The M&E Dispatch // 049

Hello Everyone,

If it feels like we’ve been here before, that’s because we have—over and over again. Tariff talks have been the broken record of the last decade, skipping and repeating with every new administration. But this time, it’s different. Not because of the tariffs themselves—we’ll sort that out, as we always do—but because of what they’ve done to Canada as a nation.

We’ve come together before over hockey gold, double-doubles, and the belief that our side of Niagara Falls is objectively better. Now however, we have united in our collective rage… and we turned on Wayne Gretzky. That’s right. The Great One himself, who has aligned himself with Trump and appeared to support Team USA at the 4 Nations Cup, has felt the full force of a nation scorned. If we, as Canadians, are willing to sacrifice our most sacred cow in the name of trade justice, then Washington should know—we’re serious.

And yet, there’s still time for this to completely unravel before Monday. Trump’s policy consistency has been about as sturdy as a house of cards in a park in Coleman AB. If there’s one thing history has taught us, it’s that he can be swayed by the last person in the room—or a well-placed segment on Fox News. At this point, it wouldn’t be surprising if they started selling Trump Brand Flip-Flops in the White House gift shop, officially rebranding it as the Grift Shop.

But let’s assume, for a moment, that the tariffs actually land on March 3. What does that mean?

First, the Chaos

Markets hate uncertainty, and the first thing to react will be commodity prices.

• A 10-25% tariff on Canadian metals and minerals means producers will either have to drop prices to stay competitive or pass costs along the supply chain.

• Steel and aluminum? They’re staring down a combined 50% levy, which means manufacturers on both sides of the border are about to pay more for everything from pipelines to pickup trucks.

• Oil exports? A 10% tariff means Western Canadian Select (WCS) could take another price hit, forcing some producers to ship crude to Asia rather than take a loss.

The supply chain won’t take long to feel it, either. Raw materials move between Canada and the U.S. multiple times during processing, and tariffs mean new customs red tape, extra paperwork, and inevitable shipping slowdowns. Just-in-time delivery models? Yeah, those are about to get real uncomfortable.

Then, La Résistance

Ottawa is already warming up the counterpunch. Probably should expect:

–Tariffs on U.S. exports—likely targeting agriculture, consumer goods, and industrial products.

–Critical mineral restrictions—because nothing gets Washington’s attention faster than cutting off the supply of rare earths.

–Financial relief for affected industries—though, knowing government bureaucracy, don’t expect the application process to be simple.

–Diplomatic scrambling—because you better believe Canadian officials are working the phones trying to carve out exemptions before Monday.

Then, I suspect we’ll test if the world is on our side...

Here’s the thing: Canada has dealt with this before. Uncertainty is always the worst part. Once we know exactly what’s in front of us, we’ll adapt, recalibrate, and keep moving.

• Canadian mining and energy firms aren’t about to sit on their hands.

• Oil producers will ship more through Trans Mountain to Asia if the U.S. market gets too expensive.

• Mining companies will start looking harder at Europe and alternative buyers for critical minerals.

• Contracts will be reworked, prices adjusted, and new strategies will emerge.

• EU? CANZUK? NATOFTA?

If there’s one thing we know, trade wars are rarely permanent, though they are often lasting. Tariffs have a funny way of getting tweaked, challenged, or outright abandoned once the political costs pile up.

So, if things go sideways on Monday, don’t panic. We’ll sort it out. We always do. And if things don’t go sideways? Well, maybe we should keep an eye on the Grift Shop gift shop—because something tells us those flip-flops will be back in stock.

// The Dirt

Midland & SOQUEM Stake 104 Mining Titles in Labrador Trough
Midland Exploration and SOQUEM have discovered new copper mineralization in the Labrador Trough, staking 104 mining titles to expand their strategic footprint.
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Sienna Resources Secures Drill Contractor for Ontario Cesium Project
Sienna Resources has engaged Major Drilling to advance its Case Lake West Cesium and Spodumene Pegmatite Project, strategically located next to Power Metals Corp.’s cesium deposit.
Read more

Fury Gold Mines to Acquire Quebec Precious Metals Corporation
Fury Gold Mines Limited and Quebec Precious Metals Corporation have signed an acquisition deal, consolidating assets to enhance gold exploration potential in Canada.
Read more

Lomiko Metals Updates La Loutre Graphite Project Studies
Lomiko Metals is progressing feasibility studies for its La Loutre natural flake graphite project in Quebec, boosted by US$8.35M in U.S. Department of Defense funding.
Read more

Radisson Expands Gold Potential at O’Brien with 8.36 g/t Over 15m
Radisson Mining has released additional assay results from its 2024 drill program at the O’Brien Gold Project, showing promising high-grade mineralization.
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Future Fuels Introduces the Hornby Uranium District in Nunavut
Future Fuels Inc. has launched exploration in the Hornby Basin, a district-scale uranium project in Nunavut, Canada.
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Etruscus Resources Announces $1.25M Private Placement for Zappa Drilling
Etruscus Resources is raising $1.25 million through a private placement to fund drilling at Zappa, a major porphyry target at its Rock & Roll Project.
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Bold Ventures Expands Joutel Property in Quebec
Bold Ventures has added 11 new claims to its Joutel Property in Quebec, securing ground over untested geophysical anomalies in a highly prospective region.
Read more

// The Hustle

It’s time for that announcement I’ve been eluding to. If you’ve been a reader for any length of time, you’ll know I’m a perpetual optimist—not just about where the industry is headed, but about the people who make it all happen. That’s why I’m really excited to announce our new partnership with the Coal Association of Canada to launch CoalJobs.ca—a dedicated hub to connect skilled workers with the jobs that keep mining communities thriving.

But this isn’t just about filling roles—it’s about investing in families and communities, which is where This Life of Mine series comes in. Mining isn’t just a job, it’s a way of life, and we’re doubling down on telling the stories that matter. Over the next few months, expect to see more crossover between these two platforms—because when good jobs stay local, entire communities win. Stay tuned—this is going to be fun.

Mini four nations cup this weekend for my son as we have an Academy team from Idaho coming up to play us for a 3 game home stand. Last time we played them it was a tough 3-0 loss for us. This time? We’ve got our nation’s pride at stake.

Have a great weekend all, hope it’s looking as much like Spring where you are as it is here.

- Lee