Sponsored by ESGold Corp

U.S. Buys Big Into Critical Minerals

The US government plans to take more equity stakes in critical minerals companies, framing the approach as a direct counter to China’s dominance in key raw materials.

The policy emphasis is explicitly about stakes, not simply support, with a White House official describing government ownership positions as a tool that is no longer “once-rare” in this market.

The targeted category is critical minerals, with examples including gallium and cobalt, materials that sit inside consumer electronics supply chains and industrial applications at the same time.

You can read more on the matter here.

What’s going on?

• IEA Warns Copper Supply to Face 30% Deficit by 2035 (theDeepDive)

• Canada’s Unemployment Rate Plunges With Third Month of Big Job Gains (Bloomberg)

• Shell Exits Argentina LNG Phase Citing “Scope Change” (theDeepDive)

• Wayne Gretzky hits the links with Trump, just weeks after addressing criticism from Canadians (CTV)

• Domtar to Permanently Close Crofton Pulp Mill, 350 Jobs Lost (theDeepDive)

• India’s airports in chaos as largest airline cancels over 1,000 flights (FT)

• Ontario Signs Bulgaria Nuclear Pact, Advances UK Critical Minerals Track (theDeepDive)

• SpaceX in Talks for Share Sale That Would Boost Valuation to $800 Billion (WSJ)

What’s the latest?

• Tech: The New York Times sued Perplexity in SDNY, alleging the AI startup illegally scraped and reproduced its articles, videos, and podcasts. The complaint says Perplexity’s outputs are “identical or substantially similar” to NYT content. Perplexity, valued after raising $1.5B, denied wrongdoing and compared the case to historic tech-vs-publisher battles. The suit follows other major copyright actions, including NYT vs. OpenAI/Microsoft and Anthropic’s $1.5B settlement with authors.

• Oil & Gas: Oil prices were steady Friday, with Brent at $63.67 and WTI at $60.03, up about 0.6–0.65%. Prices were supported by stalled Ukraine peace talks and Venezuela tensions, but capped by expectations of a global supply glut and resilient OPEC production. 82% of economists expect a Fed 25 bps rate cut, which could boost demand. Venezuela’s 1.1M bpd output is at risk, while Saudi Arabia cut its Arab Light price to Asia to a five-year low amid oversupply.

• Employment: Canada added 54,000 jobs in November, beating forecasts for a decline, and the unemployment rate fell from 6.9% to 6.5% as 26,000 people left the labour force. Job gains totaled 181,000 from September–November, though growth was concentrated in part-time work (+63,000), youth employment (+50,000), and health care/social assistance (+46,000). Average hourly wages rose 3.6% year-over-year. Strong headline data and Q3 GDP at +2.6% annualizedpushed market odds of a Bank of Canada rate hold to ~93% for Dec. 10.

• Politics: Trump said he will meet Canada and Mexico’s leaders on Friday during the 2026 World Cup draw to discuss trade and immigration. The meeting comes ahead of the 2026 USMCA six-year review, with the U.S. hinting at possible renegotiation or withdrawal. U.S.–Mexico relations remain relatively positive, while tensions with Canada persist after Trump suspended talks over an Ontario ad. Trump has also maintained threats of 25% tariffs on non-compliant Mexican goods and potential increased duties on Canadian imports.

• Trade War: The IMF says Canada’s economy performed better than expected despite U.S. tariff shocks, helped by USMCA exemptions, though employment and investment weakened. Additional drags came from lower commodity prices, softer external demand, slowing immigration, and tariff uncertainty. The outlook is now more balanced but still highly uncertain. The IMF supports Canada’s shift toward higher public investment but stresses maintaining a clear debt-to-GDP anchor and keeping fiscal policy measured and flexible.

Soma Gold Q3 2025 Earnings

The stock market and stuff

• New Rio Tinto CEO Eyes $10 Billion From Divestments And Streamlining (theDeepDive)

• West Fraser To Curtail OSB Production At High Level Mill (theDeepDive)

• US stocks set for double-digit gains in 2026, say Wall Street banks (FT)

• BMO Lifts Adjusted Income In Q4 2025 As Credit Loss Costs Halve (theDeepDive)

• Netflix To Acquire Warner Bros Assets—Including HBO—In $82.7B Deal (theDeepDive)

In the juniors

• Freegold Intersects 1.53 g/t Au over 191.3m in infill drilling at Golden Summit (JMN)

• Aftermath Silver Grows Measured And Indicated Tonnes 28% In Latest Resource Update (theDeepDive)

• Dolly Varden Silver Intersects 14.50 g/t Gold over 21.18 Meters, Including 113 g/t Gold and 997 g/t Silver over 0.68 Meters at Homestake Silver Deposit (JMN)

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