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America’s New Critical Minerals List Expands

The US Department of the Interior finalized the 2025 List of Critical Minerals, expanding it to 60 mineral commodities from 50 in 2022 and 35 in 2018, to guide national security, supply chain, and industrial policy.

The final 2025 list adds market-moving names. Uranium and metallurgical coal are in, consistent with executive directives issued this year.

Copper, silver, lead, rhenium, silicon, and potash are included in the final roster after being recommended in the draft. Phosphate is added following interagency input citing food security.

The final also keeps arsenic and tellurium after the draft proposed removing them, reversing that earlier recommendation. The list also included boron after the public comment period identified supply chain issues in steel additives analogous to other ferroalloys on the list.

You can read more on the matter here.

What’s going on?

• Second Tory Exit This Week Threatens Conservative Bench At The House (theDeepDive)

• Federal government slashes temporary immigration, freezes permanent resident intake (NP)

• OpenAI Seeks Federal Loan Guarantees For Chips (theDeepDive)

• Blackstone Is Offloading a Flopped $1.8 Billion Investment in Senior Housing (WSJ)

• Eby Joins First Nations Urging Ottawa To Hold The Tanker Ban (theDeepDive)

• U.S. ambassador to Canada Pete Hoekstra left Michigan GOP with $1-million debt, party critics say (Globe)

• US Interior’s 60 Critical Minerals List Includes Silver, Copper, And Potash (theDeepDive)

• Elon Musk celebrates $1tn Tesla pay vote victory (FT)

What’s the latest?

• Oil: Enbridge plans to assess demand in early 2025 for a second expansion of its Mainline crude pipeline, which could add 250,000 barrels per day (bpd) by 2028. This follows a first phase adding 150,000 bpd by 2027. The Mainline already moved a record 3.1 million bpd in Q3, amid Canada’s record oil output of 5.1 million bpd last year. Enbridge missed Q3 profit estimates, reporting C$0.46 per share versus the expected C$0.51, due to higher financing costs.

• Markets: Canada’s S&P/TSX composite index fell 276.31 points to 29,592.28, driven by tech sector losses. In the U.S., the Dow dropped 261.64 points to 46,650.66, the S&P 500 fell 66.65 points to 6,653.67, and the Nasdaq slid 390.01 points to 22,663.98. The Canadian dollar rose slightly to 71.04 cents US, while crude oil gained $0.18 to $59.61 per barrel and gold increased $13.30 to $4,004.30 per ounce.

• Tech: Global markets faced turbulence as AI-related U.S. stocks declined amid concerns over stretched valuations and a possible 10–20% market correction, warned Goldman Sachs CEO David Solomon. The IMF and Bank of Englandechoed caution, citing risks of an AI bubble. Despite this, companies like Legrand and Skanska continue to benefit from AI infrastructure demand. Meanwhile, SoftBank suffered nearly $50 billion in weekly losses, and Michael Burry’s Scion Asset Management shorted Palantir and Nvidia, while some investors shifted focus to emerging markets such as India and Brazil for diversification.

• Consumer Sentiment: U.S. consumer sentiment fell to 50.3 in November, its lowest in over three years and the second-worst since 1978, per the University of Michigan survey. The drop—6.2% monthly and 30% year-over-year—was driven by fears of a prolonged government shutdown, despite record stock prices. The current conditions index plunged 11% to 52.3, its lowest since 1951, while future expectations fell to 49.0. Inflation expectations held steady, with 1-year at 4.7% and 5-year down to 3.6%.

• Labour Market: Canada added 67,000 jobs in October, dropping unemployment to 6.9%, driven mainly by 85,000 part-time positions and 73,000 private sector gains. Economists had expected a 2,500 job loss, making this the second straight month of surprise growth. The largest gains were in wholesale/retail (+41K), transportation (+30K), and recreation (+25K), while construction lost 15K. Average hourly wages rose 3.5% year-over-year, and economists expect the Bank of Canada to keep rates steady at 2.25%.

Fresnillo x Probe Gold

The stock market and stuff

• Lundin Gold Q3 2025: Flat Output Still Delivered Record Earnings (theDeepDive)

• Wheaton Posts Record Earnings Of $367 Million In Third Quarter (theDeepDive)

• Tech stocks head for worst week since April after $1.2tn AI sell-off (FT)

• Lundin Mining Hits $1B-Revenue Mark In Q3 2025, Raises Copper Guidance (theDeepDive)

• B2Gold Swings To A Net Income In Q3 2025, Trims Goose Guidance After Plant Issues (theDeepDive)

In the juniors

• Avino Silver Sees Profit Surge, Record Cash In Q3 2025 (theDeepDive)

• Altamira Gold Sees Aura Minerals Increase Stake To 18.2% (theDeepDive)

• Endeavour Silver Grows Production 88% In Q3, Records Net Loss On Derivative Contracts (theDeepDive)

• PTX Metals Compiles Geophysical Data For W2 Project Following Magnetic Survey (theDeepDive)

FULL DISCLOSURE: Sage Potash is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sage Potash. The author has been compensated to cover Sage Potash 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.