MEETING DATES DATA SUPPLIED BY ISSUING COMPANIES THROUGH THE SERVICE OF CDS CLEARING AND DEPOSITORY SERVICES INC.

• = CHANGE IN PREVIOUSLY REPORTED INFORMATION % = CANCELLED MEETING; @ = ADJOURNED MEETING; A = ANNUAL; S = SPECIAL; G = GENERAL; X = EXTRA; E = EXTRAORDINARY ATCO LTD. Nov 05 Dec 10 S Argentum Silver Corp. Nov 17 Dec 22 AGS Astron Connect Inc. Nov 21 Dec 30 AGS Avanti Gold Corp. *Nov 07 Dec 16 AS Avaron Mining Corp. Nov 18 Dec 30 AG Axo Copper Corp. Nov 10 Dec 11 AGS Badger Capital Corp. Oct 28 Nov 28 A Baru Gold Corp. Nov 17 Dec 31 AGS Beyond Lithium Inc. Nov 10 Dec 18 AS Capella Minerals Limited Nov 14 Dec 31 AGS Capitan Investment Ltd. Nov 18 Dec 22 AG Cassius Ventures Ltd Nov 20 Dec 30 AG Clearmind Medicine Inc. Nov 20 Dec 29 AGS Delivra Health Brands Inc. Oct 30 Dec 17 AG Direct Communication Solutions Oct 29 Dec 08 AGS EDGEWATER WIRELESS SYSTEMS INC Oct 31 Dec 10 AGS ESGold Corp. Nov 04 Dec 11 AG EV Minerals Corporation Nov 21 Dec 22 S Eco Oro Minerals Corp Nov 07 Dec 18 A Elixxer Ltd. Nov 20 Dec 30 AGS Eshbal Functional Food Inc. Nov 19 Dec 29 AS FUSE BATTERY METALS INC Nov 17 Dec 22 AS Frontenac MIC Oct 29 Dec 08 S Fuerte Metals Corporation Nov 07 Dec 17 AS Grid Metals Corp. Nov 28 Jan 08 AS Hyper Bit Technologies Ltd. Nov 10 Dec 16 AGS IM Cannabis Corp. Nov 12 Dec 29 S IZOTROPIC CORPORATION Nov 20 Dec 29 A Intellistake Technologies Corp Nov 20 Dec 30 AGS International Lithium Corp. Nov 17 Dec 22 AG Jackpot Digital Inc. *Nov 05 Dec 18 AGS Karus Mining Inc. Oct 30 Dec 05 AS Kiwetinohk Energy Corp. Nov 10 Dec 16 S Visible Gold Mines Inc Nov 17 Dec 22 AGS Liberty Defense Holdings, Ltd. Nov 06 Dec 12 AG Maple Peak Investments Inc. Oct 23 Nov 28 AGS Mineral Hill Industries Ltd. Nov 17 Dec 22 A Nanosphere Health Sciences Inc Nov 13 Dec 23 AG Network Media Group Inc. *Oct 23 Dec 19 AGS Northern Superior Resources In Oct 31 Dec 10 S PHARMATHER HOLDINGS LTD Nov 18 Dec 23 A Patriot Resources Corp. Nov 13 Dec 18 AS Petrolympic Ltd. Nov 06 Dec 11 AS Polar Resources Corporation Nov 18 Dec 23 AG Prospect Ridge Resources Corp Nov 13 Dec 23 A REALBOTIX CORP. *Oct 20 Dec 12 AS Renegade Gold Inc. Nov 17 Dec 22 A Renforth Resources Inc. Oct 30 Dec 15 A Reocito Capital Inc *Oct 20 Dec 09 AS Snipp Interactive Inc. Nov 21 Jan 09 AG Solis Minerals Ltd Oct 28 Dec 04 S TAJIRI RESOURCES CORP Nov 17 Dec 22 A The Eelleet Network Corp. Nov 17 Dec 22 A V TEN CAPITAL CORP Nov 17 Dec 22 A Vecima Networks Inc *Nov 07 Dec 16 AG Venerable Ventures Ltd. Nov 10 Dec 17 AGS Windfall Geotek Inc. *Nov 13 Dec 18 AGS World Blockchain Corp. Nov 17 Dec 22 AG RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE RECORD MEETING TYPE DATE DATE MONDAY, NOVEMBER 3, 2025 | THE GLOBE AND MAIL G B9 GLOBE INVESTOR REPORT ON BUSINESS | C locks fell back on the week- end. It marks the time when my neighbourhood be- comes even creepier than normal because it’s now dark before din- ner. Falling back is just the sort of thing momentum investors try to avoid. They seek out stocks that have climbed in recent months in the hopes they’ll continue to move higher. For instance, the Canadian 12- month momentum portfolio picks the 30 top-performing stocks over the prior 12 months from the largest 300 on the Toronto Stock Exchange. It gained an average of 18.4 per cent annually over the nearly 26 years from the end of 1999 through to the end of September, 2025. In comparison, the Canadian stock market, as represented by the S&P/TSX Composite Index, gained an average of 7.9 per cent annually over the same period. (The returns herein are based on backtests using data from Bloom- berg. They include dividend rein- vestment but not fund fees, taxes, commissions or other trading costs. The portfolios are equally weighted and rebalanced month- ly.) Momentum is a force to be reckoned with in many markets and the Canadian stock market is no exception. But it isn’t obvious why investors should buy stocks based on their performance over the prior 12 months because oth- er periods might yield similar or better results. To explore the situation, 24 portfolios are created, with each one composed of 30 stocks cho- sen from the largest 300 on the TSX based on returns over the prior one month, two months and so on, up to the prior 24 months. The results are summa- rized in the accompanying graph, which shows the average annual growth rates of the 24 portfolios from the end of 1999 through to the end of September, 2025. The returns of the portfolios peak with the one that used 11- month prior returns to pick stocks, which climbed by an aver- age of 19.5 per cent annually. Those using returns over the pri- or six to 13 months provided strong results with average an- nual returns in excess of 17.6 per cent. On the other hand, the portfo- lios that used returns over the pri- or 22 months or more didn’t do well, with average annual gains of between 8.5 per cent and 8.9 per cent. The modest returns proba- bly aren’t sufficient, compared with the market index’s 7.9-per- cent annual gain, to justify the extra cost and effort that the momentum portfolios require. It’s useful to look more closely at the gains of the 12-month momentum portfolio. It surged higher in recent months with an 81-per-cent gain over the year through to the end of September, 2025, thanks to the stunning rise of mining stocks and gold miners in particular. Miners currently represent 21 of the portfolio’s 30 stocks, which means the portfolio is making a big bet on the indus- try. Mind you, that could change quickly should other stocks pull ahead in the return race. When discussing momentum- oriented portfolios, it’s important to keep in mind that they usually require a fair amount of trading. For instance, the 12-month port- folio swapped an average of about eight of its 30 stocks each month as it jumped from old to new winners. The trading gener- ates commissions, triggers capi- tal-gains taxes and requires, per- haps, an extraordinary amount of persistent attention and ac- tion. The portfolio also suffered in the two biggest market down- turns since the turn of the centu- ry. It fell 53 per cent from its prior high after the internet bubble burst in 2000 and dropped 51 per cent in the financial crisis of 2008-09. The declines in both pe- riods were precipitous with a three-month plunge of 47 per cent in 2000 and a four-month collapse of 46 per cent in 2008. In comparison, the market index declined 43 per cent from its prior highs in both market downturns, based on monthly data. The big worry with momen- tum strategies is that they tend to fall back abruptly and can be risky. But no one knows when the next big crash will occur and the profits have more than made up for the declines in recent times. Good luck out there. Details on the stocks in the 12-month momentum portfolio and the others I follow for The Globe and Mail can be found via a link in the online version of this article. Time is a force to be reckoned with For momentum-oriented portfolios, considering the number of months of returns matters Growth of 24 Canadian momentum portfolios Average annual growth rate by lookback period in months 5 10 15 20% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 THE GLOBE AND MAIL, SOURCE: BLOOMBERG NORMAN ROTHERY OPINION PhD, CFA and the founder of StingyInvestor.com I t’s a day of mourning in this house after the Jays lost. It feels extra cruel that we have an extra hour of it thanks to the time change. On the bright side, at least we can all start going to bed at a reasonable hour again. We’ll need our rest. It is a heavy week with 102 companies reporting on the Toronto Stock Exchange, 136 on the S&P 500, not to mention the federal budget and top-tier economic data. Here are five things to watch: Roost: Since Mark Carney became Prime Minister, there have been billions in spending promises. On Tuesday, we will see how much it will cost Canadians. The Par- liamentary Budget Officer forecasts a defi- cit of $68.5-billion for 2025-26, the largest since 2021-22 and significantly larger than the projected $42.2-billion at last year’s fall economic statement. Of course, a lot changed in a year. We had an election, a new Prime Minister and are locked in a tariff war with our closest ally. The source of the new spending shouldn’t come as a huge surprise: personal income- tax cuts, cancelled tax hikes on capital gains, higher military spending and hous- ing stimulus. “The pivot to a more expansionary fiscal policy will provide a key source of support to GDP growth into 2026 and beyond,” wrote Andrew Kelvin, head of Canadian and global rates strategy at Toronto- Dominion Bank. He believes spending will boost GDP by 1 per cent next year. The key will be how the government plans to offset this spending with promises made to reduce government costs and audit pro- grams to find ways to cut wasteful spend- ing. Want ads: We will get a sense of how desperately Canada needs fiscal stimulus this Friday with the jobs report for October. Economists predict a modest 2,500 in job losses and the unemployment rate rising to 7.2 per cent. The truth is that the predic- tions by economists are all over the place, with some expecting 10,000 new jobs and others expecting more than 20,000 in job cuts. Notwithstanding the surge in employ- ment last month, there are other indica- tions that the job market is weak in Canada, economist David Rosenberg warns. “There are now 3.5 unemployed Cana- dians for every job posting out there, which is something we have not seen occur in nearly a decade [outside of the pandem- ic],” he wrote in a note to clients last week. And with the Bank of Canada signalling that it’s done all it can do with rate cuts, the baton gets handed over to fiscal policy. In the U.S., investors will be left feeling around in the dark as the government shut- down means that there is a chance we will not get jobs data for a second month in a row. “We estimate each week of closures re- duces annualized quarterly real GDP growth by 0.1-to-0.2 percentage points,” Bank of Montreal senior economists Pris- cilla Thiagamoorthy and Shelly Kaushik wrote in a note to clients. “A four-and-a-half-week shutdown points to a 0.4-to-0.9 percentage-point hit to growth, so far – that includes a recovery when the shutdown ends and employees receive backpay.” If the shutdown goes past Friday, it will become the longest on record. Heavy is the head: The most valuable company in Canada will report results Tuesday morning. Usually that honour belongs to Royal Bank of Canada, but thanks to a 60-per-cent rally – Shopify Inc. now has a higher market cap. The history of a non-bank taking that spot isn’t great (see BlackBerry, Nortel, Potash Corp. or Va- leant). But the real test of the stock will be its ability to grow sales given how expensive it is. The good news is that it has been deliver- ing. Sales growth this year is the best it’s been since the pandemic. With the stock trading a triple digit price-to-earnings mul- tiple, it’s important that continues. “This is the most expensive stock we own. It took us a long time to get over it,” shareholder Nick Griffin, manager of the CI Munro Global Growth Equity Fund, said on my podcast back in October. He says inte- gration with platforms like ChatGPT are a big win for Shopify and its merchants, and that should drive growth going forward. On a diet: How bad is the dining-out sit- uation? After Chipotle Mexican Grill Inc.’s disastrous results last week, investors are nervously anticipating McDonald’s Corp.’s results Wednesday. Shares have held on much better than Chipotle or Starbucks Corp. but are still underperforming the broader market. It’s not all bad out there. Restaurant Brands International Inc., which owns Tim Hortons and Burger King, reported better-than-expected sales growth last week. Investors will watch for whether their shift to value, including $5 meal deals, helped to buffet overall sales. Not everyone is convinced. “Thus far, our analysis suggests that [McDonald’s] significant investments in reducing combo meal prices and increas- ing marketing spend in September have not meaningfully improved traffic trends,” Stifel’s Chris O’Cull warned in a preview note to clients. McDonald’s could an- nounce further investments in price reduc- tion, but until that produces meaningful sales growth, Mr. O’Cull expects the stock to be range bound. Kicking the can: MEG Energy Corp. surprised investors last week when it delayed the vote on the Cenovus Energy Inc. deal yet again to address a “regulatory inquiry” stemming from a complaint made by a former MEG Energy employee. This will be the third delay on the vote, which is now scheduled for Thursday. It is clear that MEG now has the votes after Cenovus struck a deal to win the sup- port of Strathcona Resources Ltd. by boosting the offer and selling it assets at a discount. The chief executive of Cenovus said on a conference call Friday that the company doesn’t expect this inquiry to have any impact on the transaction. Aside from this, there will be plenty to watch in the patch with Suncor Energy Inc., Canadian Natural Resources Ltd., TC Ener- gy Corp. and Enbridge Inc. all reporting this week. Special to The Globe and Mail Week ahead will be heavy with earning reports and the federal budget AMBER KANWAR The Parliament Hill Peace Tower is seen from Major’s Hill Park in Ottawa on Saturday. Prime Minister Mark Carney will table his first budget on Tuesday. KEITO NEWMAN/THE GLOBE AND MAIL