Cheese Hits 5-1/2-year Low

Vancouver, British Columbia--(Newsfile Corp. - December 18, 2025) - Avanti Gold Corp. (FSE: X370) (OTCQB: AVTGF) ("Avanti" or the "Company") is pleased to announce the successful completion of its Annual General Meeting of shareholders held on December 16, 2025.

2025 ANNUAL GENERAL MEETING

All matters brought before shareholders, as outlined in the Management Information Circular dated November 9, 2025, were duly approved.

The shareholders elected Sir Samuel Jonah, Mata Botima, Jonathan Hill, Terry Holohan, Martin Pawlitschek and David Renner as the directors of the Company. Following the meeting, the Board appointed Sir Samuel Jonah as the Chairman.

CHIEF EXECUTIVE OFFICER APPOINTMENT

Mohamed Cisse, Appointed as Acting Chief Executive Officer of Avanti effective December 18, 2025. Mohamed Cisse is a seasoned African mining executive and engineer with extensive experience in mine development and operations, technical services, and HSE management, with significant experience in the DRC as he held leadership positions at the Kibali mine with Randgold Resources before transitioning to Resolute Mining where he most recently held the position of General Manager of the Syama Mine. He was appointed as Chief Operating Officer of Avanti on September 30, 2025, and will continue in that role and in addition will now take on the position of Acting Chief Executive Officer of Avanti.

Mohamed Cisse commented: "I am excited to be taking the helm of Avanti Gold at this exciting time as the Company seeks to launch an ambitious exploration program on the Misisi Gold Project, which is targeted for the first quarter of 2026. Having recently completed an in-country field visit, we were pleased to see the strong local and national government support on advancing this project to the benefit of all stakeholders. We held constructive talks with a diverse group of suppliers and are currently in the process of evaluating tenders and securing supply chains to be able to execute our drilling program at a rapid pace"

Swapan Kakumanu, who has been serving as Interim Chief Executive Officer since August 2025, stepped down from the role effective December 18, 2025, and will continue in his position as Chief Financial Officer. Sir Samuel Jonah, Chairman of the Board of Directors, extended his heartfelt thanks and sincere appreciation on his own behalf and on behalf of the Board to Swapan for his dedication, leadership, and unwavering commitment during a particularly important period for Avanti. Sir Samuel noted that Swapan's steady stewardship, collaborative spirit, and thoughtful leadership were instrumental in guiding the Company through this transition, including the successful closing of the LIFE financing in October 2025.

While initially expected to assume the role of Chief Executive Officer, Martin Pawlitschek has elected to remain on the Board of Avanti as an independent director and will continue to provide full support to the appointed management team.

ABOUT AVANTI GOLD CORP

Avanti Gold Corp. is a gold exploration company with a robust portfolio of projects in Africa. The Company's flagship asset is the Misisi Project in the Democratic Republic of Congo (DRC), home to the Akyanga gold deposit. The Akyanga deposit has an Inferred Mineral Resource of 44.3 million tonnes (Mt) at an average gold grade of 2.37 grams per tonne (g/t), totaling 3.1 million ounces (Moz) of gold. The Misisi Project spans three contiguous 30-year mining leases covering 133 square kilometers (km²) along the 55-kilometer-long Kibara Gold Belt, a prominent metallogenic province known for hosting significant gold deposits.

CONTACT INFORMATION

For Inquiries:

Mohamed Cisse

Acting Chief Executive Officer

info@avantigoldcorp.com

FORWARD-LOOKING STATEMENTS

Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. These risks and uncertainties include, but are not limited to, the risk factors set out in Avanti's annual and/or quarterly management discussion and analysis and in other of its public disclosure documents filed on SEDAR+ at www.sedarplus.ca, as well as all assumptions regarding the foregoing. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278615

Toronto, Ontario--(Newsfile Corp. - December 18, 2025) - 1290448 B.C. Ltd. (the "Company") and Investmin Resources Inc. ("Investmin") are pleased to announce the closing of the second tranche of Investmin's previously announced private placement financing of Subscription Receipts (as defined herein) for aggregate gross proceeds of approximately $6,318,000, including the exercise of a portion of the Agents' Option (as defined herein). The Financing (as defined herein) was undertaken in connection with the proposed business combination and reverse take-over transaction involving the Company and Investmin, which was previously announced by the Company on October 22, 2025 (the "Transaction").

In connection with the closing of this tranche of the Financing, Investmin issued 6,318,000 subscription receipts (the "Subscription Receipts") at a price of CAD$1.00 per Subscription Receipt (the "Issue Price"), of which 5,228,000 Subscription Receipts were issued on a brokered private placement basis (the "Brokered Financing") and 1,090,000 Subscription Receipts were issued on a non-brokered private placement basis (the "Concurrent Financing", and together with the Brokered Financing, the "Financing"). A third closing of the Financing is expected in the future, details of which will be announced by the Company.

The Brokered Financing was led by SCP Resource Finance LP ("SCP") and Paradigm Capital Inc. (together with SCP, the "Lead Agents"), on behalf of themselves and a syndicate of agents, including Canaccord Genuity Corp. and Cormark Securities Inc. (collectively with the Lead Agents, the "Agents"). The Agents were granted an option (the "Agents' Option"), exercisable in whole or in part, at any time up to three business days prior to the latest closing date to arrange for the purchase and sale of up to an additional 15,000,000 Subscription Receipts at the Issue Price for additional gross proceeds of up $15,000,000, of which 11,516,000 has been exercised and 3,484,000 remains exercisable.

The net proceeds of the Financing have been deposited into escrow and are being held in trust pending the satisfaction of certain escrow release conditions in connection with the Transaction (the "Escrow Release Conditions"), and, following the completion of the Transaction, will be used to fund Investmin's acquisition of a certain group of mining claims situated in Pershing County, Nevada (the "Property") from Rosebud Exploration LLC (the "Acquisition"), exploration of the Property, as well as for general corporate and working capital purposes. The Property consists of 226 unpatented load mining claims covering approximately 1,809 acres (732 hectares) that are on U.S. Bureau of Land Management (BLM) lands and includes the former Rosebud mine, which produced nearly 400,000 oz gold and 2,300,000 oz silver between 1997 and 2000. Certain members of Investmin management participated in the Financing.

Each Subscription Receipt entitles the holder thereof to receive one common share of Investmin (each, an "Investmin Share"). Each Subscription Receipt will be automatically converted (for no further consideration and with no further action on the part of the holder thereof) upon the satisfaction of certain of the Escrow Release Conditions in connection with the Transaction on or before the escrow release deadline for one Investmin Share immediately before completion of the Transaction. Immediately after the conversion of the Subscription Receipts, each Investmin Share issued pursuant to the conversion of the Subscription Receipts will be automatically exchanged into common shares (the "Resulting Issuer Shares") of the entity resulting from the Transaction. Prior to completion of the Transaction (the "Closing"), it is a condition to completion of the Transaction that: (i) the common shares of the Company (the "Company Shares"), including any Company Shares issued pursuant to private placement offerings completed by the Company, be adjusted such that the Company's shareholders receive, in aggregate, that number of Resulting Issuer Shares that results in such shareholders holding approximately 1.66 million Resulting Issuer Shares (which represents 10% of the total number of issued and outstanding Company Shares and Investmin Shares immediately before the Closing); and (ii) the shareholders of Investmin (inclusive of purchasers in the Financing) receiving Resulting Issuer Shares on a one-for-one basis in exchange for their Investmin Shares that are issued and outstanding.

In connection with the Financing, Investmin and the Company (as well as certain related entities of such parties) will execute an amalgamation agreement (the "Amalgamation Agreement"), pursuant to which, such parties will consummate a three-cornered amalgamation that will result in the reverse take-over of the Company by the shareholders of Investmin, culminating in the listing of the Resulting Issuer Shares on a Canadian stock exchange and a name change of the Company to "Blossom Gold Inc.", which will thereafter carry on the business of Investmin.

Subject to the satisfaction or waiver of the conditions precedent set out in the binding letter agreement between Investmin and the Company dated October 21, 2025 and the Amalgamation Agreement, the Transaction is expected to close in January 2026.

Further Information

The Company and Investmin will provide further details in respect of the Transaction in due course by way of news release and material change report. The Company will also make available by way of future filings, all information, including financial information, as required by applicable regulatory authorities. Investors are cautioned that any information in this news release with respect to the Transaction may not be complete and should not be relied upon.

About 1290448 B.C. Ltd.

The Company was incorporated under the Business Corporations Act (British Columbia) on February 23, 2021. The Company is a reporting issuer under the laws of the provinces of British Columbia and Alberta but does not trade on a stock exchange. The principal business of the Company is to investigate and to evaluate business opportunities to either acquire or in which to participate. The head office of the Company is located at 1 Adelaide Street East, Suite 801, Toronto, Ontario, M5C 2V9.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Cautionary Statements Regarding Forward-Looking Information

Certain information in this news release constitutes "forward-looking information" under applicable securities laws. "Forward-looking information" is defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes future-oriented financial information with respect to prospective financial performance, financial position or cash flows that is presented as a forecast or a projection. Forward-looking statements are often but not always, identified by the use of such terms as "may", "might", "will", "will likely result", "would", "should", "estimate", "plan", "project", "forecast", "intend", "expect", "anticipate", "believe", "seek", "continue", "target" or the negative and/or inverse of such terms or other similar expressions.

Forward-looking information in this news release includes, but is not limited to, statements relating to: the completion of the Transaction and the second closing of the Financing; the closing of the Acquisition and the satisfaction of the Escrow Release Conditions, including the conditional approval for the listing of the Resulting Issuer Shares; and the potential effects of the Transaction.

Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the ability of the Company and Investmin to complete the Transaction, the second closing of the Financing and the Acquisition; the ability of the Company and Investmin to obtain the respective approvals for the Transaction; and the ability of the Company and Investmin to comply with the conditions of definitive agreements governing the Transaction, including receipt of conditional approval for the listing of the Resulting Issuer Shares.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the ability of the Company and Investmin to consummate the Transaction; the timing of the closing of the Transaction, including the risks that the conditions to the Transaction, as outlined herein, would not be satisfied within the expected timeframe or at all, or that the future closing of the Financing, the Acquisition, or the Transaction, will not occur or whether any such event will enhance shareholder value; the non-approval of the board of directors and/or shareholders of the Company and Investmin of the Transaction and/or the Financing; the ability of each of the Company and Investmin to continue as a going concern; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company, as applicable; and other risks, uncertainties and factors. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

For more information, please contact:

Investmin Resources Inc.Rick Winters, Interim CEO and Director

Telephone: 303-435-8049

Email: rwinters@rawsrcs.com

1290448 B.C. Ltd.Eric Massie, Chief Executive Officer, Chief Financial Officer, and Director

Telephone: 613.792.2483

Email: ericmassieadv@gmail.com

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR

DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278597

By Janet H. Cho

Silver prices are surging to multiyear highs, but they are also flashing a warning signal for silver investors.

The price of silver as tracked by the iShares Silver Trust closed at $59.32 on Thursday, which is 22.6% higher than its 50-day moving average. On Wednesday, it was 25.3% above that threshold, according to Dow Jones Market Data.

The price was 59.9% higher than the 200-day average of $37.11 on Thursday after jumping to 63% above that threshold on Wednesday.

Sundial Capital Research called the level of deviation from these thresholds "historic" and a potential signal that a reversal is coming.

A similar dynamic occurred in August 2020, after which silver prices fell 21.9% in subsequent months.

The last time before now that conditions were so extreme was in April 2011, after which prices plummeted as much as 25.8% in the following months, the Sundial analysts said in a research note. Silver prices "remained deeply in the red a year later (-29.6%)."

Silver prices have more than doubled this year, from $26.93 on Jan. 2.

Sundial wrote that the silver market is caught in "an intense tug of war between short-term momentum and long-term gravity."

Trades or investments that can result in potentially catastrophic losses are called widow-makers in financial markets. "Silver has long been know as the 'widowmaker,' similar to natural gas," the analysts wrote.

"It is an infamously elusive, volatile, and unpredictable market — relatively small in size, yet prone to jaw-dropping price moves that can wipe out leveraged investors entirely," they said.

Trading against extreme market moves yields returns about three-quarters of the time, but the one time it doesn't "can be fatal because the market will eliminate all capital that stands in your way."

They wrote that investors trying to establish a position in the silver market should do it in a risk-controlled way that allows them to express their outlook on the market without exposing their accounts to excessive risk in case of a "once-in-a-century abnormal move in silver prices (such as the current market conditions)."

Write to Janet H. Cho at janet.cho@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

Lead, South Dakota--(Newsfile Corp. - December 18, 2025) - Dakota Gold Corp. (NYSE American: DC) ("Dakota Gold" or the "Company") is providing an update on the metallurgical testing program (the "Met Program") designed to inform the Feasibility Study ("FS") at the Richmond Hill Oxide Heap Leach Gold Project ("Richmond Hill" or the "Project").

The FS Met Program is scheduled for completion in Q3 2026 with staged testing and milestone reporting throughout. Extensive metallurgical drilling was completed in 2025 (Map 1) and the Company expects to ship 4,000 kg of material to Forte Dynamics Lab (the "Lab") that represent 28 potential geo-metallurgical domains, and complete more than 30 column tests. To date, the Company has received results for two initial composites from the MW3 zone in the northern part of the property.

Highlights from this update:

• High-grade areas potential for early mining. The Company is evaluating mine plan sequence opportunities in the FS and will update the resource in 2026 to include 200 drill holes completed in the 2025 drill campaign. The two columns tested from the MW3 zone graded 0.96 grams per tonne gold ("g/t") ("Au") and 23.1 g/t silver ("Ag"), and 0.53 g/t Au and 17.3 g/t Ag, respectively. The current resource model for the MW3 zone does not yet include high-grade intercepts reported from drilling in 2025, such as RH25C-164 intersecting 1.94 g/t Au over 60.0 meters (116 gram meters) and RH25C-169 intersecting 2.78 g/t Au over 39.3 meters (109 gram meters).

• Column recoveries ranging between 61%-65% achieved within less than 60 days. Two columns of 0.96 g/t Au material were tested at a 1" and 0.5" crush size and two columns of material grading 0.53 g/t Au were tested at a 0.75" and 0.5" crush size. Historic column testing focused on the Richmond Hill mine demonstrated material classified as oxide by St. Joe achieved an average recovery of 89%, and the current results are complimentary and consistent with historical variability testing (Appendix A). The samples were chosen to perform first pass characterization and classification. Deportment analysis has provided guidance on further test work required to optimize recoveries and process design.

• Potential CAPEX and OPEX efficiencies with positive response to heap leaching amenability factors. The preliminary compact permeability tests have properties which provide better flexibility for equipment selection and stacking methodology. Further testing of crush size including a "Run-of-Mine" test program has been initiated to study the impact of eliminating crushing for certain material.

"The FS and Met Program represent an important step in the evaluation and de-risking process for Richmond Hill. Historical metallurgical tests exhibited variability in column recoveries, and similar variability is anticipated in the current Program. The results are consistent with my experience with comparable heap leach gold deposits and support the potential for low-cost leach heap processing as envisioned in our July IACF. Over the next 12 months, we will finalize our FS metallurgical testing and trade-off studies to support the FS and to inform future permitting activities," said Jack Henris, President and COO of Dakota Gold.

Project leverage to Gold Prices and Recovery

Richmond Hill exhibits strong leverage to increasing gold prices. The Initial Assessment with Cash Flow ("IACF") published in July 2025 demonstrates that at gold prices exceeding $4,000 per ounce and at various ultimate gold recovery scenarios, the Project NPV5% can be in excess of $4 billion.

"I'm very excited to be part of the team that is advancing the Richmond Hill gold project towards a potential multi-billion NPV opportunity, in possibly the best gold price environments we've seen in decades. We will continue to advance the Project with urgency as we work towards production in 2029," said Shawn Campbell, CFO of Dakota Gold.

Table 1 – IACF; After-tax NPV5% Measured, Indicated and Inferred mine plan sensitivity to gold recovery

Metallurgical Program

The scope of work to complete the FS study includes ore characterization; column leach testing; comminution and crushing studies; process optimization and recovery; and deleterious elements and environmental testing. The Company has shipped approximately 10% of the material to the Lab to date and continues to assemble material for composite testing. The test work is being informed by the results to date as well as the historical work at Richmond Hill.

Samples from 12 drill holes from the Company's 2025 drill campaign were composited for the current MW3 zone tests. Two columns of material grading 0.96 g/t Au were tested at a 1" and 0.5" crush size. The recoveries for those columns were 61% and 64.8%, respectively. Two columns of material grading 0.53 g/t Au were tested at a 0.75" and 0.5" crush size and the recoveries for those columns were 61.6%, and 64.8%, respectively. The FS metallurgical program will include analysis to understand whether either encapsulation or minerology impacted ultimate recovery.

Characterization results announced today from the M3W zone material did not contain preg-robbing material. Additionally, based on QEMSCAN and ICP-OES, the material did not identify any deleterious elements or mineralogy. These results will guide future trade-off studies on the requirement for agglomeration.

The Richmond Hill historical feasibility study was conducted by several labs as part of the metallurgical program to construct and operate the historic Richmond Hill mine. The 51-column tests that were performed, had a wide range of recovery in the column work, however, the sub-set once classified as oxides had an average recovery of 89% (Appendix A-B). The historical Richmond Hill metallurgical data does not detail the process for classifying the 31-column material as oxide ore. In addition, regionally, Coeur Mining discloses variable recoveries from 71% to 80% in the Wharf Mine Operations, South Dakota Technical Report Summary dated December 31, 2021.

Map 1 – Location of historical heap leach samples and 2025 metallurgical drill holes

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About Dakota Gold Corp.

Dakota Gold is expanding the legacy of the 145-year-old Homestake Gold Mining District by advancing the Richmond Hill Oxide Heap Leach Gold Project to commercial production as soon as 2029, and outlining a high-grade underground gold resource at the Maitland Gold Project, both located on private land in South Dakota.

Subscribe to Dakota Gold's e-mail list at www.dakotagoldcorp.com to receive the latest news and other Company updates.

Shareholder and Investor Inquiries

For more information, please contact:

Jack Henris

President and COO

Tel: +1 605-717-2540

Shawn Campbell

Chief Financial Officer

Tel: +1 778-655-9638

Carling Gaze

VP of Investor Relations and Corporate Communications

Tel: +1 605-679-7429

Email: info@dakotagoldcorp.com

Qualified Person and S-K 1300 Disclosure

James M. Berry, a Registered Member of SME and Vice President of Exploration of Dakota Gold Corp., is the Company's designated qualified person (as defined in Subpart 1300 of Regulation S-K) for this news release and has reviewed and approved its scientific and technical content.

Quality Assurance/Quality Control consists of regular insertion of certified reference materials, duplicate samples, and blanks into the sample stream. Samples are submitted to the ALS Geochemistry sample preparation facility in Winnipeg, Manitoba. Gold and multi-element analyses are performed at the ALS Geochemistry laboratory in Vancouver, British Columbia. ALS Minerals is an ISO/IEC 17025:2017 accredited lab. Check samples are submitted to Bureau Veritas, Vancouver B.C. as an umpire laboratory. Assay results are reviewed, and discrepancies are investigated prior to incorporation into the Company database.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this communication, the words "plan," "target," "anticipate," "believe," "estimate," "intend," "potential," "will" and "expect" and similar expressions are intended to identify such forward-looking statements. Any express or implied statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation: our expectations regarding additional drilling, metallurgy and modeling; our expectations for the improvement and growth of the mineral resources and potential for conversion of mineral resources into reserves; completion of a feasibility study, and/or permitting; our expectations regarding free cash flow and future financing, and our overall expectation for the possibility of near-term production at the Richmond Hill project. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others: the execution and timing of our planned exploration activities; our use and evaluation of historic data; our ability to achieve our strategic goals; the state of the economy and financial markets generally and the effect on our industry; and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by annual, quarterly and current reports that we file with the SEC, which are available at www.sec.gov. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law. We do not give any assurance that we will achieve our expectations.

All references to "$" in this communication are to U.S. dollars unless otherwise stated.

Appendix A - Historic Richmond Hill oxide metallurgical column test work by St. Joe

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Appendix B - Historic Richmond Hill metallurgical all column test work by St. Joe with red circle showing initial column results for M3W composite

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WINNIPEG, Manitoba--The ICE Futures canola market continued lower on Thursday, lacking any supportive news to counter the bearish momentum.

• Losses in the Chicago soy complex accounted for some spillover selling pressure, with European rapeseed also lower on the day.
• Large supplies and a lack of significant export demand from China continue to overhang the market.
• Agriculture and Agri-Food Canada raised their estimate for 2025/26 canola ending stocks to 2.950 million tons, from 2.500 million in November and the year ago level of 1.597 million tons.
• The March canola contract neared the psychological C$600 per ton mark but managed to settle just above that level with oversold price sentiment providing some support.
• Domestic crusher demand and end-user bargain hunting also underpinned the market.
• There were 62,980 contracts traded on Thursday, which compares with Wednesday when 55,015 contracts changed hands. Spreading accounted for 33,796 of the contracts traded.

 
Settlement prices in Canadian dollars per metric ton. 
 
Canola     Price        Change 
 Jan       588.30       dn 7.90 
 Mar       600.20       dn 8.50 
 May       612.50       dn 8.10 
 Jul       621.70       dn 7.60 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Months                  Prices                Volume 
Jan/Mar       11.40 under to 12.10 under       9,279 
Jan/May       23.80 under to 24.30 under          16 
Mar/May       11.50 under to 12.40 under       4,314 
Mar/Jul       20.10 under to 21.50 under          70 
Mar/Nov       21.50 under to 23.50 under          68 
May/Jul        8.30 under to 9.30 under        2,639 
May/Nov        9.00 under to 11.20 under           2 
May/Jan       15.00 under to 17.30 under           1 
Jul/Nov        0.70 over to 2.00 under           506 
Nov/Jan        5.60 under to 6.10 under            3 
 

Source: Commodity News Service Canada, news@marketsfarm.com

Cattle futures fall ahead of tomorrow's Cattle on Feed report from the USDA. "Placements will be lower, but lower marketings will more than offset the decline," says Naomi Blohm of Total Farm Marketing in a note. Analysts surveyed by The Wall Street Journal are forecasting a small drop in inventories of cattle on feedlots, with bigger drops seen in feedlot placements and new marketings. Live cattle futures closed trading down 0.5% to $2.28525 a pound. Lean hog futures rose 1.4% to 84.075 cents a pound. (kirk.maltais@wsj.com)