CHF WEEKLY ROUND-UP: November 3-7, 2025

World markets were looking to recover, but global stocks struggled through a negative week as investors worried about stretched valuations following losses among influential technology stocks, especially AI‑linked names that have begun to show signs of fatigue, and the longest shutdown in US history, which has now lasted over 37 days and counting.

The TSX struggled through the week with uncertainty surrounding the Federal budget. On Tuesday, the finance minister presented a 406-page budget that commits to spending $280 billion over five years on capital investments in new infrastructure, productivity, and competitiveness measures, defence and security, and housing. The federal deficit is now projected to be about $78.3 billion in 2025-2026, and amount to $300 billion over five years. Canada has suffered from a lack of business investment. To grow the economy, more investment is needed, along with improvements in productivity and competitiveness. Of course, it will take years to provide private investors the assurance that Canada is a place to put their money to work. Post-budget, the TSX and Venture exchanges showed signs of investors repositioning, seeking safe areas or those that may benefit from the spending. This morning, Statistics Canada reported that the unemployment rate fell to 6.9% as the Canadian economy added 67,000 jobs in October.

U.S. markets all came off their all-time highs from last week, as Bond prices rallied and stock prices fell on news that layoffs rose sharply. Then Democrats scored election victories in four major races on Wednesday, with voters having worries about the economy on their minds, coupled with broader discontent with the state of the country right now. The ongoing government shutdown is disrupting the economy, and a stopgap resolution is expected before the end of the month. 25% of US families are having difficulty making ends meet. The ongoing U.S. government shutdown has caused the Federal Aviation Administration to reduce air traffic by 10% starting today across 40 “high-volume” American markets. The U.S. Supreme Court began considering arguments on the legality of U.S. President Donald Trump’s trade tariffs, imposed by declaring a national emergency to impose tariffs on 90 countries, including the one with which it shares its northern border. The Court could move swiftly on the issue, which could mean weeks or by the end of the year. The U.S. dollar reached its highest point in five months, and while still up on the week, it is falling back, remaining too strong. The Fed is still widely anticipated to deliver another 0.25% rate cut this year, which will support the equity markets.

The gold market has held around USD$4,000 an ounce for the last two weeks, and there are good arguments for both higher and lower prices. Trading is erratic, and some shorting of gold may be occurring. Spot gold is opening at USD$3,996.00/oz this morning after hitting USD$4,012/oz overnight. Any price distortions are expected to be short-lived and don’t impact gold’s strong fundamentals. Silver is at USD$48.19/oz this morning, building a base near this price over the last 3 weeks. M&A activity has been seen in precious metals, with mid-sized companies being targeted, including Northern Superior by IAMGOLD, New Gold by Coeur, and Canadian Gold Corp. by McEwen. Look for the next targets. The big debt cycle goes on, and gold and silver will be the winners.

Base metals continue to face a short-term price challenge as the USD has been strengthening against other currencies, but that should be a buying opportunity. To some degree, the U.S. trade cooperation with China has limited price movements in metals trading.

The Cobalt price held up this week, but exports from the Democratic Republic of Congo (DRC) are set to resume next month and will determine how far the current price rally will go.  Lithium prices flattened this month and remained near two-year lows. The waiting game in battery materials continues. Look for opportunities in issuers with high-quality projects across various battery component materials and the ability to sustain through the duration of price weakness. China's Commerce Ministry suspended an array of export control measures it imposed on Oct. 9, including curbs on some rare earth materials (REEs) and equipment, as well as lithium battery materials and super-hard materials as of today. The suspensions were effective immediately and would remain in place through November 10, 2026. REE demand will grow globally, and projects with development potential outside China will become increasingly crucial as processing capabilities develop. Canada has significant potential in this area, and “nation-building” projects aimed at rapid development should focus on this sector. Uranium prices fell back to USD$78.95/lb this week.

We are pleased to present our round-up of news released between November 3 and 7, 2025.

Mining

On November 03, 2025, Arya Resources Ltd. (TSXV: RBZ) reported gold-only assay results from three drill holes completed at the Twin Zone of the Wedge Lake Gold Project, located in Saskatchewan’s La Ronge Gold Belt.

Highlights:

AR25-09: 3.86 g/t Au over 44.0 m (76.5-120.5 m),

including: 9.90 g/t Au over 16.0 m (89–105 m). and: 26.14 g/t Au over 3.80 m (94.6–98.4 m)

AR25-08: 0.44 g/t Au over 69.45 m (8.55–78 m)

AR25-07: 6.19 g/t Au over 3.95 m (142.05–146.00 m)

Rasool Mohammad, President & CEO stated, “These results confirm the Twin Zone as a major gold system, delivering wide, high-grade intervals with impressive continuity. With both the Twin and T-6 Zones only tested to ~100 meters vertical depth, we believe we are just scratching the surface of a much larger opportunity.”

Rocky Shore Gold CSE: RSG had a fantastic experience at the Mineral Resources Review (MMR) 2025 in St. John’s, NL. President & CEO Ken Lapierre met with Allan Keats, discoverer of the Keats Deposit at New Found Gold’s Queensway Project, and shared updates on the company’s upcoming drill program at the Lane Pond Gold Target within the Gold Anchor Project. It was a productive and inspiring event, and we extend our sincere thanks to everyone who visited and connected with us throughout the conference.