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Civil rights group declares ‘state of emergency,’ pointing at Trump admin

The National Urban League is sounding the alarm, asserting that there is a ‘state of emergency’ in the country.

The organization’s ‘State of Black America’ report for 2025 titled ‘State of Emergency: Democracy, Civil Rights, and Progress Under Attack,’ takes aim at the Trump administration.

‘Almost daily, since January 20, 2025, the federal government, at the direction of the White House, has set fire to policies and entire departments dedicated to protecting civil and human rights, providing access to an equal education, fair housing, safe and effective healthcare, and ensuring that our democratic process is adhered to across the nation,’ the report claims.

White House spokesman Harrison Fields pushed back in a statement to Fox News Digital.

‘These so-called civil rights groups aren’t advancing anything but hate and division, while the President is focused on uniting our country, improving our economy, securing our borders, and establishing peace across the globe,’ Fields said in the statement. ‘This is the same vision for America that a record number of Black Americans supported in the resounding reelection of President Trump. The Democrats have sold out Black voters to appease their base, which consists of illegals, the pronoun police, purple-haired lunatics, and radical anti-Semites.’

National Urban League President and CEO Marc Morial declared in the report, ‘The notion that we are living through a ‘state of emergency’ is not rhetorical flourish. It is an honest reckoning with a government increasingly determined to sacrifice its founding principles—equality, liberty, and justice—rather than accept the truth of a diversifying nation and deliver equitable opportunity to all.’

The report claims that the Civil Rights Division of the Justice Department has been twisted ‘into a tool for political retribution.’

‘Under its new leadership, the Civil Rights Division has been hollowed out and repurposed— transforming from a guardian of justice into a tool for political retribution,’ the report asserts. ‘The radicalization of the DOJ is more than bureaucratic rot—it is an existential threat to civil rights enforcement, allowing discrimination to flourish unchecked under the false guise of ‘reverse racism.’’

The report, which includes House Minority Leader Hakeem Jeffries, D-N.Y. and several other U.S. lawmakers among the list of contributors, speaks favorably about diversity, equity, and inclusion (DEI) efforts.

‘In short, DEI policies don’t just level the playing field in education and employment; they fortify democracy itself. By expanding opportunities, ensuring equitable access to information, and creating leadership pipelines, DEI helps guarantee that every American—not just the privileged few— can contribute to the nation’s future,’ the report declares.

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Senate Republicans, do the right thing on Trump’s unfit judicial nominee

This week, Republican members of the Senate Judiciary Committee will once again be asked to draw the line between what is permissible and impermissible for a Trump nominee, when they decide whether Emil Bove’s nomination to the Third Circuit Court of Appeals should receive a full Senate vote.

Confirming Bove would mean redrawing that line to ignore serious concerns about his truthfulness under oath. I was in the room when he made statements that my colleagues and I understood as threats—meant to pressure us into signing a motion to dismiss the federal criminal case against New York City Mayor Eric Adams. Mr. Bove has since denied making any such statements in testimony before the Senate Judiciary Committee, but those denials do not reflect what actually took place.

In February of this year, then-Acting Deputy Attorney General Emil Bove ordered prosecutors in my former office, the Public Integrity Section, to dismiss the bribery case against Mayor Adams. Bove openly admitted in a memorandum that the dismissal was unrelated to the facts and the law. This led to the resignation of five Public Integrity Section prosecutors, including me, to go along with prosecutors from the U.S. Attorney’s Office in New York, who also refused the order and resigned. 

The Public Integrity Section has since been reduced to less than five prosecutors, meaning the only component of the Justice Department’s Criminal Division dedicated to prosecuting domestic public corruption exists almost entirely in name only today. 

In his written responses to members of the Senate Judiciary Committee, Bove flatly denied that he ever so much as suggested a threat to me and my colleagues, explaining that during the meeting with our section, ‘[i]t was never my intention to coerce, pressure, or induce an DOJ attorney – through adverse employment actions, threats, rewards, or otherwise – to sign the motion to dismiss the charges against Mayor Adams.’ But by the time of that meeting, it’s undisputed that he had already accepted the forced resignation of the U.S. Attorney in New York, put line prosecutors from that office on administrative leave for not signing the motion, and forced the entirety of the Public Integrity Section’s management to resign when it refused to carry out his order. And how does his denial square with his admission that he generally recalls ‘[telling us] he didn’t want to get anyone in trouble … so he didn’t want to know who was opposed to signing the motion’? 

Bove’s nomination would mark a troubling precedent: confirming a nominee who, in my view, gave testimony that was so obviously misleading to the committee and the American public. That’s what makes this so profoundly disturbing. Previous contested judicial confirmation hearings have involved accusations where one nomination’s credibility was pitted against that of an accuser, or judicial credentials were questioned. But never before has a nominee testified in such a demonstrably brazen manner with a wink and nod to the Republican committee members. 

There is only one realistic hope to prevent Bove’s nomination from moving forwardto a full floor vote, and it rests on the shoulders of Sen. Thom Tillis. The North Carolina Republican, a staunch conservative, has previously demonstrated political courage by speaking for his principles, not his party, on many issues. He believes in ‘calling the balls and strikes.’ 

Sen. Tillis prevented the confirmation of Edward Martin, the woefully unqualified nominee for U.S. Attorney in the District of Columbia, who used his office to pen threatening, typo-ridden letters to Democratic members of Congress, defense attorneys, and Georgetown University. Bove poses a far graver threat, in that his would be a lifetime tenure to a judicial branch he believes should not be a check on the president’s power.

Moreover, Trump’s latest tussle with Leonard Leo and the Federalist Society further reveals that he is no longer looking for jurists who are conservatives, but rather, loyalists. So, who would be better to elevate from a federal circuit court to the Supreme Court if Justices Thomas or Alito decided to retire before 2028 than Bove? 

On the Sunday night before I sent my resignation letter to Attorney General Bondi (Bove was cc-ed) on Monday, I was clearing out my belongings from my office when I noticed that someone had prominently placed a plaque on our reception desk. It quoted Abraham Lincoln: ‘If you want to test a man’s character, give him power.’ 

Bove served as line prosecutor earlier in his career – he knows the prosecutor’s code. But, in my experience, it appears that once he had a whiff of power, Bove was willing to abuse it. With his smug testimony, Bove has essentially called the Republicans’ bluff, believing that Sen. Tillis and the others won’t have the courage to vote against him.

Citizens of all political persuasions should hope that Sen. Tillis shows the courage and character that Bove lacks by voting no on his confirmation.

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Ignore outrageous attacks on Trump’s DOJ champion. He belongs on the bench

In recent weeks, some public commentary has accused the Department of Justice of defying court orders and insinuated that Emil Bove’s confirmation will undermine the rule of law. Nothing could be further from the truth. The Department of Justice follows court orders—even when those orders are legally unsound or deeply flawed. And Emil is the most capable and principled lawyer I have ever known. His legal acumen is extraordinary, and his moral clarity is above reproach. The Senate should swiftly confirm him to the U.S. Court of Appeals for the Third Circuit.

This administration has repeatedly been targeted with sweeping, overreaching injunctions, often issued by ideologically aligned judges in defiance of settled law—including orders of the Supreme Court. Time and again, these rulings have been reversed on appeal, and easily so.  The pattern is familiar by now: aggressive district court orders grab headlines, only to be walked back when subjected to the slightest judicial scrutiny. 

Despite this consistent trend, the persistent narrative in the media and in the legal community is that it is the Department of Justice that ignores courts. That is plainly wrong. Disagreements over interpretation do not constitute defiance, any more than does filing an appeal. And, histrionics aside, good-faith disputes over timing and implementation of court orders do not represent insubordination—especially given the very difficult and novel problems presented by implementing the unprecedentedly overbroad and vague court orders imposed on this administration. The Department of Justice invariably complies with court orders no matter how much it disagrees with the underlying reasoning or the egregiousness of the judicial error. The appellate process has always been the means of securing relief from an erroneous order, and it still is.

You will search in vain for any critique of district judges who abuse their power and issue baseless injunctions in the editorial pages of The New York Times, CNN, or even the WSJ—even where those injunctions are reversed or stayed on appeal. 

The same commentators who foment anger over the Department of Justice’s good-faith efforts to comply with legally unsound court orders are silent when Article III judges overreach and issue rulings that interfere with the President’s authority and undermine the rule of law.

That brings me to my friend and colleague, Emil. The dedicated lawyers of the Department of Justice work tirelessly to comply with court orders and to promote the rule of law. There is no finer example of that dedication than Emil. 

In a thankless job, Emil expects excellence and courage from every lawyer in the Department, no matter the opposition faced. He pushes our dedicated lawyers to meet the moment and the mission of defending this administration against those who seek to block President Donald Trump from fulfilling his promises to the American people. And he consistently requires the highest level of integrity from all Department employees. 

Unfortunately, but unsurprisingly, the media has recently amplified slanderous attacks on Emil’s character based on a foundation of selective leaks, misleading reporting, and falsehoods. I am taking this opportunity to clear up a few of those misconceptions.

First, as to the termination of the leaker, it was Attorney General Pam Bondi and I who decided to terminate his employment. It was not Emil’s decision. And contrary to media spin, the employee was terminated for failing to defend his client—the United States of America—in open court; he was not dismissed for admitting an error in court. 

In his courtroom statements, the leaker distanced himself from the Department’s position and attempted to undermine the credibility of his own client. That is not zealous representation. That is an unethical dereliction of duty, which no client should be required to countenance.  

Moreover, Emil has never encouraged lawyers or anyone else to act in defiance of a court order. There was no order to violate at the time of the alleged statements. No injunctive relief had been granted—oral or written. No directive was issued to reverse any executive action. These facts are not in dispute, not even by the leaker. And most critically, after Judge Boasberg did issue an order in the relevant case, the Department fastidiously complied. That is not speculation. That is the explicit position taken by the leaker himself, who signed the government’s brief affirming the United States’ compliance on March 25, 2025. 

The same kind of distortions are being used to attack the Department’s lawful dismissal of the irreparably flawed case against New York Mayor Eric Adams. That decision was reviewed and approved by Department leadership and grounded in sound legal judgment. The judge agreed, granting the government’s motion to dismiss. 

That should end the conversation. But for those who insist on rehashing internal dissent and resignations, it should be obvious that disagreements within the Department do not render a decision unlawful or unethical. To the contrary, Emil’s integrity was displayed when he himself argued the case in favor of dismissal, even as his former colleagues in SDNY retreated. 

Before the Senate Judiciary Committee, Emil attested what those lucky enough to work with him already know to be true: he believes deeply in the rule of law, and in the importance of court orders. And what he has done time and again over the course of his career is bring rigor, integrity, and decency to his work. 

Emil has the backbone for hard cases, the restraint to wield judicial authority judiciously, and the intellect to master complexity. He will decide cases fairly. He will apply the law as written. He will not bend to political pressure. And that is exactly the kind of judge our country needs.

Emil is a dedicated public servant, an exemplary lawyer, and a person of quiet strength and deep character. 

The Senate should reject the smear campaign and vote to confirm him to the Third Circuit. Justice demands nothing less. 

This post appeared first on FOX NEWS

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Dr. Nomi Prins: Gold, Silver, Uranium and More — I’m Focusing on What’s Real

Dr. Nomi Prins of Prinsights Global discusses the real asset uprising and how to invest.

‘The uprising actually means that real assets don’t have value just for what they are in terms of price — they have value for their positioning in the geopolitical power battle,’ she explained.

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

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Apple, MP Materials Ink US$500 Million Deal to Build US Rare Earth Magnet Supply Chain

Apple (NASDAQ:AAPL) and MP Materials (NYSE:MP) have signed a US$500 million supply agreement to manufacture rare earth magnets in the US from 100 percent recycled materials.

Under the deal, MP will deliver recycled magnets starting in 2027 to support “hundreds of millions” of Apple devices, including iPhones, iPads and MacBooks. Announced on Tuesday (July 15), the deal marks a major step forward in Apple’s plan to build more sustainable domestic supply chains for its core technologies.

“American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the US economy,” Apple CEO Tim Cook said in a press release. “Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States.”

The two companies spent nearly five years developing recycling technologies capable of meeting Apple’s stringent performance and environmental standards. Now, MP will build a commercial-scale recycling line at its Mountain Pass site to process magnet scrap and recovered components from decommissioned products.

To fulfill Apple’s requirements, MP will also expand its Fort Worth, Texas, facility — dubbed “Independence” — creating dozens of new roles in manufacturing, as well as research and development.

“We are proud to partner with Apple to launch MP’s recycling platform and scale up our magnetics business,” said MP CEO James Litinsky in a separate Tuesday press release. “This collaboration deepens our vertical integration, strengthens supply chain resilience, and reinforces America’s industrial capacity at a pivotal moment.”

MP’s share price soared 20 percent following the news, pushing its market cap to near US$10 billion.

Analysts view the deal as a validation of MP’s strategy to build a fully domestic rare earth magnet supply chain and as a boost to national efforts to reduce reliance on China, which controls roughly 70 percent of global rare earths supply.

MP currently operates the only active US rare earths mine at Mountain Pass. Rare earth magnets produced from its materials power devices ranging from consumer electronics and electric vehicles to wind turbines and defense systems.

MP teams up with defense department

Just days before the Apple deal, MP secured a US$400 million preferred equity investment from the US Department of Defense (DoD), making the Pentagon its largest shareholder.

The funds will support a second magnet manufacturing plant — called the 10X facility — which is slated for commissioning in 2028 and will increase MP’s annual magnet output to 10,000 metric tons.

The government has also committed to purchasing 100 percent of the magnets produced at the new plant for 10 years, guaranteeing a floor price of US$110 per kilogram for neodymium-praseodymium oxide.

If market prices fall below that level, the DoD will pay the difference. Once production begins, the government will also receive 30 percent of any profits above the guaranteed price.

With operations spanning mining, separation, metallization and magnet production, MP is currently the only US firm with end-to-end capabilities for rare earth magnet manufacturing. The company is also expecting a US$150 million Pentagon loan to enhance its heavy rare earths separation capabilities at Mountain Pass.

MP’s Independence facility in Texas, alongside the upcoming 10X plant, anchors its downstream production strategy. The recycled feedstock used for Apple’s magnets will be sourced from post-industrial waste and retired electronics — reducing environmental impact while reinforcing resource resilience.

Apple, for its part, is pressing ahead with its US$500 billion US manufacturing initiative.

Earlier this year, it announced plans for a new artificial intelligence server factory in Texas and signaled continued interest in reshoring key parts of its production ecosystem.

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

This post appeared first on investingnews.com

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Barrick Mulls Canadian Exit as Mali Gold Tensions Escalate

Major miner Barrick Mining (TSX:ABX,NYSE:B) is reportedly in advanced talks to sell its last remaining Canadian mine, Hemlo, to Discovery Silver (TSX:DSV,OTCQX:DSVSF).

Citing people familiar with the matter, Bloomberg reported on Tuesday (July 15) that the discussions, which began in April, have reached the final stages, although a deal has not yet been finalized.

If completed, the sale of the Ontario-based asset would mark Barrick’s full exit from gold mining in its home country, continuing a broader strategy of offloading smaller, less profitable assets as gold re-enters the spotlight.

Gold has climbed to record highs this year, reaching the US$3,500 per ounce level as geopolitical shocks — including US President Donald Trump’s tariff campaign and ongoing global conflicts — have driven investors toward safe havens.

That rally has reignited consolidation in the mining sector, with large producers like Barrick and Newmont (TSX:NGT,NYSE:NEM) streamlining their portfolios and junior miners seeking to grow.

Discovery Silver has emerged as an active buyer during this time.

In January, the company acquired Newmont’s Porcupine gold mine in Ontario for up to US$425 million. Buying Hemlo would deepen its footprint in Canada at a time when investor interest in North American assets is rising.

Mali seizes more gold from Barrick

For Barrick, the possible sale comes as the company faces legal and political headwinds in Mali, where its Loulo-Gounkoto complex has been embroiled in a bitter standoff with the ruling military junta.

On July 10, helicopters operated by Mali’s military landed unannounced at the Loulo-Gounkoto site and removed over a metric ton of gold — worth over US$117 million at current prices — without Barrick’s consent. The gold was likely taken for sale by the government-appointed provisional administrator that now oversees the site, the company said.

This is the second such seizure this year, following a January incident in which 3 metric tons of gold were taken and all exports were blocked, forcing Barrick to suspend operations.

Barrick has since launched international arbitration proceedings at the International Center for Settlement of Investment Disputes (ICSID), citing “violations of its legal rights.”

“I want to reaffirm Barrick’s commitment to Mali, even as we navigate extraordinary and unprecedented challenges,” CEO Mark Bristow said on July 12. “While we continue to engage constructively with the government of Mali, the ICSID process provides the legal certainty and international oversight necessary to resolve this dispute definitively.”

Barrick maintains that the provisional administration of the mine, which came after a controversial local court order in June, is unlawful. The firm also says it was never formally notified of the administrator’s appointment and was merely told that Samba Touré, a former Barrick employee and advisor to the mining ministry, would act as a liaison.

The government’s moves coincide with President Assimi Goïta’s latest political maneuver — a new law granting him an indefinite mandate “until the country is pacified.” Goïta seized power in a 2021 coup, his second in less than a year, and has since tightened control over the judiciary and state institutions.

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

This post appeared first on investingnews.com

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5 Best-performing Gold Stocks on the TSX in 2025

The gold price soared to new record highs during the second quarter of 2025, the most recent coming when it climbed to C$4,663.85, or US$3,433.47, on June 13.

Several factors fueled gold price momentum toward the end of the second quarter, including an escalation in Middle East tensions as Israel and Iran entered into direct conflict. Although a cease fire was announced, it came after the United States dropped several 30,000 pound bombs on key Iranian nuclear sites.

Additional support for gold has come from continued uncertainty in global financial markets as the US’s tariff strategy continues.

Since the beginning of the year, investors have sought the relative safety of gold and gold-backed investment products, which have pushed the price up more than 25 percent.

Against that backdrop, which TSX-listed gold stocks have performed the best? The companies listed below have been the top performers this year. Data was retrieved on July 2, 2025, using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million are included.

1. Belo Sun (TSX:BSX)

Year-to-date gain: 276.47 percent
Market cap: C$144.68 million
Share price: C$0.32

Belo Sun Mining is an exploration and development company focused on advancing its Volta Grande gold project in Brazil.

The property covers approximately 2,400 hectares within the Tres Palmeiras greenstone belt in Pará State, Brazil. The company has been working on the project since 2003, and acquired necessary development permits in 2014 and 2017.

A 2015 mineral reserve estimate demonstrated a proven and probable reserve of 3.79 million ounces of gold from 116 million metric tons of ore with an average gold grade of 1.02 per metric ton (g/t).

Development at the site stalled in 2018 after a federal judge ruled that the Federal Brazilian Institute of the Environment (IBAMA) would be the competent authority for issuing environmental permits. The decision was overturned in 2019, with the Secretariat of Environment and Sustainability of the State of Pará (SEMAS) reassuming its permitting authority. The decision was once again reversed in September 2023, returning authority to IBAMA.

On January 23, Belo Sun announced that the Federal Court of Appeals had reassigned SEMAS as the permitting authority for the Volta Grande project. The company said it was pleased with the decision, as the agency is familiar with the project and enjoys a constructive and transparent relationship with it.

The most recent news came on June 23, when the company announced that shareholders had approved a renewal of the company’s governance structure and elected four new directors to the board. Four of the board’s six members are now either Brazilian or have spent significant parts of their careers working in Brazil.

Shares in Belo Sun reached a year-to-date high of C$0.35 on June 16.

2. Euro Sun Mining (TSX:ESM)

Year-to-date gain: 200 percent
Market cap: C$53.71 million
Share price: C$0.135

Euro Sun Mining is a development-stage company advancing its Rovina Valley copper-gold project in Romania. The project’s mining license received full approval for 20 years in 2018, with the option to renew it in five year increments.

An updated feasibility study from March 2022 demonstrated the project’s economics, showing a post-tax net present value of US$512 million and an internal rate of return of 20.5 percent, assuming a base case gold price of US$1,675 per ounce and a copper price of US$3.75 per pound.

Proven and probable mineral reserve estimates for the site include 1.84 million ounces of gold and 197,522 metric tons of copper from 123.3 million metric tons of ore with an average grade of 0.47 g/t gold and 0.16 percent copper.

Shares in Euro Sun saw their most significant gains around the same time as a March 25 announcement that the EU included Rovina Valley on its first list of strategic assets. The inclusion, which Euro Sun applied for in May 2024, will enable the company to expedite permitting at Rovina Valley and shorten the development timeline.

On May 7, Euro Sun reported it met with Romania’s Minister of the Environment to discuss the advancement of the project. Both parties agreed that a single point of contact was needed to ensure compliance and fulfill requirements under the CRMA framework. The company plans to submit an updated environmental act in the near future.

On June 20, Euro Sun reported it signed a copper concentrates prepayment facility for up to US$200 million with private metals trader Trafigura, with the funding going towards the necessary permitting and investment to advance Rovina over the next 18 months.

Shares in Euro Sun reached a year-to-date high of C$0.145 on June 2.

3. Collective Mining (TSX:CNL)

Year-to-date gain: 165.05 percent
Market cap: C$1.26 billion
Share price: C$15.85

Collective Mining is a gold, copper and silver exploration company with focused interests in Caldas, Colombia.

Its two projects, Guayabales and San Antonio, consolidate large portions of a mineral belt that surrounds Aris Mining’s (TSX:ARIS,NYSE:ARMN)Marmato mine and within a region with 10 operating mines.

The Guayabales project comprises 26 claims spanning a total area of 4,780.98 hectares. Collective Mining has conducted extensive exploration at the property in 2025, with a primary focus on expanding the Apollo zone. The company also drilled multiple look-alike targets.

The most recent exploration report was released on June 30, when the company announced the discovery of a new high-grade vein system, with a highlighted assay of 534 g/t gold over 0.67 meters. However, the company stated that drilling was retargeted after results from a gravimetric survey indicated that the drill hole was outside the mineralized breccia body.

On June 23, Collective accelerated its agreement to acquire a 100 percent stake in the Guayabales property. Under the original agreement, Collective had until 2032 to make the required payments and incur the necessary exploration expenditures.

The company reported that the financial considerations remained the same under the amended agreement, but C$2 million would be paid immediately, with an additional C$2 million paid within one month of the title transfer request being filed and C$2.3 million after two months. The remaining C$3.5 million will now be paid out in six equal installments over a three-year period from the date of the amended agreement.

Shares in Collective Mining reached a year-to-date high of C$15.85 on July 2.

4. Starcore International (TSX:SAM)

Year-to-date gain: 150 percent
Market cap: C$19.06 million
Share price: C$0.325

Starcore International is a gold exploration and mining company with assets in Mexico, Canada and Côte d’Ivoire. Its primary asset is the San Martin mine in Queretaro, Mexico.

In the company’s fourth-quarter production results, released on May 13, it reported reaching a significant commissioning milestone in the new processing circuit and milling 5,000 metric tons of stockpiled ore.

The mine produced 3,242 gold-equivalent ounces during the quarter, up 3 percent from 2,268 ounces during the previous quarter. The company added that it was continuing to explore and develop a new area in the southern section of the mine.

Outside its Mexican operations, the main focus throughout 2025 has been its Kimoukro gold project in Côte d’Ivoire.

On April 9, Starcore reported results from 2024 exploration work at the project and an update on its activities at the project. In 2024, the company completed 55 line kilometers of induced polarization geophysical and ground magnetic surveying, along with a 355 hole, 2,988 meter auger drilling campaign.

Based on the results from the drilling, which aimed to confirm an identified gold anomaly in the topsoil, the anomaly is about 2.5 kilometers long and 500 to 800 meters wide, with an average grade of more than 20 parts per billion gold.

In the update, Starcore reported it established a field office during Q1 2025 and is completing a soil sampling program covering 5.5 square kilometers and 1,300 samples up to a depth of 1 meter.

Shares in Starcore reached a year-to-date high of C$0.325 on June 4.

5. Troilus Gold (TSX:TLG)

Year-to-date gain: 139.9 percent
Market cap: C$272.7 million
Share price: C$0.69

Troilus Gold is advancing its namesake property in Northern Québec, Canada.

The project is situated within the region covered by Plan Nord, a 25 year, C$80 billion development initiative focused on mining launched by the Government of Québec.

A May 2024 feasibility study revealed financials with a post-tax net present value of US$884.5 million, an internal rate of return of 14 percent and a payback period of 5.7 years based on a gold price of US$1,975 per ounce.

The included mineral resource estimate reports a probable mineral reserve of 6.02 million ounces of gold from 380 million metric tons of ore at an average grade of 0.49 g/t gold. It also hosts probable copper and silver reserves of 484 million pounds and 12.15 million ounces respectively.

Troilus has spent much of 2025 raising funds for the project’s development. The most significant came on March 13, when the company announced that it executed a mandate letter for a non-binding term sheet for a debt financing package of up to US$700 million.

The company noted that it had followed up on four letters of intent, resulting in a total potential funding of up to US$1.3 billion.

More recently, Troilus announced on June 18 that it had entered into an offtake agreement for gold-copper concentrate with German smelting company Aurubis (OTC Pink:AIAGF,XETRA:NDA).

The agreement is being executed in connection with the previously announced letter of intent for US$700 million in funding. According to Troilus, this includes a loan guarantee of up to US$500 million from a firm representing the German Federal Ministry of Economic Affairs and Climate Action.

Shares in Troilus reached a year-to-date high of C$0.73 on June 17.

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

This post appeared first on investingnews.com

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Biggest Canadian Defense Contractors and ETFs in 2025

Governments and militaries around the world are beefing up their defense budgets as geopolitical and trade tensions mount. Unsurprisingly, aerospace and defense stocks are looking more attractive to investors. 

The aerospace and defense industry comprises covers a large array of products, including aircraft, autonomous vehicles, marine vessels, satellites, electronic systems, software, missiles, drones and tanks.

Global defense spending increased by 9.4 percent in 2024 to US$2.72 trillion, led by the United States, China, Russia, Germany and India.

For its part, Canada spent US$29.3 billion on defense in 2024, making it the 15th highest spender globally. The country has yet to meet NATO member country spending targets of 2 percent of gross domestic product (GDP), coming in at 1.37 percent last year. However, this is expected to change in 2025.

In June, the Canadian government announced plans to invest an additional C$9 billion in the Canadian Armed Forces for the 2025/2026 fiscal year. The funds will go towards a wide array of improvements, including new aircraft, armed vehicles and drones.

“In an increasingly dangerous and divided world, Canada must assert its sovereignty,’ Prime Minister Mark Carney stated. ‘We will rapidly procure new equipment and technology, build our defence industrial capacity, and meet our NATO defence commitment this year. Canada will seize this opportunity with urgency and determination.”

Top 5 Canadian Defense Stocks

Canada’s aerospace and defense industry plays a large role both domestically and through exports. The Canadian Armed Forces prioritizes domestic equipment and services procurement, with 55 percent of expenditures made to Canadian suppliers in 2022.

The Canadian defense sector has historically outperformed the broader manufacturing sector in terms of industrial growth, according to a Government of Canada report.

Exports represent a significant portion of revenues for land and marine military goods and services. GlobalData reports that naval vessels and surface combatants, military fixed-wing aircrafts and military satellites are currently the most attractive segments of the country’s defense market.

1. CAE (TSX:CAE)

Market cap: C$12.33 billion

Established in 1947, CAE manufactures simulation technologies and digitally immersive training services for the aerospace, defense and healthcare industries. The company’s defense and security business unit provides training and mission support solutions for air, land, maritime, space and cybersecurity operations.

The company has regional defense and security training facilities in many countries and regions globally, namely the US, Canada, the United Kingdom, Europe, the Indo-Pacific and the Middle East. CAE’s annual revenue for its 2025 fiscal year ending March 31, 2025, was C$4.71 billion, up 10 percent year-over-year.

2. Bombardier (TSX:BBD.B)

Market cap: C$11.57 billion

A global leader in aviation, Bombardier is headquartered in Québec, Canada, and operates aerostructure, assembly and completion facilities in Canada, the US and Mexico. Although best known for its business jets, the company has also earned the distinction of being a trusted designer and manufacturer of military special-mission aircraft under its Bombardier Defense unit.

Bombardier Defense has a multi-year US$465 million contract to sell its Global 6000 jets to the US Air Force under the Battlefield Airborne Communications Node program, which began in 2021 and extends through 2026. Under the contract, Bombardier is selling modified Global aircrafts to the US Air Force. These aircrafts are specialized communications platforms that help bridge voice and data between forces on the ground and in the air.

Bombardier reported US$8.7 billion in revenue for 2024, up 8 percent year-over-year.

3. MDA Space (TSX:MDA)

Market cap: C$4.25 billion

MDA calls itself “an international space mission partner and a robotics, satellite systems and geointelligence pioneer.” The company is responsible for Canada’s first military satellite, Sapphire, which is designed to monitor Earth’s orbit and surveil outer space for man-made space debris and other satellites. Classified as a Space Situational Awareness small-satellite system, Sapphire was created for Canada’s Department of National Defence. MDA also provides satellite capabilities to the Department of National Defence’s Polar Epsilon satellite ground stations.

MDA reported strong top-line growth in 2024, with revenues of C$1.08 billion, up 34 percent year-over-year. The company expects 2025 full year revenues to be between C$1.5 billion and C$1.65 billion.

4. Magellan Aerospace (TSX:MAL)

Market cap: C$1.06 billion

Magellan Aerospace designs, manufacturers and services aeroengine and aerostructure assemblies and components for the global aerospace market, as well as proprietary products for the military and space submarkets.

In April of this year, the company signed an amendment to an important long-term revenue sharing agreement with GE Aerospace (NYSE:GE). The amendment includes the production of major components for the F414-GE-400K aircraft engine over a seven-year period for the Korean KF-21 fighter aircraft program for South Korea’s national arms procurement agency.

Magellan’s total revenue for 2024 came in at C$942.37 million, up 7.1 percent over the previous year.

5. Kraken Robotics (TSXV:PNG)

Market cap: C$767.92 million

Marine technology company Kraken Robotics provides advanced subsea sonar and laser systems, as well as batteries and robotics systems for unmanned underwater vehicles used in the military and commercially. According to Kraken, it is best known for its high-resolution 3D acoustic imaging solutions and services.

In February of this year, Kraken announced plans to open a new battery production facility in Nova Scotia, stating it aims to meet increasing demand for uncrewed underwater vehicles from the defense sector.

Kraken’s consolidated revenue for 2024 reached C$91.3 million, up 31 percent year-over-year. The company’s guidance for 2025 revenue is C$120 million to C$135 million.

Top Canadian Defense ETFs

Exchange-traded funds (ETFs) are marketable securities that track an index, a commodity, bonds or a basket of assets like an index fund. Investors can diversify their portfolio and lower the risk of investing in individual stocks with defense ETFs.

ETF Portfolio Blueprint has identified two Canadian Defense ETFs worthy of investor attention. All data was current as of June 30, 2025.

1. iShares U.S. Aerospace & Defense Index ETF (TSX:XAD)

Assets under management: C$50.57 million

iShares U.S. Aerospace & Defense ETF launched in September 2023, and has an expense ratio of 0.44 percent. This fund replicates the iShares U.S. Aerospace & Defense ETF (BATS:ITA) and tracks the Dow Jones US Select Aerospace & Defense Index.

These defense stocks are typically stable companies in the sector whose revenues are mainly tied to long-term government contracts. Top holdings include RTX (NYSE:RTX), The Boeing Company (NYSE:BA), Lockheed Martin (NYSE:LMT), General Dynamics (NYSE:GD) and L3Harris Technologies (NYSE:LHX).

2. Global X Defence Tech Index ETF (TSX:SHLD)

Assets under management: C$28.88 million

Launched in April 2025, the Global X Defense Tech Index ETF is the Canadian version of the Global X Defense Tech ETF (NYSEARCA:SHLD). Like its US equivalent, the ETF tracks the proprietary Global X Defense Tech Index, meaning this ETF differs from XAD by offering exposure to a mix of US and global defense stocks. As it is a brand new ETF, an expense ratio has not yet been calculated, but it has a management fee of 0.49 percent.

Its only holding is the US Global X Defense Tech ETF, which includes some of the biggest defense stocks such as Lockheed Martin and General Dynamics, and is also heavily weighted in Palantir Technologies (NASDAQ:PLTR) and L3Harris Technologies.

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

This post appeared first on investingnews.com

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