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Élise Galarneau

Small-Cap and Ventures Correspondent · 12 years covering Canadian monetary policy

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Élise writes about the Bank of Canada, inflation and the Canadian dollar. She previously worked as a fixed-income analyst in Montréal.

Beats: Economy, Rates, Currencies

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Published work

Mining & Energy

How Homeland Nickel Signed a Buyer for an Estimated 20,000 Tonnes of Concentrate a Year

Homeland Nickel signed a binding agreement on October 1, 2026 for Westwin Elements to take an estimated 20,000 tonnes of nickel concentrate a year from Red Flat in southern Oregon, with Westwin funding the bankable feasibility study if it is satisfied with Homeland's preliminary economic assessment. The U.S. Forest Service accepted the sonic drill plan for Red Flat in September, and a C$3.04 million placement closed the same month. Homeland expects to deliver the two reports to Westwin in the first half of 2027.

By Élise Galarneau8 min readSHL.V

Mining & Energy

Ivanhoe Mines Reports Tuesday on a 76,401-Tonne Copper Quarter

Ivanhoe Mines publishes its third-quarter 2026 financial results after the market closes on November 3 and holds its call on November 4. The production is already public: 76,401 tonnes of copper from Kamoa-Kakula, a record 77,147 tonnes of zinc from Kipushi, and guidance held. The results add the earnings, costs and balance sheet behind those tonnes, with the shares at C$9.00 at the November 2 close.

By Élise Galarneau6 min readIVN.TO

Mining & Energy

Uranium One Starts First Paraguay Uranium Program After Permit

Uranium One Mining Corp. (CSE: UUU) has its Prospection Permit from Paraguay's mining ministry and said on November 2, 2026 that its inaugural exploration program is underway on the roughly 90,000-hectare Yuty Prometeo uranium project. Its Prometeo block is contiguous with Uranium Energy Corp.'s Yuty project, a defined resource UEC says preliminary studies indicate is amenable to in-situ recovery. Historical Anschutz records on Prometeo include 0.05 to 0.10 per cent U3O8 over 107 metres, and San Jose adds a second, larger target area.

By Élise Galarneau8 min readUUU.CN

Mining & Energy

Cameco Narrows Its 2026 Uranium Forecast After a Longer Key Lake Shutdown

Cameco reported third-quarter 2026 results on October 30. A longer planned maintenance stop at the Key Lake mill cut quarterly uranium output to 3.5 million pounds, the 2026 production range narrowed to 19.5 to 20.5 million pounds, unit cost guidance rose and Westinghouse posted a quarterly loss, smaller than a year earlier. Realized prices rose, the C$0.24 annual dividend was declared and the shares closed at C$107.60, down 7.7 per cent.

By Élise Galarneau7 min readCCO.TO

Mining & Energy

How Uranium One Reworked Its Pasfield Lake and Foghorn Share Exchange

Uranium One Mining Corp. (CSE: UUU) has amended the share exchange that brings the Pasfield Lake permit in Saskatchewan and the Foghorn claims in British Columbia into the company. The share count it will issue is unchanged at 27,060,000, the deemed price per share falls from C$0.35 to C$0.20, the C$250,000 cash portion is already paid, and the termination date moves to October 31, 2026. Closing still needs exchange approval and the two property purchases.

By Élise Galarneau8 min readUUU.CN

Mining & Energy

Island Gold Sets a Record, and Alamos Gold Makes 119,000 Ounces

Alamos Gold reported 119,000 ounces of gold for the third quarter of 2026 on 28 October, down 16% from a year earlier. Island Gold set a quarterly record while Young-Davidson and Mulatos produced less, and all-in sustaining costs rose to US$1,956 an ounce. The company kept its revised 2026 guidance, moved the Island Gold shaft to mid-2027 and held US$597.4 million of cash at 30 September.

By Élise Galarneau6 min readAGI.TO

Mining & Energy

Lundin Gold Drills 124 Grams per Tonne Beside Its Fruta del Norte Mine

Lundin Gold reported new drill results on October 26, 2026 from FDNS, FDN East and Bonza Sur, three deposits beside its Fruta del Norte mine in Ecuador, and started conversion drilling at FDN East. The holes add detail to deposits already partly in the company's reserves, at a mine that produced a record 153,736 ounces in the third quarter. Third-quarter financial results follow on November 4.

By Élise Galarneau7 min readLUG.TO

Mining & Energy

How First Phosphate Plans to Mine Battery Phosphate in Quebec by 2030

First Phosphate presented its October 2026 plan at Kinvestor Day: a 204.7-million-tonne measured and indicated phosphate resource at Bégin-Lamarche in Quebec, definitive offtake agreements, provincial fast-track status, about C$21.5 million in signed federal contributions, a feasibility study due in the first quarter of 2027 and commercial production targeted for 2030. It held C$19.9 million in cash at August 31, 2026.

By Élise Galarneau6 min readPHOS.CN

Mining & Energy

Apex Critical Metals on Nasdaq: US$1.86 Million Raised for Nebraska Rare Earth Drilling

Apex Critical Metals closed a US$1.86 million underwritten offering of American depositary shares and began trading on the Nasdaq Capital Market on October 23, 2026. The prospectus assigns US$1.3 million to drilling at the Rift rare earth project in Nebraska, where the company plans a first mineral resource estimate in 2027. Its shares also trade on the Canadian Securities Exchange, in Frankfurt, in Paris and over the counter in the US.

By Élise Galarneau7 min readAPXC.CN

Mining & Energy

B.C. Conservatives Win a Majority Promising 120-Day Permits for Major Projects

British Columbia elected a Conservative majority on October 24, 2026, by the projections of The Canadian Press and CTV News, with seat counts preliminary overnight. Premier-designate Lorne Doerkson has promised a 120 Day Permitting Act for major projects, red tape cut back to 2017 levels and the repeal of DRIPA. He inherits a record the outgoing government reports as five mines permitted and a mining backlog cut by half, along with a 2025 court ruling on DRIPA and mineral claims.

By Élise Galarneau10 min readTECK-B.TONGT.TOHBM.TO

Mining & Energy

Côté Gold Made 64,400 Ounces for IAMGOLD in the Third Quarter

IAMGOLD's Côté Gold mine produced 64,400 attributable ounces in the third quarter of 2026 and averaged a record 37,100 tonnes a day in September, above its design rate, the company reported on October 21. It now expects Côté's 2026 output at the lower end of guidance, which starts at 270,000 ounces, with an updated mine plan due in the fourth quarter. The shares closed at C$23.01 on October 22, a day gold producers fell across the TSX.

By Élise Galarneau9 min readIMG.TO

Mining & Energy

Uranium One Enters Next Exploration Phase With C$2.9 Million in Cash and Four Milestones Ahead

Uranium One Mining Corp. (CSE: UUU) reported cash of C$2,868,144 at June 30, 2026 in interim statements filed August 31, and enters the final months of 2026 with four milestones ahead: regulatory acceptance of the Foghorn and Pasfield Lake acquisition, first exploration results from Nucleon in the Athabasca Basin, a November 30 shareholder meeting and the deployment of C$1,535,001 of flow-through exploration funding. The shares closed unchanged at C$0.18 on October 21, 2026.

By Élise Galarneau14 min readUUU.CN

Mining & Energy

AbraSilver's 228-Metre Gold Hole Has Its Richest Core Below the Diablillos Pit Design

AbraSilver's October 21, 2026 release reports 228 metres of oxide rock at 1.79 g/t gold in hole DDH-26-061 at Oculto East, a zone the company places about 50 metres below its current pit design and outside the resource dated April 30, 2026. Widths are drilled, true widths are not yet known and the assays are uncut. The shares closed at C$12.70, up 12.49 per cent, and the next resource update is dated for the second quarter of 2027.

By Élise Galarneau10 min readABRA.TO

Mining & Energy

26.8 Kilometres of New Seismic Take QIMC's Hydrogen Search Into Ontario

Quebec Innovative Materials has added Line 5, a 26.8-kilometre seismic transect across the Ontario side of the Témiscamingue Graben, placed where its Ontario soil-gas hydrogen readings are highest. The company held C$14.13 million in cash at June 30, 2026, after an April placement, and testing continues at its Nova Scotia hole DDH-26-05.

By Élise Galarneau7 min readQIMC.CN

Mining & Energy

US Restart Loans Total About US$4.4 Billion, and Cameco Shares Slip Toward Their Low

The US Department of Energy has committed up to US$4.4 billion across three federal loan commitments to restart the Palisades, Crane and Duane Arnold reactors. Cameco, the Saskatoon uranium producer, has published nothing that ties it to those plants. Its July results show contracts averaging more than 28 million pounds a year for five years, C$1.1 billion in cash, and unchanged production guidance, while its shares closed at C$113.88 on October 19.

By Élise Galarneau7 min readCCO.TO

Mining & Energy

Oceanic Iron Ore Resumes Hopes Advance Permitting With C$49 Million in Cash

Oceanic Iron Ore (TSXV: FEO) restarted the environmental and social impact assessment of Hopes Advance in Nunavik on July 20, 2026, with cash of C$49,336,808 against liabilities of C$1,967,544 at June 30, 2026 after the February financing converted every debenture. The deposit holds about 1.39 billion tonnes measured and indicated at 32.1 per cent iron, and bench-scale tests have made a 68 per cent iron direct-reduction concentrate. The economics come from the December 2019 study; the MD&A says the February proceeds will fund the updated preliminary feasibility study that succeeds it.

By Élise Galarneau10 min readFEO.V

Mining & Energy

How Much Gold Does B2Gold Need in the Second Half?

B2Gold Corp. (TSX: BTO) said on 14 October 2026 that it will release third quarter results after the North American close on Wednesday 4 November 2026, with a conference call the following morning. The quarter being reported runs against a production range the company narrowed in August to 820,000 to 920,000 ounces, and against a half-year cost figure that sits below the full-year range it guided. The shares are also listed in Frankfurt as 5BG.

By Élise Galarneau6 min readBTO.TO

Mining & Energy

63.7 Kilometres of QIMC Seismic Data Reach the Processing Stage

Quebec Innovative Materials Corp. (CSE: QIMC) said on 14 October 2026 that it had finished acquiring 63.7 line-kilometres of 2D seismic across its Nova Scotia multi-gas district, expanded from a planned 50 kilometres, with Earth Signal Processing of Calgary now working on the data. Filings published on SEDI during Thursday's session record 95,000 shares bought on 14 October by the president and chief executive through a holding company and by a senior officer through another. The shares closed at C$0.385.

By Élise Galarneau8 min readQIMC.CN

Mining and Resources

Did Anything at Ivanhoe Mines Explain a 6% Drop?

Ivanhoe Mines Ltd. (TSX: IVN) closed at C$10.48 on 2026-10-14, down 6.4 per cent, on volume slightly below its average and with nothing published by the company that day. Its last release, on 2026-10-08, reported record quarterly copper and zinc output. A C$14.95 billion company moving 6 per cent on no disclosure is a setup question rather than a news story, and the next dated company item is Q3 financial results on 2026-11-03.

By Élise Galarneau7 min readIVN.TO

Mining and Resources

QIMC Completes a 63.7-Kilometre Seismic Survey in Nova Scotia

Quebec Innovative Materials Corp. (CSE: QIMC) said on 14 October 2026 that it had finished acquiring 63.7 line-kilometres of 2D seismic across its Cumberland County ground in Nova Scotia, 13.7 kilometres more than planned, and the data is already with a Calgary processor. The programme was delivered ahead of plan on ground where free gas has already reached surface once, with a treasury of about C$14.84 million against liabilities of about C$1.92 million.

By Élise Galarneau7 min readQIMC.CN

Mining and Resources

Equinox Gold Fell 5% on Its Largest Quarter of Production

Equinox Gold Corp. (TSX: EQX) reported 237,019 ounces of gold for the third quarter of 2026 on October 13, its largest quarterly output this year, and the shares closed down 5.2 per cent at C$15.47. The quarter included only August and September for Musselwhite and Camino Rojo, the two mines acquired from Orla Mining. Against reaffirmed 2026 guidance of 870,000 to 920,000 ounces, the fourth quarter has to deliver between 258,517 and 308,517 ounces. US$172.5 million of convertible notes is redeemed on October 20.

By Élise Galarneau7 min readEQX.TO

Mining and Resources

StrikePoint Pays Newmont US$70 Million for a Nevada Gold Deposit

StrikePoint Gold closed its purchase of the Northumberland gold project in central Nevada from Newmont on 6 October 2026, paying US$70 million in cash and owing two further payments of US$25 million that only fall due if the project reaches a feasibility study and then production. The deposit holds 2.86 million gold-equivalent ounces in the indicated category and 1.57 million inferred, with no mineral reserves. Market-data screens were still reporting the pre-financing share count on 9 October, which understated the company by a factor of fourteen.

By Élise Galarneau6 min readSKP.V

macro

Where Consent Fits in a Canadian Mine Approval

A week of Canadian mining news turned on documents that had nothing to do with rock: a terminated set of engagement agreements in British Columbia, a Quebec fast-track designation, a foreign drill permission. Canada runs four separate permissions between a deposit and a mine, each with its own clock and its own way of stopping. Here is what each one is, what the statutes actually require, and where the numbers come from.

By Élise Galarneau9 min read

Mining and Resources

What Does Oceanic Iron Ore Have at Hopes Advance?

Oceanic Iron Ore paid for the distribution of an October 8, 2026 message in which its chief executive discussed demand for green steel. Behind it sits a genuinely large deposit: 1.36 billion tonnes measured and indicated at Hopes Advance in northern Quebec, yielding a 66.6 per cent iron product with very low alumina and phosphorus. The resource estimate dates from 2012 and the newest economic study from 2020.

By Élise Galarneau7 min readFEO.V

Mining & Energy

55% for Radius Gold on Permission to Drill in Peru

Radius Gold (TSXV: RDU) said on 7 October 2026 that Peru's regional mining authority in Arequipa has authorised exploration, including drilling, at its Tierra Roja copper project. The shares closed up 55.2 per cent at C$0.225 on about 35 times average volume. The release sets out the permitting chain in detail and says nothing about holes, metres, timing beyond year-end or cost, and the company's own interim statements carry a going-concern warning.

By Élise Galarneau6 min readRDU.V

Mining & Energy

Cameco's Korean Nuclear Framework: An Intention, Not an Order

The United States and the Republic of Korea announced a framework on 30 September 2026 under which Korea would invest US$120 billion toward building Westinghouse reactor technology in the United States. Cameco acknowledged it, owns 49 per cent of Westinghouse, and is not a party to it. The terms are non-binding. What Cameco sells is uranium under contracts already signed, and those are the numbers that decide the year.

By Élise Galarneau6 min readCCO.TO

Technology

Why Light AI Stopped Work on Its Only Product

Light AI Inc. (Cboe Canada: ALGO) closed at C$0.04 on October 5, 2026, down 72.4 per cent, after telling the market at 20:34 ET on Friday October 2 that it had found gaps in the evidence supporting its only product and would not advance toward a U.S. Food and Drug Administration submission. The share count did not change, so the fall is a loss of value rather than a consolidation. The Health Canada licence granted in August remains in force.

By Élise Galarneau8 min readALGO.NEO

Mining and Resources

Xatśūll First Nation Ends Its Agreements With Spanish Mountain Gold

On 1 October 2026 the Xatśūll First Nation announced it was terminating all of its agreements with Spanish Mountain Gold Ltd. CIRO halted the shares that morning and they resumed the next day, when the company replied that British Columbia's assessment office had confirmed in August it was not pursuing termination of the environmental assessment. The company's own quarterly filing had already disclosed that the 2021 protocol was no longer in force.

By Élise Galarneau9 min readSPA.V

Mining and Resources

Colombia Shortens the Restriction Over Aris Mining's Soto Norte

Aris Mining Corporation (TSX: ARIS) said on September 30, 2026 that it has finished preparing the environmental and social impact assessment for Soto Norte in Colombia and will take it to three towns in October before filing it. The same release disclosed that Colombia's environment ministry revoked an extension of the temporary reserve area covering the project, so the restriction on new environmental licences there now lapses on March 4, 2027. Nothing can be built until a licence is granted, and the licence is the gate everything else waits behind.

By Élise Galarneau7 min readARIS.TO

Mining and Resources

33% for Beyond Oil on a Global Restaurant Vendor Approval

Beyond Oil Ltd. (TSX: BOIL) said on October 1, 2026 that it has been added to the global approved products list of a multinational restaurant parent company it does not name, and the shares closed up 33.9 per cent at C$2.41 on about 4.6 times average volume. The release states in its own words that the approval does not guarantee commercial adoption, deployment schedules or minimum order volumes from individual franchise partners. The company sells a frying-oil treatment, not oil and gas, and it reported US$1.4 million of revenue in its most recent quarter.

By Élise Galarneau6 min readBOIL.TO

Mining and Resources

Why Hercules Metals Is Drilling the Kilometre Between Two Discoveries

Hercules Metals Corp. (TSXV: BIG) reported 286.52 metres of 0.58 per cent copper equivalent from its Southern Flats zone in western Idaho on 30 September 2026, and says 3D modelling suggests the zone may be a one-kilometre southern extension of its Leviathan discovery. The company carries a market value of about C$407 million and has never published a mineral resource estimate, which makes every comparison with a peer a comparison between counted pounds and uncounted ones.

By Élise Galarneau7 min readBIG.V

markets

Ag Growth Asks Debenture Holders to Wait Four More Years

Ag Growth International (TSX: AFN) proposed on 30 September 2026 to extend the maturity of its C$85 million 5.25 per cent senior subordinated debentures from 31 December 2026 to 31 December 2030 and raise the coupon to 9.00 per cent, with a holder vote set for 28 October. The shares rose 27.6 per cent. The series being amended rose 2.7 per cent, while two other series that are not being amended rose about 25 per cent each.

By Élise Galarneau7 min readAFN.TO

Mining and Resources

Westwin Agrees to Buy 20,000 Tonnes a Year From Red Flat

Homeland Nickel and Westwin Elements signed a binding offtake agreement on 28 September 2026 covering an estimated 20,000 tonnes of nickel concentrate a year from Red Flat, Oregon. Westwin will fund the bankable feasibility study, but only after reviewing a resource estimate and economic study Homeland expects to deliver in the first half of 2027. Red Flat's only resource figures are historical and cannot be relied on as current.

By Élise Galarneau9 min readSHL.V

Mining and Resources

Why Hudbay's Snow Lake Reserves Now Run to 2043

Hudbay Minerals said on 28 September 2026 that mineral reserves at its Snow Lake operations in Manitoba now support mining until 2043, an 18-year reserve life and two years longer than the January 2026 estimate. Reserves rose 7.5 million tonnes to 27.0 million tonnes holding about 2.0 million ounces of gold. The figures rest on assumed prices of US$3,600 an ounce for gold and US$5.00 a pound for copper, both below where those metals traded that day.

By Élise Galarneau8 min readHBM.TO

Mining and Resources

Under QIMC's Helium Zones: A Magnetic Body 10 Kilometres Long

Québec Innovative Materials Corp. reported on 28 September 2026 that its 526-sample soil-gas helium survey at New Salem-Apple River in Nova Scotia, regional gravity data and aeromagnetic data all describe a single fault-bounded structure, with a magnetic body about 10 kilometres by 2 kilometres beneath two of the helium zones. The work is a reinterpretation of data the company already held. It reports no flow rate, no gas purity and no resource, and the shares closed down 3.6 per cent at C$0.54.

By Élise Galarneau7 min readQIMC.CN

Mining and Resources

One 0.65-Metre Sample Supplies Three Quarters of the Gold in Ashley Gold's 60-Metre Interval

Ashley Gold Corp. (CSE: ASHL) closed at C$0.11 on September 25, 2026, up 69.2 per cent on roughly 48 times its 30-day average volume, after reporting 3.333 g/t gold over 60.00 metres downhole at the Tak Patents in northwestern Ontario. Three quarters of the metal in that average comes from one 0.65-metre sample assaying 229 g/t. The company capped that sample at 40 g/t in its own release and said true thickness is unknown. Ashley Gold has no mineral resource on the property.

By Élise Galarneau7 min readASHL.CN

Mining and Resources

A Redemption Notice Priced to End in Shares: Equinox Gold Calls US$172.5 Million of Converts

Equinox Gold has called the whole US$172.5 million of its 4.75 per cent convertible senior notes due October 2028 for redemption on 20 October 2026 at par plus accrued interest. Holders may convert instead until 19 October at an adjusted rate of 165.0732 shares per US$1,000, a conversion price near US$6.06. The company says up to 28,475,124 shares would be issued if every holder converts, about 2.44 per cent of the count.

By Élise Galarneau7 min readEQX.TO

Mining and Resources

Kinross Cut 2026 Production Three Per Cent and Raised All-In Cost Guidance Eight

Kinross Gold cut 2026 and 2027 production guidance to about 1.84 to 1.86 million gold equivalent ounces, two to three per cent below the low end of its previous range, and lifted its 2026 return of capital target from 40 to 50 per cent of free cash flow. The cost revision in the same release was proportionally larger. Shares closed at C$34.50 on 24 September, down 11.3 per cent.

By Élise Galarneau7 min readK.TO

Mining and Resources

A Drill Can Go Onto Red Flat, and Homeland Nickel Still Has No Current Resource

Homeland Nickel Inc. told the market on 17 September 2026 that the US Forest Service had accepted its plan of operation for a sonic drill programme at Red Flat in southwest Oregon, and that it can produce updated resource estimates for Red Flat and Cleopatra without drilling a single new hole. Both are genuine steps forward. Neither is a grade. The company's own technical report says Red Flat contains no current mineral resource estimate, and the shares have gone from 7 cents to 49 cents in a year on that basis.

By Élise Galarneau9 min readSHL.V

Mining and Resources

Aya Gold and Silver Drills 593 g/t Silver Equivalent Over 15.2 Metres With 14 Rigs Turning at Boumadine

Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) reported high-grade drill results from Boumadine in Morocco on September 22, 2026, including 593 g/t silver equivalent over 15.2 metres and 392 g/t over 24.3 metres. The company says the holes confirm strong high-grade continuity along the Main Trend. Behind the intercepts sits the larger number: 145,719 metres drilled at Boumadine this year, 38.6 per cent of a 360,000-metre infill programme, with 14 drills turning and an updated feasibility study expected next year. Shares closed at a record C$42.68, up 6.1 per cent.

By Élise Galarneau7 min readAYA.TO

Mining and Resources

Aya Gold and Silver’s C$4 Million Tizi Deal Adds Low-Cost District Upside

Aya Gold & Silver Inc. (TSX: AYA) agreed on 1 September 2026 to buy a 139 square kilometre copper-silver portfolio near its Zgounder mine in Morocco for C$4.0 million in shares. It closed 21 September 2026 at C$40.35, up 0.2 per cent, after a month that also brought a stronger Boumadine study and high-grade Zgounder drilling. The new ground has no mineral resource and its historical sampling remains unverified, but the modest, share-paid consideration gives Aya district-scale exploration upside without a large cash commitment.

By Élise Galarneau8 min readAYA.TO

Mining and Resources

Hemlo Mining Joined the GDXJ on Friday, and the Fund Held About US$1.6 Million of It

Hemlo Mining Corp. (TSX: HMMC) was added to the VanEck Junior Gold Miners ETF at the close on 18 September 2026. The fund's own holdings file put the position at US$1,562,814, or 0.02 per cent of net assets. That is about one tenth of one per cent of a company worth C$2.14 billion, and the shares fell about 3 per cent on the day the change took effect.

By Élise Galarneau7 min readHMMC.TO

Economy

A Canadian Company Can Watch Its Shares Fall All Week and Owe the Market Nothing at All

Canadian issuers must announce a material change immediately and file the report within 10 days. They are not required to publish every material fact, and they are not required to explain a share price. That single distinction explains most of the weeks when a Canadian small cap moves and SEDAR+ stays empty. Here is what the rules actually oblige, what the exchanges do when the price moves first, which filings arrive from someone other than the company, and the calendar that governs a quiet month.

By Élise Galarneau7 min read

Mining and Resources

Aya Gold and Silver Has Drilled 3,501 g/t Silver at Zgounder and Sold Nothing From It Yet

Aya Gold & Silver Inc. (TSX: AYA) reported high-grade silver intercepts near the Zgounder pit and at depth on September 16, 2026, eight days after doubling the paper value of its Boumadine project and fifteen days after agreeing to buy a copper-silver land package. The shares closed at C$40.24 on 17 September. The company holds US$182.8 million of cash, and about 80 per cent of the metal in the Boumadine study is in the most speculative resource category there is.

By Élise Galarneau7 min readAYA.TO

Mining and Resources

Pacific Imperial Mines Rose Two Thirds to Two and a Half Cents, Three Times Its Own Financing Price

Pacific Imperial Mines Inc. (TSXV: PPM) closed at C$0.025 on 16 September 2026, up 66.7 per cent on about five times average volume, with no announcement that day. The company had disclosed a ten-for-one consolidation and a placement of up to C$4 million at C$0.075 a unit on 9 September, and settled C$149,306.59 of debt with two directors on 11 September. The published financing price is a third of where the shares traded.

By Élise Galarneau7 min readPPM.V

Mining and Resources

Banyan Gold Joins the GDXJ With 8.6 Million Ounces and No Economic Study of Them

Banyan Gold Corp. (TSXV: BYN) said on 14 September 2026 that it joins the index behind the VanEck Junior Gold Miners ETF on 21 September. Its AurMac project in the Yukon holds 3.639 million indicated ounces and 4.985 million inferred ounces of gold. There is no preliminary economic assessment yet. At Tuesday's close the market valued the company at about C$98 for every ounce in the ground, or C$233 for each indicated ounce.

By Élise Galarneau6 min readBYN.V

Mining and Resources

A US$5.22 Million Cost Share for Bitterroot's Michigan Nickel Project, and an Unnamed Matching Half

Bitterroot Resources Ltd. (TSXV: BTT) said on 15 September 2026 that the U.S. Department of War will invest up to US$5,223,431 in its Michigan nickel-copper project on a 50/50 cost share basis. A cost share has two sides. The release sets out the government's side in detail and says nothing about who funds the matching half, which on the same arithmetic runs to roughly C$7.3 million against a company worth C$17.1 million at Tuesday's close.

By Élise Galarneau8 min readBTT.V

Mining and Resources

No Assays and 20.5 Million Cancelled Options: What Hercules Metals Reported Before Tuesday's Open

Hercules Metals Corp., listed on the TSX Venture Exchange as BIG, reported on September 14, 2026 that its first reconnaissance hole at the Hook target in Idaho hit strong alteration and pyrite. Assays are pending, and the company said they should be more useful for pointing at the system than for returning copper. The same release cancelled 20.5 million stock options granted six weeks earlier, without giving a reason.

By Élise Galarneau8 min readBIG.V

Mining and Resources

A Seville Court Restarts Emerita Resources' Aznalcóllar Case After a Quarter That Used C$6.4 Million of Cash

Emerita Resources said on September 11, 2026 that the High Court of Justice of Andalusia had lifted the suspension of the administrative case over the Aznalcóllar tender, frozen since November 2018. That restarts the case; it does not decide it, and Emerita does not own Aznalcóllar. What it owns is an 18.96 million tonne indicated resource in Huelva, a June 30 cash balance of C$9.1 million after a quarter that used C$6.4 million, warrants struck at C$1.30 against a C$0.33 share price on delayed market data, and an unresolved proceeding before Ontario's Capital Markets Tribunal.

By Élise Galarneau11 min readEMO.V

Economy

Why a Canadian Explorer Can Sell New Shares Above Its Own Market Price, and Who Pays for That

Junior exploration was the busiest corner of the Canadian market this week, and almost none of it is paid for out of revenue. It is paid for by placements, and those placements are priced two different ways at once: flow-through shares above the market, ordinary units below it. The difference is a tax deduction the Canada Revenue Agency lets an exploration company hand to the buyer. Here is what that deduction is worth in dollars, why the calendar pushes the cheques into the autumn, and what each kind of financing does to the share count.

By Élise Galarneau8 min read

Mining and Resources

A Return of Capital, Not a Result: Lightning Resource (TSXV: LTNG) Fell 18.9 Per Cent on 11 September

Lightning Resource closed at C$0.385 on 11 September 2026, down 18.9 per cent on roughly fifty times its recent average volume. No Lightning release was issued that day. What landed the day before was a return of capital from Prospector Metals that distributed 29,400,000 Lightning shares, and the arithmetic of that distribution explains the tape better than anything in the company's own disclosure.

By Élise Galarneau9 min readLTNG.V

Mining and Resources

Aya Gold and Silver's Updated Boumadine Study Doubles Its Value to US$3.5 Billion Before Reserves

Aya Gold & Silver Inc. (TSX: AYA) released an updated preliminary economic assessment for Boumadine in Morocco on September 9, 2026, lifting the after-tax NPV at a 5 per cent discount rate to US$3.5 billion from US$1,475 million, with a 93 per cent IRR, a 0.7-year payback and initial capital of US$463 million. Mine life goes to 14 years from 11. The study also raises the metal price deck to US$3,500 per ounce gold from US$2,800, holds no mineral reserves, and draws 79 per cent of its ounces from the inferred category.

By Élise Galarneau9 min readAYA.TO

Mining and Resources

Four Holes, Three Intrusions and No Assays: What Perseverance Metals' 93.8 Per Cent Day Rests On

Perseverance Metals reported on September 9, 2026 that three of four diamond drill holes into the blind Osprey target at its Voyageur project in Michigan had intersected a mafic-ultramafic intrusion up to 50 metres thick carrying 3 to 8 per cent magmatic sulphides, with portable XRF confirming nickel and copper. Assays are pending. The shares closed at C$0.93, up 93.8 per cent, adding roughly C$17.4 million of market value on a release that contains no grade.

By Élise Galarneau8 min readPMI.V

OpinionEconomyExplainer

The Case Against Chasing Dividend Yield in Canada

A simple high-yield screen on the TSX tends to surface companies the market already doubts, not hidden value. This piece explains why yield alone is a poor screen, which metrics — payout ratio against free cash flow, dividend growth history, debt profile — actually matter, and where high yields are structurally legitimate.

By Élise Galarneau3 min read

EconomyTrade

Canada's Trade Balance and the Concentration Problem

Canada's exports remain unusually concentrated in a single destination market, a structural feature that two decades of diversification efforts have barely moved. This piece explains why that concentration is a direct earnings risk for TSX-listed exporters, not just a macro footnote.

By Élise Galarneau3 min read

Real EstateHouseholds

What Rising Mortgage Renewals Mean for Canadian Consumer Spending

Canada's short mortgage terms mean rate increases hit household budgets in staggered waves rather than all at once, with the largest renewal wave still ahead. The piece explains why Canada differs from the US, how the drag shows up in consumer spending, and what could offset it.

By Élise Galarneau3 min read

Canadian MarketsCurrencies

The Loonie, the Differential and Why CAD/USD Stopped Tracking Oil

The long-assumed link between crude prices and the Canadian dollar has weakened as energy's share of the economy has shrunk and interest-rate differentials have taken over as the dominant driver. This piece explains the rate-differential mechanism now doing most of the work and what that means for how Canadian investors should think about currency exposure.

By Élise Galarneau3 min read

EconomyMonetary policy

Bank of Canada Holds at 2.75% and Signals a Longer Pause

The Bank of Canada held its policy rate at 2.75 per cent for a third straight meeting and dropped language markets had read as an easing bias, a more hawkish signal than the unchanged rate suggests. Bond yields, the loonie and rate-sensitive equity sectors all moved on the guidance shift rather than the rate itself.

By Élise Galarneau4 min read

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