2025 has started strong, and it's time to look ahead after a solid first quarter. The past period has been incredibly exciting for those of us who invest in metals and mining companies.

We've seen new all-time highs for gold and copper and a 10-year silver high. The main driver behind these increases is that countries continue to print money to finance their deficits. This, combined with tariffs, creates uncertainty in the market. More about this further down in the letter.

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