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Enbridge Expands Mainline Pipeline

Enbridge (TSX: ENB) said it will accelerate an upsized expansion of its Mainline system, adding 150,000 barrels a day by 2027 and 250,000 barrels a day by 2028 after the network ran full in the third quarter.

The company had previously guided to a two-step plan of 150,000 barrels a day in 2027 and 150,000 barrels a day in 2028. On the latest earnings call, executive vice president Colin Gruending confirmed the larger second tranche, saying “[phase one] is at the plate now… [phase two] is in the batter’s box and it’s got a bigger bat than we thought we had before.”

Enbridge reported adjusted EBITDA of $4.3 billion in the third quarter, up from $4.2 billion a year earlier, supported by high pipeline utilization as Mainline operated at full capacity.

You can read more on the matter here.

What’s going on?

• Alberta And Ottawa Open Talks Towards A Relationship-Reset MOU (theDeepDive)

• Canada loses its measles elimination status — as it happened (CBC)

• Is Altamira Gold Sitting On Brazil’s Next Big Gold Discovery? (theDeepDive)

• Democrats face party backlash over US government shutdown deal (FT)

• Coeur Mining: The $7 Billion Acquisition Of New Gold (theDeepDive)

• BBC in Crisis as Trump Threatens $1 billion Lawsuit (WSJ)

• Fresnillo Steps Out Of Mexico With $780 Million Probe Gold Buyout (theDeepDive)

• Visa, Mastercard reach $38 billion swipe fee settlement, draw opposition (Reuters)

What’s the latest?

• Barrick: Barrick Mining beat Q3 profit estimates with $0.58 EPS (vs. $0.57 expected) as stronger gold prices offset lower output. Gold averaged $3,574.95/oz, up 16% QoQ and 43% YoY, though production slipped to 829,000 oz from 943,000 oz. Costs rose slightly to $1,538/oz. Barrick raised its dividend 25% to $1.25/share and expanded its buyback program by $500M, while shares jumped ~4% premarket.

• Markets: U.S. stocks rebounded Monday as the S&P 500 rose 1.2%, the Nasdaq gained 1.9%, and the Dow added 183 points (0.4%), recovering most of last week’s losses. Nvidia surged 4%, leading AI-related stocks higher, while Palantirjumped 8% and TSMC climbed 3.1% after reporting 17% YoY revenue growth. Most other sectors lagged, with health insurers down amid uncertainty over expiring tax credits. Globally, South Korea’s Kospi rose 3%, boosted by SK Hynix (+4.5%) and Samsung (+2.8%), while the 10-year U.S. Treasury yield edged to 4.10%.

• Tech: OpenAI is exploring consumer health products, including a generative AI-powered health assistant, signaling expansion beyond its core AI offerings. The move follows key hires: Nate Gross (Doximity cofounder) as head of healthcare strategy and Ashley Alexander (ex-Instagram) as VP of health products. At the October HLTH conference, Gross revealed ChatGPT has 800M weekly active users, many using it for medical advice. This follows failed health ventures by Google, Amazon, and Microsoft, which struggled to gain traction in consumer health tech.

• Aluminum: U.S. aluminum premiums hit a record 88.10 cents/lb (US$1,942/ton) as President Trump’s 50% import tariff and global supply shortages tightened the market. With aluminum priced at $2,850/ton, U.S. buyers now pay about $4,792/ton including duties. Imports from Canada (70% of total U.S. supply, 2.7M tons in 2024) have been disrupted after Trump halted trade talks. Analysts expect a 1.8M-ton global aluminum deficit this year amid China’s 45M-ton production cap and a 2M-ton drop in non-Chinese supply over the past three years.

• Crypto: The number of digital asset treasury (DAT) companies has surged to 200+ firms with a combined market cap of US$150B, tripling from last year, as firms stockpile crypto like bitcoin. Facing bitcoin’s slump, newer entrants are shifting to riskier tokens (e.g., BERA, NEAR, Canton Coin) to seek higher returns. DATs raised over $15B via PIPE dealssince April, but many now trade below their net asset value, with retail investors losing about $17B. DATs collectively hold 4% of bitcoin, 3.1% of ether, and 0.8% of solana, amplifying their market impact and volatility risk.

First Majestic Silver Q3 Earning

The stock market and stuff

• Barrick’s New Leadership Sees Its Future in North American Gold (Bloomberg)

• Barrick Mining Q3 2025: Record Cash Flow Lifted By Prices Despite Lower Volume (theDeepDive)

• Ripple Labs is conquering crypto. Now the XRP-linked firm wants to take on traditional finance (CNBC)

In the juniors

• Lithium Argentina Rallies On 150ktpa PPG Plan, Eclipsing Wider Q3 2025 Loss (theDeepDive)

• Talisker Terminates Milling Arrangement With Nicola Mining In Favor Of Ocean Partners Deal (theDeepDive)

• ESGold Completes Mill Building Construction, Final Equipment Procurement Underway (theDeepDive)

• Stifel Initiates Coverage On Goliath Resources With $5.00 Price Target (theDeepDive)

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