The M&E Dispatch // 116

Hello Everyone,

⚾ Well, the Jays Have It

American League Champs, and for the first time in over 30 years, the Jays are heading to the World Series. Combine that with Diwali celebrations lighting up the night sky and, well, last night Toronto was electric. Sorry Seattle.

Lately I’ve found myself thinking about 2008 again, partly because Margin Call is still one of my favourite movies, and partly because lately, there’s that same low hum of unease in the background.

The markets are doing their best impression of calm, but the headlines tell a different story. Credit cracks are starting to show, not in the places you’d expect, but in the places you used to count on.

Americans Can’t Afford Their Cars, and That’s a Bigger Problem Than It Sounds

Car loans, once one of the safest form of consumer credit, have begun cracking.

Subprime delinquencies have hit 6.4%, the highest since records began in 1993, with over 1.7 million cars repossessed last year, the most since 2009. America’s $1.66 trillion in auto debt has doubled in 12 years, much of it bundled into asset-backed securities now wobbling on Wall Street. Goldman’s John Waldron warns, “We probably will have some defaults, and it’s not going to be pretty.”

This isn’t a repeat of 2008, but it’s a sign: households are running out of slack.

Even white-collar earners are leaning on credit cards for basic expenses. When the middle class can’t keep up with car payments, the slowdown doesn’t stop at the dealership, it moves upstream into steel, aluminum, lithium, and energy demand. Fewer new cars means fewer materials, slower EV adoption, and tighter credit for everyone else.

🫖 What Does This Have to Do With the Price of Tea in China?

Everything, when your fleet is financed with U.S. dollars, and it probably is.

A surprising amount of Canadian mining and construction equipment financing runs through U.S.-based lenders and private credit funds. When Wall Street tightens, those cross-border credit lines tighten too. Suddenly, a mine in Sudbury or a welder in Fort McMurray feels the same squeeze as an American family behind on their Dodge Durango.

That means higher lease rates, shorter terms, and fewer refinancing options for Canadian operators trying to replace or roll over aging iron. Credit stress in the U.S. consumer market doesn’t just sit in Detroit, it echoes through the balance sheets of the firms hauling ore, drilling wells, and moving dirt across Canada.

And here’s the question that’s starting to matter:

Does the ongoing trade spat between our nations play into this?

If relations keep cooling, Canadian borrowers could start to look less like friendly neighbours and more like cross-border exposure. Pair that with a softening U.S. credit market, and Canada may quietly slide down the priority list of “ideal customers” for large lenders and funds managing risk-weighted portfolios. In other words, we might start paying for the politics, too.

But with all troubles come opportunities.

There’s Canadian capital to be had, good old homegrown, bear (Caribou, Beaver, and Loon as well)–backed coins floating around to help keep the Canadian machine whirling away. When Wall Street starts to cool, Canadians are ready, we’re always prepared for the cold. We’ve made it our identity.

If you need the name of a Canadian Backed and Funded lender, let me know and I’ll connect you.

// The Dirt

🔥 Top 3 Headlines to Watch

1. Thunder Gold Engages Micon International to Complete NI 43-101 Mineral Resource Estimate at Tower Mountain
Thunder Bay, Ontario – Thunder Gold Corp. (TSXV: TGOL) has contracted Micon International to complete an NI 43-101 Mineral Resource Estimate for its 100 %-owned Tower Mountain Gold Property, 50 km west of Thunder Bay, Ontario.
https://thundergoldcorp.com/2025/10/21/thunder-gold-engages-micon/

2. Bold Ventures Highlights Burchell Gold Copper Project News
Toronto-based Bold Ventures Inc. (TSX-V: BOL) reports progress at its Burchell Gold and Copper Property in Ontario, where nearly 300 channel samples are being analyzed. The company also notes regional consolidation among neighbouring explorers in the Shebandowan Greenstone Belt.
https://www.boldventuresinc.com/news/bold-ventures-highlights-burchell-gold-copper-project-news/

3. Alpha Exploration — CEO Appointment and RAB Results
Alpha Exploration Ltd. announced new leadership and released RAB drill results as part of its latest operational update.
https://alpha-exploration.com/news-release-alpha-ceo-appointment-and-rab-results/

🛠 Exploration & Development Highlights

Anfield Energy — JD-7 Mine Confirmation Drill Program
Anfield Energy Inc. completed confirmation drilling at the JD-7 Mine and is preparing for a resource update. The company has also received approval from Utah’s Department of Oil, Gas & Mining to proceed with mine construction.
https://anfieldenergy.com/anfield-completes-confirmation-drill-program-at-jd-7-mine-and-prepares-for-resource-update/

EMP Metals Corp. — Project Aurora Partnership with Saltworks
EMP Metals Corp. and Saltworks Technologies Inc. are advancing a joint lithium brine initiative (“Project Aurora”) to design a modular, full-scale refinery in Saskatchewan targeting 3,000 + t/y output.
https://www.empmetals.com/

Star Copper Corp. — Copper Creek, BC Drill Program
Star Copper Corp. mobilized an additional rig to test high-value historic copper-gold targets at Copper Creek, BC.
https://starcopper.com/star-copper-drill-program-mobilizes-additional-rig-at-copper-creek-to-test-high-value-historic-target-in-bc/

💰 Financings & Market Moves

Ares Strategic Mining — $10 Million LIFE Private Placement
Vancouver-based Ares Strategic Mining Inc. (CNSX: ARS) announced a LIFE private placement offering to raise up to C$ 10 million for development of its fluorspar operations.
https://www.aresmining.com/post/ares-strategic-mining-announces-lifeprivate-placement-offering-to-raise-up-to-10-000-000

Euro Manganese — Optimization Program to Strengthen Economics
Euro Manganese advanced optimization work at the Chvaletice Manganese Project to improve efficiency, reduce costs, and align with surging global battery-materials demand.
https://www.mn25.ca/post/euro-manganese-advances-optimization-program-to-strengthen-economics-and-align-with-global-battery-m

🧬 Corporate & Policy

Adelayde Exploration — Acquisition of Sisson NW Tungsten Project (New Brunswick)
Vancouver-based Adelayde Exploration Inc. (CSE: ADDY) announced plans to acquire the Sisson NW Tungsten Project from arm’s-length vendors, expanding its critical-minerals portfolio in Eastern Canada.
https://www.adelaydeexp.com/2025/10/adelayde-exploration-acquires-the-sisson-nw-tungsten-project-in-new-brunswick/

Bayhorse Silver — XRF Analysis Shows Significant Contained Metals
Bayhorse Silver Inc. (TSX-V: BHS) reported that flotation concentrate samples from its Oregon mine show significant contained silver, copper, antimony, and zinc values.
https://bayhorsesilver.com/bayhorse-silver-xrf-analysis-of-bayhorse-silver-mine-flotation-concentrate-samples-shows-significant-contained-silver-copper-antimony-zinc/

Manganese X Energy — Urges Establishment of North American Battery Materials Supply Chain
Manganese X Energy Corp. reiterated the urgency for North American battery-material supply independence amid China’s export controls on critical minerals.
https://www.manganesexenergycorp.com/

🌄 On the Horizon

• Ontario Momentum: Multiple Ontario-based gold and copper projects (Thunder Gold, Bold Ventures) signal renewed exploration strength in the Shebandowan and Tower Mountain belts.
• Critical Minerals Acceleration: New Brunswick and Saskatchewan lithium and tungsten initiatives reflect federal focus on domestic supply security.
• Capital Flow Resilience: Mid-tier financings (Ares Mining, Euro Manganese) reinforce investor appetite for strategic battery-material plays.

// The Hustle

Well, LA is officially on their way to Toronto and with them they bring the hopes of an entire nation to Toronto, where, if all goes as planned, we’ll be able to count it as consumed in Canada and levy some duty on it.

Have a great week all, catch you Friday.

- Lee

_{P.S: Welcome emails to the monitor are going out on Thursday} 😀