What you need to know: • Precious metals pulled back sharply in March amid a liquidity-driven risk-off rotation, with gold down 12.1% and silver down 15.7%. • Mining equities declined alongside metals, with GDX down 20.8%, GDXJ down 23.2%, SILJ down 23.9%, and COPX down 20.4%, while the TSX fell 4.6% and the S&P 500 dropped 5.1%. • The Iran War drove elevated volatility and cautious sentiment across the space in the near-term, while Canada announced 30 new critical minerals partnerships unlocking $12.1B in project capital, as long-term fundamentals remain intact. March proved to be a month of consolidation and profit-taking, as the massive gains accumulated across precious metals and mining equities over the past year finally invited a meaningful liquidity-driven risk-off rotation. Gold and silver finished the month at $4,677/oz and $75/oz, respectively, as investors who had ridden the historic rally chose to reduce exposure amid an uncertain geopolitical backdrop. Despite this month’s pullback, we emphasize that on a 12-month basis, the sector remains among the strongest-performing by a wide margin. The ongoing Iran War dominated sentiment throughout the month, contributing to elevated volatility and a broadly cautious tone across the space. That said, the market demonstrated real resilience on days when positive headlines around potential resolutions emerged, with gold and other mining equities staging sharp recoveries that reinforced the degree to which the war, rather than any fundamental deterioration, has been the primary driver of near-term weakness. On the critical minerals front, Canada announced 30 new partnerships under the Critical Minerals Production Alliance, unlocking $12.1B in project capital, while the FORGE forum advanced discussions around a formal allied "Critical Minerals NATO" framework with enforceable price floors. A near-500% surge in tungsten prices and a scramble for cobalt inventories served as a further reminder that supply stress in the sector is intensifying, with geopolitical competition increasingly dictating price action over fundamentals.