MP teams up with defense department

Just days before the Apple deal, MP secured a US$400 million preferred equity investment from the US Department of Defense (DoD), making the Pentagon its largest shareholder.

The funds will support a second magnet manufacturing plant — called the 10X facility — which is slated for commissioning in 2028 and will increase MP’s annual magnet output to 10,000 metric tons.

The government has also committed to purchasing 100 percent of the magnets produced at the new plant for 10 years, guaranteeing a floor price of US$110 per kilogram for neodymium-praseodymium oxide.

If market prices fall below that level, the DoD will pay the difference. Once production begins, the government will also receive 30 percent of any profits above the guaranteed price.

With operations spanning mining, separation, metallization and magnet production, MP is currently the only US firm with end-to-end capabilities for rare earth magnet manufacturing. The company is also expecting a US$150 million Pentagon loan to enhance its heavy rare earths separation capabilities at Mountain Pass.

MP’s Independence facility in Texas, alongside the upcoming 10X plant, anchors its downstream production strategy. The recycled feedstock used for Apple’s magnets will be sourced from post-industrial waste and retired electronics — reducing environmental impact while reinforcing resource resilience.

Apple, for its part, is pressing ahead with its US$500 billion US manufacturing initiative.

Earlier this year, it announced plans for a new artificial intelligence server factory in Texas and signaled continued interest in reshoring key parts of its production ecosystem.

Watch a recap of key Rule Symposium takeaways.

Tailwinds turning to headwinds

In addition to strategically allocating to gold, geopolitical uncertainty was as a key theme at the Rule Symposium.

During his presentation “Back to the Old Drawing Board: First Principles and the Lost Art of Investing Through Crisis,” author and publisher Grant Williams made the case that longstanding tailwinds — globalization, demographic expansion and low interest rates — have reversed, giving way to persistent uncertainty.

Grant Williams (@ttmygh) is the first keynote speaker in a jam-packed day at the #RuleSymposium.

Offering advice on #investing during times of crisis, Williams told the full room that the “world has been on a debt binge for the last four decades.” pic.twitter.com/wWBtOu598W

— Resource Investing (@INN_Resource) July 8, 2025

Williams provides an overview of shifting market dynamics.

He traced the last four decades of wealth creation to a rare alignment of forces that pushed asset prices, particularly US equities, sharply higher. However, since 2020, a new macro regime has emerged, defined by tighter monetary policy, rising geopolitical risk and fading confidence in the US dollar.

Like many speakers at the Rule Symposium, Williams also underscored the massive gold purchases central banks are making. During Q1 of this year, central banks added 244 metric tons of gold to their official reserves, a 24 percent increase above the five year quarterly average, according to World Gold Council data.

For Williams, this shift signals growing concern within the financial system — a trend investors shouldn’t overlook.

“When central banks are exchanging their reserves for gold in record amounts, if they feel the sudden urgent need to own more gold, you better believe that we should feel that too,” he noted.

The expert went on to illustrate how major economic and societal cycles are converging, suggesting more volatility ahead. A live poll of the audience taken during his session revealed growing unease among attendees, with many already adjusting their portfolios and long-term goals. In response, Williams called for a return to key principles: scarcity, durability, resilience, trust, patience and a clear-eyed acceptance of uncertainty.

These, he said, should now anchor any sound investment approach. He urged Rule Symposium attendees to shift their mindset from chasing returns to preserving capital by reducing overexposure to US equities, diversifying by geography and asset class and focusing on businesses with real staying power.

The investment playbook of the past no longer fits the world we’re entering, he stressed.

Navigating what Williams calls an “age of headwinds” will require humility, discipline and a willingness to rethink what truly creates and protects wealth.

Hard assets set to shine

Economist, author and former Wall Street executive Dr. Nomi Prins laid out a case for what she calls the “real asset uprising,” a global shift in value and power driven by hard assets like gold, silver, copper, uranium and rare earths.

Drawing on her experience in high-level banking and her current work in the mining sector, Prins argued that rising geopolitical friction, shifting trade dynamics and financial system strain are fueling a renewed focus on tangible resources. She pointed to surging institutional interest in commodities, noting that Wall Street deal flow tied to real assets is up 24 percent year-on-year, while hiring in commodity finance roles has increased by 15 percent.

Gold, once dismissed on trading desks, is now seen as a strategic monetary tool.

According to Prins, the yellow metal will not replace the US dollar as the reserve currency, but it will play a central role in bilateral trade and power negotiations. Gold’s jurisdiction — where it is stored and mined — is now more important than ever, she explained, as nations seek to shield assets from sanctions and instability.

Silver, copper, uranium and rare earths are all finding support through similar structural tailwinds, Prins pointed out.

Silver demand is rising due to its industrial applications, and limited aboveground supply is driving long-term contracts.

For its part, copper has become so strategically important that the US is conducting a Section 232 national security investigation into its supply chain, a move historically reserved for defense resources. Major buyers like China and India are stockpiling copper in anticipation of supply constraints.

Uranium is also surging back into focus, driven by bipartisan support for nuclear energy. Legislation and executive orders are fast tracking uranium permitting and enrichment, with utility demand expected to outstrip supply.

Rare earths = real assets

Prins highlighted rare earths as a critical new front in the ongoing global shift in value and power.

‘Rare earths are intrinsic to the nation,’ she said, pointing to their essential role in defense, electronics and energy technologies. With 85 percent of processing controlled by China, the US has launched Section 232 investigations to assess domestic vulnerabilities — reports on copper and rare earths are expected this fall.

Prins described her decision to join the board of a rare earths company as a natural extension of her belief in physical assets: “It’s not just about the asset — it’s about controlling the asset, the processing and the movement.”

That theme underpins the investment case: security of supply, efficient processing and strategic jurisdiction are key to value creation. She also noted a dramatic capital rotation, saying that US$330 billion has exited bonds over the past year, while US$230 billion has flowed into commodities.

“Wall Street is following the real asset story,” Prins emphasized.

.@porterstansb of Porter’s Daily Journal joins @RealRickRule for a #RuleSymposium fireside chat about the investment landscape.

“There are a good two or three years left in the #resource boom,” said Stansberry, who is working on a book about Warren Buffet’s #investing mistakes. pic.twitter.com/K9FdihfJO3

— Resource Investing (@INN_Resource) July 8, 2025

Rule sits down with Porter Stansberry to discuss his investment strategy.

Prins then said real upside now lies not just in owning resources, but in having processing capability.

New technologies, like advanced rare earths separation methods, are increasing economic viability and attracting private capital. “Where private money and public power combine, that’s where the investment opportunity is,” she said.

With key policy announcements and trade shifts looming in the fall, she warned investors this is a “very critical time” in the real asset uprising. For Prins, the message is clear: investors, policymakers and mining leaders must position accordingly, because, in today’s world, “whoever controls the ground controls the game.’

Court upholds TMC disclosures on deep-dea mining risks

Lockheed is not alone in navigating the legal uncertainties surrounding seabed mining.

The Metals Company (TMC) (NASDAQ:TMC), a deep-sea mining startup, recently survived a shareholder lawsuit alleging it had misled investors about the environmental impacts and financial backing of its operations.

US District Judge Eric Komitee dismissed the claims, ruling that the company’s comparisons to conventional mining methods were not misleading, even if deep-sea mining still carries environmental risks.

“It is eminently possible that (1) deep-sea mining causes meaningful environmental harm, and yet (2) such harm is significantly less than the harm caused by existing methods,” the judge wrote.

TMC had disclosed in filings that deep-sea mining could result in damage and that the regulatory path remained uncertain. Its legal win may encourage others — like Lockheed — to proceed more openly with their seabed plans, albeit cautiously.

Deep-sea mining industry cautiously awakens

The growing pursuit of potentially extracting resources from the world’s oceans comes at a critical juncture for the seabed-mining industry. For decades, a de facto moratorium on mining in international waters has been in place due to regulatory uncertainty and environmental concerns.

The ISA has issued more than 30 exploratory permits, but has yet to finalize commercial extraction rules. That delay has prompted frustration from some parties, while drawing calls from others for a pause or outright ban.

Currently, the ISA is holding key assemblies in Jamaica to hash out the long-awaited mining code to regulate commercial activity on the ocean floor with provisions for environmental safeguards, royalties, and tax obligations.

But a growing number of countries — 37 at last count — have pushed for a precautionary pause, citing risks to deep-sea ecosystems that remain largely uncharted. Scientists warn that mining these habitats could cause irreversible damage.

In 2023, Lockheed appeared to step back from the sector by selling two UK-sponsored exploration licenses in the Pacific, a move interpreted by analysts as signaling reduced confidence in deep-sea mining.

However, its retained US licenses suggest it never fully exited the space.

The Trump administration’s executive order marks the most assertive US step yet to undermine the ISA’s multilateral approach, raising fears among diplomats that the agency may lose legitimacy.

China, which has also invested heavily in seabed mining, responded sharply to the move.

“The US authorization violates international law and harms the overall interests of the international community,” Chinese foreign ministry spokesman Guo Jiakun said earlier this year.

AI results impact major tech players

In public markets, AI-related equities continued to attract attention.

NVIDIA posted another blockbuster quarter, with its market cap on the cusp of $US4 trillion at the end of June. Its performance was driven largely by demand for Blackwell architecture.

Alphabet (NASDAQ:GOOGL), facing a possible Chrome divestiture, reported an increase in AI-related ad revenue and highlighted growing adoption of its Gemini model suite. Amazon (NASDAQ:AMZN) reported a 23 percent annual increase in net sales from its Amazon Web Services segment, beating earnings estimates by 17.78 percent.

Meta Platforms’ (NASDAQ:META) Reality Labs division reported a $US4.2 billion operating loss; however, interest in embodied AI applications for the metaverse and augmented reality continue to be the company’s long-term play, with CEO Mark Zuckerberg poaching the industry’s top talent to assemble the Meta Superintelligence Lab. On July 7, Reuters reported that the company had added Apple’s (NASDAQ:AAPL) Ruoming Pang as its latest recruit.

Microsoft’s (NASDAQ:MSFT) OpenAI partnership faced issues after OpenAI bought Windsurf, an AI coding firm. Disputes arose over Microsoft’s access to WindSurf’s IP and its stake in a restructured OpenAI.

Q2 was also marked by a shift to AI in hardware, robotics and edge applications.

Chipmakers Advanced Micro Devices (NASDAQ:AMD) and Google introduced specialized AI accelerators, a potential challenge to NVIDIA’s nearly three year run as the dominant provider.

Notable developments in robotics included Google Cloud and Samsung Electronics’ (KRX:005930) partnership, integrating Google Cloud’s advanced generative AI technology into Samsung’s new home AI companion robot, Ballie.

Data center operators like Amazon Web Services and Google Cloud also increased their infrastructure investments in the US as part of an effort to reduce reliance on foreign markets and secure long-term AI compute capacity.

Companies began testing or rolling out new AI agent capabilities, empowered by the Model Context Protocol from Anthropic. Major tech players, along with payment giants Visa (NYSE:V), Mastercard (NYSE:MA), Stripe, Block (NYSE:SQ) and PayPal (NASDAQ:PYPL), began adopting the Model Context Protocol to integrate seamless payment functionality directly into AI chatbots, moving beyond simple browse to full commerce.

Microsoft enhanced its GitHub Copilot offering with new coding agents capable of autonomous actions, while a handful of companies, including Dataiku, Databricks and Atlassian (NASDAQ:TEAM), introduced tools designed to build, deploy and manage autonomous systems for real-world enterprise applications.

On the quantum computing side, a paper published by researcher Craig Gidney for Google’s Quantum AI division suggests that a quantum computer could break a highly secure 2048 bit encryption, like the kind used for online banking, much faster than previously thought, requiring fewer than a million qubits.

Quantum computing firms later saw their shares spike following bullish comments from NVIDIA’s Huang at his company’s Paris GTC conference. Before Huang’s comments, IBM (NYSE:IBM) announced its development of the world’s first large-scale, error-free quantum computer, set to launch by 2029.

Graph indicating that investor enthusiasm for AI stocks has recently ‘lost altitude.’

Graph via Picton Investments.

However, the firm also suggests that this shift is redirecting the spotlight to real-world AI applications, leading to an expected acceleration of industrial adoption and the creation of new companies.

At this year’s Web Summit conference in May, panelists emphasized the critical role of strategic early stage investments when it comes to navigating the evolving AI landscape and identifying new opportunities.

“Our take is (that) AI is going to upend a lot of technology businesses. In the specific sense, I am of increasingly high conviction that authoring software is going to be more or less free, and that’s going to shake up the topology of the software business market (in terms of) what makes sense and what’s investable,” said Brett Gibson, managing partner at Initialized Capital, during a panel discussion on where AI investment is headed next.

He added that customizable software will ultimately allow for tailored solutions for virtually any need.

In H2, quantum computing could continue its shift from pure research into early stage commercialization.

Updates may come from firms like IonQ (NYSE:IONQ), which recently raised US$1 billion to expand quantum networking, as well as Quantinuum and PsiQuantum, which may reach technical milestones.

Meanwhile, D-Wave (NYSE:QBTS) is pivoting toward hybrid commercial models, which may offer continued proof of revenue from quantum optimization-as-a-service.

However, the outcome of ongoing trade negotiations between the US and the rest of the world could impact chip capacity and rare earths supply chains, constraining the growth of AI hardware stocks.

The Trump administration’s imposition of 25 percent tariffs on Japan and South Korea may pose a threat to semiconductor capacity and rare earths equipment imports critical for AI hardware.

“Both countries have been close partners on economic security matters and have a lot to offer the United States on priority matters like shipbuilding, semiconductors, critical minerals and energy cooperation,” Asia Society Policy Institute vice president Wendy Cutler said in response to the hikes.

Investor takeaway

The second quarter of the year confirmed an evolution in the AI landscape as the industry moves beyond theoretical discussions to real-world applications and critical infrastructure development.

While geopolitical tensions and concerns about job displacement may continue to present challenges, this pivot could set the stage for continued innovation and adaptation as the industry navigates both opportunities and complexities.

Gold price, April 1 to July 10, 2025.

Chart via Trading Economics.

The price of gold started the second quarter on a downswing, falling below the US$3,000 mark by April 8, but quickly found momentum and soared to its quarterly high of US$3,434.40 on April 21.

It broke through the US$3,500 threshold briefly during the day’s trading session.

However, the gains were temporary, and gold once again fell; by May 1, it had dropped to US$3,237.30.

The metal saw a slight rebound to US$3,400.70 before the May meeting of the US Federal Reserve, but it came under pressure after that and had fallen to US$3,185 by May 14.

The end of May saw more tailwinds for the gold price, pushing it first to US$3,358 by May 23, then to US$3,381.70 by June 2. By the middle of the month, it was back to trading above US$3,400. Since that time, the precious metal has remained mainly above the US$3,300 level, closing the quarter at US$3,303.30 on June 30.

Tariff uncertainty helps boost gold price

The biggest story from the first quarter has carried over into the second quarter: tariffs.

Since the start of his second term in the Oval Office, US President Donald Trump has applied the threat of tariffs like a cudgel in trade talks with other countries. His long-held belief is that other nations, even longtime allies, are benefiting from trade with the US, while the US itself is facing detrimental effects.

During the first quarter of the year, the Trump administration levied tariff threats against Canada and Mexico. While most of his promised import fees were dialed back at the eleventh hour, a 25 percent tax was still applied to imports of Canadian steel and aluminum, as well as non-CUSMA-compliant automobiles and parts.

On April 2, Trump announced a broader set of tariffs on nearly every country in the world, regardless of trade status with the US. Dubbed “Liberation Day” by Trump, the executive order applied a baseline 10 percent fee to all imports from most countries to the US, plus significant reciprocal measures against countries with the largest trade deficits.

The new measures, set to be implemented on April 9, created panic among investors, causing a global market meltdown. Fear also spread to US debt holders, such as Japan and Canada, which began to sell US treasuries, pushing up the 10 year bond yield. Spooked investors rapidly flocked to gold, pushing the price to record highs above US$3,400.

“The bond market understands that Washington is so broken and the debt situation is so bad,’ he explained. ‘It varies in degrees compared to other countries, but everybody’s in the same boat. That’s why gold all of a sudden … gold is the safe haven now, even more than treasuries. And I don’t think a lot of people every thought they’d see that again.’

Ultimately, the stock market turmoil and the shift in bond market sentiment brought about a quick reversal from Trump, who paused his tariff plans for 90 days. Although the gold price showed signs of easing as market participants calmed, the metal remained high through the end of the quarter as uncertainty remained near the surface.

The pause was set to expire on July 9, but the White House announced a last-minute extension delaying the implementation of the tariffs on all but 14 countries, including Japan, South Korea and South Africa.

However, there are still underlying concerns.

The US-China trade war, which raged through much of the first half of the year, was put on hold on May 12 after tariffs between the two largest economies reached their peak, adding headwinds to the gold price. Up to that point, the US had levied a 145 percent import tax on Chinese goods while China had applied a 125 percent tax on US imports.

Although tensions have stabilized since the pause, on July 7, China warned the US against reigniting conflicts. China also said it would retaliate against any country that makes deals with the US to China’s detriment.

Geopolitical tensions erupt in the Middle East

Financial uncertainty was a key driver of the gold price through the second quarter as investors sought to diversify their portfolios amid a chaotic investment landscape, but it wasn’t the only factor.

Geopolitical tensions also played a significant role, particularly in the Middle East.

With the Israel-Gaza conflict now past 18 months, the larger fear was that it would spill into a broader regional war.

Those fears were stoked in late May, when there was speculation that Israel was preparing to attack nuclear facilities in Iran. The news helped pull gold out of monthly lows as more investors sought the safety of the metal.

Ultimately, the speculation was true — on June 12, Israel launched attacks against key nuclear sites in Iran, causing Iran to launch counterattacks against targets in Israel and providing further tailwinds for the gold price.

What’s driving demand for gold?

Other support for the gold price came from continued purchases from central banks.

According to World Gold Council data, central banks bought 244 metric tons of gold in Q1. The amount was 24 percent higher than the five year quarterly average, but 9 percent lower than the average from the last three years.

The largest first quarter gold buyers were the National Bank of Poland, which added 49 metric tons of the metal to its holdings, increasing its total to 497 metric tons. This was followed by the People’s Bank of China, which purchased 13 metric tons, bringing its reported gold reserves to 2,292 metric tons

In another report, the World Gold Council indicates that despite high prices, central banks continued to buy gold in May, albeit at a slightly reduced pace, with a net 20 metric tons entering their reserves.

But it’s not just central banks that are picking up gold.

“In the past, there has been relatively little involvement, even to now, from western retail investors in this move. This has been overwhelmingly led by central banks and large funds,” Temple said.

However, he noted a shift in buying on the back of wider interest, pointing to gold’s popularity at Costco Wholesale (NASDAQ:COST), although he noted, ‘So far, this hasn’t moved the needle significantly.’

Temple added, “Traditionally the big needle mover when you’ve got these larger swings in markets and market sentiment has come from investors who are buying exchange-traded funds (ETFs) and buying the larger gold stocks, and then ultimately working their way down the food chain and buying the better exploration stories. We finally started in recent months to see some of that where it’s deserved. There have been some really nice moves.’

This idea is echoed in the World Gold Council’s June ETF report, which indicates that ETF flows ended the first half of 2025 with the highest semiannual inflows since the first half of 2020.

The North American movement led the way, with more than US$4.8 billion entering the market in June, bringing the total for the first half of the year to US$21 billion. This was followed by US$2 billion in inflows in Europe, with its first half total reaching US$6 billion. Asian markets added US$610 million with a first-half record of US$11 billion.

Gold price forecast for 2025

The expectation is that the factors that drove the gold price in H1 are unlikely to go away soon.

Trump continues to kick the tariff question down the road. And although a ceasefire has been called between Israel and Iran, tensions in the region are still high. The conflict between Russia and Ukraine is ongoing, with Russia escalating attacks at the start of July, to the point of invoking Trump’s ire.

“We were thinking that by the time you got into June, July, August, not only would you have some seasonal weakness, but you’d also have a situation where financial markets might have calmed down and taken a less pessimistic outlook to the economy, simply because the initial shock of Trump policies was in there and had been digested. What we’re seeing is a prolongation of that shock period.’

Financial uncertainty and conflicts were a theme echoed by Kandoshko.

She pointed to the July 9 — now August 1 — deadline for tariffs as a potential inflection point.

“This could spark another rally in gold prices if trade tensions escalate. I have a feeling that the existing tariffs will gradually push prices up, which might lead the Fed to hold off on cutting rates. In the grand scheme of things, higher inflation is likely to boost gold demand, especially from central banks,” Kandoshko said.

She also believes a weak US dollar will likely be a boon for gold, making it more attractive to overseas buyers.

1. Apple announces leadership shift

On Tuesday (July 8), Apple announced that Jeff Williams, its longtime chief operating officer, will retire at the end of 2025, ending a tenure that spanned decades and included overseeing hardware, software and operations.

“Jeff and I have worked alongside each other for as long as I can remember, and Apple wouldn’t be what it is without him,” said Apple CEO Tim Cook in a press release. “He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world-class team of designers with great wisdom, heart, and dedication.’

Williams will be succeeded by Sabih Khan, Apple’s senior vice president of operations, who has played a key role in managing Apple’s global supply chain.

In other Apple news, Bloomberg reported on Wednesday (July 9) that Apple plans to release its first hardware upgrade to the Vision Pro headset later this year. Anonymous sources say the upgrades will include a a new strap for added comfort, will incorporate the same M4 processor powering newer versions of the iPad Pro, MacBook Pri and iMac, and will incorporate a great number of cores in the neural engine to run AI more effectively.

The company is also working on a lighter version slated for release in 2027, according to the people.

The company is planning a series of product upgrades for the first half of 2026, including a new entry-level iPhone 17e, refreshed MacBook Pros and MacBook Airs with M5 chips and potentially a new external display, according to multiple reports this week. Entry-level iPad and iPad Air will reportedly also receive updates.

2. Meta makes eyewear bet

Meta acquired a nearly 3 percent stake in luxury eyewear maker EssilorLuxottica (EPA:EL), the creator of Ray-Bans and the manufacturing partner for Meta’s smart glasses, including the Ray-Ban Meta and Oakley Meta lines. This is according to a Tuesday report from Bloomberg that cites unnamed sources with knowledge of the matter.

The stake is reportedly worth around 3 billion euros. According to the people, Meta is considering increasing its stake to approximately 5 percent “over time,” but noted that the plans could change.

3. Huawei seeks to step in amid US restrictions

Huawei is reportedly developing a new class of AI chips designed to support more generalized AI workloads, according to the Information, which broke the news on July 5.

According to the report, Huawei’s chip will be built around an architecture resembling that of NVIDIA’s GPU architecture (like Hopper or Blackwell) and Advanced Micro Devices’ CDNA architecture (used in their Instinct GPUs), which would allow Chinese developers to seamlessly incorporate the alternative.

Huawei’s pivot reflects China’s broader effort to bolster domestic chip capabilities as export restrictions from the US limit its access to advanced semiconductors. NVIDIA’s highly sought-after Blackwell GPUs are difficult for Chinese developers to legally acquire, leading to the development of downgraded, China-specific versions and a drive by Chinese firms to secure the chips through other means or source high-end alternatives.

Illustrating these efforts, recent Bloomberg analysis reveals ambitious plans by Chinese companies to acquire over 115,000 high-end NVIDIA chips for dozens of new AI data centers rising in the remote desert regions of Yiwu.

4. Harmonic raises US$100 million for ‘Superintelligence’

Harmonic AI, a stealth-mode AI company co-founded by Robinhood (NASDAQ:HOOD) CEO Vlad Tenev, has raised US$100 million in a Series B funding round led by Kleiner Perkins. Sequoia Capital, Index Ventures and Paradigm also participated in the round, which brought the company’s valuation to US$875 million.

Founded in 2023 by Tenev and Tudor Achim, who previously led autonomous driving startup Helm.ai, the startup is focused on building “smarter” AI models using a concept it calls “Mathematical Superintelligence.’

Its flagship model, Aristotle, is being trained to generate answers grounded in formal mathematical logic. On Bloomberg News, Tenev has said the company’s goal was to build AI systems that can solve the type of complex math problems that currently elude chatbots, eventually expanding its capabilities to physics and computer science.

Harmonic also aims to eliminate chatbot hallucinations through formal verification, a mathematical method that guarantees correct AI system function.

The startup wants to make the model available to researchers and the general public later this year.

5. Groq seeks US$6 billion valuation to fuel Saudi AI ambitions

The Information reported on Wednesday that Groq, a US-based AI chip startup and challenger to NVIDIA, is seeking to raise between US$300 million and US$500 million in a new funding round that would value it at US$6 billion.

Groq’s language processing units (LPUs) are known for their fast inferencing technology.

Unlike general-purpose GPUs, which were originally made for graphics and then adapted for AI, Groq’s LPUs were designed specifically to process language.

According to the report, the funding would help Groq fulfill a US$1.5 billion deal to deliver advanced AI chips to Saudi Arabia. With its ambitious Vision 2030, Saudi Arabia is actively pursuing a role as a global AI and technology hub, driving its interest in obtaining cutting-edge chips.

Markets and commodities react

In Canada, equity markets were mixed this week. While the S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 0.04 percent to close at 27,023.25 on Friday (July 11), the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, gaining 4.01 percent to 784.42, and the CSE Composite Index (CSE:CSECOMP) climbed 6.53 percent to 129.79.

US equity markets ended the week largely flat overall, with the S&P 500 (INDEXSP:INX) gaining just 0.21 percent to close Thursday at 6,259.74, the Nasdaq 100 (INDEXNASDAQ:NDX) climbing 0.13 percent to 22,780.60 and the Dow Jones Industrial Average (INDEXDJX:.DJI) falling 0.44 percent to 44,371.52.

In precious metals, the gold price rose 0.56 percent over the week to US$3,356.14 by Friday at 4 p.m. EDT. The silver price reached US$38.53, its highest price since 2011, near the end of trading Friday, before pulling back slightly to end the week up 3.38 percent at US$38.41.

In base metals, copper pulled back slightly from its fresh all-time high mentioned above, but still ended the week with a 10.24 percent gain to US$5.58. The S&P GSCI (INDEXSP:SPGSCI) lost 0.98 percent to close at 551.38.

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.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations 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. Avanti Gold (CSE:AGC)

Weekly gain: 158.33 percent
Market cap: C$10.92 million
Share price: C$0.155

Avanti Gold is an exploration and development company working to advance its flagship Misisi gold project in the Democratic Republic of the Congo (DRC).

The project consists of three mining licenses covering an area of 133 square kilometres in the Kibara gold belt and is a 73.5/21.5 joint venture between Avanti and Chinese mining company MMG (HKEX:1208), with the DRC government retaining a 5 percent interest.

An August 2023 technical report demonstrated an inferred mineral resource estimate of 3.11 million ounces of contained gold from 40.8 million metric tons of ore with an average grade of 2.37 g/t.

Shares in Avanti rose this week after the company announced on Thursday that it settled the payment dispute between itself, Arc Minerals (LSE:ARCM) and Regency Mining, which Avanti acquired in December 2022.

Prior to its acquisition by Avanti, in April 2022 then-private company Regency agreed to purchase Arc subsidiary Casa Mining, owner of the 73.5 percent interest in the Misisi project. Under the terms of the original deal, Regency agreed to pay Arc in part with US$1.25 million in shares of a public company, which was never fulfilled.

The new settlement agreement will enable Avanti to reduce the amount it owes if it pays within certain timeframes: US$562,500 if it pays Arc by August 31, or US$625,000 by October 31 or US$750,000 by December 31. If the payment is not completed this year, the amount owed will revert to the original US$1.25 million and be due on January 1, 2026.

2. Silver Mountain Resources (TSXV:AGMR)

Weekly gain: 139.68 percent
Market cap: C$27.87 million
Share price: C$1.51

Silver Mountain Resources is an exploration and development company working to restart production at the Reliquias underground mine in Central Peru.

The mine is part of the larger Castrovirreyna project, which consists of three blocks of mineral concessions. The main Reliquias block consists of 245 concessions covering an area of 24,093 hectares. The site also hosts a 2,000 metric ton per day processing plant, with an operating tailings dam.

A May 2024 preliminary economic assessment demonstrated project viability with an after-tax net present value of C$85 million, an internal rate of return of 51 percent and a payback period of 1.8 years.

The included mineral resource estimate showed measured and indicated grades of 4.25 ounces per metric ton silver, 0.41 grams per metric ton (g/t) gold, 2.02 percent lead, 3.09 percent zinc and 0.32 percent copper from 1.31 million metric tons of ore.

Shares in Silver Mountain gained significantly this week after it announced on Tuesday (July 8) that it was finalizing an agreement with global commodities supplier Trafigura for a US$10 million prepayment facility to advance work at Reliquias.

The company said it would provide further details once definitive documentation is completed.

3. Altima Energy (TSXV:ARH)

Weekly gain: 100 percent
Market cap: C$23.99 million
Share price: C$0.49

Altima Energy is a light oil and natural gas exploration and development company with operations in Alberta, Canada.

Its primary asset is the Richdale property in Central Alberta. The property consists of five producing light oil wells and sits on 5,920 acres of long-term reserves. The property hosts combined proved and probable reserves of just under 2 billion barrels of oil equivalent, with a pre-tax net present value of C$25.8 million.

The company also owns two wells at its Twinning light oil site near Nisku, seven producing wells at its Red Earth property in Northern Alberta and two multi-zone wells at its Chambers Ferrier liquid gas production property.

Shares in Altima gained this week after it released news on Tuesday that it had completed a private placement for proceeds of up to C$5.5 million. Under the terms of the deal, the company will issue 20 million units at C$0.275 per unit, which each include one common share and one warrant allowing the holder to purchase a common share for C$0.40.

The company said that part of the proceeds would be used to complete field upgrades at its Red Earth and Richdale properties.

4. McFarlane Lake Mining (CSE:MLM)

Weekly gain: 83.33 percent
Market cap: C$14.88 million
Share price: C$0.055

McFarlane Lake Mining is a gold exploration company working to advance a portfolio of properties in Southern Ontario, Canada, with options agreements in place to earn 100 percent interests in the projects.

Its primary focus has been on its McMillan property southwest of Sudbury. The site consists of 12 mining leases over 268 hectares and hosted historic mining in the 1930s.

McFarlane Lake explored the property throughout the first half of 2025. On July 3, the company shared assay results from the final drill hole of its drill program at the project. The drill hole intersected a broad interval of 1.3 g/t gold over 29.5 meters, which included intersections of 6.6 g/t gold over 4.55 meters and 20.1 g/t over 1.45 meters.

In the same announcement, the company reported that a downhole electromagnetic survey of the drill hole located an electromagnetic ‘superconductor’ nearby.

Shares in McFarlane were up this week after it was announced on Monday (July 7) that it would be acquiring the Juby Gold project from Aris Mining (TSX:ARIS) for a total consideration of US$22 million, including US$10 million in cash.

The transaction includes Aris’ 100 percent stake in Juby and its 25 percent stake in the adjacent Knight property, in which Orecap Invest holds the other 75 percent interest.

In a follow-up release on Tuesday, the company said the property is one of Ontario’s largest undeveloped gold properties and highlighted a historical indicated mineral resource of 775,000 ounces of gold from 21.31 million metric tons of ore with an average grade of 1.13 g/t gold, plus an inferred resource of 1.49 million ounces of contained gold from ore grading 0.98 g/t.

5. World Copper (TSXV:WCU)

Weekly gain: 75 percent
Market cap: C$14.63 million
Share price: C$0.07

World Copper is an exploration and development company focused on its Zonia copper project in Central Arizona, US. It also owns the Escalones copper project in Chile.

The Zonia property, acquired following a merger with Cardero Resources in January 2022, has seen extensive exploration dating back 100 years and hosted open-pit mining operations until 1975.

In November 2024, the company released an amended resource estimate for the project, showing a total indicated resource of 668 million pounds of contained copper from 112.2 million short tons of ore with an average grade of 0.297 percent, and an inferred resource of 320 million pounds from 62.9 million short tons of ore with an average grade of 0.255 percent.

On February 19, World Copper reported it had entered into a binding agreement to sell Zonia to an arm’s length third party for cash considerations of C$26 million. However, on May 6, World Copper announced that it terminated the agreement.

The company has not released news since. Shares gained this week against a backdrop of US copper tariffs and a surging copper price.

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.