CHF WEEKLY ROUND-UP: July 28 - August 1, 2025

World shares were in retreat yesterday after U.S. President Donald Trump issued a new set of import duties of up to 41% for imports from 68 countries and the European Union as of August 7. Even the major U.S. indices came off from their record highs of this week, and Canadian and U.S. markets are pointed lower this morning.

Trump also raised the tariff for products not covered by the Canada-USA-Mexico trade agreement (CUSMA) to 35%, effective today, but gave an extension of 90 days for Mexico to conclude a trade deal. Roughly 90% of Canadian exports enter the U.S. tariff-free because they meet the rules of origin under CUSMA. Cancellation of CUSMA in the absence of another trade agreement could have negative implications for the Canadian dollar (CAD) and Canadian capital markets.

The monthly Canadian GDP for May of 2025 came in at a 0.1% decrease compared to the preceding month (April 2025) and 1.2% growth compared to the same month of the previous year (May 2024). On Wednesday, the Bank of Canada maintained its overnight rate at 2.75%.

U.S. GDP in the second quarter of 2025 increased by 0.7% compared to the preceding quarter (Q1-2025), +2.0% growth compared to the same quarter of the previous year (Q2-2024). On Wednesday, the U.S. Federal Reserve announced that the target federal funds rate will remain unchanged, at its present level of 4.50%. The U.S. dollar ran up to a ten-week high but is softening today.

Gold prices are sharply higher in early U.S. trading today, at USD$3,350.20/oz, following a downbeat U.S. employment report where the unemployment rate rose slightly to 4.2%. The gold price has held at its support level this week and is essentially flat during the Summer. The historic trading pattern is down into the Fall and rising from September into the Spring. Look at any price decline as a buying opportunity. The share of gold producers has been very reactive to price moves lately, suggesting that leverage is now on the side of gold shares. Mid-size developer/producer issuers may provide a better opportunity. Silver prices were at USD$37.15/oz at opening today. Platinum and palladium have posted price gains today as well.

Copper prices fell sharply to USD$4.35/lb. as the U.S. announced that it plans to impose hefty tariffs only on semi-finished imported copper products, on Friday, not on raw refined copper, targeting mainly the Chinese supply.  Pre-stocking into the U.S. had driven prices to all-time highs.

We are pleased to present our round-up of news released between July 28 and August 1, 2025.  Due to Summer vacations, we expect our next report to be on August 15, 2025.

Mining

On July 31, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) announced a significant expansion of its flagship Laird Lake gold project in Ontario's prolific Red Lake Gold District by approximately 24% through the acquisition of an additional 995 hectares, increasing the total land package to approximately 5,155 hectares. The new claims were staked in response to encouraging initial results from the 2025 field season, which highlighted favourable trending structures trending westwards.

Technology

On July 28, 2025, Visionstate Corp. (TSXV: VIS) provided a corporate update, highlighting progress across all aspects of its business, including sales and deployments, technological innovation, and ESG initiatives through its investment in Sol Spaces.

Fintech

On July 31, 2025, Tenet Fintech Group Inc. (CSE: PKK) (OTCQB: PKKFF) announced that the Company will file its year-end audited 2024 financial statements, along with the Company's financial statements for the first and second quarters of 2025, on August 28, 2025.