Highlighting Success, Informing Strategies

The Canadian capital markets entered the spring of 2026 with no shortage of moving pieces as Canadian businesses continue to navigate a complex operating environment. Trade uncertainty, supply-chain realignment, and shifting U.S policy have kept pressure on corporate planning, while markets have remained highly sensitive to signals around rates, liquidity, and global risk appetite. The combination of uncertain and sensitive markets means that execution matters, companies must be responsive to opportunities and move on them quickly. When companies are raising capital, completing transactions, managing shareholder communications, preparing for meetings, or supporting trading activity across Canada and the U.S., the infrastructure behind the scenes has to work, and there is no room for setbacks. That is why in this month's edition we sat down with Heather Williamson, Vice President of Operations at Endeavor Trust, to discuss the role of the Transfer Agent within the capital markets, how they support fast moving and orderly markets, and how their value is set to grow in an operating environment that is increasingly driven by data.

Following a strong showing at PDAC 2026 - with over 30,000 industry participants in attendance - a pullback in the metals & mining markets prompted renewed questions about the durability of the current commodity cycle. In our view, this represents a healthy correction within a developing bull market - not its conclusion - consistent with historical patterns seen in prior cycles. In this month's focus, we present a compelling structural case for copper, citing a projected 40% demand increase by 2040 while supply remains constrained by lengthy permitting timelines and declining ore grades. Gold is highlighted as a strategic asset, being supported by sustained sovereign demand with Central banks purchasing approximately 860 tonnes in 2025 - well above historical averages - reflecting ongoing de-dollarization trends and heightened geopolitical uncertainty. In our view, patient and disciplined investors should view the current volatility as an opportunity to build positions in quality nano- and mid-cap equities before the broader market fully reprices the opportunity.

Few developments in modern medicine have captured the attention of patients, physicians, and investors quite like GLP-1 receptor agonists. In a remarkably short time, these drugs have moved from a relatively niche role in the management of type 2 diabetes to the very centre of a global health, pharmaceutical innovation, and capital markets narrative. This months newsletter explores the rapidly evolving economic and financial landscape surrounding the GLP-1 market, where a powerful duopoly - dominated by Novo Nordisk and Eli Lilly - has thus far dictated pricing, supply, and innovation trajectories. As demand continues to outpace supply and global revenues reach unprecedented levels, the competitive dynamics of this market are beginning to shift. In particular, upcoming patent expirations in Canada are expected to introduce new entrants and potential pricing pressure, signaling a transition from a tightly controlled market to a more contested and structurally complex ecosystem. Against this backdrop, understanding how capital flows, regulatory changes, and competitive forces intersect will be critical to assessing the next phase of growth in the GLP-1 industry.

As we close the chapter on 2025 and markets recalibrate after a year of volatility, one data point stood out: the MSCI Canada Index (Full Year '25: 37.38%) had outperformed the MSCI indices of the 10 largest countries, ranked by stock market capitalization. In a year defined by elevated rates, geopolitical strain, and shifting policy regimes, relative performance was not simply a function of tactical positioning - it was driven by structure. In this months newsletter our team examines how Canada's equity market composition, dominated by energy, materials and financials differs meaningfully from other wealthy nations whose indices are heavily weighted toward information technology, communications and long-duration growth assets. We explore how this real-economy orientation drove outperformance in 2025, what it signals for capital formation and deal activity, and where investors should focus their attention as 2026 gets underway.

As 2025 comes to a close and we look toward the new year, one trend that will undeniably continue into 2026 is the growing acceptance of prediction markets as both financial instruments and for sources of market insight. For investors and business leaders, the evolution provides clearer signals around macro inflection points, earlier indications of consensus shifts, and a more practical framework for decision making - one that acknowledges uncertainty rather than smoothing it away. In that spirit, this month's newsletter incorporates prediction-based insights to help frame potential outcomes for the year ahead. By layering signals from prediction markets alongside traditional financial indicators and qualitative analysis, we aim to offer a forward-looking perspective grounded in real-world probabilities rather than single-point forecasts.

On May 19, 2025 the Canadian Securities Exchange (CSE) and the National Stock Exchange of Australia (NSX) announced in a joint press release their intention to proceed with an acquisition that would see the CSE acquire all of the NSX. In the months that followed, teams on both sides of the Pacific worked tirelessly and in October they officially completed the transaction. For issuers, Canada and Australia have always been parallel markets with similar regulatory cultures, investor profiles, and resource-heavy economies. The CSE-NSX transaction is the first real step in turning that parallel structure into a connected one. In this months issue of Investing With Grove we interview CEO of the CSE Richard Carleton to discuss the implications of the acquisition and how issuers and investors alike stand to benefit from a more integrated market.