The M&E Dispatch // 058

Hello Everyone,

It’s Tuesday, and while headlines scream about gold and tariffs, the real story this week isn’t the price of bullion or washing machines. It’s the price of not having options. And in a world that’s getting more fragmented than a contractor’s invoicing system, optionality might be the most valuable asset of all.

Let’s start with the glitter. Gold broke $3,100, tiptoeing past the milestone like it didn’t want to make a fuss. It wasn’t a spike, a panic, or a flash. Just a slow, unbothered ascent. Central banks are buying. Investors are hedging. And miners are suddenly being invited to conferences again without needing to bring their own coffee.

But here’s the thing—this isn’t about the metal. It’s about the motive. Trust is moving. The same institutions that once gobbled up U.S. bonds like they were Oilers Playoff Tickets are now sniffing around the gold vault like something doesn’t smell right.

Meanwhile, over in tariff land, Canada and the U.S. are back to their favourite dysfunctional pastime: trade drama. Washington tossed a few fresh duties our way like it was Salt Bae. Ottawa, ever polite but now visibly annoyed, has a counter-list in hand that includes everything from ketchup to lawn mowers.

You’d think by now we’d learn. When your entire economic strategy relies on your next-door neighbour staying in a good mood, you don’t really have a strategy. You have a hope.

This is where optionality comes in.

Exploration, for example. Canada has untapped potential in every corner, but we treat it like a thrift store vintage find we’ll “get to someday.” New discoveries? We’ve got them. Permitting? Ha. Leaf’s Fans waiting for the next Stanley Cup have more hope.

The result is juniors are shopping their assets to Australian firms, because at least down there the government only throws one wrench into the process instead of an entire Home Depot aisle.

Energy exports? Same deal. We’re landlocked, bottlenecked, and bogged down in internal bickering. LNG to Europe? Sure, by 2034, assuming no one changes their mind three times. We’ve got the resources, the tech, the workforce. What we don’t have is the infrastructure—or the political will to build it before the next ice age.

And while we’re here, let’s talk critical minerals. The stuff that powers everything from Teslas to toasters is sitting in our backyard, yet somehow it’s Australia and the U.S. announcing supply deals while we’re still holding community engagement sessions to discuss whether rocks are scary. Spoiler alert: they’re not.

It’s not that we lack resources. We lack redundancy. Flexibility. Options.

Right now, our gold gets bought by China, our copper gets priced in Chile, our oil gets sold at a discount to one buyer, and our talent gets poached by Texas. That’s not sovereignty. That’s a clearance sale.

And in an election month, this should be the conversation. Not just about jobs or taxes or who’s got the best slogan generator, but about how Canada positions itself in a world that’s clearly moving away from single-point dependencies.

Let’s build more ports. Let’s get real about permitting timelines. Let’s stop letting perfect be the enemy of done. Because in an age of geopolitical tantrums and regulatory mood swings, the countries that win aren’t the ones with the most friends—they’re the ones with the most exits.

// The Dirt

New Pacific Shuffles Exec Deck
Andrew Williams is stepping down as CEO and Director of New Pacific Metals, with CFO Jalen Yuan stepping in as interim CEO starting April 15.
Read more →

Empress Royalty Hits Commercial Production Milestone
Empress announces that Luca Mining's Tahuehueto Mine—where Empress holds a 100% silver stream—has reached commercial production, operating above 800 tpd.
Read more →

Homerun Resources Shares iBEM25 Vlog
A quick dispatch from Brazil: Homerun drops a vlog update from the iBEM25 event—check the vibe and visuals from their latest show-and-tell.
Watch the vlog →

Peloton Minerals Showcases North Elko Lithium Project
Presented jointly with IBK Capital at the Emerging Growth Conference, Peloton highlighted its North Elko Lithium Project to investors.
Watch the presentation →

Magna Mining’s Levack Delivers 24.9% Copper
Magna reports impressive assays from its McCreedy West Mine, including 24.9% Cu, 0.4% Ni, and 5.0 g/t PGM over 1.6 metres at Levack.
Read more →

W.H.Y. Resources Wraps Oversubscribed Placement
West High Yield closes the final tranche of its previously announced private placement, raising more than initially targeted.
Read more →

FPX Nickel Publishes Refinery Scoping Study
FPX unveils a scoping study outlining the business case for North America’s largest nickel sulphate refinery—details available online now.
Read more →

NMG's Integrated Battery Materials Project Looks Promising
An updated feasibility study for the Matawinie Mine and Bécancour Plant shows an after-tax IRR of 17.5% and a US$1B+ NPV.
Read more →

Canuc Closes $2.27M Placement
The first tranche of Canuc’s financing is now closed, netting $2.27 million with 22.7M shares issued.
Read more →

American Pacific Readies Drills at Madison
With a fresh permit in hand, American Pacific is prepping a focused 3,000m drill campaign at its Montana-based Madison copper-gold project.
Read more →

On a personal note, my son had a strong showing at the BC Excellence program in Prince George this weekend, and our drive home through the Jasper Parkway was nothing short of spectacular. With much of the postcard colour stripped away by recent fires, it’s a different kind of beauty this summer—raw, quiet, and strangely peaceful.
Fewer tour buses, more room to breathe, no lines. If you’ve ever thought about making the trip, this might just be the perfect year to do so.

Have a great week all, catch you Friday.

- Lee