HEADLINES

Canada Posts C$5.07 Billion Deficit in January

Canada recorded a deficit in January similar to the year-ago period, as both tax revenue and government spending declined in the month.

Canada had a budget deficit of C$5.07 billion in January, the Department of Finance said Friday in its monthly Fiscal Monitor publication. This is largely in line with the C$5.13 billion deficit posted in January of last year. With just two months left in the 2025-26 fiscal year, Canada's budget deficit sits at C$31.21 billion, an increase of about 16% from the comparable year-ago period.

The Liberal government's annual budget plan, issued in November, projected a C$78.3 billion deficit in the current fiscal year. Historically, finance ministry data tends to show sizable deficits in the month of March, or the last month of the fiscal year, due to adjustments to tax receipts.

Statistics Canada Estimates Wholesale Trade Rose 2.3% in February

Statistics Canada said Friday that an early review of data indicates that wholesale transactions rose 2.3% in February.

The estimate incorporates wholesale transactions excluding petroleum products, oilseeds and grains. The data agency said the increase partly reflects higher sales in the motor-vehicle and motor-vehicle-parts subsector.

The estimate points to a solid rebound following a 1% decline in January.

Wholesalers are the largest component of Canada's services sector, and they connect farmers or manufacturers that produce goods with companies and public institutions that use them. They also import goods from other countries and redistribute them within Canada.

Hudbay Reaffirms 2026 Outlook, Forecasts Higher Copper and Zinc Output by 2028

Hudbay Minerals laid out its medium-term targets, expecting a lift in copper output through 2028 as mill upgrades, mine-plan optimization and higher-grade sequencing begin to contribute.

The stock rose 3.7% to C$27.01.

The Canadian miner on Friday reaffirmed its 2026 guidance and introduced new 2027 and 2028 forecasts, supported by updated life-of-mine models.

Consolidated copper production is expected to average 147,000 metric tons over the next three years, a 24% increase from 2025, with output rising further to 159,000 tons in 2027 and 2028.

LNG Canada to Take Lead Role on Potential Coastal GasLink Expansion

LNG Canada has agreed to take the lead role on the potential expansion of the Coastal GasLink pipeline across northern British Columbia, a move designed to spur construction of two major projects, The Globe and Mail reported.

Shell PLC-led LNG Canada is expected to make a final investment decision by the end of 2026 on whether to proceed with its own Phase 2 expansion, which would double capacity for production of liquefied natural gas at the export terminal in Kitimat, B.C.

If LNG Canada forges ahead with its Phase 2 plan for the Kitimat terminal, it will require Coastal GasLink to double pipeline capacity.

Linamar Acquires Two German Manufacturing Facilities from Winning BLW

Linamar has agreed to buy two German manufacturing plants from Winning BLW, expanding its global footprint.

The Canadian autoparts maker said Friday that it is acquiring the two facilities in Remscheid and Penzberg as the company looks to expands its product portfolio and manufacturing capabilities.

Linamar said the acquisition is immediately accretive and expects the new additions to add about C$200 million in annualized revenue.

Clarke Agrees to Acquire Troubled Ravelin Properties REIT

Clarke has agreed to acquire the heavily indebted Ravelin Properties REIT in a C$1.1 billion deal, taking over the struggling office landlord and its sizable debt load.

Clarke, a Canadian investment and real estate holding company, has agreed to buy all of the remaining units of the embattled commercial real estate REIT, along with all of its outstanding convertible debentures, through a court-approved plan.

Ravelin has been struggling under about C$1.1 2 billion of debt, forcing the office REIT to default on its loans and debt obligations. Ravelin has gotten by only through lender forbearance and a major debt takeover by a single investor a year ago.

SSR Mining Gets TSX OK to Launch 10% Buyback Program

SSR Mining intends to launch a share-repurchase program to buy back about 10% of its issued and outstanding shares over a one-year period.

The Canadian miner on Friday said the Toronto Stock Exchange has approved its plan to buy back up to 21.5 million shares for cancellation.

SSR Mining shares rose 7.4% to C$36.69 on Friday.

TALKING POINT

Canada's Almonty Industries Rushing to Meet Global Demand for Tungsten

By Adriano Marchese

Tungsten prices have climbed to record highs this year, but most people have never heard of the critical mineral.

The rare and dense metal, used in everything from drill bits to munitions, missile components, medical machines and semiconductors, has had its price surge more than fivefold since China restricted exports of the metal last year. The price has also received a recent bump due to increased military demand as global conflicts intensify.

Canada's Almonty Industries is one of the few suppliers of the metal in the world and Lewis Black, its chief executive, said customers are knocking on the company's door to secure the mineral.

"Two years ago, what we have, our customers wanted. Fast forward to today, we have what they need," Black said in an interview. With no new Western mine coming online for years, Almonty has emerged as the West's most significant non-Chinese supplier positioned to meet soaring demand from industrial giants and defense contractors with nowhere else to turn.

Almonty currently has two operating tungsten mines, after earlier this month restarting operations at its Sangdong mine in South Korea. It also owns Panasqueira in Portugal, which is nearing its end of life.

The limited supply, and rush of demand, has sent the price of the metal surging. Black said the days of cheap tungsten are over regardless of what China, which produces 88% of global supply, does next. The metal, which he said traded around $300 a metric ton unit before China's export restrictions, is now commanding over $2,800 a metric ton unit.

"I don't believe it'll ever go below a thousand again," he said.

Almonty bought the Sangdong mine a decade ago, but only brought it back online earlier this month after spending more than $100 million. When the mine, which has sat idle for more than 30 years, reaches full capacity in 2027, Almonty expects it to supply about 40% of tungsten demand outside of China.

Black said the company is fielding calls from industrial giants, as well as global defense contractors.

"What we're seeing in the last four-to-six weeks is an increase of inquiries from companies that have never spoken to us before," Black said. "We're seeing a much greater sense of urgency."

Recycled tungsten has been able to plug some of the supply gap, but not enough to keep up with demand, which Black said needs to be fulfilled with new mines.

The problem is time, according to Black. Developing a mine in a democratic country with its bureaucratic processes can take years. "Building in a democracy is not for the faint-hearted," he said. "It's an eight to ten year journey."

No new tungsten mines in the Western world have been commissioned in the past 15 months, said Black. The addition of its South Korean mine, for now, leaves Almonty in a position that Black says he has spent a decade working toward.

"There's nothing else coming online for at least seven or eight years. You can't just build a mine this time next week," he said. "It's an extraordinary situation."

Write to Adriano Marchese at [adriano.marchese@wsj.com]

Expected Major Events for Monday

08:00/ITA: Feb PPI

08:00/GER: Mar Bavaria CPI

08:00/GER: Mar North Rhine Westphalia CPI

08:00/GER: Mar Saxony CPI

08:00/GER: Mar Brandenburg CPI

08:00/GER: Mar Hesse CPI

08:00/GER: Mar Baden-Wuerttemberg CPI

08:30/UK: Feb Monetary & Financial Statistics

08:30/UK: Feb Bank of England effective interest rates

08:30/UK: Feb Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit

12:00/GER: Mar Provisional CPI

14:30/US: Mar Texas Manufacturing Outlook Survey

17:59/UK: REC JobsOutlook survey

17:59/UK: Feb Adzuna UK Job Market Report

19:00/US: Feb Agricultural Prices

23:01/UK: Mar Shop Price Monitor

23:30/JPN: Mar CPI (Tokyo), CPI ex-Food (Tokyo)

23:30/JPN: Feb Labour Force Survey

23:50/JPN: Feb Preliminary Retail Sales

23:50/JPN: Feb Preliminary Industrial Production

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

Expected Earnings for Monday

AirJoule Technologies Corp $(AIRJ)$ is expected to report for 4Q.

American Hotel Income Properties REIT LP (HOT.UN.T) is expected to report for 4Q.

Americas Gold & Silver Corp (USA.T,USAS) is expected to report for 4Q.

Annexon Inc $(ANNX)$ is expected to report $-0.31 for 4Q.

Aqua Metals Inc $(AQMS)$ is expected to report for 4Q.

Bicara Therapeutics Inc (BCAX) is expected to report for 4Q.

Brainstorm Cell Therapeutics Inc (BCLI) is expected to report for 4Q.

CASI Pharmaceuticals Inc (CASI) is expected to report for 4Q.

CVD Equipment Corp $(CVV)$ is expected to report for 4Q.

Cyclerion Therapeutics Inc $(CYCN)$ is expected to report for 4Q.

Fathom Holdings Inc (FTHM) is expected to report $-0.14 for 4Q.

Galectin Therapeutics Inc (GALT) is expected to report for 4Q.

Genie Energy Ltd $(GNE)$ is expected to report $0.07 for 4Q.

High Arctic Energy Services Inc (HWO.T) is expected to report for 4Q.

HireQuest Inc $(HQI)$ is expected to report $0.11 for 4Q.

Intellinetics Inc $(INLX)$ is expected to report for 4Q.

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March 27, 2026 16:30 ET (20:30 GMT)

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