Sponsored by Canadian Copper

Mali Fallout Ousts Barrick CEO

Mali may be the reason why Barrick Mining (TSX: ABX) removed CEO Mark Bristow after months of escalating fallout where the miner lost control of the Loulo-Gounkoto complex and had 3 metric tons of gold seized, contributing to a $1-billion write-off and a 4% share decline.

Chairman John Thornton announced Bristow’s immediate departure and appointed COO Mark Hill as interim CEO on Monday, with a global search for a permanent chief executive underway.

Barrick gave no reason for the change but according to people familiar with the matter, directors had been discussing replacing Bristow for at least six months as Mali-related risks mounted.

You can read more on the matter here.

What’s going on?

• Is An Albertan Oil Pipeline Announcement Near? (theDeepDive)

• Canadians say they are struggling to get information on relatives in ICE detention (Globe)

• Toronto Mortgage Broker Faces Fraud Allegations as $100M Goes Missing (theDeepDive)

• Supreme Court blocks Trump from immediately firing Fed’s Lisa Cook (FT)

• Quebec Scraps Full 2035 Gas Vehicle Ban (theDeepDive)

• Indian Households See Moderation in Price Pressures Over a Year (Bloomberg)

• Canada Post Workers Launch Nationwide Strike as Government Demands Major Reforms (theDeepDive)

• Hamas Indicates It Is Open to Trump Peace Plan as It Faces Pressure From Muslim Nations (WSJ)

• Palestinian Authority, Arab Nations Welcome Trump Gaza Peace Plan (theDeepDive)

• US private sector employers shed most jobs since 2023 (FT)

• Canada’s ‘New’ Major Projects Office Absorbs Year-Old Team With Same Mission (theDeepDive)

What’s the latest?

• AI: Microsoft plans to mainly use its own chips in data centers long term, reducing reliance on Nvidia and AMD. The company already launched its Maia AI Accelerator and Cobalt CPU in 2023 and is developing next-gen chips with new cooling tech. CTO Kevin Scott said Microsoft wants full system control, from chips to networks and cooling. Despite $300B in AI-related capex across tech giants, Scott warned of a severe ongoing shortage in compute capacity.

• Markets: U.S. stocks slipped Wednesday, with the S&P 500 down 0.3%, the Dow off 51 points (-0.1%), and the Nasdaq lower by 0.4%. An ADP report showed private employers cut 32,000 jobs in September, with August revised to a 3,000 loss, pressuring markets ahead of a likely-delayed government jobs report due to the shutdown. Treasury yields fell, with the 10-year dropping to 4.09% from 4.16%. Nike gained 4.7% on strong earnings, while Lithium Americas surged 22.5% after securing U.S. loan access and a DOE equity stake.

• Lithium Americas: The U.S. Department of Energy will take a 5% equity stake in Lithium Americas and its Thacker Pass lithium project with GM, expected to produce 40,000 tons of lithium carbonate annually—enough for 800,000 EVs. The DOE also agreed to a $435M loan draw and will defer $182M in debt service over five years. GM has pledged $900M, while the project holds enough lithium to build 1M EVs per year. Lithium Americas’ shares rose over 30% after the announcement.

• Politics : The U.S. government entered a shutdown after Senate Democrats blocked a GOP funding bill, demanding renewed health-care subsidies under the ACA. About 750,000 federal workers face furloughs or possible firings, while services like Medicare, Medicaid, and the Pentagon remain open. The Senate failed both Republican (55–45) and Democratic bills, with a 60-vote threshold required. This marks Trump’s third shutdown as president, with potential nationwide economic fallout expected within days.

• EVs: Ford, GM, and Hyundai reported record Q3 EV sales as buyers rushed to capture $7,500 federal incentives before they expired in September. GM’s EV sales more than doubled, Ford’s rose 30%, and Hyundai’s doubled, helping lift overall U.S. auto sales about 8% for GM and Ford and 13% for Hyundai. Cox Automotive estimates U.S. EV sales hit 410,000 units, a record 10% market share. Toyota sales rose 16%, Nissan 5.3%, while Honda fell 2%.

Why Uranium Prices Are Rising While Producers Struggle

The stock market and stuff

• Mali Dispute Led To Barrick Firing CEO—Sources (theDeepDive)

• Coinbase to face narrowed shareholder lawsuit (Reuters)

• Record EV sales lead GM, Ford to 8% increases in Q3 U.S. auto sales (CNBC)

• The Global Conflict Has Already Started | Bryan Cunningham (theDeepDive)

In the juniors

• Dolly Varden Silver Drills 3.34 g/t Gold Over 120 Metres At Homestake Silver (theDeepDive)

• Silver47 Concludes 15 Hole Drill Program At Red Mountain (theDeepDive)

• Taxpayers Lend $500M to Struggling Algoma Steel, Get Nothing in Return (theDeepDive)

• Gold X2 To Acquire Kesselrun Resources As Part Of Regional Consolidation Strategy (theDeepDive)

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