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Alberta’s Potential Secession From Canada

Alberta’s separation debate has reached voters before the province has answered the basic implementation questions that would determine whether independence is even bankable.

The Oct. 19 vote being advanced by Premier Danielle Smith’s government does not ask Albertans to create a new country. It asks whether Alberta should remain a Canadian province or begin the legal process required under the Constitution to hold a future binding referendum on separation.

That distinction is the point: the ballot would create political pressure, not sovereignty.

But the gap between those two outcomes is where the real story sits.

You can read more on the matter here.

What’s going on?

• Florida Launches Lawsuit Against OpenAI And Sam Altman (theDeepDive)

• Trump's 'weaponization' fund is on hold, sources say (Reuters)

• Sanders Bill Would Force AI Companies to Hand 50% of Their Equity to New U.S. Sovereign Wealth Fund (theDeepDive)

• Chinese-made electric vehicles start arriving in Canada (CBC)

• Iran Talks Enter The No More Talks Zone After Lebanon Strike (theDeepDive)

• Trump Says Israel and Hezbollah Have Agreed ‘All Shooting Will Stop’ (WSJ)

• Alberta Maps Four Pipeline Routes Through B.C., All Blocked by Federal Tanker Ban (theDeepDive)

• Anthropic files for blockbuster initial public offering (FT)

• Russia Bans Jet Fuel Exports Through November as Drone Strikes Drive Refinery Output to 16-Year Low (theDeepDive)

What’s the latest?

• Manufacturing: Canada’s manufacturing sector grew for a second straight month in May, with the S&P Global Canada Manufacturing PMI coming in at 52.9, signaling continued expansion. Growth was driven by stronger output, new orders, and hiring, as businesses and customers accelerated purchases amid concerns that the Middle East conflict could lead to higher prices and supply shortages. However, manufacturers also reported worsening shipping delays and the highest input and selling price pressures since 2022, largely due to elevated fuel costs.

• Markets: Canada’s stock market slipped slightly Monday as renewed U.S.-Iran military clashes pushed oil prices higher and raised concerns about inflation and global growth. The S&P/TSX Composite Index fell 34 points, while U.S. markets gained thanks to strong performance from NVIDIA, whose shares jumped more than 6% after new product announcements. Oil climbed above $92 per barrel amid fears that disruptions around the Strait of Hormuz could persist, while the Canadian dollar weakened and gold prices declined.

• Politics: Pierre Poilievre accused Mark Carney of avoiding accountability after new data showed Canada’s economy contracted for a second consecutive quarter, meeting one common definition of a technical recession. Poilievre argued Canadians are facing real economic hardship, citing rising insolvencies and food bank use, while criticizing Carney for not being present in Parliament. The government pushed back, blaming global pressures such as U.S. tariffs and the Iran conflict, while economists noted the GDP decline was small and distorted by temporary factors, arguing Canada’s economy does not currently fit the broader profile of a typical recession.

• IPO: Anthropic confidentially filed for a U.S. IPO after reaching a US$965B valuation from a US$65B funding round in May, more than doubling from US$380B in February. The filing puts Anthropic ahead of OpenAI in the IPO race and could become one of the largest AI listings ever, serving as a key test of investor appetite for AI stocks.

• Tech: Nvidia unveiled its new RTX Spark AI superchip for Windows laptops and desktops, with devices from Microsoft and Dell expected to launch later in 2026. The chip enables AI models and agents to run locally on PCs, while Nvidia also announced its Vera data-center CPUs are now in full production, targeting growing demand from AI companies such as Anthropic, OpenAI, and SpaceXAI.

This Gold Developer Went Bigger

The stock market and stuff

• Copper’s Record Close Masks A Messier Inventory Story (theDeepDive)

• Cameco Lifts Cigar Lake Stake to 57% After TEPCO Buyout (theDeepDive)

• Robinhood entering Canada after closing WonderFi deal (Globe)

• Walmart Throttles AI Use In The Latest Corporate AI Pull Back (theDeepDive)

• IAMGOLD Lifts Côté Gold Resource to 23.8 Million Ounces After Zone Merger (theDeepDive)

In the juniors

• NexMetals Mining Intersects 11.15 Metres of Massive Sulphide Mineralization at Selebi Main in Drill Hole SMD-26-212-W1, Expanding the Flexure Zone (JMN)

• Allied Gold Clears Canadian, West African Regulators as Zijin Deal Deadline Slips to July (theDeepDive)

• Americas Gold and Silver Announces High-Grade Infill Drill Results at the Cosalá Complex Highlighting Substantial Upside Compared To Mineral Resource Grades, Including 599.8 g/t Ag, 0.8% Cu over 14.0m and 509.7 g/t Ag, 0.4% Cu over 10.0m (JMN)

FULL DISCLOSURE: PTX Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of PTX Metals. The author has been compensated to cover PTX Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.