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Trump’s Maduro Deadline Passes

President Donald Trump gave Venezuelan President Nicolás Maduro one week to leave the country during a November 21 phone call, setting a Friday deadline that expired without compliance, according to sources familiar with the conversation, as questions mount over US interest in Venezuela’s massive petroleum reserves.

The ultimatum, delivered in a conversation lasting less than 15 minutes, expired on November 28. Trump declared that Venezuelan airspace should be considered closed the following day. On Sunday, Maduro made his first public appearance in days, stating he would never leave Venezuela.

You can read more on the matter here.

What’s going on?

• Canada Joins EU Defense Procurement Fund as First Non-European Partner (theDeepDive)

• Mayor Chow proposing higher taxes on Toronto luxury homebuyers (CBC)

• Algoma Steel Cuts 1,000 Jobs Despite $500M Government Bailout (theDeepDive)

• Affordable housing is out of reach everywhere in Canada (Globe)

• Copper Hits Record High Amid Supply Shortage Warnings (theDeepDive)

• Vladimir Putin accuses Europeans of sabotaging Ukraine peace push (FT)

• Nearly Ten-Hour CME Halt Sparks Canceled Silver Buy Orders Claims (theDeepDive)

• OpenAI Declares ‘Code Red’ as Google Threatens AI Lead (WSJ)

What’s the latest?

• Laurentian Bank: Laurentian Bank is being broken up in a $1.9B sale, with Fairstone Bank buying its commercial division and National Bank acquiring its retail and small-business segment at book value. The deal affects 57 branches (none will transfer) and most of Laurentian’s 2,715 employees, who must reapply for roles. Fairstone will pay $40.50 per share in cash, while National Bank’s payment depends on closing balances. The sale requires two-thirds shareholder approval.

• Politics: Ontario wrote off 1+ billion PPE items costing $1.4B since 2021 due to expired or low-quality stock, the auditor general found. Long-term contracts require buying 188M surgical masks/year, but only 39M (21%) were used last year; similarly, just 22% of 25M N95s purchased were distributed. An estimated 376M surgical masks and 96M N95s worth $126M will expire between 2025–2031. Only 2% of PPE goes to hospitals, and Supply Ontario lacks an effective inventory system but agreed to all six audit recommendations.

• Markets: U.S. stocks inched up Tuesday, with the S&P 500 +0.2%, Dow +116pts, and Nasdaq +0.3%, while the 10-year Treasury yield held at 4.09% and bitcoin rebounded above $90,000. MongoDB surged 23.2%, United Natural Foods rose 9.2%, while Signet fell 5.4% and Procter & Gamble dropped 2.9%. Crypto-linked stocks recovered, with Strategy +4.9%, Coinbase +3.2%, and Robinhood +2.1%. Markets remain driven by expectations of a Fed rate cut next week amid a softening but stable labour market.

• Real Estate: Home sales in Greater Vancouver fell to 1,846 in November, down 15.4% YoY and 20.6% below the 10-year average. Inventory rose to 15,149 listings (+14.4% YoY), sitting 36.3% above the seasonal norm, creating a buyer-favoured market. The composite benchmark price dropped to $1,123,700 (-3.9% YoY), with detached homes at $1.90M, condos at $714K, and townhouses at $1.07M. Prices softened slightly across all segments as sellers adjust to abundant supply and cautious buyer demand.

• Tech: OpenAI CEO Sam Altman issued a “code red” telling employees to focus on improving ChatGPT’s speed, reliability, and personalization, delaying several other projects. ChatGPT now has 800M weekly users, but OpenAI—valued at US$500B—is still unprofitable and has US$1T+ in cloud and chip obligations. Competition from Google’s Gemini 3 is intensifying pressure. Altman paused work on ads, health/shopping AI agents, and the Pulse assistant to prioritize the core product.

Mako Mining’s Q3 Earnings

The stock market and stuff

• Shopify Records $14.6B Merchants Sales Over Black Friday Weekend (theDeepDive)

• Digital Asset Treasuries are crypto’s latest hype — and maybe its next bubble (CNBC)

• Scotiabank Q4 2025: Revenue Jumps Despite Higher Credit Losses (theDeepDive)

In the juniors

• PTX Metals Commences 5,000 Metre Drill Program At W2 Property (theDeepDive)

• Urano Energy To Acquire Pegasus Resources In All-Stock Deal (theDeepDive)

• Goliath Resources Extends Bonanza Zone To 1.25 Kilometres Length In Latest Assays (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.