CHF WEEKLY ROUND-UP: October 13-17, 2025

The U.S. government shutdown has now extended into a third week, with 50-50 odds that it will last through the end of October. Lack of the usual flow of U.S. economic data, combined with intensified trade tensions between China and Washington, has created uncertainty in World markets. A retreat on Wall Street yesterday, driven by concerns over banks’ loan portfolios, caused global jitters. October carries a reputation for volatility in financial markets as trader psychology is haunted by the crashes of 1929, 1987, and 2008. This is a season of institutional repositioning and technical setups that can create some profitable trading opportunities.

The TSX made another all-time high on Wednesday after a Tuesday decline, then sold off on Thursday. The Venture exchange followed a similar path. Royal Bank (RBC) has projected that the Bank of Canada (BoC) will deliver another 0.25% rate cut on October 29, even though Canada’s labour market delivered an unexpected hiring surge in September. However, economists warned that this does not mean the economy is suddenly rebounding after months of downturns.

The financial sectors of the S&P 500 have been weak in recent days, even as the larger banks that reported their Q3 earnings results this week mostly beat expectations, driven by better-than-expected investment banking revenues. U.S. Markets have climbed to record all-time highs in 2025, with artificial intelligence and industrials driving momentum. Yet beneath the surface, concentration and valuation pressures are fuelling concerns about bubbles in certain sectors. Federal Reserve Chair Powell must deal with the economy enjoying stronger-than-expected growth and a recent jump in productivity, but tariff and immigration policies could still lead to both higher inflation and higher unemployment. Investors generally expect the Fed to lower its benchmark interest rate by a quarter-of-a-percentage point to the 3.75% to 4.00% range on October 29 and then lower it again in December. The U.S. dollar (USD) is having its worst week in two months, falling for a fourth day in a row.

Gold prices were higher through the week, up 20% this month, and hit another all-time high overnight at USD$4,380/oz, but have backed off to open at USD$4,316.70/oz this morning. High levels of risk aversion in the general marketplace at the end of the week are driving even more safe-haven demand. Silver prices are lower at USD$53.50/oz after scoring a record high of USD$54.45/oz overnight. Supportive supply and demand dynamics in precious metals suggest there is still plenty of upside left for investors.

Base and industrial metals continue to be weak, even though copper is showing some spikiness following gold’s power moves. Battery and electric materials remain rangebound. Cobalt prices jumped by 20% after the DRC lifted its export ban in favour of a quota system. China, and other battery producers have moved mostly to the Lithium Iron Phosphate (LFP) battery chemistry that uses no cobalt. Cobalt demand going forward remains uncertain. Canadian uranium provider Cameco has determined an end-of-September spot price for uranium of USD$82.63 per pound, the highest mark of 2025. The World Nuclear Association forecast in its September report that uranium demand for nuclear power will rise by 28% by 2030 to reach energy security and decarbonization goals. The report said that new uranium mines and restarted operations will be needed to meet the growing demand for uranium, and that demand could more than double by 2040.

We are pleased to present our round-up of news released between October 13 and 17, 2025. 

Fintech

On October 10, 2025, Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) announced that due to ongoing service delays by Canada Post affecting the delivery of certain shareholder communications, the Company is relying on the temporary relief provided by the Canadian Securities Administrators under Coordinated Blanket Order 51-932.

In accordance with the Blanket Order, the Company is providing access to the proxy-related materials electronically instead of by mail. Shareholders can access the following documents:

• Notice of Meeting

• Management Information Circular

• Form of Proxy

All materials are available on the Company's website at https://pkk2025.webflow.io/ and on SEDAR+ at www.sedarplus.ca under the Company's profile.

Tenet also announced that the transcript of the Q&A interview conducted with Tenet CEO, Johnson Joseph, on the Company's recently released financial results for the fourth quarter of 2024, and the first and second quarters of 2025, has been published on the Company's website in the "Investor Resources" section. Click here to read.

SAVE THE DATE

Our CHF clients — Sokoman Minerals Corp. (Booth #57) and Rocky Shore Gold (Booth #16) — will be attending the Mineral Resources Review 2025, taking place November 4–7 in St. John’s, NL.  

Register here to attend.