Richard Dias, CFA

What does “.U” mean on ETF tickers? A “.U” at the end of a Canadian ETF ticker indicates the ETF trades in U.S. dollars rather than Canadian dollars. While the underlying holdings are the same as the CAD version, the trading currency is USD. This can be useful for investors who already hold U.S. dollars or want to avoid currency conversion when buying or selling. #ETFs #InvestingBasics #CurrencyMarkets #FinancialLiteracy #CETFA

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𝗨𝗿𝗮𝗻𝗶𝘂𝗺 𝘀𝗽𝗶𝗸𝗲𝘀 𝗼𝗻 𝗘𝗧𝗙 𝗯𝘂𝘆𝗶𝗻𝗴   On Monday, Canada’s SPROTT received $𝟭��𝟬𝗺𝗻 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝘁𝗼 𝗯𝘂𝘆 𝗽𝗵𝘆𝘀𝗶𝗰𝗮𝗹 𝘂𝗿𝗮𝗻𝗶𝘂𝗺, which it holds for ETF investors, boosting uranium market sentiment and prices significantly. The ETF news added to already-strong general positivity around uranium, which had seen prices increasing since March (see graph) on the back of 𝗲𝘅𝗽𝗲𝗰𝘁𝗲𝗱 𝗿𝗶𝘀𝗶𝗻𝗴 𝗱𝗲𝗺𝗮𝗻𝗱. 𝗖𝗵𝗶𝗻𝗮 is building about 𝟲𝟬% 𝗼𝗳 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱’𝘀 𝗻𝗲𝘄 𝗿𝗲𝗮𝗰𝘁𝗼𝗿𝘀 while the US, Europe have increased government support for operating reactors and 𝗞𝗮𝘇𝗮𝗸𝗵𝘀𝘁𝗮𝗻 𝗽𝗹𝗮𝗻𝘀 𝘁𝗼 𝗮𝗱𝗱 𝗿𝗲𝗮𝗰𝘁𝗼𝗿𝘀. Meanwhile, global mined uranium supply continues to lag nuclear reactor demand. Nuclear reactors are receiving a boost as sources of clean baseload energy, particularly for energy hungry data centres. #Uranium #ETFs #Sprott #UraniumPrices #NuclearEnergy #CleanEnergy #EnergyTransition #ChinaEnergy #Kazakhstan #BaseloadPower #EnergyDemand #DataCentres #NuclearReactors #Mining #UraniumDemand #CommodityMarkets #EnergySecurity

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New accumulating units. Same market-leading cash solutions. Introducing accumulating units classes for select Global X cash ETFs, designed to automatically reinvest distributions, reduce cash drag, and simplify portfolio management. Global X continues to expand Canada’s largest cash ETF suite with accumulating unit classes designed to help advisors and investors keep cash fully invested with less operational friction. Because better cash management should be simple.

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Evolve ETFs is excited to announce that the Evolve Canadian Equity UltraYield ETF (𝗧𝗦𝗫: 𝗖𝗔𝗡𝗬) is now trading on the TSX. 🍁 Modestly 1.33x levered exposure to leading Canadian companies 🍁 Active covered call strategy for enhanced yield 🍁 Distributions paid twice per month https://lnkd.in/gV_f__jT

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"Do less" Canadian #CPI came in as expected for June with a headline year-over-year print of 1.9%. But meeting expectations doesn’t make the #interestrate decision easier for the #BankofCanada. At 1.9% #inflation is right on target with respect to the BoC’s range of 2% +/- 1%. Looking deeper into the components shows accelerating inflation for clothing and footwear, as well as health and personal care items. How much of the recent price increase is a consequence of tariffs remains to be seen. Meanwhile, shelter cost inflation has been easing but remains elevated at 2.9% year-over-year. Shelter should continue to be less of a driver of inflation going forward as the base effects from the interest rate increases of prior years fades. This report however, does not give the Bank of Canada the green light to cut its overnight rate in July. In fact, we believe the direction for inflation is higher through the back half of the year – which will keep the Bank on the sidelines. Modelling out inflation through the remainder of 2025 shows an upward trend back towards 3%. Further #tariff pressure will only compound that number. This is the challenge the #BoC has. The higher inflation is more of a math/base effect problem than a true inflation problem. As we drop off the flat/negative month-over-month inflation prints of last year (August, September, November and December) even factoring for only a modest increase in month-over-month inflation of 0.1% will push the yoy print towards 3%. Nonetheless, should the Bank hold firm on its inflation commitment, the likelihood of an additional #ratecut falls further and further away. The Governing Council would have a difficult time justifying an additional rate cut given sticky (and higher) inflation, alongside the better-than-expected June jobs report. “Do less” is the higher probability path forward. The takeaway for investors is that #GovernmentofCanada #bond #yields are likely to push higher while the recent #loonie strength is likely to remain in place, for now. #interestrates #centralbankpolicy #assetallocation #bondyields #fixedincome #bonds #currency #foreignexchange #investing #igwealthmanagement #igwealth #thelivingmarketpodcast

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Mining stocks just reminded everyone what a real liquidity cycle looks like. The TSX Venture Exchange released its TSXV 50 list this week, and it’s basically a scoreboard of where risk capital is rotating. Mining dominated the ranking with 48 of 51 entries. The TSXV 50 delivered an average share price gain of 443 percent in 2025. The group represented 19.9 billion dollars in market capitalization. Forty three of the ranked companies raised over 1.5 billion dollars in 2025. Trading volume hit over 13.2 billion shares, roughly double year on year. The top names tell the story. Santacruz Silver Mining was up roughly 1,100 percent on share price. Ucore Rare Metals posted roughly 1,100 percent market cap growth, with a focus on rare earth processing. This isn’t just speculation. It’s a signal. When gold rallies and rare earths come back into focus, the market does something predictable. It moves upstream. First the metal moves. Then the optionality moves. Then the juniors explode. And when processing stories rank this high, it tells you something bigger. This cycle isn’t only about geology. It’s about strategic supply chains. If you track commodities, track junior markets too. They often show you where the next scarcity premium is forming before the mainstream narrative catches up. Are we entering a sustained hard asset financing cycle, or was 2025 a squeeze that fades?

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US versus Canada - cumulative net capital flows since 2000 as a percent of GDP (2025 forecast). This is the "stagnation" in Canada's stagflation trajectory as a visual. Add in persistent current and fiscal account deficits and you get the inflation side of the equation. Are you levered long aggregate Canadian GDP growth and short Canadian inflation without knowing it? Perhaps consider adding exposures that hedge these risks. Arvore Partners | Veripath Farmland Funds

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This is a substantial resource upgrade that positions Canada Nickel as a key emerging player in North America’s critical minerals strategy. In a credit and investment risk analysis, the scale and grade uplift enhance long-term project economics, improve asset valuations, and strengthen the company’s potential for strategic offtake and financing partnerships, particularly as demand for battery-grade nickel intensifies. #creditrisk #nickel #criticalminerals #investmentrisk #projectfinance #mining

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The loonie found support as risk appetite improved on renewed hopes for diplomatic progress, though gains remain tentative ahead of key central bank decisions. With domestic catalysts limited, CAD direction will depend on oil prices, broader sentiment, and how markets interpret upcoming policy signals. https://loom.ly/Iuc8qxs #CAD #CentralBanks #OilPrices #FXMarkets #ForeignExchange #FinancialServices #FXTraders

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Troilus Upsizes Debt Financing Mandate for up to US$1.2 Billion MONTREAL, May 05, 2026 (GLOBE NEWSWIRE) -- Troilus Mining Corp. (TSX: TLG; OTCQX: CHXMF; FSE: CM5) (“Troilus” or the “Company”) is pleased to announce that it has further increased its previously announced debt financing mandate from up to US$1.0 billion to up to US$1.2 billion, reflecting continued strong lender support and advancing progress toward a fully funded construction package for the Troilus copper-gold project (the “Project”), located in north-central Québec, Canada. The financing is being led by a syndicate of leading global financial institutions, including Societe Generale, KfW IPEX-Bank, and Export Development Canada (“EDC”) (together, the “Mandated Lead Arrangers” or “MLAs”), and is expected to form the cornerstone of the Project’s overall financing structure. The increased mandate underscores the strong alignment between Troilus and its lending partners, supported by the Project’s scale, long-life production profile, and growing strategic importance as one of North America’s next major copper-gold mines. The structure of the facility is expected to provide a flexible, competitively priced source of capital, with meaningful support from export credit agency partners. Justin Reid, CEO of Troilus, commented, “The increase of up to US$1.2 billion marks a major milestone as we advance the debt financing along with other components of the project financing package, to position Troilus toward a fully funded construction decision. This expanded mandate reflects the significant progress made by the Company through basic and into detailed engineering, which has provided the lending syndicate with increased confidence as our execution plan becomes more clearly defined. Troilus is also a uniquely flexible asset. We will produce doré on site, while also shipping a precious metal rich copper concentrate to both international and domestic markets. That level of optionality is a real strength of the Project as we move through the final gating items required to advance to construction.” For a Full TLG: TSX Profile View and Full Press Release visit them at: https://lnkd.in/g52GXJbv #goldmining #preciousmetals #miningstocks #goldstocks #investing #stockstowatch #smallcapstocks #stockmarketinvesting #stockstobuy #investments #investors #gold #goldinvestment #investment #Quebec #tsx #exploration #stocks #mining #invest #TroilusGold #Copper #QuebecMining 

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"In 2025, most of Canada’s active funds failed to surpass their respective indices. Across categories, an average of over 85.4% of active funds underperformed their benchmarks, including Canadian Equity funds at 93.4%..." https://lnkd.in/edXeHhfA

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Sanity checking the often forgotten FX exposure in a portfolio is a key part of risk management and a potential source of performance. Not doing anything about a portfolio’s FX exposure is actually equivalent to taking a very strong view on it! #riskmanagement #hegding #FX #foreignexchange #markets #investing

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Investor Outlook: Gold at Record Highs As highlighted by BNN Bloomberg, gold has surged to historic levels, driven by central bank accumulation, particularly from China, alongside investor confidence in precious metals as a hedge against uncertainty. At Combined Mining Company, we recognize this momentum as validation of our long-term strategy: strengthening local exploration and delivering sustainable gold mining operations in Africa. Our commitment is not only to meet market demand but also to position Uganda and the region as a central player in the global precious metals market. The future is golden — literally and strategically. — Dr. Jennifer Kamusana Managing Director | Combined Mining Company #Gold #Mining #InvestmentOpportunities #CombinedMiningCompany #InvestorOutlook

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The Most Polite Wealth Transfer in History Canada's 2025 industrial policy is dead last among rich countries After researching and cross-checking PBO, IMF, OECD, ISED, and company filings, the numbers are in—and they are merciless. Canada runs the single least effective industrial policy of any developed nation. Composite score: 8.8 / 100 Dead last. Behind Romania. Behind South Africa. Canada is not short on cash. Ottawa has committed $78 billion+ in deficit spending to SIF, EV battery megaprojects, and “net-zero” grants. The problem is not the size of the cheques; it's who cashes them. Four Fatal Design Flaws Zero Transparency (15/100) Singapore → quarterly public dashboards US CHIPS Act → 90-day project scorecards Canada → one redacted annual report → PBO cannot even audit the $15 B Stellantis or $13 B VW deals. Northvolt collapse? $1.34 B at risk, zero clawbacks. Zero Domestic Retention (10/100) Taiwan keeps 100 % of the IP. Japan screens foreign takeovers. Canada has no golden shares, no licensing-back, no local-content mandates. → 70–80 % of the value leaves the country (PBO & IMF 2025). Next To No Private Crowd-in (10/100) ISED claims “9:1 leverage.” PBO-verified reality: 0.8–1.5 : 1. Foreign parents pocket the subsidy, invest the bare minimum, and repatriate everything. No Reinvestment Loop (8/100) South Korea’s NPS → 70–75 % domestic reinvestment Japan’s GPIF → 20–25 % strategic domestic allocation Canada’s CPP → ~12 % domestic exposure → Profits go to Seoul, Wolfsburg, or Helsinki. They never come back to seed the next Canadian champion. Net result: 18–31 cents of domestic GDP per dollar spent versus $6–10 in Singapore, Taiwan, Israel, Korea, Japan. Who Wins? Foreign multinationals (LG, Stellantis, VW, Honda, Nokia) → 70–80 % of the upside Global asset managers (Brookfield, BlackRock, KKR) → 2 % fees + 20 % carry on mostly taxpayer money Consultants, lawyers, lobbyists (hundreds of millions in fees) Politicians (photo-ops and “jobs announced” headlines and zero culpability) Who Loses? Every Canadian taxpayer, entrepreneur, pensioner, and the next generation. Every serious peer country has built legal and institutional guardrails to keep the upside at home and make it compound. Canada has consciously chose the opposite path. That is the policy. Until we demand... real-time public scorecards ≥50 % domestic retention mandates enforceable clawbacks …every new $15-billion battery-plant ribbon-cutting is just the next instalment in the largest, quietest, most polite wealth transfer in history. You can’t unsee the numbers.

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Canada: Rate Cuts Imminent as Inflation Remains Below the BoC’s 2% Target https://lnkd.in/gpDdEhBw Headline CPI rose 1.9% y/y in August, up from 1.7% y/y in July, but slightly below the consensus expectation of economists (2.0%). Prices moved down 0.1% month‑over‑month but rose 0.2% after adjusting for seasonal effects.    Headline inflation came in below the Bank of Canada’s (BoC’s) 2% inflation target for the fifth consecutive month in August. While lower energy prices continued to keep a lid on inflation in August, changes in other price categories were more mixed. The price of food edged higher. Shelter inflation slowed in August. The BoC’s preferred measures of core inflation—CPI median and trimmed mean—were broadly unchanged (graph).   While underlying inflation proved somewhat sticky in August, the trend is undoubtedly its friend. With the removal of retaliatory tariffs on over $44B in imports from the US, CPI inflation is expected to gradually track lower going forward. And when combined with a weak economy and labour market, we maintain our long‑held call the the Bank of Canada will cut the policy rate by 25 basis points tomorrow.

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