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CHF WEEKLY ROUND-UP: May 12-16, 2025
- John A
- May 16
- 5 min read
Investor sentiment was lifted this week by a 90-day pause in the U.S.-China trade conflict, led by a reduction in tariffs. Global markets were positive in response, but the Asian markets were less enthusiastic than the Western markets. They seem to understand that, despite the immediate optimism, these trade deals take a long time to work out, and one should expect some continuing volatility in the coming months.
On Canadian markets, the TSX was up 2% in the last week and 4.7% year-to-date, hitting a new all-time high on opening today. The Venture exchange did not share in the optimism and was down 2% during the last week. In Canada, it is May two-four weekend, and cottage season has started, expect the markets to be erratic. Newly appointed Finance Minister François-Philippe Champagne doesn’t plan to provide a budget for the new government but will wait and offer a fall economic statement. Prime Minister Carney has indicated his government will prioritize passing the promised middle-class tax cut.
U.S. markets opened higher on Monday and remained positive throughout the week, regaining most of the value lost since “Liberation Day”. The U.S. dollar rose by 2% this week to its highest level in six weeks. Softer U.S. inflation data also contributed to optimism, suggesting potential for future interest rate cuts by the Federal Reserve. On Wednesday, Trump took to social media to criticize Federal Reserve Chair Powell, demanding lower rates, “like Europe and China have done”. On Thursday, Powell warned that inflation could become more erratic in the years ahead, saying, “We may be entering a period of more frequent, and potentially more persistent, supply shocks; a difficult challenge for the economy and for central banks.” The next Fed meeting is June 17 - 18, and while two rate cuts are still expected this year none is anticipated at that meeting.
Gold and silver prices were solidly lower this week as traders and investors moved their money back into growth-oriented sectors such as technology and consumer discretionary, on the S&P and NASDAQ. Gold may be undergoing a correction at present, but it held above USD$3,100/oz and is at USD$3,180/oz this morning, tracing its way back to above the USD$3,200/oz support level. Investment demand appears to be well-supported by lingering global geopolitics and U.S. economic risks, as well as institutional allocations from China, which maintains an insatiable appetite for the metal. In a cash and stock transaction valued at USD$2.1 billion, Pan American Silver, operator of ten mines in seven countries, is taking over MAG Silver.
Base and industrial metal prices gained early in the week on the initial enthusiasm around a trade deal with China, with copper hitting USD$4.65/lb, but then resumed choppy trading and moved lower throughout the week. Barrick Gold changed its name to Barrick Mining this week, suggesting a shift in focus, particularly on copper, where 25% of global exploration expenditures are targeted. Rio Tinto is making a USD$1.2 billion investment in modernizing its aluminum production in Quebec.
Critical, battery and electric materials did not make any significant price gains this week as oversupply and China dominance have held this sector down, even though demand hasn’t gone anywhere. Global cobalt demand is projected to rise faster than supply throughout the next decade, potentially pushing the sector into deficit by the early 2030s, according to a new report by the Cobalt Institute. Demand is forecast to grow at a compound annual growth rate (CAGR) of 7%, as EV sales pick up. Rare earth export permits for U.S. customers may have an easier time being approved by Beijing after Monday's trade war pause; however, complete removal of the restrictions is unlikely. The uranium price has been creeping upward for the past month, reaching USD$71.60 this week.
We are pleased to present our round-up of client news released between May 12 and 16, 2025.
Mining
On May 14, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) reported additional results from its 2024 regional prospecting and sampling program at the 100%-owned Excelsior Springs project in Nevada's Walker Lane Trend. The program proved successful in providing new geologic interpretations and defining new, untested zones of prospective mineralization. On the back of this program, the Company expanded its landholdings by approximately 68 hectares. " One of the drivers behind the Fall 2024 program was to confirm whether prospective ground exists outside the Buster Trend, which to date, has been the main target of focus at Excelsior Springs. We are happy to report the identification of the new Rhino Zone, in addition to the high-grade silver and antimony potential revealed at the Blue Dick Trend. Importantly, both these targets remain untested by the drill bit. We believe a larger-scale program is warranted to adequately explore such a target-rich project," stated Koby Kushner, President & CEO of Athena Gold. Highlights:
The newly defined Rhino Zone, located to the northeast of the project area, returned high-grade gold on surface, with grab sample assays returning up to 27.1 g/t Au, 49 g/t Ag, and 1.4% Pb (see Figure 2).
Results from Blue Dick, as previously reported, returned up to 6,630 g/t Ag (Sample K024547. In addition, analytical results from this sample returned a high-grade antimony of 1.53% Sb.
Antimony is designated as a critical metal by both the United States and Canada due to its essential role in national security, energy infrastructure, and industrial manufacturing.
On the back of the successful 2024 exploration program, the Company recently expanded its land position through staking, increasing the project footprint by 68 hectares to better capture the Rhino and Blue Dick Trends (see Figure 1).
The Company continues to receive third-party interest regarding potential joint venture partnerships and earn-in agreements across its Nevada portfolio.
The Central MinEx 2025 conference was a hit! See some shots with Ken Lapierre, P.Geo., President & CEO of Rocky Shore Gold Ltd. (CSE: RSG):
Technology
On May 9, 2025, Bunzl Canada, a distributor of the WANDATM Technology from Visionstate (TSXV: VIS) released a video addressing the new regulations that are coming into effect July 1st, 2025, that will require Ontario employers to implement significant changes in how they manage and report employee washroom cleanliness. Compliance with this legislation is critical to ensure safe and healthy workplaces.
WANDA(TM) Technology, Visionstate IoT’s flagship software, is a cutting-edge solution revolutionizing facility management. With real-time data collection and actionable insights WANDA(TM) empowers businesses to make informed decisions and maintain impeccable standards of cleanliness and safety.
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