Sponsored by Power Metallic

Canada Boosts Pipeline Capacity

Canadian pipeline companies are advancing expansion projects that could add more than 1 million barrels per day of oil export capacity over the next five years through optimizations of existing systems.

Enbridge Inc. (TSX: ENB) (NYSE: ENB), the country’s largest pipeline operator, announced Friday a final investment decision on a $1.4 billion expansion that will add 150,000 barrels daily to its Mainline system and 100,000 barrels to its Flanagan South pipeline by 2027. The Calgary-based company also sanctioned a $500 million project to expand its Express-Platte system by 30,000 barrels daily, set for 2028.

Trans Mountain Corp., the federally owned pipeline company, is pursuing chemical additives and additional pump stations to increase flows from Alberta to British Columbia’s coast by 50,000 to 90,000 barrels per day. The improvements come just over a year after the company completed its $34 billion expansion project.

You can read more on the matter here.

What’s going on?

• Who Is To Blame For Budget 2025 Passing? (theDeepDive)

• German Navy to purchase $1 billion Canadian combat management system, trade minister says (CTV)

• Poland Investigates Three Rail Sabotage Attacks Amid Hybrid-War Escalation (theDeepDive)

• Canada, U.S., Finland outline plan to build new icebreakers (Globe)

• Protests Turn Violent in Mexico City as Gen Z-Led Demonstrators Clash With Police (theDeepDive)

• Lawrence Summers to step back from public roles over ties to Epstein (FT)

• SAAB Proposes Fighter Jet Production as Canada Reviews F-35 Contract (theDeepDive)

• Trump’s Grip on Republicans Shows First Signs of Slipping (WSJ)

What’s the latest?

• Tech: Microsoft will invest up to $5B in Anthropic, while Nvidia will invest up to $10B, pushing Anthropic’s valuation to ~$350B (up from $183B in September). Anthropic committed to buying $30B of Azure compute plus up to 1 GW of capacity from both Microsoft and Nvidia. The deal signals Microsoft’s move to diversify beyond OpenAI, where it holds a 27% stake valued at $135B. Anthropic, founded in 2021 by ex-OpenAI leaders, continues to use AWS as its primary cloud and training partner.

• Scotiabank: Scotiabank announced several executive changes effective Dec. 2. Phil Thomas becomes Group Head & Chief Strategy and Operating Officer, replacing Anique Asher, who shifts to EVP, Real Estate Secured Lending. Shannon McGinnis moves up to Chief Risk Officer, while Tracy Gomes becomes EVP & CRO for Canadian banking, wealth, and credit risk, and Meigan Terry becomes EVP & Chief Global Corporate & Public Affairs Officer. The bank says the reshuffle supports its medium-term strategic goals.

• Crypto: Bitcoin dropped below $90,000 for the first time in seven months and is now 30% down from its $126,000 October peak. About $1.2 trillion in crypto market value has evaporated in six weeks. Listed companies hold 4% of all bitcoin, and half of their holdings may now be underwater. Ether is down nearly 40% from its August high above $4,955, reflecting overall weak sentiment after October’s leverage wipeout.

• NVIDIA: Nvidia’s earnings could trigger a $320B market value swing — the largest post-earnings move in its history — based on options pricing implying a 7% move either direction. Nvidia is currently worth about $4.6T, with shares up 38% YTD but down 10% from October highs. Its results carry outsized influence due to its 8% weighting in the S&P 500 and central role in AI capex. Investors are watching for demand signals as some major holders, including SoftBank and Peter Thiel’s fund, recently exited positions.

• Real Estate: Canada’s October housing starts dropped 17% to 232,765 units (SAAR), down from 279,174 in September. Ontario and B.C. saw major declines, while Montreal, Calgary, and Edmonton posted increases that kept YTD starts higher than 2024 ( 197,207 vs. 188,660). Actual October starts in 10,000+ population centres were 19,174, slightly below last year. The six-month moving average also fell to 268,907 from 277,081.

Endeavour Silver Q3 Earning

The stock market and stuff

• Ford Partners with Amazon to Sell Certified Used Vehicles Online (theDeepDive)

• Angola, Botswana Race For De Beers Control Following Anglo American Exit (theDeepDive)

• Nvidia, Microsoft Pour $15 Billion Into Anthropic for New AI Alliance (WSJ)

• Bitcoin On Edge As Gap From MicroStrategy Margin Call Narrows (theDeepDive)

• Equinox Gold Reports Commercial Production At Valentine (theDeepDive)

In the juniors

• Canacol Energy Files For Creditor Protection As Debt Comes Due (theDeepDive)

• First Mining Updates Economics On Springpole, Outlines US$2.1 Billion After Tax NPV (theDeepDive)

• Canadian Copper Set To Submit Environmental Impact Assessment In H1 2026 For Murray Brook (theDeepDive)

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