CHF WEEKLY ROUND-UP: November 10–14, 2025

Artificial Intelligence (AI) stocks seemed to be losing their momentum on Thursday, pulling world markets into decline. Questions about how they will maintain the high spending levels, and questions of when revenue and profit will catch up with the massive investment in new data centres have been troubling the sector. 

The TSX closed at a new all-time high on Wednesday but then dropped 574 points (1.86%) on Thursday. The Venture exchange had risen to its highest in four years on Wednesday but lost 3.2% yesterday. Canadian markets are down at opening today, time to regroup and stay invested. Prime Minister Mark Carney made his much-anticipated announcement of the next group of major projects the government is submitting for fast-track approval. Projects included were critical mineral mines, a hydroelectric project, a liquefied natural gas project (LNG) and the electricity transmission line to power it. Substantial regulatory hurdles remain for these and the previously released list of projects before they can proceed, so dates for construction start are uncertain. Enbridge announced final approval for a USD$1.4 billion project to add capacity to its network, increasing deliveries of Canadian heavy oil to key U.S. markets by 2027, through its Mainline and Flanagan South pipeline systems.

U.S. markets could not surpass last week's all-time highs and were hit by selling pressure on Thursday, posting their steepest daily percentage declines in over a month, and opened weak today. Doubts about further U.S. Federal Reserve (Fed) rate cuts in December weighed on investor sentiment, as did troubling signs on government finances in the U.K., and sky-high valuations for tech stocks. Bull markets can expect three or four corrections in a year, buy the dip.

President Trump signed a government funding bill Wednesday night, ending a record 43-day shutdown that had caused financial stress for federal workers, stranded scores of travellers at airports and generated long lines at food banks. Full resumption of government function will require time and will continue to delay financial data releases. The U.S. dollar (USD) has been declining through the week, as money moved into the safety of bonds, pushing yields lower.

Gold bulls chased the bears out of the market this week. Spot gold is at USD$4,071.30/oz this morning after reaching USD$4,240/oz yesterday. Silver prices are opening at USD$50.88/oz today, down from a peak of USD$54.30/oz yesterday. The seasonal trend for precious metals is strength into the spring, and both gold and silver remain in structural bull markets. Gold is still the safest money, and the underlying reasons to hold gold remain, keep and buy during the price dips.

Copper and the other base and industrial metals are weaker this morning as the USD remains too strong. There may be a short-term price challenge in the next month but that will be a buying opportunity. Uncertainty over the flow of strategic materials and rare earths from China, despite an agreement of trade cooperation, is impacting metals trading.

The Cobalt price has held at USD$22.00/lb. However, the Democratic Republic of Congo (DRC) government is still debating export quotas, permit reform, and limited exemptions as global battery manufacturers are moving on to other sources. Lithium prices are up 5% this week but remain near two-year lows. It is still a waiting game in battery materials as EV sales remain slow outside of China, and utility scale battery storage is not ready to move. Best investment opportunities are in issuers who have high quality projects in multiple battery commodities and the financial ability to sustain for the duration of price weakness. The Rare Earth Elements (REE’s) agreement between the U.S. and China on export restrictions has negatively impacted REE issuers. China remains a poor partner and is moving to restrict exports to military oriented users. Global REE demand will grow, projects that have development potential will become important as processing capability develops outside China. Canada has enormous potential in this area and “Nation Building” projects should focus on this sector, yet no projects in this sector have been referred to the Major Projects Office. Uranium prices remain under pressure even as demand having the potential doubling of by 2040.

We are pleased to present our round-up of news released between November 10 – 14, 2025.

Mining

On November 7, 2025, Nuinsco Resources Limited (CSE: NWI) announced a non-brokered private placement of flow-through common shares and common shares. Under the Private Placement, the Company could issue up to 100,000,000 Flow-Through Shares and/or Common Shares, dependent on investor demand, priced at $0.005. The Private Placement is expected to close on or about December 4, 2025. 

Proceeds from the sale of Flow-Through Shares will be used to fund work to advance the Company’s Prairie Lake critical minerals project located near Terrace Bay, Ont.; proceeds from the sale of Common Shares will be used for future general corporate purposes.  

On November 10, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) provided an exploration update from its 100%-owned Excelsior Springs project in Nevada. Mammoth Minerals Limited has been exploring Excelsior, per its option agreement to earn an 80% interest in the project over five years. Recently, Mammoth reported high-grade polymetallic rock chip and sampling results from the Blue Dick Trend, on the eastern portion of the Excelsior Springs project. 

On November 11, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) provided an exploration update on its Excelsior Springs Project in Nevada, where Mammoth Minerals Limited has been exploring and expanding the Excelsior Springs Project. Recently, Mammoth reported that it had increased its strategic landholding at the Excelsior Springs Project area by 340%, for a total area covering 83.6 km2, secured by direct staking. 

Under the option agreement to earn an 80% interest in the project over five years, Athena has a free-carry to the Definitive Feasibility Study thereafter. Portions of this newly staked ground fall within the project's five km Area of Interest ("AOI") buffer around the existing Excelsior claims, automatically incorporating them into the joint venture ("JV") upon Mammoth's earn-in, allowing Athena to benefit in these areas without immediate costs  

On November 13, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) announced final results from its 2025 prospecting program at the flagship Laird Lake gold project, located in Ontario's world-class Red Lake Gold District. The latest results suggest a potentially significant surface gold discovery at the new Rigby showing, returning up to 20.8 g/t gold along a mineralized structure traced for more than 40 metres and open in both directions. The discovery was generated through systematic follow-up of anomalous gold-in-till results reported earlier. Additional prospecting at the Nemo and Hugo geochemical targets returned anomalous gold in altered and pyrite-mineralized volcanic outcrops and sub crops confirming widespread potential across the property. 

"We are pleased to see our continued exploration efforts at Laird bear fruit, with new high-grade gold occurrences found within only 100 m of the road, with prolific headframes in Red Lake in plain sight. The earlier results from the till program have helped guide us here. With a solid mix of geochemical and geophysical targets, we have begun discussions with several local drill contractors to prepare for our winter drill program, expected to take place in early 2026," said Koby Kushner, CEO of Athena.  

The Market Mindset featured Arya Resources (TSXV: RBZ) — “Same Belt, Same Grades, One Fifth the Valuation.” Catch the interview with Rasool Mohammad, President & CEO, as he breaks down the opportunity and what’s next for ARYA. Watch below: 

Fintech

On November 12, 2025, Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) announced the results of its annual general and special meeting (AGSM) of shareholders held on November 6, 2025, at 10:00 am EST.

At the meeting, the shareholders set the number of directors to be elected to be five, reappointed Raymond Chabot Grant Thornton LLP as auditors of the Company for the ensuing year, approved and adopted Tenet's Omnibus Incentive Plan and elected Johnson Joseph, Liang Qiu, Yves C. Renaud, Jean Leblond and Dr. George Krucik to the Board of Directors. 

A recording of the AGSM is available on the Company's website. Listen in here.