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Is The Mining Exodus Putting The TSX At Risk?

A growing number of mining firms are abandoning their Canadian headquarters, threatening Toronto’s long-standing reputation as a global minerals finance hub and raising alarms among industry veterans.

The exodus comes as the Toronto Stock Exchange (TSX) and TSX Venture Exchange have seen mining listings plummet to 1,097 companies from 1,531 in 2010, according to exchange operator TMX Group Ltd in a Bloomberg report.

“If the government keeps making it harder for companies to access global capital, it could impact Canada’s overall health in the medium to long term,” said Dean McPherson, global mining head at TMX Group. “It means a loss of potential revenue and a loss of strength for Canada as a global destination for mining companies to be domiciled.”

You can read more on the matter here.

What’s going on?

• Trump’s Trade Turmoil Continues As US Accuses Japan, China Of Currency Devaluation (theDeepDive)

• U.S. Pauses All Military Aid to Ukraine (WSJ)

• Trudeau Is Answering Trump’s Reciprocal Tariffs With Own Reciprocal Tariffs (theDeepDive)

• Starlink rival in talks to boost satellite services to Ukraine (FT)

• Trump’s Tariffs A Comin’: Who’s Actually Losing? (theDeepDive)

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• Vancouver-area home sales fall as market conditions more balanced in February, real estate board says (Globe)

• Doug Ford Wants To Cut Power Exports To US, Believing US Wouldn’t Do The Same (theDeepDive)

• Banks Loan $2 Billion to Build a 100-Acre AI Data Center in Utah (WSJ)

• UK Proposes Alternative Ukraine Peace Path After White House Showdown (theDeepDive)

What’s the latest?

• Target: Target plans to drive over $15 billion in revenue growth by 2030 by expanding its third-party marketplace, media network, and same-day delivery services. It aims to grow marketplace sales from $1 billion in 2024 to over $5 billion by 2030 and double the size of its in-house media unit, Roundel, which generated $2 billion last year. Target will invest $4-$5 billion in supply chain, technology, and store improvements, including AI-powered inventory management and 20 new stores. Despite these efforts, shares fell over 5% after weak Q4 earnings and projected profit declines for the current quarter.

• Seven & i: Seven & i Holdings saw its stock drop as much as 12% after reports that it would reject a $47 billion takeover bid from Alimentation Couche-Tard over U.S. antitrust concerns, though shares later closed down 7.8% after the company denied the claim. Seven & i stated it is still evaluating all strategic options, including the Couche-Tard proposal, as its stock remains down 19% this year. CEO Ryuichi Isaka is expected to step down, with board member Stephen Dacus potentially taking over, but he has yet to grant Couche-Tard access to financial data for a firmer bid. Investors are closely watching the situation as a test of Japan’s openness to foreign takeovers.

• Stocks: Canada’s TSX Composite Index dropped 568 points (-2.3%) to 24,433 after U.S. tariffs on Canadian and Mexican goods took effect, triggering a trade war. The Dow fell 662 points to 42,528, the S&P 500 lost 97 points to 5,751, and the Nasdaq declined 305 points to 18,044. The Canadian dollar weakened to 69.05 cents USD. Crude oil fell to $66.85 per barrel, while gold rose to $2,918.80 per ounce.

• Waymo: Waymo has launched robotaxi rides in Austin through the Uber app, just ahead of the SXSW festival. This marks the first market where Uber will manage and dispatch Waymo’s autonomous fleet. Waymo, which handles over 200,000 paid trips weekly in cities like San Francisco and Phoenix, plans to expand to Atlanta later this year. The Austin expansion sets up competition with Tesla, which has announced plans to launch its own driverless rideshare service, CyberCab, in the city by June.

• Crypto: Bitcoin dropped over 3% to $82,548.35 on Tuesday, down 23% from its all-time high, as tariff concerns erased gains from Trump’s U.S. crypto reserve announcement. Crypto stocks fell, with Coinbase down 3%, Robinhood down 6%, and Strategy (formerly MicroStrategy) down 4%. Over $303 million in Bitcoin and $160 million in Ether were liquidated in the past 24 hours. Investors are watching the White House Crypto Summit on Friday for details on the reserve and potential regulatory clarity.

Why silver could be the most controversial investment of the decade

The stock market and stuff

• BlackRock Strikes $23 Billion Deal for Ports on Both Sides of Panama Canal (WSJ)

• SEC to Dismiss Lawsuit Against Crypto Exchange Kraken (theDeepDive)

• Airline stocks tumble amid economic concerns (CNBC)

In the juniors

• Verses AI Sees G42 Convert US$10 Million Investment To Equity (theDeepDive)

• Snowline Gold Intersects 617 Metres Of 1.68 g/t Gold (theDeepDive)

• Curaleaf Reports $216M Net Loss in 2024 Despite $1.34B Revenue (theDeepDive)

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