Canada sits on a treasure trove most countries can only dream of. We’re the second-largest country by land mass, with the world’s third-largest proven oil reserves (about 168 billion barrels, mostly in the oil sands), the largest potash reserves (1.1 billion tonnes), second-largest uranium reserves, and top-tier deposits of nickel, cobalt, graphite, lithium and dozens of other critical minerals essential for batteries, EVs and clean tech.

The Toronto Stock Exchange and TSXV list roughly 40% of the world’s public mining companies and raise nearly half of global mining equity capital.

We have world-class infrastructure, a highly skilled workforce, and cutting-edge oil & gas technology that makes us one of the most responsible producers on the planet. Yet we’re leaving this wealth in the ground.

Despite all these advantages, Canada punches far below its weight in resource development.

Projects take 10-15 years to approve (versus 2-3 in Australia), drowned in overlapping federal-provincial red tape, endless consultations, and ever-shifting environmental rules.

The result? Billions in lost investment, thousands of unrealized jobs, and a shrinking share of global markets. Worse, policy actively discourages capital. Our capital gains inclusion rate now taxes successful resource investors at punishing levels, while retail investors – the lifeblood of junior mining – sit on the sidelines.

Flow-through shares are a smart incentive (100% tax deduction for exploration dollars put in the ground), but they’re too limited. Expanding and supercharging flow-through would unleash a flood of Canadian money into discovery, turning prospects into mines and paychecks, and tax revenue.

A thriving resource sector doesn’t just create wealth – it supplies the building blocks for everything else.

Canadian nickel and cobalt go into EV batteries; our potash feeds the world; our oil and natural gas provide affordable energy for homes, factories, and manufacturing. Speaking of energy, as one of the world’s top producers we should have among the lowest gasoline and natural gas prices on the planet.

Residential natural gas in North America remains a fraction of Europe’s, yet Canadian drivers still pay 30-50% more at the pump than Americans because of high federal and provincial fuel taxes. That’s money leaving Canadians’ pockets when it could stay here fueling growth.

It’s time to flip the script. Streamline approvals, cut the regulatory burden, lower taxes on resource investment, and enhance flow-through incentives. When we put money in the ground, we get mines, jobs, exports, and the raw materials the world desperately needs – all while upholding the highest environmental standards. Canada isn’t just a resource economy.

We have everything to be the resource superpower. We just need the political will to act like it.

Dean Stuart IR/BD

Get Informed, Stay Ahead

MULTIBAGGERS — TS30
News from some of our hits

EPL — Eagle Plains Completes Drilling at George Lake Critical Metals Project, Intersects Target Mineralization in All Holes… _{Read more}

BYN — Banyan Gold Continues to Intersect High-Grade Gold Mineralization in Airstrip, Yukon. _{Read more}

ARG — Amerigo Announces Strong 2025 Results & Quarterly Dividend. _{Read more}

BAC — Bactech‘s Dr. Paul Miller to Present Zero Tailings Technology at PDAC. _{Read more}

GOT — Goliath Resources Acquires 100% Ownership Of The Golddigger Property Hosting The High-Grade Surebet Gold… _{Read more}

SEI — Sintana Publication of Admission Document. _{Read more}

SIG — Sitka Gold Announces Plan to Spin-Out its Nevada and Arizona Gold and Silver Assets to Focus on Advancing its New Multi-million Ounce Gold Discovery at its Flagship... _{Read more}

MTH — Mammoth announces gold recoveries of 87% from bottle roll tests on coarser-fraction material … _{Read more}

TOC — Tocvan Partners with VRIFY to accelerate exploration and enhance discovery potential aith AI at Gran Pilar. _{Read more}

KDK — Kodiak Regional Exploration Highlights Potential for Resource Expansion and Identifies Targets at MPD Copper-Gold Project. _{Read more}

ASTR — Astra Astra Makes New Discovery, Hitting 6.3 Metres of 837 g/t Silver and 3.32 g/t Gold at La Manchuria Project, Argentina. _{Read more}

YES — CHAR Technologies Announces C$2M Private Placement. _{Read more}

MGRO — MustGrow’s Canola Field Trials Demonstrate Clubroot Disease Suppression; Improved Canola Yield with Healthier Root Systems. _{Read more}

ROCK — Trident Resources Announces Purchase of Additional 4,711 Hectares at the Contact Lake Gold and Greywacke Gold Projects. _{Read more}

When the TS.J Editor asked if I’d be interested in writing an article for this inaugural edition, I thought it would be a great chance to let the people know the broker’s side of the investment industry, so I immediately said yes.

Of course, being the kind soul that he is, the Editor sent me an AI generated example of what an editorial could look like as “inspiration”. It was informative, entertaining, and funny. How could I compete with that? I had even convinced myself to tell him to go with the AI piece. It’d save me the effort and possible embarrassment. Then, I thought bull crap.

Frankly, I’m old school. I’ve been in the business since after they renamed the Huskey Tower the Calgary Tower but before the government collapsed the four financial pillars giving the banks supreme, yes supreme, dominance over the trust, insurance and investment companies.

I do have a perspective, a personal perspective based on where we’ve come, where we are, and where we’re headed. It’s challenging to say the least, but I’m optimistic.

Canada’s capital market is dynamic. We’ve come from a time where accounts could be opened over the phone and a trade done in 10 minutes to an extensive account opening process.

Investor protection has evolved from getting the clients name and address to knowing their financials, investment objectives, time horizon and risk preference. Trades were done through a trade desk to the floor of the exchange, to doing trades at your desk where the order goes to one of the exchanges or 10 alternative trading systems to get the best price.

Investor’s can choose between fee-based accounts or traditional commission. Passive investing through ETF’s or mutual funds has become extremely popular. The internet has spawned hundreds of sites providing investment advice and educational podcasts.  AI can create a portfolio for you based on the parameters you provide. So, what’s wrong?

The number of companies going public in Canada on the TSX has been on the decline for years and has reached historic lows. In 2025, there were only two IPO’s done on the TSX. The TSXV is also experiencing significant declines with de-listings and take-privates exceeding new IPO’s. In fact, the number of operating companies on the TSXV has fallen by 32% since 2011.  Some of this could be a result of companies listing on the CSE which has shown growth over the last few years.

There has also been a few listings because of the recent mining market but the overall trend remains down. From the investment dealer standpoint, independent brokerages have been decreasing in numbers for years caused by increased regulatory costs. Young people, in general, have no interest in coming into the industry. I’d say the average age of advisors working with independent brokerages is over 50 years of age. Again, regulatory policy makes it very hard to grow a book.

So, let’s get down to brass tacks. The issue is regulatory overburden prompted by the banks. Banks don’t want to play in the riskier junior market where innovation is born and independents can thrive. They want to create an environment that forces the small independents out and drive those assets into the banks fee-based business model where clients will pay a fee monthly no matter what the market is doing. They’re playing the long game. It’s been in the works for 20 plus years. Tell me I’m wrong.

I am optimistic. While industry participants have known for years that something was wrong the hard facts of a faltering system are starting to resonate where it counts. It’ll take time but change is coming. How can it not. Canada has slipped so far.

—

If you’re ever having a brew along Stephen Avenue in Calgary pop into Local and join the critical thinking group. I hear the $4 Local lager is great. I’ll be the guy wearing the bag.

TABLETALK — Nxt30
Scanning the horizon

BIR - BTO - CKG - EDG - ENDR - GQC - GRO - GUN - KTO -LITH - LVG - MFG - MOG - NGEX - OZ - PEAK - PNE - PPP - PRG - RK - RPX - SGY - SKE - SPMC - SRAN - SXTY - TSK - TUF - TWO - WDO

The Great Jurisdictional Arbitrage

Perched on a terrace overlooking the ancient vineyards of Kutaisi—the heart of Colchis where Jason and his Argonauts once sought the Golden Fleece 3300 years ago — there’s a certain allegorical depth to this vista. As someone who has spent decades at the corporate grist mill, but also out on the frontiers, the legend of the Fleece (a gold-trapping sheepskin) is perhaps the oldest "junior mining" story on record.

But while the Argonauts came for the plunder, our modern venturer seeks tranquility with good bandwidth. Today, this corner of the Republic of Georgia has become a sanctuary for a new breed of traveler: professional vagabonds and digital knights-errant.

My perspective is forged in the school of country risk. I learned early that a spectacular gold grade means nothing if the local Ministry decides your social license has expired. And of late, I’ve noticed a curious inversion: the "safe" Western jurisdictions we once championed are beginning to exhibit the same capricious, ossified, and extractive behaviors that used to be the hallmark of unstable frontier markets (e.g. Economic freedom declining in Canada).

Welcome to the inaugural edition of Random Walk. In this monthly column, we’ll wander through the rubble of the current global polycrisis—from the slow-motion collapse of fiat prestige to the fraying of the social contract we once took for granted. Plus or minus the odd roadside stop to check the pulse of Pax Americana.

As the saying goes: we live in interesting times. In fact, on this very day 2069 years ago, the fall of the Roman Republic commenced — leading to the rise of the Empire (yes, like in Star Wars). And some would say history echos in the present. Are we witnessing this daily on TV/YT? Will it lead to years of chaos, or consolidation?

Good, bad or ugly: history ebbs and flows. And being prepared is always the right thing. As the current world order ‘evolves’, there is both opportunity and imperative for the Sovereign Individual (first theorised at the advent of consumer internet back in 1997). Modern or what might be called fourth-wave nomadism isn't just about young tech-waifs in Bali. It is a strategic, rational movement of human capital. It’s the realisation that in a world of digital connectivity, one’s loyalty to a single flag is often a one-way street.

Freedom-oriented individuals are no longer "investing" in a country, they’re "subscribing" to it. If the service is poor, the taxes are usurious, and the streets are unsafe, they cancel the subscription. Or certainly keep some alternative options to-hand. This is the ultimate jurisdictional arbitrage:

Go Where You Are Valued Best ^SM

"Valued" being the operative word. It transcends mere treatment to imply a mutual recognition of worth between the individual and the state. Whether it’s securing residency in the Caucasus, a golden visa in the Med, new frontiers in Africa, or simply unbundling your life from a single point of failure: the ‘Backup Plan’ has moved from the fringe to the boardroom.

The world is a vast menu of options, yet most people remain stuck on the appetizer they were served at birth.

Over the coming months we will explore how to navigate this peripatetic lifestyle—balancing the cold logic of optimization with the need for a place that actually appreciates your presence.

—

The "Random Walk" begins here. I suggest you pack light, as the exits are getting crowded.

FEATURE
Hybrid Power Solutions
Clean energy, built to get dirty. Rugged battery power for Canada's toughest sites.

Hybrid Power Solutions Inc. (CSE: HPSS), a Canadian clean energy innovator founded in 2015, specializes in rugged, portable lithium-ion battery systems and hybrid microgrids that eliminate reliance on diesel generators.

Products like the Batt Pack series (3-7kW portable units), Spark Cube (up to 24kW for heavy-duty sites), and scalable TERRA systems (150kVA+) deliver silent, emission-free power for demanding environments, slashing fuel costs, maintenance, and carbon footprints while enhancing safety and reliability.

The company is aggressively expanding its footprint across key sectors:

With a publicy-listed status, new manufacturing facilities, franchise solar networks, and pilot programs turning into fleet order— plus entry into U.S. utilities—the company’s growth potential is substantial.

As industries face mounting pressure to decarbonize amid rising energy costs and regulatory demands, Hybrid Power Solutions is positioned to capture a larger share of the booming battery storage market, driving sustained expansion in these high-demand sectors.

TAKESTOCK Media spotlights emerging cleantech leaders like Hybrid Power Solutions, where innovation meets real-world industrial needs for a greener future.

Visit hybridps.ca for more information.

TS30 (ctd.)

VCG — Visionary Commences Phase 1 Exploration Drilling at the Gold/Copper/Zinc/Silver Pt. Leamington Deposit in Central Newfoundland… _{Read more}

API — Appia Reports Diamond Drilling on ULTRA HARD ROCK Carbonatite Target Intercepts 300m at 2.55% Total Rare Earth Oxide from Surface Including 1.7m at 14.27% TREO in Goias, Brazil… _{Read more}

YARR — Pirate Gold Initiates Project Scale Geophysical Surveys and Provides Project Updates… _{Read more}

AHR — Amarc Confirms Discovery of Third New Porphyry Copper-Gold System at JOY… _{Read more}

FDY — Faraday Copper Announces up to C$100 Million Private Placement with Participation by the Lundin Family Trust and BHP… _{Read more}

ANK — ANGKOR Resources commences trenching program at CZ gold prospect, Ratanakiri Province, Cambodia… _{Read more}

CCCM — C3 Metals Announces Closing of $28,000,500 Bought Deal Private Placement… _{Read more}

CUAU — Forte Minerals Corp Exhibits at PDAC 2026, Highlighting the Alto Ruri Project’s High-Grade Potential Near Barrick’s Pierina Mine… _{Read more}

ITR — Integra Provides 2026 Guidance and Three-Year Outlook Highlighting Production Growth at Florida Canyon Gold Mine… _{Read more}

GMIN — G Mining Ventures Provides 2026 and 2027 Operational Outlook _{Read more}

SCOT — Scottie Reports Broad and High-Grade Gold at the Blueberry Contact Zone 14.4 g/t Gold over 40.75 metres and 42.5 g/t Gold over 4.40 metres… _{Read more}

GRDM — Grid Metals Continues to Expand Cesium Mineralization at Falcon West _{Read more}

CUU — Copper Fox Commences PEA and Groundwater Flow Modeling to Support Future Permitting at Van Dyke ISCR Project _{Read more}

BEX — Benton Announces Appointment of Darin Wagner as Special Advisor and Provides Exploration Update _{Read more}

ECU — Element 29 Reports Longest and Highest-Grade Intercepts to Date at Elida with 1,489 m of 0.58% CuEq… _{Read more}

WLF — Wolfden Highlights the Precious Metal Upside at its Canoe Landing Deposit… _{Read more}

UPCOMING EVENTS
TAKESTOCK Investor Series 2026
stay tuned for news about forthcoming shows and your opportunity to grill execs, network, compare notes and so much more!

Calgary Investor Forum
June 3rd

TS|S Sampede Forum & Festivities
June 30th

Calgary Investor Update
Nov 4th