HEADLINES

Producer Prices Continued to Climb in October, Raw Material Costs Up Again

Producer prices in Canada continued to increase in October as the extended demand for safe-haven investments buoyed precious metals, while Canadian companies for a second month running paid more for raw materials.

Statistics Canada's industrial product price index increased 1.5%, a fifth consecutive monthly increase. On a 12-month basis, the producer-price index advanced 6.0%, marking a 13th straight year-over-year rise in prices for products manufactured in Canada.

Excluding energy products, producer prices rose an even stronger 1.6% on-month and 6.5% compared with a year earlier, the data agency said Thursday.

Elliott Management Builds Stake in Barrick, Encouraged by Breakup Prospects, Source Says

Activist investor Elliott Management has built up a sizable stake in Barrick Mining, putting pressure on the gold and copper producer to consider splitting up its operations.

The stake positions Elliott as one of Barrick's top 10 shareholders, a person familiar with the matter said, and was made because the activist was encouraged by the prospect of Barrick exploring a breakup.

A spokeswoman for the Toronto company declined to comment on the investment or Elliott's ambitions, saying the company doesn't comment on matters relating to individual shareholders. Barrick has a clear plan and industry-leading assets, as well as a strengthened leadership team aligned on delivering strategic priorities, the spokeswoman said.

Aris Mining Buying Outstanding Stake in Soto Norte Project in Colombia for $80 Million

Aris Mining struck a deal to buy the outstanding interest in a Colombia gold development project for $80 million, setting it on a path to develop the asset and its target of producing 1 million ounces of gold a year.

The Canadian company, which already operates two underground mines in Colombia, said Thursday it has signed a binding term sheet to buy the remaining 49% interest in the Soto Norte venture from MDC Industry, known as Mubadala.

The price tag includes $60 million in cash and 1.7 million newly issued Aris shares, which will be issued at a price of $11.50 each, an almost 3% discount to the last closing price on the NYSE American exchange.

Vizsla Silver Shares Drop After Convertible Notes Offering Prices

Vizsla Silver's shares fell after the Canadian silver explorer priced a $250 million offering of convertible notes, raising funds to develop its flagship project in Mexico and to prepare for possible future acquisitions.

Shares fell 14.5% to C$5.62.

The Vancouver, British Columbia, company is offering convertible senior unsecured notes due 2031. The initial purchasers have a 13-day option from the date the notes are first issued to buy up to a total of $50 million more of the notes.

Real Matters Quarterly Revenue Edges Up on Growth in Canada, U.S. Refinance Origination

Real Matters' fourth-quarter revenue ticked higher as growth in U.S. refinance origination revenue and Canada were largely offset by lower activity in the U.S. purchase market.

The provider of network management services for the mortgage lending and insurance industries recorded a loss of $17.9 million, or 24 cents a share, compared with a year-earlier loss of $200,000.

On an adjusted basis, earnings before interest, taxes, depreciation and amortization fell to $100,000 from $600,000.

The Markham, Ontario, company's revenue for the three months ended Sept. 30 were up modestly, rising by less than 1% to $46 million from $45.6 million last year.

First Mining to Sell Ontario Gold Project to Oronova Energy, Securing Stake in the Buyer

First Mining Gold is bringing in a partner to help advance work on its Cameron gold project in Ontario as part of a deal that will see it securing a major stake in Oronova Energy, and bring it alongside a team of miner explorers, developers and operators who have launched several companies around the world.

First Mining said Thursday it entered an agreement to sell a wholly-owned subsidiary that owns the Cameron project to Oronova for roughly C$27 million. The price includes $5 million in cash, 80 million Oronova shares, and a future cash payment of at least $2 million.

When the transaction closes, Oronova, a Canadian-based company focused on buying oil and natural gas assets, will be renamed Seva Mining, with First Mining as its largest shareholders. First Mining said it will be supported in its ownership of Seva by Fiore Group of Companies, which is led by mining entrepreneurs Frank Giustra and Gordon Keep.

TALKING POINT

Bank Regulator Proposes Loosening Rules to Stimulate Corporate and Real Estate Lending

By Stefanie Marotta of The Globe and Mail

Canada's banking regulator is considering lowering capital requirements for loans for certain corporate and real estate properties in a bid to build lending capacity as the country aims to boost business investment and stimulate its economy.

The Office of the Superintendent of Financial Institutions is adjusting the capital requirements for credit risk to provide banks with more flexibility to lend money and invest, the regulator said Thursday. OSFI Superintendent Peter Routledge has been vocal about adjusting rules that could encourage business lending as a way to boost economic growth.

The proposal is intended to reduce "unnecessary burden without compromising the safety and soundness of financial institutions," the regulator said Thursday as part of its quarterly update.

Among the revisions, OSFI is proposing lowering risk weightings -- the different levels of risk assigned to certain types of bank loans -- for low-rise residential real estate projects and loans for small and medium-sized businesses.

By lowering the risk weightings, banks will have to hold less capital for these loans, which could make it easier for related businesses to borrow money for these types of projects.

In September, Routledge said that OSFI is consulting banks and life insurers "to help them help the country" by changing the way it treats risk in certain business loans.

OSFI announced lower capital requirements in July for life insurers investing in Canadian infrastructure through debt or equity, which could increase funding for these projects.

These signals led up to a tone shift toward Canada's financial sector in the Ottawa's federal budget.

The government touted measures to increase business investment and boost competition in financial services, including raising the public holding requirement threshold to allow smaller banks to grow more and committing to launching an open banking regime to provide consumers and businesses with greater authority over sharing their financial data.

While OSFI is lowering capital requirements for certain types of loans, it has so far maintained a high domestic stability buffer -- capital banks must maintain to endure the blow of an economic downturn. The DSB is set at 3.5% of a bank's risk-weighted assets, requiring banks to hold onto billions in excess cash.

Some analysts and banking groups have called on OSFI to lower the buffer to allow banks to use that excess capital and to be more competitive compared with global peers with lower requirements.

"A reduced upper bound on the DSB would help level the playing field," Bank of Montreal analyst Sohrab Movahedi said in a note to clients.

This should also prompt Canada's largest banks to "lower their management targets, which would free capital for credit expansion (and support the structural bias towards domestic capital formation embedded in the recently announced federal budget in Canada)."

Expected Major Events for Friday

00:01/UK: Nov UK Consumer Confidence Survey

00:30/JPN: Nov Japan Flash Manufacturing PMI

01:00/JPN: Oct Steel Imports & Exports Statistics

05:00/JPN: Oct Steel Production

07:00/UK: Oct Public sector finances

07:00/UK: Oct UK monthly retail sales figures

07:45/FRA: Nov Monthly business survey (goods-producing industries)

08:15/FRA: Nov France Flash PMI

08:30/GER: Nov Germany Flash PMI

09:30/UK: Nov Flash UK PMI

11:00/FRA: 3Q OECD trade statistics release

13:30/US: Sep Real Earnings

13:30/CAN: Oct New Housing Price Index

13:30/CAN: Sep Retail trade

14:45/US: Nov US Flash Manufacturing PMI

14:45/US: Nov US Flash Services PMI

15:00/US: Aug Monthly Wholesale Trade

15:00/US: Oct State Employment and Unemployment

15:00/US: Nov University of Michigan Survey of Consumers - final

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Expected Earnings for Friday

ASP Isotopes Inc (ASPI) is expected to report for 3Q.

Azenta Inc (AZTA) is expected to report $0.02 for 4Q.

BJ's Wholesale Club Holding Inc $(BJ)$ is expected to report $1.08 for 3Q.

Bio-Path Holdings Inc $(BPTH)$ is expected to report for 3Q.

Buckle Inc $(BKE)$ is expected to report $0.95 for 3Q.

EQ Inc (EQ.V) is expected to report for 3Q.

IES Holdings Inc $(IESC)$ is expected to report $3.11 for 4Q.

MINISO Group Holding Ltd - ADR $(MNSO)$ is expected to report $0.59 for 3Q.

Moog Inc - Class A (MOGA,MOGB) is expected to report $2.22 for 4Q.

S&W Seed Co (SANW) is expected to report for 4Q.

Sonder Holdings Inc $(SOND)$ is expected to report for 3Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

November 20, 2025 16:36 ET (21:36 GMT)

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