The M&E Dispatch // 115

Hello Everyone,

For decades, the US dollar has been the stable giant in the room, the benchmark against which every other currency, commodity, and asset was measured. But that’s changing. Slowly, then suddenly. The world is drifting back toward gold, and this time, it isn’t nostalgia driving the move. It’s necessity.

Gold is doing something even the die-hards didn’t expect, smashing through record highs and forcing investors to rethink what “safe” really means. What does it say about the moment we’re in when the oldest store of value on Earth is the only one markets still seem to trust?

You can blame inflation, geopolitics, or interest rates if you want. But gold’s rally feels like it’s telling a different story, one about confidence. Or rather, the loss of it. Confidence in governments to steady the ship. Confidence that debt can expand forever without consequence. Confidence that our economic foundations are as solid as we like to believe.

When confidence slips, gold shines. Always has.

And maybe that’s why a completely different kind of project caught my eye this week, one that’s not about markets at all, but about the kind of long-term thinking we don’t see enough of anymore.

In Ottawa, the Centre Block restoration at Parliament Hill is quietly redefining what it means to build for the future. It’s nice to see something, given our short election cycles that so often undo the last government’s work, being designed to survive generations and governments alike.

Crews have dug a 23-metre-deep cavity beneath the heart of our democracy to rebuild it from the ground up. The $5-billion project includes shock absorbers for earthquakes, lasers to restore 365,000 stones, and base isolators that wouldn’t look out of place under a nuclear reactor. When it’s done, sometime in the 2030s, future Canadians will inherit a Parliament literally built to withstand whatever comes next.

Amid global turmoil and market mania, there’s something grounding about that. A reminder that some foundations, whether made of stone or trust, are worth reinforcing for the long haul.

Maybe that’s what investors see in gold too. A touchstone for turbulent times. Proof that some things, when they’re built right, don’t just survive chaos, they outlast it.

I had to swing by Costco yesterday to pick up a week’s worth of breakfast sandwiches and protein bread for the kids, and I found myself standing at the bullion display case. One-ounce gold bars were available for roughly five percent below spot, free money. Sold out for the day already.

Looking up from there, I spotted a cafeteria packed full of families eating Costco hotdogs with no carts in sight. Either they’re clever, filling up before shopping so they don’t make hungry purchases… or they’re just showing up for a cheap meal.

Signals worth paying attention to.

// The Dirt

🔥 Top 3 Headlines to Watch

1. Commerce Resources Announces 2025 AGM Results and Mont Royal Acquisition Approval
Commerce Resources shareholders voted overwhelmingly in favour of a plan of arrangement with Mont Royal Resources. The deal will see Commerce shareholders receive 2.3721 MRZ shares per CCE share. Final court approval in BC is expected mid-October, positioning the Ashram Rare Earths Project in Quebec for renewed development under Mont Royal’s direction.
https://commerceresources.com/commerce-reshapes-management-team-in-preparation-for-renewed-development-focus-of-ashram-rare-earths-project-copy/

2. Star Copper Mobilizes Additional Rig at Copper Creek, BC
Star Copper Corp. (CSE: STCU) launched its maiden drill program at Copper Creek, 2 km from its flagship Star Project in northwestern BC. The campaign targets high-grade copper-gold anomalies confirmed by geophysics and historical data, with two initial holes totaling 400 m.
https://starcopper.com/star-copper-drill-program-mobilizes-additional-rig-at-copper-creek-to-test-high-value-historic-target-in-bc/

3. Adelayde Exploration Acquires Sisson NW Tungsten Project, New Brunswick
Vancouver-based Adelayde Exploration (CSE: ADDY) announced plans to acquire the Sisson NW Tungsten Project from arm’s-length vendors, expanding its footprint in Eastern Canada’s critical mineral space.
https://www.adelaydeexp.com/2025/10/adelayde-exploration-acquires-the-sisson-nw-tungsten-project-in-new-brunswick/

🛠 Exploration & Development Highlights

Star Copper Corp. — Copper Creek Target, BC
Ongoing pad construction precedes drilling at two high-priority copper-gold zones defined by 2013 IP surveys and 2025 fieldwork. The program seeks to validate a structurally controlled porphyry system.
https://starcopper.com/star-copper-drill-program-mobilizes-additional-rig-at-copper-creek-to-test-high-value-historic-target-in-bc/

Commerce Resources — Ashram Rare Earth & Fluorspar, Quebec
Ashram hosts one of the world’s largest potential fluorspar sources. The project’s next phase, under Mont Royal’s acquisition, aims to advance toward low-cost rare earth production from northern Quebec.
https://commerceresources.com/commerce-reshapes-management-team-in-preparation-for-renewed-development-focus-of-ashram-rare-earths-project-copy/

TNR Gold Corp. — Los Azules Copper Project (NSR Royalty)
McEwen Copper’s Feasibility Study confirmed Los Azules as a low-cost, long-life copper producer in Argentina. Vancouver-based TNR holds a 0.4 % NSR royalty, benefiting from potential near-term construction.
https://tnrgoldcorp.com/2025-news/tnr-gold-nsr-royalty-update-los-azules-feasibility-study-confirms-economically-robust-copper-project-with-leading-esg-performance/

💰 Financings & Market Moves

NioCorp Developments — $150.2 Million Direct Offering
NioCorp (NASDAQ: NB) priced a US $150.2 million at-the-market share offering to fund construction of its Elk Creek Project. Proceeds will advance niobium-scandium-titanium production plans.
https://www.niocorp.com/niocorp-announces-pricing-of-150-2-million-registered-direct-offering-of-common-shares-priced-at-the-market/

NioCorp Developments — Q3 Preliminary Results
NioCorp reported a record US $162.8 million cash balance and US $42.7 million net loss, reflecting non-cash warrant revaluations and Elk Creek drilling expenditures.
https://www.niocorp.com/niocorp-provides-preliminary-unaudited-financial-results-for-the-three-month-period-ended-september-30-2025/

Ares Strategic Mining — $10 Million LIFE Private Placement
The Vancouver-based company launched a private placement to raise up to C$10 million, funding development of its fluorspar operations.
https://www.aresmining.com/post/ares-strategic-mining-announces-lifeprivate-placement-offering-to-raise-up-to-10-000-000

Ares Mining — Summary of Offering
Details accompanying Ares’ current offering document outlining investor participation terms.
https://www.aresmining.com/post/summary-of-offering

🧬 Corporate & Policy

Mundoro Capital — BHP Option Agreement
Vancouver-based Mundoro (TSXV: MUN) granted BHP an option to earn-in on seven exploration licenses in Serbia’s Timok region, extending its global partnership model.
https://www.mundoro.com/post/mundoro-announces-option-agreement-with-bhp-for-exploration-licences-in-central-timok-serbia

JPMorgan Chase — $1.5 Trillion Resilience Plan
The bank unveiled a 10-year U.S. initiative spanning defense, energy, and advanced manufacturing sectors, with implications for North American supply chain security and critical minerals financing.
https://www.reddit.com/r/mining/comments/1o5iq78/jpmorgan_chase_launched_a_15t_plan_to_bolster_us/

🌄 On the Horizon

• Critical Minerals Momentum: Canadian projects in BC and Quebec underscore continued investor confidence in copper and rare earth exploration despite market volatility.

• Financing Resurgence: Multiple junior issuances (NioCorp, Ares, Commerce) signal robust capital appetite ahead of 2026 build-outs.

• Policy Alignment: Cross-border cooperation on critical minerals (BHP–Mundoro and U.S. financing initiatives) suggests renewed strategic integration between Canadian and U.S. supply chains.

// The Hustle

Thank you to those who have jumped in since Tuesday to pick up a lifetime membership to this tool of mine. There’s some sweet updates on the way over the weekend and I expect that Wednesday will see invites going out to those who purchased to create their accounts. Development is moving fast!

The PayPal link will stay up through Saturday Oct 18th at 9pm MST if you still wish to purchase a lifetime plan.

Really excited to see how this is shaping up, I know how useful it is to me I can only imagine how useful to you all it will be. 👉 Here’s the link again

The kids are off to Detroit this weekend for the CCM Motown Madness tournament, sadly we had to stay home to tend to the pets or we’d have followed along.

First game is in a few hours, let’s go OHO!

Have a great weekend all!

- Lee