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On Monday (June 30), Statistics Canada released its natural resource indicator report for the first quarter of 2025.

The data shows a 1.6 percent growth quarter-over-quarter in the real gross domestic product (GDP) of the sector during the three-month period, indicating that the sector outpaced the broader economy, which posted an increase of just 0.5 percent.

The energy subsector led the way with a 2.2 percent gain, driven by increases of 2 percent in crude oil and 3.4 percent in electricity.

The minerals and mining sector increased by just 0.4 percent overall. Within it, the manufacturing of metallic mineral products grew 4 percent, and non-metallic mineral extraction rose 3.2 percent. On the other hand, metallic mineral extraction declined by 2.9 percent

Although real GDP increased, exports declined at the start of the year. Energy exports fell by 1.8 percent, due to a 12.4 percent decrease in outgoing refined petroleum products. Similarly, mineral and mining exports were also down by a more modest 0.9 percent.

South of the border, the “One Big Beautiful Bill” was passed by the US Congress on Thursday (July 3). The legislation is a cornerstone policy of President Donald Trump’s economic policy and includes several significant tax and spending cuts.

Among the provisions is an extension of US$4.5 trillion in tax breaks originally enacted by Trump in 2017 during his first term.

The package will increase defense and national security spending, including significantly increased funding for Immigration and Customs Enforcement and money earmarked for the development of the “Golden Dome” missile defense system.

To offset the decrease in tax income and increase in spending, the government made US$1.2 trillion in cuts to Medicaid and food stamps and clawed back green energy tax credits.

Critics of the bill have warned that it would result in increased deficit spending by the government, as shortfalls are expected to add more than US$3.3 trillion to the federal deficit over the next decade.

Markets and commodities react

In Canada, markets were closed on Tuesday (July 1) for the Canada Day holiday. Equity markets saw moderate gains this week with the S&P/TSX Composite Index (INDEXTSI:OSPTX) rising 1.24 percent to close at 27,036.16 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, gaining 3.9 percent to 755.22, while the CSE Composite Index (CSE:CSECOMP) climbed 1.9 percent to 120.92.

Markets in the US also had a shortened week and were closed on Friday for the July 4 holiday. US equities were also in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 2.09 percent to close Thursday at 6,279.36, the Nasdaq 100 (INDEXNASDAQ:NDX) climbing 1.7 percent to 22,866.97 and the Dow Jones Industrial Average (INDEXDJX:.DJI) rising 0.77 percent to 44,828.54.

The gold price rose 1.85 percent to US$3,333.90 by Friday at 4 p.m. EDT, while the silver price ended the week up 2.39 percent to US$36.85.

In base metals, the COMEX copper price was unchanged this week at US$5.12 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) gained 1.49 percent to close at 552.55.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Mkango Resources (TSXV:MKA)

Weekly gain: 90 percent
Market cap: C$147.17 million
Share price: C$0.57

Mkango Resources is a rare earths exploration and development company focused on advancing rare earths mining and recycling projects.

The company owns the Songwe Hill rare earths project in Southeast Malawi. The property comprises 11 retention licenses and has undergone historic exploration dating back to the 1980s.

A July 2022 feasibility study for the property demonstrated economic viability with a post-tax net present value of US$559 million, an internal rate of return of 31.5 percent and a payback period of 2.5 years.

The report was based on a February 2019 mineral reserve estimate that reported measured and indicated total rare earth oxide (TREO) resources of 297,400 metric tons from 21.03 million metric tons of ore with an average grade of 1.5 percent and inferred resources of 366,200 metric tons of TREOs from 27.54 million metric tons of ore with an average grade of 1.33 percent.

The company is also developing the Pulawy rare earth separation plant in Poland in partnership with Grupa Azoty Zakłady Azotowe. Once complete, the plant is expected to produce 2,000 metric tons per year of neodymium, praseodymium and didymium oxides. It will also produce 50 metric tons per year of dysprosium and terbium oxides.

Additionally, Mkango holds a 79.4 percent interest in Maginito, which owns HyProMag, a company specializing in the recycling of rare earth magnets. The remaining 20.6 percent interest is held by CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).

Shares in Mkango were up this week after the company announced on Thursday that it had entered into a definitive business combination agreement with Crown PropTech Acquisitions. The company stated that its subsidiary, Lancaster Exploration, and other subsidiaries would merge with Crown PropTech to create what it describes as a vertically integrated, global rare earths platform that incorporates Songwe Hill and the Pulawy separation plant. The combined entity will be named Mkango Rare Earths and trade on the Nasdaq.

Following the deal, which is targeted to close in Q4, Mkango will focus on its rare earths recycling business.

2. Lithium South (TSXV:LIS)

Weekly gain: 50 percent
Market cap: C$55.61 million
Share price: C$0.18

Lithium South is an exploration and development company working to advance its Hombre Muerto North lithium brine project in Argentina. The property consists of nine concessions covering a land package of 5,687 hectares.

According to its April 2024 preliminary economic assessment, the company is planning to install production wells at the Tramo, Natalia Maria and Alba Sabrina concessions. The assessment demonstrated project economics with a post-tax net present value of US$934 million, an internal rate of return of 31.6 percent and a payback period of 2.5 years.

The included mineral resource estimate for the three concessions reported a combined measured and indicated lithium resource of 297,400 metric tons from 404.1 million cubic meters of brine with an average concentration of 736 milligrams per liter.

The most recent news from Lithium South was released on June 25, when the company provided an update on its environmental impact assessment. Lithium South said that it had received a response from the mining secretariat of the Salta Province regarding the assessment and was in the process of responding to obtain final approval, which would allow the company to construct a pilot plant for its definitive feasibility study.

3. Oceanic Iron Ore (TSXV:FEO)

Weekly gain: 46.81 percent
Market cap: C$55.61 million
Share price: C$0.345

Oceanic Iron Ore is an exploration and development company working to advance its Ungava Bay iron projects in Northern Québec, Canada.

The properties consist of 3,000 claims covering a total land package of 1,500 square kilometers across three project areas: Hopes Advance, Morgan Lake and Roberts Lake.

A January 2020 preliminary economic assessment for Hopes Advance presented project economics, showing a post-tax net present value of US$1.4 billion, an internal rate of return of 16.8 percent and a payback period of 6.7 years.

The report also included a mineral reserve estimate for Hopes Advance with a measured and indicated resource of 515 million metric tons of iron concentrate from 1.39 billion metric tons of ore with an average grade of 32.1 percent.

On Monday, Oceanic announced it settled C$139,666 in accrued interest from several debentures by issuing common shares at a price of C$0.24. While its share price didn’t move much on that news, it picked up steam significantly in the latter half of the week.

4. Excellon Resources (TSXV:EXN)

Weekly gain: 44.44 percent
Market cap: C$55.61 million
Share price: C$0.325

Excellon Resources is an exploration and development company that is advancing its recently acquired Mallay silver mine in Peru back into production.

Mining at the site produced 6 million ounces of silver, 45 million pounds of zinc and 35 million pounds of lead between 2012 and 2018 before the operation was placed on care and maintenance.

On June 24, Excellon announced that it had completed its acquisition of Minera CRC, and its Mallay mine and Tres Cerros gold-silver project in Peru.

Excellon began the court-supervised acquisition process in October 2024. On March 11, Excellon announced that it had entered into a definitive agreement with Adar Mining and Premier Silver, which resolved any outstanding disputes between Adar, Premier, and Minera, and paved the way to complete the transaction.

In the June release, the company stated that it will immediately commence the next phase of its strategy to restart the mine. As Mallay is fully permitted with infrastructure in place, Excellon is aiming for run-rate silver production in Q2 of next year.

Additionally, the company announced on Thursday that it had appointed Mike Hoffman to its board of directors. Hoffman has been in the mining sector for over 35 years, and has experience with developing mines in Latin America.

5. Benz Mining (TSXV:BZ)

Weekly gain: 40.54 percent
Market cap: C$121.72 million
Share price: C$0.52

Benz Mining is a gold exploration company that is focused on advancing projects in Québec and Western Australia.

Its flagship Eastmain project consists of an 8,000 hectare property located in Central Québec within the Upper Eastmain Greenstone belt. The most recent mineral resource estimate from May 2023 reported an indicated resource of 384,000 ounces of gold from 1.3 metric tons of ore grading 9 g/t gold, and an inferred resource of 621,000 ounces of gold from 3.8 metric tons grading 5.1 g/t.

Earlier this year, Benz acquired the Glenburgh and Mt Egerton gold projects in Western Australia from Spartan Resources (ASX:SPR). It has spent much of 2025 exploring Glenburgh, which covers an area of 786 square kilometers and features 50 kilometers of strike. The site hosts six priority extension targets and 5 kilometers of exploration trend with over 100 parts per billion gold.

A November 2024 mineral resource estimate for Glenburgh showed an indicated and inferred resource of 510,000 ounces of gold from 16.3 million metric tons of ore with an average grade of 1 g/t gold.

On June 30, the company reported that it had encountered high-grade intercepts during its drill program at Glenburgh. One hole returned a grade of 2.9 g/t over 72 meters which included an intersection of 5.1 g/t over 39 meters at a depth of 319 meters.

The company stated that the results represent a significant step forward in “understanding and expanding the gold system.”

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

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

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

This post appeared first on investingnews.com

In the wake of the 12-day war between Israel and Iran, the regime appears to be turning inward — escalating repression with chilling speed. 

According to Kasra Aarabi, director of IRGC research at United Against Nuclear Iran, the Islamic Republic is accelerating toward what he said is a ‘North Korea-style model of isolation and control.’

‘We’re witnessing a kind of domestic isolation that will have major consequences for the Iranian people,’ Aarabi told Fox News Digital. ‘The regime has always been totalitarian, but the level of suppression now is unprecedented. It’s unlike anything we’ve seen before.’

A source inside Iran confirmed to Fox News Digital that ‘the repression has become terrifying.’

Aarabi, who maintains direct lines of contact in Iran, described a country under siege by its own rulers. In Tehran, he described how citizens are stopped at random, their phones confiscated and searched. ‘If you have content deemed pro-Israel or mocking the regime, you disappear,’ he said. ‘People are now leaving their phones at home or deleting everything before they step outside.’

This new wave of paranoia and fear, he explained, mirrors tactics seen in North Korea — where citizens vanish without explanation and information is tightly controlled. During the recent conflict, Iran’s leadership imposed a total internet blackout to isolate the population, blocking Israeli evacuation alerts, and pushed propaganda that framed Israel as targeting civilians indiscriminately.

‘It was a perverse objective,’ Aarabi said, adding, ‘They deliberately cut communications to instill fear and manipulate public perception. For four days, not a single message went through. Even Israeli evacuation alerts didn’t reach their targets.’

The regime’s aim, he said, was twofold: to keep people off the streets and erode the surprising bond that had formed between Iranians and Israelis. ‘At the start of the war, many Iranians welcomed the strikes,’ Aarabi noted. ‘They knew Israel was targeting the IRGC — the very forces responsible for suppressing and killing their own people. But once the internet was cut and fear set in, some began to question what was happening.’

Dr. Afshon Ostovar, a leading Iran scholar and author of ‘Vanguard of the Imam: Religion, Politics, and Iran’s Revolutionary Guards,’ said domestic repression remains the regime’s most reliable strategy for survival. 

‘Repressing the people at home is easy. That’s something they can do. So it’s not unlikely that Iran could become more insular, more autocratic, more repressive — and more similar to, let’s say, a North Korea — than what it is today. That might be the only way they see to preserve the regime: by really tightening the screws on the Iranian people, to ensure that the Iranian population doesn’t try to rise up and topple the regime,’ he told Fox News Digital.

Inside the regime’s power structure, the fallout from the war is just as severe. Aarabi said that the Islamic Revolutionary Guard Corps (IRGC) is facing an internal crisis of trust and an imminent purge. ‘These operations couldn’t have taken place without infiltration at the highest levels,’ he said. ‘There’s immense pressure now to clean house.’

The next generation of IRGC officers — those who joined after 2000 — are younger, more radical and deeply indoctrinated. Over half of their training is now ideological. Aarabi said that these newer factions have begun turning on senior commanders, accusing them of being too soft on Israel or even collaborating with Mossad.

‘In a twist of irony, Khamenei created these extreme ideological ranks to consolidate power — and now they’re more radical than he is,’ Aarabi said. ‘He’s struggling to control them.’

A purge is likely, along with the rise of younger, less experienced commanders with far higher risk tolerance — a shift that could make the IRGC more volatile both domestically and internationally. With Iran’s conventional military doctrine in ruins, terrorism may become its primary lever of influence.

‘The regime’s three pillars — militias, ballistic missiles, and its nuclear program — have all been decapitated or severely degraded,’ Aarabi said. ‘That leaves only asymmetric warfare: soft-target terrorism with plausible deniability.’

Despite the regime’s brutal turn inward, Aarabi insists this is a sign of weakness, not strength. ‘If the Islamic Republic were confident, it wouldn’t need to crush its people this way,’ he said. ‘It’s acting out of fear. But until the regime’s suppressive apparatus is dismantled, the streets will remain silent — and regime change remains unlikely.’

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Feeling a little anxious about the market, even with a strong economy? The truth is, money isn’t fleeing the market; it’s simply moving around, creating fresh opportunities. 

In this must-watch video, Tom Bowley of EarningsBeats eases those anxieties by providing charts that show this rotation. Tom shows clear signals of broad market participation, digging into the performance of key areas like transports, tech stocks, regional banks, small caps, and mid caps. He also touches on bonds, major indexes, and individual stocks with intriguing patterns. 

An interesting insight brought up in this video is that this market environment is drastically different from February. We’re seeing much more bullish action now with all areas of the market on the rise. If you’re looking to capitalize on the market’s rally, understanding these rotations is key. 

The video was recorded on July 2, 2025.

This holiday-shortened week was anything but short on action! The S&P 500 and Nasdaq Composite closed at record highs, but what is really driving the market?  

In this essential recap, expert Mary Ellen McGonagle dives into the sectors and stocks making big moves. She’ll reveal why energy and financial stocks are heating up, discuss the surge in biotech and regional banks, and provide key insights into software and renewable energy trends. 

Discover the technical signals behind these moves and learn how you can spot early-stage reversals across different sectors. 

Don’t miss Mary Ellen’s latest insights from July 3, 2025.

You can watch it on our dedicated page for Mary Ellen’s videos.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

Bert Dohmen, founder and CEO of Dohmen Capital Research, sees physical gold and silver as key safe havens as a potential bull trap in the broad stock market plays out.

‘We said we’re probably going to go to a new high in a major, widely watched index like the S&P 500 (INDEXSP:.INX). It’s going to be by a small amount a new high, and that’s going to close the bull trap,’ he said.

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

This post appeared first on investingnews.com

Saudi Defense Minister Prince Khalid bin Salman secretly met with President Donald Trump and other key officials in the White House on Thursday to discuss de-escalation efforts with Iran, multiple sources confirmed with Fox News.

Khalid, also known as KBS, is the younger brother of Saudi Crown Prince Mohammed bin Salman.

Multiple sources told Fox News Channel’s chief political anchor Bret Baier about the meeting.

According to sources, the talks included discussions about de-escalation with Iran and getting to the negotiating table.

The talks were also reportedly about ending the war in Gaza and negotiating the release of the remaining hostages – whether dead or alive – and about working toward peace in the Middle East.

Although the talks were not exclusively about the possibility of normalization with Israel, sources said the conversation dealt with steps that needed to occur to get there.

Sources also said, ‘there was progress and optimism on all fronts.’

The Saudis are in the process of finalizing a defense and trade deal with the U.S., and the message shared between the two allies, sources added, is that they see eye-to-eye on all issues.

The meeting comes days after Trump said other nations have suggested they would like to join the Abraham Accords amid recent Middle East shakeups that saw Israel and the U.S. inhibit Iran’s nuclear ambitions during what has been dubbed the ’12-Day War.’

The Abraham Accords, which sought to normalize relations between Israel, Sunni Gulf States and North African countries, was signed at the White House during the first Trump administration in September 2020.

US special envoy to the Middle East Steve Witkoff said on June 25 that expanding the accords is one of the president’s ‘key objectives’ and predicted that the administration will have some ‘big announcements’ on countries coming into the accords soon.

Last week, White House press secretary Karoline Leavitt named Syria as one of the nations the president was keen to join, noting their historic meeting in Saudi Arabia earlier in the year.

One of the largest Hebrew-language outlets, Israel Hayom, reported Tuesday that Israeli National Security Advisor Tzachi Hanegbi believes those countries are Syria and Lebanon as the top Middle East states who could join the Abraham Accords.

In May, Trump asked Syrian President al-Sharaa to fully normalize relations with Israel in exchange for sanctions relief. 

‘The barriers of entry for expanding the Abraham Accords are incredibly low. It will not surprise me if President Trump expands the Accords within his second term,’ Robert Greenway, former senior director for the National Security Counciland key architect of the Abraham Accords, told Maria Bartiromo, on ‘Mornings With Maria’ on FOX Business.

After the completion of the Abraham Accords, which normalized diplomatic relations between Israel and the United Arab Emirates, Bahrain, Morocco and Sudan in 2020, there was a growing expectation among U.S. officials and Middle East experts that Saudi Arabia would follow suit.

In February, Fox News Digital reported that Trump administration officials said the White House was seeking an expansion of the Abraham Accords.

The Biden administration faced criticism for failing to expand the Abraham Accords and for picking fights with states who made peace with Israel as part of the landmark agreement.

Fox News Digital’s Benjamin Weinthal, Morgan Phillips and Taylor Penley contributed to this report.

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The Supreme Court ended its term last week, but the justices aren’t done yet, partly due to a legal blitz President Donald Trump has strategically deployed in his second term, one that’s proven surprisingly effective in advancing his sweeping agenda.

Lawyers for the Trump administration filed their 20th emergency application to the Supreme Court Thursday in just a 23-week period. 

The dizzying pace of applications comes as the administration looks to advance some of Trump’s sweeping policy actions. And, in many cases, the court’s 6-3 majority has given the administration the green light to proceed. 

The high court has ruled in Trump’s favor in the majority of emergency applications, allowing the administration to proceed with its ban on transgender service members in the military, its termination of millions of dollars in Education Department grants and its firing of probationary employees across the federal government, among many other actions.

Like most emergency orders, the rulings are often unsigned, giving little indication what the justices might be thinking.

Emergency applications — and the Supreme Court’s responses — aren’t meant to offer lasting relief. But Trump has found success using a ‘move fast and break things’ strategy to push key requests through the court’s so-called ‘shadow’ docket.

For context, Trump has filed more emergency applications in five months than his predecessors did in years. Former President Joe Biden submitted just 19 over his entire term, while presidents Obama and George W. Bush filed only eight combined during their time in office.

In the interim, the strategy has allowed him to enforce many of the sweeping executive orders he signed upon taking office. These orders were met with hundreds of lawsuits across the country and blocked by many lower courts, prompting the administration to appeal them, again and again, through the federal judiciary. 

For now, those near-term wins have energized Trump allies, allowing them to press forward with a blitz of executive actions and claim ‘victory,’ however temporary. The approach allows Trump to advance major policy priorities without relying on a slow-moving Congress.

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North Korean officials accused the U.S. Department of Justice (DOJ) of running ‘an absurd smear campaign’ after announcing that it had unraveled several schemes by the Democratic People’s Republic of North Korea (DPRK) to fund the regime through remote information technology work for U.S. companies.

Earlier this week, the DOJ said North Korean actors were helped by individuals in the U.S., China, the United Emirates and Taiwan to obtain employment with over 100 U.S. companies, including Fortune 500 companies.

The scheme allegedly involved the workers getting laptops from the companies that hired them and allowing remote North Korean IT workers to remotely access the computers. In another scheme, North Korean IT workers used false identities to gain employment with a blockchain research and development company in Atlanta, Georgia, and steal over $900,000 in virtual currency.

As part of its announcement about the North Korean scheme, the DOJ unsealed a five-count indictment against Zhenxing Wang, a U.S. national living in New Jersey, who has since been arrested.

Wang and his co-conspirators, the DOJ said, obtained remote IT work with U.S. companies and generated over $5 million in revenue.

Also charged in the indictment are Chinese nationals Jing Bin Huang, Baoyu Zhou, Tong Yuze, Yongzhe Xu, Ziyou Yuan and Zhenbang Zhou. Taiwanese nationals Mengting Liu and Enchia Liu were also charged in the indictment.

Also indicted was U.S. national Kejia ‘Tony’ Wang, also of New Jersey, who was charged separately.

North Korean news agency KCNA reported that a spokesperson for the DPRK Foreign Ministry lambasted the U.S. judicial system for its actions against DPRK citizens on the suspicion of a cybercrime.

‘The recent incident is an absurd smear campaign and grave violation of sovereignty aimed at tarnishing the image of our state as it is a continuation of the hostile move of the successive U.S. administrations that have talked much about the non-existent ‘cyber threat’ from the DPRK,’ the spokesperson reportedly said. ‘The Foreign Ministry of the DPRK expresses serious concern over the U.S. judicial authorities’ provocation which is threatening and encroaching on the security, rights and interests of our citizens by fabricating the groundless ‘cyber’ drama, and strongly denounces and rejects it.’

The spokesperson accused the U.S. of creating ‘international cyberspace instability,’ and not the DPRK.

‘The U.S. has long been posing a constant threat to the cybersecurity of the DPRK and other sovereign states by making cyber space a scene of battle and abusing the cyber issue as a political weapon to tarnish the image of other countries and impair the exercise of their legitimate rights,’ the spokesperson said. 

‘The Democratic People’s Republic of Korea has the right to take a proper and proportionate countermeasure to thoroughly protect the security and rights of its citizens from the judicial enforcement for a sinister political purpose, and to call to strict legal account the outsiders who took malicious action,’ the spokesperson concluded.

The DOJ said the indictment alleges that from 2021 and through most of 2024, the defendants and other co-conspirators compromised the identities of over 80 people in the U.S. to obtain remote jobs at more than 100 companies. As a result, the victim companies incurred legal fees, computer network remediation costs and other damages and losses to the tune of at least $3 million.

Kejia and Zhenxing, along with at least four other U.S. facilitators, allegedly helped overseas IT workers with various parts of the scheme.

Kejia and Zhenxing allegedly established shell companies with websites and financial accounts to make it appear as though the overseas IT workers were affiliated with legitimate businesses in the U.S. Once established, the two allegedly received money from U.S. companies, and the funds were transferred to co-conspirators overseas.

In exchange for their services, Kejia, Zhenxing and the other four conspirators in the U.S. received at least $696,000 from the IT workers.

The DOJ said one of the companies the schemers allegedly accessed data from was a defense contractor that develops artificial intelligence-powered equipment and technology. By accessing the company’s data, the schemers were privy to International Traffic in Arms Regulations (ITAR), the DOJ said.

The DOJ also announced that the FBI and Defense Criminal Investigative Service (DCIS) seized 17 web domains used as part of the scheme, along with 29 financial accounts holding tens of thousands of dollars, used to launder revenue for the North Korean regime.

The DOJ unveiled another part of the scheme, which resulted in a five-count wire fraud and money laundering indictment against four North Korean nationals: Kim Kwang Jin, Kang Tae Bok, Jong Pong Ju and Change Nam II.

The suspects are accused of scheming to steal virtual currency from two companies, with a value of over $900,000 at the time of the thefts, and to launder the proceeds.

All four nationals, the DOJ said, are at large and wanted by the FBI.

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