Mali seizes more gold from Barrick

For Barrick, the possible sale comes as the company faces legal and political headwinds in Mali, where its Loulo-Gounkoto complex has been embroiled in a bitter standoff with the ruling military junta.

On July 10, helicopters operated by Mali’s military landed unannounced at the Loulo-Gounkoto site and removed over a metric ton of gold — worth over US$117 million at current prices — without Barrick’s consent. The gold was likely taken for sale by the government-appointed provisional administrator that now oversees the site, the company said.

This is the second such seizure this year, following a January incident in which 3 metric tons of gold were taken and all exports were blocked, forcing Barrick to suspend operations.

Barrick has since launched international arbitration proceedings at the International Center for Settlement of Investment Disputes (ICSID), citing “violations of its legal rights.”

“I want to reaffirm Barrick’s commitment to Mali, even as we navigate extraordinary and unprecedented challenges,” CEO Mark Bristow said on July 12. “While we continue to engage constructively with the government of Mali, the ICSID process provides the legal certainty and international oversight necessary to resolve this dispute definitively.”

Barrick maintains that the provisional administration of the mine, which came after a controversial local court order in June, is unlawful. The firm also says it was never formally notified of the administrator’s appointment and was merely told that Samba Touré, a former Barrick employee and advisor to the mining ministry, would act as a liaison.

The government’s moves coincide with President Assimi Goïta’s latest political maneuver — a new law granting him an indefinite mandate “until the country is pacified.” Goïta seized power in a 2021 coup, his second in less than a year, and has since tightened control over the judiciary and state institutions.

1. Belo Sun (TSX:BSX)

Year-to-date gain: 276.47 percent
Market cap: C$144.68 million
Share price: C$0.32

Belo Sun Mining is an exploration and development company focused on advancing its Volta Grande gold project in Brazil.

The property covers approximately 2,400 hectares within the Tres Palmeiras greenstone belt in Pará State, Brazil. The company has been working on the project since 2003, and acquired necessary development permits in 2014 and 2017.

A 2015 mineral reserve estimate demonstrated a proven and probable reserve of 3.79 million ounces of gold from 116 million metric tons of ore with an average gold grade of 1.02 per metric ton (g/t).

Development at the site stalled in 2018 after a federal judge ruled that the Federal Brazilian Institute of the Environment (IBAMA) would be the competent authority for issuing environmental permits. The decision was overturned in 2019, with the Secretariat of Environment and Sustainability of the State of Pará (SEMAS) reassuming its permitting authority. The decision was once again reversed in September 2023, returning authority to IBAMA.

On January 23, Belo Sun announced that the Federal Court of Appeals had reassigned SEMAS as the permitting authority for the Volta Grande project. The company said it was pleased with the decision, as the agency is familiar with the project and enjoys a constructive and transparent relationship with it.

The most recent news came on June 23, when the company announced that shareholders had approved a renewal of the company’s governance structure and elected four new directors to the board. Four of the board’s six members are now either Brazilian or have spent significant parts of their careers working in Brazil.

Shares in Belo Sun reached a year-to-date high of C$0.35 on June 16.

2. Euro Sun Mining (TSX:ESM)

Year-to-date gain: 200 percent
Market cap: C$53.71 million
Share price: C$0.135

Euro Sun Mining is a development-stage company advancing its Rovina Valley copper-gold project in Romania. The project’s mining license received full approval for 20 years in 2018, with the option to renew it in five year increments.

An updated feasibility study from March 2022 demonstrated the project’s economics, showing a post-tax net present value of US$512 million and an internal rate of return of 20.5 percent, assuming a base case gold price of US$1,675 per ounce and a copper price of US$3.75 per pound.

Proven and probable mineral reserve estimates for the site include 1.84 million ounces of gold and 197,522 metric tons of copper from 123.3 million metric tons of ore with an average grade of 0.47 g/t gold and 0.16 percent copper.

Shares in Euro Sun saw their most significant gains around the same time as a March 25 announcement that the EU included Rovina Valley on its first list of strategic assets. The inclusion, which Euro Sun applied for in May 2024, will enable the company to expedite permitting at Rovina Valley and shorten the development timeline.

On May 7, Euro Sun reported it met with Romania’s Minister of the Environment to discuss the advancement of the project. Both parties agreed that a single point of contact was needed to ensure compliance and fulfill requirements under the CRMA framework. The company plans to submit an updated environmental act in the near future.

On June 20, Euro Sun reported it signed a copper concentrates prepayment facility for up to US$200 million with private metals trader Trafigura, with the funding going towards the necessary permitting and investment to advance Rovina over the next 18 months.

Shares in Euro Sun reached a year-to-date high of C$0.145 on June 2.

3. Collective Mining (TSX:CNL)

Year-to-date gain: 165.05 percent
Market cap: C$1.26 billion
Share price: C$15.85

Collective Mining is a gold, copper and silver exploration company with focused interests in Caldas, Colombia.

Its two projects, Guayabales and San Antonio, consolidate large portions of a mineral belt that surrounds Aris Mining’s (TSX:ARIS,NYSE:ARMN)Marmato mine and within a region with 10 operating mines.

The Guayabales project comprises 26 claims spanning a total area of 4,780.98 hectares. Collective Mining has conducted extensive exploration at the property in 2025, with a primary focus on expanding the Apollo zone. The company also drilled multiple look-alike targets.

The most recent exploration report was released on June 30, when the company announced the discovery of a new high-grade vein system, with a highlighted assay of 534 g/t gold over 0.67 meters. However, the company stated that drilling was retargeted after results from a gravimetric survey indicated that the drill hole was outside the mineralized breccia body.

On June 23, Collective accelerated its agreement to acquire a 100 percent stake in the Guayabales property. Under the original agreement, Collective had until 2032 to make the required payments and incur the necessary exploration expenditures.

The company reported that the financial considerations remained the same under the amended agreement, but C$2 million would be paid immediately, with an additional C$2 million paid within one month of the title transfer request being filed and C$2.3 million after two months. The remaining C$3.5 million will now be paid out in six equal installments over a three-year period from the date of the amended agreement.

Shares in Collective Mining reached a year-to-date high of C$15.85 on July 2.

4. Starcore International (TSX:SAM)

Year-to-date gain: 150 percent
Market cap: C$19.06 million
Share price: C$0.325

Starcore International is a gold exploration and mining company with assets in Mexico, Canada and Côte d’Ivoire. Its primary asset is the San Martin mine in Queretaro, Mexico.

In the company’s fourth-quarter production results, released on May 13, it reported reaching a significant commissioning milestone in the new processing circuit and milling 5,000 metric tons of stockpiled ore.

The mine produced 3,242 gold-equivalent ounces during the quarter, up 3 percent from 2,268 ounces during the previous quarter. The company added that it was continuing to explore and develop a new area in the southern section of the mine.

Outside its Mexican operations, the main focus throughout 2025 has been its Kimoukro gold project in Côte d’Ivoire.

On April 9, Starcore reported results from 2024 exploration work at the project and an update on its activities at the project. In 2024, the company completed 55 line kilometers of induced polarization geophysical and ground magnetic surveying, along with a 355 hole, 2,988 meter auger drilling campaign.

Based on the results from the drilling, which aimed to confirm an identified gold anomaly in the topsoil, the anomaly is about 2.5 kilometers long and 500 to 800 meters wide, with an average grade of more than 20 parts per billion gold.

In the update, Starcore reported it established a field office during Q1 2025 and is completing a soil sampling program covering 5.5 square kilometers and 1,300 samples up to a depth of 1 meter.

Shares in Starcore reached a year-to-date high of C$0.325 on June 4.

5. Troilus Gold (TSX:TLG)

Year-to-date gain: 139.9 percent
Market cap: C$272.7 million
Share price: C$0.69

Troilus Gold is advancing its namesake property in Northern Québec, Canada.

The project is situated within the region covered by Plan Nord, a 25 year, C$80 billion development initiative focused on mining launched by the Government of Québec.

A May 2024 feasibility study revealed financials with a post-tax net present value of US$884.5 million, an internal rate of return of 14 percent and a payback period of 5.7 years based on a gold price of US$1,975 per ounce.

The included mineral resource estimate reports a probable mineral reserve of 6.02 million ounces of gold from 380 million metric tons of ore at an average grade of 0.49 g/t gold. It also hosts probable copper and silver reserves of 484 million pounds and 12.15 million ounces respectively.

Troilus has spent much of 2025 raising funds for the project’s development. The most significant came on March 13, when the company announced that it executed a mandate letter for a non-binding term sheet for a debt financing package of up to US$700 million.

The company noted that it had followed up on four letters of intent, resulting in a total potential funding of up to US$1.3 billion.

More recently, Troilus announced on June 18 that it had entered into an offtake agreement for gold-copper concentrate with German smelting company Aurubis (OTC Pink:AIAGF,XETRA:NDA).

The agreement is being executed in connection with the previously announced letter of intent for US$700 million in funding. According to Troilus, this includes a loan guarantee of up to US$500 million from a firm representing the German Federal Ministry of Economic Affairs and Climate Action.

Shares in Troilus reached a year-to-date high of C$0.73 on June 17.

Top 5 Canadian Defense Stocks

Canada’s aerospace and defense industry plays a large role both domestically and through exports. The Canadian Armed Forces prioritizes domestic equipment and services procurement, with 55 percent of expenditures made to Canadian suppliers in 2022.

The Canadian defense sector has historically outperformed the broader manufacturing sector in terms of industrial growth, according to a Government of Canada report.

Exports represent a significant portion of revenues for land and marine military goods and services. GlobalData reports that naval vessels and surface combatants, military fixed-wing aircrafts and military satellites are currently the most attractive segments of the country’s defense market.

1. CAE (TSX:CAE)

Market cap: C$12.33 billion

Established in 1947, CAE manufactures simulation technologies and digitally immersive training services for the aerospace, defense and healthcare industries. The company’s defense and security business unit provides training and mission support solutions for air, land, maritime, space and cybersecurity operations.

The company has regional defense and security training facilities in many countries and regions globally, namely the US, Canada, the United Kingdom, Europe, the Indo-Pacific and the Middle East. CAE’s annual revenue for its 2025 fiscal year ending March 31, 2025, was C$4.71 billion, up 10 percent year-over-year.

2. Bombardier (TSX:BBD.B)

Market cap: C$11.57 billion

A global leader in aviation, Bombardier is headquartered in Québec, Canada, and operates aerostructure, assembly and completion facilities in Canada, the US and Mexico. Although best known for its business jets, the company has also earned the distinction of being a trusted designer and manufacturer of military special-mission aircraft under its Bombardier Defense unit.

Bombardier Defense has a multi-year US$465 million contract to sell its Global 6000 jets to the US Air Force under the Battlefield Airborne Communications Node program, which began in 2021 and extends through 2026. Under the contract, Bombardier is selling modified Global aircrafts to the US Air Force. These aircrafts are specialized communications platforms that help bridge voice and data between forces on the ground and in the air.

Bombardier reported US$8.7 billion in revenue for 2024, up 8 percent year-over-year.

3. MDA Space (TSX:MDA)

Market cap: C$4.25 billion

MDA calls itself “an international space mission partner and a robotics, satellite systems and geointelligence pioneer.” The company is responsible for Canada’s first military satellite, Sapphire, which is designed to monitor Earth’s orbit and surveil outer space for man-made space debris and other satellites. Classified as a Space Situational Awareness small-satellite system, Sapphire was created for Canada’s Department of National Defence. MDA also provides satellite capabilities to the Department of National Defence’s Polar Epsilon satellite ground stations.

MDA reported strong top-line growth in 2024, with revenues of C$1.08 billion, up 34 percent year-over-year. The company expects 2025 full year revenues to be between C$1.5 billion and C$1.65 billion.

4. Magellan Aerospace (TSX:MAL)

Market cap: C$1.06 billion

Magellan Aerospace designs, manufacturers and services aeroengine and aerostructure assemblies and components for the global aerospace market, as well as proprietary products for the military and space submarkets.

In April of this year, the company signed an amendment to an important long-term revenue sharing agreement with GE Aerospace (NYSE:GE). The amendment includes the production of major components for the F414-GE-400K aircraft engine over a seven-year period for the Korean KF-21 fighter aircraft program for South Korea’s national arms procurement agency.

Magellan’s total revenue for 2024 came in at C$942.37 million, up 7.1 percent over the previous year.

5. Kraken Robotics (TSXV:PNG)

Market cap: C$767.92 million

Marine technology company Kraken Robotics provides advanced subsea sonar and laser systems, as well as batteries and robotics systems for unmanned underwater vehicles used in the military and commercially. According to Kraken, it is best known for its high-resolution 3D acoustic imaging solutions and services.

In February of this year, Kraken announced plans to open a new battery production facility in Nova Scotia, stating it aims to meet increasing demand for uncrewed underwater vehicles from the defense sector.

Kraken’s consolidated revenue for 2024 reached C$91.3 million, up 31 percent year-over-year. The company’s guidance for 2025 revenue is C$120 million to C$135 million.

Top Canadian Defense ETFs

Exchange-traded funds (ETFs) are marketable securities that track an index, a commodity, bonds or a basket of assets like an index fund. Investors can diversify their portfolio and lower the risk of investing in individual stocks with defense ETFs.

ETF Portfolio Blueprint has identified two Canadian Defense ETFs worthy of investor attention. All data was current as of June 30, 2025.

1. iShares U.S. Aerospace & Defense Index ETF (TSX:XAD)

Assets under management: C$50.57 million

iShares U.S. Aerospace & Defense ETF launched in September 2023, and has an expense ratio of 0.44 percent. This fund replicates the iShares U.S. Aerospace & Defense ETF (BATS:ITA) and tracks the Dow Jones US Select Aerospace & Defense Index.

These defense stocks are typically stable companies in the sector whose revenues are mainly tied to long-term government contracts. Top holdings include RTX (NYSE:RTX), The Boeing Company (NYSE:BA), Lockheed Martin (NYSE:LMT), General Dynamics (NYSE:GD) and L3Harris Technologies (NYSE:LHX).

2. Global X Defence Tech Index ETF (TSX:SHLD)

Assets under management: C$28.88 million

Launched in April 2025, the Global X Defense Tech Index ETF is the Canadian version of the Global X Defense Tech ETF (NYSEARCA:SHLD). Like its US equivalent, the ETF tracks the proprietary Global X Defense Tech Index, meaning this ETF differs from XAD by offering exposure to a mix of US and global defense stocks. As it is a brand new ETF, an expense ratio has not yet been calculated, but it has a management fee of 0.49 percent.

Its only holding is the US Global X Defense Tech ETF, which includes some of the biggest defense stocks such as Lockheed Martin and General Dynamics, and is also heavily weighted in Palantir Technologies (NASDAQ:PLTR) and L3Harris Technologies.