
How the peaceful world of puzzles has been upended by the global trade war
Puzzle people are used to putting pieces in their place. But the chaos of the Canada-U.S. trade war is flipping the industry over, leaving business owners to pick up the pieces.
"It's the uncertainty. It's nearly impossible to navigate," Bruce Donnelly told Day 6.
Donnelly is the owner of Puzzles Canada, based in Georgetown, Ont. It's one of the largest puzzle retailers in Canada, stocking 92 jigsaw brands and thousands of different puzzles. It ships thousands of them each week.
But the current trade war has taken a sizable piece out of those orders. And with continued uncertainty around tariffs, many puzzle retailers on both sides of the border are worried about the future of their businesses.
The Toy Association, a lobby group for the U.S. toy industry, surveyed 400 of its member companies in April. It found that nearly half of its small or medium-sized businesses were worried they may go out of business because of their government's tariffs.
Facing tariffs
In March, Canada announced its retaliatory tariffs against Donald Trump and the U.S., which included a 25 per cent tariff on jigsaw puzzles made in the U.S. And Donnelly didn't have a chance to react.
"We had shipments that were en route. We didn't have a choice. We had to pay the tariff," he said.
Not wanting to put the cost on his customers, Puzzles Canada paid the difference.
Even though Americans make up only 20 per cent of Puzzles Canada's customer base, Donnelly says he's feeling the impact. Half of the brands Donnelly sells are made in China, making them costly to send to U.S. customers.
Initially, the U.S. put a 145 per cent tariff on goods shipped from China. That has since been reduced to 30 per cent.
"We're definitely [taking] a hit," said Donnelly.
The company has had to make adjustments. He's since had to halt shipments of made-in-China puzzles to the U.S., because those extra fees were just too high. He's also had to increase the price for all customers of games from White Mountain Puzzles, Springbok Puzzles, and New York Puzzle Co., which are all U.S.-made, though he didn't give an exact figure.
Donnelly is bringing in more puzzles from Europe, and he can continue to sell to customers in Canada. Even so, Donnelly says his U.S. sales could be cut in half.
And it's not just companies in Canada that are struggling.
Mia Galison, owner of the eeBoo Corporation, is based in New York and sells jigsaw puzzles and children's toys. But many of her products are manufactured in China.
"It's devastating. We are a very small company. We don't work on huge margins," said Galison.
"We're hoping that some reason prevails with these tariffs or that we get some kind of carve-out for small businesses or carve-outs for the toy industry."
To make ends meet, Galison has also increased the prices of her puzzles. Even with the increase, she's trying to keep them under $25 US each, but says it's not enough to make up for the cost of tariffs.
Puzzles, bowling balls and toilet seats
It's not just puzzles that have been caught in the crossfire of the trade war. Other seemingly odd U.S.-made products, such as toilet seats and bowling balls, have been slapped with retaliatory tariffs by the Canadian government. But why?
The Canadian government hasn't provided an exact explanation for each product on that list, but international lawyer Lawrence Herman says those measures were put in place to inflict maximum pain on the United States.
"These items are carefully designed to ensure that they affect companies, producers, exporters in areas where U.S. politicians may be influenced by the effect," Herman told the Cost of Living.
"A company in one or another area that is affected by these Canadian tariffs would complain to its senator or to its member of Congress, asking for the tariffs on Canada to be removed. That's the whole idea behind these lists."
In the meantime, Herman says Canadian companies will have to look to ship to other markets, such as Europe and the Asia-Pacific region.
One of the solutions could be to shift manufacturing from China to the U.S. or Canada. But Galison of eeBoo says that isn't an easy pivot. She says it would take her company decades to develop its own manufacturing in the U.S. that would produce puzzles at the quality she's looking for. And she can't afford such an endeavour.
For Galison, it's not just a matter of a slight downturn in profit. She worries her business, and many others, might not make it to the end of the year.
"Empty shelves are kind of an unpleasant image when you think of it," said Galison.
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Volta Options Springer Rare Earth and Gallium Deposit
Toronto, Ontario--(Newsfile Corp. - June 10, 2025) - Volta Metals Ltd. (CSE: VLTA) (FSE: D0W) (" Volta" or the " Company") is pleased to announce that, further to the Company's press release issued on February 27, 2025, the Company has entered into a definitive option agreement dated June 9, 2025 (the " Definitive Agreement") with RZJ Capital Management, LLC (the " Vendor") to acquire an initial 80% interest (the " First Option") and up to a 100% interest (the " Second Option") in the Lavergne-Springer ("Springer") Rare Earth and Gallium project (the " Transaction") located 80km east of Sudbury, Ontario, Canada (the " Project" or " Property") (Figure 1), subject to certain encumbrances as noted below. The Project consists of 5,000 hectares of patented and non-patented claims and contains a historic NI 43-101 mineral resource for Total Rare Earth Oxides (" TREO") of 4.167mt at 1.073% TREO indicated and 12.73mt at 1.119% TREO in the inferred resource category at a cut-off of 0.9%. Mineralization starts at surface, the deposit remains open for expansion, and the large Property is underexplored for REE-Ga mineralization. Project Highlights Advanced Rare Earth Project (REE) with associated high-grade Light REE and gallium near Sturgeon Falls, Ontario. Excellent infrastructure with paved road access (1 hour from the Sudbury Mining Hub), rail and hydroelectric power servicing the Property (Figure 2). Multiple wide, shallow intercepts of +100m at >1% TREO, including one of the final drill holes finishing in 12m at 5% TREO with no subsequent follow-up drilling. Consistent elevated gallium intercepts ranging from 57 to 120 g/t over thick intervals, including 87.5m at 76.4 g/t and 88m at 62 g/t gallium. Positive initial laboratory scale metallurgical test work to produce an upgraded Light Rare Earth concentrate. 5,000 Ha property with patented claims covering the known deposit and unpatented claims covering potential extensions to the east and west. The Springer Deposit Tetra Tech Wardrop of Toronto completed the (historic) resource estimate in May 2012 for Rare Earth Metals Inc., which was a junior exploration company listed on the TSX Venture Exchange (Table 1 and 2). The mineral resource estimate was completed in accordance with CIM Best Practices and Disclosure guidelines in accordance with NI 43-101 at that time, and Volta has no reason to believe that the mineral resources estimate contained is not relevant or reliable as of the date hereof (Figure 1). Figure 1. Springer REE Deposit (blue), with Gallium (brown) Core. To view an enhanced version of this graphic, please visit: Table 1. Indicated Resource Estimate for the Springer Deposit TREO% Cut-off Density Tonnes ('000) LREO% HREO%* TREO% HREO:LREO Ratio ThO 2 % 1.30 2.59 759 1.363 0.080 1.443 6 0.018 1.20 2.60 1,384 1.280 0.074 1.353 5 0.017 1.10 2.60 2,124 1.209 0.072 1.281 6 0.017 1.00 2.60 3,028 1.143 0.069 1.212 6 0.016 0.90 2.60 4,167 1.073 0.066 1.139 6 0.016 0.80 2.60 6,022 0.987 0.062 1.049 6 0.015 0.70 2.61 8,249 0.910 0.058 0.967 6 0.014 0.60 2.61 10,719 0.840 0.054 0.894 6 0.013 *: Includes yttrium oxide (Y 2 O 3) Table 2. Inferred Resource Estimate for the Springer Deposit TREO% Cut-off Density Tonnes ('000) LREO% HREO%* TREO% HREO:LREO Ratio ThO 2 % 1.30 2.65 2,805 1.482 0.053 1.535 3 0.010 1.20 2.65 4,405 1.378 0.053 1.431 4 0.010 1.10 2.65 6,531 1.285 0.053 1.337 4 0.011 1.00 2.64 9,433 1.196 0.052 1.249 4 0.011 0.90 2.65 12,732 1.119 0.051 1.170 4 0.011 0.80 2.65 18,274 1.024 0.048 1.072 5 0.010 0.70 2.65 25,917 0.931 0.045 0.976 5 0.009 0.60 2.65 38,876 0.825 0.041 0.866 5 0.008 *: Includes yttrium oxide (Y 2 O 3) The mineral resource, based on 22 diamond drill holes, was estimated by the Ordinary Kriging interpolation method on uncapped grades for all 15 Rare Earth Oxides (" REO"). The TREO% is a sum of the 15 individual interpolations of the REOs. The resource estimate was prepared using a single interpreted domain using a grade shell of 0.31 TREO%. A cut-off grade of 0.9 TREO% was chosen for the deposit resource estimate based on comparable deposits at the time (Table 1 and Table 2). No recoveries have been applied to the interpolated estimates. Volta is unaware of any other work having been completed on the Project since the 2012 mineral resource estimate. The resource estimate presented for the Springer project is historic in nature. Volta's qualified person has not completed sufficient work to confirm the results of the historical resource. Volta is not treating this as a current mineral resource but is considering it relevant as a guide to future exploration and is included for reference purposes only. Volta will require further drilling to verify the historic estimate as current mineral resources. Figure 2. Location of Springer Rare Earth Project in Ontario To view an enhanced version of this graphic, please visit: Infrastructure The Project is located 8 km outside of Sturgeon Falls, Ontario, near the Trans-Canada Highway, the Sturgeon Falls Power Station, and the Railway Station. The Crystal Falls Power Station is located 7 km east of the project site, and power lines and paved roads run across the Property (Figure 3). The Project site is accessible from Sudbury and North Bay and is workable year-round. Figure 3. (a) Sturgeon Falls Power Dam and (b) Crystal Falls Power Lines on Property To view an enhanced version of this graphic, please visit: Gallium Intercepts Historic drilling also returned thick intercepts of high-grade Gallium (Table 3). For reference, the Codero Deposit in Nevada is one of the largest unmined primary gallium deposits in North America, with a reported resource of 15M tonnes at 47.7ppm, with a cut-off grade at 30ppm ( Gallium is a critical component in the semiconductors, telecommunications, and renewable energy sectors and may also be considered as a possible heat exchange medium in nuclear reactors. Canada and the U.S. rely on gallium for telecommunications, defense, and green energy. Gallium is also used in semiconductors, AI circuitry, radar and microchips. On December 3, 2024, China announced an immediate ban on the export of multiple critical metals, including gallium, exacerbating supply chain challenges. China currently accounts for 98% of worldwide primary low-purity gallium production. Examination of the drill database and 3D modelling by the Company as part of its due diligence suggests that the Springer deposit may contain a significant gallium resource. There has been no petrographic or metallurgical testwork completed on the gallium; consequently, it is currently unknown if it is recoverable and/or could form a potentially valuable by-product. Future work will seek to address this. The Company intends to drill and update the 2012 resource estimate in the upcoming exploration season. Table 3. Gallium & REE Composite Assays from 2012 Drilling Borehole From (m) To (m) Interval (m) Ga 2 O (g/t) Nb 2 O 5 % La 2 O 3 (g/t) CeO 2 (g/t) Pr 6 O 11 (g/t) Sm 2 O 3 (g/t) Nd 2 O 3 (g/t) LREO (g/t) HREO (g/t) SL-11-01 132.4 219.9 87.5 102.7 0.09 4,027 7,296 724 256 2,312 14,673 868 SL-11-02 213.8 277.0 63.2 96.2 0.05 3,420 5,106 739 235 1,988 12,858 714 SL-11-03 86.6 94.1 7.6 80.1 0.06 3,950 6,686 606 156 1,753 13,182 216 SL-11-03 101.4 113.4 12.0 102.2 0.07 5,373 9,376 902 279 2,662 18,654 455 SL-11-03 135.9 153.2 17.3 97.2 0.05 5,451 8,909 828 959 2,326 17,760 266 SL-11-03 178.6 189.1 9.0 77.7 0.07 6,988 11,686 1,122 347 3,369 23,587 508 SL-11-03 209.9 223.9 14.0 95.8 0.03 10,341 18,006 1,715 706 5,463 36,390 1,051 SL-11-03 247.9 252.9 5.0 97.3 0.03 11,805 19,517 1,779 672 5,402 39,328 924 SL-12-08 19.0 37.0 18.0 83.3 - 5,653 9,722 967 346 3,078 19,838 649 SL-12-08 37.0 125.0 88.0 83.3 - 3,514 6,537 693 302 2,352 13,463 633 SL-12-09 66.0 102.0 36.0 77.0 - 2,847 6,378 767 397 2,958 13,471 677 SL-12-18 94.7 101.7 7.0 86.4 - 2,676 5,842 702 509 2,789 12,629 403 Transaction Terms The patented claims that comprise the Property are subject to an underlying option agreement (the " Underlying Agreement") between the Vendor, as optionee and certain optionors (the " Underlying Optionors"). The Company has the right to become the optionee under the Underlying Agreement in the event of a default by the Vendor under such agreement. In order to earn an 80% interest in the Property, Volta must: On the closing date of the Definitive Agreement, issue an aggregate of 10,000,000 Common Shares to the Vendor (the " Closing Shares"), make a cash payment of $100,000 to the Vendor, and an aggregate cash payment of $220,400 to the Underlying Optionors; On or before the first anniversary of the execution date of the Definitive Agreement (the " Execution Date") issue an aggregate of 2,500,000 Common Shares to the Vendor (the " First Anniversary Shares"), and make an aggregate cash payment of $266,000 to the Underlying Optionors; and On or before the second anniversary of the Execution Date, issue an aggregate of 2,500,000 Common Shares to the Vendor (the " Second Anniversary Shares"), make an aggregate cash payment of $266,000 to the Underlying Optionors, a cash payment of $160,000 to the Vendor, and an additional cash payment of $76,000 to the Underlying Optionors. Upon exercise of the First Option, the Company will grant the Vendor a 2.0% net smelter returns royalty on the unpatented claims which comprised the Property (the " Granted Royalty"), of which of which 1% of the Granted Royalty may be bought back for $1,000,000 and assume the obligation to pay 80% of the existing 2.85% net smelter returns royalty on the patented claims which comprise the Property (the " Existing Royalty"), of which 0.95% of the Existing Royalty may be bought back for $950,000. The patented claims which comprise the Property are subject to the rights of a certain owner of a 5% interest in such claims (the " Remaining Holder"), accordingly, the First Option is with respect to an 80% interest to 95% of the patented claims and 100% of the unpatented claims. Pursuant to the Definitive Agreement, the Company may acquire the remaining 20% interest (the " Remaining Interest") until the date that is twelve months following the completion of a feasibility study on the Property by paying the Vendor the fair market value of the Remaining Interest at the time of exercise. Closing of the Transaction is subject to certain terms and conditions, including but not limited to the approval of the Canadian Securities Exchange. All Common Shares issued pursuant to the Transaction will be subject to a hold period of four months and one day from the date of issuance. In addition, certain of the Closing Shares shall be subject to the following trading restrictions: 2,500,000 Closing Shares shall not be tradeable until after the date that is six (6) months from the Closing Date, 2,500,000 Closing Shares shall not be tradeable until after the date that is twelve (12) months from the Closing Date and 2,500,000 Closing Shares shall not be tradeable until after the date that is eighteen (18) months from the Closing Date. Qualified Person The technical content of this news release has been reviewed and approved by Andrew Tims, who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historical information on the Project. For more information about the Company, view Volta's website at ABOUT VOLTA METALS LTD. Volta Metals Ltd. (CSE: VLTA) (FSE: D0W) is a mineral exploration company based in Toronto, Ontario, focused on REE, gallium, lithium, cesium, and tantalum. It has optioned and is currently exploring a critical minerals portfolio of REE, gallium, lithium, cesium, and tantalum projects in northwestern Ontario, considered one of the world's most prolific, emerging hard-rock lithium districts. To learn more about Volta and its Aki Project and its recently acquired Springer Project, please visit ON BEHALF OF THE BOARD Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements relating to product development, plans, strategies, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. Forward-looking information in this news release includes, but is not limited to, the timing and anticipated completion of the Transaction, the entering into of the Definitive Agreement, regulatory approvals for the Transaction, that the Transaction is transformative for Volta, statements regarding the Transaction, the ability to complete the Transaction on the terms provided herein or at all, the receipt of all necessary approvals, the Company's planned exploration activities and the Company's aim to prevent and minimize impacts on the First Nations through a variety of mitigation measures and offsetting benefits. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include: that the Company may not close the Transaction on the terms contemplated or at all, that due diligence with respect to the Transaction will not be favourable, that the Transaction may not be consummated, that the rights of the Remaining Holder will impede the Company's ability to conduct exploration activities on, and potential develop, the Property, the risks detailed from time to time in the filings made by the Company with securities regulators; the fact that Volta's interests in the Property are options only and there are no guarantee that such interest, if earned, will be certain; the future prices and demand for lithium; and delays or the inability of the Company to obtain any necessary approvals, permits and authorizations required to carry out its business plans. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking statements. 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. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required by law.