Global equity markets were up 3.4% last week (up 1.9% in the prior week) despite the ongoing crisis in Ukraine, and escalating tensions between Russia and the U.S. We continue to expect equities to be under pressure in the near-term amid geopolitical tensions, supply-chain disruptions, high commodity prices, and increased restrictions/lockdowns in China to combat a recent surge in COVID-19 cases.


Valuations of gold producers were down 1% last week (up 3% previously); base metal producers were flat (down 7% previously). Juniors continue to lag seniors. We expect juniors to outperform seniors in the near-term, as they typically follow seniors (during a rally).


As of March 21, 2022, the global MCAP of cryptos is US$1.88T, up 10% MoM, and 6% YoY.


As of March 21, 2022, there are 3,142 retail cannabis stores in Canada, an increase of 33 stores WoW, including three in Alberta, three in B.C., and 27 in Ontario.

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Companies Mentioned:

Sirios Resources Inc., Lion Copper and Gold Corp., Lumina Gold Corp., GCM Mining, Cornerstone Capital Resources Inc., Golden Arrow Resources Corporation, Rover Metals Corp., Los Andes Copper Ltd., Monarch Mining Corporation, Azure Minerals Limited, Blue Lagoon Resources, KWESST Micro Systems Inc., TAAT Global Alternatives Inc., Banxa Holdings Inc., Eqonex Limited., Pure Extracts Technologies Corp., Halo Collective Inc.