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Date: Thu, 12 Mar 2026 07:51:02 -0400
From: Heatmap AM <editors@heatmap.news>
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To: alvarochf@traceseis.com
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Subject: $200 a Barrel
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On Chilean copper, Chinese offshore wind, and American uranium

heatmapAM_logo_fullcolor_whitebg (https://d2QWfV04.na1.hubspotlinks.com/Ctc=
/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMg3pyd0W6N1vHY6lZ=
3lsMtrzfs2mR4FW6lSrdF2jr3b3W33QHRh5JCzkWW3xB9h93KqKqrN8V200PW40RQW7JgMg255Y=
cfKW4f1D2Q5r-NDSW19j6H127BCVCW5bGMql2c9m7HW6WVky24N4-C3W7JS1fN80b07YW2cYtpm=
8ZCsbxW29HrWV4P3DYpW7Cb9Jh37jZ6xW2H323J62RsFXW3qPTMN1l7Pt8W7lB9lT2WRClSW8dV=
vC054gRnvW3yFLr225hYNvW4c0g7l2t4yF6V5HtNR4-JxM5W5FjqxG8GY62vf6m0N2C04 )

ALEXANDER C. KAUFMAN =E2=80=A2 MARCH 12, 2026

Current conditions: A tornado that formed amid the storms pummeling the Mid=
west touched down in northwest Indiana and killed two =E2=80=A2 The Philipp=
ines=E2=80=99 Mount Kanlaon erupted 150 meters into the air, in at least th=
e fourth eruption on the archipelago this month =E2=80=A2 The swarm of eart=
hquakes that started rattling northern Louisiana last week is continuing.

THE TOP FIVE

1. Iran warns: =E2=80=98Get ready for oil to be $200 a barrel=E2=80=99

Oil prices surged 8% as Iran refused to start ceasefire talks with the Unit=
ed States and vowed to drive oil prices up by more than 100%. In a statemen=
t, Ebrahim Zolfaqari, a spokesperson for Iran=E2=80=99s Khatam al-Anbiya mi=
litary command headquarters, said the world should =E2=80=9Cget ready for o=
il to be $200 a barrel=E2=80=9D as =E2=80=9Cwe will never allow even a lite=
r of oil to pass through the Strait of Hormuz for the benefit of the United=
 States, the Zionist regime, or their partners.=E2=80=9D Living up to its t=
hreat, Iranian missiles struck three ships Wednesday attempting to cross th=
e narrow channel in the Persian Gulf through which about one-fifth of the w=
orld=E2=80=99s hydrocarbons typically flow. The U.S. military, after vowing=
 to safely shepherd ships via the waterway, turned down requests yesterday =
for an escort, The Wall Street Journal (https://d2QWfV04.na1.hubspotlinks.c=
om/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMg5n4LbW6N1=
X8z6lZ3n4W2qmTSf7GgyWqW7WyxmX4NTtF0W6BPfck601CLcW8cNP-G5k4XxrW3BXZr58CwZ41W=
3xczvZ1RDFVvW4kXQjq4TZQt2W5PglgX1MVd42N8LMCtNwlqMlW4c2MDd3Gr6kNW301DgV1fMbM=
HMW2lNk79LJkW75DNpZ4Q0GWJW5mFx291jBWZ6W1VGHt95PsPPsW4RyBVS76jSxBW8zLk1y1kd6=
5QW7MW7pZ7mVfRsW75YPt732K-GtW119QZ_6CFMTnW4kSDgw5ccf0TW9lhRwV2HSByQW6FgYKh1=
7K65NW8fXNLs921l3XW49B0-_43KnHbW5DJQ5Y1qV86pW7cfmRr4M8225W1pF74F1050W1W86n9=
7X84VzcqW4HK8CT6n3_nBW99qv2C1NG7STW7Jgv_61HsMk2W2N0Ng18MMK0kW50BLf02vgFqXW3=
8mzxH7bRFxCW3D4-3F7ZD4bcW1z4yrp1v9TtJW6KjttR8chbrJf2MWyCR04 ) reported. Dur=
ing a televised appearance (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113=
/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMz3pyd0W7lCdLW6lZ3mFW3y=
mx6z801TbFW8tgcK75D9_jRW8NVRv12RfhtfVc3xCC18R25BW4V46LT8NpmQ3W2g3H6483ld57W=
3m5TzZ7RDfbpW3mMLQg4RpDWCW6M_92p3jQV9BW4yXVDJ2WbyCzW4Yx5jP6h6gRSW3HRmHf8cCb=
MRW7q6bZg2h-qlfN5tF_FJL3F3NW2f3R-T41FKdKW1V3vQ625qcTrW91Krw46V1xQsW3FGkyS1W=
JZ_BW1h6HVR99vQKqW3K7jBG1LtM66W2N7pjx8g6rjHW6TygvZ8K-yw2W2q-YZH7GpRFmW6qYj5=
c2fRBX8f6686WM04 ) Wednesday with Fox News=E2=80=99 Laura Ingraham, Secreta=
ry of Energy Chris Wright said the Strait would reopen =E2=80=9Chopefully i=
n the next few weeks.=E2=80=9D Later that evening, during an interview (htt=
ps://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6h=
GG1W7FnbcL5LyfcgN4KxWMT3pyd0W7Y8-PT6lZ3pCW5t80Sk4Q34C5W7qX0Dv6gVLFKW6F_7nK4=
ZxF8mW13TkDY7DD67cW2jwK6b3_cbZsW4H5p4k3FhYrfW5bhPC61dhmT6W8Kj9W46yKr9HW5hNf=
XY6dgDX6W5hN66Z4Lrx2xMpdlP3RVLv3W2Y2Ksn178ln0W5-TR294NFnF5W50_2XQ2M76jjW1ZD=
9k5998kR4W4vgqZJ5WHDRhVvDtZl2Gl9WsW7bSyWp7x1ZydW45_x4h9fggkHW4fyzB86jLVwKM1=
m9pZrWtRkW7S8m095VHMkTW734hX_4kpwdHW8k6h9H1QX20lW7kYLl47cKqxlW6sKb992BkM9nf=
6cT6cq04 ) that aired on CNN, President Donald Trump said the strait was in=
 =E2=80=9Cgreat shape,=E2=80=9D promising, =E2=80=9CWe=E2=80=99re going to =
look very strongly at the strait.=E2=80=9D

Mind the gap between 2024 and 2025. Photo: EIA

In the meantime, the International Energy Agency agreed to release more tha=
n 400 million barrels of oil from the world=E2=80=99s strategic reserve, by=
 far the largest disbursement in history. Wright=E2=80=99s Department of En=
ergy, too, will release 172 million barrels onto the market to keep prices =
down. The U.S. just refilled the Strategic Petroleum Reserve, which the Bid=
en administration tapped to battle surging inflation a few years ago. In fa=
ct, U.S. crude exports fell last year for the first time since 2021, in lar=
ge part due to efforts to redirect flows to the national stockpile, accordi=
ng to analysis (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW=
_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3pyd0W7Y8-PT6lZ3p7W3bgV274ZZtvJVB=
tT6w7PWxzyW8LCv3l8w1M-YW6QfsgK3v2LFWW5v8Dq95pHRzBN7ySKG6mkBPpW7QqMtN2VbzKjN=
5GRvLp4Frs_W4kmjyy6_cxc3W181vFd4LjDLyW44K7745y0vsBW5TtKVV6N6ZBnW24_jJB8k6-w=
cW2WlX1q36HRr3W2Nv1Mq2WTgSpW77KLyh49ppy0W8g3zwS8CnWGyW29nwgq8gNZPPW5GWnH74p=
bgw9W5TrnzR2PD_vwW14hpr62j5-V9W3CCbhl8WvzvGW7v34xm5YMrGrW3cM0-Q5xPPlBW6TJrB=
-21flNlW1VS6LR498ykpd-09sR04 ) the Energy Information Administration just r=
eleased. All that stored oil will only cover about a month of global demand=
, Heatmap=E2=80=99s Matthew Zeitlin wrote (https://d2QWfV04.na1.hubspotlink=
s.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3pyd0W=
7Y8-PT6lZ3pmW6bfmcR3qNgxDW1LQrsz15NvyWN2ntHRm4ppm6W29q4Ty4P26kcW1Nk7-_6cq3g=
JW7kbQFp35Vl6TVMfJXg39MWHGW9cpvlQ2dbDNPN725XW6Ql48CW7D3Vnt6kq3S5W2z9_Cy3hf9=
qwW2DQFbL30Yxj2N5n1dr5HrpryW8ctmS03qCbHvN5R87-h6mdn6N2__w5phGFFjW2QJf8Z5sG3=
Y2W1l_YgW1xBPK2W4PY9Fm2GVMdFW6WGZnr1ksRJxVSM4tL293qlKW5D2hxF3T4BqJW5qhlP14F=
X47PW1GVWfb7StLDtW1tXz9p2YL3nwW48DTQ858823Nf1bt9gW04 ) yesterday, succinctl=
y summarizing the stakes like this: =E2=80=9CThis oil supply shock is very,=
 very bad.=E2=80=9D

2. An AI industry super PAC is pouring money into the race to replace Marjo=
rie Taylor Greene

Big money is pouring into the U.S. congressional race to replace former Rep=
resentative Marjorie Taylor Greene in her conservative district in northwes=
t Georgia. The first big spend came from Leading the Future, a super PAC ba=
cked by artificial intelligence companies that raised more than $125 millio=
n last year. According to Atlanta Journal-Constitution (https://d2QWfV04.na=
1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5Lyfcg=
N4KxWLn5n4LbW50kH_H6lZ3kTW6QJ_C_3sc1lpW3B4hw21wkjY7W8cpg2l8PYLH5W2sdSCl7LYh=
dnVh5F-76HK1TtW5S0crf343GH1VY1Mqz6NftwSN4rdRkQKlgRWW6H5Gjs72y_dCW8Dy0tL8KrH=
jbW7n0zQJ6wkXX0N2zN95gz5bKSW6gRR_R3Dx0v9W3639PF6b7nX_W433S6w3KPHBmW4Px-Tk54=
g4TcW1K6rcr2RztLPW6bRYRq7hF2l3W3PxmsD5540mBW86SSyk7_Zq1vW293VLP1Ll8z7W6R3_D=
19dPBzTW6yvHnJ2ClHrmVJcWBF1Bg9TcW7Pk1bW3-YYpnW8-xkl25JyLjYW42Yh8K3jWS0GW7tZ=
vng360RFkW4bwnLM7xHsDsW42-9KW3Ftr-pN98ty-sTTGC9W8sX3gj1V_nSHf1GX4bR04 ) rep=
orter Greg Bluestein (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWf=
V04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3pyd0W7Y8-PT6lZ3nkW75fckC3B=
y4lfN6cdcxhpH8xYW8-n4n_6dtfqgW2bbS7w19zVwPW6BnDlf4LFyjsW6JDgdY26TzqWM_y9BDq=
qNM9W337sdr5FNVkDW8jTpqJ9lJ60zW2mqjvs7fj8gcW4RyBL-4YH3NDW4gKnbs32B-nnW5MWNQ=
H7k3DRYVSzRBS1t4zQ2W274_PH95pyzqW3_9NsH8hSKcGW4Whkn58gg2bnVcRbX8888Yz0W70LB=
q28SBg6CW6yKjkq7FH5MLW7B3-D92DF5JFV4jZkV2KYXdjW6l61nK258JRLW1QCShD3jvQW1W8x=
SsvM3cPZ69W5zqQ9X4Qcr5Jf94j_bj04 ) , the group is spending $500,000 to back=
 Republican Clay Fuller, Trump=E2=80=99s favored candidate (https://d2QWfV0=
4.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5L=
yfcgN4KxWL-5n4LbW69t95C6lZ3mwW8rvK9c53B638W1sbBwd6MQ6LKW97FG-c48Y4MdW8V03f1=
1g1Sd1W6BpjB_7NDb8GW6Z5BJ2167JBXW7R71nL49q9t3W3bzBlW46fL0NW7HYtx_3jSYzPW79b=
HRD5WmKTQW3cSp4X15Vy8CW4QGpyd6XFzh2W4C08s35sL7CwW1pxZzC3ctXn2N79HyvlnpM79N5=
Dc0XBhccB3W4jc74c5XgxGZVtJ7BY5n7PY_W6-tJcv6yNg2JW4n4HVw1Y0nCDW8SV3d_4GQ5BGV=
4Mx6H1GLBXHVQvygm7LKpqCW4dgDrT1tdbrqW1kwRWq4GJQLPW61brXZ48WBM9W2-6WJc7Ygq6Q=
W84RsC04YjMRvVCykn_4MdN3LW7bd7gT1bBNkFVbVNDm7l_YKcW6pdNFT3FJcq3W8QXBk44S8kl=
DW7-WF_f4PTb-VW83RFZB47wxbgVmqPDM2B888Sf3V_XwF04 ) , ahead of next month=E2=
=80=99s special runoff election. Taylor Greene, a right-wing populist who r=
esigned from office following a public fallout with the president, emerged =
as a fierce critic of the AI industry=E2=80=99s data center buildout. Georg=
ia led the nationwide push to ban data centers, with a state lawmaker intro=
ducing what The Guardian (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d=
2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83pyd0W8wLKSR6lZ3kQW6lsy=
w312V2RbW8P3YWC4lSJf9W1bdJ8S2sKVnZMBZYZZ9mjPYW2cR1kR4s7QyQW3xbXT44ZSXRJW7yB=
BLx3tnwbrW5h4d4R6zg71GW1tSjV7852kBMW4zrb-96_TlTTW3FHqT111PwjNW5QQCZ63ng3hhW=
60tW0Y3YrMZCVxw1X83J3Z9hW6SzSfL1Sd7bgW6m9wRS1PH0VCW86xTZs4hZP0SW5Qbbks5_4dv=
PW2WylLQ810sGMW1SkHbJ93Ky61W6W9nFL7td80NW457Bs-7rtzbvW8CC1tx4YvTx-W8g7fRP4Z=
ld82W7R9BXn5PLjVmW2f8cJT9jpr3LW5TMlzS1QYrKCVgN4Yw7HCJdJf6SndF-04 ) called o=
ne of the country=E2=80=99s first bills to put a moratorium on the buildout=
.

3. Chile=E2=80=99s new right-wing president heralds a shift on copper, lith=
ium, and hydrogen

With copper prices at a record high (https://d2QWfV04.na1.hubspotlinks.com/=
Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLH5n4LbW5BWr2F=
6lZ3n3W2S3X1j1bJP8YW3YDHp02TmVHmW3GR5G957kdWhW6FYFjV4lgDl-W2FkBw08_0sPMW7dM=
cqz6Sj1GvW7RG7LX46TdglV70jty6fYF8KW7_5flw394gjDW37-NVr994ZmXVNm7qV3Kn93SW5j=
XMM53yR8b-N7SJs_t9yMw_W20yd4S4SR-rFW5fjC798RHFNsW6mhMkZ7YHtrqW30Tfzb4yKnHWW=
3tJd-r4VCJcfW8wFmwW2dBLw7W68ZQlH3HDSbTW6JM5yX777l8JW5lS70D9dFdSJN8vS3x0RGZg=
_W47CpG71FF3dXW306GGt4pYrYjW2KtDQD2MypYVW4P1Qjc2__zpnW5fTy5v5hwG0DW82CJV76C=
zgYbW3pJdc96html7W8_35W149gK_6W1Hd23b7zCvj8W66NH1F8FykhLVgGkCs6WtmpJf5WVTqx=
04 ) , shifting political winds in major mining countries matter more than =
ever. All eyes, as I told you last month (https://d2QWfV04.na1.hubspotlinks=
.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMz3pyd0W7=
lCdLW6lZ3nBW3wJnkZ5qSMhPW175zpp1G0TTbW20FPNC3yBhbQW1fc14d6vGHJ3W2cMm4g7dgwF=
dW80hNGz20Qp_9W1MFvBK7VKHl_VM-dj-2KXk18W5SDrz03QRCN3W7tKYtv786Xv-W2d3cWy7bX=
VnpN5sMf6Q2h40dW2mTnDX3lZ8TXVv8w1N6WKxlqW87KW3j10Y5NLW1N93b92QpRSJW2q_x2-5k=
Cjk2W3c0XtX3MDP_rW2d7ghs8Wgz65W6F8Lj_1l241DW10ySW88L8-7cW7K-l-S2wHj1pW89gV2=
45NCR_HW2cKDq-6lLnWPf6q1hGb04 ) , are now on one of South America=E2=80=99s=
 richest countries. On Wednesday, Chile inaugurated (https://d2QWfV04.na1.h=
ubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4K=
xWMz3pyd0W7lCdLW6lZ3n5W55NfVw1Tg5zXW4Mt00w2nwSwZW7YMc2r8pyBVVW5kKsr_97P-VqW=
4RXygG2KzWGXW3RKZSM2klkTNMSgVRdZcdlDW8mzb007x0v_fW6N_rc41X86vvW4-4N_02bYXg-=
Vl8md_972zR_W1YG2ll1SQWTsW454Pkw7kjQ6cW46kcXp124pMbW1h3_dj70Swh7W3Ghqjf46Wk=
h6W5WB2q42k6l3wW4Nfp8K6vtTw3W1_Hv8F2nDSl8N838v14y3KMLW1K96bT3grPKlW5c9B1R4K=
wFXMW2MpZps1ZqpmGN9fhlpFm1DxMf2myPV604 ) Jos=C3=A9 Antonio Kast as its new =
president, replacing the copper- and lithium-rich nation=E2=80=99s most lef=
t-wing leader in half a century with its farthest-right head of state since=
 the fall of former dictator Augusto Pinochet. The sea change comes just a =
month after Chile became the latest country to sign onto an 11-nation miner=
als accord with Washington, according to Buenos Aires Times (https://d2QWfV=
04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5=
LyfcgN4KxWLH5n4LbW5BWr2F6lZ3nQW5ld6Rn95X0xhW94mXbd2pw-xsW38D3hT99dk-kVThHgf=
6dNzp2W7tV7TY7lvWR6W4tfSwW8wm200W4Ywqjz1WsM1nW7gs0yG91rWDLW5XkFJV9dmNh6W6Y8=
gQg4RwyWgW7dGgL61KyXQwW5tRVFr4jfcX9W4-Nv--3HNz2YW4sKvRc2Ycdt_W541Zwk2sbnZ4V=
x8mv67GFH6-DgDnlx152MW9bhpw56h3zf0VMlWzX3gXST_W5lpDdl3flfdCW1PKl5c4dZw__W4Y=
xZrc4npmGHW99rG078SSFwXW28LK9N7yprjNW5b1Xn81SJ_hjW3F7yx65HcZCdW1QKzPF5LtsS5=
W8wCrRn94lFxhW8hfm6-3VmKYrVlbdP05nG0gHW9gcQ354jtT6_W40hPcY1CHMRRW7HQtHG26Qr=
qnW8ydgDy3X7pBpf3Rsq1l04 ) . One of the first moves Kast is expected to mak=
e is placing mining under the country=E2=80=99s economic development minist=
ry, and appointing Daniel Mas =E2=80=94 an agribusiness executive with no b=
ackground in mining =E2=80=94 to be in charge. =E2=80=9CSupporters of the m=
odel argue that tighter alignment between mining and economic policy could =
improve coordination on investment and competitiveness,=E2=80=9D reporter A=
gust=C3=ADn de Vicente wrote in the Valpara=C3=ADso-based mining trade publ=
ication Reporte Minero (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2Q=
WfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLn5n4LbW50kH_H6lZ3mQW6sv6qM=
8GN9YCW6MV5473SMkngW2bGSWl4Y--b0W7SDRd-1d39YHVDRzWF5m8DkbW3My_G73mR_lbW1c0m=
d-2g9fDxW6hYG8Q5FKGcJN61Sh-lN55jdW8zm62-7XyTkVN73tsVBGJDgGW12lH_-8wHNdDW7b6=
L-p53WYwKVp_p8w7TFcSJVwqXZm7FgZz-W62gR2v201cZtW7gzL999csXjFW4JZlVL8TDtMWW5m=
4bXq8Q84gyW8SN-Gp9604zJN2Vl2lfL8lmJN3yN5LllZrqQN7XJnMb5bpNkW7XwH-G3N1mwsW8Y=
FJpg8zBGL6W4cBMqr2M16jcW8c4Dg03Mg7RqW5HSJ7c6-6Bk-W7gzLBX3nhzdVW93vD3F5mfTRf=
W1_wRjj8thPy-W5b2W6C7StVYGf4Ts77P04 ) . =E2=80=9CCritics, however, warn tha=
t mining=E2=80=99s technical complexity, long project cycles and strategic =
importance require dedicated expertise and institutional focus.=E2=80=9D Th=
e next big priority will be permitting reform for the mining industry. The =
prospects for the green hydrogen industry are less clear. Under leftist Pre=
sident Gabriel Boric, the government last year approved (https://d2QWfV04.n=
a1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5Lyfc=
gN4KxWLH5n4LbW5BWr2F6lZ3q1W1-1j_H3k8jzNW4GXvpB1c4vgmW3KGjM467GFLxW5T7Jhz2Bp=
tlPW874fwZ8Nzw1RVYnhM98LC459MxhkJ3mysMHW2qr8Mm6-FBglW5v_-513wkj-TW2qybgg2g7=
vTDW4ZTq4j5RsqvRW7kPxSB6VNbSLW5fYnF23p85pfN7T8ZlfP23r7W2mzgCt86yHhTW9cH4F53=
m8ZZrW59V7Lk8RfYGhN1LtZBpHtGnSVbs0tW7RXyJ2W24YVL02h6KCJW2nj-rb3tcCKcW37VPYf=
8bVRGkW8X7pv04g7k7JW2GrM1M6KDm67W1TWgXs4nYNd_W4nls3h2HY4_9N8H1_M9pDdJdW84YR=
XJ3s2J9tW6hmppx4bwwlvW3Pcm9g39KyJdW7_SnsN4TczyKW7tSW805yQYpwW1ZxHnG3M0HGZN2=
d7-wFBmRrZdFBMtl04 ) a $423 million green hydrogen project, part of a burge=
oning industry in the country. The Boric administration unveiled a finalize=
d national strategy (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV=
04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWL-5n4LbW69t95C6lZ3lHN6Mx8btVps=
ZmW3Jz0mB3-TlzJVCZWhx3Q14hlW88FlZ85DzHSxW7PJ_vd42X897VCv7F_4XmrKJW5HnrdV6Jw=
tFjW6VxpGp2hMf3TW6q8H_s87Y8nKW6pWcM_5sc_S-Mvn8sPc74Z1W4YhfBK7YSv4fN4YQPPjl2=
QBdW3PGpLJ3LGHTFW4w4Xgk7m2knXW3wkk3j7BBLx8W1_Jf1x4k3N_cW4jzlwv2Y4NJ7W322VYB=
3yVR1vW9klVvJ63_pqzW3HGB965PFv1qW3bRlyB4n7hClW7NtHjF1_n5Z7N54dZmLf8_ZgW99wr=
bF3nCVjZW2mBqwM6h2Lc0W4-D-8G1hX1BBVs7qRN1-QZBsW5lkrkD1WkhXqW5gkhHm1bMt2xW7T=
2tCq16xg8wW4bRRdP3w5GHpVCMd9m2hNLl6VRJt2p63VL2HW1yBSkN4_VQl5W2Z5GM24DPsCXf2=
HwFh604 ) for green hydrogen just a week before the inauguration. Whether K=
ast holds to that plan remains to be seen, but it=E2=80=99s more likely he=
=E2=80=99ll overhaul the policy.

On the opposite side of the global copper supply chain, Mongolia is demandi=
ng earlier payments and a larger share of the sweeping Oyu Tolgoi copper mi=
ne the country co-owns with Rio Tinto. The government of President Ukhnaagi=
in Kh=C3=BCrels=C3=BCkh, which owns a 34% stake through the state-owned Erd=
enes Mongol LLC, said it considers the current agreement unfair and wants d=
ividend payments on a faster schedule in addition to a 60% share of returns=
. =E2=80=9CThese discussions reflect our continued commitment to working to=
gether to achieve Oyu Tolgoi=E2=80=99s full potential for the benefit of al=
l partners,=E2=80=9D Rio Tinto told Mining.com (https://d2QWfV04.na1.hubspo=
tlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83=
pyd0W8wLKSR6lZ3nYW92vhpP6Bd9kRW2Mf6w_98G9yRW7dJQMb1080dcW5yWXWj3sN8NkW2rBCT=
L6PxZ3qVnsG1Y66VTH5W40Cdr85csV_KW2nk5rY8sPRcMW1Q0GJb8z2q3TW2pr6_W1ZQV0CW29V=
9lp8k_g0PW7k_7tJ3Kqy-HW8BlM604__MG-W4jHRRM3fZymcW5rCyCm3jw_9wW5lcx501DbpcpW=
7QZ_LM8QVzXdVYlbvk7dT8YQW4v2pzG1qzcMQW8nCVtd221g0nW2lFzxf524V_1Vq7JQy14KcXC=
W586KVL71rVfHV_RLRG5-dyz0W8tkthR3mq51wW41cP7254ZtH9W6wx6gc4wtgzlN4Qn8wP6pD-=
Sf1c01Y004 ) .

A MESSAGE FROM HEATMAP LABS (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+11=
3/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83pyd0W8wLKSR6lZ3ntW2=
ghSyd6d6GM6W25HW4f1TfyF6W2CG7cd19LJqZV73crW2LsH-XW3CJDvw7tXDS1W8f28Q41vLDB7=
N2TL21lxpPNJW4l3rY36QqpbRW4x33r52bcsG8W3zlMCh3SVMvgN2H98JRqM2KVW71hN4_8d6ZY=
RW6XKLNQ62ByY5W3tZRRl8D6PPjW75ZV3S5ZJ88TW76Zs_w8_t6vwW7TN-Bq3hXWCGW8S4M3f68=
7FD8W9kz6SG4q7k-hV8m31c3rzSgjW3PDgtf4GTc8kW70K1yw4BGLs4W560c9T7vjBPvW6YzlPs=
803tY3W3S-Yrj7WRX0FN68-ZybBndLCW1KThP61tV5f2N6V51BGfzmqRf24dn5204 )

Climate & Energy Tech Investment Shift (https://d2QWfV04.na1.hubspotlinks.c=
om/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83pyd0W8wL=
KSR6lZ3ntW2ghSyd6d6GM6W25HW4f1TfyF6W2CG7cd19LJqZV73crW2LsH-XW3CJDvw7tXDS1W8=
f28Q41vLDB7N2TL21lxpPNJW4l3rY36QqpbRW4x33r52bcsG8W3zlMCh3SVMvgN2H98JRqM2KVW=
71hN4_8d6ZYRW6XKLNQ62ByY5W3tZRRl8D6PPjW75ZV3S5ZJ88TW76Zs_w8_t6vwW7TN-Bq3hXW=
CGW8S4M3f687FD8W9kz6SG4q7k-hV8m31c3rzSgjW3PDgtf4GTc8kW70K1yw4BGLs4W560c9T7v=
jBPvW6YzlPs803tY3W3S-Yrj7WRX0FN68-ZybBndLCW1KThP61tV5f2N6V51BGfzmqRf24dn520=
4 )

Where Climate Capital is Flowing in 2026 (https://d2QWfV04.na1.hubspotlinks=
.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83pyd0W8=
wLKSR6lZ3ntW2ghSyd6d6GM6W25HW4f1TfyF6W2CG7cd19LJqZV73crW2LsH-XW3CJDvw7tXDS1=
W8f28Q41vLDB7N2TL21lxpPNJW4l3rY36QqpbRW4x33r52bcsG8W3zlMCh3SVMvgN2H98JRqM2K=
VW71hN4_8d6ZYRW6XKLNQ62ByY5W3tZRRl8D6PPjW75ZV3S5ZJ88TW76Zs_w8_t6vwW7TN-Bq3h=
XWCGW8S4M3f687FD8W9kz6SG4q7k-hV8m31c3rzSgjW3PDgtf4GTc8kW70K1yw4BGLs4W560c9T=
7vjBPvW6YzlPs803tY3W3S-Yrj7WRX0FN68-ZybBndLCW1KThP61tV5f2N6V51BGfzmqRf24dn5=
204 )

Hear from Obvious Ventures, Azolla Ventures, HASI, and FischTank PR on clim=
ate investing in 2026: Where capital is going and what founders need to do =
to raise, communicate, and win. Register here. (https://d2QWfV04.na1.hubspo=
tlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83=
pyd0W8wLKSR6lZ3ntW2ghSyd6d6GM6W25HW4f1TfyF6W2CG7cd19LJqZV73crW2LsH-XW3CJDvw=
7tXDS1W8f28Q41vLDB7N2TL21lxpPNJW4l3rY36QqpbRW4x33r52bcsG8W3zlMCh3SVMvgN2H98=
JRqM2KVW71hN4_8d6ZYRW6XKLNQ62ByY5W3tZRRl8D6PPjW75ZV3S5ZJ88TW76Zs_w8_t6vwW7T=
N-Bq3hXWCGW8S4M3f687FD8W9kz6SG4q7k-hV8m31c3rzSgjW3PDgtf4GTc8kW70K1yw4BGLs4W=
560c9T7vjBPvW6YzlPs803tY3W3S-Yrj7WRX0FN68-ZybBndLCW1KThP61tV5f2N6V51BGfzmqR=
f24dn5204 )

4. A Chinese offshore wind company is going public

Dajin Heavy Industry, a Chinese manufacturer of offshore wind foundations, =
has begun promoting its plans to go public on the Hong Kong Stock Exchange,=
 offshoreWIND.biz (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04=
/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLn5n4LbW50kH_H6lZ3kxW5LBSZ88ypBF=
gW6QhQDl503QLJW4hqYkc3wdQPvW9lgjPY7YhY4XW1xB10g76vxKcW1WlwF973Dzr0W6JT7S883=
q5ynW2yMX8B7ytctCW1v9wVN1BdhrzW265GG06qTVd8W3jSHFD6mlTqnW4yD-ck5YXbcDW1-Hv0=
g6L_ZDSW6TBTZm6ZVcSxW7G29BV5y2Gv3W5V0LHN96wwqXW5QmYbx4vrrlzW6M4TR02wFzCnW1D=
RQC-7Mw7GlW9hLC3X7hjlZtW8b4wNm3g0-Z5W1VSrR_773fVlW6qkhZ64J2W5wW7fgrYS6chDMt=
W5PXgty5NNj21W8fJXkl2yDJ7_Md6SqBYhrnvW27TDj61hNwzxW6fC5gy7ZPfrlW4slrh64j8fP=
qW3ZrzF77hVbZJW1g47jw80CR5ndFtvXb04 ) reported. The privately-owned Beijing=
-based company has so far self-funded its expansion, including a new assemb=
ly plant in Tangshan, the development of a fleet of deck carriers for trans=
porting turbine components, and direct investments into wind and solar proj=
ects across China. It=E2=80=99s a sign of how much China=E2=80=99s wind ind=
ustry is growing. As I reported in Monday=E2=80=99s newsletter (https://d2Q=
WfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7Fnb=
cL5LyfcgN4KxWMz3pyd0W7lCdLW6lZ3q1W4CLG0M4byhgDVkQ0KJ3hLWvyN1DFM5-XztH5N2nz1=
qDjb5gLW31GM3p2JX1QCW761Hlw6QQfYXW8d5BN22DFbTPW41_KsB30QDlWW5jKp3z7s-SwHW2B=
tc0k1ntLxWW4vR0NX8wC2CKW10Tf0R366swbN2qWJTfqGdRnW7dQhnz2p80fbMjD7nlhl0fnN6Y=
q9WRZTvRbW3TRd7p3Jf8wHW8SFwcM70SGjqW8dTpdQ1qkZF_W97xRVw5HlrQsW4ZRdn88m_MfvN=
3xNLqzzLy29VsnSYC4G3SdqW5wvR113XHWy1f2FRgz-04 ) , global wind installations=
 hit a record high last year as Chinese companies surged into dominance, se=
izing eight of the top 10 manufacturer slots. Last October, Matthew wrote t=
hat (https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN=
4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMz3pyd0W7lCdLW6lZ3mlW8g-ZP05FpTPZW5fpNYK9jGggP=
W2hPHQ63bjlRCW7KT3K56f06hkW3L13GW6M6YVfW3k4Yjg1cGFZFW83tRZ61BKjpLW4S79Gh32C=
TfbW8N82167p0mf2W7ZkMMq2R5-FCW2rdQ_-71gYYZW6-X_VX3nqfyFW1LR-MG6gFxXcW8V6n_6=
2VzG5sW29zMSv1zq1jtW8XQbzp5y_9RfW4BpZ5K4QfRkyW3nrcQB905vPYW8hST8L8CtgBKW8Ld=
DNV7ClFYHVwqr2v9bXL4dW4bMV1r8mB5K8W1XwJPb1lTTrpW2MnBKL42jvyTf9lJk1T04 ) a C=
hinese company=E2=80=99s new factory in Scotland augured the eventual takeo=
ver of one of Europe=E2=80=99s few strong domestic energy industries.

5. Myriad Uranium doubles the size of its Wyoming project

The Canadian mining startup Myriad Uranium has announced plans to double th=
e size of its Copper Mountain Uranium Project in Wyoming, increasing the to=
tal holdings from about 9,439 acres to 18,351 acres. The expansion, the com=
pany said, came after a recent =E2=80=9Chigh-resolution radiometric and mag=
netic survey=E2=80=9D revealed that the deposit likely stretches east of wh=
ere the existing project has already explored. =E2=80=9CConfidence is incre=
asing that we now have one of the largest uranium projects in the United St=
ates,=E2=80=9D Myriad CEO Thomas Lamb said in a statement (https://d2QWfV04=
.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5Ly=
fcgN4KxWLn5n4LbW50kH_H6lZ3mcW7dwGHm4Ypbr4W8zj1Wt65j9hGVTvMMj1xsbBDW3vLGYh7g=
WrlXW5KKHpQ2WFTyjW6ZGgdY2W7QhkVr9P5J3GjvDYW3ThTVF5K9_qSVjYsmm78-W5RW4wZTMs1=
x_gWxW8V1DqY8t9n5TV-rTzx2w84JBW5fPcvd3B1RGLN8pQvFdJM5MhVR3jD51LHgJSVqpPxJ5v=
X-lZW7fMDrS53ZtPDW6GJJth60VXHWN8_x08xmFj-zW2xz-ls69ZR-gW2rFf6r51Ctx3VPj6YX5=
m-dvtW4JzQlN1z5XY5N4Fq87X8kBy0W8fjqkt2Gv0GVW4-pKcx4NC2PdV_WJ629gJ840W7XLLpw=
85wXfJW4kVbVh5GFXWQW62ZhnD3YL580W8fDXDj9fk5BZN7qVTSbCP7CBf4WCF1204 ) . =E2=
=80=9CAs uranium prices rise, a progressively larger share of our endowment=
 will transition into economic viability, offering strong leverage to the s=
teadily increasing price of uranium.=E2=80=9D

THE KICKER

If I were a cornier writer, I would earnestly try to come up with a Sonic p=
un. University of Oxford researchers found that ultrasound-repellers could =
save hedgehogs from cars. A study published Wednesday in Biology Letters (h=
ttps://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn=
6hGG1W7FnbcL5LyfcgN4KxWMz3pyd0W7lCdLW6lZ3ksW1GYyKp31bv3tW1_J7lg8cYhNMW1PHws=
22G9GVkW7PTJpM6v2xqxW5ZQf9c5HmBhQW1YZRSJ7G6zrPN7MDf22LTc_YVTJxD045kBDlW1XWS=
Jq7fbDJSW32lmy-7dsktrW8NlWBm1cNvgxN8ZZr7s8Q7LkW8zsJfc8NH61cW9g1HvF7ThnrrW2l=
r4Vc1TDYL1W1K-jzn98PTz3V2HX8978ZbDDW21vQdC9gKtPbW5z4Ggn29D24dW6NwcFt3p8PH_W=
6N65TM5gfXMlN2VkZyPMDn0sW6GYlcY74-qqxW8ZNPTd7SHmcqf2LgpWR04 ) demonstrates =
for the first time that hedgehogs can hear high-frequency ultrasound, highl=
ighting the possibility that repellers could deter the mammals from scurryi=
ng into roads where they=E2=80=99re frequently killed by cars. =E2=80=9CHav=
ing discovered that hedgehogs can hear in ultrasound, the next stage will b=
e to find collaborators within the car industry to fund and design sound re=
pellents for cars,=E2=80=9D Sophie Lund Rasmussen, the assistant professor =
who served as lead researcher on the paper, said in a press release (https:=
//d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1=
W7FnbcL5LyfcgN4KxWMT3pyd0W7Y8-PT6lZ3lWW4BTZ063grBwFW74DWWT24N_pVN8Fk_DhqJbX=
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=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=
=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=
=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=
=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =
=E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=
=CD=8F =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD &nbsp;
</div>
   =20
<!--[if gte mso 9]>
<v:background xmlns:v=3D"urn:schemas-microsoft-com:vml" fill=3D"t">
    <v:fill type=3D"tile" size=3D"100%,100%" color=3D"#ffffff"/>
</v:background>
<![endif]-->
    <div class=3D"hse-body-background" lang=3D"en" style=3D"background-colo=
r:#e6e6e6" bgcolor=3D"#e6e6e6">
      <table role=3D"presentation" class=3D"hse-body-wrapper-table" cellpad=
ding=3D"0" cellspacing=3D"0" style=3D"margin:0; padding:0; width:100% !impo=
rtant; min-width:320px !important; height:100% !important" width=3D"100%" h=
eight=3D"100%">
        <tbody><tr>
          <td class=3D"hse-body-wrapper-td" valign=3D"top" style=3D"font-fa=
mily:'Times New Roman', Times, serif; font-size:22px; color:#000000; word-b=
reak:break-word; padding-top:20px; padding-bottom:20px">
            <div id=3D"hs_cos_wrapper_main" class=3D"hs_cos_wrapper hs_cos_=
wrapper_widget hs_cos_wrapper_type_dnd_area" style=3D"color: inherit; font-=
size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" d=
ata-hs-cos-type=3D"dnd_area">  <div id=3D"module_1730982401850" class=3D"hs=
e-section hse-section-first" style=3D"padding-left:10px; padding-right:10px=
">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-top:30px" bgcolo=
r=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;padding-top:30px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"module_1730982401850_0" class=3D"hse-column hse-size-12">
  <div id=3D"hs_cos_wrapper_module_17309824018411" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
et" data-hs-cos-type=3D"module"><table class=3D"hse-image-wrapper" role=3D"=
presentation" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
  <tbody>
    <tr>
      <td class=3D"hs_padded" align=3D"center" valign=3D"top" style=3D"font=
-family:'Times New Roman', Times, serif; color:#000000; word-break:break-wo=
rd; text-align:center; padding:10px 20px; font-size:0px">
        <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04=
/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMg3qn9qW6N1vHY6lZ3m2W3yHCsb6HQjQ=
CW5ZWLn54pj6cJW5chwnJ3TyRyzW89_ZY23HrMGXVj3DDM93SMRNW6ddKHR9gwHxZW62pk508nz=
CXBN2RqjrRjDcQNW1-_CDD3wSXskVQnqtb67fBHmW3qSrs42lMBN7VXGwH62_YC88W2H_MlZ4VH=
lZXW5cPZxQ99f3WnW5Cxgz33x0yRdVXCfth1HJYXJTQcmg6N83znN8zB7mpq7N0hW29Wl-Q6Kld=
ZZW7F6qsq38dCqJW5sv0zK65vLzvW6bkGjL7YfRBgf73rzR804" target=3D"_blank" style=
=3D"color:#00a4bd" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"l+cg9goY">
        <img alt=3D"heatmapAM_logo_fullcolor_whitebg" src=3D"https://hs-239=
17781.f.hubspotemail.net/hub/23917781/hubfs/Logos/heatmapAM_logo_fullcolor_=
whitebg.png?width=3D1000&amp;upscale=3Dtrue&amp;name=3DheatmapAM_logo_fullc=
olor_whitebg.png" style=3D"outline:none; text-decoration:none; border:none;=
 max-width:100%; font-size:16px" width=3D"500" align=3D"middle" class=3D"st=
retch-on-mobile">
        </a>
      </td>
    </tr>
  </tbody>
</table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section-1" class=3D"hse-section" style=3D"padding-left:10px; p=
adding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-bottom:20px; pad=
ding-top:10px" bgcolor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;padding-bottom:20px; padding-top:=
10px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-1-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_modul=
e-1-0-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_=
module" style=3D"color: inherit; font-size: inherit; line-height: inherit;"=
 data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D=
"hs_cos_wrapper_module-1-0-0_" class=3D"hs_cos_wrapper hs_cos_wrapper_widge=
t hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inheri=
t; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-t=
ype=3D"rich_text"><p style=3D"font-weight:normal; text-align:center; font-s=
ize:16px; line-height:125%" align=3D"center"><span style=3D"font-family: Ar=
ial, sans-serif; color: #666666;">ALEXANDER C. KAUFMAN =E2=80=A2 MARCH 12,&=
nbsp;2026</span></p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section-2" class=3D"hse-section" style=3D"padding-left:10px; p=
adding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#b3ebbb" bgcolor=3D"#b3ebbb">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#b3ebbb">
      <tr style=3D"background-color:#b3ebbb;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-2-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:30px"><div id=3D"hs_cos_wrapper_module-2-0=
-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modul=
e" style=3D"color: inherit; font-size: inherit; line-height: inherit;" data=
-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_c=
os_wrapper_module-2-0-0_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_=
cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; li=
ne-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=
=3D"rich_text"><p style=3D"line-height:125%"><span style=3D"font-size: 20px=
;"> <span style=3D"font-family: Arial, sans-serif;"><em><span style=3D"font=
-weight: bold;">Current conditions: </span><span style=3D"font-weight: norm=
al;">A tornado that formed amid the storms pummeling the Midwest touched do=
wn in northwest Indiana and killed two =E2=80=A2 The Philippines=E2=80=99 M=
ount Kanlaon erupted 150 meters into the air, in at least the fourth erupti=
on on the archipelago this month =E2=80=A2 The swarm of earthquakes that st=
arted rattling northern Louisiana last week is continuing. </span></em></sp=
an></span></p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section-3" class=3D"hse-section" style=3D"padding-left:10px; p=
adding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px; pad=
ding-top:10px" bgcolor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;padding-bottom:10px; padding-top:=
10px;">
<![endif]-->
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  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-3-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_modul=
e-3-0-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_=
module" style=3D"color: inherit; font-size: inherit; line-height: inherit;"=
 data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table rol=
e=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"vertic=
al-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #1c86f5;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #1c86f5;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_mod=
ule-3-0-9" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_typ=
e_module" style=3D"color: inherit; font-size: inherit; line-height: inherit=
;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=
=3D"hs_cos_wrapper_module-3-0-9_" class=3D"hs_cos_wrapper hs_cos_wrapper_wi=
dget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inh=
erit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-co=
s-type=3D"rich_text"><h1 style=3D"margin:0; font-family:Arial, sans-serif; =
font-size:22px; line-height:150%">THE TOP FIVE</h1>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%; font-weight:bold">1. <strong>Iran warns: =E2=
=80=98Get ready for oil to be $200 a barrel=E2=80=99</strong></p></div></di=
v></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7713829086802" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
 id=3D"hs_cos_wrapper_module_17713829086802_" class=3D"hs_cos_wrapper hs_co=
s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%">Oil prices s=
urged 8% as Iran refused to start ceasefire talks with the United States an=
d vowed to drive oil prices up by more than 100%. In a statement, Ebrahim Z=
olfaqari, a spokesperson for Iran=E2=80=99s Khatam al-Anbiya military comma=
nd headquarters, said the world should =E2=80=9Cget ready for oil to be $20=
0 a barrel=E2=80=9D as =E2=80=9Cwe will never allow even a liter of oil to =
pass through the Strait of Hormuz for the benefit of the United States, the=
 Zionist regime, or their partners.=E2=80=9D Living up to its threat, Irani=
an missiles struck three ships Wednesday attempting to cross the narrow cha=
nnel in the Persian Gulf through which about one-fifth of the world=E2=80=
=99s hydrocarbons typically flow. The U.S. military, after vowing to safely=
 shepherd ships via the waterway, turned down requests yesterday for an esc=
ort, <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW=
_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMg5nXHCW6N1X8z6lZ3pSW1-Vc8Y2-0lwgW6=
PGL2p4BcPRgW34L-PK6N1gZmW22ysdP8Mz9BRW4p8CQF1bG5QNW1HpK4369LmHwW22ppgn42n8w=
KW3vJ8Q378YFfcVpr9bq2CCGlgVY2nGk3lyt2PW4psTW_5ygv1wW5B-7K51Cb37YW2j7YxC61MC=
RgW5PDJJB1LLCFfW1stzgK8Lm_8gN5jpm38L9YTCW2Gjqg49kqJdLW2LMnnS8Yltx8W2wCxjh5Y=
2lrjW57pF8w756hbGN1HTpcTMk26NW3DnCfj5JPPH7W8mkwyc8FjCkYW1JSWKJ6mBJ-5W7K0scv=
40LS0wW7_jCW18TzZ0RW2bblGh3hD-gbW8P7DFz24gY6wW4XwY928YZrGCW8ZY9vT2WlpGlW4mX=
B3M88VJcxW6XxYcX27NsytVkFL1t4XHsyFW8-v-K23qFqJhW5mGhgM3Trz3PW2kxRrW2Vp5C_W7=
G8zNJ10W6hfW4LjkZw90-ggMf4shNY804" style=3D"color:#000000" data-hs-link-id=
=3D"0" data-hs-link-id-v2=3D"gZTLsf0G" target=3D"_blank"><em>The Wall Stree=
t Journal</em></a> reported. During a <a href=3D"https://d2QWfV04.na1.hubsp=
otlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT=
3qn9qW7Y8-PT6lZ3nvN8WXWRbNcgytW2bt99k15KBlmW5Y8m7m70pkyYW2FYlG74jMjsTW6LQ8k=
h11lmZRW2fj_8F6mwSPRW5MTnV41mwQRjW4y5J6P1NyRcBW1sQv1z3KB1mVW7s9nmG3Y3x3BW7N=
GZZm2zcYj2W26FHdK5-DmdkW3vdykc5w0Y1VW5dZMVw8pkz7fW1xvDyq5Vm9W-F1GZ4p0nqHlW5=
Fsdxf4kWY-vW6P5llF4bvX1pN329yY3-gsy9N7r5DF6vYfQsW40GC6f7xFK52W943ZF76dd--RW=
2V6pMM49fYl7W3wc2mB5ZXCn5W7smJz39h2n81W5C_7Rb8-wQ8Xf3rGzcz04" style=3D"colo=
r:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"hvCxLwDV" target=3D"=
_blank">televised appearance</a> Wednesday with Fox News=E2=80=99 Laura Ing=
raham, Secretary of Energy Chris Wright said the Strait would reopen =E2=80=
=9Chopefully in the next few weeks.=E2=80=9D Later that evening, during an =
<a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6=
HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83qn9qW8wLKSR6lZ3lPW2bB93H4_t3G1W80HMcS=
3y36NlW2m1qh35lkmmFW1YNfZP19q229W1XKcgh99S21FW6DkWGm3KrHXCW5x7sCK8TxvyvW2v8=
Np087-ZVWW6R8YF15H-T-pW1z1QGQ1lKdtZW5FTxpR16lYNPW2hhr862HY8wmV1mS0x3FbNRsVY=
D7f-23pPxjW28Q4n_7p0RYkW25rKby26-mxxW2tqqpt64cr51W7-qp7s6BmlbFW3gBJXV2_6Kjr=
W1ncjfY4WxCKwVvMmj085nNhrW7_B2_l5VZqcQW5zVhdH2Y1ZBbW4nWyRW8Txg6NVrsng16FWbn=
yW8gQMxh1P68WJMnD89NR6Z_sW6s5TDW5KrKLyf6mcpc204" style=3D"color:#000000" da=
ta-hs-link-id=3D"0" data-hs-link-id-v2=3D"BBSnZe89" target=3D"_blank">inter=
view</a> that aired on CNN, President Donald Trump said the strait was in =
=E2=80=9Cgreat shape,=E2=80=9D promising, =E2=80=9CWe=E2=80=99re going to l=
ook very strongly at the strait.=E2=80=9D</p></div></div></td></tr></tbody>=
</table>
<div id=3D"hs_cos_wrapper_module_17732837512811" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"module"><table class=3D"hse-image-wrapper" role=3D"pr=
esentation" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
  <tbody>
    <tr>
      <td class=3D"hs_padded" align=3D"center" valign=3D"top" style=3D"font=
-family:'Times New Roman', Times, serif; color:#000000; word-break:break-wo=
rd; text-align:center; padding:10px 20px; font-size:0px">
        <img alt=3D"Screenshot 2026-03-11 at 22.38.17" src=3D"https://hs-23=
917781.f.hubspotemail.net/hub/23917781/hubfs/Screenshot%202026-03-11%20at%2=
022.38.17.png?width=3D1120&amp;upscale=3Dtrue&amp;name=3DScreenshot%202026-=
03-11%20at%2022.38.17.png" style=3D"outline:none; text-decoration:none; max=
-width:100%; font-size:16px" width=3D"560" align=3D"middle">
      </td>
    </tr>
  </tbody>
</table></div>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7528405697962" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
 id=3D"hs_cos_wrapper_module_17528405697962_" class=3D"hs_cos_wrapper hs_co=
s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><p style=3D"text-align:right; font-size:12=
px; line-height:150%" align=3D"right">Mind the gap between 2024 and 2025.&n=
bsp;Photo: EIA</p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7732837689472" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
 id=3D"hs_cos_wrapper_module_17732837689472_" class=3D"hs_cos_wrapper hs_co=
s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%"><span style=
=3D"color: #000000;">In the meantime, the International Energy Agency agree=
d to release more than 400 million barrels of oil from the world=E2=80=99s =
strategic reserve, by far the largest disbursement in history. Wright=E2=80=
=99s Department of Energy, too, will release 172 million barrels onto the m=
arket to keep prices down. The U.S. just refilled the Strategic Petroleum R=
eserve, which the Biden administration tapped to battle surging inflation a=
 few years ago. In fact, U.S. crude exports fell last year for the first ti=
me since 2021, in large part due to efforts to redirect flows to the nation=
al stockpile, according to </span><a href=3D"https://d2QWfV04.na1.hubspotli=
nks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3qn9=
qW7Y8-PT6lZ3mXN5-5R4Wh70WFW3QSrgF3TFqSHW2P8w9N50sSbqW6xzM3Y93wWXhW2_J33s8sM=
cLqW7fHnyJ2yjr53W23scrb2ZKdnsW1L8-Xp7MX7vlW2dR-JT7ZbmXYW4QVKc25XHTv4W5CvcWd=
1zPVwNN8scCQw98rBGW9gGyfx1QcyNjW1qrJHB1BfWB-W8BlGmY2xcbZZVQzCqG6jd_hfW5jytH=
x2CkXGRW2lgg4_2pGW08W4dB4c293WZYwW2mClZb32x-1rW8N6_-_5BvH0VW660Dhg8S_djrW8z=
KDTr59M5sTW8wKnl86LkBJpW6VjyCT2zxKLGN5CVhsJ6K6s3f9dw1lM04" style=3D"color:#=
000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"hqW2i074" target=3D"_bl=
ank">analysis</a><span style=3D"color: #000000;"> the Energy Information Ad=
ministration just released. All that stored oil will only cover about a mon=
th of global demand,</span> <a href=3D"https://d2QWfV04.na1.hubspotlinks.co=
m/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83qn9qW8wLK=
SR6lZ3ktW5RTl7P8H-LfbW6bHGQt3m1gbNW52Q-kv8VRX2mVTFfJn7FRSnSW7_q49k53lxl1VTT=
B_m4gDRG-W6Zdm066y262bW401Fnh5lyffKW8GDMvZ1WhXDSVDj_VK381QXHW8xcYDg6_-P0PW6=
Nb45l38_KQCW8RBjp53TCr0-W4YPYK28R8ZfZW7flNxv2zpbdBW68N02c5jV-3VW6Srjjt39vnN=
yW2vkZ9J4cmwl0W8krynD6J-v-7W7TWgsD1lD-G2W4xm8CR98r5bRW5nKzwl5PftZhW8QP9ZW2t=
0W59N3yzNnYJ8lkgW67CS1F6MzrJpW6CVsp512WgSqW1CQ1R27Z00D8W2sK_sm80wm7Wf52q0JF=
04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"UHK=
yU6BR" target=3D"_blank">Heatmap=E2=80=99s Matthew Zeitlin wrote</a> <span =
style=3D"color: #000000;">yesterday, succinctly summarizing the stakes like=
 this: =E2=80=9CThis&nbsp;oil supply shock is very, very bad.=E2=80=9D</spa=
n></p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module-3=
-0-8" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_mod=
ule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" da=
ta-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table role=
=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"vertica=
l-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:6px solid #e6e6e6;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:6px solid #e6e6e6;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_mod=
ule_17168972411022" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17168972411022_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; font-we=
ight:bold">2. <strong>An AI industry super PAC is pouring money into the ra=
ce to replace Marjorie Taylor Greene</strong></p></div></div></td></tr></tb=
ody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px 20px"><div id=3D"hs_cos_wrapper_mod=
ule_17302028083781" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17302028083781_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%">Big mon=
ey is pouring into the U.S. congressional race to replace former Representa=
tive Marjorie Taylor Greene in her conservative district in northwest Georg=
ia. The first big spend came from Leading the Future, a super PAC backed by=
 artificial intelligence companies that raised more than $125&nbsp;million =
last year. According to <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ct=
c/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLH5nXHCW5BWr2F6l=
Z3p-W4tnS7c5Vg7J2W7Spt5L33Bb1XW7P088p8tTtRTW4k58x13Lzd0cW7X7DND2KXpTNW5vDYk=
b4WC2hfW2rS0db1nKLW1W70HH3_7Kfq3bW6DgmyR403Jg9W4LNrzW7hq7f4W8GXyt63_YNnXW8q=
S3bN45YDCwW3hwGsz4LbphjW3rwKbZ1HWKw-W8VcDqz4xT52vN5Q4QpwdBlM-W373fL74nhkZSW=
7MH2QB4R48qvW6hCJhs5dQ5jNW7qHtX_5D8yRWW6_kkGK8tVxfrVlqxHD1h4rGkW3RKcVn2JyT8=
pN8dc6xzGs-18VjjySJ6SsnkHW8D1WTq8CTRVnN69LrG-sSd5LW84Lndm1xvnfsVgLdcM2P1w8J=
N2NZmmlbkc4BW1NnwYx6tj-7ZW5kSx3-7nZllkW8MH8sg8-cVfyW11cB2h7Bpk2Qf77HT7z04" =
style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"QvvCVvL=
f" target=3D"_blank"><em>Atlanta Journal-Constitution</em></a> reporter <a =
href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQ=
SsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83qn9qW8wLKSR6lZ3nRW96wvPz1sf8h2W2n8-w28H1=
TjnW2lW-T92khNXTW4bYRy92DTw0hW6rYL-t17_HdVW3J9NRN1HtxNqW77XSS18fBDWzW906pwp=
144VcMW8m3-xm2G5GZlW9h6KSM75vFWsW4xVTlz6K4PkbW19v_xx4h3_7lW8NzRmp3NS7yfW8SK=
C-27RwY4yVD7kwq8jkf-pW5dJCBJ3bG-RDW5wpBNP7D8ljzW1d8lpX5T2QzRW5V5d2f7hT6ZyW1=
XLd_48DCMNvW3d72lh5gR7-jMMc3GXpjs9KW7h674H7hRwsVW2gH-_t6Kk6BxVxNtsY1cZPyrW6=
tR7vV1ZydfZVwfTSW2r5PZ8W52g3wx7XCT1-dbjDJT04" style=3D"color:#000000" data-=
hs-link-id=3D"0" data-hs-link-id-v2=3D"dcL8Aujs" target=3D"_blank">Greg Blu=
estein</a>, the group is spending $500,000 to back Republican Clay Fuller, =
Trump=E2=80=99s <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/=
d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMg5nXHCW6N1X8z6lZ3l_W6T5=
kFs5bj32FW4yyRSm80XTDsW6P5LdY3MNHgbW7Kw6jB2Xhmg6W8dqv9b1-wkkrW7xhCg_3MG11fW=
31TgZN3P6zPvW6mj_zH3zV9GhW8S1rpr5yT4NxVYlR1t2Kt2WHW3VQk962Y-Lt4W6hn7yN6yf1J=
2THLTr21t1GvVK4c8C2lCc_VN4qM353533hkW2F3ZnH5nfxk1W6qdQDr9cNDpTW89W0zN7CdRCT=
W8W_ltW5wwjwwW2jJ6Qq6yWb0lW5mjMqp4cMHMgW8ZyN_24NfKRyW7ybYQj7BvgC7W777b4m8P_=
8rnW2441vc2XcmFyW88pXv71BtNJdW7pYy9V1Y3w61W63xr1477TMG1W7HTq3D6yVwZfW8JXMjb=
8JbB2HW5-0L6f3tFWj5W3n36pc6ssm5DW5DSlGk36yLRgW4QWM345H6LXRVTBlQD8Y5hprW5HCV=
9f4v58y3W3VKw0X67XjsBW4thqzK765v3Xf7D6HNb04" style=3D"color:#000000" data-h=
s-link-id=3D"0" data-hs-link-id-v2=3D"JhID4gNJ" target=3D"_blank">favored c=
andidate</a>, ahead of next month=E2=80=99s special runoff election. Taylor=
 Greene, a right-wing populist who resigned from office following a public =
fallout with the president, emerged as a fierce critic of the AI industry=
=E2=80=99s data center buildout. Georgia led the nationwide push to ban dat=
a centers, with a state lawmaker introducing what <a href=3D"https://d2QWfV=
04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5=
LyfcgN4KxWNs3qn9qW95jsWP6lZ3mwW5_G6Mb35Zt8KW85G-GR85dNf6W8l61lb8KhPMTW1xvNY=
C5-1lSXW1zn09T4_GvQ5W4PZXkt23dJ78W1kJ5JB2--pcbW4T-dqV6Zf7fyW5Rj84d2H421nW3V=
MN4p4t0SYyW5ywkzL6PbDb0W3fmfdx3_XMDxW6hBfNT6dhF3DF5GYC8Sdlq7W7LZ23B6X1plVW1=
Bllnt90t2lqW3XyKQV49vh7fW4qnYX74XV6knW5b6gXB6f6WLhW1yZMqJ8C5__TW7tm2Hn5jq6Y=
hW94n4_L55D3V7W7ctt0g356wchW6lnX2J3PBGGQW75WyHS43_HPLN3sQ_z-l--PmW6C_87d3Tm=
dRwW8xdCWT1zWGBYVk4XD-1r3zlrW5phYfG53HVtqdkf1c204" style=3D"color:#000000" =
data-hs-link-id=3D"0" data-hs-link-id-v2=3D"6fX4ZQsw" target=3D"_blank"><em=
>The Guardian</em></a> called one of the country=E2=80=99s first bills to p=
ut a moratorium on the buildout.&nbsp;</p></div></div></td></tr></tbody></t=
able>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7307336053001" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><tab=
le role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"=
vertical-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:6px solid #e6e6e6;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:6px solid #e6e6e6;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_mod=
ule_17168973895873" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17168973895873_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; font-we=
ight:bold"><span style=3D"font-weight: bold;">3. </span><strong>Chile=E2=80=
=99s new right-wing president heralds a shift on copper, lithium, and hydro=
gen</strong></p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px 20px"><div id=3D"hs_cos_wrapper_mod=
ule_17273490830932" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
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<div data-hsprotectaria-roledescription=3D"message" style=3D"line-height:15=
0%">
<p style=3D"line-height:150%">With copper prices at a <a href=3D"https://d2=
QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7Fn=
bcL5LyfcgN4KxWLH5nXHCW5BWr2F6lZ3kSW7xKNkT99mvNfW8M4SwR1h7SWPW298TWC6Y_HqQW3=
4Z5R65lWv-6W2ntl-959vRZ2W4SK-h01sFq_GW9kMkdK6hGkSFVdG_vz1p3-7tW7kP92j1NxbWS=
N3LsL6kFDSs1W8YTfvC8P3MGdW68gtGD1vw3J8W52hBYg7lzHKVW1T_qPH98dl1FW97Nv_V34Hb=
JrW4NCWny3KkDkSW5cSDxt4lwtYGF6jTh-k_1S5W4-ZnW-71r2C4W6X-6-N30RWbzW8rwTKc6bC=
TvNW1Dv57D4rxtj8W66bmWm3NJQyfVv-R5k71F7-8W1zjyGM88KbmLW2djRJs2QZ6f4VtRS2p99=
w-LwN7fNwhq_d2ksW7NGWkp8N9KD-W1XM-CB7KS-nSN4lGw176cdR5W3SKzZp7kHmWrW5yvxBW5=
FBGx_W8JTHrF1HN_nGdnL3CR04" style=3D"color:#000000" data-hs-link-id=3D"0" d=
ata-hs-link-id-v2=3D"bmZfyi9P" target=3D"_blank">record high</a>, shifting =
political winds in major mining countries matter more than ever. All eyes, =
<a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6=
HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3qn9qW7Y8-PT6lZ3nPW6vwCgD2gWCc6W7qGBlk=
8kwdG2W8PD9rz1n3lr7W1PqR9t5sSJf1N6mmvBkSbwHnW6b3Mjn7wXBL5N36tH0ZcnbBnW28Fxm=
S3DT20JW8cRY402bTQjqVS1WvW4gMV0bW5Dm3Hv4nDYFZW8PlpKH2FW5XRW5TfVlc7zrWM3W80_=
Qct2lVNfdVy91px87sWv4W17Ws3N78VHMXW4T0YQm1tJmxfW1M-x9n1yrc8SN61MSWTTPlDfW8F=
JVt932cGJjW4Kq9QW8kzX6yW35HZ0_5xBp3fW2JKBbV6RsHwGW8f_9KP4KKMV7W1QLGDy7znW6h=
N80qHXYM3mPRf5LWd2n04" style=3D"color:#000000" data-hs-link-id=3D"0" data-h=
s-link-id-v2=3D"Q6elOHd5" target=3D"_blank">as I told you last month</a>, a=
re now on one of South America=E2=80=99s richest countries. On Wednesday, C=
hile <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW=
_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3qn9qW7Y8-PT6lZ3mJW108Sn38L983JW7=
6XQSk69NdbSW1FY1dh59Fg_8W1CNjxR92xr6HW1PqZJz92NYnmW2r425P6PrGrTN6GTX9zcM1x0=
W8S0rLW1Y0KhBN7PlGb5BHwH4W3BVXQ-9kH6N8W2qHMgt2lmhd5W2ctsfm8D-VmyW5YzQTW7JDK=
5qW6PchbX1tMNDCW23mg4B7Q5-MPVTD3z262pr3LW7x6YSJ55q9B_W2LLCms3BM7prW97Hxkv5M=
CCpJW7WSdKw8BFgk8W265lRr8jvPbpW94D6Vb8TZHnSW65GGWh4lxnbZW52r0V_4mPbz2N1jgbG=
TRkwdCW315py746zQwqf9clcJK04" style=3D"color:#000000" data-hs-link-id=3D"0"=
 data-hs-link-id-v2=3D"3Nb0L4v9" target=3D"_blank">inaugurated</a> Jos=C3=
=A9 Antonio Kast as its new president, replacing the copper- and lithium-ri=
ch nation=E2=80=99s most left-wing leader in half a century with its farthe=
st-right head of state since the fall of former dictator Augusto Pinochet. =
The sea change comes just a month after Chile became the latest country to =
sign onto an 11-nation minerals accord with Washington, according to <a hre=
f=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN=
4XDkbn6hGG1W7FnbcL5LyfcgN4KxWL-5nXHCW69t95C6lZ3mCN98X5rlczfJ8W1qMqrG6qdxCDW=
4c2Vwd8xBqW5W2VKpj-8DMFPMW1vSCr57DnTn6W7SWND688DMKwW2ZknnV8QQYKyW3kjvCv4clB=
zGN6tChmGFtl94W8F-Rhc87QDHNW5w6rrs8R3yGFW1Dmq842b1r85N8HW6JQslZPbW1897y79hn=
dtJW7dFcPd63czDfW7SYZ916BMBLNW41rTyz8nFl_pW37NKK868tjTcW7WhM9b450RrNW4mp9gV=
77QdCRW3ZgxHQ6CrtJCW22NBlN1454DSW8knmVD6LRL-xW8c1fRQ62KNdtN3Q05R84MmtQW13rK=
6T5Tn_7XW80NHcy4J1c7jW9gPk3V4DMWF8W74JhgQ3qHdR2W22CSG-2WWrCyVCn0xT62RkjpW22=
90PX72TctcW5M8Xbv3HTs5WW5Y6J5720vG2zV7L_Rg5TYJkyN4cGng9SJj5Cf84lP7T04" styl=
e=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"gCPycr57" t=
arget=3D"_blank"><em>Buenos Aires Times</em></a>. One of the first moves Ka=
st is expected to make is placing mining under the country=E2=80=99s econom=
ic development ministry, and appointing Daniel Mas =E2=80=94 an agribusines=
s executive with no background in mining =E2=80=94 to be in charge. =E2=80=
=9CSupporters of the model argue that tighter alignment between mining and =
economic policy could improve coordination on investment and competitivenes=
s,=E2=80=9D reporter Agust=C3=ADn de Vicente wrote in the Valpara=C3=ADso-b=
ased mining trade publication <a href=3D"https://d2QWfV04.na1.hubspotlinks.=
com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLn5nXHCW50=
kH_H6lZ3pYW7H5THB57wddLW1rnYg62F0sCGW4x4NXV5Q8fPgTw-9P88cLX0W8mBp3n5wkTQtW3=
D-pKB3Tw91RW3D__dw1Sg5VlW1rfTfL7kWS7BW2QMCz-98z5XSN12xBDJZmJ7HW94Dncn2k5hmm=
W2Ld_fs94rcnWW4vgnk75bcYTcW14SBRH6pwS6dV9Yp6L1XLcfrW5rG8my2D4PVcW415Plt2vv6=
nSW188GP636kfc2W1-J3kt4MKM-tW64F6VK85L82FW5vjHxk6-gNKfN1KbC7FhLQChW73vf1T3b=
dJZCV88BQC2qqFsDW4n1z5873ZMg4W3JN9xn8hllBWW7TMkL98TjRHRVpsvtP67cBThW71Xbrv2=
7vBvFW3F1BQb503yd3VmmV406Qt9xVW2PSvQb89X2pxf1dNdRj04" style=3D"color:#00000=
0" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"CPzkAw8f" target=3D"_blank">=
<em>Reporte Minero</em></a>. =E2=80=9CCritics, however, warn that mining=E2=
=80=99s technical complexity, long project cycles and strategic importance =
require dedicated expertise and institutional focus.=E2=80=9D The next big =
priority will be permitting reform for the mining industry. The prospects f=
or the green hydrogen industry are less clear. Under leftist President Gabr=
iel Boric, the government last year <a href=3D"https://d2QWfV04.na1.hubspot=
links.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLH5n=
XHCW5BWr2F6lZ3p2W8lYbgj76KgXzW7c84L83-RQGcW2mqc3k1fSGK3W3Y0QwX6sxFlwN981wJd=
FKN9tW1nDhcZ6c0y5pW7M_5Y-8MFDH_V4k44h2-Z6NBN5DS42rZY5VQW2fYljF90xqxyW4Gcngs=
5mdF_wN8QTkyS40KxpW4DgqtB4TRM8-W6rysQ238FB7fW3hz-k69dnWwvW3TGp3P1QTLkxW4ZDz=
7c2qsrd0W2VxvfW1j3VGGW7H1WTM7066vlW3WgxVl49pRrmW5Tm5V25JXwp8W8pwclw8z-STLW4=
7606P4vYC1KW1qQp8m8R3CBbW4ZSMsh9kgQd9W5ZflQc3-ZwQbW88rD8r3z-V10W35wVfq3syH1=
6N5B2d70_Y49dW8Z8vM241b2XFN6F94Bjh5GL-W2Q8xDp7FzFN1N26c40qbxqr8W7ZWDYC5DzJF=
5f25N6kP04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v=
2=3D"DAgQ1ofP" target=3D"_blank">approved</a> a $423 million green hydrogen=
 project, part of a burgeoning industry in the country. The Boric administr=
ation unveiled a <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113=
/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWL-5nXHCW69t95C6lZ3lnW64=
BGnF84dzXPW5-XJsq3JbLb9W3wYcZd5SxP-xW8TYsmC5V9Vv4VTp6KK7GwVngV6pPV38nKXWmW8=
v3dbl6bX0B3VpfDw-94HxxMW80HXsS8zbp_SW8ghTpj2TNCMrW2qBZWd1-lvhBW69hvCq80mFWK=
V-DV6s7t7C1bW25__Jq2cSmd7W4WvTHr7vHCgGW46MPlB5BYhPBW2sDnWX4nSGVTW8h02Hm3jm1=
FXVyXFZY3PvR1_W6MB9p15FH3YgW6T9Pz44kyJj7VZgLR328XX09W7X80lG2Bl-QWVP_3RH899X=
7bV9zWqm8Rl93vW6M1PT45gS9SfW5xZ8SN2DWhJBW8GPgG17f2y3kW3SHj9L7L3sb1W5gf5Xl8w=
z-46N4k1b6353PC1N5RZR8hRCFT-W4GLR1X3fdZhjW3KxhMT5fFJtHN2b28zBKLlNQVbzcWv1mv=
LDRf3y12mT04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id=
-v2=3D"vaaqdzhD" target=3D"_blank">finalized national strategy</a> for gree=
n hydrogen just a week before the inauguration. Whether Kast holds to that =
plan remains to be seen, but it=E2=80=99s more likely he=E2=80=99ll overhau=
l the policy.&nbsp;</p>
<p style=3D"line-height:150%">&nbsp;</p>
<p style=3D"line-height:150%">On the opposite side of the global copper sup=
ply chain, Mongolia is demanding earlier payments and a larger share of the=
 sweeping Oyu Tolgoi copper mine the country co-owns with Rio Tinto. The go=
vernment of President Ukhnaagiin Kh=C3=BCrels=C3=BCkh, which owns a 34% sta=
ke through the state-owned Erdenes Mongol LLC, said it considers the curren=
t agreement unfair and wants dividend payments on a faster schedule in addi=
tion to a 60% share of returns. =E2=80=9CThese discussions reflect our cont=
inued commitment to working together to achieve Oyu Tolgoi=E2=80=99s full p=
otential for the benefit of all partners,=E2=80=9D Rio Tinto told <a href=
=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4=
XDkbn6hGG1W7FnbcL5LyfcgN4KxWNs3qn9qW95jsWP6lZ3ksW5btCwM95z-rZW2BpZPs8bhJLXW=
5n63yb1gfmDxW3rQz5V6w1VBFW2xbchS6Ct0H6W29g0H14QKB7JW5-7q_L50y5Y4W73JjXc53_G=
PtN70DfVL-z4mzVWxM5q5--sfwW5NGdkL9g6XQSW3lxl1l2gCXz1N52jklDw5N4bW6LS2pf7XRp=
0CW8DB9sm5SZ0lyW64jn2B3KyMzpW1p-2tN1BzXP7W9kC8gm5NR40cV4RD8V3LBFwLW4PvPqt7w=
qxpnW4k-TJT19DL7dW4BCZ5m2scCfjW3Rr2QX91Gb3RW4nDlCD2pNBkgW8KB6SC5jvKk8W6-JVg=
s91d2H8W6b5t1r1b6Wz-W7WvMks7CBft7W8xbwCK3bQNkRW74CT2R7NylVcf4XqQY804" style=
=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"VkplPJZv" ta=
rget=3D"_blank"><em>Mining.com</em></a>.&nbsp;</p>
</div>
</div></div></div></td></tr></tbody></table>
</div>
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      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
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olor=3D"#ffffff">
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    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
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=3D"0" style=3D"width:600px">
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=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_modul=
e_17730578705782" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrap=
per_type_module" style=3D"color: inherit; font-size: inherit; line-height: =
inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><=
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if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #1d5693;width:100%;mar=
gin:0 auto;"></p>
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" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #1d5693;wid=
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            <td style=3D"height:0;line-height:0">&nbsp;</td>
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  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7730578705783" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
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s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><h2 style=3D"margin:0; font-family:'Times =
New Roman', Times, serif; color:#696969; font-size:12px; line-height:150%">=
<span style=3D"color: #1d5693; font-family: Arial, sans-serif;"><a href=3D"=
https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkb=
n6hGG1W7FnbcL5LyfcgN4KxWN83qn9qW8wLKSR6lZ3n9N64zTYl9vMNNW7PMhWd68C6DgN5ms4k=
qwF97bW5Cls_H4YZXt7TP3vZ9fh7DVW8D_CVP5HGDzVW88ZZkG3N91rQW4Lg5XG3HG_B1W85M3J=
X70pYQ3W1_YYb92RD34lW4yV4Jm199SYFW8w9-Kh47PkwfW4xPGYk3cDx_-W5hpCvl2tmmPVW6v=
kYDf5ZY2jMW5hTLrY78pL-ZW4gXvwz1b3YTRW70gfLH7RpgHNW4GNBkb47v_vHW3HyhwP7QtZqG=
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ight:bold; color:#1d5693" rel=3D"noopener" data-hs-link-id=3D"0" data-hs-li=
nk-id-v2=3D"IfBJ3x1f" target=3D"_blank">A MESSAGE FROM HEATMAP LABS</a></sp=
an></h2></div></div></td></tr></tbody></table>
<div id=3D"hs_cos_wrapper_module_17730578705784" class=3D"hs_cos_wrapper hs=
_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; fo=
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" data-hs-cos-type=3D"module"><table class=3D"hse-image-wrapper" role=3D"pr=
esentation" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
  <tbody>
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      <td class=3D"hs_padded" align=3D"center" valign=3D"top" style=3D"font=
-family:'Times New Roman', Times, serif; color:#000000; word-break:break-wo=
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        <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04=
/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83qn9qW8wLKSR6lZ3nrVQTPbB90cNd-=
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yle=3D"color:#00a4bd" data-hs-link-id=3D"1" data-hs-link-id-v2=3D"XV9rX5cl"=
>
        <img alt=3D"Climate &amp; Energy Tech Investment Shift" src=3D"http=
s://hs-23917781.f.hubspotemail.net/hub/23917781/hubfs/House%20Ads%20-%20AM%=
20newsletter%20(600x200)%20(1).png?width=3D1120&amp;upscale=3Dtrue&amp;name=
=3DHouse%20Ads%20-%20AM%20newsletter%20(600x200)%20(1).png" style=3D"outlin=
e:none; text-decoration:none; border:none; max-width:100%; font-size:16px" =
width=3D"560" align=3D"middle">
        </a>
      </td>
    </tr>
  </tbody>
</table></div>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7730578705785" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
 id=3D"hs_cos_wrapper_module_17730578705785_" class=3D"hs_cos_wrapper hs_co=
s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><p style=3D"font-size:18px; line-height:15=
0%"><a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_=
bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83qn9qW8wLKSR6lZ3lRW1gH4-J48GSmrW1b=
YRmQ2R9tB8W8kFw54984yDKW61rHb76-bfzqW6nvMhS4YJ_nKMlgVGcJCgyhW55-jCV8TkchWW5=
DFnvh1B-VChVR4Ktt4lkVrnW16yY9g5VKP_HW2dfX5279-kPPW8BmkVq5WcrxrW6FXfH94ppjS9=
W1BdNpg284GgvW27H0M58FzjBWW6N1hG482_rFBW3G05wW2fp44qW6fFpw396hPtxW1NmnFq27F=
WMZW79Ls2w1-b3b2W6-LbC321LqkjV-7QtT7s9g-kW7G9LhW3Lt31DW3-qryh60bl21W8MM6d34=
-kCk-W7BwW8x4hdHf6VKShMM4lCHtZW8gCp063glyWlf1RD2PH04" style=3D"color:#00000=
0; text-decoration:none; font-weight:bold" data-hs-link-id=3D"2" data-hs-li=
nk-id-v2=3D"ibJk+5EY" target=3D"_blank"><span style=3D"font-weight: bold; f=
ont-family: Arial, sans-serif;">Where Climate Capital is Flowing in 2026</s=
pan></a></p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_modu=
le_17730578705786" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wra=
pper_type_module" style=3D"color: inherit; font-size: inherit; line-height:=
 inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module">=
<div id=3D"hs_cos_wrapper_module_17730578705786_" class=3D"hs_cos_wrapper h=
s_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit=
; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"wi=
dget" data-hs-cos-type=3D"rich_text"><p style=3D"font-size:14px; line-heigh=
t:150%"><span style=3D"font-family: Arial, sans-serif;"><a href=3D"https://=
d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7=
FnbcL5LyfcgN4KxWN83qn9qW8wLKSR6lZ3l7W9kgGYs5ndp7WW5t8sX34T9LpbW69r5pc76Sfb6=
W66Pv1R4t2sF2W87XtMS8Kgc6zW8ZgMJP6dH0xrW6VF9Cy464p-PW48zdth5hdMp6W4qKbnc3xM=
MzWW44NMt217DtF1Vqqqc-8-Q-VSW18hDXx2P9sPqW7fVH6M8wMjD2W2fhxwx3_Z7tsV_XDlF7S=
9Nq4W7flPdg4mry0kW76Ws5X67Ck3XW8ZB6k0930j4pW1qNz5Z4fF-6CW2jMkVp4RLjDvW2RZv3=
f1dpynbW3JC_6f3GhS-TW1KXnHr2463kTW1VcN0M1xbrByW7wptJz69VLsHW2h06Pq4v8Q8BW3X=
XZym3Fxg7jW9gktTf13SlzCf3Vp2Qz04" style=3D"color:#000000; text-decoration:n=
one" data-hs-link-id=3D"3" data-hs-link-id-v2=3D"2Jb3CbRS" target=3D"_blank=
">Hear from Obvious Ventures, Azolla Ventures, HASI, and FischTank PR on cl=
imate investing in 2026: Where capital is going and what founders need to d=
o to raise, communicate, and win. <span style=3D"text-decoration: underline=
;"><strong>Register here</strong></span>.</a></span></p></div></div></td></=
tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7730579045121" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><tab=
le role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"=
vertical-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #1d5693;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #1d5693;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
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</div>
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    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_17549147556788" class=3D"hse-section" style=3D"padding=
-left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container" style=3D"min-width:280px; max-wid=
th:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px" bgc=
olor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" width=3D"600" bgcolor=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:600px;padding-bottom:10px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"600" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:600px">
<![endif]-->
<div id=3D"column-1754914755678-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_=
module_17412689178444" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_module" style=3D"color: inherit; font-size: inherit; line-hei=
ght: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"modu=
le"><div id=3D"hs_cos_wrapper_module_17412689178444_" class=3D"hs_cos_wrapp=
er hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inh=
erit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=
=3D"widget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; fo=
nt-weight:bold">4. <strong>A Chinese offshore wind company is going public<=
/strong></p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px 20px"><div id=3D"hs_cos_wrapper_mod=
ule_17412689339535" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17412689339535_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><div data-qa=3D"message-text" style=
=3D"line-height:150%">
<p style=3D"line-height:150%">Dajin Heavy Industry, a Chinese manufacturer =
of offshore wind foundations, has begun promoting its plans to go public on=
 the Hong Kong Stock Exchange, <a  href=3D"https://d2QWfV04.na1.hubspotlink=
s.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLH5nXHCW=
5BWr2F6lZ3mWW1F7tTR92cJCDW2lQQKN5shNr-W5yZJhh3Yyv-yW3G65Zh8tjlKjW83V3YG3sn7=
K9W78Mc-N8kM1WDVcdRnL3419j5W2BbJt91XStYLW8yPlFd2bCg75W1wjmVT2lj5GwW2MP5d48p=
gcmqW4yKjmf92zsFKW8lPjw48zGKMFVzDY4w4lhsnjN2SCt0XpgvChW1T0mrY9gLyb7W301D6M9=
1TFLCW8g3Zmr64pY3gV1r0tw7hQnrLW3KKvWL6rngrRW48_vGG2tjQNGN9k4Lf6wjGZ_W4QS_7x=
1dDlMDM-YKrCB49PCW7lNM0H4CpgP6W6hnPT33SMWdLW45W17h4cp5ZzW99-2Bw8zLg1GW85Qnv=
p59fP5bW43gkHx92RdDRW70cpxx5GfZCFW2D2wLw73zl82W3RbRRv13hppjN77HXm8Hz8b0f4lw=
txR04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"=
LM8Lc5FN" target=3D"_blank"><em>offshoreWIND.biz</em></a> reported. The pri=
vately-owned Beijing-based company has so far self-funded its expansion, in=
cluding a new assembly plant in Tangshan, the development of a fleet of dec=
k carriers for transporting turbine components, and direct investments into=
 wind and solar projects across China. It=E2=80=99s a sign of how much Chin=
a=E2=80=99s wind industry is growing. As <a href=3D"https://d2QWfV04.na1.hu=
bspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4Kx=
WMT3qn9qW7Y8-PT6lZ3ntW6wxWHd7zWcJ0Vbr-T14Ng_qYW2rS2RK30mfMzV6Qmkz4LTpT7W4LP=
fKM8JSTfxW45M-Lc7tGGkZW2dQw6X7J85RPW84bMLQ1b9LyLW7fYM9W12YM_ZW4G7HGl3_GR2hW=
8Tc97f2lZ-zNVBVbjp7lxnv3W393Q1h7smJJRW4W2bc18k9n_SW184NJj1-BWtsW2FStCv8dp6T=
NW3d42Lx8vHyG2W7JLMrX5SLwP4W6XNmSl8HXq3mN7F2Tzln-jgzVW2y17610BBYW98YG7k5G5p=
LWW97-RS85JLlc0W4DShy64f7vfcW1Gfb4K1T1rSlW7znrh03bVQmcf8XGH7z04" style=3D"c=
olor:#000000" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"QFV+Y4B2" target=
=3D"_blank">I reported in Monday=E2=80=99s newsletter</a>, global wind inst=
allations hit a record high last year as Chinese companies surged into domi=
nance, seizing eight of the top 10 manufacturer slots. Last October, <a hre=
f=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN=
4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3qn9qW7Y8-PT6lZ3n0W68H9Lz5wJWN2W6THvhy97XB5j=
W3HhkRk3DxW5fW7pgSCq8NfPMHW6jKgp73nj_JCN6CjmmdGfGvSW1m2_CC4n69GnW2hLv5H7z4M=
J7W1JLp2H77d9wRW5wgMW_201J_6W95M6--4-lGfMN5DM6b4SfqBSW27nv4h4CCFyQW884dHv2C=
9Q6pW7bj2GH7kzvL6W6yzYBB2tV2B7W5s6yRq228YrSW5hjDNg2prnDrW5N36rk465QDbW4dvtS=
-5tQkgvW25M91f8MD4KRW2FXbGd3V2H4tW1KT9nT6_p2yHN7g841QZkKGgW7yLKmW3bz7QTW1bS=
1Qx6Dn_Ksf4r_kXz04" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-l=
ink-id-v2=3D"Y4mWQuZs" target=3D"_blank">Matthew wrote that</a> a Chinese c=
ompany=E2=80=99s new factory in Scotland augured the eventual takeover of o=
ne of Europe=E2=80=99s few strong domestic energy industries.&nbsp;</p>
</div></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7658043840841" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><tab=
le role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"=
vertical-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:'Times New Roman', Times, ser=
if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:6px solid #e6e6e6;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:6px solid #e6e6e6;wid=
th:560px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px 20px 10px"><div id=3D"hs_cos_wrapper_mod=
ule_17168975037365" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wr=
apper_type_module" style=3D"color: inherit; font-size: inherit; line-height=
: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"=
><div id=3D"hs_cos_wrapper_module_17168975037365_" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inheri=
t; font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"w=
idget" data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; font-we=
ight:bold"><span style=3D"font-weight: bold;">5. </span><strong>Myriad Uran=
ium doubles the size of its Wyoming project</strong></p></div></div></td></=
tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px"><div id=3D"hs_cos_wrapper_module-3-0-7"=
 class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" =
style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs=
-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_=
wrapper_module-3-0-7_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><div aria-labelledby=3D"primary-D0960F0VALC-1771505317.455249-sen=
der primary-D0960F0VALC-1771505317.455249-message_text primary-D0960F0VALC-=
1771505317.455249-alt_text primary-D0960F0VALC-1771505317.455249-date_time =
primary-D0960F0VALC-1771505317.455249-reaction_count primary-D0960F0VALC-17=
71505317.455249-reply_count primary-D0960F0VALC-1771505317.455249-link_coun=
t primary-D0960F0VALC-1771505317.455249-attachment_count primary-D0960F0VAL=
C-1771505317.455249-has_draft_reply primary-D0960F0VALC-1771505317.455249-p=
inned_state primary-D0960F0VALC-1771505317.455249-edited_state primary-D096=
0F0VALC-1771505317.455249-later_state primary-D0960F0VALC-1771505317.455249=
-broadcast_state primary-D0960F0VALC-1771505317.455249-broadcast_thread_roo=
t_message primary-D0960F0VALC-1771505317.455249-translated_state" aria-sets=
ize=3D"-1" style=3D"line-height:150%">
<div data-hsprotectaria-roledescription=3D"message" style=3D"line-height:15=
0%">
<p style=3D"line-height:150%">The Canadian mining startup Myriad Uranium ha=
s announced plans to double the size of its Copper Mountain Uranium Project=
 in Wyoming, increasing the total holdings from about 9,439 acres to 18,351=
 acres. The expansion, the company said, came after a recent =E2=80=9Chigh-=
resolution radiometric and magnetic survey=E2=80=9D revealed that the depos=
it likely stretches east of where the existing project has already explored=
. =E2=80=9CConfidence is increasing that we now have one of the largest ura=
nium projects in the United States,=E2=80=9D Myriad CEO Thomas Lamb said in=
 a <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_b=
Kc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWLn5nXHCW50kH_H6lZ3k-W6YdpKT85BVxLVQ58=
133RmvTgW8tVgPM6rbRGhN82RydfTHZSyW1zFp6Q2tt474W6RJ7GM5HRsPWW2jW-b158ZsygW34=
73YH3vJXbQN575yCrHstHdW4fqJg55ZTq4LW6jb7Qd8wNB5lW2QQzYJ8mygsRW1_GJfr7Hv1ZvW=
143sT7672K60W2Zqk577H_nrNW8LDLfH7_l3vXW8VQFzc7BzQdJW36xk834MrjRmW2Dj8rg4-4S=
64W1N6vzj6PcMkwW4Fy-mk5Jsw-RW52qLDQ5KbXycVqvYnC5nM6VDW76zd9S7xZnzMW2g-MN74k=
_2wTN69_fc9vHN0sVvBQZQ7KyrcrW38b1KW68PqSYW2Bvtgc2dP52HVx6mkB1xl0g7W20PBGM8k=
PFgxW6pGh3C8LbYdsf3sX03K04" style=3D"color:#000000" data-hs-link-id=3D"0" d=
ata-hs-link-id-v2=3D"VTQdxr45" target=3D"_blank">statement</a>. =E2=80=9CAs=
 uranium prices rise, a progressively larger share of our endowment will tr=
ansition into economic viability, offering strong leverage to the steadily =
increasing price of uranium.=E2=80=9D</p>
</div>
</div></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
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=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
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e-4-0-0" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_=
module" style=3D"color: inherit; font-size: inherit; line-height: inherit;"=
 data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table rol=
e=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"vertic=
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if; color:#000000; font-size:0; word-break:break-word">
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gin:0 auto;"></p>
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  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:20px"><div id=3D"hs_cos_wrapper_module-4-0-1"=
 class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" =
style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs=
-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_=
wrapper_module-4-0-1_" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos=
_wrapper_type_rich_text" style=3D"color: inherit; font-size: inherit; line-=
height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"r=
ich_text"><h1 style=3D"margin:0; font-family:Arial, sans-serif; font-size:2=
2px; line-height:150%">THE KICKER</h1></div></div></td></tr></tbody></table=
>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7678798381002" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
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s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><div aria-labelledby=3D"primary-D0960F0VAL=
C-1772455746.018939-sender primary-D0960F0VALC-1772455746.018939-message_te=
xt primary-D0960F0VALC-1772455746.018939-alt_text primary-D0960F0VALC-17724=
55746.018939-date_time primary-D0960F0VALC-1772455746.018939-reaction_count=
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455746.018939-link_count primary-D0960F0VALC-1772455746.018939-attachment_c=
ount primary-D0960F0VALC-1772455746.018939-has_draft_reply primary-D0960F0V=
ALC-1772455746.018939-pinned_state primary-D0960F0VALC-1772455746.018939-ed=
ited_state primary-D0960F0VALC-1772455746.018939-later_state primary-D0960F=
0VALC-1772455746.018939-broadcast_state primary-D0960F0VALC-1772455746.0189=
39-broadcast_thread_root_message primary-D0960F0VALC-1772455746.018939-tran=
slated_state" aria-setsize=3D"-1" style=3D"line-height:150%">
<div data-hsprotectaria-roledescription=3D"message" style=3D"line-height:15=
0%">
<p style=3D"line-height:150%">If I were a cornier writer, I would earnestly=
 try to come up with a Sonic pun. University of Oxford researchers found th=
at<strong> </strong>ultrasound-repellers could save hedgehogs from cars. A =
study published Wednesday in <a href=3D"https://d2QWfV04.na1.hubspotlinks.c=
om/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3qn9qW7Y8=
-PT6lZ3l2N2pm1WY_XpvJW5Y6gx06DrX1wW4fx5cZ5PfN2pW4vB7sv4tXv-rW4WlLV76D61vbW3=
FdWmy67r5bTW2MDcWj2N5JgWN4jcxXxVxmc9W4bGcSP656H_pW1pbWvd14xNlXW93L1pX61FS-y=
W8Lyfv11lFD77VxxS5V3YdHlWW52-C1K5wPbntW7_rTH16k-HPNW5sQnjq2KwZh5M-9CtKYb_Ys=
W3sYDH-4mZG5XW6v_VFj5NRC6WW8tM3fq3m6MMmW1BkJjs7zSG8hW7sr9nR2lS-B0W90SCXp25V=
5pYV-pRX65Tmmc-VWfFPW5KDc20W7Fj7s712T_NJf236C4M04" style=3D"color:#000000" =
data-hs-link-id=3D"0" data-hs-link-id-v2=3D"sqBaPqRA" target=3D"_blank"><em=
>Biology Letters</em></a> demonstrates for the first time that <strong>hedg=
ehogs can hear high-frequency ultrasound, highlighting the possibility&nbsp=
;that repellers could deter the mammals from scurrying into roads where the=
y=E2=80=99re frequently killed by cars.</strong><span style=3D"font-size: 1=
1px;"> </span>=E2=80=9CHaving discovered that hedgehogs can hear in ultraso=
und, the next stage will be to find collaborators within the car industry t=
o fund and design sound repellents for cars,=E2=80=9D Sophie Lund Rasmussen=
, the assistant professor who served as lead researcher on the paper, said =
in a <a href=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW=
_bKc6HhQSsN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWMT3qn9qW7Y8-PT6lZ3nsW7bz6-w9h-czxW1=
yDFJ34spN9PW4gq7Sw7kr9ChW8dBVYv7fYvNjW2YtCWh2Nd1LkVKRrgq122QgFW5PDRKY7-HPh0=
W8-XQzJ2SbtBcV5M1Gc3yfyD9W5WK2YW3Sf93fW7--Pd_2zqYh7W7HwFY414CmKcW93pjZK892w=
BqW5whQQT1KxL_VMcv-wvcnrg0W1q6K5n7cnMhBW8-Lmvm3-gNjyW1Y6b1X9gHLN_N8gBdJ55Mp=
sJW4nXVjH31Q9bLW6mZ4lZ7HGYqDW6cTf5-3Pd3KZW90gSTm4MBYXbW238SyD78jWLNW61CGcB3=
8C7Y1W5ddgQ46c6sLDf8jQp3F04" style=3D"color:#000000" data-hs-link-id=3D"0" =
data-hs-link-id-v2=3D"EysJsAI6" target=3D"_blank">press release</a>. =E2=80=
=9CIf our future research shows that it proves possible to design an effect=
ive device to keep hedgehogs away from cars, this could have a significant =
impact in reducing the threat of road traffic to the declining European hed=
gehog.=E2=80=9D</p>
</div>
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-left:10px; padding-right:10px">
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    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
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"font-family:'Times New Roman', Times, serif; font-size:22px; color:#000000=
; word-break:break-word; padding:12px 20px"><div id=3D"hs_cos_wrapper_modul=
e_17394601289042" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrap=
per_type_module" style=3D"color: inherit; font-size: inherit; line-height: =
inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><=
table role=3D"none" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=
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if; color:#000000; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:4px solid #000000;width:100%;mar=
gin:0 auto;"></p>
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        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:4px solid #000000;wid=
th:560px;">
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"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:'Times New Roman', Times, serif; font-size:22px; color:#000000; w=
ord-break:break-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_1=
7394601289043" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper=
_type_module" style=3D"color: inherit; font-size: inherit; line-height: inh=
erit;" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div=
 id=3D"hs_cos_wrapper_module_17394601289043_" class=3D"hs_cos_wrapper hs_co=
s_wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; fo=
nt-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget=
" data-hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-family:Arial, =
sans-serif; font-size:22px; line-height:150%">Opportunities</h1>
<p style=3D"line-height:150%"><span style=3D"font-family: Arial, sans-serif=
;">&nbsp;</span></p>
<p style=3D"font-weight:bold; font-size:22px; line-height:125%"><span style=
=3D"font-family: Arial, sans-serif;"><strong>Group &amp; Gift Subscriptions=
</strong></span></p>
<p style=3D"font-weight:bold; font-size:22px; line-height:125%">&nbsp;</p>
<div style=3D"font-size:20px; line-height:150%">
<div style=3D"line-height:150%">Interested in discounted group subscription=
s for your company, university, or organization? Visit&nbsp;<a href=3D"http=
s://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQSsN4XDkbn6hG=
G1W7FnbcL5LyfcgN4KxWMT3qn9qW7Y8-PT6lZ3mpW3Tvj0z1G9PJ3W8XwNp47GH_r4W2yzfBy4T=
6_G4W2yhxjX72Wm6KW7cCnXZ6vWd7PW55bgLk40PDmPW7mGw7N8YBtF9W1z23WF9kCjJKW6429f=
V6WL1nPW6gkBTx4kst7qN7jxXF1qPvCpW61DPmF6tM2ryW1165dq6lqG3tW7tNKrH6jq7z9W7Q0=
cBl7lPfZ-W3mZXVK2kltPXW4bPVpx49DHGPW32nlSm5BTDfQN60mZx9mMrYYW2NSyhV18WYrmN3=
ZkxtPQYFHwW2LvvzQ1DdvZ3N7gkd_bN7Z1MW45Pb_S1yDRQGW8c7mnF8Wft98W7m_TTp4JNCxHf=
70pZv004" target=3D"_blank" style=3D"color:#000000; font-style:normal" rel=
=3D"noopener noreferrer" data-stringify-link=3D"https://info.heatmap.news/g=
roup-subscriptions" data-sk=3D"tooltip_parent" data-hs-link-id=3D"0" data-h=
s-link-id-v2=3D"B1qgd547">this link</a> to inquire and equip your teams wit=
h world-class climate and energy intelligence.</div>
</div>
<div style=3D"font-size:20px; line-height:150%">&nbsp;</div>
<div style=3D"line-height:150%">
<div style=3D"line-height:150%"><span style=3D"font-family: Arial, sans-ser=
if;"><strong>Upcoming Events</strong></span></div>
<div style=3D"line-height:150%">&nbsp;</div>
<div style=3D"font-size:20px; line-height:150%">We=E2=80=99re bringing <a h=
ref=3D"https://d2QWfV04.na1.hubspotlinks.com/Ctc/X+113/d2QWfV04/VW_bKc6HhQS=
sN4XDkbn6hGG1W7FnbcL5LyfcgN4KxWN83qn9qW8wLKSR6lZ3mHMvMn-BDTH2RVMCrm731VHPFW=
7p82KS3sjS_LW8lYcd44TCcC8W26_jLl9bNCq9W3rT3tv6Grr9NW6LT-x_3JRr9SW8ZGK3L86dk=
lYW4Pwvf_7VCV94W12WfZ-5rkQhsV4Br8y8Gj4vKW80JQk67R771TW5K21dl7QXy8JN41kngQqK=
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9fgT7W41VmP-3FmQ-TW1WW6xc8xhlbHW3sk2pb677qt3F88LHQzqsNSW6tcdk547SZ4QW5wkxwk=
5KYgCvW3rVJGb4YsSDKW8l7D3Z1yyC4TdHz_QP04" target=3D"_blank" rel=3D"noopener=
 noreferrer" style=3D"color:#000000" data-hs-link-id=3D"0" data-hs-link-id-=
v2=3D"HcX13Lna">Heatmap House</a> to San Francisco&nbsp;Climate Week in Apr=
il. Contact Heatmap=E2=80=99s Mike Munsell (<a href=3D"mailto:mike@heatmap.=
news" rel=3D"noopener" style=3D"color:#000000" data-hs-link-id=3D"0" data-h=
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