Blog

November 12, 2025

Bay St Signal Editors

China tightens precursor exports to North America

China moved today to restrict exports of fentanyl precursors to North America, adding a fresh layer of licensing for shipments bound for Canada, the United States and Mexico. The Commerce Ministry said it will adjust its catalogue of drug‑related precursor chemicals and require export licences for certain substances to the region, a change framed as part of ongoing regulatory efforts. State media previously reported new licence requirements on 13 substances, including piperidine derivatives used to synthesize fentanyl. The step follows a trade truce disclosed on November 1, 2025, when Beijing pledged to curb flows of fentanyl‑related chemicals as part of

November 12, 2025

Bay St Signal Editors

Zacatecas Silver seals access, books Mexico drilling

Zacatecas Silver signed a new community access agreement with the Ejido Panuco and executed a drill contract with Major Drilling for an initial 4,000 metres at the Zacatecas Silver Project in central Mexico. The agreement clears surface access at Panuco, where prior work outlined an inferred 20.5 million ounce silver equivalent resource and high‑grade intercepts near the surface. Zacatecas Silver said Major Drilling can mobilize once permits are in hand. Access deal clears path to permits With the Ejido’s unanimous approval, Zacatecas Silver now plans to file for drill permits with SEMARNAT, Mexico’s environment ministry, using the same process employed

November 12, 2025

Bay St Signal Editors

RBC lifts Ligand target to US$234 on Q3 beat

RBC Capital Markets raised its price target on Ligand Pharmaceuticals to US$234 from US$185 after the biotech posted stronger third quarter numbers and boosted guidance. The move keeps an Outperform on the U.S. royalty aggregator and follows a run of estimate revisions across the sell side. The stock was trading near recent highs on Monday, November 10. RBC framed the change around higher royalty expectations and model tweaks tied to recent portfolio updates, according to an analyst note summarized by Investing.com, which reported the target increase to US$234. Raised guidance drives new math Ligand lifted 2025 guidance last week, citing

November 12, 2025

Bay St Signal Editors

Palliser presses Rio for richer Teck bid

Bay Street has a fresh M&A cliff-hanger. Activist fund Palliser Capital wants Rio Tinto to rip up Anglo American’s proposed US$53-billion “nil-premium” merger with Teck Resources and table a sweeter offer. In an Oct. 17 letter to Rio’s board seen by Reuters, the London hedge fund argued the Anglo deal undervalues Teck, hands Anglo shareholders 62.4 percent of the combined stock and, crucially, leaves the door wide open to a rival bid. Teck’s shares spiked 25 percent when early deal chatter surfaced, then slipped once investors learned no premium was coming, a reaction that underscores the valuation gap. Nil premium

November 11, 2025

Bay St Signal Editors

Stronger October Jobs Tilt Odds For BoC Hold

Canada’s labour market delivered another upside surprise in October, adding 67,000 jobs and nudging the unemployment rate down to 6.9 percent. “Employment increased by 67,000 in October,” Statistics Canada reported on Nov. 7, noting the second straight monthly gain. The increase was driven by part‑time work and concentrated in the private sector, while the employment rate rose to 60.8 percent. The print lands between policy meetings and will shape expectations into Dec. 10, when the Bank of Canada next sets the overnight rate, the central bank’s policy interest rate. The backdrop is a 25 basis point cut on Oct. 29

November 11, 2025

Bay St Signal Editors

BMO lifts Workiva target after Q3 beat

BMO Capital Markets nudged its price target on Workiva to $103 from $100 on November 6, keeping an outperform call after the software provider topped third quarter expectations. The change follows results released November 5 that beat on revenue and earnings, with stronger subscription trends and margin expansion. Workiva sells cloud software used for financial, ESG and risk reporting, areas where regulatory pressure is rising across North America. For Canadian desks, the BMO move is a window into cross‑border demand for reporting tools as disclosure rules evolve. It is a modest shift, but it lands after a clean quarter. Q3

November 11, 2025

Bay St Signal Editors

Algonquin posts Q3 gains, holds dividend, names CFO

Algonquin Power & Utilities reported higher third quarter profit and cash flow on November 7, kept its quarterly dividend unchanged, and named a new finance chief for early 2026. Adjusted net earnings rose to US$71.7 million, or 9 cents per share, with the regulated utilities segment driving the improvement, according to the company’s third quarter release. Management tied the better quarter to approved rate implementation, favourable weather in Missouri, lower operating expenses, and a depreciation adjustment in New Hampshire. The moves extend Algonquin’s pivot to a pure‑play regulated utility, a model where returns are set through rate regulation rather than

November 11, 2025

Bay St Signal Editors

South Star lifts financing to C$6.67 million

South Star Battery Metals increased its ongoing non‑brokered private placement to as much as C$6.672 million, citing investor interest late Friday. The upsized raise takes the unit count to 44.48 million at C$0.15, each with a five‑year warrant at C$0.20 and an acceleration clause tied to trading levels. Non‑brokered private placements are financings sold directly by an issuer without an underwriter, typically to accredited or exempt buyers, and require exchange sign‑off. South Star said the additional proceeds will support exploration, development, general and administrative costs, and working capital, with final TSX Venture approval pending. The issuer attributed the move to

November 10, 2025

Bay St Signal Editors

Ontario trims deficit in fall fiscal update

Ontario tabled its fall economic statement on November 6, cutting the current‑year deficit outlook and sketching new tariff relief, and it drew immediate fire from a major public‑sector union. The fiscal update, formally the Ontario Economic Outlook and Fiscal Review, sets the stage for a cautious winter as trade friction weighs on growth and job prospects. For markets, the headline is smaller red ink, steady reserves, and a clearer borrowing path. The politics will run hotter. Queen’s Park now pegs the deficit at C$13.5 billion in 2025 to 2026, an improvement from the spring budget’s C$14.6 billion track. The update

November 10, 2025

Bay St Signal Editors

Max Power starts Canada’s first natural hydrogen well

Max Power Mining said it began drilling a dedicated natural hydrogen well at the Lawson target in southern Saskatchewan on Nov. 7, 2025, a first for Canada. The hole sits on the Genesis Trend near Central Butte and is the opener for a planned multi‑well program. Operations are being run with a Stampede Drilling tele‑double rig and a 24‑person crew working two 12‑hour shifts. The program aims to test whether naturally occurring hydrogen can be found and flowed at commercial rates in Saskatchewan’s subsurface. Natural hydrogen, sometimes called white hydrogen, is hydrogen generated by geological processes and potentially produced with