Leede Insights for 07/21/25
- nhayer9
- Jul 30
- 9 min read
Wealth Management
Alimentation Couche-Tard Inc. (TSX: ATD) announced that the TSX has approved the share repurchase program.
Under Couche-Tard's previous Program shares were acquired at a price of $80.50 per Share.
Brookfield Renewable (TSX: BEP.UN, BEPC) has announced that they will invest up to $1 billion to increase their equity interest to approximately 38% in Isagen S.A. E.S.P. (BVC: ISG).
Isagen generates stable and contracted cash flows from their large fleet of hydro assets.
The business owns and operates an essential asset base, enhancing the reliability of Colombia’s power grid.
In addition, Isagen also has a pipeline of renewable power projects, which we are well equipped to develop and bring into production to support Colombia’s growing power needs.
This transaction re-affirms Brookfield Renewable’s commitment to Colombia and will result in Brookfield Renewable’s ownership interest in Isagen increasing to approximately 38%, growing the proportion of their cash flows from their hydro portfolio, an increasingly strategic part of their business given its scale, dispatchability, and baseload characteristics.
The transaction is expected to be immediately accretive to Brookfield Renewable’s FFO per unit and is anticipated to be approximately 2% accretive to 2026 FFO per unit, on the back of strong cash flow visibility with ~70% of the platform’s generation contracted for an average of eight years.
The investment will be funded through a combination of proceeds from non-recourse financings at the business and available liquidity.
The transaction is expected to close in the third quarter.
As part of this transaction, Qatar Investment Authority (Private), an existing co-investor in Isagen, will invest approximately $500 million and increase their equity interest in Isagen to approximately 15%.
This investment aligns with QIA’s commitment to invest in companies that support the global transition to a low-carbon future.
Speculative Stocks
CanAlaska Uranium Ltd. (TSXV: CVV) announced commencement of the 2025 drill program on the Constellation uranium project.
The 2025 Constellation drill program will focus on newly developed high-resolution airborne geophysical targets in combination with ground prospecting results.
The drill program represents the first ever drill program on the Project.
The Constellation Project is in the southeastern Athabasca Basin 60 kilometres south of the Key Lake Mine and Mill Complex and covers 11,142 hectares.
The drill program is currently being sole-funded by Bayridge Resources Corp. (CSE: BYRG) under an option earn-in agreement with the Company.
CEMATRIX Corporation (TSX: CEMX) has won $5.1 million in new contract awards.
New Contract Award Details:
a load reducing fill application on a highway improvement project;
a load reducing fill application for a tank base project;
a load reducing fill application for a void fill project;
the remaining projects are all small to mid-sized projects for lightweight fill applications in Canada and the US.
Collective Mining Ltd. (TSX: CNL) announced assay results for five diamond drill holes designed to better outline and expand the shallow portion of gold-silver-copper-tungsten mineralization at the Apollo system.
Apollo, which begins at surface, is strongly mineralized over 1,200 vertical metres, is open at depth and is the most advanced discovery made to date within the multi-target, Guayabales Project in Caldas, Colombia.
High-grade gold, copper, silver and tungsten assay results have been received for a further five holes from its ongoing drilling program designed to outline and expand the near surface zone of mineralization at the Apollo system with highlighted results as follows:
442.35 metres @ 2.16 g/t gold equivalent (1.18 g/t gold, 43 g/t silver, 0.21% copper and 0.05% WO3) from surface (APC-125) including 68.05 metres @ 4.55 g/t gold equivalent. The hole bottomed while still in strong mineralization.
325.10 metres @ 2.03 g/t gold equivalent (0.98 g/t gold, 27 g/t silver, 0.47% copper, and 0.03% WO3) from 8 metres below surface (APC-126)
Denison Mines Corp. (TSX: DML) announced that several significant new intercepts of shallow high-grade uranium mineralization have been discovered at the McClean South zone, which is part of the 22.5%-owned McClean Lake Joint Venture in northern Saskatchewan.
Orano Canada Inc. (Private) the 77.5% owner and operator of the MLJV, completed a 6,400-metre exploration drilling program at McClean South during the first half of 2025.
The drill program was highlighted by multiple notable high-grade intersections at the 8C mineralized pod:
MCS-77 intersected 7.5 1 % eU 3 O 8 over 5.4 metres from 165.7 to 171.1 metres (including 10.88% eU 3 O 8 over 3.7 metres)
MCS-80 intersected 3.5% eU 3 O 8 over 11.2 metres from 156.7 to 167.9 metres (including 5.81% eU 3 O 8 over 6.5 metres), and
MCS-84 intersected 1.7 2 % eU 3 O 8 over 20.6 metres from 150.6 to 170.7 metres (including 4.43% eU 3 O 8 over 4.0 metres)
In total, fourteen of twenty-four completed drill holes from the program encountered significant intercepts of uranium mineralization and the results are interpreted to have confirmed and expanded the mineralized footprint of the 8C and 8W pods.
McClean South is located approximately 600 metres to the south of the McClean North deposit, where the MLJV recently commenced commercial mining using the joint venture's patented SABRE mining method.
Fathom Nickel Inc. (CSE: FNI) announced that the geological field crew mobilized to the Gochager Lake Project on July 19, 2025, for the commencement of the summer field program.
The program had been postponed due to wildfires in the La Ronge region.
Line cutters have now completed a 3-week assignment to establish a 100m-spaced grid that will accommodate future ground geophysical survey(s), as well as the completion of a 3.5 km trail from the Weaver Lake Camp to Gochager Lake.
The geological crew will focus on mapping and prospecting further along strike of the area mapped and prospected in 2024 - notably, to the northeast and southwest of the historic Gochager Lake deposit and within the Interpreted Regional Shear (Conduit).
Approximately 4,000 B-horizon soil samples will be collected along strike to the northeast and southwest of the area covered by soil geochemistry in 2024.
Of particular interest of for the Program are three very robust multi-element (Ni-Cu-Co+Cr-Mg) soil geochemical anomalies:
Soil geochemical anomaly (1) - Is a linear, 600m x 150m feature occurring immediately west of the Camp. Twelve individual samples, spaced 50m apart, all returned assay values >98th percentile Ni (162.5ppm), ranging from 190ppm Ni to 973ppm Ni.
The 973ppm Ni sample also returned 295ppm Cu, and 91ppm Co. Anomaly 1 occurs along the southern boundary of the Interpreted Regional Shear (Conduit) and may be representative of magmatic nickel sulphides concentrating along this interpreted structural contact.
Soil geochemical anomaly (2) - Occurs approximately 1.5km north-northwest of Camp. Five individual samples define two separate anomalies measuring a combined strike of approximately 500m and are located along the northern boundary of the Interpreted Regional Shear (Conduit). Individual samples all score >98th percentile Ni; the highest value being 712ppm Ni, with 76.4ppm Cu and 91.1ppm Co.
Soil geochemical anomaly (3) - Occurs along the northern shore of Gochager Lake and is proximal to the northern boundary of the Interpreted Regional Shear (Conduit). Four individual samples, along a strike of 200m, define a circular feature, and all score >98th percentile Ni, the highest value being 1,650ppm Ni with 116.5ppm Cu and 373ppm Co.
They are optimistic that there will be outcrop proximal to geochemical anomalies 1, 2 and 3. There is also a distinct possibility of encountering rock types similar to the mineralized host rock at the historic Gochager Lake deposit.
Prospecting will also focus on areas defined as priority exploration targets generated from the results from the historic 2008 VTEM survey.
The Program is expected to be completed within 3 weeks. Soil assays and other findings will be reported as that information becomes available.
North Peak Resources Ltd. (TSXV: NPR) announced that further to their acquisition of 80% interest in the Prospect Mountain Mine complex in Eureka Nevada in August 2023, and following their further evaluation of the Property, they have exercised their right to acquire the remaining 20% interest in the Property from Solarljos, LLC (Private) and issued an additional 3,000,000 common shares to Solarljos.
Success in the 2024 drilling campaign at the Property, which focused on the limited historical drilling area in the North of the Property, using pre-existing roads and pads to minimize costs provided, included the following results:
High grade material still present and new trends identified, such as PM24-039 which intersected 22.9m (75ft) @ 12.0 g/t Au (with 6.1m (20ft) voids @ 0 g/t Au), including 3.0m (10ft) @ 85.7 g/t Au; it was located 35m (115ft) Northwest of previous drilling and ended in mineralization on a new western trend.
Mineralisation existing from surface, such as PM24-022 which intersected 27.4m (90ft) @ 7.4 g/t Au (with a 1.5m (5ft) void @ 0 g/t Au) from surface, including 6.1m (20ft) @ 23.1 g/t Au which includes 1.5m (5ft) @ 56.5 g/t Au & 161.4 g/t Ag.
Wide, low-grade intersections existing between the high-grade lodes such as PM24-004, which intersected 126.5m (415ft) @ 1.06 g/t Au which included 12.2m (40ft) @ 4.20 g/t Au.
In addition, various geophysics and geochemistry undertaken across the entire Property have provided further evidence of the Property's potential, including:
A 2-km long conductive anomaly directly beneath the old oxide gold, silver, lead, zinc stopes and mine workings on the Property is highlighted by the several geophysical surveys. An initial drill hole confirmed the anomaly was caused by sulphide mineralization.
A comprehensive Property-wide soil sampling exercise was then undertaken and identified both Carlin style and CRD systems. In addition, further soil sampling has been undertaken this year following up on some of the strong areas.-
Additional rock chip and grab samples also support existence of high-grade material, including:
46.5 g/t Au, 569 g/t (16.6 oz/t) Ag, 4.09% Pb, 3.12% Zn over 15 cm in the Dean Cave;
33.9 g/t Au, 183 g/t Ag, 0.9% Cu, 1.81% Pb, 1.66% Zn from a surface scrape on the Delaware patented claim;
20.5 g/t (0.66 oz/t) Au chip sample in the Industry tunnel.
16.75 g/t Au, 243 g/t Ag, 3.17% Pb, 2.26% Zn dump grab sample from the historical Krao mine;
10.2 g/t Au, 580 g/t Ag, 11.7% Pb dump grab sample from Antelope patented claim; and
5.3 g/t Au, 39 g/t Ag, 7.03% Pb, dump grab sample from the historical Kit Carson mine,
Given North Peak will now be fully focused the Prospect Mountain Mine complex, the Company has notified the owner of the Kenogami Lake Property in Ontario, Canada that it will not be completing the remaining $150,000 work prior to January 5, 2026, and therefore not exercising its option on that property.
PetroFrontier Corp. (TSXV: PFC) announced that, further to their news releases issued on April 14, May 2, 18, 31 and June 13, 2025, the ASC has issued a failure-to-file cease trade order, on July 17, 2025.
The CTO has resulted in the common shares being halted for trading on the TSX Venture Exchange.
PetroFrontier is experiencing continued delays with respect to the Annual Filings related to the receipt of financial and other required information from the general partner of the limited partnership investment.
The continued delays have impacted on the ability of the Company’s external auditor to complete the audit.
Charts of the Day
Economics
The Week Ahead
The decline expected in retail sales in May was likely magnified by a drop off in auto purchases following two strong months of tariff-front running efforts. Elsewhere, tariff passthrough into food prices and higher prices at the pump would have left less money for spending on discretionary goods, along with the increase in the unemployment rate during the month.
Forecast implications — Price increases in May imply an even worse retail figure in volume terms, with consumer caution contributing to the expected drop in GDP for that month. The bounce back in the labour market in June implies that spending improved, and that will buy the Bank of Canada more time to see how trade negotiations play out before policymakers likely decide to cut again in September.
Source: CIBC Capital Markets
Wealth
Share of taxes paid
There is a common misperception in Canada that top income earners do not pay their share of taxes and that increasing taxes on this income group is an effective way to generate significant additional government revenue.
However, high-income families already pay a disproportionately large share of all Canadian taxes. Indeed, the evidence shows that the top 20% of income-earning families pay nearly two-thirds (64.5%) of the country’s personal income taxes and more than half (56.9%) of total taxes.
In contrast, the bottom 20% of income earning families are estimated to pay 0.7% of all federal and provincial personal income taxes and 1.9% of total taxes in Canada. This is, in part, due to the progressivity of Canada’s tax system, where the share of taxes paid typically increases as income rises.
Source: Fraser Institute
Markets
Upcoming growth of the Software market
As generative artificial intelligence (AI) agents begin to boost business productivity over the next several years, the software market as a whole will grow more quickly, according to Goldman Sachs Research.
The market for customer service software—incorporating traditional software-as-a-service (SaaS) products and new AI agents—could expand by an additional 20% to 45% by 2030, writes Gabriela Borges, who covers emerging software in Goldman Sachs Research. That's compared to a scenario without a generative AI boost. The team's analysis is based on value- and cost-based pricing methodologies, and their estimates are based on conversations with industry experts and pricing specialists.
The total addressable market for the broader software industry is expected to expand by at least 20%.
Source: Goldman Sachs Research
