Archive

June 12, 2025

Browsing

Joe kicks off this week’s video with a multi‑timeframe deep dive into the 10‑year U.S. Treasury yield (TNX), explaining why a sideways coil just below the 5% level could be “downright scary” for equities. From there, he demonstrates precise entry/exit timingwith a combination of ADX, MACD, and RSI. Joe also covers the short-term divergence developing in the QQQ, takes a look at the IWM, and wraps up with some analyses of this week’s viewer symbol requests, including INTC, MU, and more.

The video premiered on June 11, 2025. Click this link to watch on Joe’s dedicated page.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

E-Power Resources Inc (CSE: EPR) (FSE: 8RO) (‘E-Power’ or the ‘Company’) announces its intention to complete a flow-through non-brokered private placement to raise gross proceeds of up to $150,000 (the ‘FT Offering’). The Company will also complete a Hard Dollar Private Placement to raise gross proceeds of up to $50,000 (the ‘Hard Dollar Offering’).

Securities to be issued pursuant to the FT Offering shall consist of an amount of up to 3,000,000 units of the Company (the ‘FT Units‘) issued at a price of $0.05 per FT Unit, each FT Unit being comprised of one common share in the capital of the Company (each a ‘FT Share‘) that will qualify as ‘flow-through shares’ (within the meaning of subsection 66(15) of the Income Tax Act (Canada)), and one-half Warrant, each Warrant entitling its holder thereof to acquire one Share at a price of $0.10 per Share for a period of 5 years from the closing date of the FT Offering.

The Hard Dollar Offering units ‘Hard Dollar Units’ shall consist of 1,000,000 units of the Company issued at a price of $0.05 per Hard Dollar Unit. Each Hard Dollar Unit shall consist of one common share in the capital of the Company and one full Warrant, each Warrant entitling its holder thereof to acquire one Share at a price of $0.10 per Share for a period of 5 years from the closing date of the Hard Dollar Offering.

In connection with both the FT Offering and Hard Dollar Offering, the Company may pay cash finder’s fees and issue broker warrants. The securities issued in connection with the FT Offering and Hard Dollar Offering are subject to the applicable statutory four-month and one-day hold period.

Net proceeds from the FT Offering will be used by the Company to incur eligible ‘Canadian exploration expenses’ that will qualify as ‘flow-through mining expenditures,’ as defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act (Quebec) (the ‘Qualifying Expenditures‘), related to the Company’s Tetepisca Graphite Property, located in the Tetepisca Graphite District of the North Shore Region of Quebec, on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers to the FT Offering effective December 31, 2025. ‎ In addition, with respect to Quebec resident subscribers of FT Shares and who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the ‘exploration base relating to certain Quebec exploration expenses’ within the meaning of section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the ‘exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses’ within the meaning of section 726.4.17.2 of the Taxation Act (Quebec).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (‘NI 45-106‘), the FT Shares and FT Units will be offered by way of private placement pursuant to applicable exemptions from NI 45-106. The FT Offering and Hard Dollar Offering are expected to close on or about June 20, 2025 (the ‘Closing Date‘), subject to the satisfaction or waiver of the customary closing conditions, including the approval of the Canadian Securities Exchange (‘CSE‘).

The securities to be offered pursuant to the FT Offering and Hard Dollar Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About E-Power Resources Inc.

E-Power Resources Inc. is an exploration stage company engaged principally in the acquisition, exploration, and development of graphite properties in Quebec. Its flagship asset, the Tetepisca Graphite Property, is located in the Tetepisca Graphite District of the North Shore Region of Quebec, approximately 215 kilometers from the Port of Baie-Comeau. For further information, please refer to the Company’s disclosure record on SEDAR (www.sedarplus.ca) or contact the Company by email at info@e-powerresources.com.

On Behalf of the Board of Directors

James Cross
President & CEO
+1 (438) 701-3736
info@e-powerresources.com

Disclaimer for Forward-Looking Information

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance are ‘forward-looking statements.’ These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255269

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

Peter Krauth, editor of Silver Stock Investor and Silver Advisor, outlines the factors driving silver’s recent price run, which has pushed the white metal to levels not seen in over a decade.

In his view, the current macroeconomic environment is combining with short supply and strong demand dynamics to create a ‘perfect storm.’

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

This post appeared first on investingnews.com

Energy sector innovators took center stage on Wednesday (June 11), with Eclipse Automation securing major deals in nuclear infrastructure, and Oklo (NYSE:OKLO) snagging a key US clean energy contract.

Eclipse Automation, part of Accenture (NYSE:ACN), has secured multiple contracts to design, manufacture and supply advanced automated tooling and equipment for upcoming CANDU nuclear reactor refurbishment projects.

The projects are at the Cernavoda plant in Romania and the Qinshan facility in China, and the agreements include automated inspection units, radioactive-handling systems, reactor-assembly tools and a remote-control center.

Based in Cambridge, Ontario, and backed by Accenture’s global footprint, Eclipse Automation is working to bolster nuclear safety and efficiency with cutting-edge technology.

“In the last decade, Eclipse has delivered automated solutions and equipment to support nuclear refurbishment work at the Embalse reactor in Argentina, and at the Darlington and Bruce nuclear generating stations in Canada,” said Steve Mai, CEO of Eclipse Automation, in the company’s press release.

Putting the ‘Can’ in CANDU

Canada’s CANDU (Canada deuterium uranium) reactors trace their origins back to the 1950s, with the first commercial unit, NPD, launching in 1962 using heavy water moderation and natural uranium fuel. Featuring pressure tubes and online refueling, CANDUs allow continuous operation, unlike light-water reactors that require shutdowns.

Today, 19 CANDU reactors operate in Canada, primarily in Ontario and New Brunswick, and over a dozen more are deployed abroad in South Korea, Romania, China, Argentina and India.

The design is prized for high reliability, clean power and the ability to burn natural uranium and alternative fuels.

Canada and other countries are now investing in life extensions and advancing next-generation designs like the Enhanced CANDU-6, the Advanced CANDU reactor and small modular reactors, supported by federal funding to sustain a domestic supply chain and global competitiveness.

Defense department eyes microreactors

Elsewhere, advanced nuclear company Oklo received a notice of intent to award from the US Department of Defense to deploy its Aurora microreactor at Eielson Air Force Base in Alaska.

The project, which will be led by the Defense Logistics Agency Energy, will serve as the Air Force’s pilot for enhancing energy resilience at remote sites. Under a long-term power purchase agreement, Oklo will design, build, own and operate the reactor, supplying both electricity and heat. The Aurora system uses fast reactor technology to deliver continuous, off-grid power — ideal for mission-critical infrastructure.

‘This Notice of Intent to Award reflects continued confidence in Oklo’s ability to deliver clean and secure energy solutions for mission-critical infrastructure,’ said Jacob DeWitte, co-founder and CEO of Oklo. ‘We are honored to support national defense resilience objectives while demonstrating the value of US-pioneered fast reactor technology.’

These contracts reflect a global resurgence in nuclear energy as countries look for ways to power their expanding grids with clean energy.

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

This post appeared first on investingnews.com

FireFly Metals (ASX:FFM,TSX:FFM,OTC Pink:MNXMF) has attained firm commitments to raise up to about AU$95 million, giving it a total of AU$135 million for its multi-pronged growth strategy.

The company highlighted on Tuesday (June 10) that the equity financing will be completed via the issuance of approximately 94.7 million fully paid ordinary shares; it will receive around AU$1 per new share.

The funds will be raised via three transactions, with the first being an AU$11.2 million charity flow-through placement to Canadian investors. This will be followed by a AU$54.9 million two-tranche institutional placement, as well as a AU$28.8 million fully underwritten Canadian bought-deal offering with BMO Capital Markets.

Alongside the equity raising, FireFly is inviting shareholders to participate in a non-underwritten share purchase plan (SPP) that can potentially raise up to AU$5 million before costs.

Proceeds of the equity raising and the SPP will collectively be allotted to advance the Green Bay copper-gold project in Canada, including transaction costs and working capital.

Located in the Baie Verte district of Northeast Newfoundland on Canada’s east coast, Green Bay was acquired by FireFly in August 2023. Green Bay includes Ming underground mine, which was mined between 1972 and 1982, with activity restarting in 2012. Historic production totaled 6.7 million metric tons (MT) at 2 percent for 134,000 MT of copper.

Measured and indicated resources at Ming are at 21.5 million MT at 1.8 percent for 307,000 MT of copper equivalent, while inferred resources are at 28.4 million MT at 2 percent for 576,000 MT of copper equivalent.

FireFly began drilling at Ming in October 2023, completing 79 drill holes across 37,110 meters within a year.

“The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper-gold projects,” said FireFly Managing Director Steve Parsons in the company’s press release.

He called the asset, alongside FireFly’s exploration team and AU$135 million in funding, “the ideal recipe for growth.”

FireFly states on its website that it will continue with its low-cost rapid resource growth strategy, with the underground exploration drill drive at the Ming deposit to be extended during this year.

The company debuted on the Toronto Stock Exchange in December 2024.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Wednesday (June 11) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$108,710, a slight decrease of 0.8 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$108,574 and a high of US$110,269.

Bitcoin price performance, June 11, 2025.

Chart via TradingView.

Bitcoin has surged over 10 percent since June 5, briefly reaching US$110,000 on Wednesday.

If Bitcoin breaks its US$112,000 all-time high, analysts believe it could make a rapid rise to US$114,000, with further gains predicted if momentum continues. Experts’ targets range from US$120,000 to US$150,000 in the short term, while long-term forecasts sit between US$1 million and US$2.4 million.

This week’s on-chain analysis from Glassnode shows a deviation from past bull markets, with long-term holders continuing to buy instead of selling. This points to growing institutional interest and a shift toward long-term thinking. Price swings are unusually low, suggesting a stable market, but moves could be sharp if demand shifts.

Ethereum (ETH) ended the day at US$2,810.96, a 1.6 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,796.60 and saw a daily high of US$2,870.74

Altcoin price update

  • Solana (SOL) closed at US$162.72, down 0.5 percent over 24 hours. SOL experienced a low of US$163.05 and reached a high of US$167.80 on Wednesday.
  • XRP was trading at US$2.29, down by 0.3 percent to its lowest valuation in 24 hours. The cryptocurrency reached a high of US$2.33 for the day.
  • Sui (SUI) was trading at US$3.42, showing a decreaseof 0.7 percent over the past 24 hours and its lowest valuation of the day. It peaked at US$3.51.
  • Cardano (ADA) closed at its lowest price of the day at US$0.7041, down 0.5 percent over the past 24 hours. Its highest valuation was US$0.7285.

Today’s crypto news to know

Experts make ETF approval calls

Bloomberg exchange-traded fund (ETF) analysts Eric Balchunas and James Seyffart are calling for a ‘potential Alt Coin ETF Summer,’ according to a note released on Wednesday.

“Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs,” an X post from Balchunas states.

They predict that the US Securities and Exchange Commission (SEC) could approve exchange-traded funds (ETFs) tracking broad crypto indexes by July. The SEC could also “act early on spot Solana and staking ETF filings” after REX-Osprey filed for Solana and Ethereum ETFs with staking components using a C-Corp structure on May 30.

Seyffart and Balchunas now place the approval odds of SOL and Litecoin ETFs at 90 percent. Spot Solana ETF approval odds also jumped to 91 percent on Wednesday on Polymarket.

Stripe to acquire Privy

Stripe has announced plans to acquire Privy, a specialized cryptocurrency wallet infrastructure developer, for an undisclosed amount in a deal signaling Stripe’s deepening involvement in the digital asset space.

Under the terms of the purchase, Privy will operate as a subsidiary within Stripe, focusing on providing infrastructure for developers engaged in building solutions on cryptocurrency rails. According to Privy’s announcement, this transition to Stripe’s umbrella will empower the company with “more resources, flexibility, and firepower.”

Privy’s core expertise lies in offering comprehensive infrastructure for companies involved in the development and management of digital asset wallets. Its tech enables millions of secure crypto wallets on a global scale.

This acquisition aligns with the broader trend of established financial institutions and tech giants integrating blockchain and cryptocurrency technologies into their portfolios.

Ukraine considers adding crypto to national reserves

The Verkhovna Rada, Ukraine’s parliament, received a draft bill on Tuesday (June 10) that proposes modifications to banking laws. These changes would permit the National Bank of Ukraine to incorporate cryptocurrencies into its reserves, standing alongside gold and foreign currencies. According to Yaroslav Zhelezniak, a member of parliament who confirmed the introduction of the bill via Telegram, bill 13356 would allow crypto to be included, but the central bank would retain full discretion over how much of its reserves to allocate to crypto and would not be required to add it.

Zhelezniak clarified in a video interview with Kyrylo Khomiakov, Binance’s regional head for Central and Eastern European countries and Central Asia, that while the draft bill has been introduced, the Ukrainian government isn’t pushing for cryptocurrency, but wants to keep pace with its increasing global usage.

“This story has the right to life, and, as we see, many countries are implementing it,” he said.

Bullish confidentially files for US IPO amid pro-crypto climate

Crypto exchange Bullish has confidentially filed for a US initial public offering (IPO), signaling renewed optimism in digital assets as Donald Trump’s administration ushers in a more crypto-friendly regulatory landscape.

Backed by billionaire Peter Thiel and led by former NYSE President Tom Farley, Bullish’s IPO plans mark a major comeback after its failed SPAC merger in 2021. The company’s move follows Circle’s (NYSE:CRCL) blockbuster US$1.1 billion IPO and coincides with a wave of new filings, including Gemini’s confidential application last week.

Jefferies is slated to lead underwriting for Bullish, though the bank has declined to comment.

Ondo brings tokenized US treasuries to XRP ledger

Ondo Finance has launched its tokenized short-term US Treasury product, OUSG, on the XRP Ledger (XRPL), using Ripple’s new RLUSD stablecoin for settlement. This marks the first time tokenized Treasuries are accessible on XRPL, allowing institutional investors to mint and redeem around the clock with instant settlement.

OUSG provides exposure to low-risk, short-term Treasuries and is already live on Ethereum and Solana, with a combined US$670 million in assets across chains. With US$30 million in total value locked already on XRPL, this expansion could significantly scale institutional DeFi on public ledgers.

Strategy hit with lawsuit over alleged misleading Bitcoin strategy

Strategy (NASDAQ:MSTR) is facing a class-action lawsuit alleging that the Michael Saylor-led firm misled shareholders about the risks of its Bitcoin-heavy investment approach.

Law firm Levi & Korsinsky filed the suit on Tuesday, calling on investors who bought shares between April 2024 and April 2025 to join the case, with a lead plaintiff deadline set for July 15.

The complaint cites the company’s recent US$5.91 billion unrealized loss due to Bitcoin’s volatility and claims executives downplayed risk while hyping upside potential. On April 7, the company dropped nearly 9 percent after disclosing a Q1 loss; by May 1, Strategy had formally admitted to the nearly US$6 billion hit.

A second lawsuit, filed by Anas Hamza, is also underway for alleged violations of the Securities Exchange Act.

Saylor has defended the firm’s strategy, arguing that its capital structure is resilient even in the face of a 90 percent Bitcoin crash. Strategy has not issued an official comment on the lawsuits.

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

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

This post appeared first on investingnews.com

At least 49 people are confirmed dead after flooding hit South Africa, including children whose school bus was swept away during the extreme weather, officials said.

An intense cold front has ripped across parts of South Africa, bringing rain and snow and triggering floods.

In the Eastern Cape, one of the hardest-hit provinces, floodwaters have forced many people out of their homes, causing power outages and road closures, according to the provincial authority.

Earlier on Wednesday, the state broadcaster SABC reported that a school bus was swept into a river in Decoligny village on Tuesday morning while en route to school.

The provincial government said that 13 people, including pupils, their driver, and his assistant, were on the bus.

“Sadly four of those learners have been confirmed to be deceased together with the driver and the conductor of the mini-bus”, Eastern Cape premier Lubabalo Oscar Mabuyane said in a briefing Wednesday afternoon.

Four others remain missing, he said, adding that rescue teams were still searching for more bodies.

President Cyril Ramaphosa’s office said in an earlier statement that three children were rescued from the vehicle during a condolence message to bereaved families.

South Africa has grappled with flooding in recent years with some of them deadly.

In 2022, floods fueled by heavy downpours left up to 400 people dead in Durban and the KwaZulu-Natal province.

This post appeared first on cnn.com

The bodies of two deceased hostages were recovered from southern Gaza in a military operation, the Israel Defense Forces (IDF) and Shin Bet security agency announced Wednesday evening.

Yair Yaakov was killed during by Islamic Jihad militants during the Hamas-led terror attack on October 7, 2023. Yaakov, who was 59 years old at the time, was killed in Kibbutz Nir Oz and his body taken into Gaza.

His partner, Meirav Tal, and two of his children were taken hostage and subsequently released during a previous hostage agreement.

The body of an additional hostage has also been recovered, according to the IDF and Shin Bet, but the second name has not yet been made public at the request of the family.

“Together with all the citizens of Israel, my wife and I extend our heartfelt condolences to the families who lost their dearest,” said Prime Minister Benjamin Netanyahu in a statement.

“Alongside the pain and mourning, we feel a measure of relief knowing that the two will be laid to rest with dignity — and that the unbearable suffering their loved ones have endured for 614 days may now be eased, if only slightly,” said the Hostages and Missing Families Forum in a statement.

“We repeat our demand to the decision-makers to reach a full and comprehensive agreement that will bring home all 53 remaining hostages — even if that requires ending the fighting.”

The recovery of these two bodies comes less than a week after the Israeli military recovered the bodies of Judy Weinstein-Haggai, 70, and Gadi Haggai, 72, who were also killed during the attack on Nir Oz. Last week, the Israeli military also recovered the body of Thai hostage Nattapong Pinta.

According to the Hostages and Missing Families Forum, 53 hostages remain in Gaza, one of whom has been held since 2014. Of these, at least 20 are believed to be alive and 31 dead, according to the Israeli government. There are grave concerns about the conditions of two hostages, the government has said.

This is a developing story and will be updated.

This post appeared first on cnn.com

Multiple aid workers were killed after a bus was attacked in Gaza on Wednesday night, according to a US-backed humanitarian aid organization which accused Hamas of carrying out the assault.

Hamas has yet to respond to the allegations.

The Gaza Humanitarian Foundation (GHF), a controversial US and Israeli-backed aid initiative, said that a bus carrying more than two dozen of its team members was attacked by Hamas at around 10 p.m. local time.

“We are still gathering facts, but what we know is devastating: there are at least five fatalities, multiple injuries, and fear that some of our team members may have been taken hostage,” GHF said in a statement.

The group was en route to a distribution center in the area west of Khan Younis, GHF said, adding further details would be provided once they became known.

“We condemn this heinous and deliberate attack in the strongest possible terms,” the GHF said in a statement.

The GHF also accused Hamas of repeatedly threatening the organization in recent days.

On Sunday, Hamas media said its forces have “full authority and mandate to strike decisively against any entity or individual collaborating with the enemy’s plans or with any rogue, criminal, or traitorous elements that violate the law and the traditions of our people.”

“All agents, thieves, and armed criminal gangs are considered legitimate targets for the resistance and its security apparatus,” the militant group said.

The GHF was established amid Israeli accusations that Hamas is stealing aid in Gaza and profiting off its sale but the organization has been controversial from the get-go and criticized by multiple international aid agencies.

The humanitarian situation in Gaza remains desperate.

Restrictions imposed by the Israeli military on aid routes, ongoing airstrikes, a lack of security and the continuous displacement of tens of thousands of people are aggravating an already alarming situation, according to the United Nations and other aid agencies. The supplies that do get in risk getting looted and only a fraction of what is needed is getting in.

Multiple Palestinians have been killed by gunfire near aid distribution sites since GHF began operations.

This is a developing story and will be updated.

This post appeared first on cnn.com

US President Donald Trump’s administration has launched a formal review of former President Joe Biden’s AUKUS defense pact with Australia and Britain to allow Australia to acquire nuclear-powered submarines, a US defense official said.

Australia, which sees the submarines as critical to its own defense as tensions grow over China’s expansive military buildup, said it remained committed to the project and looked forward to working closely with the US on the review.

As well as causing alarm in Australia, the review could also throw a wrench in Britain’s defense planning. AUKUS, worth hundreds of billions of dollars, is at the center of a planned expansion of Britain’s submarine fleet.

“We are reviewing AUKUS as part of ensuring that this initiative of the previous administration is aligned with the President’s America First agenda,” the US official said of the review, first reported by Financial Times.

“Any changes to the administration’s approach for AUKUS will be communicated through official channels, when appropriate.”

AUKUS was formed in 2021 to address worries about China’s growing power.

It envisages Australia acquiring up to five US Virginia-class submarines from 2032. Then, Britain and Australia would design and build a new class of submarine, with US assistance. The UK would take first delivery in the late 2030s, with delivery to Australia in the early 2040s.

Before that, the US and Britain would start forward rotations of their submarines in 2027 out of an Australian naval base in Western Australia.

Vocal skeptics among Trump’s senior policy officials include Elbridge Colby, the Pentagon’s top policy adviser, who cautioned last year that submarines were a scarce, critical commodity, and US industry could not produce enough to meet American demand.

Submarines would be central to US military strategy in any confrontation with China centered in the First Island Chain, running from Japan through Taiwan, the Philippines and on to Borneo, enclosing China’s coastal seas.

“My concern is why are we giving away this crown jewel asset when we most need it,” Colby said last year.

Only six countries operate nuclear-powered submarines: the US, the UK, Russia, China, France and India.

A spokesperson for Australia Defense Minister Richard Marles said the US had informed Australia and the UK of the review.

“AUKUS will grow both US and Australian defense industry as well as generating thousands of new manufacturing jobs,” the spokesperson said.

A British government spokesperson called AUKUS “one of the most strategically important partnerships in decades” that also produces “jobs and economic growth in communities across all three nations.”

“It is understandable that a new administration would want to review its approach to such a major partnership, just as the UK did last year,” the official said, adding that Britain will “continue to work closely with the US and Australia … to maximize the benefits and opportunities” of AUKUS.

The White House did not immediately respond to a request for comment, but one official told Reuters the Trump administration “is regularly reviewing foreign agreements to ensure they align with the American people’s interests – especially those initiated under the failed Biden foreign policy agenda.”

US Senator Tim Kaine, a Democrat on the Senate Armed Services Committee, said AUKUS was “critical to ensuring a free and open Indo-Pacific” and the administration should work to strengthen it and the US submarine industrial base.

“Anything less would play directly into China’s hand,” said Kaine, who represents Virginia, where US submarines are built.

Australia’s biggest defense investment

AUKUS is Australia’s biggest-ever defense project, with Canberra committing to spend A$368 billion ($240 billion) over three decades to the program, which includes billions of dollars of investment in the U.S. production base.

On Tuesday, Britain announced plans to invest billions of pounds to upgrade its submarine industry, including at BAE Systems in Barrow and Rolls-Royce Submarines in Derby, to boost submarine production as announced in Britain’s Strategic Defence Review. Under this, it will build up to 12 next-generation attack submarines of the model intended to be jointly developed by the UK, US and Australia under AUKUS.

In the US Congress on Tuesday, Defense Secretary Pete Hegseth said “we’re having honest conversations with our allies” and added in reference to Australia: “We want to make sure those capabilities are part of how they use them with their submarines, but also how they integrate with us as allies.”

Former Australian Prime Minister Malcolm Turnbull, who signed a previous agreement to acquire French submarines shelved in favor of AUKUS, told CNBC last week it was “more likely than not that Australia will not end up with any submarines at all, but instead, simply provide a large base in Western Australia for the American Navy and maintenance facilities there.”

AUKUS expert John Lee at Washington’s conservative Hudson Institute think tank said the Pentagon review was aimed at determining whether it could afford to sell up to five submarines when it was not meeting its own production targets.

Kathryn Paik, a Biden White House official now at Washington’s Center for Strategic and International Studies, said providing submarines to Australia would not sacrifice US readiness but instead boost collective deterrence.

“This review most definitely makes our allies in Canberra and London concerned, and could cause them to doubt US reliability as an ally and partner,” she said.

This post appeared first on cnn.com