Leede Insights for 07/24/25

Wealth Management

Altius Minerals Corporation (TSX: ALS) announced that Altius Royalty Corporation, a wholly-owned subsidiary of Altius, has completed the sale of a 1% NSR royalty covering the Silicon and Merlin gold deposit discoveries in Nevada to a wholly owned subsidiary of Franco-Nevada Corporation (TSX: FNV), pursuant to a royalty purchase agreement entered into by ARC and Franco-Nevada.

• ARC will continue to hold a remaining 0.5% NSR royalty interest in Silicon, recently renamed to the Arthur Gold Project by AngloGold Ashanti plc as a long-term component of their diversified portfolio.

• The purchase price for the 1% NSR Silicon Royalty interest is US $275 million comprised of US $250 million in upfront cash paid at closing and a further payment of US $25 million in cash payable upon the conclusion of an ongoing arbitration process that confirms the area subject to the royalty under final award to be consistent with Altius’s interpretation of the partial award of the arbitration tribunal that was issued and reported on earlier this year.

• Cash, after taxes and fees, expected to increase to more than $360 million

• Total liquidity increased to more than $540 million (including $116 million available under a revolving credit facility and $62.5 million potentially available under an accordion feature)

• Creates enhanced flexibility to evaluate external M&A opportunities while limiting equity level dilution of existing assets and the embedded growth potential of their portfolio

• Improves ability to opportunistically increase per share exposure to existing royalty interests through share repurchases

  
  

Loblaw Companies Limited (TSX: L) announced results for the second quarter ended June 14, 2025.

• Revenue was $14,672 million, an increase of $725 million, or 5.2%.

  • The sale of Wellwise by Shoppers™ was completed in the first quarter of 2025.

  • Revenue related to Wellwise in the second quarter of 2025 was nil (2024 – $21 million).

    • Excluding the impact of revenue related to Wellwise, revenue increased by 5.4%.

• Retail segment sales were $14,389 million, an increase of $731 million, or 5.4%.

  • Food Retail (Loblaw) same-stores sales increased by 3.5%.

  • Drug Retail (Shoppers Drug Mart) same-store sales increased by 4.1%, with pharmacy and healthcare services same-store sales growth of 6.2% and front store same-store sales growth of 1.7%.

• E-commerce sales increased by 17.5%.

• Operating income was $1,239 million, an increase of $371 million, or 42.7%.

• Adjusted EBITDA was $1,840 million, an increase of $127 million, or 7.4%.

• Retail segment gross profit percentage was stable at 32%.

• Net earnings available to common shareholders of the Company were $714 million, an increase of $257 million or 56.2%.

  • Diluted net earnings per common share were $2.37, an increase of $0.89, or 60.1%.

• Adjusted net earnings available to common shareholders were $721 million, an increase of $57 million, or 8.6%.

• Adjusted diluted net earnings per common share were $2.40, an increase of $0.25 or 11.6%.

• Net capital investments were $239 million, which reflects gross capital investments of $409 million, net of proceeds from property disposals of $170 million.

• Repurchased for cancellation 2.05 million common shares at a cost of $445 million.

• Free cash flow from the Retail segment was $640 million.

• Subsequent to the end of the second quarter of 2025, the Board of Directors approved a 4-for-1 stock split of the outstanding common shares.

  • The stock split will be implemented by way of a stock dividend where the Company will issue to shareholders three additional common shares for each common share held.

  • The stock split will be effective at the close of business on August 18, 2025 for shareholders of record as of the close of business on August 14, 2025.

Mullen Group Ltd. (TSX: MTL) Results for the period ended June 30, 2025, with comparisons to the same period last year. 

STORAGEVAULT CANADA INC. (TSX: SVI) reported second quarter results and increases dividend. 

• Revenue increased to $83.5 million compared to $74.1 million.

• Net operating income grew to $55.2 million from $49.9 million.

• Cash flow from operations increased year over year and when combined with their financing, acquisitions and expansions resulted in an increased cash balance to $21.5 million.

• Funds from operations, were $20.3 million compared to $19.7 million.

• Net loss of $6.2 million.

• StorageVault is increasing their dividend by 0.5% to $0.002976 per common share.

  
  

Teck Resources Limited (TSX: TECK.A/B) announced board approval for construction of the Highland Valley Copper Mine Life Extension Project (HVC MLE), an important critical minerals investment which will extend the life of Canada’s largest copper mine and support Teck’s copper production into the future and announced results.

• Mine life extension of Highland Valley Copper from 2028 through to 2046.

  • Average copper production of 132,000 tonnes per year over the life of mine.

  • Positioned for solid execution with strong and experienced team in place, all major permitting complete, engineering nearly 70% complete, and contracting and procurement well advanced.

  • Total capital investment represents the largest critical minerals investment in British Columbia history.

  • Maintains the approximately 1,500 direct jobs and $500 million in annual GDP from HVC’s operations.

  • Expected to generate approximately 2,900 jobs and $435 million in additional GDP during the construction phase of the project.

• Adjusted EBITDA of $722 million.

• Profit from continuing operations before taxes was $125 million.

• Adjusted profit from continuing operations attributable to shareholders was $187 million, or $0.38 per share.

  • Our profit from continuing operations attributable to shareholders was $206 million.

• From January 1 through July 23, 2025, they returned approximately $1 billion to shareholders through share buybacks, including $487 million in the second quarter because of elevated buying levels.

Through July 23, 2025, they have completed $2.2 billion of our $3.25 billion authorized share buyback.

Waste Connections, Inc. (TSX: WCN) announced results for the second quarter of 2025.

• Continued improvement in employee retention and record safety performance complement 6.6% solid waste core pricing to drive better than expected results.

• Revenue of $2.407 billion, above expectations and up 7.1%

• Adjusted EBITDA of $786.4 million, above expectations and up 7.5%

  • Adjusted EBITDA margin of 32.7% of revenue

• Net income of $290.3 million, or $1.12 per share, adjusted net income attributable to Waste Connections of $333.1 million, or $1.29 per share

• Maintains full year 2025 outlook of $9.45 billion in revenue, $3.12 billion in adjusted EBITDA and $1.30 billion in adjusted free cash flow.

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West Fraser Timber Co. Ltd. (TSX: WFG) reported the second quarter results of 2025.

• Sales of $1.532 billion.

• Adjusted EBITDA of $84 million, representing 6% of sales

  • Lumber segment Adjusted EBITDA of $15 million

  • North America Engineered Wood Products segment Adjusted EBITDA of $68 million

  • Pulp & Paper segment Adjusted EBITDA of $(1) million

  • Europe Engineered Wood Products segment Adjusted EBITDA of $2 million

• Earnings of $(24) million, or $(0.38) per diluted share

• Renewed and extended $1 billion credit facility and increased and extended $300 million term loan

• Repurchased 448,001 shares for aggregate consideration of $33 million

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Whitecap Resources Inc. (TSX: WCP) reported results for the three months ended June 30, 2025.

• Second quarter production of 292,754 boe/d represents an increase of 5% per share compared to the second quarter of 2024 and a 2% per share increase over the first quarter of 2025.

• Quarter end net debt of $3.3 billion equates to a net debt to annualized funds flow ratio of 1 times.

  

  

Speculative Stocks

Azimut Exploration Inc.  (TSXV: AZM) announced a revised option agreement with Rio Tinto (NYSE: RIO) Exploration Canada Inc., which expands and consolidates previous option agreements announced in 2023.

• The Revised Agreement now covers three properties – Corvet, Kaanaayaa and Wabamisk East – located in the Eeyou Istchee James Bay region of Quebec.

• The newly formed Wabamisk East Property corresponds to the eastern part of Azimut’s wholly owned Wabamisk Property.

• The option on the Wabamisk East Property is for lithium and related minerals only.

  • This new transaction aims to generate substantial value by advancing the project’s previously identified lithium potential while Azimut retains the right to explore the property for other commodities, including gold and copper.

  • Rio Tinto has no rights on the remaining Wabamisk Property, allowing Azimut to continue their self-funded exploration of the Fortin gold-antimony Zone and other gold targets.

  • Under the first phase of the Revised Agreement, Rio Tinto can acquire an initial 50% interest in the CKW Properties from Azimut by funding $25 million in exploration expenditures (approximately $1.85 million already incurred) and by making cash payments totalling $1.7 million before December 31, 2028 ($800,000 already paid). Azimut will remain the operator during this phase. The terms are detailed below:

    • Remaining firm commitment of approximatively $1.15 million to be incurred before the end of 2025 plus potential expenditures of $3 million to aggressively assess and test Wabamisk East’s lithium potential through detailed mapping and significant drilling.

    • In the 3 subsequent years, minimum expenditures of $3 million (plus any unspent expenditures from 2025), $4 million and $12 million on the CKW Properties.

      • These amounts include a minimum yearly amount of $250,000 in respect of each of the Corvet and Kaanaayaa properties to remain under option.

    • Cash payments of $300,000 per year, scheduled at the end of 2025 and the end of the 2 subsequent years, for a total of $900,000.

  • Under the second option phase, Rio Tinto can earn an additional 20% interest over the following five (5) years with further work expenditures of $60 million.

    • Rio Tinto will act as the operator during this phase.

• Azimut retains the right to be funded to the production stage by way of a secured loan from Rio Tinto by granting Rio Tinto an additional 5% interest in the CKW Properties (for a total interest of 75%). Azimut would then retain a 25% funded to production interest.

  
  

 Banyan Gold Corp. (TSXV: BYN) (has entered into a definitive agreement with PricewaterhouseCoopers Inc., the court appointed receiver and manager of all of the assets, undertakings and properties of Victoria Gold Corp., to accelerate Banyan's options to acquire the remaining interests in the McQuesten and Aurex properties from Victoria, together which comprise the core of the AurMac Project.

• AurMac hosts a gold resource of 2.274 M oz indicated and 5.453 M oz inferred (112.5 M tonnes and 280.6 M tonnes respectively).

• Upon closing of the Transaction, Banyan will own 100% of the McQuesten and Aurex properties that contain the gold Resource.

• Under the terms of the Agreement, Banyan will pay Victoria $2 million in cash upon closing and as contemplated in the original option agreements, issue to Victoria a Net Smelter Return royalty on the McQuesten and Aurex properties.

• Banyan will pay Victoria a further $1.6 million in cash or shares (at Banyan's election) within 75 days of closing.

• The Agreement and NSR contain the following additional benefits to Banyan and its shareholders:

  • The requirement for Banyan to complete a Preliminary Economic Assessment in respect of the McQuesten property by December 8, 2025, is eliminated.

  • Certain rights of first offer in respect of financing of a mining operation on the McQuesten property in favour of Victoria Gold are eliminated.

  • Banyan's option to reduce the NSR issued to Victoria from 6% to 1%, for a one-time cash payment has been reduced from an aggregate of $14 million, as contemplated in the original option agreements, to $10 million; and

  • Certain pre-existing royalties on a portion of the McQuesten and Aurex properties held by Victoria and Banyan will be cancelled prior to closing.

    
    

 CanAlaska Uranium Ltd. (TSXV: CVV) reported that assay results have been received from the 2025 winter drill program completed on the Cree East Project in the southeastern Athabasca Basin.

• The program, which was the first on the Project in over a decade, focused on a series of new high-priority targets identified based on the results of historical drilling and re-interpreted geophysical surveys in Target Area B.

• During the program, they successfully tested the graphitic stratigraphy and intersected associated basement and sandstone hydrothermal alteration, re-activated semi-brittle basement and sandstone faults, and uranium mineralization within the graphitic fault zones. Basement-hosted uranium mineralization was intersected in CRE094.

Headwater Exploration Inc. (TSX: HWX) announced results for the three months ended June 30, 2025.

HIVE Digital Technologies Ltd. (TSXV: HIVE) has crossed the 13 Exahash per second (EH/s) threshold in global Bitcoin mining hashrate, mining over 6.5 Bitcoin daily since crossing this threshold.

• This scale-up has been driven by the deployment of the next-generation hydro-cooled Bitcoin mining facilities in Phase 2 at Yguazú, Paraguay.

• The buildout of Phase 2 at the Company's Yguazú campus is progressing steadily, with over 2 EH/s of next-generation Bitmain S21+ Hydro ASIC miners now active at the site.

• Upon full deployment, they anticipate that Phase 2 will host approximately 6.5 EH/s of computation power, propelling them toward their near-term goal of aggregate global hashpower of 18 EH/s by the end of August 2025.

• HIVE's Bitcoin mining capacity in Phase 2 and Phase 3 in Paraguay exclusively utilizes the Bitmain S21+ Hydro miner with an efficiency of 15 J/TH. Accordingly, as these hydro units come online, it will improve HIVE's global average ASIC fleet efficiency. HIVE's global ASIC fleet efficiency was approximately 20 J/TH at the completion of Phase 1 in Yguazú with global operations at 11.5 EH/s, and will be 18.5 J/TH upon the completion of Phase 2 in Yguazú with global operations at 18 EH/s.

• Improved ASIC efficiency lowers the cost of Bitcoin production, as less energy is required to produce hashrate. ASIC efficiency is directly proportional to the cost of Bitcoin production. A 10% improvement in ASIC efficiency, all other things being equal, equates to a 10% lower cost of Bitcoin production.

• HIVE is pleased to note this week that the Company realized $300 million of annualized run-rate revenue (ARR) from Bitcoin Mining and HPC operations with profit margins of approximately 55%, based on current global average power costs for HIVE and current hash price of approximately $59 per PH per day.

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Quarterhill Inc. (TSX: QTRH) announced a workforce reduction of approximately 100 positions, representing approximately 15% of total headcount.

• This strategic initiative is intended to reduce costs, accelerate the path toward sustainable positive Adjusted EBITDA and operating cash flow, and better align resources with their long-term strategic priorities and those of our customers.

• The reduction, affecting both contract and full-time roles in roughly equal measure, is expected to generate annualized cost savings of approximately US $12 million.

• The reduction is primarily focused on operational areas that affect cost of sales, with a partial benefit to be realized in 2025 and the full benefit expected in 2026.

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 Western Forest Products Inc. (TSX: WEF) announced that further to their news release dated July 1, 2025, the effective date for the consolidation of the common shares on the basis of 1 post-consolidation common share for every 30 pre-consolidation common shares is July 24, 2025.

The TSX has approved the Share Consolidation, and the common shares are expected to commence trading on the TSX on a post-Share Consolidation basis at market opening on July 28, 2025.

Charts of the Day

Retail

Canadian sales dropped 1.1% in May but look better for June 

Retail sales decreased 1.1% to $69.2 billion in May. Sales were down in three of nine subsectors and were led by decreases at motor vehicle and parts dealers. Core retail sales—which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers—were relatively unchanged in May. In volume terms, retail sales decreased 1.4% in May.

Following gains in each of the previous two months, motor vehicle and parts dealers (-3.6%) recorded the largest decrease in retail sales in May. The decrease was led by lower sales at new car dealers (-4.6%), which fell for the first time since February. The largest increase in the motor vehicle and parts dealers subsector in May came from automotive parts, accessories and tire retailers (+1.7%).

Sales at gasoline stations and fuel vendors (-1.4%) decreased in May for a third consecutive month. In volume terms, sales at gasoline stations and fuel vendors fell 2.1%.

Core retail sales were relatively unchanged in May for a second consecutive month. The only subsector within core retail sales to post a decline was food and beverage retailers (-1.2%), which fell for the third month in a row. The decrease in this subsector was led by lower sales at beer, wine and liquor retailers (-2.9%), followed by supermarkets and other grocery retailers (-0.6%).

The largest increase to core retail sales in May came from building material and garden equipment and supplies dealers (+1.9%), which followed a decline of 0.3% in April.

Sales were also up at health and personal care retailers (+0.7%) in May. This was the 11th consecutive month of gains in the subsector.

On a seasonally adjusted basis, retail e-commerce sales decreased 1.7% to $4.3 billion in May, accounting for 6.2% of total retail trade, compared with 6.3% in April.

Statistics Canada is providing an advance estimate of retail sales, which suggests that sales increased 1.6% in June.

Source: Statistics Canada

Wealth

Congratulations on the birth of your new child, they now owe the government $55,000 

Combined federal and provincial government debt in Canada has nearly doubled from $1.21 trillion in 2007/08 (the year before the 2008 financial crisis) to a projected $2.30 trillion in 2025/26, finds a new study released today by the Fraser Institute.

The study specifically measures net debt, which is a measure of the total debt of the federal and provincial governments minus financial assets held by the governments. It is a common measure of indebtedness.

The study finds that not only has Canada’s projected combined government debt (the federal debt and the provincial debt of all 10 provinces) nearly doubled since 2007/08, the year before the 2008 financial crisis, but the combined debt now equals 74.8% of the Canadian economy (GDP). For perspective, debt represented 53.2% of GDP in 2007/08.

Newfoundland and Labrador has the highest provincial-only debt as a share of the economy (GDP) among the provinces at 44.9% in 2024/25.

At the same time, Alberta recorded the largest increase in its provincial government debt as a share of the economy—specifically, between 2007/08 (-13.4% of GDP) and 2024/25 (7.8%)—an increase of 21.2%. However, Alberta’s provincial debt as a share of the economy in 2024/25 remains the lowest in the country.

Quebec, which was the longstanding most indebted province, now has a debt-to-GDP ratio of 38.6%, ranking it second highest amongst the provinces.

On a per person basis, the combined debt (including provincial debt plus a portion of the federal debt) this year ranges from a low of $40,939 in Alberta to a high of $68,861 in Newfoundland & Labrador. Quebec has the second-highest combined debt per person ($60,491) in 2024/25.Source: Fraser Institute, Statistics Canada 

Markets

Mining for deep water metals 

The speculative but potentially highly lucrative field of deep-sea mining will likely slowly begin to result in commercial extractive operations in the coming years, opening the door to new sources of critical minerals but also spurring potential risks, including the likelihood of maritime disputes and long-term environmental degradation. On July 21-25, the International Seabed Authority, or ISA, will hold the final meeting of its 30th annual session to attempt to finalize a framework for deep-sea mining to clarify rules on taxation, royalties and sanctions for noncompliance. Deep-sea mining seeks to extract critical minerals found underwater in polymetallic nodules, crusts and hydrothermal vents, including copper, nickel, cobalt, silver, gold, zinc and manganese. While the ISA has been attempting to impose guidelines around the practice for almost a decade and currently issues sea-mining exploration licenses, competing national interests have stymied progress on binding regulations to oversee actual commercialized mining operations. The upcoming meeting is particularly important because, on April 24, the United States broke significant precedent when President Donald Trump signed an executive order dubbed ''Unleashing America's Offshore Critical Minerals and Resources,'' which directed U.S. federal authorities to begin pursuing the exploration and exploitation of deep-sea resources within the U.S. exclusive economic zone (EZZ) and areas beyond national jurisdiction. As a preliminary response to Trump's order, the ISA announced July 21 that it will scrutinize mining companies seeking U.S. licenses to determine whether their actions constitute a violation of their contracts according to international law. To date, no country has extracted deep-sea mining resources at a commercial scale, so the order was significant because it marked the first time a government has shirked ISA authority and formally greenlighted commercial mining operations for private companies.

Following Trump's executive order, on April 29, the Canadian-based mining company The Metals Company (TMC) became the first and only private company to apply for licenses under the jurisdiction of Trump's executive order. TMC filed applications for the first commercial recovery permit with the U.S. Department of Commerce and two additional exploration licenses through the National Oceanic and Atmospheric Administration. If approved, the applications would mark the first time a company has received a license to exploit minerals in international waters and would cover a total combined area of 25,160 square kilometers in the CCZ. The company expects to be granted permission as early as next year, paving the way for potential commercial-scale extraction in 2027.

Source: Rane Worldview