HEADLINES

Barrick and Mali Resolve Mining Dispute, Detained Employees to Be Released

Barrick Mining has reached a deal with the government of Mali, closing a dispute over the miner's operations in the country and clearing the way for detained employees to be released.

Barrick shares gained 8.5%, settling at C$55.93.

The Canadian mining giant said that it has entered into an agreement that puts an end to all of its disputes with Mali regarding the Loulo and Gounkoto mines.

The relationship between Barrick and Mali, which has been under the control of an authoritarian military junta since 2020, revolved around a dispute over the Loulo-Gounkoto gold complex, one of Africa's largest gold mines.

Canada Pledges Further Financial Support for Lumber Sector

Canada is expected to unveil further financial support for the tariff-battered forest-products sector, says Resources Minister Tim Hodgson.

He revealed the news to lawmakers during Monday's question-period session in the Canadian legislature. He didn't provide further details, adding he is scheduled to speak with forestry sector leaders on Monday evening. "We will have a new set of supports by the end of the week," Hodgson said.

Back in August, Canada pledged up to C$1.25 billion, to help the country's forest-products sector deal with hefty tariffs from the U.S.

Corporate Earnings Rose in Third Quarter

Operating profit at Canadian corporations rose in the third quarter from a year ago and the previous three-month period, Statistics Canada said.

Companies in the financial-services industry helped power the results. Also driving the results were the manufacturing, mining and tourism sectors.

Overall, seasonally adjusted operating profit in the third quarter rose 3.8% from the previous quarter to C$199.97 billion, and 5.1% from the same year-ago period.

Endeavour Silver Divests Mexican Silver Project for up to $50 Million

Endeavour Silver has agreed to sell its mine in Mexico to Guanajuato Silver for up to $50 million as it looks to right-size its portfolio.

Shares climbed 6.4%, ending at C$10.81.

The Canadian mining company said that Guanajuato Silver will acquire all of the issued and outstanding shares of Mina Bolanitos from affiliates of the company, which holds the mine located in Guanajuato, Mexico.

The total consideration payable at the close is for $40 million, made up of $30 million in cash and $10 million in Guanajuato Silver shares, which are listed on the TSX Venture exchange.

Tilray to Sell Cannabis Vape Products in Quebec

Tilray Brands said it will begin selling its cannabis vape products in Quebec now that the province has legalized their sale.

The cannabis consumer-packaged-goods company said that it has introduced its Good Supply vape products as part of the launch of legal cannabis vaping products in the province.

Quebec was the only province in Canada that hadn't allowed legal cannabis vape sales. Now such sales will be possible starting on Nov. 26 through the province's legal retailer, the Societe quebecoise du cannabis.

Statistics Canada Estimates Factory Sales Fell 1.1% in October

Canadian factory sales likely fell 1.1% in October, according to an early estimate from Statistics Canada published.

This would mark a partial reversal after a 3.3% rise in September, in which sales rose to the highest level in seven months.

The data agency said the largest decreases in October were recorded in the chemical and forest-products sectors. Statistics Canada said the early indicator is subject to revision.

TALKING POINT

Zymeworks Wanted to Be Canada's First Big Pharma

By Sean Silcoff for the Globe and Mail

Ali Tehrani had two goals when he founded antibody developer Zymeworks to develop drugs that would improve human health and to build a fully integrated pharmaceutical company that not only developed drugs, but also took them to market.

The 22-year-old Vancouver company last week took a big step toward achieving the founder's first wish. Zymeworks, along with commercialization partners Jazz Pharmaceuticals and BeOne Medicines, said on Nov. 17 that its lead antibody, zanidatamab, had proven to be highly effective in stopping the spread of a digestive system cancer in human trials. Zymeworks stock soared to a four-year high.

That comes after another Zymeworks-discovered drug, pasrimatig, showed such strong results in safety studies this year that Johnson & Johnson -- which licensed the antibody from Zymeworks in 2017 -- is moving it straight into advanced efficacy trials. The prostate cancer drug got a fast-track designation in October from the U.S. Food and Drug Administration, meaning it could get to market quicker than other drugs.

Both drugs are expected to generate billions of dollars in peak annual sales; Zymeworks, which has received hundreds of millions of dollars in payments from its partners, stands to make hundreds of millions more in annual royalties if the drugs sell as expected.

That would be a mark of huge success for any biotech startup. But it has also prompted Tehrani's successor, chief executive officer Kenneth Galbraith, to ditch the founder's second goal: to become Canada's first pharma giant.

On Nov. 18, Galbraith unveiled a new strategy: Zymeworks will become a royalty company, deploying its expected gusher of cash from partnered drugs to buy streams of royalties from other drug developers for treatments nearing commercialization. It will look to strike "synthetic royalty" deals, in which investors pay upfront for a share of a drug's expected future sales, and to invest in single assets or whole companies across a range of therapies. Zymeworks director Scott Platshon, a partner with biotech investment firm EcoR1 Capital, is leaving the board to lead the strategy.

Zymeworks may not grow up to be the next Eli Lilly and Co., but the company's pragmatic, risk-averse partner model "has worked out much better in terms of return to shareholders than trying to be a fully integrated biotech company and commercialize all of our own products," said Galbraith in an interview. "We have to figure how to allocate that capital so that it drives total returns."

Zymeworks will still seek to discover and advance drugs through early studies, but it will do so selectively to keep costs and risks down, Galbraith said. Those drugs the company does develop will likely be partnered off to others to advance them to market.

The company also plans to buy back up to US$125 million of stock, after repurchasing $60 million worth in the past two years. It now has $300 million of cash and a market capitalization of about $1.75 billion.

The hybrid strategy is "not a typical path of a biotechnology company," Bloom Burton & Co. analyst David Martin said. "Until they do a royalty deal like what they're contemplating, we can't tell if it would be positive or negative to the valuation."

The strategy shift is a reminder of the long odds that face early-stage drug developers that have dreams of joining the ranks of Big Pharma. Though biotech startups Amgen Inc. and Gilead Sciences Inc. grew into giants each valued at more than $150 billion, that's exceedingly rare in a business in which most industry leaders are a century old or more. Canada is the only Group of Seven country without a pharma giant, though some domestic upstarts such as AbCellera Biologics hope to change that.

Past Canadian life sciences companies achieved some success, including QLT (where Galbraith served as chief financial officer), Angiotech Pharmaceuticals and BioChem Pharma, by partnering with others to take their innovations to market rather than doing so themselves. Most biotechs either die or are acquired if their drugs show promise. One of the few Canadian companies to try the integrated approach, Aurinia Pharmaceuticals, has contended with activist investors and its stock only recently appreciated after treading under $10 a share for three years.

Expected Major Events for Tuesday

05:30/JPN: Oct Tokyo area department store sales

05:30/JPN: Oct Nationwide department store sales

07:00/GER: 3Q GDP - Detailed breakdown

07:45/FRA: Nov Consumer confidence survey

11:00/UK: Nov CBI Distributive Trades Survey

13:30/US: Sep PPI

13:30/US: Sep Advance Monthly Sales for Retail & Food Services

13:30/US: U.S. Weekly Export Sales

13:55/US: 11/22 Johnson Redbook Retail Sales Index

14:00/US: 3Q U.S. Quarterly House Price Index

14:00/US: Sep U.S. Monthly House Price Index

14:00/US: Sep S&P Cotality Case-Shiller Indices

15:00/US: Aug Manufacturing & Trade: Inventories & Sales

15:00/US: Nov Richmond Fed Business Activity Survey

15:00/US: Nov Consumer Confidence Index

15:00/US: Oct Pending Home Sales Index

17:59/UK: REC JobsOutlook survey

18:00/US: Oct Money Stock Measures

19:00/US: Oct Monthly Treasury Statement of Receipts and Outlays of the U.S. Government

21:30/US: API Weekly Statistical Bulletin

23:50/JPN: Oct Services Producer Price Index

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Tuesday

Abercrombie & Fitch Co - Class A $(ANF)$ is expected to report $2.10 for 3Q.

Ambarella Inc $(AMBA)$ is expected to report $-0.40 for 3Q.

Amentum Holdings Inc $(AMTM)$ is expected to report for 4Q.

American Woodmark Corp $(AMWD)$ is expected to report $1.21 for 2Q.

Analog Devices Inc $(ADI)$ is expected to report $1.52 for 4Q.

Anavex Life Sciences Corp (AVXL) is expected to report $-0.15 for 4Q.

Arrowhead Pharmaceuticals Corp $(ARWR)$ is expected to report $-0.24 for 4Q.

Autodesk Inc $(ADSK)$ is expected to report $1.40 for 3Q.

Best Buy Co Inc $(BBY)$ is expected to report $1.29 for 3Q.

Burlington Stores Inc $(BURL)$ is expected to report $1.64 for 3Q.

CleanSpark Inc (CLSK) is expected to report $0.26 for 4Q.

Clearfield Inc $(CLFD)$ is expected to report $0.08 for 4Q.

Dell Technologies Inc $(DELL)$ is expected to report $1.90 for 3Q.

Dick's Sporting Goods Inc $(DKS)$ is expected to report $2.71 for 3Q.

Embecta Corp $(EMBC)$ is expected to report $0.43 for 4Q.

Guess? Inc (GES) is expected to report $0.31 for 3Q.

HP Inc $(HPQ)$ is expected to report $0.89 for 4Q.

JM Smucker Co $(SJM)$ is expected to report $1.91 for 2Q.

Kohl's Corp $(KSS)$ is expected to report $-0.21 for 3Q.

Movado Group Inc $(MOV)$ is expected to report $0.57 for 3Q.

NetApp Inc $(NTAP)$ is expected to report $1.47 for 2Q.

Nutanix Inc $(NTNX)$ is expected to report $0.15 for 1Q.

PagerDuty Inc $(PD)$ is expected to report $-0.02 for 3Q.

Petco Health & Wellness Co Inc $(WOOF)$ is expected to report $0.00 for 3Q.

Platinum Group Metals Ltd (PLG,PTM.T) is expected to report for 4Q.

Titan Machinery (TITN) is expected to report $-0.34 for 3Q.

Urban Outfitters Inc $(URBN)$ is expected to report $1.19 for 3Q.

Wilhelmina International Inc $(WHLM)$ is expected to report for 3Q.

Workday Inc (WDAY) is expected to report $0.88 for 3Q.

Zscaler Inc (ZS) is expected to report $-0.11 for 1Q.

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

(END) Dow Jones Newswires

November 24, 2025 16:31 ET (21:31 GMT)

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