The M&E Dispatch // 047

Hello Everyone,

I’m sure many of you watched the game—it was a close one, with Canada securing the win in OT. A celebration reminiscent of the 2010 Golden Goal.

But this game was more than just a battle between two teams; it was a battle between nations. I commend both teams for their skill, confidence, and poise in executing their jobs flawlessly with so much on the line. Well done.

Now, stepping away from hockey, I want to address the statements made this week by the U.S. administration.

First, it’s clear there is an intention to reestablish active ties with Russia—not just symbolically, but through the resumption of trade between the two nations. The administration is well aware that the U.S. is in dire need of critical minerals, oil, gas, and potash, and Russia has it all—just like Canada.

They also stated that they now view Ukraine as being led by a dictator, positioning Ukraine as the aggressor in the war and Russia as the victim. I have no words…

While the U.S. may lift sanctions on Russia, that does not mean the rest of the world will follow suit. This puts everyone in a difficult position. Will other nations continue to buy goods manufactured in the U.S. if the origins of key components and materials trace back to Russia?

Is this the next “Blood Diamonds” crisis, where countries with sanctions refuse to import products that cannot verify their materials do not come from Russia?

We’re already seeing a major shift toward “Buy Canadian,” particularly in the produce sector. Yesterday at Superstore, I saw bins full of unsold U.S. apples on sale, while the bin of Spanish oranges—though more expensive—was nearly empty. I know, I’m comparing apples to oranges, but the point stands: people are voting with their wallets.

If the U.S. resumes trade with Russia, will consumers still be willing to purchase products made with Russian-sourced critical minerals? Will governments worldwide require importers to label products containing Russian materials, just as we do for food imports?

This shift puts Canada in an even stronger position to sell our critical minerals. Just as we did for Canadian diamonds, we need a system for manufacturers to clearly label products made with Canadian-sourced critical minerals.

The world is on our side right now. If we lean into this, we can make it even easier to sell Canada—to investors, to buyers, and to consumers.

Buy Canadian.

// The Dirt

Midnight Sun to Retain 100% Interest in Dumbwa Target
Midnight Sun Mining has announced that it will retain full ownership of its Dumbwa Target, securing its exploration plans for 2025 with leadership from Dr. Kevin Bonel.
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Graphano Provides Update on Exploration and Strategy
CEO Luisa Moreno emphasizes the need for Canada to accelerate critical mineral development. Graphano is advancing its graphite projects to meet the growing demand for sustainably sourced graphite.
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FPX Nickel Outlines 2025 Activities for Baptiste Nickel Project
After a strong 2023 PFS, FPX Nickel is moving ahead with further development of its Baptiste Nickel Project, building on momentum and strategic plans for 2025.
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Forge Resources Expands in Coal with Aion Mining Acquisition
Forge Resources Corp. has officially closed its acquisition of a 60% stake in Aion Mining Corp, a fully permitted coal project, further strengthening its asset portfolio.
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Forge Resources Completes Portal Construction at La Estrella
The fully permitted coal project in Colombia moves forward as Forge Resources finishes main portal construction, paving the way for underground development.
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Rock Tech Lithium and Arcore AG Merge Subsidiaries
This merger aims to create a fully integrated European lithium company, leveraging both firms’ expertise to establish a stronger market presence.
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Northisle’s 2025 PEA Shows $2B NPV and 29% IRR for North Island Project
Northisle Copper and Gold unveils its latest Preliminary Economic Assessment, highlighting promising financials and a staged development approach.
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Thesis Gold Expands Mineralization at Ranch Project
Thesis Gold’s latest drill results show promising expansion of mineralization, alongside advancing key geotechnical studies in British Columbia’s Toodoggone mining district.
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Red Pine Expands Gold Mineralization Beyond 2024 MRE
New drill results indicate an expansion of gold mineralization beyond previously estimated levels, with a parallel shoot discovered at depth.
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There is an announcement in Tuesday’s edition that I’m excited to share, especially important for those of you in the Coal (and supporting) industries. I’ve been working on it for a while now and it’s all come together.

Have a good weekend all,

- Lee