Will Rhind, CEO of GraniteShares, discusses gold’s ongoing price momentum and latest all-time high, saying he sees fear as a key driver right now.
However, increasing M2 money supply is also an important underlying factor for the yellow metal.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
While there was no new market data in Canada, south of the border the US Bureau of Labor Statistics released its March consumer price index (CPI) data on Friday (April 11). The all items CPI figures were down in March, posting a 2.4 percent year-over-year increase compared to the 2.8 percent recorded in February. On a monthly basis, all items CPI rose just 0.1 percent, in contrast to the 0.2 percent of the month before.
The largest contributor to the easing figures was a 3.3 percent year-over-year decline in energy prices, with gasoline leading the way, falling 9.8 percent. Core CPI less food and energy was down 2.8 percent year-over-year.
The drop in oil prices occurred as OPEC+ output increased to eight-month highs in March. Several OPEC+ countries exceeded their output quotas for the month, with Kazakhstan being the largest overproducer. These production gains preceded a planned increase in April, and OPEC+ intends to boost production again in May.
As production increases raise oil supply, oil demand could be affected by an escalating trade war between the US and China, as uncertainty over fears of an economic slowdown begins to influence investor sentiment.
The price decline follows US President Donald Trump’s initial announcement of his plan for baseline and reciprocal tariffs on April 2. However, while the blanket 10 percent tariffs remain in place, Trump later retracted the more severe tariff measures for all countries except China on Wednesday (April 9) for 90 days.
The tit-for-tat tariff measures between the US and China peaked on Friday, when China raised its import fees against the US to 125 percent after the US increased theirs to 145 percent on Thursday.
Trump’s reversal on the tariffs for other countries came after a selloff in the US bond market, as investors distanced themselves from what is typically seen as a safe asset amid high market volatility. The benchmark 10-year treasury yield surged to 4.5 percent on Wednesday before retreating to 4.37 percent.
Canada and Mexico have been exempted from the 10 percent baseline tariffs, but other tariffs remain, including the 25 percent tariff on non-USMCA-compliant goods. The US also added a 20 percent increase to the existing 14.4 percent tariff on softwood lumber imports, bringing the total to 34.45 percent.
The markets were in chaos this week, continuing last week’s selloffs at the start of the week but rallying after Trump announced a pause on tariffs on Wednesday. While the majority of market indexes ended the week in the green, they were still down significantly from the start of April.
In Canada, the S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 2.74 percent during the week to close at 23,587.80 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) soared 11.49 percent to 615.80 and the CSE Composite Index (CSE:CSECOMP) rose 4.07 percent to 109.68.
US equity markets were highly volatile this week, but posted significant gains by close on Friday, with the S&P 500 (INDEXSP:INX) adding 8.27 percent to close at 5,363.35, the Nasdaq 100 (INDEXNASDAQ:NDX) gaining 11.44 percent to 18,690.05. However, the Dow Jones Industrial Average (INDEXDJX:.DJI) shed 7.41 percent to 38,314.85.
The combined effects of tariffs, equity market volatility, and instability in US Treasury bonds pushed the US dollar index (DXY) to three-year lows this week, hovering around the 100-point mark at the end of the day on Friday.
The sinking dollar helped push commodities higher, sending the gold price to a new high of US$3,244.30 per ounce on Friday. It pulled back slightly from the high to close the week up 6.49 percent at US$3,235.70. The silver price posted even stronger gains, rising 9 percent during the period to US$32.22.
In base metals, the COMEX copper price surged 9.81 percent over the week to US$4.59 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) gained 0.94 percent to close at 525.15.
So how did mining stocks perform against this backdrop?
Here’s a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Weekly gain: 122.22 percent
Market cap: C$183.77 million
Share price: C$1.60
Tethys Petroleum is an oil and gas exploration and production company focused on advancing operations in Kazakhstan.
The company holds a portfolio of production contracts in the North Ustyurt basin north of the Aral Sea. The properties consist of the Kyzyloi production contract, the Akkulka and the Kul-Bas exploration licenses and production contracts.
In its Q3 2024 update released on November 26, the company indicated it produced 259,513 barrels of oil and 22.14 million cubic meters of natural gas through the first nine months of 2024.
Its oil production represented a 75 percent fall off from its 2023 production totals and owed to the ending of exploration contracts and pilot production in October 2023. It noted that test oil production from some wells was restarted and produced during Q2 and Q3 2024.
Shares in Tethys rose this past week, but it has not released news since February 3 when it provided a corporate update.
In the release, the company stated it had withdrawn its application to transition its contract for the Kul Bas field to a production contract. The company determined that it would achieve higher revenue by selling through current channels under a testing production contract rather than a full production contract.
It also mentioned that it had entered into an agreement with NatGaz to be a buyer of Tethys. Under the terms of the deal, NatGaz began accepting gas from Tethys on February 17, and the agreement is expected to generate over US$700,000 per month in revenue.
Weekly gain: 90.91 percent
Market cap: C$20.2 million
Share price: C$0.42
Onyx gold is an exploration company advancing its Munro-Croesus project, located near Timmins in Ontario, Canada. The company has increased the size of the land package by 200 percent between 2020 and 2024, and the project now covers an area of 95 square kilometers.
Munro-Croesus hosts the historic Croesus mine, which produced 14,859 ounces of gold between 1915 and 1936 with an average grade of 95.3 grams per metric ton (g/t). Onyx is the first company to explore the property since the mine closed.
Shares in Onyx surged this week after it released drill results from the project on Thursday. In the release the company highlighted a broad mineralized assay from a newly identified gold zone, with an average grade of 3.4 g/t gold over 69.6 meters, including an intersection of 38.5 g/t gold over 3 meters.
Onyx also said it had signed an option agreement to acquire a 100 percent interest in a 21 hectare land package contiguous with the property’s Argus North zone.
Weekly gain: 68.89 percent
Market cap: C$45.25 million
Share price: C$0.76
Angus Gold is a gold exploration company focused on its Golden Sky project in Northern Ontario, Canada.
The project covers an area of 261 square kilometers and includes the Dorset Gold Zone, which has near-surface mineralization. According to a 2020 technical report, the zone contains an indicated historic mineral resource estimate of 40,000 ounces of gold from 780,000 metric tons of ore with an average grade of 1.42 g/t, along with an additional inferred resource of 180,000 ounces from 4.76 million metric tons of ore with a grade of 1.19 g/t.
Angus shares posted gains this week after it announced on Monday that it had entered into a definitive agreement in which Wesdome Gold Mines (TSX:WDO,OTCQX:WDOFF) will acquire all of the issued and outstanding common shares of Angus. Wesdome currently owns a 10.4 percent stake in Angus or 14.9 percent on a partially diluted basis.
Under the terms of the agreement, each Angus share will be exchanged for an aggregate value of C$0.77, representing a 59 percent premium over its 20-day volume weighted average as of April 4.
The transaction will consolidate the Golden Sky project with Wesdome’s Eagle River project into a 400 square kilometer contiguous land package.
Weekly gain: 63.64 percent
Market cap: C$72.67 million
Share price: C$1.80
Lara Exploration is a copper miner, explorer and royalty generator focused on South America.
For 2024, its primary asset has been the Planalto copper project in the Carajas Mineral Province in Pará, Brazil. The property comprises five mineral tenements covering a total area of 3,867 hectares. More than 23,000 meters of drilling have been conducted, and three primary deposits — Homestead, Cupuzeiro and Planalto — have been identified.
The most recent news from the project came on October 17, when Lara filed the technical report for its maiden resource estimate, which outlines a total indicated resource of 252,800 MT of copper from 47.7 million MT of ore with an average grade of 0.53 percent copper. The report also outlines an inferred resource for Planalto of 548,900 MT of copper from 154 million MT of ore with an average grade of 0.36 percent copper.
Lara also owns a 5 percent net profit interest, along with a 2 percent net smelter return royalty, in the Celesta copper mine in Brazil. Its partners are private companies Tessarema Resources and North Extração de Minério.
On November 12, Lara announced that operations had restarted at the mine after it had been placed on care and maintenance while Tessarema worked to reinstate permits to the property. In the release, Lara said that mining and ore processing from stockpiles began in October and is expected to ramp up gradually over the coming months.
Shares in Lara rose this past week, but the company has not released updates from the project in 2025.
Weekly gain: 52.5 percent
Market cap: C$28.24 million
Share price: C$0.61
Fortune Bay is a gold and uranium exploration company that is working to advance its Murmac uranium project in Saskatchewan, Canada.
The project is located within the Athabasca basin and consists of 17 mineral claims over an area of 10,363 hectares. Historic exploration at the site has identified a near-surface prospect with a 30-kilometer strike length. Work in the 1980s discovered numerous occurrences with greater than 1 percent uranium oxide.
Since 2023, exploration at Murmac has been funded by an option agreement with Aero Energy (TSXV:AERO,OTC Pink:AAUGF), which has the opportunity to acquire a 70 percent interest in the project by providing C$6 million in exploration expenditures over a period of three and a half years.
On February 20, Fortune Bay announced winter drill targets at Murmac. The company said the targets were supported by the completion of a radon-in-water survey at Howland lake, which identified three anomalies that overlie electromagnetic conductors and represent graphite-rich host rocks.
The company announced on March 19 that it began the drill program, which is expected to include up to six holes over about 900 meters.
Fortune’s most recent news came on Monday when it increased a non-brokered private placement to raise gross proceeds of up to C$3 million. The company said the funds raised would go towards advancing its projects and general corporate purposes.
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
As of February 2024, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)reported total spending of AU$10.3 billion with Western Australian suppliers in 2024, marking a new record for the company.
The commodities giant boosted its spending with suppliers in the state by AU$1.5 billion for the year in a bid to support local businesses continuously and grow its Pilbara mining portfolio.
Since 2018, the company has worked with around 2,400 suppliers in Western Australia annually. Its annual spend with suppliers has more than doubled over the past six years.
“Rio Tinto has been in Western Australia for almost 60 years, and we remain committed to sharing our success with the communities where we operate,” said Rio Tinto Iron Ore Chief Executive Simon Trott.
He added that partnering with local businesses allows the company to help create jobs and strengthen regional communities, all while providing benefits and sponsorship to small to large business owners.
Rio Tinto is also prioritising Indigenous-owned businesses in the state. Its spending with Indigenous-owned businesses in 2024 reached AU$769 million, 30 percent more than the recorded amount in 2023. Pilbara businesses received AU$969 million from Rio Tinto, with 60 percent of this going to Indigenous-owned businesses in the region.
Rio Tinto has attributed the spending increase to its project developments in the state, including heavy mining machinery and earthworks for its US$2 billion Western Range mine.
Located in Pilbara 10 kilometres southeast of Paraburdoo, the Western Range mine is expected to produce 25 million tonnes of iron ore annually. It is scheduled to open and complete its first production this year.
The company received approval for its US$1.8 billion Brockman Syncline 1 project this month, allowing it to sustain production and support for Western Australian businesses moving forward.
Rio Tinto owns a portfolio of large iron ore assets in the Pilbara. The company had produced 327.9 million tonnes of iron ore at these operations as of 2023, employing around 16,000 people across its projects.
A total of 17 mines, four independent port terminals, a rail network spanning nearly 2,000 kilometres and related infrastructure are held by Rio Tinto in the region. These assets help it maintain its reputation in the global iron ore industry.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
In a rapidly escalating economic conflict that now threatens to fracture global trade, the US and China are locking horns once again in a full-blown, protracted tariff war.
On Wednesday (April 9), US President Donald Trump announced sweeping new tariffs targeting Chinese goods, raising levies to a staggering 125 percent. Hours later, Beijing responded in kind, unveiling retaliatory tariffs of 84 percent on all American imports, as well as tightening restrictions on US companies operating in China.
The Asian country doubled down on Thursday (April 10), hiking tariffs to 125 percent.
Wednesday’s action from the US came as the Trump provided a 90 day pause on reciprocal tariffs for countries that had refrained from retaliating to its targeted tariffs last week. China was excluded from the reprieve because it did retaliate.
“I did a 90-day pause for the people that didn’t retaliate, because I told them, ‘If you retaliate, we’re going to double it,’” Trump told reporters on Wednesday, asserting that China has failed to approach negotiations in good faith.
“China wants to make a deal, they just don’t know how quite to go about it. They’re proud people. President Xi (Jinping) is a proud man. I know him very well. They don’t know quite how to go about it but they’ll figure it out,” he added.
But in Beijing, the narrative is starkly different. Chinese leader Xi has refused to yield to what the Chinese government calls America’s “unilateral bullying,” instead rallying domestic support through a campaign of economic nationalism.
China’s State Council Tariff Commission has sharply rebuked the US, stating that the American escalation severely infringes upon China’s legitimate rights and interests and seriously damages the global trading system.
It has added six US firms to its ‘unreliable entity list,’ barred 12 American companies from receiving dual-use technology with military and civilian applications, and filed a formal complaint with the World Trade Organization (WTO).
“The Chinese government have been preparing for this day for six years — they knew this was a possibility,” CNN quotes Victor Shih, director of the 21st Century China Center at the University of California, San Diego, as saying.
The spiraling tariffs are already having tangible effects. Shipping and logistics costs have surged, global stock markets have dipped sharply and economists are warning of looming inflation as supply chains face disruption.
According to JPMorgan (NYSE:JPM), American consumers may face the equivalent of a US$660 billion tax burden — the highest tax hike in recent decades — before supply chains adapt.
The latest tit-for-tat measures also come at a time of economic vulnerability for both countries. China is attempting to stabilize its economy after a severe downturn in real estate and local government debt.
The US, meanwhile, is grappling with volatile debt markets and rising consumer prices. Just this week, US Treasury yields spiked to 4.5 percent, their highest level since early 2023, prompting a brief but dramatic selloff in global equities.
Markets rebounded slightly after Trump announced the tariff pause for non-retaliating countries, with the S&P 500 (INDEXSP:.INX) closing up 9.5 percent and the Dow Jones Industrial Average (INDEXDJX:.DJI) surging nearly 8 percent.
Still, uncertainty remains around the world as Trump’s 90 day reprieve begins.
Europe, which had also faced stiff levies on steel and aluminum, announced its own retaliatory measures on Wednesday.
While it was later included in Trump’s pause list due to the delay in its response, the European Commission made clear that its tariffs “can be suspended at any time, should the US agree to a fair and balanced negotiated outcome.”
What began with campaign promises to revamp America’s trade relationships rapidly evolved into a tit-for-tat trade war with key US allies and competitors alike. Here’s a look at what happened.
Despite the mutual saber-rattling, both the US and China have left the door open to dialogue — albeit on vastly different terms. China’s Foreign Ministry urged the US to demonstrate “an attitude of equality, respect, and mutual benefit.” US Treasury Secretary Scott Bessent struck a defiant tone, dismissing China’s retaliatory measures as ineffective.
“They have the most imbalanced economy in the history of the modern world,” he told Fox Business. “They’re the surplus country. Their exports to the US are five times our exports to China. So, they can raise their tariffs. But so what?”
Yet economists and international trade experts warn the stakes are high — not just for the two economic giants, but for the world. According to WTO forecasts, the fallout could slash global trade volumes by hundreds of billions of dollars.
“Our assessments, informed by the latest developments, highlight the substantial risks associated with further escalation,” said WTO Director-General Ngozi Okonjo-Iweala in an April 9 statement.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.
Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.
Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.
So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.
How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView’s stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.
Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03
Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.
Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.
A 2024 feasibility study for the project outlined proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.
The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.
Discovery’s shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).
The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.
Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.
Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.
According to Discovery in its full year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.
Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13
Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.
A July 2018 mineral resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.
In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.
Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.
In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.
In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.
Shares in Almaden reached a year-to-date high of C$0.135 on February 24.
Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52
Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.
The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.
In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.
In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.
The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.
Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.
Avino’s share price marked a year-to-date high of C$2.80 on March 27.
Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90
Highlander Silver is an exploration and development company advancing projects in South America.
Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.
The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.
In July 2024, the company announced it was commencing field activities at the project but has not provided results from the program.
In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.
Highlander’s most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.
Shares in Highlander reached a year-to-date high of C$1.96 on March 31.
Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51
Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico.
Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.
In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.
In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.
Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
New York state’s top financial regulator struck a $40 million settlement Thursday with Block Inc., the parent of Cash App, the popular money transmission service, after having found the company had “serious compliance deficiencies” related to its anti-money laundering program and transaction monitoring processes.
The deficiencies at Block, some involving cryptocurrencies, “created a high-risk environment vulnerable to exploitation by criminal actors,” the New York State Department of Financial Services said in the consent order, noting, for example, that Block’s system did not trigger blocks on bitcoin transactions involving terrorism-connected wallets until that exposure exceeded 10%.
Any exposure to terrorism-connected wallets is illegal, the department said.
The New York regulator examined Block’s practices from early 2021 to September 2022, concluding it did not keep pace with the significant growth it was experiencing. That resulted in Block’s “inability to fully comply with its obligation to effectively monitor, and thereafter report, the transactions being conducted on its platforms for suspected money laundering and other illicit criminal activity.”
Block, which did not admit to the department’s findings, said it was pleased to put the matter behind it.
“As the department has acknowledged, Cash App has devoted significant financial and other resources to compliance remediation and enhancements,” it said in a statement. “We share the department’s dedication to addressing industry challenges and remain committed to investing across our operations to help promote a safe and healthy financial system.”
Block was launched by Twitter co-founder Jack Dorsey, who lists his current title as Block Head and chairman.
The details in the settlement parallel exclusive reporting by NBC News last year detailing former Block employees’ allegations that the company’s compliance systems were deeply flawed.
According to the former employees, one of whom was also interviewed by federal prosecutors, Block processed multiple cryptocurrency transactions for terrorist groups and did not correct company processes when it was alerted to breaches. Block began offering bitcoin transactions through Cash App in 2018.
Square, another Block unit, processed thousands of transactions involving countries subject to economic sanctions, one of the former employees told NBC News. Documents the former employee provided showed transactions, many in small dollar amounts, involving entities in countries subject to U.S. sanctions restrictions — Cuba, Iran, Russia and Venezuela — as recently as 2023.
Under the terms of the settlement, Block agreed to bring on an independent monitor for a year, selected by the New York regulator, to conduct a comprehensive review of the effectiveness of its anti-money laundering and sanctions programs. The monitor will oversee remedial measures as needed, the consent order said, and report its findings to the regulators.
The consent order with the department “does not bind any federal or other state agency or any law enforcement authority,” it noted.
Israel has released a Palestinian man who was controversially arrested at the age of 13, after he spent nearly a decade in jail.
“Ahmad has completed his 10-year sentence and he is a free person now,” Zabarqa said. “The Israeli authorities have imposed restriction on the family as far as holding a welcome ceremony for Ahmad or talking to the media. “
Ahmad Manasra was arrested and imprisoned in 2015 after being caught with his cousin Hassan who stabbed two Israelis in East Jerusalem.
Hassan was shot dead at the scene while Manasra was run over by a car.
Manasra’s case gained international attention after a video emerged of crowds shouting abuse at him after the incident while he lies motionless, seriously injured and crying out. Other footage allegedly shows Israeli officials interrogating Manasra under duress as he is visibly shaken and vulnerable, according to the Palestinian Prisoner’s Society.
He was sentenced to 12 years for attempted murder in 2016, despite Israeli courts’ recognizing he had not been involved in the stabbings, the Palestinian Prisoner’s Society added. His sentence was revised down to nine and a half years following an appeal in 2017
International groups have repeatedly called on Israeli authorities for his release over the years over concerns of his treatment and extended stays in solitary confinement, coupled with mental health issues and a schizophrenia diagnosis.
“His physical and medical condition is very difficult as he suffers from head injuries and physiological mental health as he was in solitary confinement and was subjected to harsh interrogation when he was a child,” his lawyer said.
Israel’s prison authorities confirmed Manasra was being released on Thursday, adding “Israel is a state of law, we don’t torture people here.”
When discussions began over releasing Israeli hostages shortly after the October 7 attack by Hamas, the negotiators tasked to strike a deal were mostly intelligence and security professionals. But in February, Israel made an important change that those now involved say has had a profound slowing effect on the discussions to resurrect the broken ceasefire: The file was taken over by the prime minister’s closest political aide, Ron Dermer.
With Dermer, says a source involved in the negotiations, there’s a “significant difference in momentum,” from when Israel’s team was led by intelligence chiefs David Barnea and Ronen Bar.
“There is a clear shift in [Israeli] priorities,” the source said. “Negotiations are seemingly being politicized from the Israeli team.”
Now, Barnea, who directs the Mossad, has been sidelined and Bar, who ran the internal security service Shin Bet, has been fired by Prime Minister Benjamin Netanyahu, causing an uproar in Israel.
The decision to push aside career national security professionals in favor of Netanyahu’s closest adviser was intended to give Netanyahu more control over the negotiation process, an Israeli source familiar with the negotiations said.
An Israeli official pushed back on claims that Dermer’s position at the helm of negotiations has hampered progress or politicized the negotiations, saying, “Negotiations need to be judged by results, not process.”
An Israeli official pushed back on claims that Dermer’s position at the helm of negotiations has hampered progress or politicized the negotiations, saying “negotiations need to be judged by results, not process.”
“To reach a deal, you need someone who actually represents the will of the government that will authorize said deal, not ‘dissent,’ which only served to undermine negotiations,” the official said.
The fragile ceasefire between Israel and Hamas that started as President Donald Trump took office collapsed last month when Israel re-launched its military operations and US and Israeli officials accused Hamas of rejecting a deal to extend it, which Hamas denied.
There had long been indications Israel planned to resume its war against Hamas after the first phase of the ceasefire deal, when 38 Israeli and Thai hostages were released over six weeks.
Netanyahu regularly cites freeing the hostages as a top priority. But so is the destruction of Hamas, and critics have accused him of prioritizing the latter at the expense of the former, namely because that is also where the prime minister’s political interests lie.
Destroying Hamas has long been the priority of key right-wing members of Netanyahu’s governing coalition, who have invariably threatened and followed through on threats to quit the government.
With Dermer in charge of the negotiations, Netanyahu can more deftly manage the delicate political balancing act that has influenced Israeli decision-making at every critical turn of the ceasefire negotiations.
During the many months of ceasefire negotiations last year that ultimately led to a ceasefire deal in January, Israeli security officials balked at Netanyahu’s shifting positions and stall tactics that they believed were influenced by political considerations and delayed the brokering of a deal. But with Dermer now in charge and intelligence leaders marginalized, those dissenting views have featured less prominently in Israeli security discussions and in Israeli press reports.
While in the US to meet Trump earlier this week, Netanyahu rejected accusations that freeing the hostages isn’t a top priority.
“The president looked at me and told the journalists who were present: ‘This man is working constantly to free the hostages.’ I hope that this shatters the lie that is being circulated to the effect that I am not working for them, that I don’t care. I do care, and I am doing it and we will be successful,” Netanyahu said.
The Hostages and Missing Families Forum in Israel recently made a direct appeal to Dermer, whose title is the Minister of Strategic Affairs, accusing him of leaving them “in complete darkness.”
“When you were appointed as head of the negotiating team, we were promised that this would help reach a breakthrough on a new agreement,” the letter said. “In reality, more than a month has passed and there is no progress in sight.”
Barnea and Bar had regularly shuttled to Egypt and Qatar, as well as other countries, for ceasefire talks that included the heads of the CIA, Egyptian intelligence and the prime minister of Qatar.
Now Dermer speaks less with mediators from Egypt and Qatar, which maintain direct relationships with Hamas, according to the source involved in the negotiations.
The US point person has also shifted from the former CIA director to the Trump administration’s Middle East envoy Steve Witkoff, who has accused Hamas of intransigence that caused the recent ceasefire to break down.
“If you’re the Trump team, you blame Hamas but behind the scenes I believe they are trying to push both sides,” the American who works with the hostage families said.
A spokesperson for Witkoff didn’t immediately respond to a request for comment.
Witkoff and US hostage envoy Adam Boehler have tried to figure out formulas to get Hamas to release the remaining Americans – one living and four dead – and get the truce extended enough to try to negotiate the next phase.
“The US is doing everything possible to release alive and deceased US hostages, which necessitates the deal,” said an Egyptian official. While Israel “doesn’t see hostages superseding breaking Hamas.”
Most recently, Hamas agreed to an Egypt- and Qatar-backed proposal that mirrored one Witkoff presented last month to release the lone living American hostage, Edan Alexander, along with four others and extend the peace through Ramadan and Passover.
Israel quickly countered, demanding 11 living hostages, almost half of the 24 remaining. That would more dramatically cut into what Hamas views as their greatest leverage over Israel.
“We’re still working on the Witkoff plan for an extension,” said a diplomat familiar with the discussions. “I think we have some wiggle room that we can work on.”
Israel had early in the ceasefire delayed launching negotiations for the second phase whose terms stipulated the release of all remaining hostages, a permanent ceasefire and a withdrawal by Israel’s military from Gaza.
That could have meant the survival of Hamas – even if not in power – and flown in the face of Netanyahu’s goal of “total victory.” It would also have threatened Netanyahu’s government.
Those second phase talks never began.
“There’s no clarity on the [Israeli] objective,” the first source involved in the talks said, adding: “Americans are getting impatient.”
As Israel’s latest operations have taken the death toll in Gaza over 50,000, there has been promising movement to resurrect the truce, those involved say.
Hamas is feeling the pressure, both from Israel’s military and widescale protests by Palestinians in Gaza, said a US official familiar with the negotiations.
“Hamas is struggling for oxygen,” said the official who accused Hamas of missing American opportunities last month to keep the ceasefire going. “They’re not very quick to move.”
The American working with the hostage families has felt “some air being breathed back into the process.”
“There’s a real sense of urgency and push on the part of the Americans and the [Egyptian and Qatari] mediators,” the source involved in the negotiations said.
To try to salvage the ceasefire, hostage envoy Boehler made an unprecedented move: meeting directly with officials from Hamas, which the US considers a terrorist organization.
With much of Hamas’ leadership inside Gaza decimated, it’s not clear if the military leaders still fighting Israel are on the same page as the political leadership engaging with mediators, including Boehler, the source involved in the negotiations said.
“Stubbornness in Hamas also unhelpful. They need to account for the dire humanitarian situation in Gaza,” the source said.
Meanwhile, the discussions continue with the Israeli team led by Dermer, but which still includes security professionals working on the technical details.
“The Israeli team is putting a lot of effort, but the way it’s being managed tactically from the top,” the source said, “the current structure of the negotiation team is not as helpful as needed for progress.”
An Italian scientist has been found dead in Colombia, according to local authorities, after several pieces of a human body were discovered lying on a path in the coastal city of Santa Marta on Sunday.
City police said their investigation showed that a bracelet found on the remains belonged to Alessandro Coatti, a biologist who had recently embarked on a trip through South America. More remains were later found at two other locations around the city.
Coatti had been staying at an establishment in the city and had presumably been visiting the scenic shoreline Tayrona area on April 5, police said. But what happened to him remains the subject of an urgent investigation by local authorities.
“At present there is no further detail about what happened; it is under investigation,” read information provided by the Colombian prosecutor’s office on Thursday. “It is not yet known what occurred or where.”
Only three pieces of his body have been recovered, it also said.
Santa Marta mayor Carlos Pinedo Cuello has vowed to find those responsible; in a public notice on Monday, the city described Coatti’s death as a homicide and announced a 50 million peso (approximately US$11,300) reward for information that would help Colombian authorities.
Coatti had worked in London for the Royal Society of Biology (RSB) for eight years before leaving the organization in 2024 to travel South America, the organization said.
“Ale was funny, warm, intelligent, loved by everyone he worked with, and will be deeply missed by all who knew and worked with him. Our thoughts and best wishes go out to his friends and family at this truly awful time,” the RSB said in a statement, calling him a “passionate and dedicated” scientist who led the group’s animal science work.
Rome’s chief prosecutor Francesco Lo Voi said Coatti had visited Peru, Bolivia and Ecuador before travelling through Colombia, alone, according to Italian state broadcaster RAI.
As civil war-torn Myanmar struggles to recover from a devastating earthquake, the United States is facing criticism that it has abandoned the country in its hour of need – and is ceding global leadership on disaster response to its rivals.
The 7.7-magnitude quake, which struck on March 28 and killed thousands, is the first major natural disaster since the Trump administration canceled billions of dollars in lifesaving programs under its drive to dismantle the US Agency for International Development (USAID), the main US humanitarian aid agency.
USAID used to administer most of America’s foreign aid – 61% of the $71 billion total budget in 2023. But since taking office in January, the Trump administration has laid off thousands of its employees, and cut 83% of USAID programs – including staff and programs working to help Myanmar. On Wednesday, they also announced that all foreign staff would be laid off.
Those cuts have been felt in the meager US response to the Myanmar quake, according to experts, exposing a void in international relief measures for major catastrophes.
“Not only did the United States only send a paltry amount of assistance, it sent only three workers, which then subsequently were fired while they were on the ground in Myanmar providing assistance.”
At least 3,550 people died and nearly 5,000 others were injured when the earthquake hit the impoverished Southeast Asian nation – which has already endured years of civil war since a military coup in 2021, leaving nearly 20 million people in need of aid.
The military government does not control all of the resource-rich country, as it battles a patchwork of powerful ethnic militias and pro-democracy groups.
“The needs are massive right now,” said Matthew Smith, CEO of human rights organization Fortify Rights, based in neighboring Thailand. “And unfortunately, the aid effort is not as robust as it could or should be.”
Two days after the quake, the US pledged $2 million in assistance to Myanmar – later increased to a total of $9 million – for emergency shelter, food, medical care and water, according to a post on X from State Department spokesperson Tammy Bruce.
But Smith says that with minimal staffing on the ground, it is unclear how that money would be channeled.
“There’s nobody to administer that aid, there (are) no aid workers on the ground, there’s no deployment happening,” Smith said. “To so drastically cut it the way that they have was reckless and irresponsible.”
Secretary of State Marco Rubio defended the American response in Brussels last week. The US is “not the government of the world,” he said, adding that although Washington would continue to provide some humanitarian assistance, others should do more.
“There are a lot of other countries in the world and everyone should pitch in,” Rubio said. “I don’t think it’s fair to assume that the United States needs to continue to share the burden (of) 60-70% of humanitarian aid around the world.”
Comparisons have been made to the 7.8-magnitude earthquake that struck Turkey and Syria in February 2023, when the US deployed hundreds of relief workers and pledged $185 million in assistance.
“In the past, the US government has certainly been one of the most effective response teams to mass-scale natural disasters,” Smith said.
Multiple countries are filling the gap left by Washington’s limited earthquake response, including China, Russia and India – which have sent aid, rescue teams and mobile medical units to Myanmar.
Tom Fletcher, the United Nations’ humanitarian affairs chief – who spent several days visiting the areas worst affected by the quake – said the world “can’t be reliant on US support alone.”
This year’s humanitarian appeal from the UN’s Office for the Coordination of Humanitarian Affairs (OCHA) has only been 7% funded – which will hamper relief efforts around the world, he added.
“I’ve been in touch with China, with Russia, other countries that are moving aid in to try to ensure that we get as much global support as possible,” Fletcher said.
Beyond the humanitarian impact of the US retreat on assistance, ex-USAID official Bencosme said ceding this ground to adversaries such as Beijing and Moscow is a “strategic mistake” from a soft power perspective.
“Other actors will fill in that leadership void, which makes it difficult for the US to leverage international assistance or international help in the future,” Bencosme said.
Smith, of Fortify Rights, said some of the countries providing help to Myanmar are also facilitating the military’s attacks on rebel-held areas, which have continued since the disaster.
“It’s deeply troubling, ironic sadly, in some ways that the same countries that are providing the Myanmar military junta with weapons that the junta is using to kill civilians, those are the same countries now arriving into Myanmar to help with the aid effort,” he said.
For the homeless residents of Mandalay’s Sein Pan district, in the epicenter of the earthquake zone, aid can’t come fast enough.
The informal settlement of wooden shacks was built on a landfill dump, and the tremors ignited a huge fire which spread rapidly, residents said.
“The fireball emerged from the ground immediately after the earthquake,” said resident Kyi Thein, as she stood on the charred remains of her home. “The fire spread out across the district and wiped out all 400 houses. Everybody ran away and now nothing remains.”
“I hope the government authorities will provide aid to us,” Kyi Thein said. “We are now depending on private donors for a living, but we need support.”
Another Sein Pan resident, who did not wish to share her name for security reasons, said the flames were so intense that they were unable to save any possessions.
“The entire neighborhood was reduced to ashes,” she said. “I’m relieved to have survived. I just want my home back.”
In the quake’s aftermath, junta leader Gen. Min Aung Hlaing made a rare request for international aid. But the UN human rights office says the military has also been using its routine strategy of blocking and controlling access to aid and humanitarian workers.
Two weeks after the disaster struck, workers in the impacted areas are no longer looking for survivors – they have now switched to a recovery and aid operation.
But the challenges of doing so without the support they need are growing.
“We need to use proper machines to recover bodies under the collapsed buildings,” said 41-year-old Ei Mon Khine, an official from a social assistance association who was working on the scene. “When the rescuers do not arrive in time, the dead bodies become spoiled and deformed,” making it harder to recover the remains, she said.
People who have lost their homes are also dealing with temperatures of more than 100 degrees Fahrenheit (38 degrees Celsius), along with thunderstorms that rolled through last weekend.
“There was heavy wind and rain, and you have people living in tents outside on the street, so it made an already difficult situation even worse,” said Sara Netzer, Myanmar country director for the UN Office for Project Services (UNOPS), based in Yangon.
“We need to ensure that we are already thinking about how we can build some temporary shelter for people, and that will also help prevent this spread of disease as well.”
Many quake-hit communities in Mandalay and the neighboring Sagaing region were already hosting those displaced by the civil war, she added, showing the “resiliency” of Myanmar, but increasing the need for help before more heavy rains arrive.
“I think it’s illustrative of the kind of race against time that we have right now, before the monsoon season starts here in Myanmar,” Netzer said.