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Canada’s Oil Cap in Limbo

Natural Resources Minister Tim Hodgson said the federal government could address climate policies gradually, but stopped short of committing to eliminate the oil and gas emissions cap.

Alberta’s Rebecca Schultz and Ontario’s Todd J. McCarthy last week sent a public letter demanding Ottawa withdraw the emissions cap alongside the Impact Assessment Act and electricity regulations. The provincial ministers contend these measures will damage economic competitiveness and unfairly burden energy-producing regions.

You can read more on the matter here.

What’s going on?

• EU Outlines Plans to Stockpile Critical Minerals (theDeepDive)

• Ontario wants to work with Alberta on building pipelines, railways (Globe)

• US Warns Blanket 10% Levy To 100 Nations as Truce on Trump Tariffs Runs Out (theDeepDive)

• Donald Trump says he will hit Japan and South Korea with 25% tariffs (FT)

• Federal Climate Programs Failed to Prove Job Creation, Emissions Cuts After $301M Investment (theDeepDive)

• Chile’s Biggest Copper Windfall in Years Signals Higher Output (Bloomberg)

• China’s New ¥100K Cash-For-Gold Rule Could Spur Buying Frenzy Before Deadline (theDeepDive)

• Houthis Attack Ship in Red Sea for First Time Since Trump Announced a Truce (WSJ)

• Russian Satellite Releases Mysterious Object Near US Spy Satellite (theDeepDive)

• Jack Dorsey launches a WhatsApp messaging rival built on Bluetooth (CNBC)

What’s the latest?

• Oil: Oil prices rebounded Monday despite OPEC+ announcing a larger-than-expected output hike of 548,000 barrels per day for August. Brent crude rose to $68.66 per barrel, and WTI climbed from earlier lows to $66.99. Analysts say tight physical markets and strong demand—especially from Asia—helped prices absorb the extra supply. Meanwhile, uncertainty over Trump’s delayed but looming tariffs continues to pressure oil markets.

• Politics: President Donald Trump announced he will send letters to up to 15 countries threatening tariffs unless trade deals are reached, with duties set to begin in August. These moves follow Trump’s April launch of his global “Liberation Day” tariffs, which he later softened by setting a 90-day negotiation period. Canada is exempt from Wednesday’s tariff deadline and is working toward a bilateral agreement with the U.S. by July 21.

• Stocks: CU.S. stocks opened lower Monday as Trump ramps up trade pressure before Wednesday's deadline. The S&P 500 fell 0.3%, Dow slipped 96 points, and Nasdaq dropped 0.5%. Tesla plunged 7.9% amid Musk’s political clash with Trump. The administration plans to warn countries of potential August 1 tariffs, though concessions may delay action. Healthcare and tech stocks led losses, while oil rose slightly after OPEC+ agreed to increase production.

• Trump Media: Trump Media & Technology Group launched its global TV streaming platform Truth+ on Monday, featuring conservative outlet Newsmax. The platform is available on iOS, Android, web, Apple TV, Android TV, Amazon Fire TV, and Roku. The move expands both companies’ international reach. Trump Media shares rose 0.6% to $19.06, while Newsmax shares fell 2.6% to $14.65.

• Tesla: Tesla shares dropped 7% on Monday after CEO Elon Musk announced plans to form a new political party called the “America Party.” Investors are increasingly uneasy with Musk's deepening political involvement, which they see as a distraction amid declining Tesla deliveries and growing competition. Musk’s move reignited tensions with President Trump, who called the idea “ridiculous.” Analysts warn the political focus could hurt Tesla’s brand and stock performance.

Arizona Metals MRE

The stock market and stuff

• Sandstorm Gold To Be Acquired For $3.5 Billion As Part Of Larger Transaction With Royal Gold (theDeepDive)

• Tesla shares sink after Elon Musk says he will launch new US political party (FT)

• Satoshi-Era Wallets Transfer Record $8.6B Bitcoin (theDeepDive)

• Hydropower To Bitcoin: Ethiopia’s State Utility Nets $200 Million From Crypto Miners (theDeepDive)

In the juniors

• Goliath Resources Assays 8.31 g/t Gold Over 23 Metres In Third Rock Package At Surebet (theDeepDive)

• Victoria Gold: Review Points To Static Liquefaction for “Preventable” Eagle Mine Heap Collapse (theDeepDive)

• Aris Mining Posts Q2 Production Of 58,652 Gold Ounces (theDeepDive)

• Scottie Resources Secures $25 Million Construction Loan For DSO Project (theDeepDive)

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