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BC Conservatives in Leadership Meltdown

The BC Conservatives’ attempt to oust party leader John Rustad hinges on a simple majority inside a 39-member caucus, but the public conflict has now become about the authority and mechanism of removal.

Twenty caucus members submitted “individually executed” statements saying they had lost confidence in Rustad’s leadership, calling for his removal and the appointment of an interim leader, according to a lawyer retained by those members.

The party’s release escalated the internal letter into an official act: it said a majority of caucus had informed party legal counsel it no longer had confidence in Rustad, that he “has been removed as Leader of the Official Opposition,” and that a caucus vote selected Trevor Halford as interim leader.

You can read more on the matter here.

What’s going on?

• EU Bans Russian Gas by 2027, Yet Will Send Moscow €35-40 Billion Before Deadline (theDeepDive)

• Senators unveil bill to keep Trump from easing curbs on AI chip sales to China (Reuters)

• NWT Premier Pushes to Lift Federal Arctic Oil and Gas Moratorium (theDeepDive)

• On the sidelines of the housing market, more young Canadians are renting for longer (Globe)

• Michael Dell, Wife Pledge $6.25 Billion for Children’s Accounts (theDeepDive)

• New York Times sues Pentagon over new press restrictions (FT)

• Trump Announces Land Strikes on Drug Targets, Colombia Issues War Warning (theDeepDive)

• Trump Tightens Work Permits for Migrants, Expanding Crackdown on Legal Immigration (WSJ)

• US Pushes SMRs In $800 Million DOE Grant (theDeepDive)

What’s the latest?

• TD Bank: TD reported Q4 profit of $3.28B, down from $3.64B last year, but raised its quarterly dividend to $1.08. Adjusted earnings were $2.18/share, beating estimates of $2.03, while revenue held steady at $15.49B. Credit loss provisions fell to $982M from $1.11B. Strong gains came from wealth management ($699M vs. $349M) and wholesale banking ($494M vs. $235M), while Canadian and U.S. retail banking also posted modest growth.

• Markets: Canada’s TSX jumped 286 points to 31,447, driven by strong bank earnings and tech gains. U.S. markets were mostly flat, with the Dow –35, S&P 500 –4, and Nasdaq –2. The Canadian dollar held steady at 71.72 cents US. Oil rose to US$59.51, and gold climbed to US$4,244.40.

• Politics: Prime Minister Mark Carney will briefly meet U.S. President Trump and separately meet Mexican President Claudia Sheinbaum in Washington during the FIFA World Cup draw. Carney and Trump remain in a tariff dispute, with negotiations stalled since October; a new deal is unlikely before year-end, according to the U.S. ambassador. Hearings are underway ahead of the mandatory 2026 review of the 2020 trade agreement, which could expire in roughly one year if not renewed. Despite tariffs, goods covered under the agreement continue to shield Canada and Mexico from major impacts.

• Crypto: Bitcoin fell roughly 36% from its $126K peak to about $80K before rebounding to $93K, marking a current 26% drawdown. Historical data shows similar mid-cycle drops of 30–40% — and even deeper ones — in the 2017, 2021, and current cycles, often preceding new highs. The latest decline followed the largest liquidation event in crypto history: 1.6M traders lost $19.37B in leveraged positions within 24 hours. Despite fears of a potential “crypto winter,” bitcoin has not yet hit the 70–80% post-cycle drawdowns seen in past bear markets.

• Real Estate: Montreal home sales fell 8.5% YoY in November to 3,542 transactions, while new listings were flat (–0.5%) and active listings rose 7.4% to 18,205, driven mainly by condo supply. Condo median prices stayed flat at $425,000, but single-family home prices rose 5.8% to $635,000, and plex prices jumped 11% to $855,000. Despite November’s slowdown, year-to-date sales remain up ~9%, supported by lower interest rates and earlier population growth.

The Gold Project Crushing Economics at 1900 Gold

The stock market and stuff

• BMO Lifts Adjusted Income In Q4 2025 As Credit Loss Costs Halve (theDeepDive)

• CIBC’s Revenue Jump In Q4 2025 Eclipsed By Credit Loss Provision Spike (theDeepDive)

• US senators seek to block Nvidia sales of advanced chips to China (FT)

• Laurentian Bank Sold in Split Deal to Fairstone, National Bank (theDeepDive)

• TD Bank Posts Income Dip In Q4 2025 Despite Credit Loss Provision Decline (theDeepDive)

In the juniors

• Guanajuato Silver To Place Cata Processing Plant On Care And Maintenance (theDeepDive)

• Emerita Resources Awards Contract For Pre-Feasibility Study On Iberian Belt West Project (theDeepDive)

• Canfor Corp Set To Acquire Canfor Pulp For $0.50 A Share (theDeepDive)

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