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Allied Critical Metals Commences 5,000 Metre Drill Program at its Borralha Tungsten Project

Investing 6 Mins Read

(TheNewswire)

Vancouver, British Columbia TheNewswire – June 2, 2025: Allied Critical Metals Inc. (CSE: ACM | FSE:0VJ0) (‘ Allied’ or the ‘ Company’ ), which is focused on its 100% owned past producing Borralha and Vila Verde (Vale das Gatas) tungsten projects in northern Portugal, is pleased to announce the commencement of a fully-funded exploration program that will include up to 5,000 metres of core drilling at the Company’s flagship Borralha Tungsten Project (the ‘ Property’ or ‘ Borralha’ ), located in northern Portugal.

Roy Bonnell, CEO and Director commented, ‘The launch of this 5,000-metre drilling campaign marks a major milestone for Allied and the continued advancement of the Borralha Project. Our experienced geological team in Portugal expects the results to meaningfully expand the current resource base, paving the way for a more robust and valuable project. All newly defined tonnage will be incorporated into an updated Preliminary Economic Assessment (PEA), scheduled for release this fall. In parallel, advanced metallurgical optimization test work will be conducted at Wardell Armstrong’s laboratories in the UK, focusing on enhancing metal recoveries and concentrate grades. These efforts are aimed at further improving the economic performance of the project and delivering a higher-quality concentrate to meet the demanding standards of end-users.’

The Borralha project is an advanced-stage brownfield tungsten project located in northern Portugal. Historically mined between 1904 and 1985, it produced over 10,280 tonnes of high-grade wolframite concentrate averaging 66% WO₃ (as described in the Company’s Technical Report, referenced below). The Borralha project is now positioned for near-term, low-cost production with modern exploration confirming significant remaining mineralization.

Key highlights include:

Current NI 43-101 Resources (as of March 2024):

  • Indicated: 4.98 million tonnes at 0.22% WO₃, 762 g/t Cu, and 4.8 g/t Ag.

  • Inferred: 7.01 million tonnes at 0.20% WO₃, 642 g/t Cu, and 4.4 g/t Ag.

The Company has completed its maiden mineral resource estimate for the Property described in its technical report entitled, ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’ dated effective July 31, 2024 (the ‘ Technical Report’ ), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

Recent Exploration : Drilling from 2023–2024 returned strong intercepts, including up to 10m at 1.75% WO₃ and multiple longer intervals averaging over 0.2% WO₃, as reported in the Technical Report.

Proposed 2025 RC Drilling Program:

Click Image To View Full Size

The following figure shows the plan of the proposed 2025 RC drilling program and an example of the proposed sectional drilling.

Figure 1: Proposed 2025 RC Drilling Program and Example of Proposed Sectional Drilling

Permitting: The project holds a Mining Rights Concession License and is undergoing environmental assessment to transition to full-scale mining. Current permitting allows bulk sampling of up to 150,000 tonnes per annum.

Infrastructure: Located near the major Portuguese cities of Braga and Porto, it benefits from excellent infrastructure including roads, power, water, and skilled labor.

Strategic Positioning: Borralha represents one of the few near-term, non-Chinese tungsten production opportunities globally, strategically aligning with the West’s increasing demand for critical raw materials amid heightened supply chain vulnerabilities. With Borralha and other national assets, Portugal is poised to emerge as one of Europe’s leading suppliers of tungsten , reinforcing its role in supporting the continent’s industrial resilience and green transition.

This project forms the cornerstone of Allied’s strategy to become a leading Western supplier of tungsten, a metal critical to defense, EVs, semiconductors, and industrial manufacturing.

Qualified Person

Doug Blanchflower, P.Geo. is a Consulting Geologist with Minorex Consulting and has reviewed and approved the scientific and technical information in this news release and is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086), and is independent from ACM and its mineral properties and is a qualified person for the purposes of National Instrument 43-101—Standards of Disclosure for Mineral Projects . Mr. Blanchflower is independent of the Company and its mineral properties.

On behalf of the Board of Directors

‘Roy Bonnell’

Roy Bonnell

CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell

Vice President, Corporate Development

Email: daveb@alliedcritical.com

Tel: 403-410-7907

Toll Free: 1-888-221-0915

ABOUT ALLIED CRITICAL METALS

Allied Critical Metals Inc. (ACM:CSE | FSE:0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China and Russia represent approximately 90% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please also visit our website at www.alliedcritical.com.

Also visit us at:

LinkedIn:

X: https://x.com/@alliedcritical/

Facebook:

Instagram: https://www.instagram.com/alliedcriticalmetals/

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca ). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and terms of the investor awareness campaign, anticipated benefits to Company from running the investor awareness campaign, and the performance of the investor relations services providers of the marketing services as contemplated in the marketing agreements, or at all. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 , and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release and has neither approved now disapproved the contents of this press release.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

This post appeared first on investingnews.com

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NorthStar Gaming Announces Results of Annual Meeting and Grant of Equity Incentive Awards

Investing 6 Mins Read

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (‘NorthStar’ or the ‘Company’) today announced the results of voting at its annual general and special meeting of shareholders held on May 26, 2025 (the ‘Meeting’). The Company also announced that its Board of Directors has approved the grant of equity incentive awards in the form of stock options, restricted share units (‘RSUs’) and deferred share units (‘DSUs’) pursuant to the Company’s Equity Incentive Plan.

Each of the director nominees listed in the Company’s management information circular dated April 23, 2025 (the ‘Circular’) were re-elected as directors of the Company, including Vic Bertrand, Brian Cooper, Alex Latner, Dean Macdonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice, and Barry Shafran.

The shareholders of the Company approved the re-appointment of KPMG LLP as the auditors of the Company for the ensuing year and authorized the board of directors to fix their remuneration and terms of engagement.

At the Meeting, the shareholders of the Company approved certain amendments to the Company’s omnibus equity compensation plan (the ‘Plan’), in accordance with the TSX Venture Exchange rules and policies. A copy of the Plan is attached as an appendix to the Circular, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

Stock Options

The Company has granted options to acquire up to 3,932,500 common shares of the Company to certain of its employees, consultants, and officers. The options have an exercise price of $0.06 per common share and expire in five years. The options vest annually in equal tranches over a period of three (3) years.

RSUs

The Company has granted an aggregate of 6,000,000 RSUs pursuant to the Plan to certain of its employees, consultants, and officers. The RSUs vest annually in equal tranches over a period of three (3) years.

DSUs

The Company has granted an aggregate of 2,454,545 DSUs pursuant to the Plan to non-executive directors of the Company in lieu of cash compensation for their services to date. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of the Company.

The grant of stock options, RSUs and DSUs remain subject to the approval of the TSX Venture Exchange.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

NorthStar is listed in Canada on the Toronto Stock Venture Exchange under the symbol BET and in the United States on the OTCQB under the symbol NSBBF. For more information on the company, please visit: www.northstargaming.ca.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains ‘forward-looking information’ within the meaning of applicable securities laws in Canada (‘forward-looking statements’), including without limitation, statements with respect to the following: expected performance of the Company’s business. The foregoing is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘continues’, ‘forecasts’, ‘projects’, ‘predicts’, ‘intends’, ‘anticipates’ or ‘believes’, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘should’, ‘might’ or ‘will’ be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the ‘Risk Factors’ section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:

Corey Goodman
Chief Development Officer 
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:

RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254120

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

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Harmony Gold to Acquire MAC Copper in US$1.03 Billion Deal

Investing 2 Mins Read

Harmony Gold Mining Company’s (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

“(This acquisition) is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” said Harmony Gold CEO Beyers Nel in a Tuesday (May 27) press release.

“The operation is a logical fit with the portfolio given it meets Harmony’s core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity prices.”

Located 700 kilometers west-northwest of Sydney in the Cobar region, CSA has a history that stretches back at least 150 years. Its reserve life stands at over 12 years, and it has maintained a stable resource over the last decade.

Harmony believes CSA will be a valuable addition to its sole Australian asset, Eva, in Northwest Queensland. Harmony acquired Eva in December 2022, and believes it is set to become the state’s biggest copper mine.

According to the company, Eva and CSA could together boost its copper production on the east coast of Australia to 100,000 metric tons annually over the course of the next five years.

The transaction remains subject to certain conditions, but MAC’s board has unanimously recommended that shareholders vote in favor of the scheme. Should everything follow to schedule, the deal is expected to close in Q4.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Editor’s Picks: Gold Faces Bumpy Week on Trade Tensions, Platinum Stages Breakout

Investing 4 Mins Read

The gold price saw peaks and troughs this week.

After rising to almost US$3,350 per ounce on Monday (May 26), the yellow metal took a dive, dropping just below the US$3,260 level on May 28 (Wednesday). It was back on the rise the next day, hitting US$3,324.

Trade tensions were in focus throughout the period.

Concerns lessened early in the week, when US President Donald Trump said he would delay raising tariffs on the EU, but uncertainty ratcheted back up on Wednesday (May 28), when an American trade court issued a ruling that blocked most of his tariffs put in place by his administration.

“It is not for unelected judges to decide how to properly address a national emergency” — Kush Desai, White House spokesperson

The decision prompted a flurry of activity and backlash from Trump and his supporters, with a federal appeals court ultimately reinstating the tariffs on May 29 (Thursday).

The turmoil was beneficial for gold, as was news that the US economy shrank by 0.2 percent annually in Q1. The GDP estimate is the second of three from the Bureau of Economic Analysis, and comes in lower than the first calculation of a 0.3 percent contraction.

Bullet briefing — Glencore restructures, Anglo completes spinoff

Glencore restructuring move sparks M&A talk

Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has quietly moved billions worth of global coal and ferroalloys assets into an Australian subsidiary.

The Australian Financial Review was the first to report the news, and it’s already sparked speculation about renewed M&A talks between Glencore and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). The two major companies reportedly engaged in discussions last year, but in the end did not move forward.

With this restructuring from Glencore and Rio Tinto’s CEO due to step down later this year, market watchers see potential for a deal to be done.

Anglo American spins off Valterra Platinum

Anglo American (LSE:AAL,OTCQX:AAUKF) made headlines elsewhere this week as the firm finished demerging its platinum-group metals unit, Valterra Platinum (JSE:VAL).

Valterra, formerly Anglo American Platinum, began trading on the Johannesburg Stock Exchange on May 28, and will have a secondary listing in London as of June 2.

Anglo made the decision to spin off Valterra after heading off a US$49 billion takeover bid from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore.

Interestingly, Valterra’s debut comes alongside a platinum price boost. The metal recently broke out to its highest level in about two years, nearly reaching US$1,100 per ounce.

Edward Sterck of the World Platinum Investment Council believes it’s too soon to tell whether the rise is sustainable, but he does see a ‘perfect storm’ brewing for platinum.

Here’s how he explained it:

I think platinum’s fundamentals are just highly attractive at the moment. You’ve got really constrained supply, you’ve got demand that is actually beginning to show some real signs of growth, driven principally by an inflection in jewelry demand and by ongoing growth in investment demand.

And so given those things are resulting in these really significant deficits — this is the third year of almost a million ounces of deficit out of an 8 million ounce market — those are just rapidly depleting those aboveground stocks … this has all generally come together as a perfect storm. We are seeing that tightness in the market, and I feel quietly optimistic that we’re going to see that long-awaited price response come through.

Watch the full interview for a more in-depth look at supply and demand dynamics for platinum.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

Stock 4 Mins Read

Over the past five sessions, the Indian equity markets headed nowhere and continued consolidating in a defined range. In the previous weekly note, it was categorically expected that the markets might stay devoid of any directional bias unless they either take out the upper edge or violate the lower edge of the consolidation zone. In line with the analysis, the Nifty oscillated in a 401.90-point range over the past five days. The volatility also retraced; the India Vix came off by 6.95% to 16.08 on a weekly basis. While staying absolutely range-bound, the headline index Nifty 50 closed with a minor weekly loss of 102.45 points (-0.41%).

As we step into the new week, the markets find themselves in a defined trading range, more toward the edge of the pattern support on the weekly chart. The Nifty appears to continue being in a well-defined trading range between 25100 and 24500 levels. This also implies that a directional trend would emerge only if the Nifty takes out 25100 convincingly or ends up violating the 24500 level. Unless either of these two things happens, the markets will remain devoid of directional bias and will continue staying in this defined range. The present technical structure makes it even more important to maintain a steadfast focus on protecting profits at higher levels and the rotation of sectors where a likely leadership change is visible.

The coming week is expected to see the levels of 25000 and 25175 acting as resistance points. The supports come in at 24500 and 24380 levels.

The weekly RSI is at 59.02; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line.

The pattern analysis shows that after forming the most recent swing high at 25116, the Nifty has resisted this level for two subsequent weeks. This makes the level of 25100-25150 an important hurdle for the Nifty. Secondly, the Index has closed just at the support of an upward rising trendline; if this gets violated, the markets may see some more corrective retracement. Overall, the zone of 24500-24600 remains a crucial support area for the markets.

While the Nifty stays in the 25100-24500 zone and consolidates, focusing on protecting profits at higher levels would be wise. While the market keeps its underlying trend intact, it continues to remain prone to some extended corrective retracement until the levels of 25100 are taken out on the upside convincingly. During this phase, it makes more sense to keep leveraged exposures at modest levels and stay highly selective in making fresh purchases. While limiting the purchases to favorably rotating sectors, a cautious outlook is recommended for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that the Nifty PSU Bank Index is the only Index inside the leading quadrant that continues to improve its relative momentum against the broader markets. The other sectors present inside the leading quadrant are PSE, Infrastructure, Consumption, and FMCG, and these groups show continued paring of relative momentum against the broader markets.

The Nifty Commodities and the Nifty Bank Index have rolled inside the weakening quadrant. The Financial Services and the Services sector Indices are also inside the weakening quadrant.

The Nifty Metal Index has rolled inside the lagging quadrant. It is likely to relatively underperform along with the Pharma Index which also continues to languish inside this quadrant. The IT Index is also inside the lagging quadrant, but is seen sharply improving its relative momentum against the broader markets.

The Realty, Media, Energy, Midcap 100, and Auto Indices are inside the improving quadrant. They are likely to continue improving their relative performance against the broader Nifty 500 Index.

Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

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Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

Stock 1 Min Read

Discover the top 10 stock charts to watch this month with Grayson Roze and David Keller, CMT. From breakout strategies to moving average setups, the duo walk through technical analysis techniques using relative strength, momentum, and trend-following indicators.

In this video, viewers will also gain insight into key market trends and chart patterns that could directly impact your trading strategy. Whether you’re a short-term trader or a long-term investor, this breakdown will help you stay one step ahead.

This video originally premiered on May 30, 2025. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

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Leadership Rotation Could Confirm Corrective Phase

Stock 4 Mins Read

There’s no denying that the equity markets have taken on a decisively different look and feel in recent weeks.  We’ve compared the charts of the S&P 500 and Nasdaq 100, as well as leading growth stocks like Nvidia, to an airplane experiencing a “power-on stall”.  Basically, the primary uptrend has been paused, but it’s unclear whether we’ll resume the uptrend after a brief corrective period.

I stand by my previous comments that the 200-day moving average, as well as the price gap formed in early May, remains the most important “line in the sand” for this market.  And as long as the S&P 500 and other leading names remain above their 200-day moving averages, then equities are still in decent shape.

One of the key features of this market off the early April has been the dominance of traditionally “offensive” sectors such as technology and consumer discretionary.  But are these leading sectors maintaining their leadership role as we progress through the spring months into the summer?

Leading Sectors Off the April Low Starting to Falter

My Market Misbehavior LIVE ChartList includes a series of relative strength charts showing the performance of key sectors versus the S&P 500.  When these lines are trending higher, the sector is outperforming the benchmark.  Generally speaking, I’d prefer to own stocks where the relative strength line is trending higher, as that confirms I’m doing better than a passive investment strategy!

Only three sectors have outperformed the S&P 500 index over the last month: technology, industrials, and consumer discretionary.  Notice how two of those sectors, technology and consumer discretionary, are seeing a downturn in relative strength over the last week?  It still may be early to declare a full leadership rotation, but this initial downturn in the relative performance could be a sign of further weakness to come.

Defensive Sectors Showing Early Signs of Strength

So if these leadership sectors are starting to slow down, which sectors are showing an improving relative strength?  Our next chart shows the relative performance of the four traditionally defensive sectors, most of which have turned higher over the last two weeks. 

Again, I’d hesitate to declare this a full and confirmed rotation, but the fact that defensive sectors are improving here suggests investors are beginning to reallocate a bit to more risk-off positions.  Over the next few weeks, improvement in these defensive sectors could provide a clear validation to a “market in correction” thesis.

Relative Rotation Graphs Confirm Defensive Rotation

Of course, when we’re talking about sector rotation, I always want to bring up the Relative Rotation Graphs (RRG) and benefit from Julius de Kempenaer’s innovative data visualization approach.  First, let’s see how the daily RRG showed the 11 S&P 500 sectors back in early May.

We can see that the Leading quadrant includes those leading sectors such as technology.  In the Lagging quadrant we’ll find pretty much everything else, including all four of the defensive sectors discussed above.  Now let’s fast forward to the current RRG and see how things have rotated.

Now you’ll find health care, consumer staples, and other defensive sectors in the Improving quadrant.  Technology, industrials, and consumer discretionary have now rotated down into the Weakening quadrant.  So the RRG is showing at least an initial rotation away from the sectors that have been leading off the April market low.

One of the most important arguments from the bulls has been the dominance of offensive sectors over the last six weeks.  But as we’ve shown here today, the sector may be changing from a clearly bullish reading to a much more defensive warning sign for investors.

RR#6,

Dave

PS- Don’t miss our daily market recap show on YouTube every trading day at 5:00pm ET!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

marketmisbehavior.com

https://www.youtube.com/c/MarketMisbehavior

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice.  The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.  

The author does not have a position in mentioned securities at the time of publication.    Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

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Run Your Stock Portfolio Like a Pro Sports Team

Stock 1 Min Read

Manage your stock portfolio like a pro! Learn stock portfolio management, trading strategy, and how to build stock watchlists like a professional investor with this insightful video from Grayson. He shares how to run your portfolio like a championship sports team—organizing stocks like players, keeping top performers in play, and tracking trade opportunities with precision.

This video originally premiered on May 30, 2025. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

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Appeals Court Grants Trump Temporary Reprieve on Tariffs, “TACO” Taunts Gain Steam

Investing 4 Mins Read

US President Donald Trump scored a temporary reprieve in his ongoing trade war efforts after a federal appeals court stayed a lower court’s decision that struck down most of his global tariffs.

The Thursday (May 29) decision allows the administration’s controversial import duties to remain in place for now.

The decision by the US Court of Appeals for the Federal Circuit provides breathing room for Trump and his trade team as they prepare a full appeal, following a blistering Wednesday (May 28) night ruling by the US Court of International Trade that invalidated nearly all of the Trump-imposed tariffs not tied to national security.

The trade court found Trump overstepped under the 1977 International Emergency Economic Powers Act, saying it “does not confer such unbounded authority” to enact sweeping economic penalties without congressional oversight.

The decision jeopardized key components of Trump’s aggressive tariff program — including a blanket 10 percent import tax and recent “reciprocal tariffs” targeting countries like China, Canada, Mexico and members of the European Union.

But for now, the tariffs will remain in effect. The appellate court granted the Trump administration’s request to pause enforcement of the trade court’s order “until further notice while this court considers the motions papers.”

The next hearing is set for June 5.

White House reacts swiftly, blasts judicial overreach

Trump administration officials reacted with fury to the trade court’s initial decision, describing it as an affront to executive authority in foreign policy and economic matters.

“The political branches, not courts, make foreign policy and chart economic policy,” the White House said in its appeal filing. White House Press Secretary Karoline Leavitt expressed similar concerns on Thursday, saying:

“America cannot function if President Trump, or any other president for that matter, has their sensitive diplomatic or trade negotiations railroaded by activist judges.”

Trump himself took to social media on Thursday morning to vent, writing: “Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY.”

He later added: “This would completely destroy Presidential Power — The Presidency would never be the same!”

Peter Navarro, Trump’s top trade advisor, also signaled that the administration was already exploring alternatives, stating that even if it lost the battle in the Supreme Court, it “will do it another way.”

The Wednesday judgment had required the White House to make changes within 10 days.

The administration responded by notifying both the trade court and the appellate court of its intent to challenge the ruling all the way to the Supreme Court, if necessary.

“TACO trade” meme gains steam as Trump backpedals

Adding to the storm surrounding the tariffs is growing traction of the term “TACO trade” — a satirical acronym coined by Financial Times columnist Robert Armstrong that stands for “Trump Always Chickens Out.”

The phrase has caught fire on Wall Street and social media, referring to Trump’s habit of threatening steep tariffs, only to roll them back amid market backlash or diplomatic pressure.

The phenomenon was on full display last month, when Trump announced what he called “Liberation Day,” unveiling sweeping tariffs as high as 145 percent on imports from nearly every major trading partner.

Within a week, those tariffs were scaled down to a baseline 10 percent. Duties on Chinese goods were first reduced to 30 percent and then to 10 percent, while deadlines for tariffs on European goods were postponed.

On Wednesday, visibly irritated by the nickname, Trump lashed out at a reporter who asked about the “TACO trade” label. “Oh, I chicken out. Isn’t that nice? I’ve never heard that,” Trump said, bristling at the question.

“You call that chickening out? It’s called negotiation,” he added.

“Six months ago, this country was stone cold dead. We had a dead country. We had a country that people didn’t think was going to survive. And you ask a nasty question like that,’ Trump continued.

Despite his protests, “TACO trade” has become a viral symbol of his erratic approach to global commerce. California Governor Gavin Newsom mocked the administration after the trade court ruling, saying, “It’s raining tacos today.”

So far, the administration’s tariffs on steel, aluminum and cars remain untouched by the ruling.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Ontario Backs Down on Key Bill 5 Provisions, Echoes BC’s Mining Debate

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Ontario’s Conservative provincial government is retreating from elements of its controversial Bill 5 following weeks of intense pressure from First Nations leaders.

They have accused Premier Doug Ford’s administration of violating its constitutional duty to consult Indigenous communities on critical minerals development in the province’s far north.

In a move aimed at quelling growing unrest, Ford’s office confirmed on Wednesday (May 28) that it will introduce an amendment that explicitly incorporates the constitutional duty to consult into the bill, a key demand from Indigenous leaders who have denounced the legislation as a sweeping overreach that sidelines their rights.

“Regulations under this Act shall be made in a manner consistent with the recognition and affirmation of existing Aboriginal and treaty rights … including the duty to consult,” reads the proposed amendment, as reported by CBC.

The about-face comes amid an intensifying confrontation over the province’s push to fast track mining development in the mineral-rich Ring of Fire region, located in the James Bay lowlands.

Slated to become the first of several “special economic zones” — areas exempt from certain provincial laws and regulations — it has instead become the flashpoint for a broader reckoning over resource extraction in Canada.

Government scrambles to contain fallout

First Nations leaders, including the Chiefs of Ontario, have demanded the bill be scrapped entirely, arguing the government has already breached its legal obligation to engage in meaningful consultation from the outset.

Ontario Regional Chief Abram Benedict, who met privately with Ford last week, described the discussions as frank, but necessary. That meeting, according to the provincial government, catalyzed a round of renewed engagement, with Greg Rickford, minister of Indigenous affairs and Stephen Lecce, minister of energy and mines, pledging not to move forward with the Ring of Fire designation without further consultation.

“We will not use the authorities like a special economic zone until we’ve meaningfully consulted,” Lecce said.

Rickford added, “We are going to enunciate explicitly in each one that the duty to consult is there and it will be upheld to the highest standards. The aim is to make First Nations partners.”

Officially titled the ‘Protect Ontario by Unleashing Our Economy Act’, Bill 5 was unveiled at the Toronto Stock Exchange in April, with Ford and Lecce framing it as a decisive response to geopolitical tensions.

They also positioned it as a means of asserting control over Canada’s critical mineral resources.

“With President Trump taking direct aim at our economy, it cannot be business as usual,” Ford said at the time, referencing the US push to prioritize domestic mineral supply chains.

The bill grants the province sweeping new powers to revoke mining claims, restrict foreign ownership — particularly from “hostile regimes” — and override environmental and regulatory hurdles.

It also proposes replacing Ontario’s Endangered Species Act with a narrower Species Conservation Act, a change that environmentalists warn could spell extinction for at-risk wildlife.

“The definition of habitat is so narrow that what it means is less habitat than the species has now,” Laura Bowman of Ecojustice told CBC when the bill was introduced. “And less habitat than the species has now, for a species already in decline, virtually ensures extirpation or extinction.”

US$3.1 billion budget boost targets Indigenous inclusion

Even as heated discourse unfolds with Ontario’s First Nations, the province unveiled last week a massive C$3.1 billion investment to supercharge the province’s mining and energy infrastructure.

The 2025 budget includes a tripling of the Indigenous Opportunities Financing Program, which has been expanded to support Indigenous participation across the mining, pipeline and energy sectors.

Minister of Finance Peter Bethlenfalvy emphasized that the goal is “unlocking the province’s critical mineral reserves” while placing Indigenous partnerships “at the forefront of the province’s resource development strategy.”

The program is designed to offer loan guarantees that enable Indigenous communities to secure equity stakes in major projects — a model that First Nations have long advocated for as a way to transform economic marginalization into opportunity.

National parallels in BC’s Bill 15 battle

Ontario’s retreat on consultation provisions follows similar tensions in BC, where Premier David Eby is facing backlash over Bill 15 — a legislative proposal that would allow cabinet to fast-track infrastructure and resource projects deemed of “provincial significance,” including critical minerals development.

Eby unveiled a broad vision this week to unlock billions in investments in Northwest BC, emphasizing partnerships with Indigenous communities and positioning mining as central to both economic recovery and climate transition.

But critics argue the rhetoric masks a legal and ethical failure.

“Trust has been broken between First Nations and the David Eby government,” Tsartlip First Nation Chief Don Tom said bluntly. Calling Eby a “snake oil salesman,” Tom accused the provincial government of undermining true consultation, while pushing legislation that could override Indigenous opposition.

Like Ontario’s Bill 5, BC’s Bill 15 is being slammed as a dangerous precedent that gives the government outsized power to override environmental protections and community consent.

Both the BC and Ontario governments are facing similar dilemmas on the acceleration of critical minerals development to meet global demand while tempering their legal and moral obligations to stakeholders.

The minerals — including nickel, lithium and rare earth elements — are essential to the green energy transition, forming key components of batteries, solar panels, and electric vehicles.

Still, First Nations are demanding that any progress must start not only with a recognition of their economic potential, but of their right to self-determination and free, prior and informed consent.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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