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February 10, 2025
Australian manganese explorer and developer, Black Canyon Limited (Black Canyon or the Company) (ASX: BCA) is pleased to announce the results from benchtop scale beneficiation testwork completed on composite reverse circulation (RC) drill chip samples from the W2 prospect at the Wandanya Project1. The testwork demonstrates substantial uplifts from composite feed grades of 21.2% Mn and 41.5% Mn to concentrate grades well above the premium 44% Mn oxide benchmark grade for both the moderate and higher-grade feed samples. The laboratory testwork used HLS techniques as a proxy for widely used, industry based dense media separation (DMS).
- Positive results received from initial beneficiation (Heavy Liquid Separation - HLS) provide confidence that a high-grade manganese oxide concentrate can be readily produced from Wandanya using a simple density-based technique.
- Significant manganese upgrades, on average, well above the premium 44% Mn oxide benchmark achieved:
- WD01MG composite upgraded from a raw feed grade of 21.2% Mn to grades between 44% to 4G% Mn (depending on HLS applied SG and size fraction)
- WD02HG composite upgraded from a raw feed grade of 41.5% Mn to grades between 51% to 53% Mn (depending on HLS applied SG and size fraction)
- Overall concentrate grades range between 50% and 48% Mn achieved with 68% to 76% recoveries respectively when combining the moderate and higher-grade composites results.
- Low deleterious elements such as iron, aluminium and phosphorus from the head grade feedstock and upgraded concentrate element analysis results.
- The Wandanya discovery represents a new exploration model on the eastern margin of the Oakover Basin comprising hydrothermal, stratabound manganese and iron. The Company has only drill tested 240m of the 3km W2 target strike and is looking forward to further drilling these high-grade manganese and iron outcrops2C3.
The initial sighter level metallurgical tests provide a positive insight to the beneficiation characteristics of the manganese mineralisation discovered at Wandanya using feed grades similar to those at Woodie Woodie that routinely use DMS as part of its ore processing circuit.
Black Canyon’s Managing Director Brendan Cummins said:
“Completing this early stage metallurgical testwork and generating a high grade, low impurity concentrate, in excess of the premium 44% Mn oxide benchmark, has been a great achievement and start to 2025. The style of high-grade hydrothermal manganese mineralisation we have discovered at Wandanya lends itself to the application of density-based beneficiation techniques with manganese minerals being denser than the less dense dolomite host rocks. The testwork confirmed our expectation that the mineralisation would beneficiate in a similar manner to the hydrothermal ores processed at Woodie Woodie and demonstrates the potential to produce a high quality manganese concentrate for the silico and ferro alloying industry and as feedstock for high purity manganese sulphate (HPMSM).”
“We continue to learn more about the W2 manganese prospect with these additional layers of analysis and we are quickly building a greater understanding of the prospect’s potential. My main conclusion to date has been the simplicity of the geology, with shallow high-grade mineralisation and now we have demonstrated how readily the manganese can be upgraded using a simple and established density-based process. Our immediate focus is to complete a Heritage Survey and then further drilling down dip and along strike so we can understand the full scale and significance of the discovery.”
“We have only drill tested 240m of strike or less than 10% of the 3km long manganese target based on mapping and rock chip sampling2. This is why we are very keen, following the west season, to get the rig back to site as soon as possible and test not only the manganese targets but also the recently announced high-grade iron mineralisation we have mapped over 2km adjacent to the manganse3.”
Figure 1. W2 Prospect, RC drill bags from WDRC031 in the foreground
W2 Prospect, Wandanya (BCA 100%)
Heavy Liquid Separation Testwork
Testwork samples were selected from about 110kg of RC drill chip samples collected from the W2 drilling program completed in September 20241. Whilst diamond core would be preferable to RC drill chips, for this early-stage sighter level beneficiation testwork, the processing of RC chips does provide initial concentrate grade and recovery data that can be applied to more detailed diamond core based testwork when available.
To facilitate representative examples of mineralisation, the drill chip samples were collected from six holes, with two holes each from a northern, central and southern drill line along 240m of drilled strike. A moderate and high composite grade of 20% Mn and 40% Mn was targeted based on the average intersection around 30% Mn with reasonably distinct moderate grades in an upper zone and higher grades closer to the footwall. The mineralised intervals were all intersected from less than 10m depth. All the samples were crushed to -10mm and then combined as required to produce a moderate (WD01MG) and higher (WD02HG) grade composite.
Click here for the full ASX Release
This article includes content from Black Canyon, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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11 March
PDAC 2025: Investment Capital, AI Energy Demand and the Race for Resources
Another Prospectors & Developers Association of Canada (PDAC) convention has come and gone.
The 2025 iteration of the biggest mining event globally was a success, with more than 25,000 attendees converging on the Metro Toronto Convention Center over the four day event.
Several key themes emerged at this year’s PDAC, with the most prevalent being the need for more exploration and funding, government support for the mining sector and the growing importance of critical minerals.
Setting the tone for the event, Mike Henry, CEO of BHP (ASX:BHP,NYSE:BHP,LSE:BHP), underscored in an hour-long keynote address the vast amount of critical minerals that will be needed in the years ahead.
"In copper alone, we anticipate 70 percent growth in demand by the middle of this century. Billions of people depend on our industry's ability to deliver the critical minerals the world needs in a timely, reliable and cost-effective manner,” he said.
The CEO went on to underscore the abundant resource potential offered by Canada, Australia and Chile, while also noting the massive investments needed to propel the energy transition and global decarbonization.
“Done well, the meeting of the world's growing need for critical minerals can transform communities, economies and countries for the better, and one need look no further than Canada or Australia or Chile, three resource-rich nations that have harnessed their resource endowment for the effective benefit of the people,” Henry said.
He added that this continued effort requires capital, offering investors strong returns by supporting the right companies, commodities and standards. As Henry explained, for copper alone an investment of US$250 billion will be needed over the next five to 10 years to keep pace with “surging local demand.”
When extrapolated to include other in-demand metals, that number balloons to US$800 billion between now and 2040.
The need for exploration investment was also reiterated by Kevin Murphy, director of metals and mining research with S&P Global Commodity Insights. During his presentation, he noted that mining exploration spending has dropped sharply from its highs in 2011 and 2012, with gold remaining the top target, followed by copper, uranium and lithium.
“I would consider exploration the canary in the coal mine for the mining industry in general; it's the base of the pyramid, where mines are at the top and a huge amount of exploration, in theory, should be at the bottom," said Murphy. “If we look at where we currently are in exploration spending compared to historic amounts, we're actually down a fair bit.”
Over the last decade, exploration expenditure has also shifted focus, from greenfield to mine site exploration.
“if you go back into the '90s, even the early 2000s, generative, purely generative exploration, looking for new deposits. That was actually the preferred place to put your money,” explained Murphy.
“That has shifted greatly, so much so it's now the least preferred. People are exploring their mines. They're exploring assets with resources already proven, and they are moving further and further away from doing generative exploration.”
According to Murphy, greenfield exploration dropped significantly in 2024, raising concerns about long-term supply, particularly for copper, where major new discoveries have slowed. Gold has long focused on mine site exploration, while lithium and uranium, as younger commodities, are targeting assets with proven but undeveloped resources.
With financing challenges persisting in 2025 and market uncertainty growing, exploration budgets are expected to shrink further, except possibly for gold amid policy shifts.
Capital investment and supply growth
To ensure the long-term success of the energy transition and mineral pipeline, most presenters and panelists at PDAC agreed that capital investment is imperative.
During a lithium panel discussion, the vast amount of lithium needed for the electric vehicles (EVs) and energy storage was underscored as a crucial indicator of the amount of CAPEX the sector needs in the years ahead.
Lithium has been especially challenging, as the market swung into over supply in 2023 pushing prices down, also new technologies considered to still be in infancy are having issues ramping up output.
Near-term lithium supply faces challenges as key projects, especially in China, Chile, and Africa, struggle with delays due to financing, environmental, and permitting issues, Siddarth Subramani, director of lithium at Hatch told PDAC attendees.
He added that many projects are also ramping up slower than expected due to the industry's lack of maturity.
In Argentina, lithium production is expected to grow from 75,000 tons to 300,000 metric tons by 2027, but technical and execution challenges could hinder this. A significant supply gap may emerge, pushing prices higher, but not enough to drive long-term production expansion.
A similar tone was struck during the Benchmark Summit, an event that coincides with PDAC. The day-long symposium focused on the supply chain of raw materials needed for the energy transition.
Increasing copper production will be pivotal in achieving global carbon reduction goals, as well as ensuring the energy transition can continue its implementation rate. To meet this demand, the globally diversified miner is looking to Latin America, especially Argentina and Chile, which represents a significant growth opportunity for copper supply in the coming years if the supportive policy environment continues.
During his address to Benchmark Summit guests, Tony Power, CEO of Anglo American's (LSE:AAL,OTCQX:AAUKF) Peruvian operations, highlighted the growth potential Anglo’s Los Bronces asset in Chile possesses, describing it as the "gift that keeps giving.”
As Anglo works to expand the asset through underground development, Power was also forthcoming with the challenges that are facing the copper sector.
“It's not getting cheaper to make copper mines. It's getting more and more expensive,” said Power. “So the only way to offset that is the price of copper to go up to be able to sustain that capital investment.”
The impact of AI
While financing and supplying the energy transition were obvious themes, the unexpected demand forecasted by AI data centers and generative technologies emerged as an equally important focus at the world’s largest mining-centric conference.
The world’s growing adoption of AI paired with mass electrification are projected to push electricity demand up by 80 percent by 2050, a factor many energy transition reports did not take into consideration.
Getting ahead of this demand several tech companies penned nuclear power agreements deals in 2024. While the headline making deals brought attention to the nuclear sector, little attention was paid to the required upstream growth needed to supply U3O8 to those reactors.
Per Jander, director of Nuclear Fuel at WMC underscored the magnitude of nuclear energy needed to meet the ever growing global electricity demand.
Unlike traditional data centers, AI facilities require immense power and advanced cooling systems, such as liquid cooling, due to their high-intensity computing needs. This sector is still in its early stages, yet demand is already surging, with AI operations consuming 50 terawatt-hours annually, explained Jander.
“Then 100 terawatt hours by 2027,” he said, adding that he got that figure from Deepseek. “So it comes from itself.”
Additionally, Jander also asked several AI assistants which energy source they preferred.
“Three out of four said I want fusion,” said Jander, noting he didn't limit the AI to specific energy types. “But one … said that (it) wanted to use nuclear power.”
Uranium isn't the only sector expected to see a demand spike from the AI data center proliferation.
Noting that electrification is already pushing copper towards deficit, Micheal Meding, VP and GM at McEwen Copper (TSX:MUX,NYSE:MUX) believes AI electricity needs could tip that scale further.
“Data centers require huge amounts of copper and require a lot of energy, that energy needs to be generated and transported,” he said during a copper panel discussion at the Benchmark Summit. “So I think we haven't really understood how much of this metal is going to be needed in the future.”
Click here to view the Investing News Network's PDAC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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07 March
Australia’s Mining Gender Pay Gap Shrinks, Women Still Earn Less
The Workplace Gender Equality Agency (WGEA) has released an updated Employer Gender Pay Gaps report covering 7,800 employers and 1,700 groups.
The gender pay gap is defined by the agency as “the difference between the average or median remuneration of men and the average or median remuneration of women, expressed as a percentage of men’s remuneration.” This differs from equal pay for the same or similar roles.
“(We focus) on the total remuneration gender pay gaps that include payments above base salary such as superannuation, performance bonuses, overtime and allowances, as this gives a more accurate representation of the real differences in earnings between men and women,” WGEA said.
The agency started by illustrating the general pay situation in the nation, which is evidently unequal. WGEA reported that on average, for every dollar a man earns, a woman earns 78 cents.
This drives the entire gap regardless of industry and sets a precedent for calculating pay.
WGEA also highlighted that employers in male-dominated industries, including the mining sector, are more likely to pay male workers more.
According to the report, “4 out of 5 employers in men-dominated industries have a gender pay gap in favour of men.” Across 248 mining employers, 92 percent of the total average remuneration gender pay gap favours men.
Employee ratio and roles
WGEA’s analysis considered several factors affecting the disparity. Among these is the ratio of male to female workers, which is evident in the mining sector.
The report stated that women make up 22 percent of the mining employee population, but this isn't spread evenly across pay quartiles. In the upper and upper middle pay quartiles, women are just 16 and 15 percent of workers respectively. According to the WGEA, the over-representation of men in the upper quartile of earners drives two-thirds of the gender pay gap. In the lowest pay quartile, women make up 35 percent of the mining workforce — significantly higher than their presence in other pay groups.
“Employers with the highest gender pay gaps show the greatest disparity between the proportion of women in the upper quartile, compared to the proportion of women in the workforce. In general, the greater the difference, the higher the gender pay gap.”
Women, according to WGEA, are less likely to work in the highest paying jobs in the economy. This applies to mining, which ranked as the highest paid industry assessed under the report, having an average salary of AU$195,141 across pay quartiles.
Mining engineers and the like placed ninth in Monarch’s top 10 list of the highest paying jobs in Australia in 2024 with AU$196,178.
The Chamber of Minerals and Energy of Western Australia (CMEWA) recognised this key point in a commentary on the report, with chief executive officer Rebecca Tomkinson agreeing that men still outnumber women in the sector.
“Closing the pay gap in a traditionally male-dominated industry like mining will not be achieved overnight but women are increasingly voting with their feet to join a sector that has demonstrated its commitment to boosting female participation.”
Another aspect mentioned in the report is additional payments on top of base salary, such as superannuation, overtime and performance bonuses.
Nationally, these discretionary payments often go to the higher earners or those up in the corporate ladder, which are, more often than not, male employees.
WGEA reported these payments averaged at least AU$11,204 annually across all industries. Mining saw the highest gap between average base salary and average total remuneration at AU$55,281.
Mining sector, unions making strides
The mining sector and mining unions have been making progress in recent years with regards to improving the pay gap and increasing the portion of women in the workforce.
The WGEA said that the mining industry’s mid-point of median gender pay gap decreased by 1.6 percent from 2023 to 2024. This is a significant number, as the national decrease is only at 0.2 percent.
In a separate report called 2024 Diversity and Inclusion in the Western Australian Resources Sector, the CMEWA found that the proportion of women employees in the mining and resources has increased from 18.8 per cent to 24.8 per cent over the last decade.
On the topic of childcare, Tomkinson of the CMEWA said, “Women remain the predominant caregivers for their children and in many instances stop working for a period to raise young children. This can contribute to the pay gap for women across all industries, but the resources sector has some of corporate Australia’s most accommodating policies and practices in place to encourage retention and to create a more family-friendly work structure.”
The sector is still facing difficulties, though. Last November, mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) released its 2024 Everyday Respect report, an external review of the company's progress on lowering workplace harassment and discrimination. While there was progress in some areas, the report showed that women were disproportionately affected by harmful behaviours in the workforce. Additionally, in December 2024, a class action sexual harassment lawsuit was filed against Rio Tinto and BHP (ASX:BHP,NYSE:BHP,LSE:BHP).
Efforts to improve conditions and pay are also being made by workers and unions, including the Electrical Trades Union of Australia’s (ETU) recruitment of members large miners such as Rio Tinto and BHP. The ETU stated on its website that its campaign is to raise wages, improve conditions, secure safety and improve life for all Australians.
There is also the Western Mine Workers Alliance (WMWA), a partnership of the Mining and Energy Union (MEU) and Australian Workers Union. The WMWA recently called for improved conditions and an annual raise for workers at Rio Tinto's iron ore operations around Paraburdoo.
On the federal level, the Australian government implemented the Same Job, Same Pay law, which mandates that labor hire workers receive wages equivalent to their permanent counterparts. This law has already led to significant pay increases for over 4,000 workers, with more expected to benefit as enforcement continues.
"Same Job, Same Pay is driving pay rises for labour hire workers as intended. It is also leading to mining companies hiring more permanent workers as their financial incentive to outsource is removed,” said MEU General Secretary Grahame Kelly, as quoted in Mirage News.
The WGEA reminded readers of its report that behind the bigger picture and statistics are the actions of employers, which ultimately drive the pay adjustments in every sector.
“As more employers take action, based on evidence of what does work to improve workplace gender equality, this will help close the gender pay gap and improve workplaces for all employees.”
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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06 March
Ontario Premier Pushes to Fast Track Mining as Industry Grows to C$64 Billion
A new report from the Ontario Mining Association reveals that the province's mineral exports reached C$64 billion in 2023, accounting for more than 25 percent of Ontario’s total goods exports.
Of that amount, C$42 billion worth of minerals were shipped to the US, including C$5.7 billion in critical minerals such as platinum-group metals, nickel, copper, uranium and zinc.
More than half — or 57 percent — of Ontario’s critical mineral exports were destined for the US.
The State of the Ontario Mining Sector report highlights the industry's profound impact on the provincial economy.
Ontario remains Canada’s top gold producer, home to 18 operating gold mines that yielded approximately 2.9 million troy ounces of gold in 2023, valued at C$6.5 billion. The province also boasts nine active critical mineral mines and 10 processing facilities, feeding industries such as aerospace, defense and electric vehicle production.
The report underscores mining’s economic contributions, including a C$23.8 billion injection into Ontario’s GDP in 2023 — nearly 3 percent of the province’s total GDP. Mining investments reached C$5.2 billion in capital expenditures, directly employing 22,000 workers with an average salary of C$150,000 — almost double the provincial average.
The industry also supports 126,000 indirect jobs, and 12 percent of its workforce identifies as Indigenous, significantly higher than the 3 percent Indigenous participation across Ontario’s overall workforce.
"Ontario’s mining sector is a cornerstone of our technology-driven economy, delivering well-paying jobs, producing essential inputs to North America’s manufacturing supply chain, and plays a vital role in our continental security,” said Ontario Mining Association President Priya Tandon in a Tuesday (March 4) press release.
Ontario’s mineral production reached C$15.7 billion in 2023, a 50 percent increase over the past decade. Between 2019 and 2024, four new mines opened in Northern Ontario, with six new projects and four expansions underway.
Ontario remains a global leader in mining finance, with the TSX and TSXV listing 40 percent of the world’s publicly traded mining companies, valued at C$603 billion by the end of 2024 — more than triple their market value in 2015.
However, exploration spending — key to ensuring long-term commodities supply — was C$976 million in 2023, representing 23 percent of Canada’s total, but highlighting the need for continued investment.
The sector also faces labor shortages, with 21 percent of its workforce over the age of 55 and declining enrollment in mining-related educational programs. The Ontario Mining Association's "This is Mine Life" campaign, funded in part by the provincial and federal governments, is working to attract young people and newcomers to Canada to mining careers.
Ontario's push to accelerate mining development
Ontario Premier Doug Ford used his speech at the Prospectors & Developers Association of Canada (PDAC) convention to reaffirm his commitment to fast tracking mineral extraction projects.
In particular, he highlighted the Ring of Fire, a region known for its vast nickel, copper and chromite deposits.
At the event, Ford reiterated his pledge to streamline resource development approvals and create special zones where critical minerals projects can move forward with expedited timelines.
“Together, we need to build the most competitive economy in the G7 to invest, create jobs, and do business,” Ford told attendees, warning that Ontario must be prepared for "anything and everything" in response to US tariffs.
As part of his efforts to strengthen Indigenous participation, Ford reiterated his commitment to adding C$70 million to the Aboriginal Participation Fund and to relaunching the Aboriginal Loan Guarantee Program as a C$3 billion First Nations Opportunities Financing Program. However, Indigenous leaders have raised concerns about the speed of development in the mining industry and potential infringement on treaty rights.
Ford, when asked whether his push for fast tracking mining development means bypassing environmental assessments, responded, "We’re going to sit down with (First Nations leaders) and have a great conversation."
Overall, the Ford government has committed C$500 million to a critical minerals processing fund, aiming to attract investors and establish Ontario as a hub for refining materials like nickel, copper and lithium. The initiative aligns with broader western efforts to counter China’s dominance in the global supply of refined metals.
“We have the critical minerals the world needs, and we have the workforce to get them out of the ground,” Ford stated in the same PDAC address. “But we don’t want to see those minerals ripped and shipped overseas or south of the border. We want Ontario’s critical minerals to be processed and refined right here by Ontario workers.”
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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05 March
Stock Markets Plunge as Trump’s New Tariffs Shake Global Trade; Canada and Mexico Retaliate
In a bold move that has already sent shockwaves through international markets, US President Donald Trump formalized his prior threats by imposing sweeping tariffs on Canadian and Mexican imports.
The White House has framed the tariffs as a necessary measure to combat the influx of fentanyl and other deadly drugs into the US, citing national security concerns to utilize the International Emergency Economic Powers Act.
According to Trump, both Canada and Mexico have failed to adequately curb cartel activity and drug trafficking networks that pose an “extraordinary threat” to American public health and security.
The administration shared statistics showing that 97 percent of fentanyl seizures occur at the US-Mexico border.
While Mexico remains the dominant source of illicit fentanyl production, there have been growing concerns about Canada-based trafficking networks. Studies indicate that Canada’s domestic fentanyl production is increasing, with so-called "super labs" capable of producing up to 66 pounds of the drug per week.
Trump officials argue that both nations have failed to take aggressive steps to dismantle these networks, citing weak enforcement and corruption as the primary obstacles.
Canada retaliates, Mexico vows to join the fight
The tariffs impose a 25 percent levy on all imports to the US from Canada and Mexico, a move that immediately drew harsh criticism from the governments of both affected countries.
Canadian Prime Minister Justin Trudeau called the tariffs a "very dumb thing to do," vowing to retaliate with countermeasures. "This is an unacceptable attack on our economy," he said in a speech that slammed the tariffs. "We will not be bullied into submission. Canada will respond swiftly and decisively."
Canada's response includes a reciprocal 25 percent tariff on US goods totaling C$155 billion (US$107 billion).
The first round of tariffs, affecting C$30 billion worth of goods, is set to take effect immediately, with additional measures rolling out in the coming weeks. Trudeau warned that a prolonged trade war could put up to a million Canadian jobs at risk, given the deeply intertwined nature of North American trade.
Mexican President Claudia Sheinbaum also criticized the tariffs, calling them "unjustified and baseless."
She said Mexico will respond with its own set of trade restrictions, but refrained from providing specific details, stating that an official response will be outlined in the coming days.
Sheinbaum further emphasized that Mexico has made significant efforts to combat drug cartels, noting that blaming Mexico for the US fentanyl crisis ignores the role of American demand and distribution networks.
Markets slump following Trump's tariffs
The financial impact of Trump's announcement was immediate.
The Canadian stock market tumbled on Tuesday (March 4), with the S&P/TSX Composite Index (INDEXTSI:OSPTX) falling 1.54 percent (391.88 points) to close at 25,001.57.
The Dow Jones Industrial Average (INDEXDJX:.DJI) dropped 1.47 percent (649.67 points) to 43,191.24.
Economists have warned the tariffs could have significant consequences for both US consumers and businesses.
John Rogers, an economics professor at American International University, told the BBC that the first sector to feel the pinch will be food imports, particularly fruits and vegetables from Mexico.
He also warned that tariffs on the Canadian oil and gas could lead to higher energy costs in the US.
"Prices could go up pretty soon," Rogers said, though he admitted that the exact impact of the measures put in place by Trump remains difficult to predict. "We are in uncharted territory."
Ontario Premier Doug Ford has emerged as one of Canada’s most vocal critics of Trump’s tariffs, warning that they will devastate key industries, including auto manufacturing and mining. Speaking at the Prospectors & Developers Association of Canada convention, Ford pledged to fight Trump’s tariffs "to the death."
"We’re not going to roll over and get annihilated," Ford said during a press conference at the event. "If Trump wants a trade war, he’s going to get one. We will fight this dollar for dollar."
Ford also used the opportunity to push for faster approvals for mining projects in Ontario, particularly in the Ring of Fire region, which is rich in critical minerals. He announced a new US$500 million fund to accelerate mineral processing, arguing that Ontario must become less reliant on the US market.
A trade war with no winners
While Trump insists the tariffs will protect US jobs and combat drug trafficking, experts warn they could backfire.
"There's no way you can win a trade war," Rogers maintained. "Everybody suffers, because everybody's just going to wind up paying higher prices and sacrificing quality."
Trump, however, remains undeterred. In a post on Truth Social, his social media network, he warned that if Canada retaliates, the US will respond with even higher tariffs.
"Please explain to Governor Trudeau, of Canada, that when he puts on a retaliatory tariff on the US, our reciprocal tariff will immediately increase by a like amount!" Trump wrote.
Trudeau and Trump are expected to a have phone meeting on Wednesday (March 5) to discuss the tariff situation.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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04 March
CNN Fear and Greed Index Plunges to "Extreme Fear" — What it Means for Global Markets
Fear is gripping the financial markets in 2025. CNN’s Fear and Greed Index, a widely followed gauge of investor sentiment, has plunged into the "Extreme Fear" zone.
After dipping to 22 at the end of February, the index had fallen to 20 as of March 4, reflecting deep unease among traders and institutional investors alike.
This shift comes amid a mix of economic uncertainties and global geopolitical tensions that have left investors skittish. This includes the US Trump administration enacting tariffs on allies Canada and Mexico on March 4, as well as the administration pulling away from Ukraine and towards Russia.
While market sentiment indicators don’t dictate future price movements, they provide insight into the emotional state of the market — often a contrarian signal for savvy investors. When fear reaches extreme levels, it has historically marked moments of potential opportunity or further market turbulence.
But what does this drop into Extreme Fear really mean? How is the index calculated? And how have past instances of such extreme sentiment played out in the markets?
This article explores the significance of the CNN Fear and Greed Index, its historical context and what investors should watch for next.
What is CNN's Fear and Greed Index?
CNN’s Fear and Greed Index is a tool designed to measure the prevailing emotions influencing the stock market by weighing seven key indicators.
The Fear and Greed Index operates on a scale from 0 to 100, with a score under 45 indicating fear, a score of 55 and above signifying greed, and one in between marked as neutral. Scores of under 25 and above 75 are labeled Extreme Fear and Extreme Greed, respectively.
How is CNN's Fear and Greed Index calculated?
The index aggregates seven key indicators, each reflecting different aspects of market sentiment:
- Stock Price Momentum – Compares the S&P 500's (INDEXSP:INX) current value to its 125-day moving average.
- Stock Price Strength – Tracks the number of stocks hitting 52-week highs versus those reaching 52-week lows.
- Stock Price Breadth – Examines trading volume in advancing versus declining stocks.
- Put and Call Options – Analyzes the ratio of bearish (put) options to bullish (call) options.
- Junk Bond Demand – Measures the yield spread between high-yield (junk) bonds and safer investment-grade bonds.
- Market Volatility (VIX) – Follows the CBOE Volatility Index, often called the "fear gauge."
- Safe Haven Demand – Assesses the relative performance of stocks versus government bonds.
When these indicators collectively signal heightened caution, the Fear and Greed Index falls into the fear zone, with Extreme Fear indicating widespread pessimism in the markets.
Other instances of Extreme Fear
Understanding past instances of Extreme Fear can provide insights into current market conditions. The last two notable times the index hit Extreme Fear were August 5, 2024, and December 19, 2024.
1. August 5, 2024: Global selloff and economic uncertainty
On August 5, 2024, markets saw a sharp decline following weak tech earnings and US employment data, accelerated by an unexpected interest rate hike by the Bank of Japan resulting in investors trying to unwind their yen carry trades. This caused a ripple effect across global markets:
- Japan’s Nikkei index plummeted 12 percent in a single session.
- The S&P 500 fell over 4 percent amid investor concerns about an economic slowdown.
- The International Monetary Fund (IMF) warned that the volatility could be a precursor to prolonged instability.
2. December 19, 2024: Federal Reserve’s hawkish stance
Investor fears resurfaced in mid-December when the US Federal Reserve signaled that interest rates would likely remain elevated longer than expected. The announcement sent shockwaves through the markets:
- The US dollar surged to a two-year high, weighing heavily on emerging markets.
- Cryptocurrencies took a hit, with Bitcoin dropping over 15 percent in a week.
- The Dow Jones Industrial Average (INDEXDJX:.DJI) fell over 1,200 points as investors reassessed their outlook for rate cuts in 2025.
How do other fear-based indices compare?
While CNN’s Fear and Greed Index is a popular barometer of market sentiment, it isn’t the only fear-based indicator worth watching. Here’s how other major sentiment gauges compare:
Crypto Fear & Greed Index
The Crypto Fear & Greed Index tracks investor sentiment in the cryptocurrency market. Crypto markets are particularly sensitive to risk-off sentiment, making this index an important measure for digital asset investors.
The Crypto Fear & Greed Index has also dropped into Extreme Fear with a score of 15 on March 4. This decline coincided with continued geopolitical tensions, particularly US President Donald Trump’s announcement of new 25 percent tariffs on Canada and Mexico that day.
Doomsday Clock
Though not a financial index, the Doomsday Clock, updated annually by the Bulletin of Atomic Scientists, reflects global existential risks, including nuclear tensions, climate change and geopolitical instability.
As of January 28, 2025, the clock is at 89 seconds to midnight, signaling heightened global uncertainty, which can influence investor sentiment in risk assets like equities and cryptocurrencies.
What Extreme Fear means for investors
The plunge of CNN’s Fear and Greed Index into Extreme Fear territory signals widespread investor anxiety. But is this a warning of further declines, or a contrarian buy signal?
Historically, moments of extreme fear have often preceded strong market rebounds, as panicked selling creates opportunities for value investors. However, not all instances lead to immediate recoveries — some mark the beginning of prolonged downturns.
Key considerations for investors:
- Economic data: Keep an eye on employment reports, inflation data and GDP growth figures.
- Federal Reserve policy: Interest rate decisions will continue to be a key driver of market sentiment.
- Corporate earnings: Weak earnings reports could exacerbate investor fears, while strong results may signal resilience.
- Geopolitical developments: Trade tensions, global conflicts and macroeconomic policies can shift market sentiment quickly.
While fear-based indicators provide valuable insights, investors should use them alongside fundamental and technical analysis to make informed decisions.
Whether this moment marks a temporary panic or the start of a broader downturn remains to be seen, but one thing is clear: investors should be prepared for volatility in the weeks or months ahead.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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04 March
Firebird Produces LMFP Batteries
Australian-owned Firebird Metals Limited (ASX: FRB, Firebird or the Company) is pleased to announce that subsequent to entering into a binding strategic collaboration agreement with Central South University (CSU) of Hunan in October 2024, Firebird and CSU have commenced testing of a combination of solid and co-precipitation methods for the production of lithium manganese iron phosphate (LMFP) cathode active material (CAM).
HIGHLIGHTS
- LMFP cathode material testwork is underway at Firebird’s state-of-the-art R&D centre, located in Jinshi, Hunan Province, China. Five batches have been completed, with LMFP button batteries already produced from this early round of testing.
- 100 batches expected to be completed - each batch to be turned into button batteries for full evaluation and analysis. Program being completed with Central South University (CSU) of Hunan, under a binding strategic collaboration agreement.1
- Production of LMFP fits within Firebirds growth strategy of becoming a near-term, low-cost manganese-based cathode material business, to deliver products into the growing electric vehicle battery market.
- Substantial cost advantages expected to flow through to manganese sulphate operating costs through this innovative LMFP production process, which retains manganese sulphate in solution, eliminating the need for sulphate crystallisation, packaging and other ancillary costs.
- Bypassing the packaging and crystallisation steps, combined with reduced handling within sulphate process, will yield a ~32% or US$167/t saving in the projected manganese sulphate operating cost. 2
- Leveraging its unique processing methods and technology, Firebird expects this streamlined approach will not only significantly reduce costs but will result in a higher-quality LMFP product, strengthening Firebird's position in the market.
- Testwork results will be used to undertake a Scoping Study and, once completed, Firebird will assess options to expand the current pilot plant to produce approximately one metric tonne per day of LMFP.
Image 1: Button batteries made with Firebird LMFP. Note: Battery industry standard to conduct battery testing on button batteries
Firebird Managing Director Mr Peter Allen commented:“The commencement of testwork and first production of LMFP batteries with CSU is an exciting and transformative step forward for Firebird in the commercialisation of our LMFP cathode materials, which will ultimately be distributed directly into global battery markets.
“This achievement places Firebird in a very small select group of non-Chinese owned companies (first Australian company) to have produced LMFP batteries. Manganese sulphate is a critical element within LMFP and our manganese processing knowledge and IP enables Firebird to drive significant value by co-precipitation.
“We expect our process to translate into substantial cost advantages in sulphate production by bypassing the manganese sulphate crystallisation process, which is the largest component of our operating cost. This streamlined approach not only reduces costs but also results in a superior quality LMFP product, strengthening our position as a cost-effective, high-quality leader in the market.
“The progress we have made in a short period of time is testament to our dedicated and innovative team and partners who have been instrumental in fast-tracking our journey toward becoming a leading manganese chemical business.
“The production of LMFP batteries is aligned with our growth strategy of establishing Firebird as a leading and low-cost manganese-based cathode material business. We are well-positioned to deliver on this strategy and through our sector leading manganese team and proposed, tier-one manganese sulphate plant, the Company is fully focused on establishing operations and continuing to innovate through our leading technology processes to generate strong stakeholder returns.
“The future for Firebird is very exciting and we look forward to delivering on a busy 2025.”
Click here for the full ASX Release
This article includes content from Firebird Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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