Click here for the PDF: The Monthly September  2025

With this commentary, we plan to communicate with you every month about our thoughts on the markets, some snapshots of metrics, a section on behavioral investing and finally an update on MacNicol & Associates Asset Management (MAAM). We hope you enjoy this information, and it allows you to better understand what we see going on in the marketplace.

 “What the ocean was to the child, the periodic table is to chemistry.”

 — Karl Barry Sharpless

Not a P.Geo., nor a qualified person…

I am neither a Professional Geologist as certified by the Society of Professional Geologist’s P.Geo., designation, nor am I a qualified person under the Ontario Securities Commission’s national instrument 43-101: Standards of Disclosure for Mineral Projects. But you’ll probably want to read this article, nonetheless. Right now, there are few sectors of the stock market “hotter” than rare earth elements and critical minerals. But you see here’s the thing: mining investments are quite risky. I tell people that mining stocks can make airline stocks look like shares in a utility. But I do love this space so just keep in mind that an investment in any of the companies I mention here carries substantial risk. With the disclaimers out of the way, let’s now dive into something I believe I am qualified to say: if you are even remotely interested in rare earth elements and critical materials, the periodic table of the elements is by far the coolest things you’ll even read about.

The periodic table of elements is a chart that organizes all known elements in our universe by their atomic number, electron configuration, and recurring chemical properties. It is a fundamental tool in chemistry and other sciences, and it’s just brilliant. The table is arranged in rows called periods and columns called groups, with elements in the same “group” exhibiting similar chemical behavior due to having the same number of valence electrons. Creation of the periodic table [and periodic law] is widely attributed to Russian Chemist Dimitri Mendeleev. And Mendeleev invented periodic law to help teach people that elements on the periodic table corresponded to specific and trending characteristics. The characteristics themselves are beyond the scope of this article but at the same time beyond fascinating if you have a keen interest in chemistry.