CHF WEEKLY ROUND-UP: November 17–21, 2025

World stocks, led by Wall Street, experienced a sharp drop in skittish trading this week, with major benchmarks experiencing a selloff as investors offloaded risk assets. Worries persist about a bubble in artificial intelligence-related shares, and some better-than-expected U.S. jobs data has raised the likelihood that the Federal Reserve will hold off on an interest rate cut in December. Many investors have been counting on rate cuts to drive markets higher. Attention is also on the Japanese stimulus package and economic weakness in the U.K., ahead of next week’s budget.

The TSX had been struggling since its last all-time high last week, but after rising on opening Thursday, it sold off steeply to end the day. The Venture exchange mirrored that move and is now down more than 17% in the last month. Trading is looking upwards this morning, buy the dips before the holiday surge. The federal budget was narrowly passed on Monday, thanks to some strategic voting, to avoid an election that nobody wanted.

On Thursday, wild swings rocked Wall Street, and U.S. stocks erased a big morning gain as the market remained skittish following weeks of doubt and erratic moves. The stock market pullback expected at the start of this month could turn into a correction. The S&P 500 is down from its October 29 record high, and the Nasdaq is down as well. Both have fallen below their 50-day moving averages, edging into correction territory. Look for value, buy on weakness. A Thanksgiving-shortened week is coming; look to the Santa Claus Rally. Expectations that a Fed rate cut will not occur in December have been driving the U.S. dollar up against world currencies this week.

In the last month, gold has built substantial support above USD$4,000/oz, and concerns about a correction have faded. Spot gold opened at USD$4,067.40/oz this morning. Silver has run into strong resistance above USD$50.00/oz and opened at USD$49.60/oz this morning. The trend to higher prices in the spring remains intact. Analysts suggest that lower real interest rates, a weaker USD, rising government debt, and geopolitical turmoil could push gold to USD$4,700/oz by Q1 2026, and USD$4,900/oz by Q2, and that mining stocks will do even better.

Persistent strength in the USD is holding base and industrial metal prices down this week.

The lithium market looks to be in the early stages of a recovery, and the price has risen to its highest price in a year at USD$12.83/kg. Chinese producer Ganfeng Lithium Group Co forecast demand growth of 30% or even 40% for the battery metal in 2026, on booming demand from the energy storage sector. The best investment opportunities are in issuers with high-quality projects across multiple battery commodities and the financial ability to sustain and grow in a rising price environment.

A global rush to lock in nuclear fuel is putting new pressure on uranium pricing. Long-term contract prices have surged as utilities in the U.S., Europe, and Asia rush to secure future supply to fuel power plants, while sanctions remain on Russian uranium and the world’s top producer, Kazakhstan, is still facing its own production challenges. Uranium is a cornerstone of Canada’s energy strategy; be invested in this sector.

We are pleased to present our round-up of client news released between November 17 and 21, 2025. 

Mining

On November 17, 2025, Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) announced a non-brokered private placement for aggregate gross proceeds of up to CAD$2,000,000 that will consist of a combination of:

• CAD$1,500,000 through the issuance of up to 21,428,571 flow-through common shares at a price of CAD$0.07 per FT Share; and

• CAD$500,000 through the issuance of up to 8,333,333 (non-flow-through) Units at a price of CAD$0.06 per Unit.

  
  

The Offering is scheduled to close in tranches, with the first tranche expected to close by late November.

Each Unit is comprised of one common share and one share purchase warrant, with each warrant exercisable for one common share at an exercise price of CAD$0.09 for a term of 24 months after the closing, subject to an acceleration clause

The proceeds from the sale of FT Shares will be spent on the Company's Laird Lake and Oneman Lake Projects located in Ontario, while the proceeds of the Units will be directed to general and administrative expenses and working capital purposes, though some may be used for additional exploration work on the Company's properties.