DY6 Metals Ltd (ASX: DY6, “DY6” or the “Company”) is pleased to announce the initial visual estimations from the reconnaissance exploration program at the Douala Basin HMS Project, Cameroon. Desktop studies incorporating detailed geological mapping, geophysics, and known mineral occurrences, were used to define initial, high priority targets for ground- truthing. The reconnaissance programme, which consisted of hand auger and channel sampling, was successful in identifying high estimated concentrations of heavy mineral (HM) mineralisation across all the six tenements that make up the project. Additionally, the Company’s consultants have observed the presence of natural rutile grains within panned concentrates.
HIGHLIGHTS
The Company’s reconnaissance auger and channel sampling programme has been completed at the Douala Basin HMS Project
Reconnaissance sampling undertaken across the 6 Douala Basin tenements has identified thick zones of high estimated concentrations of heavy minerals (HM) as well as natural rutile
Work at the Douala Basin Project followed up on historical HM occurrences identified by previous Eramet drilling, as well as priority areas identified through the Company’s internal reviews
Samples collected from the reconnaissance program are due to be submitted for laboratory analysis in the coming weeks, with results expected in the September quarter
At Douala Basin, exploration will transition to a detailed campaign of auger drilling
Samples collected from this initial exploration programme are currently being prepped for dispatch to the Company’s laboratory for analysis in South Africa, with results expected in the September quarter.
Technical Consultant, Cliff Fitzhenry, commented:“While the Company’s primary focus is on the Central Rutile Project, where we have recently reported the presence of wide-spread residual natural rutile mineralisation, we believe that the Douala Basin HMS project has significant potential. The reconnaissance programme has over the last few weeks demonstrated the potential of the area, with the identification of high concentrations of visible heavy mineral sands across the project tenements through a mixture of auger, channel, and soil sampling work. Pleasingly, we have also observed natural rutile grains at Douala Basin.
We look forward to the assay results of the reconnaissance programme in the coming months.”
Reconnaissance exploration at the Douala Basin HMS Project
As announced on 5 June 2025, the Company commenced reconnaissance auger and grab sampling programmes at the Central Rutile and Douala Basin HMS projects, Cameroon. At the Douala Basin project, the Company has completed 12 hand auger drill holes (refer Figure 1), collecting 53 samples in the process, as well as collected 38 channel samples from 11 surfaces for analysis (refer Tables 1 & 2).
Cautionary Statement:
The Company cautions that, with respect to any visual mineralisation indicators, visual observations and estimates of mineral abundance are uncertain in nature and should not be taken as a substitute or proxy for appropriate laboratory analysis. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results from the drilling and sampling programmes will be required to understand the grade and extent of mineralisation. Initial assay results are expected in August 2025.
Canada’s tech sector saw momentum this week, with announcements spanning venture capital and quantum computing, as well as global policy leadership news out of the G7 summit.
Axl on a mission to retain Canadian innovation
On Tuesday (June 17), Axl, a newly founded Canadian venture studio, announced plans to help launch 50 artificial intelligence (AI) companies in Canada over the next five years, supported by a C$15 million fund led by co-founder Daniel Wigdor, a computer science professor at the University of Toronto.
The venture’s other founders are Tovi Grossman, another University of Toronto professor, entrepreneur Ray Sharma and former Telus (TSX:T,NYSE:TU) executive David Sharma. Mining magnate Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) and Smart Technologies co-founder David Martin are also investors.
According to Wigdor, Axl will tackle practical business problems and connect them with promising academic research in a bid to keep Canadian innovation at home. “The social contract academics believe we have with society is that we invent these technologies and inspire people,” he told the Globe and Mail on Tuesday. “The tragedy is that the foundational technologies we’re inventing in Canada are not accruing capital for Canada.’
Wigdor pointed to his own career as a cautionary tale, explaining that the iPhone’s multi-touch interface was presaged by research he conducted in the early 2000s for his University of Toronto thesis, which itself built on concepts pioneered by University of Toronto professor Bill Buxton in the 1980s.
Other University of Toronto AI breakthroughs fueled the international rise of figures like Geoffrey Hinton, OpenAI co-founder Ilya Sutskever and xAI’s Jimmy Ba, all of whom took their expertise to US-based companies.
Carney talks tech leadership at G7 summit
Initiatives like Axl’s signal a proactive approach to Canada’s challenge of retaining tech talent and capitalizing on its world-class research; however, its success will hinge on broader public support.
Prime Minister Mark Carney has signaled that fostering tech innovation at home is a priority. He told G7 leaders that driving the digital transition, led by AI and quantum computing, would be one of his top goals at the summit.
Quantum technology was reportedly discussed at length during the two day meeting, which took place in Kananaskis, Alberta. In addition, a joint statement from members released by the prime minister’s office indicates that Canada will launch the G7 GovAI Grand Challenge and host a series of Rapid Solution Labs “to develop innovative and scalable solutions to the barriers we face in adopting AI in the public sector.”
That emphasis echoes longstanding concerns from the research community.
A 2024 letter acquired by the Logic and sent to then-innovation minister François-Philippe Champagne by the Quantum Advisory Council cites the significant sums that other countries have invested in quantum technology.
“The cost of inaction is tremendous,” the group wrote at the time, pointing to Canada’s history of “inventing core technologies,” but letting other countries “grow industries around our inventions.”
The council proposed a C$1 billion program that would mirror the Quantum Benchmarking Initiative (QBI), which fosters domestic quantum computing in the US. The QBI has selected 18 companies for its first phase, including three from Canada; firms that demonstrate the ability to build a functional quantum computer by 2033 will be eligible to receive up to US$316 million, making it a potential “kingmaker” program.
The second phase of the program is set to launch in August 2025. While no relocation demands have been made, concerns exist that later-stage QBI terms could force Canadian winners to the US.
The Quantum Advisory Council said its proposed program would be run by the National Research Council, which would independently assess firms to accelerate the development of competitive domestic quantum companies.
It would build on a C$360 million national quantum strategy announced in April 2021.
The council’s recommendations include increased grants for scientific and social science research into quantum technologies, and a new federal clusters program to foster regional quantum ecosystems encompassing research, development and training, alongside ethical and secure use. It also calls for significant investment in quantum-safe software certification and the development of other security systems.
In a speech at the Quantum Now conference in Montreal on Thursday (June 19), Canada’s AI minister, Evan Solomon, emphasized the need to protect Canada’s talent pipeline. “We cannot allow short-term funding opportunities to hollow out our domestic capabilities or transfer generations of Canadian innovation outside our borders,” he said.
Earlier this month, the minister said he would move away from “over-indexing on warnings and regulation” and instead focus on finding ways to unleash the economic potential of AI. The ongoing collaboration between government initiatives and private ventures will be key to unlocking Canada’s full potential in the new digital era.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
The bodies of an Israel Defense Forces (IDF) soldier and two civilians killed in the Hamas-led October 7 attacks have been recovered from Gaza in a military hostage recovery operation.
In a special operation carried out by the Israel Security Agency (ISA) and the IDF, the bodies of civilians, Ofra Keidar and Yonatan Samerano, and soldier Shay Levinson were recovered from the Gaza Strip on Saturday, the ISA and IDF said in a joint statement Sunday.
Ofra Keidar, from the kibbutz Be’eri community, was killed by Hamas militants on October 7, 2023. The 71-year-old’s body was taken to Gaza, where it had been held since. Keidar was a wife and mother of three. Her husband was also killed in Hamas’ attack.
“On that dark Saturday Ofra went, as usual, for a walk in the fields she loved – and never returned,” her kibbutz said in a statement.
“Ofra was one of the women leading Be’eri to be the flourished kibbutz it has become, and set an example for other women while showing strength and leadership skills. She left three children and seven grandchildren.”
Samerano, 21, from Tel Aviv, was killed by Hamas militants who took his body after fleeing the Nova music festival.
Levinson, a dual German-Israeli national and tank commander, was killed in combat on October 7, the joint ISA-IDF statement said. The 19-year-old’s body was then taken to Gaza.
The Hostages and Missing Families Forum said: “Alongside the grief and pain, the return of their bodies provides some comfort to the families who have waited in agony, uncertainty, and doubt for 625 days.”
The forum also called for the return of the remaining 50 hostages in Gaza to be a priority as Israel continues its conflict with Iran. “Particularly against the backdrop of current military developments and the significant achievements in Iran, we want to emphasize that bringing back the remaining 50 hostages is the key to achieving complete Israeli victory,” it said.
In a statement, Israeli Prime Minister Benjamin Netanyahu offered his “heartfelt condolences” to the families of Keidar, Samerano and Levinson and thanked Israeli soldiers for a “successful operation.”
In a warehouse in northeast Nigeria, a nonprofit’s stocks of food to treat malnourished children and pregnant women are running low.
The organization, Action Against Hunger (ACF), is running a project to combat malnutrition that had been relying on funding from the US Agency for International Development (USAID) to procure much-needed therapeutic food sachets. But the project was intermittently suspended, leaving ACF unable to procure enough of the nutrient-rich food during the peak season of malnutrition.
It’s one of the many urgent, lifesaving aid projects left in limbo and in need of additional resources following the Trump administration’s dismantling of USAID.
But now, a group of former USAID staff has come together to connect big donors with cost-effective projects like this, which desperately need cash to carry out operations already in the pipeline.
The primary goal is “to save as many lives as possible,” said Robert Rosenbaum, a former USAID portfolio manager and one of the people spearheading the initiative, which they are calling Project Resource Optimization (PRO). “At this point, there really are people who are dying as a result of these (budget) decisions and this halting of the work.”
Rosenbaum said that thinking about cuts to American programs tackling things like malnutrition, extreme poverty and disease prevention was keeping him up at night after he lost his job earlier this year.
So, he and other laid-off USAID workers decided to do something. They began vetting projects being carried out by USAID partner organizations, which had abruptly lost their funding earlier this year.
They gradually built a spreadsheet – dubbed the Urgent & Vetted Projects list – and started matchmaking, setting up meetings between the most critical and cost-effective programs and donors who wanted to help, but didn’t know where to start.
The spreadsheet was first inspired by reach-outs from a few small family foundations seeking expert guidance on where to best put their dollars, amid the initial uncertainty surrounding US government aid cuts. But it quickly grew into something bigger.
It became clear to Rosenbaum that there was an opportunity to “expand the overall pool of private philanthropy” and bring in donations from people who might not have considered giving to international aid projects until this year.
“There have been a handful of folks who have come out of the woodwork and literally written us an email that’s like, ‘I set aside $100,000, $200,000, a million dollars… And this is exactly how I want to think about giving… So, help us figure out how to do this,’” he said.
Earlier this week, the PRO team also launched a tool for smaller donors to contribute online, crowdfunding for some of the most critical aid projects.
Now, anyone can give a one-time or monthly contribution to the team’s “Rapid Response Fund” to support vetted projects in Sudan, Haiti, Nigeria and more.
“For most of the humanitarian projects that we’ve talked to… sometime this summer, if the funding doesn’t come through, the lights will go off and it will be very hard to stand back up,” Rosenbaum said.
“Part of what we’re offering for funders is that the fixed cost of standing these projects up has already been taken on by the US government. The staff has already been hired, they’re trained, they’re in place. The commodities, in many cases, have been procured and are sitting in a warehouse,” Rosenbaum said. “There’s all these efficiencies.
“But the flip side is that the cost of shutting them down is extraordinarily high,” he added, noting that typically it takes years for local organizations to build trust with authorities, leaders and communities.
In Mali, an organization called the Alliance for International Medical Action (ALIMA) was at risk of shutting down a project that delivers medical care to children under five, pregnant women and breastfeeding mothers, as well as providing mobile health clinics to internally displaced people.
“We were forced to suspend activities and reduce activities at different points,” said Carlota Ruiz, the organization’s head of grant management, adding that more than half ALIMA’s operating budget in Mali had come from USAID. “One of our main concerns in terms of navigating suspensions or project closures was the risk to our credibility and our relationships with the Ministry of Health and the communities that we work with.”
Weeks ago, the organization was facing the prospect of shutting down vital services, but now a new grant will allow ALIMA to provide 70,000 medical consultations to people in need and treat more than 5,000 children with severe acute malnutrition.
Meanwhile, in Nigeria, ACF says it is close to securing funding to keep one of its malnutrition projects going, after coordinating with the PRO team.
The funding will go towards procuring more ready-to-use therapeutic food (RUTF). The timing was “extremely critical,” according to an ACF staff member on the ground.
But the funding will only go towards that one project. ACF also supports programs in northern Nigeria that provide food assistance, clean water and sanitation, and support hundreds of health clinics.
“It will be very meaningful, and it will be really very useful to ensure continuity of activity and save the lives of thousands of children,” the ACF worker said of the grant about to be finalized. “But this project cannot address all the other aspects of our work.”
U.S. stocks are on the cusp of a very impressive breakout to all-time highs, but are still missing one key ingredient. They need help in the form of a semiconductors ($DJUSSC) breakout of its own. When the DJUSSC reached its all-time high on June 20, 2024, one year ago, a nasty bearish engulfing candle printed on extremely heavy volume, I wrote an article, “The Semiconductors Have Topped; Look Elsewhere for Opportunities”. Simply put, it was buyers’ exhaustion”. I looked for a 20% drop in the index, providing this chart at the time:
There’s now been a lengthy period of sideways consolidation on the semiconductors as you can see from this updated chart as that 20% drop immediately occurred:
Semiconductor leadership has been held firmly in check by the overhead price resistance just below 22000. Until that resistance is cleared, the QQQ has a lid on it.
Let’s keep in mind that the QQQ, an ETF that tracks the NASDAQ 100 index, can be broken down into its top 2 industry groups, as follows:
Semiconductors ($DJUSSC): 21.65%
Software ($DJUSSW): 19.11%
More than 40% of the QQQ is comprised of semiconductors and software. Here’s what the longer-term, 5-year software chart looks like:
Software’s relative strength is powerful and we’ve recently seen an absolute price breakout – an awesome combo. On a 5-year weekly chart of semis, it’s quite apparent that when the semiconductors break out, they carry the NASDAQ 100 on their shoulders higher and we’re close to a breakout now:
We just saw a relative strength breakout on the DJUSSC, there’s only one thing missing – that absolute breakout and it’s coming fairly soon, in my opinion.
Market Outlook
A big part of what happens over the next 6-12 months will be highly dependent on the two industry groups above. There are over 100 industry groups and this may be oversimplifying stocks a bit, but make no mistake about it. Higher growth prospects and lower interest rates can result in flying PE ratios and these two groups are home to companies that can expand their businesses very rapidly.
Market Manipulation
I’ve discussed the role of market makers and their manipulation of the stock market many times over the past several years and there’s no doubt in my mind we were just exposed to another massive dose of it in the first half of 2025. At EarningsBeats.com, however, we’ve become experts at spotting it and pointing it out. I discussed the importance of being in cash back in late January and in February before the massive Wall Street ripoff started and I also wrote about the importance of getting back in early. Remember my article in the second week of April, “The Bottom is Here or Rapidly Approaching”? These are real-time articles, folks. You need to see the tops and bottoms before they occur. It does little good to talk about it now. We don’t get a “do over.”
Or do we?
What do I mean by that? Well, we’ll have plenty more chances to spot tops and bottoms in the future, but you need to learn from this year’s mistakes RIGHT NOW. Don’t let these big-money, Wall Street crooks do it to you again. We have one MASSIVE advantage on our side vs. these big Wall Street firms. We can enter and exit stocks in seconds. It takes them days and weeks.
If you want to be better-positioned to see this nonsense AHEAD OF TIME the next time it comes around, I’d suggest that you join me on Saturday, June 28th at 10:00am ET for a 100% free event, “Trading The Truth: How Market Manipulation Creates Opportunity”. CLICK HERE to register and learn more about the event! This is a MUST-ATTEND event and seating is limited. Be sure to save your seat and learn how to protect your hard-earned money for the rest of your financial future!
This week, Microsoft (NASDAQ:MSFT) and OpenAI’s once tight alliance showed signs of strain, while Meta Platforms (NASDAQ:META) continued to source artificial intelligence (AI) talent from rival companies.
Meanwhile, SoftBank’s (TSE:9434) CEO is considering a new chip and robotics venture in Arizona, and Google (NASDAQ:GOOGL) is looking to bring AI solutions to American cities.
Read on to dive deeper into this week’s top tech stories.
1. OpenAI and Microsoft partnership faces tension
Microsoft and OpenAI’s once-close partnership is reportedly entering a tense period of renegotiation as OpenAI restructures into a public-benefit company and seeks more autonomy.
According to sources for The Information, recent negotiations have centered on reducing Microsoft’s long-term revenue share in exchange for a 33 percent stake in the newly formed entity. Additionally, OpenAI would like to limit Microsoft’s access to future models such as Windsurf, which OpenAI acquired in May.
The company has competitive concerns with Microsoft’s GitHub Copilot, according to the people.
Tensions have risen enough that some OpenAI executives are even weighing antitrust action against Microsoft, according to sources for the Wall Street Journal. In a joint statement, both companies maintained they want to continue working together; however, the Financial Times reported on Wednesday (June 18) that if they can’t reach an agreement, Microsoft is prepared to walk away and rely on its existing contract with the startup, which extends until 2030.
2. SoftBank floats trillion-dollar robotics hub in Arizona
SoftBank is reportedly interested in a trillion-dollar infrastructure project and has reached out to Taiwan Semiconductor Manufacturing Company (NYSE:TSM) as a potential collaborative partner.
Sources for Bloomberg revealed on Friday (June 20) that SoftBank founder Masayoshi Son has approached the Taiwanese chipmaker to play a “prominent role” in a manufacturing park in Arizona codenamed “Project Crystal Land,” which may serve as a major production facility for AI-powered industrial robots.
The sources said SoftBank has also approached Samsung Electronics (KRX:005930) and other companies with the idea. SoftBank officials have reportedly engaged in discussions with federal and state government officials, including US Secretary of Commerce Howard Lutnick, to explore potential tax incentives for companies onshoring high-tech manufacturing.
In other semiconductor news, Texas Instruments (NASDAQ:TXN) said on Wednesday that it will spend more than US$60 billion building seven new semiconductor facilities across the US. Meanwhile, Amazon (NASDAQ:AMZN) announced over the weekend that it will invest AU$20 billion to expand data center infrastructure in Australia by 2029.
3. Intel reportedly planning sizeable layoffs
Intel (NASDAQ:INTC) is reportedly set to implement substantial layoffs, impacting 15 to 20 percent of its factory workforce, according to an internal memo distributed on Saturday (June 14) and obtained by the Oregonian.
This move comes amidst continuing efforts to overhaul a company lagging behind its peers.
For some time, Intel’s offerings have struggled to compete effectively against those of key rivals in the highly competitive market of AI products and chip divisions. In a concerted effort to address this gap and reinvigorate its innovation pipeline, Intel has also been actively recruiting top-tier engineering talent.
On Wednesday, Intel expanded its sales and engineering leadership team to include experienced professionals from Cadence Design Systems (NASDAQ:CDNS), Apple (NASDAQ:AAPL) and Google.
These strategic hires are intended to inject fresh perspectives and expertise into crucial engineering departments, directly contributing to the company’s ambitious plans to develop more competitive and advanced AI solutions.
4. Google partners with Conference of Mayors for city AI strategies
On Friday, Google announced that it has partnered with the US Conference of Mayors to help speed the adoption of city-wide AI strategies. With the announcement, the company released a playbook titled A Roadmap for America’s Mayor that provides a framework for city leaders to develop and host an “AI Adoption Workshop,’ which would be structured to help cities identify and explore how AI can support specific needs, drawing on experiences from other communities.
The roadmap suggests cities conduct a general survey to tailor workshop content by gathering information on current AI usage, as well as concerns and ideas for AI applications. Various approaches are suggested for drafting the strategy document, including a dedicated working group, an appointed lead drafter, a hybrid model or engaging external expertise, with a recommended deadline of four to six weeks post-workshop for the first draft.
5. Meta hires top AI talent
Sources for the Information indicated on Wednesday that Meta CEO Mark Zuckerberg is bringing Daniel Gross, CEO of Ilya Sutskever’s startup Safe Superintelligence, and former GitHub CEO Nat Friedman onboard.
According to the report, Gross and Friedman will both join Meta, with Gross leaving his startup to focus on AI products at Meta and Friedman taking on a broader role. Both are expected to work directly with Zuckerberg and Scale AI CEO Alexandr Wang, who signed a US$14.3 billion deal to join Meta last week.
In exchange, Meta will get a stake in NFDG, the venture capital firm co-owned by Gross and Friedman that has backed companies such as Coinbase Global (NASDAQ:COIN), Figma, CoreWeave (NASDAQ:CRWV), Perplexity and Character.ai.
On the most recent episode of his brother’s “Uncapped” podcast, OpenAI CEO Sam Altman said that Meta has also offered signing bonuses as high as US$100 million and large compensation packages to OpenAI employees.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Gold was on the decline this week, closing just below US$3,370 per ounce, after tensions in the Middle East pushed it past the US$3,430 level toward the end of last week.
All eyes were on the US Federal Reserve, which in a widely expected move left interest rates unchanged on Wednesday (June 18) following its two day meeting. The central bank cut rates in December 2024, but has kept them steady for its last four gatherings.
US President Donald Trump wasn’t pleased, calling Powell ‘too late’ in a Thursday (June 19) post on Truth Social. While speculation that Trump will fire Powell has died down, the president did recently say he intends to announce his next pick for the Fed leader position ‘very soon.’
Of course, Fed meetings are never just about rate decisions — experts often look to Powell’s post-meeting commentary to read between the lines of what’s said (and not said).
Tariffs were definitely in focus this time around, with Powell emphasizing that it’s still soon to tell how much of an impact they will have and how the Fed should react.
‘We have to learn more about tariffs. I don’t know what the right way for us to react will be. I think it’s hard to know with any confidence how we should react until we see the size of the effects’ — Jerome Powell, US Federal Reserve
Chris Temple of the National Investor, who offered another perspective on Powell’s comments.
He noted that while Powell didn’t say the Fed is going to abandon its 2 percent inflation target, it may be leaning in that direction. This is what he said:
The consensus still — although it was extremely close — is barely still for two 25 basis point rate cuts in the balance of 2025. Whether we get them or not, who knows, (but) that’s the current snapshot, which may well change. But that’s against a backdrop of admitting for the second SEP, summary of economic projections … in a row that inflation is going to continue to move back higher — that we’ve seen the best numbers for inflation — at the same time that GDP slows a bit.
So okay, you just told us that your favored inflation number, which is a lot of smoke and mirrors to begin with, is going to go back up to north of 3 percent, which is what they said yesterday. And yet you still — the consensus is you’re going to lower interest rates twice in 2025? So he did everything but come right out and admit that the 2 percent inflation target isn’t going to be reached.
Stay tuned to our YouTube channel for the full interview with Temple.
Bullet briefing — Silver hits 13 year high, SPUT raising US$200 million
Is silver’s price rise real?
Gold has stolen the precious metals spotlight in 2025, but this month silver is shining.
The white metal has been on the rise since the beginning of June, and this week it broke the US$37 per ounce mark for the first time in 13 years.
While silver is known to lag behind gold before playing catch up, it’s also known for its volatility. Its move has created excitement, but market participants are also wary of a correction.
When asked what factors are driving silver, Peter Krauth of Silver Stock Investor he said he sees a ‘perfect storm’ emerging. Here’s how he explained it:
You’ve got the macroeconomic picture that is I think certainly bullish for silver, like it is for gold and a lot of the other commodities. But I think at the same time you’ve got the market kind of coming to terms with the fact that silver is in a deficit, (and) it’s unlikely to be able to rectify that deficit for several years — in fact, the Silver Institute thinks we’re going to see record deficits at some point over the next five years.
And silver supply is unable to grow. We saw a peak 10 years ago in mined silver, and overall silver supply is essentially flat.
So flat supply, growing demand — demand that’s nearly 20 percent above supply — and our ability to meet those deficits is shrinking because we’re tapping into these aboveground stockpiles that have shrunk by about 800 million ounces in the last four years, which is the equivalent of an entire year’s mine supply. So it’s the perfect storm, it’s really all coming together. And I think that the market’s realizing that.
But does that necessarily mean silver is ready for a big breakout? Krauth has a target of US$40 by the end of 2025, but said silver could potentially go 10 percent above that.
For his part, Jeffrey Christian of CPM Group attributes the silver price boost to increased demand from investors, especially when it comes to exchange-traded funds and wholesale products.
He’s projecting a bumpier path forward for the metal:
You also have — the last time I looked it was like 490 million ounces of open interest in the July Comex futures contract. And that’s two weeks from first delivery. So most of the people (who) have those shorts – those are hedges of their physical inventories. They keep those hedges in place, but they roll them forward. So they’ll be buying back their Julys and selling September futures to keep that hedge in place with the next active futures contract. That buying back of the Julys could push silver prices higher.
So if you really want to talk granular prices, we wouldn’t be surprised to see the price of silver fall to US$33, US$34 an ounce, and go up to US$40 an ounce and then back to US$33 an ounce over the next four weeks.
Click the links above to watch the interviews with Krauth and Christian.
SPUT raising US$200 million
The uranium spot price made moves this week after the Sprott Physical Uranium Trust (TSX:U.U,OTCQX:SRUUF) announced a US$100 million bought-deal financing on Monday (June 16).
It was bumped up to US$200 million the same day due to strong demand.
Spot uranium has been in a consolidation phase since hitting triple-digit levels in early 2024, creating frustration among those who are waiting for the industry’s strong long-term fundamentals to be better expressed. This week’s move past US$75 per pound has helped reinvigorate investors.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Pope Leo XIV has saidthe Catholic Church must establish a culture that refuses to tolerate abuse in “any form,” as he thanked a Peruvian journalist for reporting on allegations of abuse inside a powerful Catholic group.
Leo’s remarks, the first he has made publicly on the church’s abuse scandals since his election to the papacy on May 8, were contained in a message sent for the performance of a play which dramatizes the work of an investigative journalist, Paola Ugaz, who has faced a long campaign of legal actions and death threats due to her reporting.
“It is urgent to ingrain throughout the Church a culture of prevention that does not tolerate any form of abuse — neither of power or authority, nor of conscience or spirituality, nor sexual,” Leo wrote in a message read on 20 June. “This culture will only be authentic if it is born of active vigilance, transparent processes, and sincere listening to those who have been hurt.”
The pope said the work of journalism was essential to implementing that culture of prevention, as he praised Ugaz and other Peruvian journalists for their reporting on abuse scandals inside the Sodalitium Christianae Vitae (Sodality of Christian Life, or SCV), a hugely influential Catholic society which had deep ties to Peru’s powerful and wealthy.
Pope Leo, who spent years working as a missionary and bishop in Peru, came face-to-face with the SCV case when working in the country with Ugaz, and several survivors have said he was crucial in ensuring action was taken against the now dissolved group.
In his message, the first American pope said it was vital the church followed “a concrete path of humility, truth, and reparation” when it came to tackling abuses and cited a landmark 2018 letter from Pope Francis, in which he pledged the church’s “commitment to guarantee the protection of minors and vulnerable adults”. Leo insisted that the response to abuse cannot simply be a “strategy” but requires a “conversion” by the church, which for decades has been grappling with devastating revelations of sexual abuse by priests and other church leaders.
The pope’s praise of journalists’ work in exposing abuse scandals is significant, given that some bishops have in the past criticized the media for its reporting on them. Leo XIV, however, said the journalists who had reported on the Sodalitium had done so with “courage, patience, and fidelity to the truth” and had faced “unjust attacks.”
The pope said the church recognized the “wound” in “so many children, young people, and adults who were betrayed where they sought solace” and “those who risked their freedom and their (good) names so that the truth would not be buried.”
The June 20 message from Leo was read at a performance in Lima, Peru, of the play “Proyecto Ugaz” (Project Ugaz), which highlights Ugaz’s years-long investigation into the Sodalitium. Monsignor Jordi Bertomeu, one of the Vatican investigators into the Sodalitium group, read out the message with Ugaz on stage alongside him.
The work of journalists is vital, Leo insisted, in ensuring the church is a place where “no one suffers in silence” and where “the truth is not seen as a threat, but as a path to liberation. He praised Ugaz and fellow journalists for their courage in exposing the abuses.
Pope Leo also referenced “tensions” in Peru, which have been heightened following the removal of President Pedro Castillo in 2022, and he underlined the importance of a free media in a country where journalists have faced intimidation and attacks.
“In this time of profound institutional and social tensions, defending free and ethical journalism is not only an act of justice, but a duty of all those who yearn for a solid and participatory democracy,” he said. “Wherever a journalist is silenced, the democratic soul of a country is weakened. Freedom of the press is an inalienable common good. Those who conscientiously exercise this vocation cannot see their voices silenced by petty interests or fear of the truth.”
A few days after his election, the pope met media representatives in the Vatican and during that gathering he stressed his support for a free press and called for the release of imprisoned journalists. Ugaz was among those present at the meeting, and after his speech she greeted Leo with a broad smile, as she handed him a box of chocolates and a Peruvian scarf.
That meeting with the media, Leo explained in his message on June 20, affirmed the “sacred mission” of journalists to “become bridges between the facts and the conscience of the people.”
A meticulously planned meal prepared in the home of an alleged killer is at the heart of a triple murder trial that’s nearing its dramatic conclusion in rural Australia.
For eight weeks, audiences have been glued to daily news reports and podcasts on an unusual case that alleges the world’s most toxic mushroom was used to kill.
A jury will soon decide if Erin Patterson, a 50-year-old mother of two, deliberately added death cap, or amanita phalloides, mushrooms to a Beef Wellington lunch she made for her estranged husband’s parents and his aunt and uncle in July 2023.
Three guests died within days of the meal, while a fourth recovered after spending several weeks in an induced coma. Patterson denies three counts of murder and one of attempted murder.
The prosecution and defense agree death cap mushrooms were in the meal.
The question is, how did they get there?
During eight days of testimony at Latrobe Valley Magistrates’ Court, Patterson acknowledged she repeatedly lied to police, dumped a dehydrator used to dry mushrooms, and reset her phone to delete images of mushrooms and the dehydrator from devices seized by investigators.
But she said she did not intend to kill.
Explaining her lies, Patterson told the jury she had a “stupid knee-jerk reaction to just dig deeper and keep lying.”
“I was just scared,” she said.
Defense lawyer Colin Mandy SC said Patterson accidentally added foraged mushrooms to the meal, along with ones she bought from an Asian grocer in Melbourne.
“What happened was a tragedy and a terrible accident,” he said.
In his closing arguments, Mandy said the prosecution’s case was based on “ridiculous” propositions, including that Patterson “would intend to kill these four people, blowing her entire life up in the process without a motive.”
The prosecution doesn’t need to prove a motive. But it does need to convince the 12-member jury beyond reasonable doubt that Patterson intended to kill the two elderly couples – including her children’s grandparents – and that she deliberately picked death cap mushrooms to do it.
A sumptuous lunch of Beef Wellington
On the morning of July 29, 2023, the smell of frying garlic and shallots likely filled Patterson’s kitchen in the small town of Leongatha in rural Victoria.
She was preparing a meal for two older married couples – Don and Gail Patterson and Heather and Ian Wilkinson.
Don and Gail were the parents of Erin’s estranged husband Simon. Heather and Ian were his aunt and uncle. Gail and Heather were sisters, and Ian the pastor of their local church.
The two couples lived close by in Korumburra, a country town home to fewer than 5,000 people in the scenic hills of southern Victoria.
Erin had asked Simon to come to the lunch, too, but he pulled out the night before, writing in a text that he felt “too uncomfortable” to attend.
Their relationship had become increasingly strained over finances and the children’s schooling, and he was living elsewhere, the court heard.
Erin told the jury she was “a bit hurt and a bit stressed” by Simon’s message, but the lunch went ahead the next day as planned. Patterson said she had started feeling left out of family gatherings and wanted to make more of an effort.
She said she chose to cook Beef Wellington because she remembered her mother preparing the meal for special occasions. It was Patterson’s first attempt at the dish, and she wanted to get it right.
To the garlic and shallots, she added store-bought button mushrooms that she had chopped up in a processor, before simmering the mixture on low for 45 minutes, she said.
The paste was used to coat the steaks, which she wrapped in pastry and baked in the oven.
The prosecution alleges she prepared poisoned parcels for her guests and reserved an untainted one for herself. Patterson insists she made just one batch.
An unexpected invitation
In the witness box, Ian Wilkinson, the only surviving lunch guest, told the court he’d been surprised but “very happy” to accept Patterson’s lunch invitation.
The 71-year-old said his relationship with Erin was “friendly” and “amicable.” He’d been a guest at her wedding in 2007 but considered her more of an acquaintance than a close friend.
During the Covid-19 pandemic, Patterson helped to broadcast his church services on YouTube, and she attended his sermons, on and off, he said.
“She just seemed like an ordinary person,” he told the jury.
Wilkinson said he didn’t really understand why they’d been invited to lunch, but it became apparent when they’d finished eating the meal of Beef Wellington, beans and mash.
“Erin announced that she had cancer,” Wilkinson told the jury. “She said that she was very concerned because she believed it was very serious, life-threatening.”
Wilkinson said Patterson asked for advice about how to tell her children about, in her words, “the threat to my life.”
Wilkinson said Don Patterson offered some advice about being honest, but the conversation ended after about 10 minutes when one of the lunch guests noticed the children returning. Wilkinson suggested a quick prayer.
“I prayed a prayer asking God’s blessing on Erin, that she would get the treatment that she needed, that the kids would be okay, that she’d have wisdom in how she told the kids,” he testified.
Patterson had never been diagnosed with cancer, the court heard.
Prosecutor Nanette Rogers SC put to Patterson on the stand: “I suggest that you never thought you would have to account for this lie about having cancer because you thought that the lunch guests would die.”
“That’s not true,” Patterson replied.
Patterson said she didn’t explicitly tell her guests that she had cancer, but acknowledged she allowed them to believe she may have a serious medical issue because she was exploring possible surgery for another problem – one that she was too embarrassed to reveal.
The secret Patterson hid for years
Patterson said she’d always been self-conscious about her weight.
As a child, her mother weighed her every week to make sure she wasn’t getting too heavy. “I never had a good relationship with food,” she said.
Since her 20s, Patterson said she would binge and purge. Around the time of the fatal lunch in July 2023, she said she was doing it two to three times a week, maybe more.
“Who knew about it?” her defense lawyer Mandy asked Patterson. “Nobody,” she said.
Patterson told the jury she had resolved to do something about her weight “once and for all,” and booked a consultation for potential gastric bypass surgery with a clinic in Melbourne in September. Evidence showed an appointment had been made.
“I didn’t want to tell anybody what I was going to have done,” Patterson told the court. “I was really embarrassed about it, so I thought perhaps letting (her in-laws) believe I had some serious issue that needed treatment might mean they’d be able to help me with the logistics around the kids,” she said.
Instead, it was her lunch guests who needed serious medical attention.
Hours after the meal Saturday, they started to become ill and went to hospital the next morning with vomiting and diarrhea, the court heard.
By Monday morning, their condition had deteriorated, and doctors arranged for their transfer to Austin Hospital, a larger facility that provides specialist liver care.
Death cap mushrooms contain toxins that stop the production of protein in liver cells and the cells begin to die, leading to possible liver failure and death.
Treatments are available, but none are 100% effective, said Dr Stephen Warrillow, director of Austin Health’s intensive care unit.
“Once the amanita poison is within the body, unfortunately the body tends to recycle it internally,” said Warrillow, who treated all four lunch guests.
Gail Patterson, 70, and Heather Wilkinson, 66, were considered too weak for a liver transplant and died on August 4 from multiple organ failure, he said. Don Patterson, 70, received a transplant but died on August 5.
Ian Wilkinson was in an induced coma on life support but responded to treatment and was eventually discharged in September.
“We thought he was going to die,” said Warrillow. “He was very close.”
Foraged mushrooms
Patterson told the court she took up foraging for mushrooms in early 2020, during the Covid-19 pandemic, when she would take long walks with her children in the countryside.
Native to Europe, death cap mushrooms arrived in Australia by accident, expert mycologist Tom May told the court. They grow near oak trees and only appear above ground for a couple of weeks before decaying, he said.
Most sightings in Victoria are in April and May, and some people upload photos of them to the citizen science website iNaturalist, May added.
Christine McKenzie, a retired former poisons information specialist at the Victorian Poisons Information Centre, told the court she spotted death cap mushrooms in Loch – about 28 kilometers (17 miles) from Patterson’s home – and uploaded them to iNaturalist on April 18, 2023.
She’d been out walking with her husband, grandson and dog, and said she disposed of the mushrooms to avoid accidental poisoning but conceded that more could grow.
Citing analysis of cellphone tower connections, the prosecution alleges it’s possible Patterson saw McKenzie’s post and went to the same location on April 28 to pick the mushrooms.
Store records show that within two hours of the alleged visit, Patterson bought a dehydrator, which the prosecution said she used to dry the toxic mushrooms.
Patterson concedes she bought the dehydrator, saying there is a “very small season” of availability for wild mushrooms and she wanted to preserve them, and “a whole range of things.” She denied foraging for mushrooms in Loch.
May, the fungus expert, said that on May 21, 2023, he saw death cap mushrooms growing in Outtrim, about 19 kilometers (11 miles) from Leongatha, and posted the sighting to iNaturalist.
“I don’t think I typed the street name in, but I put a very precise latitude-longitude geocode with the observation,” he said.
Prosecutors said analysis of Patterson’s cellphone movements placed her in the Outtrim region on May 22, when they say it’s possible Patterson picked the mushrooms.
The defense said broader analysis of her phone records suggests it’s possible her cellphone picked up different base-station signals within her own home. “These records are consistent with the accused never leaving the house,” said Mandy.
Patterson denied ever foraging for mushrooms in Outtrim, and said she couldn’t remember ever visiting the iNaturalist website and did not see the reported sightings.
Patterson’s explanation
On August 1, three days after the lunch, Patterson was in hospital, having been convinced by doctors to stay after earlier discharging herself against their advice.
They had impressed on her the importance of being treated for death cap mushroom poisoning because symptoms are known to worsen with time.
Her children should be there too, they said, because she said they had eaten some of the leftovers on Sunday night, albeit with the mushrooms and pastry scraped off.
It was in hospital on August 1 that Patterson said she had a conversation with Simon, her estranged husband, that made her start thinking about how toxic mushrooms had come to be in the meal.
Patterson said she told Simon that she had dried mushrooms in a dehydrator, and he replied: “Is that how you poisoned my parents, using that dehydrator?”
Erin Patterson told the jury that Simon’s comment had caused her to do “a lot of thinking about a lot of things.”
“It got me thinking about all the times that I’d used (the dehydrator), and how I had dried foraged mushrooms in it weeks earlier, and I was starting to think, what if they’d gone in the container with the Chinese mushrooms? Maybe, maybe that had happened.”
In his evidence, Simon Patterson denied ever suggesting to Erin that she poisoned his parents with the dehydrator. “I did not say that to Erin,” he said.
The next day, on August 2, Patterson dropped her children at school, then returned home, retrieved the dehydrator, and dumped it at a waste and recycling center. She was seen on closed-circuit television.
Asked about her actions, Patterson said child protection officers were due to visit her house that afternoon, and she was “scared” about having a conversation about the meal and the dehydrator.
“I was scared that they would blame me for it … for making everyone sick,” she said. “I was scared they’d remove the children,” she added.
Analysis showed remnants of death cap mushrooms in the dehydrator, the prosecution said.
Patterson acknowledged that when she dumped the dehydrator, she knew that doctors suspected death cap mushroom poisoning. She also accepted that she did not tell medical staff that foraged mushrooms may have been in the meal.
Patterson said she had diarrhea after the lunch but brushed it off as a bout of gastro. She was not as ill as her lunch guests – and during her testimony, she offered a reason why.
The orange cake
Gail Patterson had brought an orange cake to lunch to share, and Erin Patterson testified that after the guests left, she found herself eating slice, after slice, after slice.
After consuming about two-thirds of the cake, she made herself throw up, she told the court.
In her closing address, prosecutor Rogers said no evidence was offered suggesting expelling tainted food can lessen the impact of amanita toxin.
To the jury, she said, “we suggest (you) reject her evidence about vomiting after the meal as a lie.”
In his closing argument, defense lawyer Mandy asked why, if it was a lie, Patterson hadn’t been more precise about when she vomited? “She surely would have said to you that it happened as soon as the guests left, because the earlier the better,” he said to the jury.
During her testimony, Patterson also offered an explanation about how the death cap mushrooms came to be in the meal.
Patterson said she dried store-bought and foraged mushrooms in her dehydrator and would store them in plastic containers in the pantry. If one box was full, she’d start another, she said.
Patterson said that, back in April, she had bought dried mushrooms from an Asian grocer in Melbourne, but didn’t use them at the time because they were “too pungent.” Instead, she stored them in a plastic container in the pantry.
Mandy asked her: “Do you have a memory of putting wild mushrooms that you dehydrated in May or June of 2023 into a container which already contained other dried mushrooms?”
“Yes, I did do that,” Patterson said.
Patterson said that, on July 29, as she cooked the lunch, she tasted the mixture of garlic, shallots and mushrooms and decided it was “a little bland,” so she added dried mushrooms that had been stored in a plastic container in her pantry.
Mandy asked her what she had believed to be in the plastic container in the pantry.
“I believed it was just the mushrooms that I bought in Melbourne,” Patterson said.
“And now, what do you think might have been in that tub?” Mandy asked.
“Now I think that there was a possibility that there were foraged ones in there as well,” she said.
Closing arguments
The Crown contends there was no Asian grocer and that Patterson faked illness after the meal to suggest that she, too, had suffered symptoms of death cap mushroom poisoning.
Rogers alleged Patterson initially left hospital because she knew that neither she, nor her children, had consumed the poisoned lunch.
When Patterson was examined on Monday, July 31, a doctor found “no clinical or biochemical evidence of amanita poisoning or any other toxicological substance” in her system, Rogers said.
“By that stage, all four of the lunch guests were in induced comas,” she added.
Of allegations Patterson faked her illness following the lunch, Mandy said it made no sense that she’d refuse medical help and discharge herself from hospital early, if she was pretending to have eaten poisoned mushrooms.
“If you’re pretending to be sick, you’re going to be saying to the medical staff, ‘Hook me up, pump me full of drugs, I am very, very sick. Please,’” Mandy said.
Furthermore, he said it was possible to have milder symptoms of amanita poisoning, depending on how much was consumed, according to expert evidence that said weight and age were also factors.
Under cross-examination, Rogers put it to Patterson that she had two faces: A public one where she appeared to have a good relationship with her in-laws, and a private one expressed in her Facebook chat groups, where she vented to friends that she’d had enough of the family.
In messages to Facebook friends read out in court, Patterson expressed her frustration that her in-laws would not get involved in her dispute with Simon over child support.
“I’m sick of this shit I want nothing to do with them,” she wrote in December 2022. “I thought his parents would want him to do the right thing but it seems their concern about not wanting to feel uncomfortable and not wanting to get involved in their sons personal matters are overriding that so f*** em.”
And another message read: “This family I swear to f***ing god.”
Asked by her defense counsel Mandy how she felt about that statement now, an emotional Patterson said: “I wish I’d never said it … I feel ashamed for saying it, and I wish the family didn’t have to hear that I said that.
“They didn’t deserve it.”
In his closing arguments, Mandy characterized the terse exchanges as signs of a “brief spat” that was “resolved amicably.”
Mandy said there was no motive for triple murder, and that there were in fact several reasons why Patterson would not want to kill her guests. She had no money issues, lived in a big house, and had almost full-time custody of her two young children, who were very close to their grandparents, he said.
The defense argues that Patterson unknowingly picked death cap mushrooms, dried them in her dehydrator and stored them in the pantry, until the day she inadvertently threw them into the pan.
Mandy said some of the “ridiculous” propositions included that Patterson planned to kill four lunch guests and “thought it would all be passed off as some kind of strange case of gastro, where everyone died, except her.”
To the prosecution’s allegation that Patterson had “blitzed” the death cap mushrooms into a powder to hide them in the meal, he said: “Why would you need to hide mushrooms in a mushroom paste? It doesn’t make any sense.”
The moment in hospital when Erin said Simon asked her if she had used the dehydrator to poison his parents was “when the wheels start turning,” Mandy said.
“She starts panicking and she starts lying from that point,” he said.
“What followed from this moment were actions taken to conceal … the fact that foraged mushrooms went into the meal because she feared if that was found out, she would be held responsible.”
However, Rogers said Patterson had complete control over events and used it to “devastating effect.”
The cook had “told too many lies,” said Rogers, as she urged the jury to reject Patterson’s claims that she didn’t know the meal was laced with toxins.
“We say there is no reasonable alternative explanation for what happened to the lunch guests, other than the accused deliberately sourced death cap mushrooms and deliberately included them in the meal she served them, with an intention to kill them,” Rogers said.
The jury is expected to retire to consider their verdict this week – their decision must be unanimous.
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