CHF WEEKLY ROUND-UP: April 21-25, 2025

Shifting news and uncertainty from U.S. tariff policy continued to impact markets this week. Markets were on edge on Monday about President Trump's tariff war with China as well as his threats to fire Federal Reserve Chair Jerome Powell while Trump demanded lower interest rates. Markets cratered and the tone on China and Powell quickly softened. U.S. markets have since put on three consecutive winning days and managed to exit correction territory, looking to finish the week with a 2.5% gain. Currently, markets are pricing in a Fed rate cut in June. The full impact of tariffs, and how they will be applied, or their impact on Q2 GDP, if the trade deals can actually be made, remains to be seen. It is two weeks into the 90-day clock on the tariff pause, it turns out three months is going to be an exceedingly long time.

Canada continues to be Trump’s go-to target when he needs to rally his support base, as this week he said that the tariff on auto imports from Canada could be increased. Meanwhile, Bloomberg News is reporting the Trump administration is considering whether to reduce certain tariffs targeting the auto industry. The report says one measure would spare automobiles and parts already subject to tariffs from facing additional duties from levies on steel and aluminum imports, another option would fully exempt auto parts that comply with the Canada-U.S.-Mexico trade pact. More Confusion, Contradiction, Complication, and Chaos.

Canadian markets continued a two-week up trend with the TSX and the Venture exchange each gaining more than 2% this week, and more than 10% since April 10. Canadian markets continued to be favoured by market watchers for the resource-based issuers, especially Gold.

Meanwhile, the big domestic issue is that whoever wins Monday's Canadian election will have an enormous task of rebuilding the Canadian economy after years of stagnation and in the face of a potentially escalating trade war with the United States. They will have their work cut out for them. CEOs and industry leaders have raised concerns, flagged opportunities, and charted out what they think politicians should do. The Party leaders agree that they need to get the Canadian economy off the mat but have differing visions of how to spur much-needed economic growth. A forecast from the Canadian Federation of Independent Business estimates the economy saw muted growth in the first three months of the year and predicts a significant contraction for the second quarter.

The U.S dollar (USD) picked up slightly as the stock markets turned upward. Gold hit a new all-time high in the early week in reaction to the general confusion of Monday’s markets, peaking just at USD$3,500/oz, sitting at USD$3,281 this morning as improving trader/investor risk appetite in the general marketplace is negative for the safe-haven metals. Gold’s uptrend remains intact, and a support base needs to be built in the USD$3,300 range before retesting the high. Silver ran up to USD$33.50/oz and is holding at USD$32.90 this morning. The Gold: Silver ratio remains at extremes, and analysts are calling for a dramatic price increase for silver. Noted investor Eric Sprott was heard saying “All of these gold stocks are gonna go crazy! There are hundreds that are ridiculously undervalued.” Hang onto your Gold, be in this market.

Base and industrial metal prices, continuing to be driven by the lower USD, made some gains this week, on what appears to be another round of stocking-up by U.S. buyers in a tariff-related strategy as trade negotiations drag on in the 90-day window. Copper did well and is sitting at USD$4.26/lb this morning after being at USD$4.80/lb earlier in the week. Subtle moves continue to be made by the major metal producers to gain copper assets; remain exposed to this space.

Battery materials and critical electricity metals failed to make any gains for two weeks. Chinese exports of Rare Earth Elements continued to be squeezed. There is starting to be a feeling that the energy transition, data centre expansion, and AI economy got ahead of itself and that much of the investment predicted is being held back. The future requires a lot more energy, of all types, and demand for these commodities will resurge once the tariff situation resolves. Quality projects are out there at big discounts to those who are ready to invest and wait.

We are pleased to present our round-up of client news released between April 21 and 25, 2025.

Mining

On April 21, 2025, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) announced that following its annual meeting of shareholders held March 21, 2025, a special resolution was approved to reorganize Sokoman's share capital in order to facilitate a spin-out to shareholders of approximately 2 million of Sokoman's 4 million shares of Vinland Lithium Inc. The distribution of the Vinland shares to Sokoman shareholders is expected to occur on or around April 30, 2025.

Vinland holds the Killick lithium project and is currently owned by Sokoman (40%), Benton Resources Inc. (40%) and Piedmont Lithium Newfoundland Holdings LLC, a wholly-owned subsidiary of NASDAQ-listed Piedmont Lithium Inc. (20%). Benton shareholders have concurrently approved a similar 2-million-share spin-out. The TSX Venture Exchange has now approved the listing of the approximately 10 million issued shares of Vinland, of which approximately 40% will be in the hands of Sokoman and Benton shareholders.

In November 2024, Piedmont Lithium and Sayona Mining announced a definitive agreement to merge their businesses into a lithium-focused entity, with Sayona emerging as the ultimate parent company with the formation of a new entity, Elevra Lithium.

On April 25, 2025, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) today announces a non-brokered private placement of flow-through ("FT") shares (the "Private Placement") for gross proceeds of up to CAD$400,000. The Private Placement is expected to close on or before May 7, 2025.

The Private Placement is priced at CAD$0.05 per FT share, with each flow-through common share of the Company entitling the holder to receive the tax benefits applicable to flow-through shares in accordance with the provisions of the Income Tax Act (Canada).

Technology

On April 22, 2025, Visionstate Corp. (TSXV: VIS), provided an update on its portfolio investment, Sol Spaces Inc. following significant progress and strong market interest in its innovative greenhouse solutions.

Sol Spaces participated in the 2025 Edmonton Home and Garden Show in late March, where it was proud to be recognized as the runner-up for Best New Booth at the event, a strong validation of both the product design and presentation.

As part of its expanding product line, Sol Spaces unveiled the Sol 48, a 6-by-8-foot DIY greenhouse kit designed for smaller backyards. A full-scale Sol 48 will be on public display in May 2025 in Devon, Alberta, just southwest of Edmonton—marking the first time Sol Spaces has installed a unit for continuous public demonstration.

“The demand for climate-resilient greenhouses is rising rapidly as consumers face higher food prices and growing concerns around supply chain stability,” said John Putters, CEO of Visionstate Corp. “Sol Spaces is delivering solutions that are affordable, practical, and designed for a more sustainable future.”

In addition to its greenhouse line, Sol Spaces is also scaling its modular backyard studios, which offer multi-use functionality and incorporate the same environmental technologies.

Fintech

On April 25, 2025, Tenet Fintech Group Inc. (CSE: PKK) (OTCQB: PKKFF) announced that its operating subsidiary Cubeler Inc. and American alternative commercial financing provider NewCo Capital Group have entered into a referral agreement to bring more financing options to Business Hub members.

Headquartered in Miami, Florida, NewCo is part of a multinational collaboration alongside Bizcap, a leading provider of business loans in Australia, New Zealand, the UK, and Singapore. NewCo and Bizcap are part of a new generation of alternative commercial financing providers leveraging technology to rapidly and responsibly extend capital to small- and medium-sized businesses globally. NewCo and Bizcap have safely deployed more than $2 billion in capital to more than 45,000 businesses to help them grow, create jobs, and make valuable contributions to their respective communities. In Canada, capital of up to CAD$2,000,000 can be accessed either as a one-time advance of working capital or as a flexible "Line of Capital" that allows business clients to incrementally access funds up to a pre-approved limit. As part of this offering, NewCo Canada also provides loans in excess of $500,000, designed to meet the needs of businesses seeking financing through a more conventional structure. By partnering with the Cubeler Business Hub, NewCo can now simply enter the qualification criteria for its financing products into its dedicated Business Hub credit management account to find qualified business clients to lend to.

"As our presence grows across Canada, our partnership with Tenet Fintech is a testament to the meaningful work we're doing to reshape access to capital for Canadian entrepreneurs," said Bruce Gurvitsch, Chief Revenue Officer at NewCo Capital Group. "Through our integration with the Cubeler® Business Hub, we're enhancing our ability to deliver fast, flexible working capital solutions directly to the small- and medium-sized businesses that drive the Canadian economy. This collaboration goes beyond integration; it reflects NewCo's commitment to delivering meaningful impact by providing the capital Canadian businesses need to grow, thrive, and lead in their industries."