TSX set for monthly loss as Trump’s tariff announcement nears
TSX set for monthly loss as Trump’s tariff announcement nears
22:38:38 PKT
(Reuters) – Canada’s main stock index fell on Monday, dragged by information technology stocks, as investors shunned risky assets amid concerns that US President Donald Trump’s upcoming tariffs will hurt the global economy.
Toronto Stock Exchange’s S&P/TSX composite index was down 0.2% at 24,686.72 points, and is poised to decline nearly 3% this month, if losses hold.
Global stocks plunged after Trump said on Sunday the reciprocal tariffs he is expected to announce on Wednesday will include all nations, adding to existing levies on aluminum, steel, autos and a range of Chinese goods.
“We’ve got that big fear that there could be a lot of tariffs implemented on Wednesday”, said Colin Cieszynski, chief market strategist at SIA Wealth Management.
While Canada had secured protections against new US auto tariffs, including a 60-day delay and annual duty-free quotas, under a 2018 trade agreement with the US and Mexico, there’s no evidence Trump will honor those commitments.
However, the Canadian government expects the US to honor the agreements on Wednesday.
Information technology led declines, down 2.6% to its lowest in five months, with electronic equipment company Celestica falling 7.2% to the bottom of the benchmark index.
Meanwhile, heavy-weight energy climbed 1.4%, tracking crude prices, spurred by Trump’s threat to impose secondary tariffs on buyers of Russian oil and a warning of possible military action against Iran.
Consumer staples gained 1.3% with Metro rising 2% after the food and pharmacy retailer said it prioritizes local products amid the “Buy Canadian” movement.
Gold prices reached a fresh record high, as worries about potential inflation pressures due to US tariffs put the safe-haven asset on track for its strongest quarter since 1986.
“Gold helps to cushion the Canadian market a bit, as we’ve seen this over the last few days that Canada has gone down less than the US as the heavily weighted gold sector benefits from this uncertainty”, Cieszynski added.
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or “the Company”) is pleased to provide an update on the local geology of its Kimoukro Project, located within the prolific Fetekro-Oumé greenstone belt in Côte d’Ivoire.
The Kimoukro Project is a fully-permitted exploration project located at the western border of the Fetekro-Oumé greenstone belt (FOGB), in central Côte d’Ivoire, 30 Km south of the capital Yamoussoukro. Such FOGB is a highly prospective Birimian-aged terrane, stretching some 280 km NNE-SSW, and known for hosting multi-million-ounce gold deposits, including the Lafiguè mine at its northern edge, and Bonikro and Hiré mines. The latter are located 30 km S of the project and share similar geological characteristics. Yet, the perspective area of Kimoukro is underexplored.
The Fetekro-Oumé greenstone belt is made-up by Paleoproterozoic basalts and andesites and volcano-sedimentary sequences, bounded by granitic-gneissic basement rocks. The belt is structurally complex and was deformed in greenschist-facies metamorphism conditions during the compressional and transpressive events of Eburnean Orogeny; late-stage deformation was accompanied by emplacement of felsic (granitoid) intrusions.
At a regional scale, the prominent tectonic trends and the shape of the FOSZ are highlighted by regional geophysics and remote-sensing. The main structural features are referred to N30°E oriented western splays of the Brobo-N’Zi shear zone, and a number of higher-order, anastomosing structures. At the latitude of the Kimoukro project, the FOGB is about 20 km wide and trends N-S to NNW, shows bending and rotation of the tectonic fabric of about 35° to the W, with flexure trending as NW-SE regional lineaments; a number of intrusions of different size are present. (Figure 1).
As a result, the greenstones and sedimentary cover are affected by extensive shear, folding and thrusting, providing favourable conditions for gold mineralization, which is locally enhanced by ductile-to-brittle shear and fracturing especially around late-stage intrusions.
FIGURE 1: Regional geology over shaded TMI magnetic image and major structures
Local Geology
The Kimoukro project lies in low-land near the Bandama river; most of the area is covered by recent alluvial sediments, which are mostly clay, with pockets of sand and gravel material that are locally anomalous in gold.
The alluvial cover has a maximum thickness of about 20 m while it is only 1-3 m-thick in the central area of the permit, disappearing to the east, where latisoils occur. Alluvial sediments obviously truncate the original laterite soil profile; residual and dismantled cuirass are reworked in the alluvial.
The geology of the Kimoukro Project consists of deformed metasedimentary rocks interlayered with volcanic sequences, representing a deep-water succession common to the Toumodi-Oumé region. A preliminary bedrock geology map is based on data collected from artisanal mineworks and sporadic outcrops, results of auger drilling, IP and ground Magnetic survey. The central portion of the permit is dominated by a package of highly sheared, fine-grained metasediments exhibiting NNW- to N-trending foliation. The metasediments package includes dark shales, banded siltstone and claystone, of mafic composition; the interlayered rocks are amphibole-rich metabasites, and felsic siltstones. On the western side, basaltic and fine-grained andesitic rocks are present, while the northeastern portion hosts a granitoid intrusion (monzogranite to tonalite), with its contact zones showing evidence of mylonitization and widespread mineralization. Additionally, a second granitoid body is exposed in the southwestern part of the permit. A network of felsic dykes including rhyolite and microgranite, crosscuts the sedimentary sequences, displaying NW, NNW, and NE trends. Hematite, sericite and silica alteration occur in the contact halos of the felsic intrusions and dykes.
FIGURE 2: Local geology and major structures. Contours of gold anomalies are shown.
Structural Geology
The structural framework of the Kimoukro Project reflects the progressive deformation associated with the Eburnean orogeny. The area is characterized by steeply dipping, NNW-trending foliation planes, interpreted as a product of intense shearing and transpressive tectonics.
Metamorphism in the area is within the greenschist facies, and primary bedding of metasediments has been largely transposed into the dominant foliation fabric, which dips steeply westward. The structural environment is interpreted as a steeply dipping monocline, potentially forming the western flank of a larger (Km-scale), faulted synclinorium. Subsequent tectonic accidents occurred in the area, noticeably, multiple intrusions of granitic bodies, causing local perturbation to the tectonic grain with folding, fracturing and dyke emplacement.
All the granite bodies show limited deformation, except near their contact zones where shear bands are evident. Extension and shear quartz veins are consistent with progressive shear deformation associated to the intrusive emplacement. This deformation event is tentatively correlated to the high-angle crenulation of quartz veins parallel to the metamorphic layering (Figure 2). This implies two events of deformation and veining, developed under a different tectonic regime. Although the field evidences only identify progressive deformation which can result from progressive re-orientation of the local stress field, this multi-stage evolution is tentatively ascribed to separate events, at least at local scale, named D1 and D3, the latter coeval to the granitoid intrusions which correlate to regional descriptions in literature.
Accordingly, the Kimoukro area has undergone multiple deformation phases,
D1 Event Characterized by tight folding and thrusting and development of pervasive foliation, which reworked the original layering. Progressive quasi-coaxial deformation observed in shear bands, pervasive s-c structures. There is no sufficient evidence yet to univocally separate the two events.
First mineralisation event with development of quartz veins consistent with progressive layer-parallel shear; likely occurred during progressive shear. No evidence for reworking early systems.
D3 Event: Development of a prominent north-trending shear corridor in transpressive regime, anastomosing shear zones develop and local stress is re-oriented. Room is made for syn-tectonic intrusion emplacements.
Intrusion of granitoids and second gold veining event: tentatively late D3 deformation event. Rise and emplacement of felsic intrusions and dykes, with associated mineralised veins. NW and NE-trending structures provided space accommodation for the intrusions. Local trend of the veins is variable, reflecting local stress field orientation, with NW to NNW preferential trend in the Kimoukro permit.
Quartz veining occurs in the foliation planes throughout the permit, however, is particularly associated with late-stage shear deformation, displaying varying structural styles depending on the host rock. Within metasediments, veins and silicified material often exhibit ductile deformation, stretching and boudinage along shear planes, whereas in felsic dykes, brittle behaviour prevails, and veins are mainly extensional. Granitic bodies are crossed by both extensional veins and shear bands and veins. The regional foliation of the greenstones is affected by non-coaxial folding and crenulation, deviating by approximately 35°W from the regional trend. Shear veins within mylonitic zones along the Granite-Tonalite contacts have been progressively deformed and transposed, while extensional veins continue to form, indicating a protracted mineralizing event, related to, or enhanced by the intrusion’s emplacement occurred during late-stage tectonic events.
FIGURE 3. Style of quartz-veining and progressive deformation.
Mineralization
The gold mineralisation at Kimoukro is both primary and secondary: the secondary mineralisation is hosted in laterite and in some sandy-gravel alluvial deposits. The primary gold mineralization is structurally controlled and associated with both shear quartz veins and intrusion-related systems. Extensive artisanal mining further supports the presence of significant gold mineralization especially in the deformation zones surrounding the granite-tonalite contacts.
Figure 4 shows the in-soil gold anomaly, encompassing 2km x 600 m over 50 ppb Au and over 1300x400m over 200 ppb Au, in the central part of the permit. Another continuous anomaly zone, 600×400 m >50 ppb Au, is found in the alluvial sediments SW of the permit and it is open to W and NW.
Grab rock samples from artisanal mineworks returned 0.5 to 1.5 g/t Au with peaks of 18 g/t Au in mylonites at the contact with the Granite-Tonalite intrusive. The general trend of the mineralisation is NNW-SSE to N-S over the permit, while in the artisanal mining zone, most veins trend N130°. The mineralisation is open to the east side.
FIGURE 4. Distribution of gold anomaly from soil and rock samples
The primary mineralisation occurs in quartz veins of different nature. Shear veins millimetre-size to >0.5 m wide (smokey quartz, or Qz+Car+Alb+Py±Au veins), are usually parallel to the tectonic shear in contrast to extensional veins. The latter often are progressively deformed and reworked in shear zones which are thought to be coeval with mylonitic shear at the southern contact of the Granite-Tonalite intrusive. The mineralisation style is generally sulphide-poor, with Pyrite <0>
Among several exploration targets represented by exposed or worked veins, the deformation and alteration halos around the Granite-Tonalite contact are obvious perspective targets for further exploration.
The mineralization styles at Kimoukro align with key gold systems observed throughout the Fetekro-Oumé belt, reinforcing its potential as a major gold-bearing structure within this prolific region. The geological characteristics of the Kimoukro Project highlight its strong potential for further discovery, positioning it as a key target within the expanding gold exploration landscape of Côte d’Ivoire.
Qualified Person
The scientific and technical disclosure in this news release has been supervised and approved by Dr. Riccardo Aquè, Ph.D. Eurogeol., a Qualified Person as that term is defined in NI 43-101. He is independent of the Company.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, , Starcore has expanded its reach internationally with the project in Côte d’Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
(Signed) “Robert Eadie” Robert Eadie, President & Chief Executive Officer
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than statements of historical facts, included herein, including, without limitation, management’s expectations and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company’s management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.
A common phrase being bandied around in markets regarding US President Donald Trump is a phrase oft used in the context of stock market investing.: “Sell hubris, buy humiliation.”
The implication being to sell assets or investments that are inflated by excessive confidence and optimism (hubris) and buy those considered undervalued and seemingly ignored by the market – even if it feels like a humbling choice (humiliation) – essentially betting against the current hype by looking for potential bargains not seen by others.
Within this backdrop, Mining.com.au‘s United State of Mining: A North American outlook series has been highlighting themes and trends affecting the market in 2025 including aggressive US protectionism, deglobalisation, and policy uncertainty.
Parts one and two reveal emerging trends in North America include sector consolidation and increased dealmaking, a ramping up of capital raisings and initial public offerings, with critical minerals supply chains other key themes to keep an eye out for in 2025.
Wrapping up the series, Mining.com.au focuses on Trump’s publicised want to annex Canada as the ‘51st state’, implications of his executive order to boost America’s mineral production, and the importance of reallocating resources to high-potential projects in order to strengthen resilience against economic volatility and external pressures.
Tick, tick, boom!
According to Dean McPherson, Head of Global Mining for the TMX Group (TSX:X) – which operates the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSX-V) – expectations are that this global uncertainty will subside as early adjustments to the new US administration progresses.
McPherson says it’s important to keep focused on the fundamentals and ignore the noise in “emotion-fueled” headlines and rhetoric. The fundamentals say there is a significant gap in the supply and demand for copper (and other critical minerals) and uranium to meet growth/energy transition and technology demands (AI advancement in particular).
“Against the backdrop of improving global macroeconomic performance in the world’s largest markets, mining could be in for an even better performance in 2025,” TMX Group’s Head of Global Mining tells this news service.
As Lion Selection Group (ASX:LSX) CEO Hedley Widdup explains to Mining.com.au, one clear symptom of the Trump spectre over the market is a new uncertainty about what is around the corner.
“I think part of the Trump effect could be forcing investors to re-assess valuations and what they are happy to pay for distant future earnings, and the clearest part of the market that might play out is in big tech,” Widdup says.
“It is connected because a deflating US market that is led down by the magnificent seven becoming the much-more-normal-seven would affect investors everywhere and could become a negative sentiment much more broadly.
“Historically, when markets have been led to exuberance by tech, the beneficiary of a collapse is the commodity sector. This thematic is the basis of my thoughts on what to expect in North America and elsewhere in the mining market, and I think it’s a driver of the mining market and clock towards and then past 6 o’ clock as the next boom starts to take place, over say the next 18 months or so.”
The clock Widdup refers to is the Lion Investment Clock, which is at ‘mergers’ now and is ticking towards ‘cash takeovers’ followed by ‘boom’ time. The clock is universal – it’s the same time for all markets and commodities around the world. Driving this boom-preceding activity, says Widdup, will be cashed-up producers pursuing synergistic bolt-on acquisitions in respective domestic markets to bolster existing operations.
Reducing global economic interdependence
A Sprott Asset Management special report suggests these aforementioned converging forces are driving a shift to reduce global economic interdependence, creating a challenging environment for economic growth and stability.
The pandemic exposed vulnerabilities in global supply chains and fuelled protectionism and nationalism. These vulnerabilities are being compounded by current macroeconomic forces such as aggressive US protectionism, which is tracking to become a key catalyst for deglobalisation in 2025, as reported.
In 2025, there is likely to be a further decoupling between two groups of commodities — the traditional industrial commodities, strongly influenced by China’s economic activity, and those tied to the energy transition, electrification and digitalisation of the US economy.
“This decoupling has been shaped by significant global events in the 2022-2024 period, like the Shanghai covid outbreak and the Russia-Ukraine war. These events exacerbated market volatility, highlighted vulnerabilities in global supply chains and catalysed the shift toward new energy systems. As a result, prices of critical materials commodities have outpaced those of China-led commodities,” Sprott reports.
According to Deloitte, shaping critical mineral supply chains is poised to be a major industry trend in 2025. Balancing growth opportunities with supply chain risks requires clear initiatives, strategic planning, forming strong partnerships, ensuring ethical sourcing, security, and stability to meet market demands and operational challenges.
Element79 Gold (CSE:ELEM) CEO James C Tworek agrees that all commodities appear to be heading into a state of scarcity of supply, scarcity of processing capacity, and increased global demand. This seems especially true for critical mineral supplies around the globe, given certain economies having cut off exports of critical metals and raw materials, disrupting former supply chains and overall accessibility.
While it depends on your perspective of gold and silver being ‘strategic’ or ‘critical’ metals, Element79’s focus is to feed global demand by bringing actual production online and provide some form of feedstock (concentrate, perhaps dore) to the global supply chains in the near term, Tworek tells Mining.com.au.
While shaping critical mineral supply chains are emerging as a major theme this year, Questcorp Mining (CSE:QQQ) is seeking to diversify, restructure, and stick to geopolitically safe countries and continents.
“Management have been working towards reallocating resources for some time now and that is why the companies have taken the steps it believes are necessary for the long term success and potential ROI for investors is to be reflected over the couple of years,” CEO Saf Dhillon tells this news service.
Copper Lake Resources (TSX-V:CPL) CEO Terry MacDonald believes the critical minerals strategy will not only be a key component of the Canadian mining industry in 2025 but also through 2026.
“Much of the focus over the past couple of years has been on the development of upstream infrastructure such as battery plants and roads, etcetera. However, I believe that the emphasis in the next 12 to 24 months will be on exploration and securing the sources of the critical minerals, which has been neglected over the past decade,” the CEO says.
America first mandate
On 20 March, US President Donald Trump signed an executive order to boost American mineral production, streamline permitting, and enhance national security. Minerals covered by the order include critical minerals, copper, gold, potash, uranium, and any other element, compound, or material as determined by the Chair of the NEDC, such as coal.
Under the ‘Immediate Measures to Increase American Mineral Production’ order, agencies will compile a list of all mineral production projects that have submitted a plan of operations, permit application, or any other approval request to that agency in order to expedite the review and advancement of those projects in coordination with the National Energy Dominance Council (NEDC).
The Secretary of the Interior will prioritise mineral production activities over other types of activities on federal land that hold critical mineral deposits. The Defense Production Act (DPA) will be used to expand domestic mineral production capacity.
Financing, loans, and investment support will be provided for new mineral production projects, including a dedicated critical minerals fund established through the United States International Development Finance Corporation in collaboration with the Department of Defense.
Demand for critical minerals has been dubbed the ‘gold rush of the 21st century’ due to their importance in emerging technologies.
Trump’s executive order is based on the US currently importing a significant portion of its minerals from foreign countries, despite possessing a vast supply of critical minerals. The US is import-reliant on at least 15 critical minerals and imports of nonfuel mineral commodities make up more than half of the country’s consumption.
The 51st state
It’s largely why Trump keeps talking about making Canada the 51st state.
Canada, much like Australia, is well-endowed with natural resources, including critical minerals. The north of both countries are rich in resources yet have somewhat underdeveloped infrastructure. They are sparsely populated where large proportions of the inhabitants are indigenous. Both are large physical areas with similar geopolitical environments and are well-endowed with minerals and resources.
In his first speech after winning the race to lead Canada’s governing Liberal Party, Mark Carney took direct aim at President Trump and his publicised want to annex Canada as the ‘51st state’. Undoubtedly, the President’s comments have conjured up a range of emotions among all Canadians.
Element79 Gold CEO James C Tworek understands the US’ desire to access the bounty of natural resources in Canada, “to protect its borders from drugs and dare I say Communist or Socialist threats”, as well as gain access to the Northern Passage through ownership of Canada.
“Having said that, I’m a proud Canadian that has lived in both the East and West and think that it’s a beautiful country that is going through a major upheaval and identity crisis at the moment, spurred by abusively misguided leadership over the past decade. Change is good, but giving up sovereignty of a once-great nation just because someone else wants it like a shiny new toy isn’t the answer, new leadership here in Canada and rewriting diplomacy is,” Tworek tells Mining.com.au.
In terms of Trump’s rhetoric affecting the North American mining sector, Tworek can only hope it will spur further development of both existing assets, create new production (milling, smelting, refining) capacity and new jobs in the mining industry, whether in densely-populated areas or in the hinterland.
Questcorp’s Dhillon says such comments show the ‘businessman Donald Trump’ sees value in wanting Canada to be a part of the US. The Trump Presidency has highlighted the fact that Canada is an extremely resources rich country that hasn’t nearly begun to show its true potential.
“If he didn’t see any value in us (Canada) he’d want to distance himself from us rather than want to absorb us into the family,” Dhillon adds.
“President Trump realises the natural resources wealth Canada holds and understands the key to wealth for the citizens of the country is utilising its endowment”
Elaborating on this sentiment, Dhillon’s colleague Director Tim Henneberry notes Trump’s interest spurs from Canada being rich in natural resources, albeit within an “antidevelopment administration that believes they should be locked up”.
“President Trump realises the natural resources wealth Canada holds and understands the key to wealth for the citizens of the country is utilising its endowment. He is giving Canadians a wake up call that should be heeded,” Henneberry continues.
“The Trump presidency will help explorers and developers in the US as the administration is pro-business and development and understands the importance of domestic sources of natural resources and should also curtail red tape around permitting and development.”
Cutting red tape
Some executives are critical of Canada’s government curtailing growth opportunities through burdensome red and green tape. But these issues are not confined to North America. An S&P Global examination of average times for mines to come online around the world found it took an average of 17.9 years in 2020–23, compared to just 12.7 years for some mines that started operations before 2009. In Canada, the average timeframe to start operations was around 18 years, which aligns with global trends.
While Canada and Australia are similar in terms of government structures and permitting processes, shortening timelines to permitting mines allows projects to launch faster and have a more immediate impact on the economy, decreasing timeframes for investor returns and bolstering confidence for current and future projects.
Considering there are more than 1,000 listed mining companies on the TSX and TSX-V with “40% of all the money raised in the world for mining going through Toronto”,Trojan Gold (CSE:TGII) CEO Charles J Elbourne says Canada should be the benchmark and leader in this regard.
Elbourne notes these delays hamper initiation of new mining projects and deter potential investors, affecting the mining sector’s growth, economic prospects, and overall valuations.
As any junior explorer will attest – the small end of town is inherently undervalued.
Despite this, any mining executive listed on the Canadian stock exchanges will tell you they’re inherently undervalued. Elbourne suggests the market could be at an inflection point in this regard.
“I think we’ve definitely seen the bottom in the junior mining market. It’s just that the public has not taken any interest in it yet to speak of. But I’ve got an old saying that ‘The public is always right in the middle and wrong at both ends’ when it comes to the stock market,” Elbourne tells this news service.
“I follow the market very much. I think the Dow (Jones) has got a double head on it now, and I think it’s going to crash.”
Trojan Gold’s CEO says an ailing real estate market in certain parts of the US has dropped almost 40%, mirroring the period from 2006 through 2008 when everything crashed, culminating in the global financial crisis (GFC).
“Same crap, same stuff happening. So when you look at the market right now, I’m absolutely convinced the junior market has bottomed. It’s just there’s no traction by retail investors. And part of the reason for that is when marijuana stocks – and marijuana was approved here in Canada – all the money that would normally be going into junior mining went into the marijuana stocks. That’s what happened … 90% of them lost their money.”
As Questcorp’s Dhillon notes, however, there are still plenty of opportunities for growth. But with the tightening of liquidity in recent years investors are lacking the confidence to back such micro-cap sized companies until they start achieving stated milestones.
Dhillon’s perspective reflects the findings of a report issued by professional services firm Deloitte, which states active portfolio management and strong senior leadership commitment are essential for adapting to market changes.
Reallocating resources
Element79 Gold (CSE:ELEM) CEO James C Tworek says reallocating resources to high-potential projects and pursuing long-term goals in order to strengthen resilience against economic volatility and external pressures has been the driving force in his company’s current business model. Under this strategy, Element79 has pivoted away from a portfolio aggregation phase (growing from one to 20 projects in under two years) into a production-focused model.
“Let’s be honest – to clearly articulate the value of one core project is difficult enough in a 15-20 minute discussion, and to try to discuss 20-plus projects is (in my opinion) impossible. We have pared down from 20 to currently one project with the intent of bringing Lucero, a past-producing high-grade gold and silver mine back into commercial production in the near term,” he says.
Element79 in late April is aiming to complete community negotiations that include a long-term surface rights access permit at the Minas Lucero Project. As part of its commitment to responsible mining and sustainable development, Element79 Gold’s local team has been actively engaging with community leaders and stakeholders in Chachas and surrounding annexes at the project, which is located in the Arequipa region of Peru.
With the US President rolling out his tariffs on various commodities and countries unabated, American Salars Lithium (CSE:USLI) is one company hedging its portfolio to avoid getting caught up in the fallout. With the potential for new tariffs on lithium imports under the Trump administration, the Vancouver-based company has positioned itself to secure a stable, tariff-free lithium supply through its Black Rock South Lithium Project in Nevada.
The project is located around 116km north of the Tesla Gigafactory, 150km southwest of Lithium Americas’ (TSX:LAC) Thacker Pass mine — which is the most advanced development-stage lithium project in Nevada — and 346km northwest of the US’ only producing lithium operation, the Silver Peak lithium brine mine owned by Albemarle (NYSE:ALB).
Beyond its Nevada project, American Salars has acquired a diversified portfolio of lithium assets in Canada, Brazil, and Argentina, positioning the company for potential resource development and enhanced market flexibility amid shifting global trade policies.
American Salars is strengthening its footprint in Argentina’s Lithium Triangle, a globally recognised region containing some of the highest-grade lithium brine deposits. The company says this strategic positioning enhances its potential for future exploration and development in one of the world’s most significant lithium-producing areas.
American Salars CEO Nick Horsley states: “The lithium market is evolving rapidly, and shifting trade policies could create new challenges. By securing strategic lithium assets in key regions of North and South America, we have hedged ourselves geopolitically to meet the growing demand driven by electric vehicles and renewable energy storage.”
“This strategy reduces our exposure to uncertain supply chains and trade war implications”
“This strategy reduces our exposure to uncertain supply chains and trade war implications. Amid the tariff war, talk of Argentina and the United States entering a trade pact bodes well for our Salar de Pocitos flagship project, positioning it as a critical asset in a stabilising Western supply chain, especially as US policies increasingly prioritise domestic and allied sourcing of critical minerals.
“As trade uncertainties grow, American Salars Lithium’s Nevada property serves as a critical safeguard against rising costs and potential supply chain disruptions. By owning and developing a US-based lithium source, the company guarantees a reliable, domestic supply of lithium, reducing exposure to geopolitical risks and import restrictions. This strategic positioning not only strengthens American Salars Lithium’s role in the US lithium market but also supports North America’s push for energy independence in the face of shifting trade policies.”
As Peak Asset Management founder Niv Dagan explains, there are other trends to look out for in 2025 for miners in Australia and North America.
“It’s all about the USD and the 10-year bond yields. We feel that Trump is purposely pushing for a recession, in order to drive US yields lower. We have to remember that the US has over US$7 trillion of debt maturing in 2025 and hence, if he can refinance this debt at lower interest rates, the market will bounce strongly,” Dagan says.
“This is driving inflows towards gold, silver, and copper – on the back of a ‘flight to safety’ and US tariffs.”
TSX Group’s Head of Mining Dean McPherson is using sentiment at PDAC 2025 – the largest gathering for the global mining sector – as the benchmark for forecasting the year ahead.
“Our takeaway was that this year the general sentiment was one of optimism for the global mining sector and its continued recognition as a critical source in not only energy transition but global development and growth in general. This year there was a wider field of country delegations, with Saudi Arabia, Uzbekistan and the Baltic nations joining African and Latin American delegations,” McPherson tells Mining.com.au.
“Mining is certainly now being recognised as a global critical sector. Shadowing this optimism was the uncertainty as the impact of tariffs and impending trade wars was ever present and being discussed throughout the various panels and receptions. So perhaps, ‘cautiously improving optimism’ is the best way to describe the sentiment.”
Canadian equities fell sharply on Friday after hotter-than-expected U.S. personal consumption expenditure data made investors worried while temporarily clouding the outlook for rate cuts. As investors also continued to assess global trade tensions, the S&P/TSX Composite Index dived by 402 points, or 1.6%, to settle at 24,759 — marking its largest single-day percentage decline in over three weeks.
Although utility stocks witnessed renewed buying interest due to their defensive appeal, it wasn’t enough to offset broader losses across technology, healthcare, and industrials.
Top TSX Composite movers and active stocks
Aya Gold & Silver (TSX:AYA) tanked by around 16% to $10.80 per share, making it the worst-performing TSX stock for the day. This selloff in AYA stock came after the Canadian metal producer announced its fourth-quarter and full-year 2024 results. In 2024, the company’s silver production fell 16% year over year due to expansion-related disruptions to 1.65 million ounces but was in line with its revised guidance.
Lower production drove Aya Gold & Silver’s yearly revenue down by 9% from a year ago, while its adjusted cash costs rose sharply by 57%, hurting investor sentiment. Nonetheless, the miner expects silver output to rise to 5.0-5.3 million ounces in 2025 at lower costs of $15.00-$17.50/oz as operations stabilize and shift toward more cost-efficient open-pit mining.
B2Gold, Energy Fuels, Ero Copper, and TFI International were also among the day’s bottom performers on the Toronto Stock Exchange, with each plunging by at least 6.2%.
On the flip side, Jamieson Wellness and G Mining Ventures climbed by at least 3.2% each, making them the session’s top-performing TSX stocks.
Based on their daily trade volume, Canadian Natural Resources, TC Energy, Canadian Imperial Bank of Commerce, Power Corporation of Canada, and TD Bank were the five most active stocks on the exchange.
TSX today
As global trade uncertainties continue, gold prices surged to a fresh record high in early trading on Monday, while most other commodities were mixed. I expect the resource-heavy TSX to remain under pressure at the open today, despite strength in gold prices, as broader concerns about rate policy and global trade tensions continue to weigh on market sentiment.
While no major economic releases are due this morning, stocks on both sides of the border could face increased volatility this week as Trump’s reciprocal tariffs are set to kick in.
(MENAFN– PR Newswire)
In addition to 10 mg hemp THC, Select FormulaX offers a 50 mg boost of caffeine, similar to a can of soda or half of a cup of coffee, but free from artificial flavors, colors, sweeteners, and high fructose corn syrup. Available in Glacial Melt and Rocket Pop flavors, each can balances sweet and sour flavor notes with a delicious fruit medley to offer a crisp, refreshing taste with every sip. A thermo-temperature packaging feature turns the can color bright blue when it has reached the optimal chilled temperature for enjoyment. This new addition to the Select beverage portfolio is positioned to support those seeking a focused experience, ranging from the daytime festival goer to the extreme sports fan or the all-night e-gamer. Select FormulaX is ideal for adults seeking a higher dose of hemp THC, pairing bold flavors with a boost of energy for either day or night.
“The latest addition to our signature Select ‘X’ product line reinforces our dedication to expanding our product portfolio and integrating our own Farm Bill compliant products into the high growth, hemp-derived THC market,” said Boris Jordan, Chairman & CEO of Curaleaf. “Offering caffeine with 10 mg hemp THC presents a new and timely category to the hemp beverage space, and we’re proud to be the innovators behind this new experience to the market. It follows a trend we’re seeing among young adults who are seeking a beverage to enhance everyday activities, while also moving away from alcohol, and toward cannabis. Select Hemp Seltzers continue to grow in popularity across the hemp market nationally, and Select FormulaX is an excellent addition to our highly rated beverage line.”
Select FormulaX is the latest addition to Curaleaf’s growing portfolio of hemp-derived THC products. Through the Company’s online marketplace, Curaleaf offers consumers a diverse collection of carefully manufactured, expertly formulated, and Farm Bill-compliant hemp-derived products, including Select Zero Proof Seltzer, Select Fast-Acting Bites, Classic Bites, XBites, and Snooze Bites. The Company’s hemp portfolio is made in a certified cGMP facility containing only naturally derived THC from hemp, and are only sold to consumers 21+ bringing reliability, responsibility and quality to a growing marketplace of hemp-derived products.
To learn more about Select FormulaX and the Company’s other high-quality hemp products, including beverages and gummies, please visit: TheHempCompany .
About Curaleaf Holdings Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF ) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is powered by a strong presence in all stages of the supply chain. Its unique distribution network throughout Europe, Canada and Australasia brings together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit .
Forward Looking Statements: This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “proposed”, “is expected”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the launch of Select FormulaX. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest annual information form filed on March 3, 2025, which is available under the Company’s SEDAR profile at , and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved or disapproved the content of this news release.
(MENAFN– Newsfile Corp)
Vancouver, British Columbia–(Newsfile Corp. – March 31, 2025) – South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (” SPMC ” or the ” Company “) is pleased to report the successful completion of the Warden’s Hearing for the renewal of Exploration License EL 2310, covering the 253 km2 concession comprising the Kili Teke Copper-Gold Project (the ” Project “), located in Papua New Guinea. The Project currently hosts an Inferred Mineral Resource defined on only a portion of the system: the Central Porphyry hosts 1.81 Moz Au, 802 kt Cu & 40 kt Mo contained metal, in 237 Mt at 0.34% cu, 0.24 g/t Au &, 168 ppm Mo 1 (see January 12, 2023, press release and technical report available on SEDAR+ under the Company’s profile at ).
The Warden’s Hearing for EL 2310, which is a mandatory part of the renewal process for all exploration licenses in Papua New Guinea, took place on March 11, 2025, with principal landowners present. The meeting was conducted by senior Mineral Resources Authority Mining Warden Mr. Kopi Wapa and attended by community stakeholders and landowners who were supportive of EL 2310’s renewal and plans for exploration programs under new SPMC management. Renewals of exploration licenses are for two-year terms.
With road access to the tenement and a nearby airfield, the Project is situated in the Western Highlands of Papua New Guinea within the world-class producing Papuan Fold Belt and just 40 km west of Barrick/Zijin’s Porgera Gold Mine and only 20 km northwest of the Mt. Kare Project, a historic gold mine. The Project was acquired from Harmony Gold Exploration Limited (” Harmony Gold “) in 2023, having completed extensive exploration in and around a copper porphyry deposit (the ” Central Porphyry “). This included extensive diamond drilling of approximately 36,000 m at an estimated cost if US$20 million within the deposit.
Most recently, results from the latest targeting exercise (see October 1, 2024, press release ) have revealed 10 new exploration targets proximal to the Central Porphyry with at least three mineralization styles identified (see Figure 1), including bulk-tonnage copper-rich targets (Ieru Porphyry), Porgera-style gold-rich targets (Ridge Gold Area), and high grade skarn as evidenced by historical drilling that returned 12.98% Cu, 11.75 g/t Au and 21.07 g/t Ag over 7.8 m within 54 m @ 2.1% Cu, 1.82 g/t Au, 3.87 g/t Ag (from 878 m depth down hole)2.
The Company is currently focused on landowner mapping and community engagement with the intention of commencing on-ground exploration that prioritizes additional discoveries of high-grade skarn and Porgera-style gold. The Company remains committed to responsible exploration, ensuring that all activities are conducted in a safe, ethical, and environmentally sustainable manner.
Figure 1: Map illustrating the Kili Teke Cu-Au Porphyry Complex, recently identified sub-surface targets and the 2.5 km x 1.5 km Au-Te-As surface geochemical footprint. To view an enhanced version of this graphic, please visit:
About the Kili Teke Project
The Kili Teke Project consists of a 253 km2 land package located approximately 40 km west of the Porgera Gold Mine, in the Western Highlands of Papua New Guinea. The Project is 100% owned by the Company and was acquired from Harmony Gold in late 2023. The majority of the previous exploration work completed by Harmony Gold focused on advancing the Central Porphyry to resource stage. This deposit hosts an Inferred Mineral Resource of 1.81 Moz Au, 802 kt Cu & 40 kt Mo contained metal, in 237 Mt at 0.34% cu, 0.24 g/t Au &, 168 ppm Mo 1 . Harmony Gold also conducted regional exploration on the wider intrusive complex including mapping, rock chips, soil geochemistry, airborne geophysics (magnetics and radiometrics) and a small amount of trenching and drilling. There remains exciting potential for further Cu-Au porphyry, skarn and alkalic-epithermal mineralization on the Project.
Qualified Person
The scientific and technical information disclosed in this release has been reviewed and approved by Darren Holden, Ph.D., FAusIMM, a “Qualified Person” as defined under the Canadian Institute of Mining National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.
About South Pacific Metals Corp .
South Pacific Metals Corp. is an emerging gold-copper exploration company operating across Papua New Guinea’s proven gold and copper production corridors. With an expansive 3,100 km2 land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Anga, Osena, Kili Teke, and May River.
Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest, SPMC’s Anga and Osena Projects are located within the high-grade Kainantu Gold District – each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).
Waterous Energy Fund’s properties are near massive oil sands developments owned by Cenovus Energy Inc., Suncor Energy Inc. and MEG Energy. The Suncor Energy Oil Sands project near Fort McMurray, Alta. on June 13, 2017.Larry MacDougal/The Associated Press
The domestic energy industry got a vote of confidence from institutional investors on Monday as dealmaker Adam Waterous closed the final round of a third private equity fund with $1.4-billion of capital, money earmarked for acquisitions in Alberta’s oil sands.
Calgary-based Waterous Energy Fund (WEF) won institutional investor support for its plan to consolidate oil and gas properties in the Athabasca region, just south of Fort McMurray, by acquiring properties from foreign companies and private investors. The fund will initially focus on backing expansion at an oil sand company WEF already controls, Greenfire Resources Ltd. GFR-T
Over the past six months, WEF invested $450-million from the first round of its third fund to build a controlling 56-per-cent stake in Calgary-based Greenfire. The company’s properties are near massive oil sands developments owned by Cenovus Energy Inc. CVE-T, Suncor Energy Inc. SU-T and MEG Energy MEG-T.
WEF’s backers include domestic and international insurance companies, banks, asset managers and family offices.
WEF is acquiring oil sands properties at a time when foreign energy companies continue to exit the region and smaller private players are selling rather than trying to raise the money needed to build a producing property. The dominant oil sands companies, including Canadian Natural Resources Ltd. CNQ-T, Cenovus and Suncor, are also bulking up.
“If we were real estate investors, we would be the folks who buy one house in a great neighbourhood full of elderly homeowners, then keep buying great houses as they come to market,” said Mr. Waterous, managing partner and chief executive officer at WEF, in an interview.
Foreign energy companies exited the oil sands over concerns that included carbon emissions, the regulatory environment and the high cost of building facilities. Mr. Waterous said WEF backers recognize the region’s long-life assets and focus on lowering emissions with measures including carbon capture and sequestration.
“At WEF, we have learned to navigate the sometimes choppy waters of Canadian regulation,” Mr. Waterous said.
A former investment banker, Mr. Waterous founded the asset manager in 2017. Since then, WEF has raised a total of $3.44-billion.
Investing in domestic oil and gas plays has been out of fashion since commodity prices declined sharply in 2014, ending an Alberta energy boom. WEF is responsible for attracting approximately 75 per cent of all Canadian oil and gas private equity capital since 2017.
WEF’s first fund invested $1.9-billion in Strathcona Resources Ltd. SCR-T, which eventually went public on the Toronto Stock Exchange. With WEF’s backing, Strathcona made 10 acquisitions in five years, building a large oil sands business in the Cold Lake region northeast of Edmonton, using the same steam-assisted gravity drainage approach Greenfire utilizes to get oil out of the ground.
WEF has tripled the value of its investment in Strathcona, a company with a $6.2-billion market capitalization. WEF now owns approximately 80 per cent of Strathcona and Mr. Waterous said the fund manager will continue to distribute shares in the energy company to institutional backers over the next few years.
In July, Strathcona struck a $2-billion partnership with the Canada Growth Fund to build carbon capture and sequestration infrastructure at the company’s oil sands operations. The fund, a federal government-based financing agency, will invest $1-billion. Strathcona will construct, operate and own the infrastructure, with the initial capital costs split 50/50 between the fund and the energy company.
Mr. Waterous previously ran Bank of Nova Scotia’s investment-banking division. He founded a Calgary-based advisory firm focused on oil and gas acquisitions and dispositions that Scotiabank acquired in 2005.
Earlier this month, Mr. Waterous and nine other pipeline-and-energy-company CEOs published an open letter to the leaders of the four major federal political parties. They urged the country’s leaders to declare an energy crisis and use emergency powers to reduce regulations in the sector, actions they said will increase domestic production and boost Canadian sovereignty.
Both the governing Liberals and opposition Conservatives, who are neck-and-neck in the polls, have announced policy changes that move away from some key existing climate initiatives designed to reduce carbon emissions in favour of boosting economic growth.
