What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was down 1%, silver was up 2%, and copper down 13%. The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively. • Financings remained elevated during July, with various juniors raising funds as capital continues to trickle down. Sentiment Update The mining sector saw mixed sentiment in July, marked by divergent trends as gold prices dipped for the second consecutive month, while silver surged to +10-year all-time highs, fueled by industrial demand and supply deficits. Copper captured headlines, rising to highs of $5.80/lb during the month on the back of tariff news, before plunging to $4.40/lb as certain copper items were excluded from the tariffs. Despite a continued month of elevated financing activity in the sector, mining equities lagged, reflecting cautious investor sentiment amid inflationary concerns and geopolitical tensions. Gold was down 1% in the month, staying relatively level around the $3,300/oz mark, following rising treasury yields. Silver was up 2%, continuing its upward trend for the third consecutive month. Equities underperformed the commodity prices with the GDX down 0.8%, GDXJ down 5.0%, and SILJ down 1.7%, underperforming broader markets like the S&P 500 and TSX up 2.4% and 1.5%, respectively. In relation to the tariff news, the COPX fell 4.2% this month, despite being up YTD. The other metals and commodities remained fairly flat, with the best performers being lithium (+17%) and molybdenum (+14%), while the worst performer was copper (-13%). On July 15th, U.S. inflation came in at +2.7% YoY and +0.3% MoM, in line with the consensus of +2.7% YoY and +0.3% MoM. This compares with the U.S. Core inflation data, which came in at +2.9% YoY and +0.2% MoM, below the consensus of +3.0% YoY and +0.3% MoM. Inflation in Canada came in at 1.9% YoY, in line with the consensus, while core inflation came in at 2.7% YoY. From Our Coverage – We are proud to highlight that two of our clients, Omai Gold Mines (OMG:TSXV) and Andean Precious Metals (APM:TSX), topped our list of best performers by group for gold development companies (OMG up 40%) and silver producers (APM up 28%).