A Weekly Recap of All Things Resources to Thursday, April 17th, 2025

‘That’s a Wrap’

By Rod Blake

After a whipsawed week of making major bottoms followed by oversold rallies, many index fund players were relieved in thinking that the major American equity markets seemed to have bounced up off of the U.S. Trump administration tariff induced lows and were now positioned to once again move higher.

For resource investors – most were still licking their wounds save for the Gold Bugs who continued their Snoopy Happy Dance as the yellow metal once again set a new all-time closing high.

The way I see it – From my experience – after a market makes a new major bottom – it needs to retest that bottom. So, while the equity markets made rallies going into last weekend, I would not be surprised to see them once again break to the downside and retest the week’s previous lows. Then, if those lows hold once again – perhaps the markets can resume their uncertain march to try and regain previous highs. Should a retest of the recent lows fail – then the equity markets will again try to find a lower bottom.

While no one enjoys a good gold rally more than me – one has to wonder if the current bull run in gold may be running out of legs. Seasonally – gold tends to soften during the spring and early summer months. This year while the gold bullion market and some gold equities continue to make new highs – I wonder if this is more because of the one-off U.S. tariff event a resulting economic uncertainty rather than traditional market events. When you’re the only market making new highs in an otherwise very uncertain world – some profit taking may be the order of the day.

Osisko Metals Inc. ‘OM-V’ shares’ rose by $0.0225 or 5.92% to close at $0.4025 after the Montréal, QC based explorer reported drill hole 30-1059 from the company’s Gaspé Copper Project in Eastern Québec returned 300.0 metres (m) of 0.39% copper (Cu) and 3.17 grams per tonne silver (g/t Ag).

Gold bullion rose to close at a new all-time high of US$3,336 a troy ounce (t oz).

Which no doubt encouraged investors to bid the price of Minera Alamos Inc. ‘MAI-V’ stock up to close at a new 5½-month high of $0.37 and –

Drive Lundin Gold Inc. ‘LUG-T’ and Agnico Eagle Mines Ltd. ‘AEM-T & N’ shares’ up to respective new all-time closing highs of $58.12 and $170.05.

The U.S. Dollar Index or ‘DXY’ fell to a new 3-year closing low of 0.99.37.

Liberty Gold Corp. ‘LGD-V’ announced a $20-million ‘Bought Deal’ financing to help advance the Vancouver, BC based explorer’s flagship Black Pine Oxide Gold Project in southeastern Idaho. (Bought Deals show greater confidence in the company’s project as the financier pays for the issue up front and then resells it to clients.)

Lithium issues started to catch a bid with Century Lithium Corp. ‘LCE-V’ rising to close at a new 5½-month high of $0.37.

This as Rho Motion reported the number of global EV sales grew by 29% in March 2025 over the same month one year ago to 1.7 million units.

The key Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs rose by 2-rigs over the week to 585, down by 34-rigs from this time last year. Across the line – the number of Canadian active rigs fell by 4-rigs during the week to 134, up by 7-rigs from one year ago.  

This old driller’s helper always likes to report encouraging drill hole assays, so with that in mind –

Clean Air Metals Inc. ‘AIR-V’ reported drill hole CL25-009 from the Thunder Bay, ON based company’s Thunder Bay North Critical Minerals Project (TBN) northeast of Thunder Bay, Ontario returned 16.8 m of 2.95 g/t platinum (Pt), 2.89 g/t palladium (Pd), 0.65% copper (Cu) and 0.33% nickel (Ni) and –

Rupert Resources Ltd. ‘RUP-T’ reported drill hole #125001 from the company’s Heinä South area of its Central Lapland Project in Northern Finland returned 45.7g/t gold (Au) over 8 metres (m).

Energy Fuels Inc. ‘EFR-T’ & ‘UUUU-N.A’ stock rose by $0.66 or 10.70% to close at a new 2-month high of $6.83 after the Denver, CO based miner reported the company had developed the technology to domestically produce six rare earth oxides from monazite ore concentrates into separated neodymium-praseodymium (“NdPr”) oxide at its White Mesa Mill in Utah.

The Canadian Loonie rose late in the week to a new 5½-month closing high of US$0.7225.

Crude oil and copper were the best performing commodities on the week, while natural gas and lithium were the greatest drag.

After a shortened and mixed four-day week of trading – the three major American equity markets were negative going into the Easter long weekend while the two Canadian equity markets were positive.

For the Week – the DJI lost 2.66% to 39,142, with the S&P 500 down 1.49% to 5,283, and the NASDAQ off 2.62% to 16,286. Up North – the TSX rose 2.56% to 24,193 and the TSX Venture gained 2.92% to 634.

The CBOE Volatility Index or VIX fell 21.06% to 29.65.

With currencies – the Canadian dollar gained 0.18% to US$0.7225, while the U.S. Dollar Index ‘DXY’ lost 0.36% to 99.41. 

With commodities – gold bullion gained 2.69% to US$3,324, as silver rose 0.81% to US$32.53, and copper gained 3.52% to US$4.70, while lithium lost 0.32% to US$9,799. Crude oil gained 4.41% to US$64.29, while natural gas lost 8.19% to US$3.25, and uranium rose 1.01% to US$65.05. With soft commodities – lumber lost 0.17% to US$572.

Overall – the CRB Commodities Index gained 2.59% to 356.