Ivison: After the inferno, Jasper is on the rebound
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The native of Manchester, England, was drawn to the snowy peaks and turquoise lakes in 2013, and spent much of the next decade struggling to realize her dream of Canadian citizenship. Her plan was to use her British law degree to become accredited in Canada, but she found herself working part-time in a Jasper bistro and at a local law firm.
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By the end of 2023, she'd become a Canadian citizen, and the owners of the bistro where she worked had asked her to use her sommelier skills to open a new concept that paired wines with fresh local game and produce. Bailey was invited to become part-owner, and the idea for Peacock Cork and Fork was born.
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Bailey and her partners purchased an upper-level space on Patricia Street in Jasper's downtown, and on June 12, 2024, the restaurant opened to great fanfare.
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Just 40 nights after opening — on July 22 last year — the Peacock was so badly damaged by the wildfire that nearly swept away the entire town that it had to be condemned. Bailey lost not only her livelihood but also the house she rented farther up Patricia Street.
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My wife and I met Bailey — Rachel — when she served us in one of the bustling restaurants that survived the fire, Harvest, just downstairs from where the Peacock was located.
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Eleven months after the fire that destroyed one-third of Jasper's 1,113 buildings and burned an area nearly the size of the island of Montreal in the surrounding national park, it feels like a town that is just getting by.
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Gazing toward the town from the Maligne Canyon look-out, the landscape looks like Mordor, scorched earth, pockmarked by thousands of blackened tree stumps. No one knows how much wildlife was lost, though it was recorded that elk and grizzly bears wandered the main streets of the town in the days after the fire, looking for an escape route.
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The rapid drop and the percentage move has been significant. As the market ran into volatility at the beginning of the year, the dollar strengthened, which is normal. We tend to see the U.S. dollar as a flight to safety. Then, as things started to stabilize and more about the Mar-a-Lago Accord came out, with both Bessant and Trump talking down the dollar, it declined. We've seen a fairly significant move so far. ANNA This will have a lot of ripple effects. Can you talk about how this might affect the Canadian markets? BRUCE The biggest thing is the inverse correlation between commodities and the U.S. dollar. Typically, when the dollar declines, commodity prices go up. Last year, we saw a strong move in gold even as the dollar was stable. Now, gold is hitting new highs as the dollar sells off. Other metals like platinum, palladium, and silver have started to move. Oil has recently started to move too. Many point to political issues like tensions in the Strait of Hormuz, but oil was trending up before that. It could be a function of investors reacting to the dollar's decline or anticipating geopolitical heat. Commodities moving typically creates inflationary pressure, which we haven't talked about in a few months. Canada is so dominated by commodities that our market has outperformed the U.S. so far this year. ANNA This creates opportunity for us. It feels so counterintuitive to purposefully create a weaker dollar, doesn't it? BRUCE They certainly want to make strategic moves they feel will help their economy both short and long term. ANNA Just to clarify, they're doing this to strengthen export abilities? If the dollar is expensive, it makes it harder to do business with other jurisdictions. Plus, they're trying to bolster their economy? BRUCE Exactly. In Canadian dollar terms, a few months ago we bottomed out around 68 cents. Now it's in the 73 cent range. 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While some of those stocks have shifted, they haven't fallen apart. Same could be said for gold—it's moved sideways over the last month. Even though the dollar is declining, gold hits new highs, then pulls back. So I wouldn't say it's in a bubble, but we shouldn't be surprised if it stabilizes or drops $200–300 over a short period. ANNA: So, good for them. They've obviously done a really great job to have that much support in the markets. I also wanted to mention Dragonfly. They're a drone technology firm. They just raised 3.6 million US under their NASDAQ listing. I thought this was interesting because we're starting to see more and more drone companies coming to the market, which I thought was interesting. That technology really is starting to get implemented in many different ways. We have some other companies coming to us that have some neat drone technology. But also, I wanted to ask you — they are raising money in the US, and I was curious with what's been going on in our political framework. Some of our issuers wonder how US investors feel about investing in Canadian securities right now. What are your thoughts on that? BRUCE: It's definitely a vote of confidence. The fact that these US investors stepped in and invested — and they also did in US dollars — which is great to see as well. ANNA: Absolutely. Well, congratulations to Dragonfly. And then finally, just wanted to mention King Global Ventures. They closed an oversubscribed private placement of $5.5 million. The proceeds will fund ongoing exploration and drilling at their Black Canyon Project in Arizona, which includes 213 contiguous concessions and 15 former operating mines within that asset, including the past-producing Howard Copper Mine. The company is focused on precious and base metals exploration across North America. We continue to see, month by month, these nice little exploration capital raises. I know the markets have been tough in the junior and growth side, but we are seeing these nice little chunks getting raised. What are your thoughts on that? Is this specialized money? Where is this coming from? BRUCE: Well, the taps haven't been fully turned on, but in a case like this, where they have old past mines that became uneconomic at some point due to what it cost to mine and metal prices, and now you've seen metal prices rising — it becomes economic again. Turn those lights back on. This is kind of the story of the last couple years — not so much the pure exploration like 'we're going to dig a hole and try to find something,' but more like, 'Hey, we know there's something there, and we just want to restart it and get it producing cash flow.' It's going to take a little money to get there, and then they'll have the cash. ANNA: That's amazing. Well, congratulations to all of those CSE issuers on doing so well. Okay, Bruce, before we talk again in a month from now, what should we be thinking about in the markets? BRUCE: Lots to watch. We've talked a bit about the bigger picture markets — are we in a bull or a bear? Hopefully we get some clarity on that direction. With that comes sector leadership — what sectors are going to be leading, and where the opportunities lie for the next 6, 12, 24 months. ANNA: Alright, well I look forward to chatting with you again in a month. Thank you all for joining us for episode four of The Market This Month. We will be back in June for episode five. We have the Summit on Responsible Investment coming up — we'll be in your hometown of Kelowna. For anyone locally, please come and join us. All the information can be found on our website. We will be releasing content all summer long highlighting our issuers in the space, so stay tuned. If you go to our YouTube page, feel free to hit subscribe and we'll let you know when new content comes to our CSE TV. Thank you again for joining us, Bruce, and look forward to chatting next month. BRUCE: Yeah, exactly. Join the discussion: Find out what everybody's saying about this junior gold and silver mining stock on the Outcrop Silver and Gold Corp. Bullboard and check out Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
