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April 2, 2025

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

Stock 14 Mins Read

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

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Top 10 Stock Charts for April 2025: Big Breakouts Ahead?

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Finding stocks that show promising opportunities can be challenging in a market that goes up and down based on news headlines. But, it’s possible.

In this video, watch how Grayson Roze and David Keller, CMT use the tools available in StockCharts to find stocks that are breaking out, displaying relative strength setups, and exhibiting moving average signals.

Be sure to watch it. You may find some hidden gems! 

This video premiered on March 31, 2025.

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AU Surges Above Resistance: Here’s How to Take Action

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As precious metals surge on safe-haven demand, some gold mining companies are following suit. One standout is AngloGold Ashanti Ltd. (AU), which has been riding this upward momentum.

Recently, AU showed up among the Top 10 Large Cap category in the StockCharts Technical Rank (SCTR) Reports, indicating that it’s among the top large-cap stocks showing bullish technical strength across multiple timeframes and indicators.

FIGURE 1. SCREENSHOT OF SCTR REPORTS ON MONDAY MORNING. AU, which held the #6 spot at the time of the screenshot, had an ultra-bullish SCTR score of 99.3.

Unless you follow gold miners, you may not know much about AU. But here’s the skinny: AngloGold Ashanti Ltd. is a global independent mining company that’s incorporated in the UK but headquartered in Colorado, US. 

AU’s recent surge can be attributed to several factors, including rising gold prices, strong financials, recent strategic acquisitions, revised dividend policy, and general investor shift to safe havens.

If you’re unfamiliar with the stock, a good starting point is to compare its relative performance against its industry (Dow Jones Gold Mining Index or $DJUSPM) and spot gold price performance ($GOLD). The PerfChart below displays AU’s performance relative to the industry and gold’s price over the past year.

FIGURE 2. PERFCHARTS OF AU, DJ GOLD MINING INDEX, AND GOLD. AU began outperforming its overall industry and gold’s performance in late January.

AU and $DJUSPM have shown volatile, back-and-forth price action over the past 12 months, but AU began taking the lead in late January, surpassing both in comparative terms.

Now that you have a comparative view, let’s take a longer-term look at AU’s price action. Here’s a monthly chart spanning 20 years. Why so long? I had to go this far back to plot long-term resistance levels.

FIGURE 3. MONTHLY CHART OF AU. The stock just broke above a resistance range between $35 and $37, but there are plenty more technical headwinds above.

AU appears to be soaring at relatively high valuations and is running up against a major resistance range between $42 and $45. What adds weight to the long-term bullish case of AU’s current valuations is the rising Ichimoku Cloud, indicating a long-term uptrend projection (26 months) and a Relative Strength Index (RSI) reading that is rising but not quite overbought. Another thing to note, which is interesting, is that every time the RSI crossed 70, AU reversed to the downside. 

Despite this bullish projection, keep in mind that AU could still pull back—while remaining in a long-term uptrend—and decline to as low as $22.50 before rebounding. This level marks a key swing low and aligns with the top of the Ichimoku Cloud’s support range.

That gives us a long-term perspective. What about the near term? Might there be a favorable entry point for those looking to go long, or is AU technically overbought? 

Let’s shift over to a daily chart.

FIGURE 4. DAILY CHART OF AU. Pay attention to the most recent swing high and low.

The Gold Miners Bullish Percent Index (BPI) indicates strong bullish breadth as over 89% of gold mining stocks are rallying and triggering P&F buy signals. However, this can also indicate potential overbought levels, and the RSI supports this reading, as it, too, is over the 70 threshold (caveat: a stock can continue to rally for an extended period despite being overbought).

Volume-wise, note how accumulation preceded AU’s rally as far back as September when the Accumulation/Distribution Line (ADL) shown in orange began rising above AU’s price as if the smart money began accumulating the stock as it continued to decline before rebounding. AU currently trades above the ADL line, which could signal a near-term pullback. 

Pay attention to AU’s price relative to its most recent swing high (magenta dotted line) and swing low (blue dotted line). I plotted a ZigZag line to make these swing points clear. 

  • If AU pulls back, it may find support at the swing high near $33. What’s more important is that the stock price must hold above the swing low near $28 to sustain the current uptrend.
  • Expect resistance between $42 and $45 (as mentioned earlier when analyzing the monthly chart).

What Should You Do?

If you’re already in AU and not necessarily committed to the long term, consider tightening your stops or scaling out partial profits as the stock approaches the $42–$45 resistance zone. The RSI above 70 and elevated breadth readings across the gold mining sector suggest short-term overbought conditions, making a pullback likely—even within a broader uptrend. Watch for any bearish divergences or volume reversals, and use a bounce from $28 or $33 to potentially add to your position.

If you’re looking to enter, patience may pay. A retracement to the $33 support zone—or the swing low at $28 if sentiment reverses sharply—could offer a more favorable risk-reward entry. Keep in mind that a break below $28 would weaken the current technical structure and could open the door to a deeper correction, potentially down to $22.50.

For long-term investors, AU still holds promise. The rising monthly Ichimoku Cloud you saw in the monthly chart, strong accumulation trends, and outperformance vs. peers support a bullish longer-term case. But stay disciplined, and keep an ear on economic developments that may have a longer-term impact. Consider using a tiered entry approach rather than chasing highs.

In short, AU’s long-term momentum is intact, but don’t ignore the warning signs of a short-term cooldown. Stay tactical—ride the trend, but always protect your capital!

At the Close

While AU continues to ride the wave of bullish sentiment in the gold sector, a few of its technical indicators, appearing seemingly stretched, hint at a possible short-term breather. Long-term prospects remain intact, but near-term caution is warranted.

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.

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Get Paid to Buy Your Favorite Stocks Using This Options Strategy

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Learn how to select the right stocks, identify strike prices and expiration dates, analyze various outcomes, and manage your trades.

Armed with this knowledge, you will never want to miss out on the opportunity to generate income from your portfolio. 

This video premiered on April 1, 2025.

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Investing

Cygnus secures another two years to increase its stake in Pontax

Investing 3 Mins Read

Pontax Lithium Project, James Bay, Canada

Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is pleased to announce that it has negotiated a two-year extension to its two-stage earn-in with Stria Lithium Inc (‘Stria’) for the Pontax Lithium Project in James Bay, Quebec (‘Pontax’).

In July 2023, Cygnus announced that it had earned 51 per cent of Pontax under the first stage of the earn-in by spending C$4 million on the project and issuing 9,129,825 fully paid ordinary shares in Cygnus (‘Shares’) to Stria.

As a demonstration of the co-operation between Stria and Cygnus, the parties have now agreed that Cygnus has an additional 24 months to satisfy the second stage of the earn-in and earn an additional 19% interest in Pontax, bringing its total interest to 70%.

The extension means that Cygnus has until October 2027 to expend an additional C$2 million on exploration at the project and make a cash payment to Stria of C$3 million, enhancing the likelihood of successful exploration outcomes at Pontax.

As consideration for the extension and subject to TSXV approval, Cygnus will shortly issue 300,000 Shares to Stria utilising the Company’s available Listing Rule 7.1 capacity at a deemed price of A$0.105 per Share (based on the ASX closing price on 1 April 2025). These Shares will be subject to voluntary escrow for a period of 12 months from issue.

This announcement has been authorised for release by the Board of Directors of Cygnus.

David Southam
Executive Chairman
T: +61 8 6118 1627
E: info@cygnusmetals.com

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

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Cartier Resources Announces Subscription Agreement for Flow-Through Units Under Its Previously Announced Brokered Offering and Adjustments Further to Tax Measures Unveiled by the Quebec Minister of Finance

Investing 9 Mins Read

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.

Cartier Resources Inc. (TSX-V: ECR) (‘ Cartier ‘ or the ‘ Corporation ‘) announces the execution, on March 31, 2025, of an amending agreement (the ‘ Amending Agreement ‘) further to the engagement letter dated March 20, 2025 between Paradigm Capital Inc. (the ‘ Agent ‘) and the Corporation (the ‘ Engagement Letter ‘) with respect to its previously announced ‘best efforts’ private placement offering of securities of Cartier (the ‘ Offering ‘).

The Amending Agreement was concluded to address potential impacts of several tax measures unveiled on March 25, 2025 by the Minister of Finance (Québec) in connection with his 2025-2026 budget (the ‘ 2025 Québec Budget ‘).

The Offering will continue to raise aggregate gross proceeds for the Corporation of up to approximately $7,300,160 (subject to a potential increase thereof for additional gross proceeds of up to $1,095,024 in accordance with the exercise of the Agent’s Option, as further described below).

The Offering remains a combination of: (a) units of the Corporation issued on a charitable flow-through basis that will qualify as ‘flow-through shares’ within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the ‘ Tax Act ‘) and section 359.1 of the Québec Tax Act (the ‘ Premium FT Units ‘) for gross proceeds of approximately $5,000,200; and (b) units of the Corporation (the ‘ Hard Dollar Units ‘) and, together with the Premium FT Units, the ‘ Offered Securities ‘) at $0.13 per Hard Dollar Unit for gross proceeds of $2,299,960. Each Premium FT Unit consists of one common share in the capital of the Corporation (each a ‘ Common Share ‘) and one common share purchase warrant (each a ‘ Premium FT Warrant ‘), with each such Common Share and Premium FT Warrant qualifying as a ‘flow-through share’ within the meaning of subsection 66(15) of the Tax Act and section 359.1 of the Québec Tax Act. Each Hard Dollar Unit consists of one Common Share of the Corporation and one common share purchase warrant (each a ‘ Hard Dollar Warrant ‘), and for certainty, each such Common Share and Hard Dollar Warrant will not qualify as a ‘flow-through share’.

Under the Engagement Letter, the subscription price of the Premium FT Units (the ‘ FT Subscription Price ‘) was set on March 20, 2025 at $0.23 per FT Unit, based on certain tax benefits then available under the Quebec Tax Act and the Tax Act, including, but not limited to, the Québec Capital Gain Exemption and Québec Additional Deductions (each as defined herein).

The 2025 Québec Budget introduced major changes to the flow-through share regime under the Taxation Act (Québec) (the ‘ Québec Tax Act ‘), including the following measures (collectively, the ‘ 2025 Québec Budget Amendments ‘):

(a) abolition of the capital gains exemption in respect of the disposition of certain ‘resource property’ (within the meaning of the Québec Tax Act) (the ‘ Québec Capital Gain Exemption ‘); and
(b) abolition of both (i) the additional 10% deduction under the Québec Tax Act in respect of certain exploration expenses incurred in Québec and (iii) the additional 10% deduction under the Québec Tax Act in respect of certain surface mining exploration expenses incurred in Québec (collectively, the ‘ Québec Additional Deductions ‘).

However, the 2025 Québec Budget provides that the abolition of the Québec Additional Deductions will not apply to flow-through shares issued after March 25, 2025 if they are issued following a public announcement made no later than March 25, 2025 (which is the case of the Offering), provided furthermore that a report of exempt distribution is filed with the Autorité des marchés financiers no later than May 31, 2025 (the ‘ Grandfathering Exception ‘).

Considering the potential impacts of the 2025 Québec Budget Amendments as announced on March 25, 2025, the Corporation, on March 31, 2025, (a) entered into the Amending Agreement; and (b) entered into a subscription and renunciation agreement with PearTree Securities Inc. (‘ PearTree ‘), on behalf of certain disclosed principals (the ‘ Subscription and Renunciation Agreement ‘).

Pursuant to the Subscription and Renunciation Agreement, a mechanism was introduced to allow for the adjustment of the FT Subscription Price to $0.205 or $0.182 from $0.23 (i.e. the price initially agreed upon on March 20, 2025 under the Engagement Letter) depending on whether the Québec Capital Gain Exemption and/or Québec Additional Deductions are determined on the Closing Date (as defined herein) to be available in respect of the Offering, based on any written statements that are issued by the Minister of Finance (Québec) to clarify the scope of the 2025 Québec Budget Amendments and the Grandfathering Exception. Under the Subscription and Renunciation Agreement, corresponding adjustments would also be made to the number of Premium FT Units issued so as to retain approximately the same aggregate gross subscription proceeds.

All of the other material terms of the Offering remain unchanged, including the following:

  • The gross proceeds from the sale of the Premium FT Units will be used by the Corporation to incur eligible ‘Canadian exploration expenses’ that qualify as ‘flow-through mining expenditures’ (as both terms are defined in the Tax Act) (the ‘ Qualifying Expenditures ‘) related to the projects of the Corporation in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the Premium FT Units with an effective date no later than December 31, 2025 and in an aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of the Premium FT Units.
  • Each Premium FT Warrant and Hard Dollar Warrant will entitle the holder thereof to acquire one Common Share of the Corporation (each a ‘ Warrant Share ‘) on a non-flow-through basis at an exercise price of $0.18 for a period of 5 years following the Closing Date (as herein defined).
  • The Corporation will grant the Agent an option (the ‘ Agent’s Option ‘), exercisable up to 48 hours prior to the Closing Date (as herein defined), to sell that number of Offered Securities for additional gross proceeds of up to $1,095,024.

The Offering is being made by way of private placement in Canada. The Offered Securities will be subject to a four month and one day hold period under applicable securities laws in Canada. The Offering is expected to close on or about April 14, 2025 (the ‘ Closing Date ‘), subject to the satisfaction or waiver of customary closing conditions, including the conditional listing approval of the TSX-V.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006, is an exploration company based in Val-d’Or. The Corporation’s projects are all located in Québec, which consistently ranks among the world’s top mining jurisdictions. Cartier is advancing the development of its flagship Cadillac project, consisting of the Chimo Mine and East Cadillac properties, and its other projects. The Corporation has corporate and institutional support, including Agnico Eagle and Québec investment funds.

This news release does not constitute an offer of securities for sale in the United States. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration in the United States or an applicable exemption from the registration requirements in the United States.

Cautionary Note Regarding Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance including in respect of the use of proceeds of the Offering, closing of the Offering and the tax treatment of the flow through shares (often but not always using phrases such as ‘expects’ or ‘does not expect’, ‘is expected’, ‘interpreted’, ‘management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For more information, contact:

Philippe Cloutier, P. Geo.
President and CEO
Phone: 819-856-0512
Email: philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

News Provided by GlobeNewswire via QuoteMedia

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Top 5 Small-cap Biotech Stocks of 2025

Investing 8 Mins Read

The NASDAQ Biotechnology Index (INDEXNASDAQ:NBI) is still trading at three-year highs, despite current market volatility, in response to breakthrough innovations and increased deals involving biotech stocks listed on the NASDAQ.

After dropping to a low of 3,637.05 in October 2023, the index climbed to a nearly three year peak of 4,954.813 on September 19, 2024. While the index had pulled back to 4,243.7 as of March 31, 2025, further growth could be in store in the future.

According to a Towards Healthcare analyst report, the global biotech market is expected to grow at a compound annual growth rate of 12.5 percent from now to 2034, reaching a valuation of US$5.036 trillion.

Driving that growth will be favorable government policies, investment in the sector, increased demand for synthetic biology and a rise in chronic disorders such as cancer, heart disease and hypertension.

The top NASDAQ biotech stocks have seen sizeable share price increases over the past year. For those interested in investing in biotech companies, the best-performing small-cap biotech stocks are outlined below.

Data was gathered on March 31, 2025, using TradingView’s stock screener. Small-cap biotech stocks with market caps between US$50 million and US$500 million at that time were considered for this list.

1. Bright Minds Biosciences (NASDAQ:DRUG)

Company Profile

Year-over-year gain: 2,942.02 percent
Market cap: US$254.99 million
Share price: US$36.20

Bright Minds Biosciences is developing novel treatments for pain and neuropsychiatric disorders such as epilepsy, post-traumatic stress disorder and difficult-to-treat depression.The company’s platform includes serotonin agonists designed to provide powerful therapeutic benefits while minimizing side effects.

Bright Minds is currently in Phase 2 clinical trials for BMB-101, a highly selective 5-HT2C receptor agonist, in adult patients with classic absence epilepsy and developmental epileptic encephalopathy.

Bright Minds’ share price rocketed upward in the fourth quarter of last year, shooting up from US$2.49 to US$38.49 in one day on October 15. The company issued a press release at the time, stating it was ‘unaware of any material changes in the company’s operations’ that would have contributed to such a rally.

The outperformance appears to be related to the October 14 news that Danish pharma company H. Lundbeck was to acquire Longboard Pharma, a company developing a 5-HT2C receptor agonist, for US$60 per share.

A few days later, Bright Minds announced a non-brokered private placement of US$35 million, which sent shares up to US$47.21 on October 18.

That same month, the company shared its collaboration with Firefly Neuroscience (NASDAQ:AIFF) to use Firefly’s Brain Network Analytics technology platform to provide a full analysis of the electroencephalogram data from Bright Minds’ BMB-101 Phase 2 clinical trial. This follows the pair’s previous successful collaboration to analyze data from Bright Minds’ first-in-human Phase 1 study of BMB-101.

In March 2025, Bright Minds expanded its Scientific Advisory Board with the addition of five experts in epilepsy research.

Bright Minds’ share price reached US$55.77, its peak for the past year, on November 6.

2. Monopar Therapeutics (NASDAQ:MNPR)

Company Profile

Year-over-year gain: 924.54 percent
Market cap: US$220.3 million
Share price: US$36.10

Clinical-stage biotech Monopar Therapeutics’ main drug candidate is its late-stage ALXN-1840 for Wilson disease. Its pipeline also includes radiopharma programs such as Phase 1-stage MNPR-101-Zr for imaging advanced cancers, as well as Phase 1a-stage MNPR-101-Lu and late preclinical-stage MNPR-101-Ac225 for the treatment of advanced cancers.

Shares in Monopar spiked by more than 600 percent on October 24, 2024, to US$32.66 following its news release detailing its exclusive worldwide licensing agreement with Alexion, AstraZeneca’s (NASDAQ:AZN) Rare Disease unit, for ALXN-1840, a drug candidate for Wilson disease that met its primary endpoints in its Phase 3 clinical trial. Going forward, Monopar will be responsible for all future global development and commercialization activities.

Further positive news flow in December continued to drive the company’s stock value. Early in the month, the company shared that the first patient was dosed with MNPR-101-Lu in its Phase 1a trial for the radiopharmaceutical. A few weeks later, Monopar announced the launch of a US$40 million concurrent public offering and private placement. After having fallen back to the US$22 range, shares in the company climbed to US$30.68 on December 17, 2024.

Positive sentiment in the company and the biotech market would later drive the stock up to its yearly high of US$51.89 on February 10, 2025. Monopar released its Q4 and full-year 2024 results on March 31.

3. Candel Therapeutics (NASDAQ:CADL)

Company Profile

Year-over-year gain: 268.3 percent
Market cap: US$262.39 million
Share price: US$5.64

Candel Therapeutics is a biotech company focused on developing oncology treatments. The company’s pipeline includes two clinical-stage multimodal biological immunotherapy platforms.

Candel’s lead product candidate, CAN-2409, is in a Phase 2 clinical trial in non-small cell lung cancer and borderline resectable pancreatic cancer, as well as Phase 2 and 3 trials for localized, non-metastatic prostate cancer.

The company had a number wins with the US Food and Drug Administration (FDA) in 2024. In February and May, respectively, Candel’s CAN-3110 received regulatory approval for fast-track designation and orphan drug designation for the treatment of recurrent high-grade glioma.

The agency also granted Candel orphan drug designation for CAN-2409 for the treatment of pancreatic cancer in April 2024. Positive interim data for the trial on pancreatic cancer released that month, sent the company’s share price spiking upward. It ultimately climbed to its 2024 high point of US$14.00 on May 15, 2024.

So far in 2025, Candel’s share price has traded as high as US$12.21 on February 20. In its January corporate update, the company shared its goals for the year, including aiming for Q4 for reporting overall survival data in patients with recurrent high-grade glioma from its ongoing phase 1b trial that is evaluating multiple doses of CAN-3110.

4. Tiziana Life Sciences (NASDAQ:TLSA)

Company Profile

Year-over-year gain: 154.76 percent
Market cap: US$119.51 million
Share price: US$1.08

Tiziana Life Sciences is a clinical-stage biopharma which is developing therapies for autoimmune and inflammatory diseases, degenerative diseases, and cancer-related to the liver. Its pipeline of candidates is built on its patent drug delivery technology that provides a possible alternative to intravenous (IV) delivery. Tiziana’s lead candidate is intranasal foralumab, which it says is the only fully human anti-CD3 mAb currently in clinical development.

On May 31, 2024, shares in Tiziana broke above US$1 after a series of positive news flow for the company. This included positive clinical results from its intermediate sized Expanded Access Program for non-active secondary progressive multiple sclerosis patients, which demonstrated multiple improvements in foralumab-treated patients, as well as its submission of an orphan drug designation application to the FDA for intranasal foralumab for the treatment of non-active secondary progressive multiple sclerosis (na-SPMS).

While Tiazana’s share price slid back down below US$1 per share by mid-June 2024, news that the FDA granted fast track designation to Tiziana intranasal foralumab for the treatment of na-SPMS gave it a much needed boost to the upside. By August 12, the stock’s value had risen to US$1.45 per share.

Tiziana Life Sciences shares reached a yearly peak of US$1.69 on March 7, 2025, after the company filed its investigational new drug application to the FDA for a phase 2 clinical trial in amyotrophic lateral sclerosis (ALS), which is supported by the ALS Association.

5. Benitec Biopharma (NASDAQ:BNTC)

Company Profile

Year-over-year gain: 149.71 percent
Market cap: US$331.43 million
Share price: US$13.01

California-based Benitec Biopharma is advancing novel genetic medicines via its proprietary “Silence and Replace” DNA-directed RNA interference platform. The company is currently focused on developing therapeutics for chronic and life-threatening conditions, including oculopharyngeal muscular dystrophy (OPMD).

Its drug candidate BB-301 was granted orphan drug designation by the FDA and the European Medicines Agency. Benitec is well funded to advance its BB-301 clinical development program through the end of 2025.

Benitec’s share price benefited from its first bump of the past year, after the company released its fiscal year Q3 2024 update in mid-May highlighting its achievements over the quarter. This included the closing of a US$40 million private placement. Benitec’s stock value hit US$10.47 per share on May 20, 2024.

Later in the fall, the company reported positive data from two patients with OPMD treated with low-dose BB-301 in phase 1b/2a study, showing the clinical trial is meeting key safety and efficacy endpoints. Shares hit another high of US$11.22 on October 17, 2024.

Benitec’s share price hit US$16.79, its highest yearly value to date, on March 20, 2025, a day after the company released positive interim clinical results for three patients with OPMD treated with BB-301 in phase 1b/2a study.

“The sixth and final Subject of Cohort 1 will be treated with BB-301 in the second calendar quarter of this year, and we are highly optimistic about the potential for continued benefit in Subjects enrolled in the ongoing clinical study,” said Jerel A. Banks, Benitec Executive Chairman and CEO.

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

This post appeared first on investingnews.com

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StrategX Announces Executive Change

Investing 2 Mins Read

StrategX Elements Corp. (CSE: STGX) (‘StrategX’ or the ‘Company’) announces that Gary Wong has stepped down from his role as the Company’s Vice President of Exploration. While Gary is transitioning from this position, he will continue to contribute to other capacities, bringing his expertise and leadership to key projects. The Board would like to thank Gary for his efforts and contributions over the past two years.

About StrategX
StrategX is an exploration company focused on discovering critical metals in northern Canada. With projects on the East Arm of the Great Slave Lake (Northwest Territories) and the Melville Peninsula (Nunavut), the Company is pioneering new district-scale discoveries in these underexplored regions. By integrating historical data with modern exploration techniques, StrategX provides investors with a unique opportunity to participate in discovering essential metals crucial to electrification, global green energy, and supply chain security.

On Behalf of the Board of Directors

Darren G. Bahrey
CEO, President & Director

For further information, please contact:

StrategX Elements Corp.
info@strategXcorp.com
Phone: 604.379.5515

For further information about the Company, please visit our website at www.strategXcorp.com.

Neither the Canadian Securities Exchange nor its regulation services accept responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/247050

News Provided by Newsfile via QuoteMedia

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Elon Musk says backlash against his DOGE government cuts is hurting Tesla stock

Business 3 Mins Read

Tesla CEO Elon Musk said Sunday that his involvement in the Trump administration could be hurting the automaker’s stock price.

Speaking at a town hall event in Wisconsin, Musk said his role with the so-called Department of Government Efficiency — which is pushing for widespread government job cuts — is creating backlash against his electric car company and hurting the stock.

“What they’re trying to do is put massive pressure on me, and Tesla I guess, to … stop doing this,” Musk said, according to Bloomberg News. “My Tesla stock and the stock of everyone who holds Tesla has gone, went roughly in half. I mean it’s a big deal.”

Elon Musk at a Cabinet meeting at the White House on March 24.Win McNamee / Getty Images

Shares of Tesla entered Monday already down more than 34% year to date, and the stock has been cut nearly in half from its peak in December. Shares were down an additional 6% in premarket trading Monday.

Tesla’s stock is trading at a little more than half of its highest level from December.

The drop for the stock could be a “buying opportunity” for the long term, said Musk, who was in Wisconsin ahead of a state supreme court election there. Musk has campaigned for the conservative candidate and spent more than $12 million on the race, in addition to giving $1 million each to two voters at Sunday’s rally for signing a petition against “activist judges.”

The slumping stock isn’t the only sign of public anger with Musk for his political work. Protesters demonstrated at Tesla dealerships over the weekend, and there have been reports of vandalism against vehicles and dealers across the country.

Musk’s role in politics is not limited to DOGE. He publicly campaigned with Trump in 2024 and has been a regular presence at the White House since the new administration took over in January. He also regularly comments on many different political topics on X, the social media company he owns.

The CEO’s rising political profile comes amid signs that Tesla’s core business is slowing. The automaker’s vehicle deliveries declined in 2024, and preliminary data has shown that sales are down again early this year, especially in Europe. In a note to clients Sunday, investment firm Stifel trimmed its price target on the stock and lowered its sales projections for Tesla.

Musk’s political dealings may not be the only reason for Tesla’s struggles. Other U.S. auto stocks have also labored in recent weeks, partly because of threats of higher tariffs on imported goods into the U.S. and retaliation from overseas trading partners, adding uncertainty to an industry whose supply chains are tightly woven among the U.S., Canada and Mexico.

This post appeared first on NBC NEWS

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