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Trump Boots Waltz From Security Post

US President Donald Trump removed Mike Waltz as national security adviser on Thursday and said he would nominate him to be ambassador to the United Nations.

Multiple sources cited Waltz’s handling of a Signal messaging app incident and perceived management issues as factors in the decision. In March, Waltz acknowledged mistakenly adding a journalist to a group chat discussing military operations against Houthi targets in Yemen.

You can read more on the matter here.

What’s going on?

• Japan’s Kato Says US Debt Holdings Give Tokyo Potential Leverage (theDeepDive)

• King Charles to open Canada parliament as PM Carney reacts to Trump threats (TG)

• Apple Found in Contempt, Epic Scores Landmark Victory (theDeepDive)

• China ‘evaluating’ possible trade talks with U.S. (Globe)

• Blanchet Says ‘No Future’ for Oil and Gas Despite Province Receiving Billions in Equalization (theDeepDive)

• Trump proposes $163 billion cut to federal budget (Reuters)

• NDP to Seek Official Party Status Despite Falling Below Threshold (theDeepDive)

• DOJ Asks Federal Judge to Break Up Google’s Ad-Tech Operations (Bloomberg)

• DEA Nominee Views Cannabis Reclassification as Priority, Stops Short of Guarantee (theDeepDive)

• Beijing Weighs Fentanyl Offer to U.S. to Start Trade Talks (WSJ)

• US, Ukraine Finalize Minerals Agreement After Extended Negotiations (theDeepDive)

What’s the latest?

• Exxon: Exxon Mobil reported Q1 adjusted earnings of $1.76 per share, in line with estimates, supported by rising output from low-cost projects in Guyana and the Permian Basin. The company repurchased $4.8 billion in shares, consistent with its $20 billion annual buyback target through 2026, despite Brent crude falling below $65 a barrel. Production is expected to rise nearly 10% this year, helping cushion the impact of low prices. Exxon needs $88 oil to break even after all cash outlays but maintains low debt and plans to launch 10 new projects in 2025.

• Gold: Gold rose 0.8% to $3,263.45 an ounce as the U.S. dollar fell 0.6%, making bullion cheaper for international buyers. However, it is still on track for a 1.7% weekly decline, its first back-to-back weekly loss this year, amid easing haven demand as U.S.-China trade talks appear possible. Despite recent pullbacks, gold is up about 25% year-to-date, driven by central bank buying, Chinese speculative demand, and concerns about unconventional U.S. economic policies.

• Home Sales: Vancouver home sales dropped 23.6% year-over-year in April to 2,163 units, and were 28.2% below the 10-year seasonal average, according to Greater Vancouver Realtors. Despite borrowing conditions improving, buyers appear cautious amid Canada-U.S. trade war tensions. Active listings rose 29.7% to 16,207, while new listings fell 3.4% year-over-year. The benchmark home price slipped 1.8% annually to $1,184,500, and 0.5% from March.

• Copper:  Copper rose 2% to $9,386 a ton on the London Metal Exchange as China signaled openness to U.S. trade talks, boosting optimism for tariff relief. The gains were supported by tightening global supply, with inventories falling in Shanghai and Taiwan. All base metals advanced, led by tin with a 3.1% gain. Traders are now eyeing the upcoming U.S. employment report for early signs of tariff-related economic impact.

• Shopify: Shopify will end its annual US$1 million revenue share exemption for developers on June 16, shifting to a lifetime exemption model. Developers will now pay 15% on cumulative revenues beyond US$1 million, rather than resetting the exemption annually. The prior policy, introduced during COVID-19, waived fees each year for smaller developers, but Shopify says it mainly benefited a few hundred, not the tens of thousands in early stages. Previously, Shopify took a 20% cut on all developer revenue before the 2021 exemption began.

Endeavor Mining Q1 Earnings

The stock market and stuff

• Eldorado Gold’s Revenue Upswing In Q1 2025 Can’t Mask Surge In Costs (theDeepDive)

• Artemis Gold Hits Commercial Production At Blackwater, Releases 2025 Guidance (theDeepDive)

• Jeff Bezos to sell up to $4.75bn in Amazon stock (FT)

• Reddit Reverses With A Net Income In Q1 2025 Due To Improving Revenue (theDeepDive)

• Ivanhoe Mines Posts Record EBITDA, Negative Cash Flow In Q1 2025 (theDeepDive)

In the juniors

• Goldshore Drills 1.10 g/t Gold Over 25 Metres Near Surface (theDeepDive)

• Equinox Gold And Calibre Mining Secure Shareholder Approval For Merger (theDeepDive)

• Simply Solventless Denies Material Adverse Event As Canadabis Walks From Merger (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.