The M&E Dispatch // 051

Hello Everyone,

Let’s be honest—if you’re a Canadian junior mining company operating in the U.S., you’ve probably got a splitting headache. And not the good kind, like after a well-earned night with old friends. No, this one’s brought on by the new U.S. tariffs, shifting trade policies, and the creeping realization that the ground you’re exploring might not be as stable as you thought.

For years, Canadian juniors have led the charge in mineral exploration across the U.S., from copper and gold projects in Arizona and Nevada to lithium plays in California. But with Washington throwing a wrench into trade relations, the game has changed. While the focus has been on tariffs targeting exports, what about you? The guys actually on the ground in the U.S., drilling, exploring, and developing? You’re now caught in the crossfire of unpredictable trade policies, rising costs, and skittish investors.

What’s Keeping You Up at Night?

You’re physically operating within U.S. borders—leasing land, dealing with regulators, hiring American workers. But you’re still a Canadian company, raising capital in Vancouver and sourcing gear from home. That creates unique challenges:

• Tariffs on Equipment and Supplies: Running drills in Nevada? If your exploration gear, spare parts, or steel casings come from Canada, you could be paying an extra 25% just to get your own tools into the country.

• Rising Costs: Unexpected cost hikes—whether from tariffs, regulatory slowdowns, or nervous investors—can turn a promising project into a financial headache overnight.

• Regulatory Landmines: Will U.S. regulators start scrutinizing Canadian-controlled projects more closely? Could permitting slow down?

• Investor Jitters: If U.S. investors view Canadian-controlled projects as politically risky, financing could dry up faster than a Nevada creek bed in July.

The Metals That Matter—And The Risks That Come With Them

If you’re in copper, gold, or lithium, you’re right in the middle of it. These metals are politically strategic, which means added scrutiny.

1. Copper – The U.S. needs more domestic copper, but if protectionist policies make it harder for Canadian juniors to operate, will Washington shift toward purely American-controlled projects?

2. Gold – A globally traded commodity, but if your costs spike while American competitors get breaks, you’re suddenly at a disadvantage.

3. Lithium & Critical Minerals – The U.S. wants to fast-track domestic battery metals, but will Canadian-controlled projects qualify for incentives under the Inflation Reduction Act? If not, the playing field just tilted against you.

What Can You Do? Adapt or Get Squeezed Out

Hoping things smooth over isn’t a strategy. So, what’s your next move?

1. Can you rework your supply chains? If your gear, chemicals, or office supplies come from Canada, should you start sourcing from U.S. suppliers to dodge tariffs?

2. Are you making enough local connections? Would building stronger relationships with U.S. suppliers, contractors, and investors make your project look more “American” on paper?

3. How prepared are you for regulatory shifts? If state or federal agencies start dragging their feet, are you ahead of the curve, or will you be caught scrambling?

4. Should you bring in more U.S. investment? If your cap table is 90% Canadian, does it make sense to start pulling in more U.S. investors to make your project harder to ignore?

5. Are you watching for the next pivot? If Washington changes course (unlikely, but possible), will you be ready to move first?

The Bottom Line: It’s Uncertain, But Not Impossible

Nobody is saying Canadian juniors will get booted from the U.S. overnight, but the winds have changed, and survival favours those who adapt fast. Some of you will take this as a warning shot and act accordingly.

Though, you could always head to the Winchester, have a pint, and wait for this all to blow over. You do you.

// The Dirt

Northern Superior Reports Strong Gold Hits at Philibert
Northern Superior's latest drill results at the Philibert project include 3.59 g/t Au over 7.7m and 2.89 g/t over 10.6m, marking solid expansion potential near IAMGOLD’s Nelligan project.
Read more

Midland & Rio Tinto Resume Lithium Drilling at Galinée
Midland Exploration, in partnership with Rio Tinto, is launching a second phase of lithium drilling at the Galinée project in Quebec, located near Winsome Resources' Adina lithium deposit.
Read more

Thunder Gold Sets 2025 Drilling Plans for Tower Mountain Gold
Thunder Gold Corp. is kicking off a new drilling campaign at Tower Mountain, aiming to expand known gold mineralization in Ontario’s Shebandowan Greenstone Belt.
Read more

Canadian North Resources Advances Bioleaching for Nickel & Cobalt
The company is expanding its metallurgical testing at Ferguson Lake, showing nickel and cobalt recoveries of over 97% using low-carbon bioleaching technology.
Read more

Trigon Metals Reports Q3 Financial Results & Operating Milestones
Trigon Metals has announced key operational updates and financial results for the latest quarter, highlighting steady progress at its mining projects.
Read more

Summa Silver Releases Technical Reports for U.S. Silver Projects
Newly published reports detail mineral resource estimates for Summa Silver’s Hughes Project in Nevada and Mogollon Project in New Mexico.
Read more

Robex Closes Mining Agreement with Mali’s Government
Robex has finalized a convention with the Malian government, granting the country a 20% stake in Nampala SA under Mali’s new mining code.
Read more

Sirios Confirms High-Grade Gold at Cheechoo
Sirios Resources’ latest drill results at the Cheechoo gold project include 13.5 g/t Au over 14.6m, validating the company’s updated exploration strategy.
Read more

TNR Gold Updates Los Azules Copper Project in Argentina
McEwen Mining is seeking entry into Argentina’s large investment incentive program for the Los Azules copper project, where TNR Gold holds an NSR royalty.
Read more

Northern Graphite Celebrates 35 Years of Production at Lac des Iles
A special report marks the 35th anniversary of Canada’s only graphite mine, a key domestic source for the critical minerals sector.
Read more

Magna Mining Begins Drilling at Levack Mine & Reports McCreedy West Results
Initial drill results include high-grade copper and nickel intersections, bolstering the company’s expansion plans in Sudbury.
Read more

Abasca Resources Reports 60m of 9.09% Graphite at Loki Flake Zone
Assay results from the Key Lake South project show strong graphite intersections, boosting the project’s potential.
Read more

Fathom Nickel Provides Financing Update & Prepares for PDAC Core Shack
The company has secured funding to advance exploration efforts and will showcase its latest developments at the PDAC mining convention.
Read more

Bayhorse Silver Expands Breccia Zone with New Copper-Zinc Results
Recent drilling at Bayhorse Silver’s namesake mine has extended mineralization depth and confirmed anomalous copper-zinc grades.
Read more

Westwater Resources Supports Higher Tariffs on Chinese Graphite
With the U.S. increasing import tariffs on Chinese natural graphite, Westwater Resources backs the move as a boost for North American suppliers.
Read more

U.S. Announces Push to Expand Critical Minerals & Rare Earths
The White House is taking “historic action” to ramp up domestic production of lithium, rare earths, and other critical minerals—raising questions about the impact on Canadian producers.
Read more

Sometimes you control your destiny, other times the universe puts things in front of you and watches you like a Plinko puck bounce down the line. I’m sitting in a Denny’s this morning, here on a whim, watching the sun rise over the Rockies and a childhood friend of mine who I haven’t seen in years, walks through the doors, home for a quick visit.

We do what can, where we can, the rest of the time we’re along for the ride.

Enjoy the weekend everyone, catch you Tuesday.

- Lee