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Equity Insider News Commentary

Issued on behalf of Rua Gold Inc.

Equity Insider News Commentary Despite the hyperactivity in the markets and with gold prices, analysts at JP Morgan are still predicting $4,000 oz gold prices by Q2 2026 . And the optimism for gold bugs doesn’t end there, as a new report from Morningstar Equity Research is highlighting how these high gold prices support gold miner stocks. Now analysts from Jefferies are raising their price targets for gold mining stocks ahead of upcoming earnings reports. Several gold stocks are providing reason for their recent market attention, including developments from Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF), Contango Ore Inc. (NYSE-American: CTGO), Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF), Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), and Goliath Resources Limited (TSXV: GOT) (OTCQB: GOTRF).

Seen as a safe haven, demand for the precious metal is on the rise along with prices themselves. As far as miners go, one can look to the ETFs to see that both the VanEck Junior Gold Miners ETF (GDXJ) and Sprott Junior Gold Miners ETF (SGDJ) have had a stellar 2025 so far, with +44.80% and +39.58% year-to-date performance respectively (as of April 24, 2025 ).

New Zealand -focused gold exploration company, Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) , recently reported encouraging new drill results from its Auld Creek project in the historic Reefton Goldfield, with assays pointing to improved gold grades at depth along the Fraternal ore shoot. Standout intercepts include 9.0 meters at 5.9 g/t gold equivalent (5.2 g/t Au and 0.16% Sb) from hole ACDDH027, and 1.25 meters at 48.3 g/t AuEq (13.3 g/t Au and 8.1% Sb) from ACDDH028. Importantly, these results—returned from 80 to 100 meters beneath the current resource envelope—appear to confirm that gold-antimony mineralization intensifies with depth, supporting the company’s model of a high-grade, south-plunging zone that remains open.

The Auld Creek project represents just one component of RUA’s broader 2025 exploration push across the Reefton district, where the company now holds 95% control over the historic goldfield.

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RUA Gold is taking a fresh approach to one of New Zealand’s most storied gold districts—becoming the first modern explorer to deploy advanced geological modeling and AI-driven targeting across the Reefton Goldfield.

And it’s working.

At Auld Creek, the company’s flagship project, early drill campaigns have already delivered hits like 12 meters at 12.2 g/t gold equivalent, including a standout 2 meters at 54.8 g/t gold, while surface sampling has uncovered antimony grades topping 40%. Four mineralized shoots have been confirmed so far, but only two are factored into the current inferred resource: 700,000 tonnes grading 3.1 g/t gold and 1.1% antimony—suggesting considerable room to grow.

Meanwhile, the 2025 drill season is expanding across the district.

Active programs are now underway at Murray Creek and the Gallant prospect within the Cumberland camp. As a target prioritized by modern AI technology, Gallant sits just 3 kilometers from the historic Globe Progress mine, where OceanaGold pulled more than 610,000 ounces of gold between 2007 and 2016, on top of the 424,000 ounces produced before 1950. Taken together, the Reefton belt has historically yielded over 2 million ounces, with grades that once reached 50 g/t.

Gallant is being tested for potential extensions of a previously reported 20.7-meter vein grading 62.2 g/t gold, including a 1-meter blast of 1,911 g/t. At Murray Creek, visible gold has now been noted in the majority of holes—an encouraging sign for a system still in its early innings.

But RUA’s ambitions don’t end in Reefton.

On the North Island, the company is advancing its Glamorgan Project , located near OceanaGold’s Wharekirauponga (WKP) deposit. There, two large gold-arsenic anomalies—spanning more than 4 kilometers—have been mapped, and rock samples have returned assays as high as 43 g/t gold. With drill targeting already underway, Glamorgan could emerge as the company’s next high-impact play.

Although gold remains the central theme, antimony is quietly shaping up as a strategic wild card . In January 2025 , New Zealand added antimony to its official Critical Minerals List . With global supplies tightening and prices rising above US$50,000 per tonne , intercepts like 0.3 meters at 27.2 g/t gold and 1.35% Sb are starting to draw meaningful investor attention.

With a team behind $11 billion in mining exits , and $5.75 million in fresh capital, Rua Gold is not just exploring—it’s executing on a clear plan to unlock overlooked, high-grade potential across one of the Southern Hemisphere’s most underexplored gold belts.

CONTINUED… Read this and more news for Rua Gold at: https://equity-insider.com/2025/04/24/others-found-1911-g-t-here-before-now-a-proven-11b-mining-team-is-back-to-finish-the-job/

In other industry developments and happenings in the market include:

Contango Ore Inc. (NYSE-American: CTGO) recently announced a $9 million cash distribution from the Peak Gold JV , bringing total proceeds from Manh Choh gold sales in 2025 to $33 million .

‘Operations remain on track at Manh Choh with Contango’s share of gold production for 2025 expected to be 60,000 ounces at the previously guided all-in-sustaining costs (‘AISC’) of $1,625 per ounce of gold sold for 2025,’ Rick Van Nieuwenhuyse , President and CEO of Contango Ore . ‘We plan to release financial results from the Q1-2025 on May 14, 2025 .’

The first of four production campaigns has now been completed, with 20,000 ounces delivered to Contango’s account. A second campaign is scheduled to begin mid-May, with full-year production guidance holding at 60,000 ounces.

‘On our Johnson Tract, we are in final stages of completing the previously announced preliminary economic assessment(‘ PEA’) and expect to have it released by the end of April,’ added Van Nieuwenhuyse .

Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) continues to advance its Los Reyes Project in Sinaloa, Mexico , with high-grade gold-silver intercepts from multiple zones, including Z-T, Central, Guadalupe East, Las Primas, and Fresnillo . Recent drilling highlights included 42.07 g/t AuEq over 1.0 m at Guadalupe East and 9.39 g/t AuEq over 10.5 m at Z-T, while new results from the Fresnillo generative target show near-surface mineralization extended by 120 metres .

‘2024 proved to be another transformational year for Prime: we drilled over 50,000 metres, expanded the Los Reyes resource, advanced technical de-risking and worked closely with our communities to earn our social license to operate,’ said Scott Hicks , CEO of Prime . ‘In 2025, we are looking forward to continuing our track record of exploration success while demonstrating our deep commitment to our local communities and the environment. We additionally plan to advance our understanding of Los Reyes toward a Preliminary Economic Assessment.’

Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) recently signed a mandate letter with a syndicate of global financial institutions, including Societe Generale , KfW IPEX-Bank , and Export Development Canada , to arrange up to US$700 million in structured project debt financing. This follows US$1.3 billion in previously announced LOIs from export credit agencies and marks a major step toward a fully funded construction package.

‘Securing this mandate with three globally recognized financial institutions that have expertise in structuring financing solutions for large-scale mining development is a pivotal step in delivering a fully funded construction package for the Troilus project,’ said Justin Reid , CEO of Troilus . ‘These institutions bring world-class mining finance expertise, and their participation further validates the project’s strong fundamentals and strategic importance. Project due diligence is underway in parallel with continued permitting and detailed engineering; our development schedule is on track as we advance Troilus towards construction.’

Goliath Resources Limited (TSXV: GOT) (OTCQB: GOTRF) recently definitively confirmed its Surebet discovery as part of a large-scale, high-grade Reduced Intrusion Related Gold (RIRG) system, following a detailed geological study by the Colorado School of Mines . The study confirms two distinct but related mineralization styles tied to a single magmatic source, with visible gold increasing in grade and coarseness at depth.

Drilling has intercepted gold in 100% of 243 holes across a 1.8 km² area, including intercepts of 34.52 g/t AuEq over 39.0 meters. With the system still open in all directions, Surebet presents a compelling case for a major gold discovery in the heart of British Columbia’s Golden Triangle.

‘When you consider how widespread the high-grade gold mineralization is in the veins and RIRG zones, the source is potentially extremely large,’ said Roger Rosmus , Founder and CEO of Goliath Resources . ‘The more drilling and scientific studies we do at the Surebet discovery, the better it gets, and we are still high in the system that is open in all directions, and we are delighted with the prospect with what can be found as we continue to laterally and drill deeper for the source of the high-grade gold system.’

Article Source: https://equity-insider.com/2025/04/24/others-found-1911-g-t-here-before-now-a-proven-11b-mining-team-is-back-to-finish-the-job/

CONTACT:

Equity Insider
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(TheNewswire)

DR. QUINTON HENNIGH TECHNICAL ADVISOR

Vancouver, British Columbia TheNewswire – April 25 th, 2025 Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the ‘Company’ or ‘Juggernaut’), further to its April 14 th and April 23 rd 2025, news releases, the Company is pleased to announce a further increase in its non-brokered financing of up to $9,557,000. Juggernaut welcomes this strategic investment from Crescat Capital Funds LLC (‘Crescat’) and technical support from Dr Quinton Hennigh. Juggernaut’s Big One Project is garnering strong interest and support from leading institutions and miners globally, confirming the quality of the newly discovered 11 km Highway of Gold surrounding the Eldorado porphyry system on the Big One property. The exciting discovery is in an area of glacial and snowpack abatement next door to the gold-rich porphyry systems at Newmont Mining’s Galore Creek. The Big One Property is a discovery previously announced Jan 20 th (Click Link) with assays up to 79.01 gt gold (2.54 ozt gold) and 3157.89 gt silver (101.5 ozt silver) from over 200 gold-silver-copper rich polymetallic veins up to 8 m wide and striking for up to 500 m that all remain open at surface. The Big One Project covers 33,693 hectares in a world-class geologic terrane with tremendous additional discovery potential in the heart of the Golden Triangle, British Columbia.

Dr. Quinton Hennigh has taken on the role of special technical advisor to the Company. He is the technical consultant for all Crescat’s gold and silver mining investments. Dr. Hennigh is a world-renowned exploration geologist with over 40 years of experience with major gold mining firms, Homestake Mining, Newcrest Mining, Newmont Mining, and Kirkland Lake/Fosterville. In just the last five years, Dr. Hennigh was instrumental in several material discoveries, including Goliath / Surebet, Newfound / Queensway, SCM / Isidorito, Eloro / Iska Iska, Snowline / Valley, Sitka / RC Gold Project, and Tectonic / Flat.

Dr. Hennigh stated , ‘The Big One gold-silver project has a very similar feel to Goliath’s Surebet gold discovery. To date, reconnaissance prospecting and sampling conducted by Juggernaut’s exploration team have identified a multitude of multi-meter thick quartz-sulfide veins, many of which have yielded +oz per tonne Au and multi-oz per tonne Ag assays. Early indications suggest there is a genetic association of veins with late-stage magmatism in the area, an association seen at Surebet. This season, Juggernaut has a clear mandate to follow up on these results with detailed mapping and channel sampling, much like Goliath did during the early days of the Surebet discovery. The Company’s mission is to get as many targets as possible ready for drill testing either late season or for 2026. I am very eager to see if a new ‘Surebet’ type discovery is in hand.

View Juggernaut videos by Clicking Here .

The charity flow-through funding will now consist of up to 9,160,000 charity flow-through units (‘CFT Units’), priced at $0.825 each, for gross proceeds of up to $7,557,000. Each CFT Unit will consist of one charity flow-through common share plus one warrant to purchase one non-flow-through common share at $0.75 for a sixty-month period with a forced accelerated conversion after 10 consecutive trading days at or above $1.50, callable at management’s discretion.

Juggernaut is concurrently raising up to 4,000,000 hard dollar units priced at $0.50 each for gross proceeds of up to $2,000,000. Each hard dollar unit will consist of one common share plus one warrant at $0.75 for a sixty-month period with a forced accelerated conversion after 10 consecutive trading days at or above $1.50, callable at management’s discretion, upon completion of the charity flow-through and hard dollar financings for a combined total of $9,557,000, which is projected to close on or before May 15, 2025. The proceeds will be used to explore Juggernaut’s properties located in Northwestern B.C. and for general working capital.

‘Gold exploration is all about swinging for the fence. Persevering with a diversified portfolio of great management and technical teams with bold targets is the key. The cool thing about Juggernaut is that it has the same geologic team as the one behind Goliath Resources, where their Surebet gold discovery has already been a home run, based on personal experience. We are happy to invest in Juggernaut and this team. It’s time for Big One, which may be the best target yet for this company and team. We are eager to support them with capital for another at-bat.’ – Kevin Smith, CFA, Founder & CEO of Crescat Capital .

Directors and officers of the company may acquire securities under the placement, which participation would be a ‘related party transaction’ as defined under Multilateral Instrument 61-101 (‘MI 61-101’). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

Mr. Dan Stuart, Director, President, and CEO of Juggernaut, states:

‘We are pleased to strengthen our relationship, both with Crescat Capital as a strategic investor and Dr. Hennigh as a Special Technical Advisor and investor. I look forward to working with our partners who bring a proven track record of both financial and technical strength. This will enable Juggernaut to unlock the full potential of its assets over the long term, building value for all shareholders. This investment and strategic partnership, coupled with the ongoing support and interest from other globally recognized Institutions and senior miners, is a strong endorsement that clearly demonstrates the significant near-term discovery potential of our 100% controlled properties. Post financing, Juggernaut will have an extremely tight capital structure of just 30,025,297 shares, no debt, and a strong cash position of ~ $9,600,000. As such, we are well-positioned to move forward with our plans of drilling The Big One Discovery. With much anticipation, we look forward to executing the inaugural exploration program and reporting results.’

The Company may pay finder’s fees of the gross proceeds from the financing in cash, and compensation options on units being sold. This non-brokered private placement is subject to TSX Venture Exchange approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date.

About Crescat Capital LLC

Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat’s mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat’s goal is industry-leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Over the last several years, Crescat has been building activist stakes in a portfolio of precious metals explorers to express one of its primary macro themes. The company’s investment process involves a mix of asset classes and strategies to assist with each client’s unique needs and objectives, and includes Global Macro, Long/Short, Large Cap, and Precious Metals funds.

About Juggernaut Exploration Ltd.

Juggernaut Exploration Ltd. is an explorer and generator of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. Its projects are in world-class geological settings and geopolitical safe jurisdictions amenable to Tier 1 mining in Canada. Juggernaut is a member and active supporter of CASERM, an organization representing a collaborative venture between the Colorado School of Mines and Virginia Tech. Juggernaut’s key strategic cornerstone shareholder is Crescat Capital.

For more information, please contact

Juggernaut Exploration Ltd.

Dan Stuart

President, Director, and Chief Executive Officer

604-559-8028

info@juggernautexploration.com

www.juggernautexploration.com

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FORWARD LOOKING STATEMENT

Certain disclosures in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut’s operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements.

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.

Copyright (c) 2025 TheNewswire – All rights reserved.

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South of the border, cooling rhetoric from the Trump administration led what turned out to be a relatively quiet news week.

Markets were volatile at the start of the week, however, after US President Donald Trump suggested on April 17 that Federal Reserve Chairman Jerome Powell’s “termination couldn’t come fast enough.”

The president softened his stance on Tuesday (April 22) when he said he had no intention of firing the head of the US central bank, but called him a “major loser.” Trump has been critical of Powell, saying that he has been slow to react to the markets in making rate cuts.

For his part, Powell has remained steadfast in waiting for more data before making decisions to tackle interest rates, most recently saying the Fed was taking its time to analyze the effect of tariffs imposed by the Trump administration.

This week, the president also implied that the high tariffs of 145 percent he implemented against China may come down in the future, although he said they would not be removed entirely. The comments helped to ease market tension on Tuesday, although he didn’t say when he would lower them.

However, economists believe that unless there is a substantial reduction to the 10 to 20 percent range, trade between the countries will not be normalized.

China said it was open to working out a deal, but not until the US remove all tariffs levied against Chinese imports. The Chinese foreign ministry also contradicted Trump’s statements that the two countries had been in negotiations.

As for Canada, Statistics Canada released its monthly mineral production survey for February on Tuesday.

The report showed that metallic mineral production was down from January. Copper production fell to 32.42 million kilograms from 34.1 million kilograms, gold production fell to 16,431 kilograms from 16,969 kilograms and silver production declined to 20,543 kilograms from 22,634 kilograms.

Shipments mostly increased compared to January’s figures. Copper rose to 29.23 million kilograms from 28.58 million kilograms and gold shipments increased to 15,328 kilograms from 14,751 kilograms. Silver saw the only decline, dropping to 16,592 kilograms from 17,227 kilograms.

Markets and commodities react

In Canada, the S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 2.24 percent during the week to close at 24,710.51 on Friday (April 25), the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 2.25 percent to 653.82 and the CSE Composite Index (CSE:CSECOMP) surged 6.05 percent to 120.11.

US equity markets were highly volatile this week, but posted significant gains by close on Friday, with the S&P 500 (INDEXSP:INX) adding 5.67 percent to close at 5,525.22, the Nasdaq 100 (INDEXNASDAQ:NDX) gaining 7.82 percent to 19,432.56 and the Dow Jones Industrial Average (INDEXDJX:.DJI) rose 3.1 percent to 40,113.51.

The gold price climbed to a new high early in the week, touching the US$3,500 per ounce mark on Tuesday. However, by the end of the week it was in retreat, closing out Friday down 0.75 percent at US$3,307.54. The silver price went the opposite direction, rising 1.79 percent during the period to US$33.05.

In base metals, the COMEX copper price gained 3.16 percent over the week to US$4.89 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) fell 0.25 percent to close at 537.20.

Top Canadian mining stocks this week

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.

1. Tag Oil (TSXV:TAO)

Weekly gain: 76.47 percent
Market cap: C$32.77 million
Share price: C$0.15

Tag Oil is an oil and gas development company working to advance assets in Egypt’s Badr oil field.

The oilfield was first discovered in 1982 and has seen significant production since that time. Tag has been focused on exploration of the Abu Roash formation, and according to a November 2022 report, has estimated that its BED-1 concession contains more than 531.5 million barrels of oil in place, and represents an opportunity for successful commercial development.

Shares in Tag gained this week after the company announced on Tuesday that it had closed the sale of its 2.5 percent gross overriding royalty interests on the Cheal, Cardiff, Sidewinder, Puka and Cheal East operations in New Zealand. The company received the royalties in 2018 when it sold the assets.

Under the terms of the sale, the company received US$2.2 million, with the possibility of an additional US$300,000 in milestone payments. Tag stated the sale allows it to reallocate its resources to advancing its core business in Egypt.

2. Critical One Energy (CSE:CRTL)

Weekly gain: 63.27 percent
Market cap: C$12.65 million
Share price: C$0.40

Critical One is a critical mineral and uranium exploration company working to advance projects in Canada and Namibia.

The company’s uranium projects are located in Namibia and consist of the Madison West and the Madison North projects. They are situated in a region that hosts two producing uranium mines, the China National Nuclear Power (SHA:601985) led Rössing mine and CGN Power’s (OTC Pink:CGNWF,HKEX:1816) Husab mine.

The Madison West site covers an area of 35 square kilometers and hosts four primary prospects, including ML121, which has geological similarities to the deposits found at Rössing. The Madison North site covers an area of 26.13 square kilometers and has seen 50 holes completed over 3,720 meters.

Critical One’s newest asset is the Howells Lake antimony-gold project located near Thunder Bay in Ontario, Canada. The site is composed of 697 claims covering an area of 13,991 hectares. According to the project page, a historic resource estimate shows 51 million pounds of contained antimony from 1.7 million metric tons of ore with an average grade of 1.7 percent antimony.

Multiple parties previously owned the property, and on January 13, Critical One announced it had entered into a definitive purchase and sale agreement with Bounty Gold and the other vendors to acquire 100 percent of the project.

The company has not released any project news in the last week.

3. Patagonia Gold (TSXV:PGDC)

Weekly gain: 55.56 percent
Market cap: C$32.55 million
Share price: C$0.07

Patagonia Gold is a precious metals production and development company primarily focused on advancing its Cap-Oeste and Calcatreu underground projects in Argentina.

Located in Santa Cruz province, Cap-Oeste hosted open-pit mining operations until 2018. While Patagonia is working on the exploration and development of the underground resource at the site, it has been able to recover gold and silver from residual leaching on site.

In Patagonia’s management discussion and analysis, released on November 29, it reported that it had produced 1,415 ounces of gold and 65,046 ounces of silver from Cap-Oeste during the first nine months of 2024.

According to the company’s website, a 2018 mineral resource estimate for Cap-Oeste reported measured and indicated values of 704,300 ounces of gold and 21.43 million ounces of silver from 10.56 million metric tons of ore with average grades of 2.07 grams per metric ton (g/t) gold and 63.2 g/t silver.

Acquired in a deal with Pan American Silver (NYSE:PAAS,TSX:PAAS) in 2017, the Calcatreu project is located in Argentina’s Rio Negro province and covers approximately 90,000 hectares. A 2018 mineral resource estimate for Calcatreu reported measured and indicated values of 669,000 ounces of gold and 6.28 million ounces of silver from 9.84 million metric tons of ore with average grades of 2.11 g/t gold and 19.8 g/t silver.

The most recent news from the company came on Tuesday when it announced it had increased its loan facility with Cantomi Capital to US$50 million from US$45 million with a maturity date of December 31, 2026. The company intends to use the additional funds to continue the development at Calcatreu.

4. Azincourt Energy (TSXV:AAZ)

Weekly gain: 50 percent
Market cap: C$11.23 million
Share price: C$0.03

Azincourt Energy is a uranium exploration and development company working to advance projects in Canada.

One of its main focuses in 2025 is the Snegamook uranium project in the Central Mineral Belt of Newfoundland and Labrador. In October 2024, the company signed an option agreement to acquire a 100 percent stake in the property from BR Corporation.

The belt contains multiple uranium deposits including Paladin Energy’s (TSX:PDN,ASX:PDN) Michelin deposit, which hosts a measured and indicated resource of 82.2 million pounds of U3O8.

The property consists of 17 claims covering an area of 423 hectares and hosts proven shallow uranium mineralization. Previous exploration work discovered 1.3 kilometers of uranium bearing strike.

The most recent news from the project came on March 25, when Azincourt announced it was planning its inaugural work program that would include up to 1,000 meters of initial diamond drilling to confirm and expand on known uranium mineralization.

Its other focus this year has been at its East Preston project in the Athabasca Basin in Saskatchewan. The site covers 20,647 hectares and is one of the largest landholdings in the region.

Azincourt announced on April 1 that it was planning a geophysical program at the property in the fall, and in the winter it may perform follow-up diamond drilling on clay alteration zones discovered at the site in 2023 and 2024.

5. Novagold (TSX:NG)

Weekly gain: 49.88 percent
Market cap: C$2.31 billion
Share price: C$6.18

Novagold is a development company working to bring its Donlin Gold asset into production. The property, located in West-central Alaska, US, is currently a 50/50 joint venture between Novagold and Barrick Gold (TSX:ABX,NYSE:GOLD).

According to a June 2021 technical report, the property hosts proven and probable reserves of 33.85 million ounces of gold from 504.81 million metric tons of ore with an average grade of 2.09 g/t gold.

The report also demonstrated an after tax net present value of US$3.04 billion with an internal rate of return of 9.2 percent over a payback period of 7.3 years, all of which is based on a gold price of US$1,500 per ounce.

On Tuesday, the company announced that it and Paulson Advisers had entered into a definitive agreement with Barrick Gold to acquire Barrick’s 50 percent interest in the project for US$1 billion, with Novagold purchasing 10 percent of it for US$200 million. Upon completion, Novagold’s stake will increase to 60 percent and Paulson Advisers will hold a 40 percent stake.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

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.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, 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.

How much does it cost to list on the TSXV?

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.

How do you trade on the TSXV?

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.

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It was quite a week for the gold price.

The yellow metal continued its record-breaking streak early in the period, touching the US$3,500 per ounce level for the first time, but then saw a sharp pullback, even dropping briefly below US$3,300.

What’s behind gold’s latest moves? Market watchers have pointed to US President Donald Trump’s comments about Federal Reserve Chair Jerome Powell as the trigger for its latest spike.

In a Truth Social post on Monday (April 21), Trump said there could be a ‘SLOWING of the economy’ unless Powell — who he referred to as ‘Mr. Too Late’ — lowers interest rates.

Trump has criticized Powell heavily in recent days, saying last week that his ‘termination cannot come fast enough!’ That statement reignited discussions on whether Trump is able to fire Powell — Powell has said it can’t be done, and there isn’t any precedent since no president has ever tried to oust a Fed chair.

For now, the tension has subsided — Trump walked back his harsh words about Powell on Tuesday (April 22), saying he doesn’t intend to fire him, but still wants to see rate cuts.

‘I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates’ — Trump

Bullet briefing — Barrick to sell Donlin stake, CMOC to buy Lumina

Barrick to sell Donlin stake

Barrick Gold (TSX:ABX,NYSE:GOLD) has reached an agreement to sell its 50 percent stake in the Donlin gold project to affiliates of Paulson Advisers and NOVAGOLD Resources (TSX:NG,NYSEAMERICAN:NG).

The major gold miner will sell its interest in Donlin for US$1 billion in cash, with Paulson providing US$800 million and NOVAGOLD contributing the other US$200 million. Once the deal closes, Paulson will have a 40 percent interest in Donlin, while NOVAGOLD’s stake in the asset will rise from 50 percent to 60 percent.

Barrick President and CEO Mark Bristow said Donlin is an asset that ‘might be better suited in the hands of others,’ adding that the company is exiting at an ‘attractive valuation.’

While Donlin is one of the world’s largest gold projects, it is located in Alaska where infrastructure is scarce. At the same time, Barrick is looking to hone in on tier-one assets and boost its copper exposure.

Thomas Kaplan, chair of NOVAGOLD, said in a conference call after the sale was announced that his company ‘did not see eye-to-eye on a couple of things’ with Barrick, including the timing for a feasibility study for Donlin and the amount of drilling to conduct at the property.

Paulson Advisers, a longtime NOVAGOLD shareholder, is chaired by John Paulson, who is known for betting against the housing market during the great financial crisis.

In an interview with Bloomberg this week, the American billionaire said gold is ‘moving to a new level of valuation’ as central banks continue to buy.

CMOC to acquire Lumina

In other gold M&A news, CMOC Group (OTC Pink:CMCLF,HKEX:3993,SHA:603993) has agreed to buy Lumina Gold (TSXV:LUM,OTCQB:LMGDF) in a transaction worth C$581 million.

The all-cash deal will see CMOC pay C$1.27 per Lumina share.

Lumina is focused on its Cangrejos project, which it says is the largest primary gold deposit in Ecuador. A 2023 prefeasibility study outlines a 26 year mine life, with average annual payable production of 371,000 ounces of gold, plus average annual payable by-product output of 41 million pounds of copper.

‘After advancing the Cangrejos project for over 10-years and taking it from no defined resources to being poised to be one of the largest gold projects globally, the Lumina Group is excited for the transition of the Cangrejos project to CMOC,’ said Marshall Koval, CEO of Lumina Gold.

Well-known mining industry figure Ross Beaty is Lumina’s largest shareholder, while CMOC is a major producer of metals like molybdenum, tungsten, copper and cobalt.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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President Donald Trump isn’t ‘trolling’ when it comes to efforts to acquire Greenland and make Canada the 51st state. 

Trump has discussed acquiring Greenland, Canada and Panama for months — and regularly has referred to Canada as the 51st U.S. state. Despite skepticism from some, Trump said in an interview with TIME magazine published Friday that he’s serious about these proposals. 

When asked by TIME’s Eric Cortellessa whether Trump was ‘trolling a bit’ suggesting Canada join the U.S., Trump replied, ‘Actually, no, I’m not.’

 

Cortellessa then asked if Trump intended to ‘grow the American empire,’ prompting Trump to double down on the significance of acquiring these key pieces of territory. 

‘Well, it depends as an empire, it wasn’t, these are not things that we had before, so I’d view it a little bit differently if we had the right opportunity,’ Trump said. ‘Yeah, I think Greenland would be very well off if they I think it’s important for us for national security and even international security.’

Trump also claimed the U.S. is ‘losing’ money supporting Canada, and the only solution on the table is for it to become a state. 

‘We’re taking care of their military,’ Trump said. ‘We’re taking care of every aspect of their lives, and we don’t need them to make cars for us. In fact, we don’t want them to make cars for us. We want to make our own cars. We don’t need their lumber. We don’t need their energy. We don’t need anything from Canada. And I say the only way this thing really works is for Canada to become a state.’

The TIME piece was published a day after Canadian Prime Minister Mark Carney told reporters that Trump routinely discusses Canada becoming a state, claiming that Trump brings it up ‘all the time.’ Carney has previously shut down any notions that Canada will become a U.S. state. 

Meanwhile, Trump has emphasized that Greenland is key for national security purposes. While the Danish territory has said it is seeking independence from Copenhagen and isn’t inclined to join the U.S., Trump has voiced a strong desire to secure Greenland amid increase Russian and Chinese presence in the Arctic.

‘If you look at Greenland right now, if you look at the waterways, you have Chinese and Russian ships all over the place, and we’re not going to be able to do that,’ Trump told reporters in March. ‘We’re not relying on Denmark or anybody to take care of that situation. And we’re not talking about peace for the United States, we’re talking about world peace, we’re talking about international security.’

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President Donald Trump’s patience is being tested by Russian President Vladimir Putin, who launched a barrage of airstrikes on the Ukrainian capital city of Kyiv, killing 12 people and injuring nearly 100 more this week, one day ahead of Special Envoy Steve Witkoff’s fourth visit to Moscow.

Trump told reporters Friday he believes it is ‘possible’ and even ‘very probable’ his administration will negotiate a peace deal between Russia and Ukraine. 

‘I think, in the end, we’re going to end up with a lot of good deals, including tariff deals and trade deals. We’re going to make our country rich,’ Trump said ahead of his departure for Rome. ‘We’re going to try and get out of war so that we can save 5,000 people a week. That’s what my aim is.’

Trump repeated that he has no deadline for a deal, only that one must be ironed out ‘as fast as possible.’

He made his comments one week after the U.S. threatened to abandon talks if Russia and Ukraine didn’t soon reach a deal and one day after Trump issued a direct message to Putin on social media to ‘stop’ bombing Ukraine. 

‘I am not happy with the Russian strikes on KYIV. Not necessary, and very bad timing. Vladimir, STOP! 5,000 soldiers a week are dying. Let’s get the peace deal DONE,’ he wrote. 

Trump also conceded that his repeated claims from the campaign trail that he would have the war in Ukraine stopped within 24 hours of taking office were not based on realistic goals but were ‘figurative.’

‘I said that as an exaggeration,’ he told reporters, again blaming the war on his predecessor, President Biden.

But it appears Trump’s verbal warnings to Putin have fallen on deaf ears, similar to the results of Biden’s verbal warnings. Trump has repeatedly accused Biden of being partly at fault for the war, though he has not explained why. 

Former Moscow CIA Station Chief Dan Hoffman said he and other security experts repeatedly warned that, under the Biden administration, Ukraine was not sufficiently armed to adequately take on Russia. 

‘After failing to deter Putin’s invasion, the Biden administration just kept Ukraine in the fight but didn’t give Ukraine a chance to punch back fast enough or hard enough,’ he said.

‘There are three options,’ Hoffman added, explaining how the U.S. can use its position as leverage over Moscow. ‘One, entice Russia. That’s what Trump is trying to do with trade deals and eliminating sanctions. And Putin has kind of plowed through that by rejecting confidence-building ceasefire deals.

‘The second option is to make Putin pay on the battlefield so that he feels so much pain he has to stop the invasion,’ he added. ‘We convince Putin that we’re going to rearm Ukraine by saying, ‘We’ve offered you a great deal. You don’t want the deal, we’re going to arm the Ukrainians.

‘The third option is to just walk away and let Europe fend for themselves and support Ukraine as much as they can. We would run the risk that Russia would take more territory from Ukraine. That would be a victory for Russia and its allies – China, North Korea and Iran.

‘Let them do it, and then you’ll pay the price everywhere else in the world,’ Hoffman warned, referring to China’s threats against Taiwan. ‘Americans don’t like to fight wars. OK, we don’t like to lose wars either.’

An official with knowledge of the talks told Fox News Digital Friday that ‘Ambassador Witkoff is in Russia to meet with President Putin as part of President Trump’s efforts to make peace. 

‘It’s long past time for the death and destruction to stop, to move past the failed strategies of the past and for an end to this devastating conflict,’ the official added without commenting on the ‘substance of negotiations.’

A report by Axios this week suggested the White House had extended a ‘final offer’ to Ukraine and Russia that called on Kyiv to recognize Russia’s occupation of nearly all the Luhansk region and the occupied areas of the Donetsk, Kherson and Zaporizhzhia regions.

It also said the U.S. would agree to recognize Crimea, which Putin illegally seized from Ukraine in 2014, as now legally a part of Russia, and that Washington would lift sanctions. 

Neither the White House nor the National Security Council responded to Fox News Digital’s repeated questions about whether there will be consequences for Putin should he fail to enter into an agreement with Ukraine.

The administration also did not comment on why it believes Putin wants to enter into an agreement with the U.S. when security officials have repeatedly warned otherwise. 

Ukrainian President Volodymyr Zelenskyy has already said he will not acknowledge Crimea as a part of Russia but rather as Ukrainian land illegally occupied by Russia.

Zelenskyy also on Thursday posted a 2018 ‘Crimea declaration’ by Trump’s first-term Secretary of State, Mike Pompeo, which said, ‘No country can change the borders of another by force’ in a move to signify Trump’s apparent position change that now favors Russia.

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Defense Secretary Pete Hegseth signed a memo on Friday calling for a review of Military Equal Opportunity and DoD civilian Equal Employment Opportunity programs. The secretaries of each military department are required under the memo to assess the programs in place within their own departments.

In a video posted on X announcing the memo, Hegseth said that while it’s ‘a good thing’ that the military has multiple avenues for both service members and civilians to complain about harassment and discrimination, the systems have been ‘weaponized’ and used ‘in bad faith to retaliate against superiors or peers.’

The memo’s official title is ‘Restoring Good Order and Discipline Through Balanced Accountability,’ but Hegseth says he calls it the ‘No More Walking on Eggshells’ policy.

‘So, here’s the goal: empower leaders to make tough decisions, enforce standards, and restore good order and discipline,’ Hegseth said in the video.

The memo directs the secretaries to ensure that complaints that ‘are unsubstantiated by actionable, credible evidence are timely dismissed.’ Additionally, ‘favorable actions,’ such as awards and promotions, involving the alleged offender are to be considered until the complaint is substantiated. Finally, the memo states that those who ‘knowingly submit false complaints’ may face discipline.

The secretaries have 45 days to complete their reviews.

Hegseth is no stranger to controversy and has faced several allegations since being tapped to lead DoD. It is not a stretch to imagine that he might have empathy for those facing false or unsubstantiated allegations.

 

Prior to his confirmation, Hegseth faced allegations of sexual misconduct, alcohol abuse and mismanagement of veterans’ organizations. This included an affidavit by his former sister-in-law in which she alleged that Hegseth was physically abusive to his ex-wife, Samantha ‘Sam’ Hegseth. However, Sam denied the allegations, saying she did not experience physical abuse during her marriage to Hegseth.

Hegseth told lawmakers during his confirmation hearing that he is not a ‘perfect person,’ but asserted that he was the subject of a ‘coordinated smear campaign orchestrated in the media.’ 

Additionally, since becoming secretary of defense, Hegseth has been involved in two scandals regarding the encrypted messaging app Signal.

The first scandal occurred when The Atlantic’s Jeffrey Goldberg was added to a Signal chat in which there were discussions about plans for the U.S. to strike Yemen. While National Security Advisor Mike Waltz took a lot of heat for the situation, Hegseth was not spared from criticism. In the end, the Trump administration insisted that the discussions in the group did not actually involve ‘war plans.’

On Sunday, Hegseth was accused of sharing military information in a Signal group chat that included his wife, brother and personal attorney. The New York Times reported that people with knowledge of the situation said the information ‘included the flight schedules for the F/A-18 Hornets targeting the Houthis in Yemen.’ 

Hegseth told ‘FOX & Friends’ that the allegations were meant to ‘sabotage’ President Donald Trump’s agenda.

Despite an op-ed suggesting that Hegseth could be on the way out, the White House has stood behind him.

‘He is bringing monumental change to the Pentagon, and there’s a lot of people in the city who reject monumental change, and I think, frankly, that’s why we’ve seen a smear campaign against the Secretary of Defense since the moment that President Trump announced his nomination before the United States Senate,’ White House press secretary Karoline Leavitt told reporters on Tuesday. 

Diana Stancy contributed to this report.

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A federal judge on Friday temporarily blocked an executive order from President Donald Trump that would cancel collective bargaining rights for most federal workers. 

U.S. District Judge Paul Friedman blocked the Trump administration from implementing the order following a lawsuit from the National Treasury Employees Union, which represents about 160,000 federal employees.

The union claims in the lawsuit that the order would violate federal workers’ labor rights and is unconstitutional, adding that it would lose two-thirds of its membership and half of its dues if they order is allowed to go through. 

The order exempted more than a dozen agencies from the requirement to bargain with unions, including the departments of Justice, State, Defense, Treasury, Veterans Affairs, and Health and Human Services departments.

It affects around 75% of the nearly one million federal workers represented by unions and expands an existing rule that exempts national security agencies like the FBI and CIA from collective bargaining requirements.

The U.S. Treasury Department also filed a lawsuit against the NTEU following the order to invalidate a collective bargaining agreement involving IRS employees. 

The order is part of the administration’s efforts to lessen the size of the federal government, by making it easier to discipline and fire workers and change working conditions. 

The temporary injunction will remain in place pending the outcome of the NTEU lawsuit. 

Friedman said he would issue an opinion explaining his ruling in the next few days.

He also gave attorneys on both sides a week to propose how the lawsuit should move forward. 

Fox News Digital has reached out to the White House for comment. 

The Associated Press and Reuters contributed to this report. 

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President Donald Trump recently hyped a new national poll which indicates an increasing percentage of Republicans now identify as MAGA supporters.

The president, in a social media post, pointed to what he said was ‘tremendous support’ for MAGA, which is the acronym for Trump’s ‘Make America Great Again’ movement.

‘I am not, at all, surprised!!!’ Trump wrote, days ahead of the 100-days milestone.

The poll indicated that 71% of Republicans now identify as MAGA supporters, up from 55% in November.

The NBC News survey is the latest piece of evidence of Trump’s extremely firm grip over the GOP, and his remaking of the Republican Party in his image, a transformation that started with the president’s initial White House victory in 20216.

While the president repeatedly teases the possibility of running for re-election in 2028, the reality is that serving a third term is clearly prohibited by the Constitution under the 22nd Amendment.

So what happens to Trump’s MAGA movement and America First agenda after he departs the White House?

‘The Republican Party will never go back to what it was. The old Republican Party of [former longtime Senate GOP leader] Mitch McConnell run by Washington elites died forever in 2024,’ longtime Republican consultant Alex Castellanos told Fox News Digital.

Castellanos, a veteran of numerous GOP presidential campaigns, emphasized that ‘the Republican Party of Donald Trump is alive and growing out in America.’

And he made the case that ‘what happened in 2024 is that what was a man became a movement.’

David Kochul, another longtime Republican strategist with plenty of experience on the presidential campaign trail, concurred that ‘we’re not going back to what the party looked like in 2012. That’s for sure. We’re going forward to something new and different.’

Even a vocal Republican critic of Trump agrees.

Former congressman and former two-term Arkansas Gov. Asa Hutchinson, who launched an unsuccessful 2024 Republican presidential nomination bid, acknowledged that ‘those who want the GOP to go a different direction from the MAGA leadership of President Trump are now fighting an uphill battle.’

‘Trump has found his stride with his anti-immigrant message and it is overshadowing the chaos from his super-charged tariff war and its impact on the economy,’ Hutchinson told Fox News Digital.

Whoever succeeds Trump as GOP standardbearer – be it heir apparent Vice President JD Vance or someone else – won’t be Trump.

‘Trump is such a unique actor and figure. He can’t be replicated,’ Kochul stressed. ‘Nobody can be the next Donald Trump. That’s not possible. He’s singular.’

But his movement will have some staying power.

‘Just like the Reagan Revolution, Trump’s legacy and messaging will prevail beyond his last day in office,’ Dave Carney, another longtime Republican consultant and presidential campaign trail veteran, told Fox News. 

But Carney argued that Trump’s legacy may ‘wane over years unless the next Republican president continues it.’

‘Is it going to be as hot and heavy as it is now without his personality? Carney asked.

Answering his own question, he said, ‘No. You need to have a messenger to carry that theme.’

But Castellanos noted that Trump has ‘spawned a new younger generation of MAGA leaders who will carry on the MAGA movement long after Trump.’

Pointing to Vance and others, Castellanos described ‘a fresh generation of MAGA.’

‘The players on the MAGA farm team are now playing major league ball,’ he said.

Kochul, looking to the future of the GOP, said that ‘it will be more populist, whomever emerges.’

And as for those future leaders, he suggested that ‘we’ve got a lot of great leadership and a great bench.’

Hutchinson, a former U.S. attorney under Ronald Reagan and high-ranking official in George W. Bush’s administration, also weighed in on the future of Trump’s MAGA movement.

‘Whether Trump’s dominance continues beyond the next few years depends upon the tolerance level of the GOP base on Trump’s view that ‘he is the law’ rather than respecting the separation of powers that have served our country well,’ Hutchinson said.

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It’s Wednesday, and markets rose sharply as President Trump walked back his comments on removing Fed Chair Jerome Powell and Treasury Secretary Bessent admitted that the trade war with China may not be sustainable.

Like most investors, you’re probably wondering: Is the market chaos starting to settle down, or am I walking into the jaws of another bear trap?

Short of reliable fundamentals amid an onslaught of unpredictable geopolitical volleys, it’s probably best to examine the technical data. Turning to the Market Summary page, I scrolled down to the Breadth window to see which indices or markets are trading above their 20-day exponential moving average (EMA), as it might reveal which ones are recovering.

NOTE: All Market Summary screenshots were taken on Wednesday at the time of writing.

Breadth Snapshot: A Mixed Signal

FIGURE 1. MARKET SUMMARY BREADTH WINDOW. Are we seeing a recovery here?

You can see that over 45% of stocks in the S&P 500 ($SPX) and the NYSE Composite Index ($NYA) are trading above their 20-day EMA. The NASDAQ Composite ($COMPQ) has an even higher percentage, with over half of its stocks trading above that level.

As the color code indicates, this isn’t bullish. It’s neutral. But are we seeing early signs of a turnaround? If so, you, like most investors, probably want to catch it early. But it may also be a false signal. To get an additional breadth angle, look at the Bullish Percent Index (BPI) window to see how many stocks within the broader market and exchanges generate Point & Figure Buy Signals (see below).

Bullish Percent Index: The S&P 500 Leads the Pack

FIGURE 2. MARKET SUMMARY BPI. The S&P 500 is the most bullish among the indices and exchange groups.

The NASDAQ has the most bearish reading, but the tech-heavy Nasdaq 100 is just a few points away from bullish. The S&P 500 is flashing the most bullish signal, with 60% of stocks in the index signaling P&F buy alerts.

So far, the outlook seems cautiously optimistic at best — we might be climbing out of the woods. But to get a fuller picture, it helps to examine another set of critical angles: market sentiment and money flows.

  • Can we get a data-driven measurement of investor bullishness vs. bearishness?
  • And just as important, how does that sentiment translate into actual money movement? Are investors, especially institutions, putting capital into the markets or pulling it out?

To answer these, let’s analyze the AAII Bulls – Bears sentiment indicator alongside a weekly chart of the S&P 500. Let’s also apply the Chaikin Money Flow (CMF) indicator to provide a longer-term view of buying and selling pressure in the market.

This chart is available on the Market Summary Sentiment window. However, I modified this weekly chart a bit, and you can see this below.

Sentiment Check: Bearish Underpinnings

FIGURE 3. WEEKLY CHART OF THE S&P FEATURING THE AAII BULLS – BEARS INDICATOR. Subtracting the bullish from bearish forecasts, you get net negative sentiment.

A couple of foreboding signs: the S&P is well below its 40-week simple moving average (the equivalent of a 200-day moving average), and the net AAII Bull-Bear sentiment (bottom end of the indicator pair) reads net bearish.

As for the first, you’re aware of the saying that nothing good happens under the 200-day moving average. Just look at the S&P 500’s price action in 2022. Is the current market about to undergo a similarly prolonged period of volatile declines?

As for the second sign, the AAII Bulls-Bears, it’s overwhelmingly bearish. Here’s something to think about: this indicator is based on a weekly sentiment survey of its members. While the group has around 160,000 member investors, the weekly responses usually fall between 100 and 350. It’s a voluntary survey, so the participation rate can vary quite a bit, often skewing the results. Still, it’s a closely watched barometer of retail sentiment.

Money Flow: Caution at the Zero Line

Aside from sentiment, what does the longer-term money flow picture look like?

Take a look at the CMF indicator plotted below the chart. The blue circle highlights the CMF hovering right at the zero line.

On a weekly scale, this suggests that buying pressure has cooled, but the CMF hasn’t crossed into clear-cut selling pressure territory yet. That raises the question: Is this a pause before a rebound, or a warning of more downside to come?

The CMF doesn’t distinguish retail from institutional capital. However, institutional investors operate on longer timeframes. Given the current geopolitical uncertainty, what we’re seeing may reflect a pause or outright indecision. Either way, it’s likely some catalyst will eventually trigger a move, and when it does, any institutional response could last for weeks, if not longer.

Euphoria or Exhaustion?

Despite the April rallies, markets seem to be reacting more to political theater than fundamentals. Vague remarks from officials like Treasury Secretary Bessent have fueled optimism, yet there’s little real progress on trade or economic policy to back it up. With corporate layoffs rising, port activity collapsing, and U.S. reliance on Chinese imports deepening, the structural cracks appear to be widening.

Meanwhile, markets dance to headlines — often without substance — as if investors are being nudged along by said headlines. Is this euphoria? If it is, this euphoria may not signal strength but rather a dangerous calm before a deeper decline. 

At the Close: Tread Carefully!

The Market Summary offers a clear starting point for gauging the surface and penetrating beyond it. By watching key indicators like breadth, sentiment, and money flow, you can better assess whether we’re seeing the start of a true recovery or just another bear trap. Stay cautious. Don’t trade on news, but analyze how markets react to news. In other words, follow the data and wait for real evidence before leaning into any rally.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.