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Ottawa Dismisses Pipeline Push as ‘Hypothetical’ Amid BC Resistance

Canada seems to be signaling that it is not serious about getting resources to tidewater when Energy Minister Tim Hodgson called a new West Coast bitumen pipeline “overfocusing on what right now is hypothetical.”

Hodgson said “Canada can build many things,” but whether there is a business case for a new bitumen line is “up for the private sector proponents to decide,” adding Ottawa will help when real proponents bring real things forward.

Adding layers, Alberta floats a one-million-barrel-per-day route to the BC north coast. BC Premier David Eby has called Alberta’s idea “not a real project” because there is no private proponent or funding and warned that reopening the oil-tanker ban on the North Coast would jeopardize “billions” in real investments that depend on coastal First Nations support.

You can read more on the matter here.

What’s going on?

• Ottawa Labels Pipeline ‘Hypothetical’ As Clock Ticks (theDeepDive)

• Donald Trump floats Treasury secretary Scott Bessent as new Fed chair (FT)

• Is Canada About To Drop China Tariffs On EVs? (theDeepDive)

• Trump, Xi to Discuss Lowering China Tariffs for Fentanyl Crackdown (WSJ)

• US Adds $1.8B For Critical Minerals, Grants Two-Year Smelter Relief (theDeepDive)

• Home prices lag inflation, meaning homeowners are losing out on their investment (CNBC)

• Washington Announces US-China Trade Deal But Beijing Mum On Details (theDeepDive)

• Trump ends Canada access at shared border library (CTV)

• British Columbia’s Eby Also Plans Anti-Tariff US Ads After Ford Drew Trump’s Ire (theDeepDive)

• Doug Ford says Mark Carney and his chief of staff knew about Ontario anti-tariff ad before it aired (NP)

What’s the latest?

• Tech: Nvidia is taking a $1 billion stake in Nokia, sending Nokia shares up 26%. The deal includes issuing 166 million new shares to fund AI and 6G development. Nokia and Nvidia will partner on next-gen 6G technology, adapting Nokia’s 5G/6G software for Nvidia chips and exploring AI networking integration. This follows Nvidia’s recent strategic investments—$5B in Intel, $100B in OpenAI, $500M in Wayve, and $667M in Nscale—as it expands its AI ecosystem.

• Markets: The S&P/TSX composite index rose 137.19 points to 30,412.95, driven by gains in base metals and tech. In the U.S., the Dow climbed 225.58 to 47,770.17, S&P 500 up 3.80 to 6,878.96, and Nasdaq up 68.97 to 23,706.43. The Canadian dollar strengthened to 71.66¢ US. Crude oil fell US$1.18 to US$60.13, while gold dropped US$51.10 to US$3,968.60.

• International: Canada will host G7 energy and environment ministers in Toronto on Oct. 30–31, focusing on securing critical mineral supplies to reduce reliance on China. Minister Tim Hodgson said the meeting will include firm commitments, such as offtake agreements, stockpiling plans, and new mining investments. The talks follow G7 discussions on price floors and subsidies for domestic mineral production. Hodgson also noted that U.S.-Canada trade talks on steel, aluminum, autos, and the Keystone XL pipeline remain on hold.

• AI: OpenAI has restructured into a public benefit corporation (PBC) under its nonprofit parent after receiving approval from Delaware Attorney General Kathy Jennings. The move clarifies control while enabling OpenAI to better monetize AI technology. Microsoft now holds a 27% stake under a revised partnership, with rights to OpenAI products lasting until 2030 or AGI verification by an independent panel. The new OpenAI Foundation will allocate $25 billion toward health, cybersecurity, and safety initiatives, while retaining a Safety and Security Committee with authority to halt product releases.

• Real Estate: New condo sales in the GTA fell to a record low for September, with only 155 units sold—a 44% drop year-over-yearand 90% below the 10-year average, according to BILD and Altus Group. Toronto accounted for just 53 sales, the lowest on record. Total new home sales across all types hit 438 units, 80% below the decade average. Benchmark condo prices held at $1.03M, while single-family home prices fell 8.2% to $1.44M. BILD warned the downturn threatens 100,000 jobs and urged government action such as GST reductions on new homes.

The Uranium Supply Cliff

The stock market and stuff

• Cameco, Brookfield Partner With US Government For $80B Nuclear Reactor Push (theDeepDive)

• PayPal signs deal to place payments wallet in OpenAI’s ChatGPT, issues first dividend (Globe)

• OpenAI restructuring pushes Microsoft valuation above $4tn (FT)

• Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic (theDeepDive)

In the juniors

• Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine (theDeepDive)

• Kiwetinohk Energy To Be Acquired For 10% Premium By Cygnet Energy (theDeepDive)

• Scottie Resources Outlines $216 Million NPV For Flagship Project Under Direct Ship Ore Model At $2,600 Gold (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.