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Scotiabank Sees Uranium Deficit Until 2030

Scotiabank (TSX: BNS) projects the uranium market will remain in a structural deficit until 2030, according to a research note published on March 25. The brokerage estimates the shortfall will equal approximately 4.9% of annual demand over the coming years.

This timeline extends their previous forecast by one year, highlighting continued challenges in ramping up new production. The bank’s revised outlook reflects permitting delays for several new mining projects that were expected to come online sooner.

You can read more on the matter here.

What’s going on?

• Trump’s Accelerated Copper Tariff Threat Sends Prices Soaring (theDeepDive)

• Canada freezes Tesla’s $43-million rebate payments, bars it from future rebates because of tariffs (TS)

• Canada Scraps LMIA Points in Express Entry Shake-Up (theDeepDive)

• Canada not mentioned in U.S. threat assessment’s summary of fentanyl crisis (Globe)

• Liberal Resurgence Under Carney Draws Sean Fraser Back to Politics (theDeepDive)

• EU calls for households to stockpile 72 hours of food amid war risks (FT)

• Reports Say White House Is Retreating on Tariff Plan (theDeepDive)

• Brazil Puts Former President Bolsonaro on Trial for Allegedly Plotting Coup (WSJ)

• US Nears Agreement with Ukraine on Critical Minerals, Trump Says (theDeepDive)

• German government opposes boycott of US products (Reuters)

• European Banks Worry About US Dollar Support Under Trump (theDeepDive)

• Mark Carney rejects boosting trade ties with China, points to Europe (Globe)

What’s the latest?

• Treasury: The Treasury Department is preparing to furlough a substantial portion of its 100,000+ workforce as part of Elon Musk’s Department of Government Efficiency (DOGE) efforts to reduce federal staff. Deputy Assistant Secretary Trevor Norris confirmed the plans are aligned with President Trump’s executive order and may involve large-scale reductions in force (RIFs). Maryland has filed a complaint seeking to halt the layoffs, with three judges issuing temporary restraining orders. The Treasury is also considering consolidating critical support functions and reversing Biden-era hiring surges.

• Sport: Stephen Curry and Michelle Obama have launched Plezi Hydration, a healthier sports drink under Obama’s Plezi Nutrition brand. Plezi contains no added sugar, less sodium than competitors, and a full daily dose of vitamin C, with three flavors: lemon lime, tropical punch, and orange mango twist. The 16.9-ounce bottles, priced at $2.29, will be sold in California stores and on Amazon nationwide. Curry, an investor and product collaborator, joins a growing list of athletes investing in the $8 billion sports drink market, where Gatorade holds a 61% market share.

• Dollar Tree: Dollar Tree reported $5 billion in Q4 net sales, with same-store sales up 2% and adjusted earnings of $2.11 per share. For fiscal 2025, it forecasts $18.5–$19.1 billion in net sales and 3%–5% same-store sales growth. The company is gaining market share from higher-income consumers and expects to mitigate 90% of the $15–$20 million monthly impact from Trump’s initial 10% China tariffs. However, additional 25% tariffs on Mexico and Canada could cost another $20 million per month, though their impact was not factored into financial guidance.

• Student Loans: President Trump announced plans to transfer $1.6 trillion in federal student loans from the Department of Education to the Small Business Administration (SBA), though experts say this move likely requires an act of Congress. Borrowers and advocates fear errors, lost records, and a loss of protections, especially with the SBA’s workforce set to be reduced by 43%. Experts advise borrowers to secure their loan records and certify Public Service Loan Forgiveness (PSLF) periods now to safeguard against future inaccuracies. Legal challenges are expected to delay or block the transfer.

• Auto Sector: Liberal Leader Mark Carney pledged a $2 billion fund to boost Canada’s auto sector ahead of U.S. President Trump’s expected tariffs on April 2. The fund aims to strengthen supply chains, protect manufacturing jobs, and support worker upskilling. Carney also promised to build a domestic network for auto component manufacturing to reduce cross-border dependencies. Windsor, Ontario, a key auto manufacturing hub, remains highly vulnerable to U.S. tariffs.

MAG Silver Q4 Earnings

The stock market and stuff

• Is RBC Quietly Letting Employees Go? (theDeepDive)

• US tech stocks drop as fresh jolt of volatility hits Wall Street (FT)

• Exxon Mobil to Shrink UK Workforce by About 250 People (Bloomberg)

• GameStop Reports Upswing In Net Income Despite 28% Sales Drop (theDeepDive)

In the juniors

• Sterling Metals Launches 2,000 Metre Drill Program At Copper Road (theDeepDive)

• Adyton Resources Completes over 4,000m Drilling at Wapolu and Prepares for Gameta Drilling with Unanimous Landowner Support (JMN)

• Aya Gold & Silver Drills 3,794 g/t Silver Over 10 Metres At Zgounder (theDeepDive)

FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold 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.