CHF WEEKLY ROUND-UP: December 15-19, 2025

December trading can be quiet as markets slide towards the end of the year, and there is a lot of uncertainty right now. World shares advanced overnight after the Bank of Japan raised its key policy rate to its highest level in 30 years and U.S. inflation cooled more than expected. The rotation out of big Tech to more reasonably priced sectors continued and will likely last well into 2026.

The TSX was down slightly during the last week. Still, the commodity-heavy index remains on track for its best year since 2009, with a nearly 27% gain, driven by a surge in metal prices and signs of resilience in the Canadian economy despite the government’s inability to address the country's tariff war with the U.S. The Venture exchange lost momentum, down almost 3% over five days. As markets head into the New Year, things look positive, but there is some economic uncertainty, especially surrounding tariffs. The Canada-United States-Mexico Agreement (CUSMA) is set to expire on June 30, 2026. Currently, tariffs on goods shipped across the Canada-US border only affect 12 per cent of goods. U.S. trade officials are signalling that Canada will need to make policy changes, citing “structural shortcomings” they want addressed to provide long-term certainty.

American markets drifted lower through the week but are looking upward this morning. The S&P 500 index rose to a record high of 6901 on December 11, and that might be the high for this year. A Santa Claus rally might be unlikely to happen if the rotation away from the Magnificent-7 continues, and it looks like it will last into 2026.  Now that the U.S. government shutdown is over, the Bureau of Labor Statistics (BLS) has resumed releasing economic indicators, however, the quality of the latest releases has become an issue. Thursday's lower-than-expected November CPI inflation report boosted stock and bond prices and the U.S. dollar (USD), but economists have begun questioning the CPI numbers. The release included a warning that the government shutdown might have distorted the BLS's efforts to collect the CPI data. BLS reported a lower-than-expected 2.7% rise in inflation for November, leaving potentially more room for the Fed to cut rates next year as the U.S. job market slows. President Trump has signalled that he is close to announcing his pick for the next chair of the U.S. Federal Reserve. Another U.S. government shutdown could happen next month, as the stopgap spending measure that ended the earlier shutdown expires on January 30, 2026, and no new agreement is in sight.

Precious metals have set multiple all-time highs this year, with gold advancing 65% year-to-date and silver an astonishing 115%. Some analysts warn of a bubble. True bubbles feature widespread investor participation; that is not the case yet. Precious metals remain under-owned, and shares are still lagging the metal prices, representing only a fraction of global financial assets. Many analysts continue to see a USD$5,000 gold price as an achievable target next year. At the same time, silver prices are targeted to hit USD$75/oz to USD$80/oz, with some even calling for USD$100/oz. Gold prices opened at USD$4,323.80/oz this morning and have been building a support at that level for the last week. Silver prices opened at USD$65.67/oz this morning, starting to build a support level built over the last week.

At opening, copper prices are USD$5.45/lb, up 35% so far this year for the most significant gain since 2009, due to mining disruptions and stockpiling in the U.S. Investors interested in a broad basket of AI interests will also want to buy into financial products that include hard assets that feed data centres, such as copper miners and metals-related assets. Other base and industrial metals are near highs for the year. Even nickel prices showed some recovery.

Cobalt prices levelled off this week at USD$23.95/lb, the highest in two and a half years.  Lithium prices have remained rangebound near USD$13.25/kg for two years. It is still a waiting game in battery materials, and the needed catalyst has not appeared. The EU pushed back its Electric-Only Car Sales mandate to 2040, and Ford announced it will take a USD$19.5 billion charge on its EV business and move away from its EV plan toward conventional and hybrid platforms due to weak consumer demand. Production of its fully electric F-150 Lightning pickup truck will end.

Be invested in issuers that have the financial ability to sustain through tight markets and hold high-quality projects across multiple battery commodities in jurisdictions with favourable policies. The massive infrastructure investment focused on energy production and transmission, needed to light up this sector, has not arrived yet.

We present our round-up of client news released between December 15 – 19, 2025.  We will be taking a break from publishing through the end of the year and will be back on January 16, 2026.

Mining

On December 15, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) announced the closing of the second tranche of its private placement financing. The Company has received proceeds of CDN$270,499.98 through the issuance of 150,000 flow-through units priced at CAD$0.07 per FT Unit and 4,333,333 common share units at CAD$$0.06 per Unit. An aggregate of CAD$2,727,526.03 was raised in the first tranche of the offering. 

On December 16, 2025, Rocky Shore Gold Ltd. (CSE: RSG) announced that ongoing data compilation at its recently optioned Mosquito Hill and recently acquired Reid gold deposits has identified thick, higher-grade gold intervals within both deposits’ mineralized envelopes from historical drill logs. Ken Lapierre, President and CEO of the Company, commented, “Persistent higher-grade gold intervals throughout a thick centre core at both porphyry-controlled gold deposits are a significant first step in understanding additional potential at both deposits. We will continue to release news from our ongoing compilation program throughout the coming months. Additionally, we are excited to initiate our inaugural winter drill program at our high-grade, structurally-controlled Lane Pond Gold Target in Q1 2026. With gold prices near all-time highs, a strong treasury, growth potential at both porphyry-controlled gold deposits and commencement of our first drill program targeting structurally-controlled gold targets, Rocky Shore is well positioned in 2026 to continue to deliver value creation opportunities at our Gold Anchor Project.” On December 17, 2025, Libra Energy Materials Inc. (CSE: LIBR) (OTCQB: PWMCF) (FSE: W0R0) announced that the Company's common shares had commenced trading on the OTCQB Venture Market (the "OTCQB") at the market open on December 17, 2025, under the symbol "PWMCF". "Today's news is an important milestone towards broadening our market presence across the United States," said Koby Kushner, CEO and Director of Libra. "Listing on the OTCQB positions Libra with increased visibility among the American investment community and improved liquidity for our current and prospective shareholders." 

On December 19, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) announced that, the Company has closed the third and final tranche of its private placement financing (the "Offering") and has received proceeds of CAD$502,002.98 through the issuance of 7,142,900 flow-through units (the "FT Units") at CAD$0.07 per FT Unit and 33,333 non-flow-through units (the "NFT Units") at CAD$0.06 per NFT Unit. A total of CAD$3,500,028.99 was raised in the Offering, of which CAD$2,727,526.03 was raised in the first tranche, CAD$270,499.98 in the second tranche and CAD$502,002.98 in the third tranche. 

On December 19, 2025, Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) announced that it had added an additional 113 mineral claims to its wholly-owned Treasure Island Project in central Newfoundland. The Treasure Island Project now covers over 90 km of strike along the Valentine Lake Fault Zone in Canada's newest gold district. Drilling Program Update

• Two diamond drills are currently active at the Treasure Island Project, with a third drill anticipated to mobilize in early 2026

• One drill is focused on the expansion of the Moosehead Eastern and Western trends and has completed six holes to date

• The second drill rig is conducting regional exploration, drilling holes located within several kilometres of the Moosehead Zone, and has completed two holes to date

Episode 2 of “Pirate Gold Treasure Hunters” provides shareholders with abehind-the-scenes look at the early stages of the drilling campaign and features:

• Visual updates from the first drill holes at Moosehead

• Initial drilling insights from regional geophysical targets

• An overview of the expanding exploration team and regional strategy
  

View this week’s video HERE.