With the holiday Monday, I’ll be back on Wednesday. Enjoy the long weekend! 🍻

National home sales were up 0.7% sequentially in April, the first gain in the last six months - but still roughly 17% below the 10-year average…

… and not keeping pace with new listings, which climbed 4% percent M/M - pushing the sales-to-listings ratio down to 46%. With just over five months of inventory…

… there’s not a glut like we’ve seen in new units, and with a deceleration in home price declines over the last few months…

… it looks like we’re getting closer to housing market stability.

Mining bankers are keeping busy, this time with an at-market combination of Equinox and Orla - creating a near-$20B market cap gold company with over 1M ounces of annual production…

… much of which is located in Canada, with the deal positioning Equinox (EQX) as the country’s second largest producer. Management sees a path to ~2M ounces…

… funded entirely by operating cash flow, which has the $2.1B of required growth CapEx through 2030 over four-times covered based on current estimates…

… giving investors line of sight to future scale and a potential re-rate towards the larger precious metals peer group.

Calian Group (CGY) ran over 20% on its Q2 results, which crushed estimates thanks to 18% revenue growth (12% organic)…

… that looks set to continue, with over $200M of Canadian military wins in the quarter taking the total defence backlog above $1B.

Given the size of the defence opportunity, management is hunting for deals at home and abroad - calling out Europe as an attractive near-term market. With close to $250M of available liquidity, they have the fire power to execute…

… and could issue equity for a splashy transaction, given the stock has re-rated above its long-term average.

Mattr (MATR) ripped 27% on its Q1 print, which beat big on record results out of the fiberglass storage tank business - driving composite margins to a multi-year high.

That momentum should continue, with the company securing a $20M+ Flexpipe order in Q2 - prompting a ~10% bump to management’s EBITDA guide…

… which earned the stock a full turn of multiple expansion.

Without a negative catalyst, it’s likely to stay up there - with management signalling a restart of the buyback program…

… now that they have more comfort around US tariffs.

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