CHF WEEKLY ROUND-UP: March 23 - 27, 2026

Shares on global markets were mostly lower today, while oil prices gained, and Wall Street had its worst day since the start of the Iran war amid growing doubts about a settlement or even de-escalation.  President Donald Trump had postponed “Obliteration Day” until April 6, apparently granting a request from the Iranian government to extend the pause on potential airstrikes on Iran's power plants. That will only keep oil prices elevated, prolong uncertainty and create volatility for the financial markets.  Any spike in energy prices will hit the EU hard, generating higher inflation and weaker growth, and its stock markets will suffer. 

Until yesterday, the TSX and Venture exchange had been having something of a positive week, backed by rising gold and other metal prices. Last week, the Bank of Canada (BoC) held its benchmark interest rate steady at 2.25%. Officials signalled at the time that they would look through a near-term inflation spike driven by higher energy costs but would act if necessary to ensure price pressures from the conflict around Iran are not entrenched. There is little room for interest rate increases given the state of the Canadian economy.

U.S. markets are opening down sharply today. The White House had announced that  President Trump would meet with Chinese President Xi Jinping in Beijing on May 14 and 15, suggesting to some that a Middle East settlement may be nearer than indicated by the loud refusal of the Iranian regime to negotiate. However, China has moved to open a trade probe into the U.S. ahead of the summit. The U.S. dollar (USD) is up by 4.6% from its low point this year, only two months ago. People still seem to think that U.S. Treasuries are the only large safe asset, so they are still buying them and selling everything else. The Federal Reserve has little to no room to raise rates to address the inflationary fallout from the war, even as bond traders are pricing in a 50% probability of a tightening move by October. President Trump’s nominee to replace Fed Chair Powell will likely lean toward dovish policymaking, under pressure from the President to ease. But the timing of Kevin Warsh’s confirmation remains uncertain and faces new legal and political roadblocks.

Gold has dropped 16% from its record high on March 2, 2026, through events usually considered bullish developments for the safe-haven metal, and that should have pushed it to new highs. Today, gold opens at USD$4,425.00/oz, having lost more than USD$1,000/oz from its high of 25 days ago. Silver opening at USD$67.92/oz is just over half of where it was at the start of February, its worst decline since 1980. On some days, mining equities have been in freefall. And yet the fundamentals that drove the metals to all-time highs have not changed. Global mine supply is still declining. Permitting timelines are still measured in decades. Central banks are still net buyers. Financing for new production is scarce and hidden in Treasuries. Gold bulls see bargain prices and believe that this may be the last good opportunity to buy. Mining equities are still early in that process, and this could be the entry point. Stay positioned in quality geology and disciplined operators while the market catches up.

Base and industrial metals seem to be finding a support after the fall from the early February highs, with copper at USD$5.46/lb and nickel at USD$7.72/lb today. As much copper will be required in the next 50 years as has been used in the last 5,000. Capacity is lacking, and the investment to increase it is not there either, as large projects take close to 20 years to reach commercial production. AI data centres, upgraded power grids, industrial electrification, energy security, and now defence all demand more metals. Stay invested in this sector.

Lithium and cobalt prices have held steady through much of the volatility of the year to date. Prices in China for battery-ready chemicals are up from a year ago and have remained strong through the current conflict. Share prices have been hit in the general selloff of mining issuers. Look for the entry points. Uranium prices slumped this month. Look at producers that are growing production.

We are pleased to present our client news for March 23 to 27, 2026.

Mining

On March 22, 2026, Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) was reviewed on the Rocks and Stocks News program, hosted by noted mining commentator Allan Barry Laboucan. Last week Pirate Gold announced the start of drilling at the Crippleback Lake portion of their Treasure Island Project in Newfoundland and Labrador, Canada. A video featuring VP Exploration, Greg Matheson, was played during this show, and the host paused it to explain what stood out to him and why, trying to translate the geology into language that investors can better understand.

https://www.youtube.com/watch?v=ah5_O7Zj9-M

On March 26, 2026, Rocky Shore Gold Ltd (CSE: RSG) announced that, through a wholly-owned subsidiary, it closed the previously announced purchases of 128 mining claims in central Newfoundland. As previously disclosed, the Company paid consideration of $45,000 cash and issued an aggregate of 1,500,000 common shares of Rocky Shore for the claims. The vendors also retained an aggregate 2.0% net smelter return royalty on the respective claims. 

On March 27, 2026, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) announced that its Board of Directors has approved a consolidation of the Company's issued and outstanding common shares on the basis of nine point nine (9.9) pre-consolidation common shares for one (1) post-consolidation common share. The Company's outstanding options and warrants will also be adjusted on the same basis as the common shares, with proportionate adjustments being made to exercise prices. Pursuant to the Business Corporations Act (British Columbia) and the Company's articles, the Board of Directors is authorized to approve certain changes to the Company's capital structure, including the Consolidation; as such, shareholder approval is not required.  The Consolidation will have a record date of April 2, 2026. The Company will not be changing its name or current trading symbol in connection with the proposed Consolidation. As at the date of this news release, the Company has 354,618,607 common shares issued and outstanding. Upon Consolidation the Company will have approximately 35,820,061 common shares issued and outstanding. The exact number of post-consolidation common shares will vary depending on how fractional shares are treated when each shareholder's holdings in the Company are consolidated. No fractional shares will be issued in connection with the Consolidation, and no cash will be paid in lieu of fractional post-consolidation common shares.