What you need to know: • After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment. • In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%. The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%. • British Columbia has launched a fast-track plan for 18 projects worth ~$20B, aiming to accelerate economic growth and decrease reliance on the U.S. for trade. Sentiment Update The metals and mining market posted a solid month in February as uncertainties rose based on Trump’s tariff policies and treasury yields decreasing materially. The U.S. 10-year declined from highs of 4.6%, down to 4.2%, providing support for the gold price. Gold was up 3.4% in the month, reaching all-time highs of $2,956/oz. This compares to silver up 0.8% and platinum down 2.6%. Precious metals equities underperformed compared to their underlying metals with the GDX up 1.9%, GDXJ up 0.5%, and SILJ up 0.3%. This outperformed broader markets with the S&P500 and TSX down 0.9% and 1.2%, respectively. Copper posted a big month with spot prices up 6.1% while the COPX was down 0.2% over recessionary fears. The other metals and commodities were mixed, with tin as the best performer (up 9.3%) and palladium as the worst performer (down 7.2%). We are excited about the new inflows of capital into the sector seen over the last two months and look forward to what we believe will be a strong year, though, it could be a bumpy few months ahead with all the tariff concerns. Financings in February continued the elevated trend seen in January as investors continued to move into the sector. Similar to January, M&A activity remained low as corporate development teams gear up for the year ahead and firm up new budgets based on increased cash flows. We expect M&A to be a major theme for the sector in 2025 as many companies trade at