Venezuela condemns US “colonialist threat”

A far more dramatic source of volatility also emerged from Washington over the weekend.

On Saturday (November 29), US President Donald Trump declared that “the airspace above and surrounding Venezuela” should be considered closed, posting a warning on social media.

To all Airlines, Pilots, Drug Dealers, and Human Traffickers, please consider THE AIRSPACE ABOVE AND SURROUNDING VENEZUELA TO BE CLOSED IN ITS ENTIRETY. Thank you for your attention to this matter! PRESIDENT DONALD J. TRUMP

— Donald J. Trump (@realDonaldTrump) November 29, 2025

Trump also told service members last week that US forces would “very soon” begin land-based operations targeting Venezuelan drug-trafficking networks. Further, reports surfaced that the White House and Caracas had held a tense, last-ditch phone call aimed at defusing a worsening standoff.

According to sources cited by the Miami Herald, Washington told President Nicolás Maduro he could secure safe passage for himself, his wife Cilia Flores and his son only if he stepped down immediately. The conversation stalled as Venezuela refused to surrender control of its armed forces or agree to Maduro’s resignation.

Washington has been increasingly aggressive toward what it describes as Venezuela’s Cartel de los Soles, which US officials accuse Maduro and senior leaders of operating.

Last month, the Department of State’s decision to designate the cartel a foreign terrorist organization placed Maduro, Diosdado Cabello and Vladimir Padrino López in the same legal category as al-Qaeda and ISIS.

Caracas condemned the aggression, labeling it as a “colonialist threat” seeking support from its allies.

On Sunday (November 30), Maduro issued an appeal to fellow OPEC members, urging the bloc to help counter what he described as “growing and illegal threats” from the United States.

In a letter published by state broadcaster TeleSUR, he accused Washington of trying to “seize” Venezuela’s oil reserves and warned that US military pressure could disrupt the global energy market.

“I hope to count on your best efforts to help stop this aggression, which is growing stronger and seriously threatens the balance of the international energy market, both for producing and consuming countries,” Maduro wrote.

Venezuela exported just US$4.05 billion worth of crude oil in 2023, far below other major producers, due largely to US sanctions imposed during Trump’s first term.

Brent crude stood at US$62.76 per barrel on Tuesday (December 2) morning, while WTI was trading at US$58.93.

Key trends in humanoid robotics

According to Samimi, recent trends in robotics include enhanced automation in the industrial and logistics sectors.

“We’re seeing a lot of new trends on foundation models and control stacks within the robotic sector, as well as new sorts of electronic assemblies to put all of these components together,” he explained, pointing to companies like Amazon (NASDAQ:AMZN), BMW (ETR:BMW,OTC Pink:BMWKY) and Mercedes-Benz Group (ETR:MBG,OTC Pink:MBGAF) as current adopters of humanoid robots in factories and warehouses.

Additionally, Samimi highlighted that recent battery advances have improved energy density, enabling longer robot operation for industrial and logistics tasks. Meanwhile, lighter, more efficient actuators enhance precision and energy use, supporting dynamic interaction and human collaboration.

Finally, advances in robotics control systems are powered by cutting-edge AI algorithms. Platforms like RideScan, a Humanoid Global portfolio company, harness continuous, independent AI-driven monitoring, risk scoring and anomaly detection to optimize robot performance. The company recently filed a patent in the UK for its core AI technology

Samimi added that safety and reliability remain critical focal points amid these technological advances.

Advances in algorithms, machine learning and operational intelligence systems are enabling comprehensive, scalable safety and maintenance solutions for robots deployed across different facilities, supported by digital twin technologies and a closed-loop data cycle for continuous improvement.

Addressing labor shortages via robotics

Labor shortages and constrained supply chains are accelerating innovation by prompting industrial sectors to adopt robotics to augment limited labor resources.

The 2025 MHI Annual Industry Report, a document that covers emerging disruptive technologies, confirms robotics is thriving amid labor shortages and rising complexity in logistics and manufacturing.

During the US-Saudi Investment Forum, Tesla (NASDAQ:TSLA) CEO Elon Musk made a bold prediction about the long-term effects of robotics and AI: work will become optional, and money will be obsolete.

“I don’t know what long term is — maybe it’s 10, 20 years or something like that,” Musk said, adding that there is still a lot of work to be done before society gets to that point.

In the meantime, the workforce will likely see more human-robot collaboration. Samimi said he has observed that humanoid robots and collaborative robots (cobots) are increasingly taking over repetitive manual tasks.

“Human labor now shifts to more, higher-value tasks, rather than moving a warehouse box or a palette from A to B. So we’re seeing somewhat of a shift (that’s) helping make labor more scalable and more productive, and really less dependent on that shrinking labor pool,” he said.

Resource-heavy and industrial sectors present strong opportunities for robotics, especially amid a limited labor pool. Areas like agriculture, mining, pharmaceuticals and lumber stand to benefit from automation and upskilling via robotics.

Robotics investment thesis and portfolio evaluation

Humanoid Global views its role not only as an investor, but also as an ecosystem builder, actively fostering collaboration and knowledge sharing across its portfolio companies.

By strategically connecting early stage innovators with mature industry players, Humanoid Global seeks to accelerate the global deployment and scale of humanoid robotics technologies.

The firm emphasizes balancing risk across a portfolio that includes both disruptive technology developers and companies closer to full commercial deployment, allowing for diversified exposure while driving integrated growth.

Companies are evaluated with a strong prioritization for teams with proven execution capabilities and sustainable technological moats, such as proprietary IP or unique data networks. Scalability and clear go-to-market strategies are equally important, as is a strong safety architecture embedded in the technology.

This approach highlights the importance of strategic relationships, market education and risk-managed growth in realizing the transformative potential of humanoid robotics.

Building social license

Much of Debruyne’s role over the past five years has centered on improving engagement with Indigenous communities, many of which have deep historical grievances tied to land, water and the impact of large-scale resource extraction.

“It’s really about being the best neighbor possible,” he said.

But getting there has required fundamental shifts in mindset and method. One of the clearest examples is what Debruyne called the principle of horizontality — a change born from early missteps.

A decade ago, when communities questioned the mine’s hydrological impacts, SQM responded the way many industrial operators would: it sent engineers to explain the technical data.

“You would think that’s a great thing to do,” Debruyne said. “But we learned that’s not the right way, because community members aren’t hydrologists. There’s a vertical difference.”

Instead, SQM now helps communities secure independent experts of their choosing, ensuring conversations happen “on a horizontal level.” This shift has been crucial to rebuilding trust.

Just as important, Debruyne said, is abandoning the western notion of time.

“Communities have a different concept of time. It’s about giving them the time they need — taking information back, returning, iterating. You may think you’re doing things the right way, but there’s always room for improvement.”

Why social investment reduces risk

For Oxfam policy advisor Andrew Bogrand, these types of changes are not just ethical — they’re also practical.

The expert, who also spoke on the panel, noted that since 2010, more than 800 protests or violent incidents have occurred around mine sites globally, including 300 since 2021 alone.

Each one carries real costs: slowdowns, legal expenses, rising insurance premiums — and, as Bogrand pointed out, the hidden cost of executive time diverted to crisis management.

“There is a win-win solution,” he told the Benchmark Week audience. “It’s engaging communities, making sure everyone’s on the same page. Sometimes the solutions are very simple.”

As an example, he pointed to mining projects where warning messages were sent in English to communities that do not speak the language, or where key safety information was delivered over SMS when what residents needed was a physical noticeboard in their own dialect.

Bogrand described companies that “step over a dollar to pick up a penny” — refusing modest community requests, only to face shutdowns costing tens of millions of dollars.

Transparency: A tool, not a threat

Debruyne described transparency as one of SQM’s most effective tools, even if it initially felt counterintuitive.

A few years ago, the company made all hydrological data from its government reporting publicly accessible online.

“I was bracing myself,” he said, expecting to receive dozens of questions about brine levels. But counter to his fears, transparency defused tension rather than fueling it. “I received complete silence,’ Debruyne noted.

It also created a foundation for future collaboration, including joint environmental monitoring programs with communities that had refused to speak with SQM for years.

Moving slow to move fast

The tension between rapid industry growth and slow, iterative sustainability processes often surfaces in investor discussions. For Bogrand, the answer is simple: “You have to move slow to move fast.”

Rushing early stage engagement almost always backfires, he argued, while early investment in community relationships pays dividends across the life of a mine.

Debruyne echoed this idea, noting that patience, consistency and presence — not promises — win trust. In one case, SQM organized a visit for Atacama Indigenous women leaders to electric vehicle and battery plants in Germany and Poland, allowing them to see firsthand where lithium fits in a finished product.

One participant, surprised that the metal formed only a thin coating on a cathode, admitted she had imagined an “Avatar-like” scenario where mines destroyed massive volumes of land for each battery.

“Because they don’t have visibility on the value chain, they make interpretations, which is human,” Debruyne told listeners. “Dialogue is so important.”

Both Debruyne and Bogrand agree that the lithium supply chain cannot scale without social acceptance, credible transparency and deep engagement with affected communities.

As Debruyne noted, “Ultimately, it’s about people.”

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$91,192.19, down by 0.2 percent over 24 hours.

Bitcoin price performance, November 28, 2025.

Chart via TradingView.

However, the expert added that whale selling is keeping upside momentum fragile, preventing Bitcoin’s recovery from becoming a sustained trend. Hasn also noted that while derivatives market indicators show some stabilization, the rebound lacks the aggressive leverage buildup that typically supports strong rallies.

Friday’s derivatives data reinforces this view. Open interest fell 0.13 percent over four hours as traders trimmed positions. Liquidations hit US$23.74 million, mostly in longs, clearing excess bets without sparking fresh buying.

The slightly negative funding rate of -0.001 percent shows shorts paying longs with no bullish premium, while Bitcoin’s relative strength index of 58 signals neutral momentum, not the overextension needed for a strong rally.

As Hasn explained:

“Bitcoin’s resilience this week is therefore being shaped by a supportive macro environment rather than internal strength. The mixed whale distribution pattern and the lack of sustained accumulation still underline that the market remains vulnerable. The next phase will likely depend on whether improving sentiment in equities can translate into more durable inflows across the crypto market.”

Meanwhile, Ether (ETH) was at US$3,057.17, up by 0.7 percent over 24 hours. Ether derivatives showed balanced consolidation: US$8.83 million in mixed long/short liquidations cleared positions evenly, while a 0.06 percent rise in open interest signals modest new bets. However, neutral funding at 0.001 percent lacks a bullish premium.

Altcoin price update

• XRP (XRP) was priced at US$2.19, down by 1.8 percent over 24 hours.

• Solana (SOL) was trading at US$137.88, down by 3.3 percent over 24 hours.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index continued to climb steadily after plunging into ‘extreme fear’ territory in the last two weeks. It has currently settled at 20 and is inching closer to ‘fear.’

Bitcoin’s rebound from the mid-US$80,000 zone has triggered a swift shift in market sentiment. After the price briefly cooled near US$80,000, many expected a sluggish recovery phase. Instead, optimism snapped back, with the sentiment index rising 10 points over the week and marking one of its sharpest moves in recent months.

The increase corresponds with heavier buying activity and reduced caution among traders who had previously stayed on the sidelines during the cryptocurrency’s pullback.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

Major CME Group outage halts futures trading

CME Group (NASDAQ:CME) experienced a major outage on Friday due to a chiller plant malfunction at the CyrusOne CHI1 facility, halting trading in futures and options across equities, currencies, commodities, treasuries and FOREX.

The disruption started late on Thursday (November 27) and affected the Globex platform, which handles 90 percent of CME Group’s volume. The outage halted trading in Bitcoin and Ether futures for about nine to 11 hours, disrupting access to quotes and positions, but leaving spot crypto markets largely unaffected.

Visa expands stablecoin settlement push with Aquanow partnership

Visa (NYSE:V) has deepened its stablecoin strategy by teaming up with Aquanow to support faster settlement across Central and Eastern Europe, the Middle East and Africa.

The deal plugs Aquanow’s infrastructure directly into Visa’s payment rails, allowing banks and payment firms in the region to settle transactions in approved stablecoins such as USDC.

Visa says the upgrade is aimed at institutions seeking cheaper and quicker cross-border settlement options as demand for digital asset rails grows. The company also aims to modernize the “back-end plumbing” of payments by reducing reliance on traditional networks with multiple intermediaries. Aquanow, which processes billions in crypto transactions each month, will provide liquidity and technical support for the integrations.

The collaboration follows Visa’s recent stablecoin payout pilot, Visa Direct, which lets businesses fund transactions in fiat while recipients opt to receive stablecoins directly in their wallets.

UK backs “no gain, no loss” tax model for DeFi activity

The UK government has endorsed a major shift in how DeFi transactions are taxed, moving to eliminate capital gains charges when users deposit tokens into lending protocols or liquidity pools.

Under the current rules, deposits can be treated as disposals, often generating tax liabilities even when investors haven’t realized any economic gain. HM Revenue & Customs’ updated guidance supports a “no gain, no loss” approach that would tax users only when they withdraw assets and eventually sell them.

The proposal comes after two years of industry feedback from firms, many of which argued that the existing system distorts reality and burdens ordinary users with excessive record keeping. The new model would apply to both simple lending and automated market makers, ensuring that only genuine gains or losses are captured for tax purposes.

Australia introduces digital assets bill

Australia has tabled a new digital assets bill aimed at ending years of regulatory uncertainty and preventing a repeat of past offshore failures such as FTX and Celsius.

The proposed Corporations Amendment (Digital Assets Framework) Bill 2025 would require platforms holding customer crypto to meet the same licensing and conduct standards applied across the financial sector.

Officials said the legislation is designed to bring crypto businesses fully into the regulated economy, ensuring transparency, custody safeguards and clear accountability.

The bill includes exemptions for smaller operators that process under US$10 million annually and hold less than US$5,000 per customer, mirroring existing thresholds for low-risk financial products. The government argues that modernizing the rules could unlock as much as US$24 billion a year in productivity and efficiency gains.

Markets and commodities react

Canadian equity markets surged this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 4.84 percent over the week to close Friday (November 21) at 31,382.78.

Meanwhile, the S&P/TSX Venture Composite Index (INDEXTSI:JX) soared 10.57 percent to 937.34. The CSE Composite Index (CSE:CSECOMP) also improved this week, rising 2.22 percent to close at 149.37.

The gold price rose 3.5 percent to US$4,218.77 by 4:00 p.m. EST Friday. The silver price fared even better, surging 11.39 percent to a new record high of US$56.37.

Meanwhile, in base metals, the COMEX copper price ended the week up 3.74 percent at US$5.27 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) gained 0.71 percent to end Friday at 555.16.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Mountain Province Diamonds (TSX:MPVD)

Weekly gain: 114.29 percent
Market cap: C$19.11 million
Share price: C$0.075

Mountain Province Diamonds is a mining company with a 49 percent ownership stake in the Gahcho Kué diamond mine in the Northwest Territories, Canada.

The mine, a joint venture with Anglo American (LSE:AAL,OTC Pink:NGLOY) subsidiary De Beers, which owns the other 51 percent, consists of five mining leases covering a total area of 5,216 hectares.

According to a September 2024 technical report, the mine hosts a total indicated resource of 36.4 million carats with an average grade of 1.7 carats per metric ton (c/t) from 21.4 million metric tons of ore, with an additional inferred resource of 23.7 million carats with a grade of 1.79 c/t from 13.3 million metric ton.

In the company’s Q3 report released on November 11, Mountain Province stated that it sold 409,081 carats and raised total proceeds of C$29.2 million at an average price of C$71 per carat.

The company noted that production at the mine was 12 percent lower than the same period last year due to lower than expected stockpile grades; however, grades are expected to improve in Q4 as mining operations began in the higher-grade 5034-NEX orebody.

The most recent news from the company came on November 18, when it amended the terms of its working capital facility with Dunebridge Worldwide. Under the new terms, the company will be able to access additional funds, and it extends the period it can make advances to March 31, 2026.

2. SPC Nickel (TSXV:SPC)

Weekly gain: 100 percent
Market cap: C$23.92 million
Share price: C$0.07

SPC Nickel is an exploration company advancing a pair of projects in Nunavut and Ontario, Canada.

Its Muskox property is a copper, nickel and platinum group metals (PGM) exploration project in Nunavut, consisting of 26 mining claims and two prospector permits covering a total land area of 49,600 hectares. Mineralization at the site was first identified in the 1950s.

The company is also working on its advanced-stage Lockerby East project near Sudbury, Ontario.

A March 2024 resource estimate demonstrates an indicated in-pit resource of 179.1 million pounds of nickel from 19.23 million metric tons with an average grade of 0.42 percent nickel and an out-of-pit resource of 45.7 million pounds of nickel from 3.24 million metric tons grading 0.64 percent from the West Graham target. At the LKE deposit, the estimate shows an additional 17.2 million pounds of nickel from 665,000 metric tons grading 1.17 percent at the LKE deposit.

On Monday (November 24), SPC released assay results from its 2025 exploration program at Muskox. The company stated that the site demonstrated high-grade copper, nickel and PGM mineralization across multiple targets at the 125 kilometer Muskox intrusion.

The company collected 77 grab samples, with 39 returning grades greater than 2 percent nickel and copper, including 19 with grades greater than 5 percent nickel and copper. Additionally, 21 returned PGM grades higher than 5 grams per metric ton.

3. AJN Resources (CSE:AJN)

Weekly gain: 80.95 percent
Market cap: C$12 million
Share price: C$0.19

AJN Resources is an exploration company advancing work at the Otoke gold project in Southern Ethiopia. It also holds option agreements for several lithium projects in the Democratic Republic of Congo and Nevada, US.

The company is currently carrying out due diligence work at the 42.8 square kilometer Otoke gold property as part of a May 2025 conditional heads of agreement that could see AJN earn a 70 percent interest from Godu General Trading.

AJN has 90 days from the start of the due diligence period to drill 1,500 meters. After completing its due diligence, AJN is required to commit to several terms, including an initial US$2 million exploration program and the delivery of a mineral reserve estimate to earn the first 60 percent.

AJN can then acquire an additional 10 percent by meeting certain conditions including payments totalling US$10 million and the completion of a definitive feasibility study.

The most recent update from fieldwork at Otoke came on October 14, when AJN announced that mapping and sampling identified several mineralized zones. Additionally, artisanal workings within the project area have bolstered confidence in the property’s shallow, high-grade potential.

The company said that it collected more than 600 samples, which it submitted to a lab in Ireland, and that it was preparing to mobilize a drill rig within the next two to three weeks.

On November 19, the company announced that it had closed a non-brokered private placement for C$3 million, which will be used for due diligence activities.

4. Bear Creek Mining (TSXV:BCM)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Bear Creek Mining is a production company that operates the Mercedes gold and silver mine in Sonora, Mexico.

The mine sites comprise 43 mineral concessions covering 69,284 hectares in a region along the US–Mexico border.

The property hosts potential for both brownfield and greenfield exploration, and according to a September 2024 technical report, it hosts proven and probable reserves of 428,000 metric tons of ore containing 54,000 ounces of gold and 312,000 ounces of silver with grades of 3.95 g/t gold and 22.71 g/t silver.

On November 11, Bear Creek released its Q3 financial and operational results, which highlighted production of 6,219 ounces of gold and 18,866 ounces of silver during the quarter.

The company’s share price gains come alongside large increases in gold and silver prices during the week.

5. Karnalyte Resources (TSX:KRN)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Karnalyte Resources is an exploration and development company advancing its Wynyard potash project in Central Saskatchewan, Canada.

The property consists of three primary mineral leases covering 367 square kilometers east of Saskatoon.

Shares in Karnalyte climbed this week after the company released an updated feasibility study for the project on Wednesday (November 26). The study demonstrated economic viability, according to Karnalyte, with an after-tax net present value of C$2.04 billion, an internal rate of return of 12.5 percent, a payback period of 8.8 years, and a mine life of 70 years.

The company also stated that development would benefit from a secured offtake agreement under which India-based GFSC would purchase 350,000 metric tons per year during Phase 1, with additional commitments for 250,000 metric tons per year after Phase 2 is complete.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

All CME Group markets are open and trading.

— CME Group (@CMEGroup) November 28, 2025

According to Reuters, the outage is one of the longest in years for CME Group.

Some traders are taking the disruption as a reminder of the market’s strong reliance on systems that don’t always run perfectly. However, others have pointed out that thinner activity in the US due to Thursday’s (November 27) Thanksgiving holiday likely helped minimize the impact of the stoppage.

‘If there was to be a glitch day, today’s probably a good day to have it,’ Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, told the news outlet.

Silver price chart, November 27 to 28, 2025.

While silver is known for lagging behind gold before outperforming, it’s now ahead of its sister metal in terms of percentage gains — silver is up about 84 percent year-to-date, while gold has risen around 58 percent.

Gold was also on the move on Friday, breaking back above US$4,200 per ounce for the first time since mid-November, but it remains below its all-time high of nearly US$4,400, set in October.

Silver’s breakout this year has been driven by various factors.

As a precious metal, it’s influenced by many of the same factors as gold, but its October price jump, which took it past the US$50 level, was also driven by a lack of liquidity in the London market.

While that issue appears to have resolved, a new situation has recently emerged — Bloomberg reported on Tuesday (November 25) that Chinese silver stockpiles are now at their lowest level in a decade after huge shipments to London.

Tariff concerns and silver’s new status as a critical mineral in the US have also provided support in 2025.

The white metal’s industrial side also shouldn’t be forgotten — according to the Silver Institute, industrial demand for silver reached a record 680.5 million ounces in 2024, driven by usage in grid infrastructure, vehicle electrification and photovoltaics. Total silver demand was down 3 percent year-on-year in 2024, but still exceeded supply for the fourth year in a row, resulting in a deficit of 148.9 million ounces for the year.

Watch five experts share their thoughts on the outlook for silver.

Time will tell what’s next for silver, but some experts see it continuing to outperform gold in 2026.

‘The sure money is made in the gold sector, but the big money is made in the silver sector — that’s proven true over the last couple of precious metals cycles. I believe it will be true in this one as well,’ said Jay Martin of VRIC Media.