What you need to know: • Following the election of Donald Trump, gold and precious metals fell sharply alongside the mining equities. Despite the shock drop, the metals began a reassuring rebound in the back half of the month. • Mining equities performed negatively with the GDX down 6.7%, GDXJ down 7.4%, SIL down 6.0%, and COPX down 2.4%. • Despite metals prices falling, there are many benefits to the mining industry under a Trump administration. • Financings were again elevated in November as companies look to close out the year from a position of strength and plan for 2025. After reaching another ATH in October, gold and other precious metals fell sharply in the month of November following the election of Donald Trump on November 5th. Gold, silver, and platinum closed the month down 4.6%, 9.3%, and 6.2% respectively. The associated equities also fell sharply, mostly in line with their underlying metal with the GDX, GDXJ, and SIL down 6.7%, 7.4%, and 6.0%, respectively. We will note that gold and precious metals showed strength in the back half of the month following the sharp drop, bouncing off lows and moving higher towards the end of November. The election also had an effect on commodities with copper down 5.7% on the month and other metals with mixed performance. Also, as a result of the election, broader markets rallied sharply, significantly outperforming the mining sector with the TSX and S&P500 up 6.2% and 6.1%, respectively. We would like to highlight that despite the metals prices reacting negatively to the Trump win, there are many benefits to the mining sector under his administration. These benefits include streamlining regulations by reducing regulatory burdens on industries, supporting domestic production and global competitiveness, and investing in critical minerals. Through his September 2020 Executive Order, Trump previously championed domestic mining and processing industries including critical minerals. Financings in November were again elevated following a big uptick in October vs. the summer months. Please see the Financing section on Page 8 below. We expect financings to continue to be elevated until mid-December as Companies look to solidify their balance sheets and plan for 2025. M&A was minimal during the month. The lithium price jumped in November, up 8% as battery makers rushed to export lithium before the potential tariffs and trade barriers are imposed. Nickel and cobalt remained flat.