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<loc>https://www.biznews.com/good-hope-project/what-fruit-flies-can-teach-us</loc>
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<image:loc>https://media.assettype.com/biznews/2026-07-21/rgebj62u/Untitled-design-2026-07-21T134032.120.jpg</image:loc>
<image:caption></image:caption>
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<lastmod>2026-07-21T12:50:48.483Z</lastmod>
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<url>
<loc>https://www.biznews.com/interviews/richard-chelin-cr-impeachment</loc>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/o0gtr0lw/25.png</image:loc>
<image:caption></image:caption>
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<lastmod>2026-07-21T12:50:20.794Z</lastmod>
</url>
<url>
<loc>https://www.biznews.com/miningweb/gold-mine-owners-windfall-funded-departure</loc>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/66itbf1a/ExhibitTheWindfallEarningsChart.png</image:loc>
<image:caption><![CDATA[ Full-year earnings for the two South African majors roughly tripled between 2024 and 2025 as the gold price ran to records. The windfall is real; the question this paper asks is where it went. ]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/0qgmsyss/ExhibitGoldFundsCopperJustifiesChart.png</image:loc>
<image:caption><![CDATA[ Gold miners are buying copper, and the acquisitions are climbing. The middle deal is the one that concerns this paper: Harmony, South Africa’s largest gold producer, reaching offshore for its copper. Deal values as announced; Eldorado’s figure converted from C$3.8bn.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/09fjg4uo/ExhibitCTheVerdictTable.png</image:loc>
<image:caption><![CDATA[ The majors’ growth capital crosses oceans; the reinvestment in the reef is left to the retreatment operators. Earnings and market values are approximate and period-dependent.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-02-01/lwzvmb8w/448739627.jpg</image:loc>
<image:caption><![CDATA[ A 10-ounce gold bar]]></image:caption>
</image:image>
<changefreq>hourly</changefreq>
<lastmod>2026-07-21T10:56:19.986Z</lastmod>
</url>
<url>
<loc>https://www.biznews.com/investor-insights/retired-fund-managers-warning-on-ai-boom</loc>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/80l9i908/image1.png</image:loc>
<image:caption><![CDATA[ Exhibit 1a. An unstable cake. Tier width is combined market capitalisation.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/h5qvz0q6/image3.png</image:loc>
<image:caption><![CDATA[ Exhibit 1b. The open-weight bypass around the paid model layer.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/50w2m936/image2.png</image:loc>
<image:caption><![CDATA[ Exhibit 1c. Five-year total capital spend: dotcom (1998-2003) against AI (2026-2030).]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/0v4cktk1/image5.png</image:loc>
<image:caption><![CDATA[ Exhibit 2a. Left: four years of flagship prices against the collapsing cost of yesterday's frontier. Right: dollars per problem solved at matched quality.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/3mz06qne/image4.png</image:loc>
<image:caption><![CDATA[ Exhibit 3a. The overshoot. Price tags show what each discarded capability step costs today.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/jxvynkwy/image7.png</image:loc>
<image:caption><![CDATA[ Exhibit 4a. The scissor, illustrative. When the red line crosses the gold line, every frontier token loses money fully 
loaded.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/jzb7xaaz/image6.png</image:loc>
<image:caption><![CDATA[ Exhibit 5a. The Vendors Become the Vampires: the documented 2026 record, darkening as the conflict escalates.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/ibctud76/image9.png</image:loc>
<image:caption><![CDATA[ Exhibit 6a. Annual infrastructure spend against the frontier-lab revenue it is partly built for.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/xirnn4rh/image8.png</image:loc>
<image:caption><![CDATA[ Exhibit 7a. The number nobody watches. Capex level at records, growth still high, acceleration already negative.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/pm9wjcql/image12.png</image:loc>
<image:caption><![CDATA[ Exhibit 7b. One dollar's round trip: vendor financing by another name.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/i50oidb2/image10.png</image:loc>
<image:caption><![CDATA[ Exhibit 7c. Correlation of one: every exposure keys off whether OpenAI clears its next mark.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/j0nxdfus/image11.png</image:loc>
<image:caption><![CDATA[ Exhibit 7d. The refinancing treadmill in two lines: the step-up compressing toward 1x, and capex crossing 100% of operating cash flow.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/59h9bpwn/Exhibit9aTheConjunction.png</image:loc>
<image:caption><![CDATA[ Exhibit 9a. The conjunction. The bull case needs every row; the bear case needs any one.]]></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2025-10-16/l9rlksuk/AI-Bubble.png</image:loc>
<image:caption></image:caption>
</image:image>
<changefreq>hourly</changefreq>
<lastmod>2026-07-21T10:36:41.069Z</lastmod>
</url>
<url>
<loc>https://www.biznews.com/global-citizen/andrew-s-epstein-fallout-royal-scandal</loc>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/rc7gg3d6/449741131.jpg</image:loc>
<image:caption><![CDATA[ The bill may be coming due.]]></image:caption>
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<lastmod>2026-07-21T08:46:56.959Z</lastmod>
</url>
<url>
<loc>https://www.biznews.com/tech/chinas-new-ai-superstar-kimi-k3</loc>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/xuxfjqiu/461035093.png</image:loc>
<image:caption></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/gpd5paty/460281785.png</image:loc>
<image:caption></image:caption>
</image:image>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/3mk3zvut/461038157.jpg</image:loc>
<image:caption><![CDATA[ Moonshot AI Co-Founder Yang Zhilin]]></image:caption>
</image:image>
<changefreq>hourly</changefreq>
<lastmod>2026-07-21T08:45:08.466Z</lastmod>
</url>
<url>
<loc>https://www.biznews.com/global-citizen/new-uk-pms-big-talk-hits-ground-strolling</loc>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/e5xi9o4l/biznews2026-06-23xf79jjnqUntitled-design-2026-06-23T092057.100.avif</image:loc>
<image:caption><![CDATA[ Andy Burnham]]></image:caption>
</image:image>
<changefreq>hourly</changefreq>
<lastmod>2026-07-21T08:21:55.527Z</lastmod>
</url>
<url>
<loc>https://www.biznews.com/biznews-daybreak/bn-daybreak-260721</loc>
<image:image>
<image:loc>https://media.assettype.com/biznews/2026-07-21/ppg1uc17/Thumbnail-22.jpg</image:loc>
<image:caption></image:caption>
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<changefreq>hourly</changefreq>
<lastmod>2026-07-21T04:46:50.076Z</lastmod>
</url>
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