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CHF WEEKLY ROUND-UP: April 6 - 10, 2026

World share prices were mostly up this week, especially after the biggest relief rally in nearly a year on Wednesday, as President Trump announced a two-week ceasefire with Iran, easing fears of a prolonged energy crisis. Any optimism that the agreement would hold up quickly fell apart after both sides accused each other of violating the truce ahead of Iran-U.S. talks in Pakistan planned for this weekend. Iran continued missile barrages aimed at Israel, the UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar. Israel launched a large, coordinated strike against more than 100 targets in Lebanon. Just two tankers moved through the Strait of Hormuz on Wednesday morning before it was reclosed, mines remain in place, and Iran plans to allow no more than fifteen vessels per day to pass, below 10% of normal volumes.


The TSX index bounced on Wednesday, drifted lower afterwards, and then opened sharply higher today. Excess selling was noted in petroleum and gold issuers. With so many unknowns, it is difficult to be a buyer, so the short-term gains are being taken. Investors need to let the market signal when to buy back in; the prizes usually go to those who are there early. Oil prices will not retreat to pre-war levels any time soon, if ever, and the higher prices will show up in income statements next quarter. Gold remains the safe-haven of choice. The Venture exchange gained 5.22% this past week, recovering some ground after a loss of 18% since the start of the war. Statistics Canada reported this morning that the economy added 14,000 jobs in March, holding the unemployment rate steady at 6.7%. The Bank of Canada (BoC) emphasized that it is "too early" to assess the impact of the conflict in the Middle East on Canadian economic growth and that it will make its next interest rate decision on April 29, 2026.


The S&P 500 index experienced a 9.1% pullback from the January 27 high in 2026, through to a “bottom” on March 30, due to the war, but was up 7.6% yesterday, led by a 9.6% rise in the Magnificent 7. The U.S. markets are looking for earnings and earnings growth, becoming oriented back into technology and looking past the war effects. This morning the U.S Bureau of Labor Statistics announced that Consumer Price Index jumped 3.3% in the year through March, reflecting the rising costs for energy and other goods affected by disruptions in the Middle East. Prices rose 0.9% in March, the highest monthly gain since the peak of the post-pandemic inflation crisis, but better than expected. Talk of Federal Reserve (FED) rate cuts or hikes continues. Do not expect any moves on April 29, 2026; the Fed will find an opportunity to lower interest rates by the end of the year. The U.S. dollar (USD) is edging lower, still up 0.43% this year. Unemployment, despite an apparently slowing economy, was down.


Gold is moving up this morning, opening at USD$4,771.70/oz, pushing against the resistance level. Silver is opening at USD$76.01/oz today, also pushing against the resistance level. Clear direction remains uncertain, but 2026 targets of USD$6,000/oz for gold and USD$100/oz for silver remain in place.


Base and industrial metal prices are trying to recover to pre-war levels, but uncertainty around supply, shipping, and cost impacts has yet to be worked out.  Copper at USD$5.75/lb is rising, encroaching on the lower end of its trading range over the year. Nickel at USD$7.75/lb remains at the lower end of its range for this year. Aluminum prices remain elevated at four-year highs of USD$1.55/lb due to the loss of Middle East production. This should ease some of the tariff damage to Canadian producers. Depending on the resolution of the Iran situation, the direction of metals will remain mixed in the short term, as production expansion and mine development decisions are on hold.


Battery, technology, and critical materials prices have held steady since the start of the year, due to the China effect. Cobalt remains at USD$25.50/lb, and lithium is at USD$22.78/kg. Battery-ready chemicals remain at solid prices in China. Uranium remains undervalued at USD$85.80/lb even as supply is being stretched, with little readily available supply left “above ground” and little new production coming online.


Geopolitical crises tend to provide buying opportunities in the stock markets; look for the opportunities as the latest resolves.



If you are looking for ways to get your story out to a wider and qualified audience, let CHF host a private, by invitation-only lunch at one of Toronto’s upscale venues. Contact us for more details. 


Our most recent event, held at Black and Blue Steakhouse this week, was for Sirios Resources Inc., a client of Refined Substance.



We are pleased to present our round-up of client news from April 6 to 10, 2026.


Mining



"Getting the drill turning at Laird Lake is a pivotal moment for our team," said Koby Kushner, CEO of Athena. "The fully funded program follows almost two years of extensive data collection, including surface grab sampling, mapping, till geochemistry, and geophysical interpretation. We are finally taking our first shots on net, starting with these high conviction targets, with the goal of making the next grassroots discovery in Red Lake." 


The mobilization marks the official commencement of a fully funded, ~5,000-metre, ~ten-hole diamond drill program. The drill campaign is specifically designed to assess high-priority geophysical anomalies, as well as showings within or nearby the previously identified geochemical anomalies.



Red Lake Gold District, showing Athena's Laird Lake project and nearby deposits.


 The Company also announced that it has completed the consolidation of its common shares based on one (1) post-consolidation common share for every nine point nine (9.9) pre-consolidation common shares. The Company now has 35,820,061 common shares issued and outstanding, and all outstanding warrants and incentive stock options have been adjusted accordingly. The common shares commenced trading on a post-consolidation basis on the Canadian Securities Exchange at market open on April 2, 2026. The Company's new CUSIP number is 04684R204, and the new ISIN is CA04684R2046. 



  • Flow-Through Financing: Up to $2,000,000 through the issuance of 4,000,000 flow-through common shares at a price of $0.50 per FT Share.

  • Non-Flow-Through Financing: Up to $1,000,000 through the issuance of 2,222,222 non-flow-through common shares at a price of $0.45 per NFT Share.

  • Total Offering: Up to 6,222,222 common shares for gross proceeds of $3,000,000.


The gross proceeds from the FT Shares will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" under the Income Tax Act (Canada), primarily on the Company's Wedge Lake Gold Project and Dunlop Nickel-Copper-Cobalt Project in Saskatchewan. Proceeds from the NFT Shares will be used for general working capital and corporate purposes. The Offering is expected to close in one or more tranches, subject to receipt of all necessary approvals, including acceptance of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months and one day from the date of issuance. 


Arya Resources Ltd. (TSXV: RBZ) has launched its new website and thanked Élise McNeill for the excellent work in bringing this together — the site reflects the company's vision, projects, and growth strategy moving forward.


Click here to check out Arya's new website.


On April 7, 2026, Libra Energy Materials Inc. (CSE: LIBR) (OTCQB: LIBRF) (FSE: W0R0) announced that it has been awarded CAD$200,000 in non-dilutive grant funding from the Ontario government through the Ontario Junior Exploration Program ("OJEP"). Administered by the Ontario Ministry of Mines, the OJEP grant provides financial assistance to junior exploration companies to offset costs associated with grassroots mineral exploration and helps to attract investment in early exploration, expanding the pipeline of mineral development projects, including critical minerals.


Koby Kushner, CEO of Libra, said, "We are grateful for the Ontario government's ongoing commitment to supporting junior explorers like Libra. These non-dilutive grants have enabled us to operate leanly, preserve our tight capital structure, and aggressively explore through volatile market cycles. We're excited to deploy this funding in our upcoming 2026 field season."


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