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- The M&E Dispatch // 133
The M&E Dispatch // 133
Buddy the Elf, What's Your Favourite Color? Silver and Gold of course...
Lee Tengum
December 19, 2025
Hello Everyone,
It’s the last Friday before Christmas, and the markets have certainly delivered a mixed bag of presents to place under the tree. As we wind down for the holidays, the news cycle is anything but quiet. While we sip our eggnog, here is the state of play for the Canadian resource sector, a definitive look at what’s landing on the "Nice" list (profits) and the "Naughty" list (policy).
Under the Tree (The Good News)
Silver Bells are Ringing at $64
If you held onto your silver positions through the autumn slump, you’re having a very Merry Christmas. Silver hit an all-time high of $64.20/oz this week, driven by a fifth consecutive year of structural deficits. The industrial thirst for paste in solar panels, combined with the new US defense stockpiling mandates, has finally decoupled silver from gold’s shadow. It’s a holiday miracle for anyone with exposure to primary silver miners.
The Birth of "Anglo Teck"
Just in time for the holidays, the uncertainty is over. The government officially approved the Anglo American and Teck Resources merger on December 14. The new "Anglo Teck" giant is promising C$4.5 billion in Canadian spending over the next five years. For the Kootenays and British Columbia, this is the gift of stability (and capital) we’ve been waiting for.
Uranium Staying Radiantly Warm
While not an explosion, Uranium is holding the line at a cozy $79/lb going into the break. It’s stable, profitable, and keeping the lights on. We’ll take it.
The Empty Stocking…
Carney says "Don't Hold Your Breath"
Prime Minister Mark Carney played the role of the Grinch yesterday, emerging from the First Ministers' meeting to tell us that US tariff relief is "unlikely" in the near term. The 25% tariff on Canadian goods (and 10% on energy) imposed by the Trump administration last March is sticking around for the winter. It seems the trade war isn't pausing for the holidays.
Diamonds in the Rough (Times)
It’s been a tough winter for the North. The federal government had to step in yesterday with a $115 million loan to the Ekati Diamond Mine, which has been hammered by the US tariffs. It’s a lifeline, sure, but it’s a stark reminder that while critical minerals are booming, our gemstone sector is fighting to stay warm.
On a lighter note, things are festive over at my house. I’ve been introducing the "Latvian Billet" to the classics of a North American childhood. Last night, we watched the 1964 claymation Rudolph the Red-Nosed Reindeer.
We got to the part with Yukon Cornelius, the greatest prospector in stop-motion history. But the character who really caught my eye this year was the Klondike, the snowy antagonist with a singular, pure obsession: "Silver and Gold."
Watching him panic over his precious metals, I couldn't help but laugh. If the Klondike were operating today, looking at $64 silver and a US administration desperate to hoard every ounce of metal on the continent, he wouldn't be a villain. He’d be a hedge fund manager.
// The Dirt
🔥 Top 3 Headlines to Watch
Les Métaux NioBay annonce la clôture du placement sous le régime de la dispense pour financement de l’émetteur coté par l’entremise d’un courtier et du placement privé simultané pour un produit brut de 8,9 millions de dollars canadiens
The post Les Métaux NioBay annonce la clôture du placement sous le régime de la dispense pour financement de l’émetteur coté par l’entrem...
🛠 Exploration & Development Highlights
Midland et SOQUEM annoncent de nouveaux résultats jusqu’à 27,60% Cu et 0,88 g/t Au sur la zone de cuivre, or et Éléments de Terre Rare de Malaco Mountain dans la Fosse du Labrador
Montréal, le 4 novembre 2025. Exploration Midland inc. (« Midland ») (TSX-V : MD) en partenariat avec SOQUEM inc. (« SOQUEM ») a le plais...
💰 Financings & Market Moves
🧬 Corporate & Policy
// The Hustle
For those who missed the reference in the subject line, it’s from Elf, one of the greatest holiday movies in recent times.
The “Oligarch” heads back home to Latvia today, which has me embarking on one of the most entertaining activities you can undertake at the time of year. Pearson.
I have to get him to Pearson’s International Departures for 7pm today, which means we’re going to drive to the 2nd Biggest Airport in North America, at rush hour on the busiest highway in(on?) the world on the last Friday before Christmas.
I’m anticipating this endeavour taking 6 hours or so, rush hour travel time, parking, check in, return travel… A stark contrast to getting to airports out west.
Though, from what I hear, trying to get to YYC the other day was all but impossible.
Tradeoffs I suppose.
Happy start to the holidays all, catch you on Tuesday.