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S&P/TSX Composite Index Jumps 320 Points at Midday, Led by Miners

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The S&P/TSX Composite Index rose 320 points at midday Tuesday with the mining sector adding 5%, making it the best performer, followed by energy, up 1.7%.

The weakest sectors are telecoms and utilities, down 0.4% and 0.3%, respectively.

In economic news, the US is imposing 50% tariffs on $20 billion of Canadian goods, including on some CUSMA-compliant products. The tariffs are expected to come into force on Aug. 19. In a statement, Prime Minister Mark Carney said: "Canada has made a series of detailed and comprehensive proposals to resolve this dispute and to modernise CUSMA. We stand ready to intensify those discussions in the coming weeks."

Magellan Aerospace (MAl.TO) shares are up 8.8% to C$35.00 after it was awarded a government contract to produce the M-72 Light Anti-Tank Weapon under Canada's Munitions Supply Program.

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Mining & Metals

Uranium Royalty Shareholders Approve Sweetwater Deal; CFO to Step Down

Uranium Royalty (URC.TO) said Monday after trade that its shareholders approved its acquisition of the Sweetwater Entities, which has landholdings in Wyoming, Utah, and Colorado.Per the deal, Uranium Royalty and the Sweetwater Entities will be combined under a newly formed Delaware-based parent company, New URC, Uranium Royalty said, adding the transaction is still subject to final court approval and other customary closing conditions. It is set to close around July 27.Following the closing, New URC is expected to begin trading on the Nasdaq around July 28. Uranium Royalty's shares are set to be delisted from the Toronto Stock Exchange around the same date, and the company is expected to cease being a reporting issuer in Canada, it said.Separately, Chief Financial Officer Andy Marshall will step down July 29 to pursue other opportunities. Eason Chen will serve as interim CFO, Uranium Royalty added.

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Mining & Metals

Vireo Growth Will Acquire up to $35 Million in Assets From Cannabist

Vireo Growth (VREO.CN) will buy certain cannabis cultivation, manufacturing and retail operations from Cannabist, which has begun bankruptcy and restructuring proceedings in Canada and the U.S.The acquisitions, which will cost Vireo up to $35 million, consists of up to $18.75 million in cash and up to $16.25 million in seller notes. They will add up to 25 dispensaries, one cultivation and one production asset, bringing Vireo's pro forma retail footprint to 230 dispensaries, the statement said.This transaction, which is subject to regulatory approval, would position Vireo as the second-largest dispensary network in the US with operations across 15 states, the company said."The acquisition of select Cannabist assets meaningfully expands our operational footprint, strengthens our vertically integrated platform, and adds a highly experienced team along with operations in new markets for Vireo," said Vireo Chief Executive John Mazarakis. "This transaction reflects our disciplined and strategic approach to industry consolidation as we continue building one of the most capital efficient, vertically integrated cannabis platforms in the United States."Vireo Growth shares were last seen up C$0.27, to C$14, on the Canadian Securities Exchange.Price: $14.00, Change: $+0.27, Percent Change: +1.97%

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Mining & Metals

Awale Resources Reports First Assay Results from Deeper Drilling at BBM Gold-Copper Deposit; Shares up 13.5%

Awale Resources' (ARIC.V) first assay results from deeper drilling at the BBM gold-copper deposit at the Odienne Project, Cote d'Ivoire, confirmed that BBM's "high-grade" core continues below the current open pit Mineral Resource, it said Monday.The first two holes of a twelve-hole program drilled below and beyond the open pit Mineral Resource, intersected "strong" gold mineralization, returning 7m at 7.21 grams per tonne of gold equivalent from 385 meters downhole and 46 meters at 2.35 g/t gold equivalent from 364 meters downhole, added Awale.The company expects the results from the remaining ten holes over the coming weeks, it said."The first holes below the open pit hit where we expected and returned the highest gold grade drilled at the deposit to date," said Chief Executive Officer Andrew Chubb. "This tells us the high-grade core continues at depth and reinforces our belief that the system has more to give. With ten more holes from this program at the lab, we look forward to showing shareholders how BBM grows from here."The company's shares were last seen up C$0.10, or 14%, to C$0.84 on the TSX Venture Exchange.Price: $0.84, Change: $+0.10, Percent Change: +13.51%

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