What you need to know: • The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well. This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates. • Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%. • Financings remained strong in June led by a $200M equity raise for the Sprott Physical Uranium Trust and a $200M investment from Tether into Elemental Altus. Sentiment Update The metals sector posted another strong month, led by silver and copper, while gold ended its streak of gains. This was driven by increased geopolitical uncertainty (Iran), continued government spending (One Big Beautiful Bill Act), and potential for lower interest rates. Gold was down 2% in June, following a move down in the U.S. 10-year at the end of the month. Silver was up 4% and platinum was up 27%. Equities outperformed the commodities with the GDX up 3%, GDXJ up 4%, and SILJ up 12%. The mining equities performed in line with broader markets, with the S&P 500 and TSX up 3% and 5%, respectively. Copper also performed well, being up 5% while the COPX was up 10%. The other metals and commodities were mostly positive, with the best performer being platinum (+27%) and the worst performer being molybdenum (-7%). Financing activity remained very strong in the month, led by a $200M equity raise from the Sprott Physical Uranium Trust, Tether’s $200M investment in Elemental Altus, and various bought-deal financings. M&A was also elevated in the month as the majors continue to deploy their increased cash flow. U.S. inflation came in at +2.4% YoY and +0.1% MoM, below the consensus of +2.5% YoY and +0.2% MoM. This compares with the U.S. Core inflation data, which came in at +2.8% YoY and +0.1% MoM, also below the consensus. Inflation in Canada came in at 1.7% YoY, in line with the consensus of 1.7% and core inflation came in at 2.5% YoY.