What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased. • In January, gold was up 6%, silver was up 7%, and copper was up 7%. The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%. • Donald Trump introduced the “Unleashing American Energy” executive order, urging agencies to review regulatory policies for oil, natural gas, coal, hydropower, biofuels, critical minerals, and nuclear energy. The metals and mining market posted a strong month in January as uncertainties rose based on Donald Trump’s tariff policies and treasury yields decreased materially. The U.S. 10-year declined from highs of 4.8%, down to 4.5%, providing support for the gold price. Gold was up 6% in the month, reaching all-time highs of $2,856/oz. This compares to silver up 7% and platinum up 15%. The equities exhibited leverage to the commodity prices (for once) with the GDX up 17%, GDXJ up 15%, and SILJ up 10%. This compares to broader markets with the S&P500 and TSX up 5% and 4%, respectively. Copper also posted a strong month with spot prices up 7% while the COPX lagged, being up only 2%. The other metals and commodities were mixed, with palladium as the best performer (up 17%) and cobalt as the worst performer (-11%). We are excited about the new inflows of capital into the sector this month and look forward to what we believe will be a strong year across the industry. Financings remained elevated in January as generalist investors continued to return to the sector given the commodities reaching new highs. M&A was quite muted in January 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