April 2025

Israeli Defense Minister Israel Katz announced Wednesday a major expansion of the military’s operation in Gaza involving the seizure of large areas of land that would be “incorporated into Israel’s security zones.”

The operation would also involve a “large-scale evacuation of Gaza’s population from combat zones,” the statement said without specifying details.

Katz said the military operation would expand to “crush and clear the area of terrorists and terror infrastructure, while seizing large areas that will be incorporated into Israel’s security zone.”

The Israeli military’s spokesperson for Arabic media late on Tuesday ordered residents in Gaza’s southern Rafah area to leave their homes and move north.

Katz’s statement on Wednesday did not specify whether additional Israeli troops would be involved in the expanded operation.

This is a developing story and will be updated.

This post appeared first on cnn.com

Editor's Pick

Buildings in Myanmar continue to collapse days after deadly quake

Buildings in Myanmar are continuing to collapse five days after a powerful earthquake struck the country, creating perilous conditions for rescuers as they attempt to extricate survivors from the rubble.

More than 2,700 people were killed in the 7.7-magnitude quake, with thousands more injured, according to Myanmar’s military junta. Hundreds more remain missing, meaning the death toll is almost certain to rise.

The Myanmar Fire Services Department on Wednesday shared video of a heartwarming moment in the military capital Naypyidaw, where workers pulled a man from the rubble more than 100 hours after the quake, a miraculous rescue that offered a rare moment of hope.

The man appeared tired and disheveled as he was pulled out of an air pocket between broken slabs of concrete, to a round of applause.

A day earlier, a 62-year-old woman was similarly pulled from broken slabs of concrete in Naypyidaw.

Elsewhere, a team of Chinese rescuers on Monday pulled four people – including a five-year-old child and a pregnant woman – from the rubble.

Structurally vulnerable buildings in the country are still collapsing as tremors continue, according to human rights organizations, highlighting the dangers of the rescue mission.

Two hotels collapsed near the epicenter in Mandalay Monday night, after people went back to the structures days after the quake.

“With these additional tremors, fatalities are still occurring,” said Michael Dunford, Myanmar director at the United Nations World Food Programme.

“Many people are still sleeping out in the open on the streets or in the parks because they are too scared to go back into their homes. And of course, this is hampering our efforts to reach them and to provide the type of support that they need.”

Humanitarian organizations are continuing to stress the need for urgent aid, especially to more remote areas of the country.

Even before the quake, four years of civil war had left millions without adequate shelter and battered health and communication infrastructure.

In Sagaing town, near the epicenter of the quake, residents have described scenes of heartbreak and desperation as they wait for urgent medical supplies and food.

Rights group Amnesty International spoke to three residents, who said there was a rising need for body bags, torches, and mosquito-repellant coils. They also told the group that the military, which largely controls the town, was imposing “strict surveillance” for light vehicles traveling to Sagaing from Mandalay.

“Soldiers are inspecting deliveries, and checks can take longer if they come from other areas in Sagaing that have more connections to resistance groups,” Amnesty said.

The ruling junta seized power from Myanmar’s democratically elected government in 2021, sparking a brutal civil war between ethnic rebel groups and its military.

While the junta has reaffirmed its commitment to allowing assistance, rights groups have criticized Myanmar’s leaders for restricting access to some affected areas.

“The junta needs to break from its appalling past practice and ensure that humanitarian aid quickly reaches those whose lives are at risk in earthquake-affected areas,” said deputy Asia director at Human Rights Watch Bryony Lau.

Amnesty International on Tuesday urged Myanmar’s military to “refrain from deliberate air strikes and other forms of attack on civilian targets” in earthquake-affected areas.

Meanwhile, a major rebel alliance in Myanmar declared a temporary ceasefire to facilitate rescue efforts.

“We strongly desire that urgent humanitarian efforts, which are immediately needed for the earthquake-affected population, be carried out as swiftly and effectively as possible,” the Three Brotherhood Alliance, which involves the Ta’ang National Liberation Army, the Kokang’s Myanmar National Democratic Alliance Army and Arakan Army, said in a joint statement Tuesday.

International teams, including groups from China, Russia, and Pakistan, have been assisting with rescue efforts in Myanmar. Two Indian naval vessels carrying humanitarian aid, relief supplies and food arrived in Yangon Tuesday morning.

But humanitarian workers have warned that years of underfunding means more needs to be done.

“This is time, to be honest, for the world to step up and support the people of Myanmar,” UN Humanitarian Coordinator for Myanmar Marcoluigi Corsi said Tuesday.

“We keep saying that Myanmar does not rank very high among the different emergencies… The humanitarian response in Myanmar has been chronically underfunded for years. Four months into the year right now, less than 5 per cent of the required US$1.1 billion of the Humanitarian Response Plan has been received.”

Friday’s devastating quake was felt all the way in neighboring Thailand, where at least 22 people died in the capital Bangkok.

Of that number, 15 people were killed after an under-construction high-rise building collapsed, officials said.

This post appeared first on cnn.com

Editor's Pick

US moves B-2 stealth bombers to Indian Ocean island in massive show of force to Houthis, Iran

The Pentagon has sent at least six B-2 bombers – 30% of the US Air Force’s stealth bomber fleet – to the Indian Ocean island of Diego Garcia, in what analysts have called a message to Iran as tensions once again flare in the Middle East.

The deployment comes as US President Donald Trump and his defense chief Pete Hegseth warn of further action against Iran and its proxies, while US jets continue to attack the Tehran-backed Houthi rebels in Yemen.

Images taken by private satellite imaging company Planet Labs on Tuesday show the six US bombers on the tarmac on the island, as well as shelters that could possibly conceal others. Tankers and cargo aircraft are also at the island airbase, a joint US-British base which is 3,900 kilometers (2,400 miles) from Iran’s southern coast.

Planet Labs images from Sunday show four B-2s and six support aircraft on the Diego Garcia tarmac.

Without mentioning the B-2s directly, Pentagon spokesperson Sean Parnell confirmed that the US military is sending additional aircraft and “other air assets” to the region to improve America’s defensive posture in the region.

“The United States and its partners remain committed to regional security … and are prepared to respond to any state or non-state actor seeking to broaden or escalate conflict in the region,” Parnell said.

“The deployment of these B-2s is clearly designed to send a message – perhaps several messages – to Iran,” said the former US Air Force colonel.

“One of them could be a warning to cease supporting the Houthis in Yemen. Another message the Trump administration might be sending to Iran is that it wants a new nuclear deal (to replace the ‘bad’ deal Trump withdrew the US from in his first term) and if Iran doesn’t start to negotiate with the US the consequences could be the destruction of Iran’s nuclear weapons program,” Leighton said.

Trump began ramping up military action against the Houthis in mid-March, with airstrikes that killed at least 53 people and wounded almost 100 others in Yemen, according to the Houthi-run Health Ministry.

Strikes have continued since, as Houthis threaten US warships in the region, in attacks that the militants say are in solidarity with Gaza as it faces bombardment by Israel, a key US ally.

In disclosures that caused a major controversy for the Trump administration, Hegseth shared sensitive information last month on pending military strikes against Houthi militants on an unsecured group chat with top national security officials — a chain to which The Atlantic’s editor-in-chief Jeffrey Goldberg was accidentally added.

Trump, in a Tuesday post on his social media platform Truth Social, on Tuesday threatened more could be coming.

“Stop shooting at U.S. ships, and we will stop shooting at you. Otherwise, we have only just begun, and the real pain is yet to come, for both the Houthis and their sponsors in Iran,” Trump posted.

Trump has also been pushing Iran to make a deal over its nuclear capabilities, saying on March 19 that he would give Tehran two months to come to an agreement or face the consequences.

There “are two ways Iran can be handled: militarily, or you make a deal. I would prefer to make a deal, because I’m not looking to hurt Iran,” Trump told Fox News last month.

But Iran this week rejected any direct negotiations.

Defense Secretary Pete Hegseth “continues to make clear that, should Iran or its proxies threaten American personnel and interests in the region, the United States will take decisive action to defend our people,” Parnell said.

“Six is a serious number. For Houthi deeply buried targets, two or maybe three, but six B-2s is a major effort,” Layton said.

“Such targets would potentially include Iranian nuclear and weapons storage facilities,” the former US Air Force officer said.

Layton, the aviation analyst, noted that the six B-2s likely represent the entire deployable fleet of the aircraft.

“I assume there are one or two at home for training and another few standing nuclear alert. Rest in maintenance,” said Layton, a former Royal Australian Air Force pilot and now visiting fellow at the Griffith Asia Institute.

Parnell, the Pentagon spokesperson, said the aircraft carrier USS Harry S. Truman, which has been carrying out strikes on Houthi rebels in Yemen, will stay in the region through this month, though its deployment there was scheduled to have ended at the end of March.

Hegseth “also ordered the deployment of additional squadrons and other air assets that will further reinforce our defensive air-support capabilities,” Parnell said. It’s unclear what squadrons or assets will be moving to the region.

Parnell added that the Nimitz Strike Group is deploying to the Western Pacific “to preserve our warfighting advantage in the Indo-Pacific.”

Leighton said that the presence of the B-2s on Diego Garcia would be noted across Asia.

“It’s unlikely the deployment of six B-2s to Diego Garcia is meant to deter actions by other powers, such as China or Russia, but they are surely taking note of this deployment as well. Of course, we can’t forget that Iran is an ally of those two countries,” he said.

This post appeared first on cnn.com

Editor's Pick

US approves sale of 20 US F-16 fighter jets to Philippines as Washington tightens key Asian alliance

The United States has approved the potential sale of 20 F-16 fighter jets to Manila, giving the key US ally in the Indo-Pacific a major upgrade to its air force just days after US Defense Secretary Pete Hegseth vowed to counter “China’s aggression.”

The US Defense Security Cooperation Agency (DSCA) announced the proposed sale of the F-16s and related equipment, worth an estimated $5.58 billion, in a statement on Tuesday.

“This proposed sale will support the foreign policy and national security of the United States by helping to improve the security of a strategic partner that continues to be an important force for political stability, peace, and economic progress in Southeast Asia,” DSCA said.

The announcement comes less than a week after Hegseth visited the Philippines, his first trip to Asia as defense chief, and said Washington will enhance its military alliance with Manila as it aims to “reestablish deterrence” to counter “China’s aggression” in the Indo-Pacific region.

On Wednesday, China cautioned Manila on the deal.

“Any defense and security cooperation that the Philippines engages in with other countries should not target or harm the interests of any third party, nor should it threaten regional peace and security or escalate tensions in the region,” Chinese Foreign Ministry spokesperson Guo Jiakun said.

“As for who is fueling the flames, who is provoking military confrontation, and who is turning Asia into a powder keg, we believe that regional countries can see the situation clearly.”

The Philippines has been on the front lines of China’s increasingly aggressive posture in Asia. Beijing seeks to assert its claim over the bulk of the South China Sea, despite an international ruling denying its sovereignty over the waterway.

Hegseth said Friday the US would deploy additional advanced military capabilities to the US ally for joint training, enhance interoperability for “high end operations” and prioritize defense industrial cooperation.

In its statement, DSCA said Manila had requested to buy 16 F-16Cs – single-seat, single-engine fighter jets – and four F-16Ds, dual-seat jets that are usually used for training purposes.

The F-16s are the block 70/72 newest variant of the workhorse military warplane, which entered service with the US Air Force in the late 1970s.

Manufacturer Lockheed Martin says the new F-16s are the world’s most advanced fourth-generation fighter, touting a “structural service life” of more than 12,000 hours.

The F-16s, along with advanced avionics, radar and weaponry included in the deal, are a significant upgrade to the Philippine Air Force’s fighter fleet. Currently, it has only 12 South Korean-made FA-50 jets, a lighter ground attack and fighter jet.

The F-16s have a top speed of more than 1,500 miles per hour, Lockheed Martin says, about 350 mph faster than the FA-50.

Speaking alongside Philippine Defense Secretary Gilbert Teodoro on Friday, Hegseth called the US-Philippine relationship an “ironclad alliance, particularly in the face of Communist China’s aggression in the region.”

The Trump administration has vowed to “truly prioritize a shift” to the Indo-Pacific, Hegseth said, with the “recognition that for the 21st century to be a free century, America needs to stand alongside our allies and partners shoulder to shoulder.”

The American military presence in Asia is seen by allies as a critical counterbalance in a fractious region where China has been rapidly expanding its military might and a belligerent North Korea has been empowered by closer ties with Russia.

Trump has repeatedly questioned the structure of US military alliances and whether the US was getting enough out of such partnerships and basing arrangements, including those in Asia where tens of thousands of troops are stationed in sprawling bases in Japan and South Korea.

This post appeared first on cnn.com

Stock

The Best Five Sectors, #13

Financials take the lead.

No changes in the composition of the top 5 this week, and only one change of position within the top 5.

Financials (XLF) leapfrogged to the number one position, sending Communication Services (XLC) to the #3 position. Energy (XLE) remains #2 while Utilities (XLU) and Healthcare (XLV) remain in positions #4 and #5.

Let’s examine the details and see what the Relative Rotation Graphs tell us about the current market dynamics.

Sector Lineup

(3) Financials – (XLF)*
(2) Energy – (XLE)
(1) Communication Services – (XLC)*
(4) Utilities – (XLU)
(5) Healthcare – (XLV)
(6) Industrials – (XLI)
(7) Consumer Staples – (XLP)
(8) Real-Estate – (XLRE)
(9) Consumer Discretionary – (XLY)
(10) Materials – (XLB)
(11) Technology – (XLK)

Weekly RRG: A Tale of Three Leaders

The weekly Relative Rotation Graph now shows three sectors firmly planted inside the leading quadrant.

XLF has rotated back into leadership after a brief sojourn, while Communication Services (XLC) maintains its strong position. Energy (XLE) is the latest entrant, crossing over into leading with a positive RRG heading—a trajectory that bodes well for continued outperformance.

Utilities (XLU) and Health Care (XLV)—our fourth and fifth-ranked sectors—currently reside in the improving quadrant. However, their strong RRG headings suggest they’ll likely leap into leading territory in the coming weeks. It’s worth noting that Health Care is flexing its muscles with the highest RS momentum value among all 11 sectors.

On the flip side, we’re seeing only two sectors with negative RRG headings—the same culprits as last week. Technology (XLK) is pushing further into the lagging quadrant, while Consumer Discretionary (XLY) is rapidly approaching a crossover from weakening to lagging. This persistent weakness in these typically high-flying sectors is something to keep an eye on as it coincides with general market weakness.

Daily RRG: Short-Term Shifts

Zooming in on the daily RRG, we get a more nuanced picture of short-term rotations. Financials are holding steady in the leading quadrant with a neutral heading—there has been little movement over the past week.

Energy, which boasts the highest RS ratio, is losing some momentum. However, given its elevated RS ratio, this is likely just a temporary setback.

Utilities and Health Care are showing some interesting moves on the daily chart. XLU is currently in the weakening quadrant with a negative heading, but XLV is starting to curl back up—a positive sign that aligns with its weekly chart momentum.

XLC’s daily tail is painting an intriguing picture. It’s barely inside the lagging quadrant, but its positive heading pointing towards leading suggests it may soon start supporting the positive direction we see on the weekly chart.

In the bottom half of the rankings, we see some weekly weakness confirmations. Technology is rolling over in the improving quadrant, while sectors like industrials and materials are rotating from leading to weakening, all of which aligns with their lower positions in the portfolio ranking.

Financials (XLF)

XLF has bounced off support around 47, but the price chart still looks precarious.

The relative strength picture, however, is much more encouraging. We’re seeing a clear uptrend in the raw RS line, which is pulling both RRG lines higher. Keep an eye on that 47 level as key price support.

Energy (XLE)

Energy is currently trading in a range between roughly 84-85 and 98.

The real action is in the relative strength- we’re seeing a breakout from a falling channel, which is now pulling both RRG lines above 100.

This is what’s driving XLE’s move into the leading quadrant.

Communication Services (XLC)

XLC is holding above support around 94, but only just.

A break below 93-94 could trigger more downside.

Relative strength still looks good, but the raw RS line is at the top of its rising trend channel. The high RS ratio reading gives some wiggle room, but it’s a situation to monitor closely.

Utilities (XLU)

Utilities remain stuck in a trading range, which is keeping its raw RS line range-bound as well.

It’s strong enough to keep the RRG lines rising, but we’ll need to see a relative strength breakout to push XLU into the leading quadrant.

Health Care (XLV)

Health Care is bumping up against resistance near 150 and remains range-bound.

A potential head-and-shoulders pattern is forming, but support is still a ways off around 135.

Relative strength is pushing against resistance, and with both RRG lines rising, XLV looks poised to cross into the leading quadrant soon.

Portfolio Performance Update

After last week’s hiccup, the RRG portfolio has not only erased its underperformance but actually flipped to outperformance.

As of last week, the portfolio stands at -4.86% YTD, compared to the S&P 500’s -4.96%. That’s a reversal from a 1.4% underperformance to a 10 basis point outperformance — not too shabby for a week’s work.

The market is sending plenty of mixed signals, but the sector rotation story is becoming clearer. Financials are stepping up, Energy is making moves, and the traditionally defensive sectors are showing strength. Meanwhile, Tech and Consumer Discretionary continue to lag—a trend that could have significant implications if it persists.

These rotations can shift quickly, so stay nimble and keep your eyes on the charts. The market never sleeps, and neither should your analysis.

#StayAlert –Julius

Stock

Volatility Ahead: What Investors Need to Know Right Now

It was an ugly close to another roller-coaster trading week as the stock market struggled with several moving parts. Wednesday’s Evening Doji Star in the S&P 500 ($SPX) showed its power. The trading week didn’t end on a pretty note.

The S&P 500, Nasdaq Composite ($COMPQ), and Dow Jones Industrial Average ($INDU) all closed lower and are trading below their 200-day simple moving average (SMA). And the selloff is across the board. It’s not concentrated in the heavily weighted stocks.

The headwinds: Auto tariffs, declining consumer confidence, and hotter-than-expected PCE data. These have raised investor fear once again. The Cboe Volatility Index ($VIX) spiked higher on Friday, closing at 21.65.

From a sector perspective, Utilities was the only S&P sector that closed in the green on Friday, which reiterates defensive investor sentiment. This could continue for as long as investors worry about inflation and weakening U.S. economic growth. In addition to defensive sectors, other areas of the market show some bullish strength.

What Are Investors Eyeing?

Bond prices are rising. The daily chart of the iShares 20+ Year Treasury Bond ETF (TLT) is trading above its 50- and 100-day SMA. A break above the 200-day SMA would set a positive tone for bond prices although if past price action is of any value, TLT didn’t have much success the last couple of times it crossed above the 200-day. It could be different this time.

FIGURE 1. BOND PRICES SHOW SIGNS OF LIFE. Bond prices are now starting to rise. Will we see an RSI above 70 when TLT crosses above its 200-day simple moving average? Chart source: StockCharts.com. For educational purposes.

The relative strength index (RSI) in the lower panel is above 50. The last couple of times TLT crossed above its 200-day SMA, RSI failed to cross above 70, indicating a lack of momentum. However, if TLT crosses above its 200-day SMA and coincides with an RSI cross above 70, that could be an alert for a gain in momentum.

Bonds were starting to trend higher after hitting their January lows but that uptrend consolidated from early March. There needs to be an upside follow-through for an uptrend to resume in bonds. There’s still time for it to play out but keep your eyes on this chart for the next few weeks.

Gold and silver prices have also been on a tear. Gold hit an all-time high on Friday while silver pulled back on Friday after Thursday’s price spike. Overall, the uptrend is still intact in both metals.

If you’re a regular reader of our ChartWatchers Newsletter, you’ll recognize the chart below which looks at the performance of various asset classes.

FIGURE 2. PERFCHART OF DIFFERENT MARKETS. Gold and silver have outperformed most other asset groups. Chart source: StockCharts.com. For educational purposes.

Note how gold and silver prices are outperforming equities.

Last but not least, let’s analyze the performance of the automobile sector, the most impacted industry group this week. Automobile stocks continue to slide. The daily chart of the Dow Jones US Automobiles Index ($DJUSAU) below displays a clear picture of the state of the industry.

FIGURE 3. THE AUTOMOBILE INDUSTRY. Things aren’t looking great for the automobile industry. After attempting to cross above the 200-day SMA, the Dow Jones Automobiles Index fell and is trending lower. Chart source: StockCharts.com. For educational purposes.

After a healthy run in the second half of 2024, the industry has been in a steep decline, with any attempts of a rally being short-lived. On March 25, $DJUSAU crossed above its 200-day SMA but failed to hold above it. There’ll be more tariff news between now and April 2. So be prepared for more volatility in the automobile industry.

The Bottom Line

Q1 has been pretty dismal, mainly due to tariff policies. There’s more to come. With “Liberation Day” approaching, expect more volatility in the stock market. There’s also the March jobs report on Friday. Equity futures are trading lower ahead of Monday’s open.

We’ll end with a chart that every investor should be monitoring closely as we get through the next few months—a three-year weekly chart of the S&P 500. Feel free to save this to your ChartLists.

FIGURE 4. WEEKLY CHART OF THE S&P 500 INDEX. The index attempted to move beyond its July and August highs but didn’t succeed. With more tariff news on the horizon, will the S&P 500 succeed or will it move toward its March highs? Chart source: StockCharts.com. For educational purposes.

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.

Stock

S&P 500 Drops Quickly to Test Key Support Amid Rising Volatility

Thank You!

I’ve been writing at StockCharts.com for nearly 20 years now and many of you have supported my company, EarningsBeats.com, and I certainly want to show my appreciation for all of your loyalty. I believe we’re at a major crossroads in the stock market as the S&P 500 tests the recent price low from earlier in March. I called for a 2025 correction at our MarketVision 2025 event on January 4, 2025, to start the year and now it’s a reality. We decided at that time to add quarterly updates to our MarketVision series and our first update (Q1 update) is being held today at 5:30pm ET. I would like to invite everyone to join EarningsBeats.com and join me later today. We will record the event for those who cannot attend live.

Even if you decide not to join as an EB.com member, I do want to provide you my latest Weekly Market Report that we send out to our members at the start of every week, in addition to our Daily Market Report, which is published Tuesdays through Fridays.

I hope you enjoy!

MarketVision 2025 Q1 Update

Join us for our MarketVision 2025 Q1 update at 5:30pm ET today. This is an exclusive event for our annual members. If you’re already an annual member, room instructions will be sent to you in a separate email.

Not yet an annual member? Save $200 on membership TODAY ONLY. This offer will expire at the start of today’s event, so CLICK HERE for more information and details!

If you recall, on Saturday, January 4, 2025, I provided my annual forecast, which included my belief that we’d see a 10% on the S&P 500. That 10% correction is now in the rear view mirror, but what will happen from here? A lot has changed and we must remain objective as to where we might go. I’ll provide you my latest thoughts on this during today’s event.

I hope to see you at 5:30pm ET!

ChartLists Updated

The following ChartLists were updated over the weekend:

Strong Earnings (SECL)
Strong Future Earnings (SFECL)
Raised Guidance (RGCL)

These ChartLists are available to download into your StockCharts Extra or Pro account, if you have a StockCharts membership. Otherwise, we can send you an Excel file with the stocks included in these ChartLists in order to download them into other platforms. If you have any questions, please reach out to us at “support@earningsbeats.com”.

Weekly Market Recap

Major Indices

Sectors

Top 10 Industries Last Week

Bottom 10 Industries Last Week

Top 10 Stocks – S&P 500/NASDAQ 100

Bottom 10 Stocks – S&P 500/NASDAQ 100

Big Picture

The monthly PPO and monthly RSI are both moving lower now, but remember, we have not ever seen a secular bear market that did not coincide with a negative monthly PPO and a monthly RSI below 40. I believe we’ll see this market weakness end LONG BEFORE we see either of those technical developments on the above chart.

Sustainability Ratios

Here’s the latest look at our key intraday ratios as we follow where the money is traveling on an INTRADAY basis (ignoring gaps):

QQQ:SPY

Relative weakness in the QQQ:SPY, including and excluding gaps, has turned back down in a big way. That’s not what you want to see from a bullish perspective. We must remain on guard for potential short-term downside action, especially if key closing price support at 5521 fails on the S&P 500.

IWM:QQQ

Small caps (IWM) seem to be performing better than the aggressive, Mag 7 led NASDAQ 100, but that’s not saying a lot when you look at the IWM’s absolute performance in the bottom panel. Perhaps we’ll still get the small-cap run that we’ve been looking for over the past year, but it’ll likely need to be accompanied by a much more dovish Fed and with the short-term fed funds rate falling.

XLY:XLP

I mentioned last week that this chart was the biggest positive of the prior week. I suppose I now need to say it’s the biggest negative of last week because it did an abrupt about-face. It appears that the options expiration and oversold bounce we enjoyed for over a week have ended. We haven’t broken back to new relative lows, which would obviously be bearish, but we did back a lot of ground that we had previously made up. The XLY:XLP ratio is one of the most important in the stock market, as far as I’m concerned. Watching it turn back down is not a great feeling, and a new upcoming relative low would only make it worse.

Sentiment

5-day SMA ($CPCE)

Sentiment indicators are contrarian indicators. When they show extreme bullishness, we need to be a bit cautious and when they show extreme pessimism, it could be time to become much more aggressive. Major market bottoms are carved out when pessimism is at its absolute highest level.

When an elevated Cboe Volatility Index ($VIX) sends a signal that we could see pain ahead, which is exactly the message sent recently as the VIX approached 30, I usually turn my attention to a rising 5-day SMA of the equity-only put-call ratio ($CPCE) to help identify market bottoms. Once the stock market turns emotionally and begins to show fear and panic, key price support levels tend to fail, and a high reading in the VIX, combined with a huge reversal on the S&P 500 (think capitulation), usually are typical ingredients to establish a key bottom.

We’re finally starting to see some higher daily CPCE readings, which suggests that options traders are growing much more nervous, and that’s a good thing if we’re going to try to carve out a meaningful market bottom. The last four days have seen readings of 0.65, 0.71, 0.72, and 0.68. That’s not quite high enough to grow more convinced of an impending bottom in stocks, but it’s light years better than what we’ve seen during any other recent market selloffs.

253-day SMA ($CPCE)

We’re coming off an extended run higher in the benchmark S&P 500, where we topped on February 19. The long-term picture with sentiment is much different than it was 1.5 to 2 years ago. Back then, everyone was bearish, leading to an important market bottom and a subsequent rally to new all-time highs. We could use more bearishness in options to set us up for another rally to all-time highs. Based on this chart, we’re not there yet.

Volatility ($VIX)

Here’s the current view of the VIX:

There was one key development in the VIX. From studying the VIX long-term, whenever a top has been reached, and significant selling ensues, the VIX typically spikes into the 20s or 30s before we see some sort of a rebound, like the one we saw recently. When these bounces have been part of bear market counter rallies, the VIX has never dropped below the 16-17 support range. So for those looking for this current correction to morph into a bear market, the hope is absolutely alive and kicking. My interpretation is that bear markets require a certain level of uncertainty and fear. The VIX remaining above that 16-17 level is our proof that the market environment for further selling still exists. In the above chart, the VIX fell to 17 and then quickly reversed and today hit a high of 24.80.

Based on this one signal alone, I cannot rule out further selling ahead and a possible cyclical bear market, as opposed to the much more palatable correction.

Long-Term Trade Setup

Since beginning this Weekly Market Report in September 2023, I’ve discussed the long-term trade candidates below that I really like. Generally, these stocks have excellent long-term track records, and many pay nice dividends that mostly grow every year. Only in specific cases (exceptions) would I consider a long-term entry into a stock that has a poor or limited long-term track record and/or pays no dividends. Below is a quick recap of how I viewed their long-term technical conditions as of one week ago:

JPM – nice bounce off the recent 50-week SMA test
BA – up more than 20% in less than 2 weeks; 190-192 likely to prove a difficult level to pierce
FFIV – 20-week EMA test successful thus far
MA – another with a 20-week SMA test holding
GS – 10% bounce off its recent 50-week SMA test
FDX – lengthy four-month decline finally tested, and held, price support near 220
AAPL – weakness has not cleared best price support on the chart at 200 or just below
CHRW – testing significant 95 level, where both price and 50-day SMA support reside
JBHT – has fallen slightly beneath MAJOR support around 150
STX – 85 support continues to hold
HSY – did it just print a reverse right shoulder bottom on its weekly chart?
DIS – trendless as weekly moving averages are not providing support or resistance
MSCI – 3-year uptrend remains in play, though it’s been in a rough 6-7 week stretch
SBUX – first critical price test at all-time high near 116 failed miserably; support resides at 85
KRE – looking to establish short-term bottom at 55, with 2-year uptrend intact
ED – showing strength in March for 9th time in 10 years, moving to new all-time high
AJG – continues one of most consistent and dependable uptrends, trading just below all-time high
NSC – testing 230 price support as transportation woes continue
RHI – has broken recent price support in upper-50s; searching for new bottom with 4.4% dividend yield
ADM – struggled again at 20-week EMA, 45 represents a significant test of long-term uptrend
BG – approaching 4-year price support at 65 after failed test of declining 20-week EMA
CVS – bottom now seems light years away as CVS trades nearly 1-year high
IPG – how long can it hold onto multi-year price support at 26?
HRL – still bound between price support at 27.50 and 20-week EMA resistance at 30.15
DE – still trending above its rising 20-week EMA

Keep in mind that our Weekly Market Reports favor those who are more interested in the long-term market picture. Therefore, the list of stocks above are stocks that we believe are safer (but nothing is ever 100% safe) to own with the long-term in mind. Nearly everything else we do at EarningsBeats.com favors short-term momentum trading, so I wanted to explain what we’re doing with this list and why it’s different.

Also, please keep in mind that I’m not a Registered Investment Advisor (and neither is EarningsBeats.com nor any of its employees) and am only providing (mostly) what I believe to be solid dividend-paying stocks for the long term. Companies periodically go through adjustments, new competition, restructuring, management changes, etc. that can have detrimental long-term impacts. Neither the stock price nor the dividend is ever guaranteed. I simply point out interesting stock candidates for longer-term investors. Do your due diligence and please consult with your financial advisor before making any purchases or sales of securities.

Looking Ahead

Upcoming Earnings

Very few companies will report quarterly results until mid-April. The following list of companies is NOT a list of all companies scheduled to report quarterly earnings, however, just key reports, so please be sure to check for earnings dates of any companies that you own. Any company in BOLD represents a stock in one of our portfolios and the amount in parenthesis represents the market capitalization of each company listed:

Monday: None
Tuesday: None
Wednesday: None
Thursday: None
Friday: None

Key Economic Reports

Monday: March Chicago PMI
Tuesday: March PMI manufacturing, March ISM manufacturing, February construction spending, Feb JOLTS
Wednesday: March ADP employment report, February factory orders
Thursday: Initial jobless claims, March ISM services
Friday: March nonfarm payrolls, unemployment rate, average hourly earnings

Historical Data

I’m a true stock market historian. I am absolutely PASSIONATE about studying stock market history to provide us more clues about likely stock market direction and potential sectors/industries/stocks to trade. While I don’t use history as a primary indicator, I’m always very aware of it as a secondary indicator. I love it when history lines up with my technical signals, providing me with much more confidence to make particular trades.

Below you’ll find the next two weeks of historical data and tendencies across the three key indices that I follow most closely:

S&P 500 (since 1950)

Mar 31: -7.16%
Apr 1: +67.49%
Apr 2: +17.08%
Apr 3: -0.40%
Apr 4: -17.99%
Apr 5: +68.25%
Apr 6: +45.38%
Apr 7: -48.59%
Apr 8: +62.64%
Apr 9: +60.32%
Apr 10: +47.37%
Apr 11: -29.33%
Apr 12: +63.88%
Apr 13: -21.35%

NASDAQ (since 1971)

Mar 31: +39.81%
Apr 1: +83.56%
Apr 2: +18.47%
Apr 3: -86.48%
Apr 4: -70.46%
Apr 5: +112.55%
Apr 6: +26.71%
Apr 7: -38.23%
Apr 8: +44.64%
Apr 9: +60.64%
Apr 10: +47.74%
Apr 11: -51.08%
Apr 12: +33.04%
Apr 13: -0.08%

Russell 2000 (since 1987)

Mar 31: +78.83%
Apr 1: +27.91%
Apr 2: +18.08%
Apr 3: -113.26%
Apr 4: -75.19%
Apr 5: +101.16
Apr 6: +51.29%
Apr 7: -90.50%
Apr 8: +59.63%
Apr 9: +137.22%
Apr 10: +5.20%
Apr 11: -80.66%
Apr 12: +45.00%
Apr 13: -37.09%

The S&P 500 data dates back to 1950, while the NASDAQ and Russell 2000 information date back to 1971 and 1987, respectively.

Final Thoughts

As I mentioned last week, I’m sticking with my belief that the S&P 500 ultimate low in 2025 will mark a correction (less than 20% drop) rather than a bear market (more than 20% drop). But a bear market cannot be ruled out. Honestly, I think sentiment ($CPCE) must turn much more bearish. This morning, we had another gap down and early selling and this is beginning to take a toll on options traders as they’re now starting to grow more bearish. As an example, check out this morning’s equity-only put call ratio at Cboe.com:

These Cboe.com readings are very high and show a definite shift in sentiment among options traders. Intense selling pressure and lots of equity puts being traded, relative to equity calls, help to mark bottoms.

Here are a few things to consider in the week ahead:

The Rebound. It ended rather quickly last week. I mentioned it’s a rebound until it isn’t. We moved right up to 5782 price resistance on the S&P 500 and the bears took over.
The Roll Over. We’re now in rollover mode, but the S&P 500 quickly lost 300 points from 5782 to today’s early low of 5488, which tested key short-term price support from March 13, where we printed a low close of 5521. Can the bulls hold onto support?
Nonfarm payrolls. This report will be out on Friday morning and current expectations are for March jobs (131,000) to fall below the February number of 151,000. Also, unemployment is expected to move up slightly from 4.1% to 4.2%. Should any of these numbers come in weaker than expected, the Fed could be in a box and Wall Street could sense it by selling off hard.
Sentiment. As I’ve said before, once the VIX moves beyond 20, not many good things happen to stocks. Selling can escalate very quickly as market makers go “on vacation.” Many times, we don’t find a bottom until retail options traders begin buying puts hand over fist. That could be underway right now.
Rotation. Rotation led us to where we are now, we need to continue to monitor where the money is going.
Seasonality. There is one real positive here. We’re about to move from the “2nd half of Q1”, which historically has produced annualized returns of +5.05% (4 percentage points BELOW the average annual S&P 500 return of +9%), to the “1st half of Q2”, which historically has produced annualized returns of 13.08% (4 percentage points ABOVE the average annual S&P 500 return of +9%). This half-quarter trails only the 1st and 2nd halves of Q4 in terms of half-quarter performance.
Manipulation. Yep, it’s starting again, just like it did during 2022’s cyclical bear market, which ultimately marked a critical S&P 500 bottom. We’ve done a ton of research on intraday trading behavior on our key indices, and many market-moving stocks like the Mag 7. Our Excel spreadsheet has been made available to all ANNUAL members, where you can see the manipulation for yourself.

Happy trading!

Tom

Stock

DP Trading Room: Magnificent Seven Stocks in Bear Markets

You may not know it, but all of the Magnificent Seven stocks are in bear markets. Given they are such an integral part of the major indexes, we have to believe that the market will follow suit and continue lower in its own bear market. The SP500 is in correction territory already.

Given the decline in the market it was especially interesting to see what the condition of the market is right now. Carl gave us his overview of market conditions with a review of the DP Signal Tables and key market indicators.

In the question period of the show, Carl and Erin gave their opinions on NVDA and Bonds in particular.

Erin caught us up on Sector Rotation where we are seeing clear patterns of market rotation from aggressive sectors to defensive sectors. She took a deep dive into key sectors to include Energy and Utilities.

Erin finished up the program taking viewer symbol requests to look for long candidates and determine key support and resistance levels.

01:02 Market Overview

13:45 Magnificent Seven

20:28 Questions

31:00 Sector Rotation & Under the Hood Sector Charts

39:00 Symbol Requests

Don’t forget! We are running a 2-week free trial on any of our products. Just use coupon code: DPTRIAL2 at checkout. Subscribe here: https://www.decisionpoint.com/products.html

You can join us in the free DecisionPoint Trading Room on Mondays at Noon ET! Just register once here: https://zoom.us/webinar/register/WN_D6iAp-C1S6SebVpQIYcC6g#/registration

The DP Alert: Your First Stop to a Great Trade!

Before you trade any stock or ETF, you need to know the trend and condition of the market. The DP Alert gives you all you need to know with an executive summary of the market’s current trend and condition. It not only covers the market! We look at Bitcoin, Yields, Bonds, Gold, the Dollar, Gold Miners and Crude Oil! Only $50/month! Or, use our free trial to try it out for two weeks using coupon code: DPTRIAL2. Click HERE to subscribe NOW!

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Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

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. 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.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

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Investing

What’s the Next US Copper Mine? 26 Copper Projects to Watch

Companies with upcoming copper mines in the US could be poised to benefit from tailwinds in the sector, including the new administration promising to cut ‘red tape’ for critical minerals projects.

Copper demand is climbing quickly in recent years because of the rapid urbanization of the global south as well as the developing energy transition sectors. However, current copper mines are increasing in age and there is a lack of new copper mines to replace them, both due to limited greenfield exploration and long permitting times.

This has put the world’s copper supply in a difficult situation, and experts expect to see supply deficits begin to emerge in 2025.

Resource nationalism is also increasing in recent times, with countries heavily focused on building their own critical minerals supply chains. This caused the Biden administration to list copper as a critical mineral in late 2024, which would allow projects accelerated permits, investment incentives and national security enhancements.

Additionally, after new US President Donald Trump took office in January 2025, Trump issued an executive order that would slash red tape to increase domestic critical mineral production, including copper. The move has caused significant environmental concerns, but it could support US copper companies that have previously struggled to receive permits.

In this article we dive into more than 25 US copper projects in the construction, restarting or permitting phase, based on data from mine database Mining Data Online (MDO). MDO’s database focuses on publicly traded mining companies, so there may be US copper mines being developed by private companies that are not in this list. This article is based on data provided by MDO as of March 2025.

Next US copper mine: Copper mines under construction

Black Butte project

Ownership: 87% – Sandfire Resources (TSXV:SFR) –
Mine type: Underground
Deposit type: SEDEX, Stratabound

Once it enters production, the Black Butte copper project in Montana is expected to produce 120,000 metric tons (MT) of copper concentrate annually. The site’s Johnny Lee deposit hosts proven and probable reserves of 8.8 million MT, containing 226,100 MT of copper at a grade of 2.6 percent.

Sandfire had previously begun Phase I construction to mine the Johnny Lee deposit, but a Montana district court ruling overturned the prior Record of Decision in 2022 halted it. However, the Montana Supreme Court ruled in Sandfire’s favor in Q1 2024. With its mining permit reinstated, the company is now assessing Black Butte’s economics as it moves toward a final investment decision.

Florence project

Ownership: Taseko Mines (TSX:TKO,NYSE:TGB)
Mine type: In-Situ
Deposit type: Porphyry

Located in Central Arizona, the Florence project is expected to produce 85 million pounds of copper annually. According to MDO, Florence will be one of the world’s most efficient copper producers, and copper produced on site will meet the London Metal Exchange grade A standard.

Overall, the site’s proven and probable mineral reserves are 2.32 billion pounds of contained copper from 320 million MT of ore with an average grade of 0.36 percent copper. Construction at the site reached the 56 percent mark in December of 2024 and is on track for its first production by the end of 2025.

Idaho Cobalt Operation

Ownership: Jervois Global (ASX:JRV,OTC Pink:JRVMQ)
Mine type: Underground
Deposit type: Vein / narrow vein, sediment-hosted

The Idaho Cobalt Operation (ICO) is located in Northern Idaho near the border with Montana. Even though the project is focused on cobalt production, over the seven-year life of the mine, it is planned to produce more than 15,000 MT of copper.

While the ICO is still listed as under construction, Jervois Global halted development of the mine in March 2023 due to falling cobalt prices. As of Q4 2024, construction activities remain suspended and the company is focused on maintenance and environmental compliance.

Next US copper mine: Mines being restarted

Gunnison mine

Ownership: Gunnison Copper (TSX:GCU,OTCQB:GCUMF)
Mine type: In-Situ Recovery, Open Pit
Deposit type: Skarn

Gunnison Copper, previously named Excelsior Mining, is currently developing its Gunnison mine in Arizona as an open pit mining operation. Gunnison was originally scheduled to begin operating in 2020 as an in-situ recovery project, but startup was delayed due to low flow rates. Gunnison Copper has been evaluating different alternatives to overcome the challenges and obtained permits to begin well simulation using small-scale, shallow-level hydraulic fracking.

However, the company determined that an open-pit operation has ‘substantially improved viability’ compared to the ISR operation at this time, and is now advancing the permitting process for the open pit. Gunnison intends to maintain the option of its fully permitted ISR operation and well stimulation.

Once the open-pit mine is in operation, Gunnison estimates an average annual production of 167 million pounds of copper cathode. The probable mineral reserve for the in-situ operation as of 2016 is 4.5 billion pounds of copper from 782.2 million MT of ore with an average grade of 0.29 percent. The open pit’s 2024 mineral resource estimate showed a measured and indicated resource of 5.1 billion pounds of copper from 831.6 million MT of ore with an average copper grade of 0.31 percent.

Sunshine mine

Ownership: Sunshine Silver Mining and Refining
Mine type: Underground
Deposit type: Vein / narrow vein, mesothermal

The Sunshine mine has seen production dating back to 1904, with the most recent being in 2008. The site sits within one of the most prolific mining areas of the Coeur d’Alene district in Idaho, United States. Since acquiring the project in 2010, Sunshine Silver Mining and Refining has spent more than US$100 million on-site upgrades and developments with the intent of restarting production before the end of the decade.

According to MDO, the Sunshine property hosts “one of the highest-grade, large primary silver deposits in the world.” Once restarted, it will also produce copper and several other metals as byproducts, with planned average annual copper production of 1.12 million pounds.

Next US copper mine: Copper mines in the permitting stage

Antler project

Ownership: New World Resources (ASX:NWC,OTC Pink:NWCBF)
State: Arizona
Mine type: Underground
Deposit type: Volcanogenic massive sulfide (VMS)
Commodities: Copper, zinc, lead, silver, gold

As of February 2025, New World Resource’s Antler project is on track to begin construction activities in H2 2025 and complete the permitting process by early 2026. Federally, the only permit remaining is the Mine Plan of Operations, which the Bureau of Land Management stated will be evaluated under an Environmental Assessment. If things proceed as planned, the company will begin shipping concentrate by 2027.

The site hosts numerous targets and a probable copper reserve of 180,000 MT from 11 million MT of ore with an average grade of 1.6 percent copper. The company anticipates a mine life of 12.2 years with an average annual copper production of 36 million pounds and copper equivalent production of 30,100 MT.

Arctic project

Ownership:
50% – Trilogy Metals (NYSE:TMQ)
50% – South32 (ASX:S32,OTC Pink:SHTLF)
State: Alaska
Mine type: Open pit
Deposit type: VMS
Commodities: Copper, zinc, lead, silver, gold

The Arctic project is currently in the feasibility stage. Due to its location, the only significant federal permit required is the 404 wetlands permit from the US Army Corps of Engineers. The remaining permits are issued at the state level.

The site’s indicated copper resource is 2.35 billion pounds from 35.7 million MT of ore with an average grade of 2.98 percent copper. An additional 189 million pounds are inferred from 4.5 million MT of ore with an average grade of 1.92 percent. Once complete, the mine is expected to produce 234,000 MT of copper annually.

Back Forty project

Ownership: Gold Resource (NYSEAMERICAN:GORO)
State: Michigan
Mine type: Open pit and underground
Deposit type: VMS, breccia pipe/stockwork
Commodities: Gold, silver, copper, zinc

Back Forty is planned as two open pits, an underground mine and a processing plant. Once fully permitted, Gold Resource plans for a 21 month construction period before mining commences at its Pinwheel open pit. In 2021, a judge denied a wetlands permit for Back Forty due to its impact on the surrounding area. MDO reports that Gold Resource’s revised mine plan avoids impact on the region’s wetlands, which should support the mine permitting process.

Back Forty will have the capacity to produce 6.8 million pounds of copper concentrate annually. The project hosts an open pit indicated copper resource of 74 million pounds from 9.36 million MT of ore with an average grade of 0.36 percent copper, and an underground indicated copper resource of 47 million pounds from 5.1 million MT with an average grade of 0.41 percent.

Cactus Mine project

Ownership: Arizona Sonoran Copper (TSX:ASCU,OTCQX:ASCUF)
State: Arizona
Mine type: Open pit and underground
Deposit type: Porphyry
Commodities: Copper

Cactus is a brownfield development project in Central Arizona with a 5.5 kilometer mine trend. The site hosts the past-producing Sacaton mine, a mining stockpile and three primary deposits: Cactus East, Cactus West and Parks/Salyer. Arizona Sonoran Copper is working to complete a pre-feasibility study for the second half of 2025.

A Q3 2024 preliminary economic assessment( PEA) outlined a 31 year mine life with on-site production of 86,000 short tons of LME Grade A copper cathode per year. In total, the site has a measured and indicated resource of 7.29 billion pounds from 632.7 million MT of ore at an average grade of 0.576 percent copper.

CK Gold project

Ownership: US Gold (NASDAQ:USAU)
State: Wyoming
Mine type: Open pit
Deposit type: Porphyry, breccia pipe/stockwork
Commodities: Copper, gold, silver

In 2024, the CK Gold project achieved several permitting milestones. In April, US Gold received its mine operating permit, and in November, its subsidiary, Gold King, received its final permit approval from the air quality division of the Wyoming Department of Environmental Quality. These permits were the final hurdles needed before the company began developing the project.

The company plans to produce a copper concentrate that contains gold, copper and silver. CK has a significant copper resource with proven and probable reserves totaling 248 million pounds from 70.4 million MT at an average grade of 0.18 percent copper. US Gold is working towards a feasibility study, and aims to begin construction in late-2025 or 2026 with first concentrate production in 2027 or 2028.

Copper Flat project

Ownership: THEMAC Resources (TSXV:MAC,OTC Pink:MACQF)
State: New Mexico
Mine type: Open pit
Deposit type: Porphyry, breccia pipe/stockwork, hydrothermal
Commodities: Copper, molybdenum, gold, silver

Copper Flat is a brownfield project built on a site that has seen mining dating back to the 1890s, with various companies working to bring the site back online since the 1980s. To date, THEMAC has completed its definitive feasibility and environmental studies and has received several key Federal and State permits. The state mining permit is in the advanced stage.

The site hosts a proven and probable copper reserve of 579.21 million pounds from 113.08 million MT of ore at an average grade of 0.3 percent copper.

Copperwood project

Ownership: Highland Copper (TSXV:HI,OTCQB:HDRSF)
State: Michigan
Mine type: Underground
Deposit type: Sediment-hosted
Commodities: Copper, silver

Copperwood is a fully permitted project and is in active development. Highland spent much of 2024 working to fulfill its obligations to prepare the site as required under the terms of the wetlands and streams permit. Its next development steps are metallurgic testing using ultra-fine flotation technology and community engagement as it moves towards a construction decision.

Copperwood hosts proven and probable reserves of 25.7 million MT of ore at an average grade of 1.45 percent copper for 820 million pounds of contained copper. Highland expects to produce 65 million pounds of saleable copper per year for a total of 675 million pounds over the mine’s 10.3 year life.

Copper World Complex

Ownership: Hudbay Minerals (TSX:HBM,NYSE:HBM)
State: Arizona
Mine type: Open pit
Deposit type: Porphyry, skarn
Commodities: Copper, molybdenum, silver, gold

Copper World is one of the largest copper projects in development in the United States, according to Hudbay. The company is currently in the permitting stage for Phase 1 at Copper World, which will consist of four open pits with an expected mine life of 20 years. The second phase will expand the operation and extend the life of the mine further.

The site has received all necessary state permits to begin construction and operation after it received its air quality permit in January 2025. Hudbay is expecting annual average copper production of 92,000 MT during the first 10 years and 85,000 MT over the 20 year mine life. In year five, it plans to begin copper cathode production to supply the US market.

CuMo project

Ownership: Idaho Copper (OTC Pink:COPR)
State: Idaho
Mine type: Open pit
Deposit type: Porphyry, vein/narrow vein, breccia pipe/stockwork
Commodities: Molybdenum, copper, silver, tungsten, rhenium, sulfuric acid

While Idaho Copper’s focus with CuMo is developing one of the world’s largest molybdenum mines, the company also plans to produce an average of 84 million pounds of copper metal in concentrate per year. CuMo hosts a significant measured and indicated copper resource of 3.81 million pounds.

Idaho Copper is working towards releasing an updated PEA during the first half of 2025. Additionally, the company expects to begin environmental work for its environmental impact statement sometime this year.

Empire project

Ownership:
80% – Phoenix Copper (LSE:PXC,OTCQB:PXCLF)
20% – ExGen Resources (TSXV:EXG,OTC Pink:BXXRF)
State: Idaho
Mine type: Open pit
Deposit type: Skarn, vein/narrow vein, breccia pipe/stockwork
Commodities: Copper, gold, silver

Empire is a brownfield project planned as an open-pit mine atop historic underground workings. Phoenix Copper is developing its mine plan for the Idaho Department of Lands and for federal review by the National Environmental Policy Act. The company is aiming to complete the permitting project in 2025 and begin production in 2026 using on-site, pre-owned milling equipment it purchased in 2024.

Empire’s proven and probable copper reserves are 109.45 million pounds from 10.1 million MT of ore with an average grade of 0.49 percent copper. The mill will produce a copper-gold-silver concentrate and cement copper stream, combining for 89.1 million pounds of payable copper over the nine-year life of mine.

Mason project

Ownership: Hudbay Minerals
State: Nevada
Mine type: Open pit
Deposit type: Porphyry, vein/narrow vein
Commodities: Copper, molybdenum, gold, silver

Planned for a mine life of 27 years, Mason is a significant greenfield copper deposit and one of the largest undeveloped porphyry copper deposits in North America, according to MDO. Hudbay considers Mason a ‘long-term future development asset’ and is working on enhancing project economics through metallurgical studies.

Based on its 2021 PEA, Hudbay expects the mine to produce an average of 112,000 MT of copper concentrate per year and deliver more than 10 million MT over its lifetime.

NorthMet project

Ownership:
50% – Teck (TSX:TECK.A,TECK.B,NYSE:TECK)
50% – Glencore (LSE:GLEN,OTC Pink:GLCNF)
State: Minnesota
Mine type: Open pit
Deposit type: Magmatic
Commodities: Copper, nickel, palladium, gold, platinum, cobalt, silver

The Teck and Glencore NewRange joint venture consists of two deposits: NorthMet and Mesaba. Permitting for NewRange is stalled in part due to concerns with the mine’s tailings plan. In 2025, the companies plan to advance engineering studies at NorthMet and secure updated development permits.

The Trump administration’s executive order to speed approvals of critical minerals projects could potentially help the project clear regulatory hurdles. If it is fully permitted, NorthMet is expected to deliver an average of 60 million pounds of copper concentrate per year over a 20 year mine life.

Palmer project

Ownership: American Pacific Mining (CSE:USGD,OTCQX:USGDF)
State: Alaska
Mine type: Underground
Deposit type: VMS
Commodities: Copper, zinc, silver, gold, barite, lead

American Pacific Mining is assessing its Palmer project through its five-year plan that ends in 2028. In 2024, work included environmental and permitting activities, a variety of studies in preparation for future feasibility plans and drilling to expand the mineral resource.

As of 2018, the site hosts an indicated copper resource of 154 million pounds from 4.68 million MT of ore at an average copper grade of 1.49 percent, and an inferred copper resource of 124 million pounds from 9.6 million MT of ore at an average grade of 0.59 percent.

Pebble project

Ownership: Northern Dynasty Minerals (TSX:NDM,NYSE:NAK)
State: Alaska
Mine type: Open pit
Deposit type: Porphyry
Commodities: Copper, molybdenum, gold, silver, rhenium

According to MDO, Pebble is the world’s largest known undeveloped resource of copper as well as gold. The project has been stalled since November 2020, when the US Army Corps of Engineers (USACE) rejected its permit applications due to environmental concerns. Since then, Northern Dynasty has been suing to overturn the rejection.

In February 2025, court proceedings were suspended for 90 days at the request of the Environmental Protection Agency (EPA) and the USACE. This followed the confirmation of a new EPA administrator and Trump’s executive order supporting critical mineral projects. However, it still remains to be seen whether the Trump administration will support Pebble this time around, as the previous rejection was made during his first term.

Pebble is planned to produce an estimated average of 320 million pounds of copper concentrate annually, from a measured and indicated resource base of 52.99 billion pounds of copper.

Pumpkin Hollow

Ownership: Kinterra Capital
State: Nevada
Mine type: Open pit
Deposit type: Skarn, breccia pipe/stockwork, iron oxide copper-gold (IOCG)
Commodities: Copper, gold, silver

The Pumpkin Hollow project hosts a fully permitted open pit project and a fully permitted and constructed underground mine. Production and development were suspended at the operations after its previous owner Nevada Copper filed for Chapter 11 bankruptcy in June 2024. That October, Pumpkin Hollow was acquired for US$128 million by an affiliate company of private equity firm Kinterra Capital, which plans to advance the assets.

Proven and probable copper reserves at Pumpkin Hollow’s open pit project total 3.59 billion pounds from 385.7 million MT of ore with an average grade of 0.47 percent copper. The open pit is expected to produce an annual average of 163 million pounds of payable copper. Additionally, the underground mine is projected to produce 50 million pounds of payable copper annually once it is restarted.

Resolution project

Ownership:
55% – Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)
45% – BHP Group (ASX:BHP,NYSE:BHP,LSE:BHP)
State: Arizona
Mine type: Underground
Deposit type: Porphyry
Commodities: Copper, molybdenum, silver

The Resolution project has the potential to supply 25 percent of the total US copper demand, with planned production of 40 billion pounds of copper over its 40 year mine life.

Permitting for the project has been underway for over a decade, and the US Forest Service published and then rescinded the project’s final environmental impact statement in early 2021. The local Apache Tribe has taken legal action to stop the proposed mine as the deposit sits under a site of religious importance.

According to BHP’s 2024 annual report, the Resolution joint venture and the US Forest Service are focused on further consultation with Native American Tribes to mitigate harm to the region. The agency has said there is currently no timeline for republication of the final environmental impact statement. After Trump took office in January, Rio Tinto’s CEO said he is optimistic the president will grant Resolution’s final permits.

Tamarack North project

Ownership:
51% – Talon Metals (TSX:TLO,OTC Pink:TLOFF)
49% – Rio Tinto
State: Minnesota
Mine type: Underground
Deposit type: Porphyry
Commodities: Nickel, copper, cobalt, platinum, palladium, gold

Tamarack is one of only three high-grade nickel sulfide deposits discovered in this century. Due to its significance, the US Department of Energy has selected it to receive a US$114.8 million grant for the construction of a battery mineral processing facility.

Despite its nickel primary status, the project will produce 24,000 MT of copper concentrate annually as a by-product material from an indicated resource of 8.56 million MT of ore grading 0.92 percent copper. Talon currently plans to begin construction in 2026, with production beginning in late 2027.

Twin Metals Minnesota project

Ownership: Antofagasta (LSE:ANTO,OTC Pink:ANFGF)
State: Minnesota
Mine type: Underground
Deposit type: Magmatic
Commodities: Copper, nickel, platinum, palladium, gold, silver, cobalt, lead

Twin Metals Minnesota’s development is currently on hold after hitting multiple roadblocks, including the rejection of its mine plan and cancelling of two federal mining leases due to concerns tailings from the mine will impact the Superior National Forest and Boundary Waters Canoe Area.

In 2022, Antofagasta’s subsidiary Twin Metals engaged in litigation against the US government over the actions, and in September 2023, the district court dismissed the company’s claims, siding with the government. Twin Metals filed an appeal in November of that year.

If approved, the mine is expected to produce 158,000 MT of copper annually. The company said it is studying the possible impact of Trump’s executive order.

Van Dyke project

Ownership: Copper Fox Metals (TSXV:CUU,OTCQX:CPFXF)
State: Arizona
Mine type: In-situ
Deposit type: Porphyry, breccia pipe/stockwork, vein/narrow vein
Commodities: Copper

The Van Dyke project covers a project area of 531.5 hectares and hosts historical mine workings, which produced 11.5 million pounds of copper between 1929 and 1945 and an additional 5 million pounds between 1988 and 1989.

In a 2020 PEA, Copper Fox reported an after-tax net present value of US$644.7 million, an internal rate of return of 43.4 percent and a payback period of 2.1 years. The company forecasts a mine life of 17 years and annual average copper production of 85 million pounds. Copper Fox is currently advancing the project towards a pre-feasibility study.

White Pine North project

Ownership:
66% – Kinterra Capital
34% – Highland Copper
State: Michigan
Mine type: Underground
Deposit type: Sediment-hosted
Commodities: Copper, silver

Kinterra Capital is the operator of White Pine North as of 2023, when Highland sold it 66 percent of the project. In June 2024, the company initiated an environmental baseline study for White Pine North that would be key to supporting its ongoing permitting operations. Using room-and-pillar mining, the partners plan to use begin production at the first panel in 2027 and expect a four-year ramp-up to full plant throughput.

The project hosts a measured and indicated copper resource of 3.5 billion pounds from 133.4 MT of ore with an average grade of 1.05 percent copper and an additional inferred copper resource of 2.18 billion pounds from 97.2 MT of ore with an average grade of 1.03 percent. Average annual payable copper metal production is projected at 94 million pounds.

Securities Disclosure: I, Dean Belder, have an investment in Northern Dynasty.

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Investing

Alvo Minerals to Acquire Pan American’s Lavra Velha Gold-Copper Project

Brazil-focused explorer Alvo Minerals (ASX:ALV,OTC Pink:ALVMF) has signed a non-binding letter of intent with Pan American Silver (TSX:PAAS,NYSE:PAAS) to acquire the Lavra Velha gold-copper project.

According to Alvo, the project and surrounding exploration ground were considered by Pan American to be ‘non-core’ after the company completed its acquisition of Yamana Gold in 2022.

Mineralization was discovered at Lavra Velha in 2010, and the site was explored from 2010 to 2013, and then from 2018 to 2022. The project covers 55,000 hectares in Brazil’s Bahia state.

Lavra Velha has a NI 43-101 resource estimate of 9.2 million tonnes at 1.76 grams per tonne (g/t) gold for 520,000 ounces. That includes an indicated resource of 4.5 million tonnes at 1.96 g/t gold for 282,000 ounces, as well as an inferred resource of 4.7 million tonnes at 1.56 g/t gold for 238,000 ounces.

“We are very excited about the proposed acquisition of the Lavra Velha Gold-Copper Project,’ Alvo Managing Director Rob Smakman said in a Monday (March 31) announcement, adding that the property is complementary to the company’s Palma copper-zinc project. He also commented positively on current gold and copper market dynamics.

The company plans to update Lavra Velha’s NI 43-101 resource to meet JORC standards. Among other adjustments, it will use the current gold price instead of the previous US$1,650 per ounce price.

As part of the acquisition plan, Alvo will be opening an entitlement offer to raise up to AU$3.5 million among its shareholders, with each share priced at AU$0.06. Once raised, the amount is proposed to cover the US$1 million upfront cash payment portion of the transaction, along with initial exploration of Lavra Velha.

The entitlement offer is set to open to eligible Alvo shareholders on Friday (April 4).

Completion of the transaction with Pan American is subject to Alvo’s satisfaction of due diligence and the execution of an asset purchase agreement. The due diligence completion has a 45 day exclusivity period.

Shares of Alvo rose as high as AU$0.066 following the announcement, up 10 percent from the firm’s previous AU$0.06 close. Pan American finished at US$25.55, a 1.47 percent dip from its US$25.94 close last week.

According to Global Business Reports’ Brazil Mining 2024 report, mining in Brazil continues to be fueled by iron ore, but is slowly seeing diversification through a growing number of gold, rare earths and lithium projects.

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

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