geophysical surveys.
A drill permit application is expected to be submitted in the first quarter of 2025 to evaluate the depth and lateral extent of mineralization. An initial drilling program of up to 5,000 meters is planned from 16 drill sites.
Discussions are also underway regarding processing options, including toll milling agreements and potential partnerships for establishing a dedicated US-based processing facility. The company is assessing funding opportunities through government grants to support the development of domestic antimony production.
The spinout transaction is expected to create distinct investment opportunities for shareholders, separating Liberty Gold’s oxide gold development from the new entity’s strategic metals focus. Additional details regarding the structure of the spinout and future exploration plans will be released as regulatory approvals progress.
Antimony market outlook
According to Research and Markets, the global antimony market is projected to grow from an estimated US$2.5 billion in 2024 to US$3.5 billion by 2030, reflecting a CAGR of 6.2 percent.
Overall, the Asia-Pacific region accounts for nearly 44 percent of global demand, driven by applications in flame retardants, lead-acid batteries and electronic components.
Antimony trioxide and pentoxide compounds are widely used in fire-resistant materials for construction, textiles and electronics. Antimony is also considered a strategic metal for military and defense applications.
Antimony-lead alloys play a key role in lead-acid batteries, which remain essential for automotive applications, backup power systems and renewable energy storage. While lithium-ion batteries dominate the electric vehicle market, lead-acid batteries continue to be used for auxiliary power and engine startup functions.
The stability of antimony demand is tied to its diverse industrial applications, which include plastics, coatings and glass manufacturing.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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The Board of Inca Minerals Limited (ASX: ICG) (Inca or the Company) is pleased to provide shareholders a progress report on due diligence associated with the recently announced (ASX 5 February 2025) Binding Implementation Agreement to acquire Stunalara Metals Limited (Stunalara) via an off market takeover bid. Stunalara’s key asset is the high-grade gold & gold- antimony Hurricane Project located approximately 110km west-northwest of Cairns and 75km southwest of Port Douglas in North Queensland. Hurricane boasts multiple undrilled high-grade gold & gold-antimony prospects developed from rock chip and grab sampling.
Inca’s technical team recently conducted a site visit as part of the due diligence process to confirm and replicate historical geochemical data, culminating with the collection and dispatch for assaying of 84 rock chip samples. Assays have now been received for those samples with exceptional results recorded for gold (Au) and antimony (Sb) at multiple prospects including Holmes, Cyclone, Tornado, Hurricane and Bouncer confirming the high-grade prospectivity of the Hurricane Project.
Assay Highlights (Refer to table 1, Appendix 1 for full results)
Assays with gold greater than 5g/t:
- Hurricane South – Sample MC0374: 81.5g/t Au
- Hurricane North – Sample MC0368: 12.95g/t Au
- Hurricane South – Sample MC0379: 11.9g/t Au
- Bouncer – Sample HRX10042: 8.29g/t Au and 12.7% Sb.
- Typhoon – Sample HRX10055: 7.84g/t Au
- Holmes – Sample HRX10083: 6.4g/t Au
- Holmes – Sample MC0392: 6g/t Au
- 2 other samples returned gold greater than 4g/t, three with grades over 3g/t and 12 with grades over 1g/t.
Highly anomalous levels of Antimony (Sb) were also recorded, which included:
- Bouncer – Sample HRX10029 with 35.1% Sb
- Bouncer – Sample HRX10036: 20.8% Sb
- Bouncer – Sample HRX10042: 12.75% Sb
- Bouncer – Sample HRX10037: 9.54% Sb
- Bouncer – Sample HRX10033: 7.78% Sb
- Holmes – Sample MC0393: 5.28% Sb, and
- Holmes – Sample MC0398: 4.89% Sb
29 samples returned highly anomalous arsenic values > 0.1% (>1000ppm As, up to 9840ppm in 1 sample).
“The identification of high-grade gold and antimony in rock chips across different locations which have never been drilled, highlights the significant exploration potential of the Hurricane Project for the discovery of gold and antimony. Inca Minerals is looking forward to progressing follow-up exploration programs to build on this significant rock chip data,” said Inca Exploration Manager, Dr Emmanuel Wembenyui.
In addition to gold, the Hurricane Project results include high levels (up to 35%) of antimony, a critical and new economy metal. Antimony is listed as a critical mineral by the United States, the European Union, Japan, India, the United Kingdom and the Commonwealth of Austalia. New economy metals are pivotal for modern technologies, economies and national security, providing direct support for technologies that are paving the way to the transition from fossil fuels to net zero emmisions , advanced manufacturing and defence technologies/capabilities amongst other applications.
HURRICANE PROJECT
Inca is pleased to report highly encouraging results from a geological reconnaissance field trip to the gold and antimony Hurricane Project. The Hurricane Project is located about 110km west-northwest of Cairns and 75km southwest of Port Douglas in North Queensland, Figure 1.
The Hurricane Project comprises three tenements – EPM 19437, which hosts the Holmes, Porphyry, Monsoon and Cyclone prospects, EPM 25855 in which are located the Hurricane and Tornado Prospects, and EPM 27518, which hosts the Bouncer prospect, Figure 1.
Geology of the Hurricane Project Regional Geology
The Hurricane Project area falls within the Mossman 1:250,000 and the Mount Mulligan 1:100,000 Queensland Geological map sheets. The regional geology traverses a wide Geological Timescale from the Devonian in the Hodgkinson Formation through granodiorite and rhyolitic Carboniferous and Permian intrusions to Triassic and Quaternary Sandstones. The Hodgkinson Formation comprises dark grey to greenish, fine to medium quartz greywackes interbedded with siltstones, mudstones and conglomerates. The Carboniferous to Permian granitic/granodiorite and rhyolite intrusions comprise a suite of felsic porphyritic intrusions. The main porphyritic bodies comprise medium to coarse-grained mineral crystals including euhedral hornblende- biotite, k-feldspar and quartz, which locally grade into fine-grained silicified granites.
Local Geology
The three tenements which make up the Hurricane Project are structurally set within two major NW-SE trending faults, being the Hurricane Fault and the Retina Fault. The Hodgkinson Formation dominates these tenements and comprises of tightly folded greywackes, siltstones, shales, cherts, conglomerates and limestones. Locally within the Hurricane Project are 2 felsic intrusions, which occur in EPM 19437 and are predominantly porphyritic granites. These intrusions are the major source of heat, which mobilised hydrothermal fluids to interact with surrounding country rock, leading to widespread alteration in the form of silicification, sericite and carbonates, and account for the deposition of epithermal gold, silver, and antimony mineralised veins. Epithermal gold deposits are strongly associated with hydrothermal fluids that are related to calc-alkaline volcanism and magmatism. Plots of La-Y-Nb on the ternary diagram of Cabanis and Lecolle, 1989; shows that the Hurricane Project falls within the Arc Calc-Alkaline geo-tectonic setting, supporting an epithermal exploration model for the project (Figure 2). Epithermal gold could be low or high sulfidation, depending on mineralogy and can occur as veins, stockworks, replacements or disseminations. Mineralisation within the project area is associated with variably altered, silicified and brecciated quartz veins ranging in widths from 2 to >50m and lengths over 700m. The mineralogy of the Hurricane Project which includes gold, antimony, silver, very limited sulphur, +/- lead and zinc, leans towards the low sulfidation model.
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Breakfast specialists Denny’s will accelerate planned store closures in 2025 amid continued consumer shifts toward preferences for fast-food and take-out options.
On an earnings call Wednesday, CFO Robert Verostek said the closures would incorporate a mix of poorly performing restaurants and ones with expiring leases.
According to industry publication Restaurant Dive, the new closures represent about 30 more from a previously planned shuttering of 150 locations.
Denny’s remains publicly traded; today, its shares are worth less than $5, compared to the most recent high of about $24 seen in 2019.
The brand ended last year with 1,334 U.S. stores, with most located in Arizona, California, Florida and Texas.
An investor presentation by Denny’s in October showed ‘family dining’ options like Denny’s were losing more foot traffic than any other dining-out category.
Other brand-names in the family-dining group seeing declining fortunes include Applebee’s, Hooter’s, Outback Steakhouse and TGI Friday’s. Some notable exceptions include Chili’s and Texas Roadhouse, which analysts say have benefited from improved value perception and investments in customer service.
And even as it accelerates closures, Denny’s is still planning openings, with at least 14 slated for this year; as well as some location refurbishments.
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The Indian equity markets remained under pressure over the past five sessions, witnessing sustained weakness throughout the week. The Nifty50 faced resistance at key levels and struggled to find strong footing as it tested crucial support zones on two separate occasions. Market volatility surged significantly, with India VIX rising by 9.72% to 15.02, signaling heightened uncertainty. The index moved within a wider-than-usual trading range of 793.75 points, reflecting increased turbulence. By the end of the week, the Nifty had recorded a net weekly loss of 630.70 points, equivalent to a decline of 2.68%.
The upcoming week holds significant importance as the index approaches critical technical levels. The 22,800 mark is particularly crucial, as any decisive violation of this support is likely to invite further downside pressure. On the upside, strong resistance is expected at 23,500 and higher levels, making it unlikely for even the best technical rebounds to extend beyond this point. The market’s reaction to the 22,800 level will play a vital role in determining its short-term trajectory. A breach of this level could open the door to additional weakness, intensifying selling pressure.
Given the prevailing conditions, the new trading week may witness a subdued start. The immediate resistance levels are expected to emerge at 23,150 and 23,400, while key support levels are positioned at 22,700 and 22,450. These levels will serve as crucial markers in assessing the index’s directional bias over the next few sessions.
From a technical perspective, the Relative Strength Index (RSI) on the weekly chart stands at 40.40, forming a 14-period low and displaying a clear bearish divergence. This signals weakening momentum and suggests that market sentiment remains fragile. Additionally, the weekly Moving Average Convergence Divergence (MACD) indicator is bearish, as it trades below the signal line, further confirming the downtrend.
A detailed pattern analysis indicates that the Nifty faced resistance at the 50-week moving average and subsequently resumed its downward movement. The inability to sustain gains above this crucial moving average reinforces the broader weakness in the market structure. If the index slips below 22,800, it could trigger further declines, potentially leading to deeper corrections in the near term.
Market participants should approach the coming sessions with heightened caution, considering the overall technical setup. The 22,800 level remains a key pivot, and any decisive breach could accelerate selling pressure. Given the prevailing conditions, it is advisable to use any technical rebound as an opportunity to protect profits rather than aggressively chase fresh long positions. New buying should be undertaken selectively, with a strong emphasis on risk management. Leveraged exposures should be kept at modest levels to navigate the increased volatility effectively. With market sentiment appearing fragile and downside risks persisting, a highly cautious approach remains warranted in the near term.
Sector Analysis for the coming week
In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.
Relative Rotation Graphs (RRG) show that the Nifty Financial Services index has rolled back inside the leading quadrant. Besides this, the Nifty Bank Index is the only index that is inside the leading quadrant. These groups may continue to outperform the broader markets relatively.
The Nifty Services Sector Index and the Pharma Index are inside the weakening quadrant. However, they are seen improving on their relative momentum. Apart from this, the Midcap 100 and the IT index are inside the weakening quadrant.
The Media Index continues languishing inside the lagging quadrant along with the PSE and the Realty Index. They may relatively underperform the broader markets. The Energy Sector Index is also inside the lagging quadrant, but its relative momentum is improving.
The Nifty Commodities, Consumption, FMCG, Auto, and the Metal index are inside the improving quadrant. They may continue improving their relative performance against the broader markets. The PSU Bank index is also inside the improving quadrant, but it is seen sharply giving up on its relative momentum, and it is expected to underperform the broader Nifty 500 index relatively.
Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.
Milan Vaishnav, CMT, MSTA
Consulting Technical Analyst
It was another mildly bullish week as our major indices climbed very close to new, fresh all-time highs. We also saw a return to growth stocks as we approached breakout levels, which is a good signal as far as rally sustainability goes. Despite this, there remain reasons to be cautious and I’ll point out a couple of those reasons below.
Negative Divergences
The S&P 500 ($SPX) and NASDAQ 100 ($NDX) both seem to be losing bullish price momentum on their respective weekly charts, which can be seen below:
$SPX
$NDX
The price momentum on both indices is slowing and eerily similar to late 2021, just before the cyclical bear market of 2022. Let me be clear that I do NOT believe we’re heading into a cyclical bear market. I don’t see that extent of potential weakness ahead. I do see increased risks of a 5-10% drop, however, and that’s why I’m cautious.
Is This Current Rally Truly Sustainable?
Sometimes a little common sense and perspective goes a very long way. Over the last 75 years, the S&P 500 has averaged gaining 9% per year. So when you go through short-term periods that show gains well in excess of that 9% average, you should at least be thinking there’s the risk that the S&P 500 will fall back and “reversion to the mean”, which is a mathematical concept that describes the tendency of extreme results to move closer to the average. We’ve seen a tremendous rally since the summer correction of 2023. Let’s look at the last 68 weeks (since the correction low in late-October 2023) of return on both the S&P 500 and NASDAQ 100 and compare it to the history of 68-week rates of change (ROC) to gain a sense of this current rally and its sustainability:
$SPX
$NDX
You can look at these two charts and make your own judgement and draw your own conclusions, but, outside of the late-1990s, 68-week ROCs above 50% on the S&P 500 and 60% on the NASDAQ 100 suggest a short-term pullback is more likely, not guaranteed.
Now The Good News
While bullish price action and momentum may seem to be slowing, the long-term monthly PPO on both of these indices is definitely on the rise, which, in my view, limits any short-term downside to the 20-month EMA. I’ll just show the S&P 500 monthly chart, but this will highlight the likelihood that any future selling, if it occurs (no guarantee), holds 20-month EMA support:
$SPX
This chart takes us back 25 years to the turn of the century. The yellow areas highlight poor (below zero) or declining PPOs. During these periods, I’d ignore 20-month EMA support and be cautious. However, the blank periods highlight a rising monthly PPO, during which we rarely see price fall below the rising 20-month EMA. This is where we currently stand. Most pullbacks over the last 25 years, when the monthly PPO is above zero and rising, have fallen short of actual 20-month EMA tests. In other words, we should view a 20-month EMA test as a “worst case” scenario.
The next market decline should be viewed as an OUTSTANDING opportunity to enter this secular bull market.
Stick With Strength
Since we began rolling out our Portfolios quarterly, we’ve had to overcome cyclical bear markets in Q4 2018 (trade war), March 2020 (pandemic), and the first 9-10 months of 2022 (rising inflation and rising interest rates), and a 3-month correction during the summer of 2023. We’ve remained fully invested and have CRUSHED the S&P 500. In fact, below is a graph that highlights our Model Portfolio performance since its inception in November 2018 (in the middle of the trade war!) through the end of January 2025:
We’ve demonstrated the best way to beat the S&P 500, which is to invest in leading relative strength stocks. It’s the only proven method that’s worked for us at EarningsBeats.com. We “draft” our 10 favorite relative strength stocks in various sectors and industry groups and hold them for one entire earnings cycle, then rinse and repeat. Our last quarter’s “draft” picks have annihilated the S&P 500, +15.15% vs. 3.34%.
You can check out our Model Portfolio holdings for the last 3 months below:
8 of our 10 Model Portfolio stocks outperformed the S&P 500, a few by a very wide margin. Owning relative strength stocks like PLTR, CLS, and TPR will completely carry a portfolio and lead to outstanding returns.
Our “quarterly” results are calculated over the following periods:
- February 19 – May 19
- May 19 – August 19
- August 19 – November 19
- November 19 – February 19
The reason we calculate our quarterly returns using the above time periods is that we select our stocks each quarter on February 19, May 19, August 19, and November 19. By the time we reach these dates, most key market-moving companies have reported their quarterly results and fundamental data like earnings is factored into our portfolio selections just as much as technical considerations. That fundamental/technical combination is one factor that separates us from others and we do this because my background is public accounting. I don’t stray far from my core beliefs. I believe management’s execution of their business strategies/plan and beating revenue and EPS estimates is a huge component of its stock’s upside potential.
On Monday, February 17th, we’re holding our next DRAFT. We will be announcing the 10-equal weighted stocks in each of our portfolios designed to beat the S&P 500 over the next 3-month period. You’re quite welcome to join us. It might change your way of investing and improve your results immediately. CLICK HERE for more information and to register!
Happy trading!
Tom
Planned Parenthood caught the internet’s attention on Thursday after all of its Instagram posts were deleted within hours of Health and Human Services (HHS) Secretary RFK Jr.’s swearing in.
The organization, in an apparent nod to this move, posted a pair of eyes on a black background on its Instagram story with no explanation.
On Friday, Planned Parenthood posted another story, an animated gif with the words ‘I bet you thought you’d seen the last of me,’ and later there were just three posts on its Instagram page, all about condom use.
As speculation swirled about the mysterious disappearance of the posts, many pro-life advocates started to call for the defunding of Planned Parenthood. This also comes just days after a conservative watchdog nonprofit founded by former President Mike Pence, urged the Department of Government Efficiency (DOGE) to cut federal spending on Planned Parenthood.
‘For the sake of the American people and generations yet unborn, the time has come for the United States to finally defund the largest abortion provider in America,’ Tim Chapman, president of Advancing American Freedom, wrote in a letter to Elon Musk.
Planned Parenthood health centers received nearly $22 billion in HHS grants and $53 billion from public health programs from 2019 to 2021, according to a report by the Government Accountability Office.
During his confirmation hearing, Kennedy said that he believes ‘every abortion is a tragedy,’ and expressed support for President Donald Trump’s assertion that states should handle the issue.
‘I agree with President Trump that every abortion is a tragedy,’ Kennedy said. ‘I agree with him that we cannot be a moral nation if we have 1.2 million abortions a year. I agree with him that the states should control abortion. President Trump has told me that he wants to end late-term abortions, and he wants to protect conscience exemptions.’
Kennedy, who has expressed support for abortion in the past, vowed to implement Trump’s policies.
With Kennedy at the helm of HHS and Elon Musk at DOGE, pro-choice advocates fear that Planned Parenthood will be on the chopping block.
On Feb. 3, Planned Parenthood Federation of America put out a statement warning that ‘defunding’ the organization could put patients at risk of losing access to ‘sexual and reproductive care.’
Planned Parenthood Federation of America said that in 2022 the organization treated 2.05 million patients. The services mentioned in the organization’s included more than 4.6 million STI tests, nearly 213,000 breast exams and more. However, no data on the number of abortions performed in that time was listed.
Planned Parenthood did not respond to a Fox News request for comment.
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SpaceX CEO Elon Musk’s efforts at President Donald Trump’s Department of Government Efficiency (DOGE) have revealed a number of examples of government waste that have dominated headlines in recent weeks, as his team continues to audit the federal government despite Democrat opposition.
Here are some of the top-lines from DOGE’s findings:
Musk reveals ‘Iron Mountain’ mine nightmare
Musk revealed this week that DOGE is investigating a limestone mine in Pennsylvania where federal employee retirements are processed manually.
‘Federal employee retirements are processed using paper, by hand, in an old limestone mine in Pennsylvania. 700+ mine workers operate 230 feet underground to process ~10,000 applications per month, which are stored in manila envelopes and cardboard boxes. The retirement process takes multiple months,’ Musk announced on X.
Musk said only 10,000 federal employees can retire a month because it takes so long to process the paperwork and sort through the millions of manila envelopes. He described the ‘Iron Mountain’ mine as a ‘time warp’ slowing down a completely manual federal retirement process.
‘The limiting factor is the speed at which the mine shaft elevator can move, determines how many people can retire from the federal government. The elevator breaks down sometimes, and then nobody can retire. Doesn’t that sound crazy?’ Musk told reporters in the Oval Office on Tuesday.
DOGE-inspired EPA locates $20 billion in waste
The Environmental Protection Agency (EPA), inspired by DOGE’s crackdown on federal spending, said it had located $20 billion in tax dollars within the agency that the Biden administration reportedly ‘knew they were wasting.’
‘An extremely disturbing video circulated two months ago, featuring a Biden EPA political appointee talking about how they were ‘tossing gold bars off the Titanic,’ rushing to get billions of your tax dollars out the door before Inauguration Day,’ EPA administrator Lee Zeldin said in a video posted to X on Wednesday, citing another video from December.
The EPA found that just eight agencies were controlling the distribution of tens of billions of taxpayer dollars to different entities ‘at their discretion,’ such as the Climate United Fund, which reportedly received just under $7 billion.
‘The ‘gold bars’ were tax dollars, and ‘tossing them off the Titanic’ meant the Biden administration knew they were wasting it,’ Zeldin said, vowing to recover the ‘gold bars’ that were found ‘parked at an outside financial institution.’
Zeldin said that the ‘scheme was the first of its kind in EPA history, and it was purposely designed to obligate all the money in a rush job with reduced oversight.’
In a Fox News interview, the EPA administrator praised DOGE’s work at the agency and said that the cost-cutting department is ‘making us better.’
‘They come up with great recommendations, and we can make a decision to act on it,’ Zeldin said.
DHS clawing back
The Federal Emergency Management Agency (FEMA), the government’s leading disaster-relief arm, gave over $59 million to house illegal immigrants in luxury New York City hotels just last week, DOGE uncovered.
The spending was exposed by Musk on Monday, who wrote in a post on X that ‘sending this money violated the law and is in gross insubordination to the President’s executive order,’ which put FEMA under review to improve the agency’s ‘efficacy, priorities and competence.’
Of the $59.3 million, $19 million was for direct hotel costs, while the balance funded other services such as food and security, a New York City Hall spokesperson confirmed to Fox.
One day after the spending was uncovered by DOGE, the Department of Homeland Security (DHS) confirmed that ‘Secretary [Krisit] Noem has clawed back the full payment that FEMA deep state activists unilaterally gave to NYC migrant hotels,’ a DHS spokesperson told Fox News Digital.
Shortly afterward, Trump, in a Truth Social post on Tuesday, suggested that FEMA should be abolished.
‘FEMA spent tens of millions of dollars in Democrat areas, disobeying orders, but left the people of North Carolina high and dry. It is now under review and investigation,’ the president declared.
‘THE BIDEN RUN FEMA HAS BEEN A DISASTER. FEMA SHOULD BE TERMINATED! IT HAS BEEN SLOW AND TOTALLY INEFFECTIVE. INDIVIDUAL STATES SHOULD HANDLE STORMS, ETC., AS THEY COME. BIG SAVINGS, FAR MORE EFFICIENT!!!’ the president added.
Pentagon wasted thousands on coffee cups and soap dispensers
The Pentagon’s $850 billion budget could be next up on the bureaucratic chopping block. Fox News Digital reported this week accusations of waste and inefficiency within the U.S.’s largest discretionary budget.
The Defense Business Board found in 2015 that the Department of Defense could save $125 billion over five years by renegotiating service contracts and consolidating bureaucratic processes.
A congressional inquiry in 2018 found the Air Force was spending $1,300 for each reheatable coffee cup aboard one of its aircraft. The Air Force spent $32,000 replacing 25 cups, according to Sen. Chuck Grassley, R-Iowa.
A two-year audit by the Defense Department Inspector General last year found that Boeing overcharged the Air Force by 8,000% for soap dispensers. They overpaid by $149,072.
Trump’s new defense secretary, Pete Hegseth, said he welcomes DOGE at the Department of Defense.
‘We will partner with them. It’s long overdue. The Defense Department’s got a huge budget, but it needs to be responsible,’ Hegseth told Fox News.
Questionable spending in USAID’s $40 billion budget, including ‘Sesame Street’ in Iraq
Sen. Joni Ernst, R-Iowa, the Senate DOGE Caucus Chairwoman, who says she speaks to Musk about spending cuts every few days, recently published a list of projects and programs she says the U.S. Agency for International Development (USAID) has helped fund across the years.
Ernst described ‘wasteful and dangerous’ spending that had gripped taxpayers until DOGE stepped in.
Ernst highlighted that the agency ‘authorized a whopping $20 million to create a ‘Sesame Street’ in Iraq.’
Under the Biden administration, USAID awarded $20 million to a nonprofit called Sesame Workshopto produce a show called ‘Ahlan Simsim Iraq’ in an effort to ‘promote inclusion, mutual respect and understanding across ethnic, religious and sectarian groups.’
Several more examples of questionable spending have been uncovered at USAID, including more than $900,000 to a ‘Gaza-based terror charity’ called Bayader Association for Environment and Development and a $1.5 million program slated to ‘advance diversity, equity and inclusion in Serbia’s workplaces and business communities.’
Fox News Digital’s Morgan Phillips and Emma Colton contributed to this report.
Fox News Digital’s Morgan Phillips contributed to this report.
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