Month: November 2020

Great Lakes Dredge & Dock (GLDD) – Another Good Quarter – Execution Remains Solid

Posted on by Admin

Thursday, November 05, 2020

Great Lakes Dredge & Dock (GLDD)

Another Good Quarter – Execution Remains Solid

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    3Q2020 operating results were in line expectations including loss of hire benefit. Total revenue of $175.8 million was close to our estimate of $176.5 million and profitability was in line with expectations. Adjusted EBITDA of $32.2 million was in line with expectations of $32.1 million due to a loss of hire benefit of $1.7 million, and EBITDA margin of 18.3% was in line with expectations of 18.2%.

    Moving 2020 EBITDA estimate to $155.2 million.  Positive dredging market outlook intact, but costs moving slightly higher. Introducing 2021 EBITDA estimate of $150.4 million. Bar is high after strong outperformance this year …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Energy Fuels (UUUU)(EFR:CA) – Moving from Concept to Reality

Posted on by Admin

Thursday, November 05, 2020

Energy Fuels (UUUU)(EFR:CA)

Moving from Concept to Reality

As of April 24, 2020, Noble Capital Markets research on Energy Fuels is published under ticker symbols (UUUU and EFR:CA). The price target is in USD and based on ticker symbol UUUU. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Energy Fuels is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium. Headquartered in Colorado, Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Facility in Wyoming, and the Alta Mesa ISR Facility in Texas. The producing White Mesa Mill is the only conventional uranium mill in the U.S. and has a licensed capacity of 8 million pounds of U3O8 per year. Nichols Ranch is in production and has a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is currently on standby. Energy Fuels also owns several licensed and developed uranium and vanadium mines on standby and other projects in development.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Expanding the product portfolio. Energy Fuels announced its rare earth strategy in April 2020 with the goal of making minor modifications to its operations to enable the processing of uranium and rare earth ores at its White Mesa Mill. Ores would be sourced from third parties, either through ore purchase, tolling, or other arrangements. Energy Fuels would produce concentrates while also recovering uranium from the ore.

    Successful pilot production.  The company announced production of rare earth element (REE) concentrate on a pilot scale at its White Mesa Mill. The concentrate was produced at the mill from one tonne of monazite sands from a North American source. The rare earth elements found in the concentrate include Cerium, Lanthanum, and high value magnet metals Neodymium and Praseodymium (NdPr) oxide which is …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Aurania Resources (AUIAF)(ARU:CA) – Aurania Provides Update on Drilling Program Closes Equity Financing

Posted on by Admin

Thursday, November 05, 2020

Aurania Resources (AUIAF)(ARU:CA)

Aurania Provides Update on Drilling Program; Closes Equity Financing

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Drilling program at Tsenken. Drilling commenced on the Tsenken N2 copper-silver target in September using a portable rig to test both porphyry copper targets as well as sedimentary-hosted copper-silver deposits. While results have not yet been received, three bore holes (1-3) were drilled and assays were sent to the laboratory. The rig was moved to test the Tsenken N3 target with three drill holes (4-6) planned. Hole 4 was completed and Hole 5 is in progress. The company intends to conduct an MMT survey shortly which will provide magnetic, resistivity and conductivity information and should take about 3-4 weeks to complete. Other targets at Tsenken include N1, N4, and B.

    Iron-Oxide Copper-Gold system.  While management initially contemplated Tsenken N2 as a porphyry target, drilling intersected a mineral alteration zone typical of an iron oxide copper-gold system (IOCG). Management would like to better define the large mineral zone so that they can identify the core of the system where copper and gold is likely to be concentrated …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Will Solar Panels Continue to Be Subsidized for Households and Businesses?

Posted on by Admin

 

The Solar Panel Investment Tax Credit Rebate Debate

 

The solar panel tax incentive has been helping homeowners save on electricity costs. The federal government provides the solar tax credit that allows homeowners and businesses to offset 26 percent of the cost of their solar panel systems. Some states provide additional tax credits. Low-cost solar financing options are available in many states and municipalities — utilities may also provide cash rebates or low-cost financing options that can reduce operating costs by 10 to 20 percent. In exchange, the home or business owner will receive a large reduction in their electric bills, an enhanced property value.  The federal investment tax credit (ITC) was reduced to 26% in 2020 from the initial level of 30%.  It is scheduled to decrease to 22% in 2021 and then goes away completely in 2022. With solar costs falling rapidly, a debate has begun over whether the federal ITC should be extended or allowed to sunset out.

Solar costs are falling

According to the National Renewable Energy Laboratory, the installed price for residential solar systems is less than half of what it was ten years ago. Costs have decreased as production increases, and companies benefit from larger economies of scale. Residential solar systems generally cost $15,000 to $30,000 before incentives and, depending on the size of the system, $10,000 to $25,000 after applying the ITC.   Solar panels require very little maintenance and can be expected to save $2,000-$3,000 per year in electric costs.

Solar energy cost vs. Efficiency over 10-years

 

Investment returns are attractive but not without subsidies.

Solar energy systems can be expected to return 1.5 to 2.0 times the investment over the 25-year life of the system depending on the location. An investment in a residential solar system will generally provide a payback return of 10-15 years with subsidies. Such a return may not seem attractive compared to other investments, but it is worth noting that many systems are lasting longer than 25 years, thus providing a residual value. The figure below shows the relative cost savings over market prices in the ten largest solar markets.

A Comparison of the cost of electricity per kilowatt-hour by state (Market vs. Solar)

 

Conclusion

There are many reasons home, or business owners may want to consider adding solar panels. Solar panels are environmentally friendly, add to the home or business’s value, and provide a backup system to the local electric grid.  The return on investment is reasonable if subsidized. Absent subsidies, the investment is harder to justify for financial reasons. Costs may decrease if a 2018 tax on Chinese solar products is removed. Costs may also continue to drop as the industry continues to grow. Large-scale solar and wind farms no longer need subsidization to compete with fossil fuel power generation as costs have decreased with increased economies of scale. The same may be true for small-scale solar panels if tax credits are extended.

 

Suggested Reading:

Cobalt and Rare Earth Metals from the Ocean Floor Eyed to Meet Growing Battery Demand

Expect Today’s Nuclear Technologies to Provide an Important Role in the Future of Energy

This Is What Could Slam the Brakes on EV Growth

Enjoy Premium Channelchek Content at No Cost

Each event in our popular Virtual Road Shows Series has a maximum capacity of 100 online investors. To take part, listen to and perhaps get your questions answered, see which virtual investor meeting intrigues you here.

 

Sources:

https://www.energysage.com/solar/cost-benefit/solar-incentives-and-rebates/#:~:text=The%20federal%20government%20provides%20a,solar%20costs%20from%20their%20taxes, energysage, July 15, 2020

https://www.seia.org/initiatives/what-rebates-and-incentives-are-available-solar-energy, SEIA Solar Energy Industries Association

https://www.thesimpledollar.com/save-money/solar-cost-comparison-state-by-state/, Andy Bowen, the simpledollar, May 24, 2018

https://www.solar.com/learn/solar-panel-cost/

https://www.greentechmedia.com/articles/read/solar-pv-has-become-cheaper-and-better-in-the-2010s-now-what

Release – Energy Fuels (UUUU) – Webcast Postponed to November 4, 2020

Posted on by Admin

Energy Fuels Webcast Postponed to November 4, 2020

 

LAKEWOOD, Colo., Nov. 3, 2020 /CNW/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”) announces that the conference call and webcast originally scheduled for November 3, 2020 has been postponed to November 4, 2020 at 4:00 pm ET (2:00 pm MT) due to technical issues.

To join the webcast, please click the link below to access the presentation and the viewer-controlled webcast slides:

 

Energy Fuels Q3-2020 Results – Webcast Link

 

A link to a recorded version of the proceedings will be available shortly after the webcast by calling 1-888-390-0541 (toll free in the U.S. and Canada) and entering the code 303725#. This recording will be available until November 17, 2020.

About Energy Fuels: Energy Fuels is the leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the potential to recover rare earth elements at its White Mesa Mill. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers – the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

SOURCE: Energy Fuels Inc.

For further information: Energy Fuels Inc., Curtis Moore – VP – Marketing & Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com,
www.energyfuels.com

The Prolonged Vote Counting Impact on the Stock Market

Posted on by Admin

 

The FAANGs Come Out During Election Uncertainty

 

Investors trying to determine what impact the tight presidential race has had on the stock market may find stocks related to remote working and online communication have again become stock market leaders.

Clear election night winners include the NASDAQ 100 as indicated by futures contract trading. The tech-heavy Nasdaq 100 Index (NDX) is a basket of the 100 largest, most actively traded U.S companies listed on the Nasdaq exchange. Among the largest within the index are Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Facebook (FB).

 

 

December 2020 contracts were up more than 3% overnight, with some of the largest gains coming after the President shared his concern about vote-counting efforts. Currently, both President Donald Trump and Challenger Joe Biden still have mathematical paths to occupying the White House over the next four years. Mega-cap stocks running out ahead of other stocks has been a theme during the COVID-19. The FAANG trend had recently reversed as election polls pointed to a Biden win.

In addition to the uncertain presidential race outcome, many expected a clear Democratic sweep within Congress. The reasoning was that Democrats are expected to be more inclined to put forth the largest stimulus package. The coming make-up of Congress is not expected to alter the strength much in either direction.

Recently the small cap Russel 2000 Index (RUT) has been outperforming the Nasdaq 100. Investors, for now, seem to be again favoring big tech in the face of a divided government, which is less likely to agree on spending plans.

David Bianco, the chief investment officer of the Americas at DWS Group Americas, Inc., has been quoted as saying, “If it’s a mixed government, it’s still a good environment for tech companies.” He gave these reasons, “You’re unlikely to get a big increase in corporate taxes. Less change, more status quo, more stability in taxes and regulation is good for all businesses including tech.”

There are benefits to Washington being unable to pass as many changes. Uncertainty as to which person or which party will hold the executive branch is likely to create speculative flows until resolved.

 

Suggested Reading:

Which Stocks Do Well After a Presidential Election

Fintech Pirates are Looting Unsuspecting Trading Accounts

Many Investors are Keeping Their Powder Dry

Each event in our popular Virtual Road Shows Series has a maximum capacity of 100 investors online. To take part, listen to and perhaps get your questions answered, see which virtual investor meeting intrigues you here.

 

Sources:

https://www.nytimes.com/live/2020/11/04/business/us-economy-coronavirus

https://www.investing.com/news/stock-market-news/futures-jump-in-volatile-trade-as-election-race-tightens-2340288

https://uk.finance.yahoo.com/finance/news/stay-home-nasdaq-trade-reasserts-031222341.html

https://www.wsj.com/articles/senate-election-2020-results-11604378353

https://www.cnbc.com/2020/11/04/how-the-nasdaq-and-tech-stocks-became-the-winner-on-election-night.html

Release – CoreCivic (CXW) – CoreCivic Reports Third Quarter 2020 Financial Results

Posted on by Admin

CoreCivic Reports Third Quarter 2020 Financial Results

 

BRENTWOOD, Tenn., Nov. 04, 2020 — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the third quarter of 2020.

Financial Highlights – Third Quarter 2020

  • Total revenue of $468.3 million
    • CoreCivic Safety revenue of $420.0 million
    • CoreCivic Community revenue of $24.1 million
    • CoreCivic Properties revenue of $24.1 million
  • Net income attributable to common stockholders of $26.7 million
  • Diluted EPS of $0.22
  • Adjusted diluted EPS of $0.28
  • Normalized FFO per diluted share of $0.52
  • Adjusted EBITDA of $94.6 million
  • Repaid $102.2 million in total debt, net of the change in cash

Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, said, “Our business and our dedicated professionals continue to perform admirably through the COVID-19 pandemic, working diligently to provide essential services while attentively implementing and adhering to protocols designed to protect each other and those in our care. We remain a critical solution to our government partners who are also facing pandemic-related challenges. Our cash flow generation remains strong, and we are executing on our revised capital allocation strategy of prioritizing our substantial free cash flow to reduce debt. In the third quarter alone we repaid over $100 million in long-term debt, net of the change in cash, increasing our financial flexibility. We are committed to using our free cash flow in a manner that serves the long-term best interest of our shareholders, our business, our government partners, and the people and communities we together serve, and we are pleased with our progress. Finally, we continue to evaluate the potential sale of certain non-core real estate assets in our Properties segment, and are optimistic with the interest expressed to date. Generating net proceeds from these asset sales should enable us to accelerate our revised capital allocation strategy.

“In continuation of an initiative we began three years ago, we’re also pleased to have announced last month our support for a slate of new policies, including the restoration of Pell Grants for incarcerated individuals, the restoration of voting rights for the formerly incarcerated, and licensure reform to make it easier for the formerly incarcerated to find and keep jobs. With the legislative progress that’s been made, we believe now is the time to step up – not slow down – our commitment to programs and policies that reduce recidivism,” added Hininger.

Third Quarter 2020 Financial Results Compared With Third Quarter 2019

Net income attributable to common stockholders generated in the third quarter of 2020 totaled $26.7 million, or $0.22 per diluted share, compared with $49.0 million, or $0.41 per diluted share, in the third quarter of 2019. Adjusted for special items, net income in the third quarter of 2020 was $34.1 million, or $0.28 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the third quarter of 2019 of $55.9 million, or $0.47 per diluted share. Special items in the third quarter of 2020 included $4.7 million in expenses associated with changes in our corporate tax structure, $2.8 million in expenses associated with COVID-19, $0.8 million of asset impairments, $0.6 million in contingent consideration for acquisition of businesses, and a $1.6 million gain on the sale of real estate assets, net of taxes. Special items in the third quarter of 2019 included $6.8 million in start-up expenses and $0.1 million of expenses associated with mergers and acquisitions (M&A).

Funds From Operations (FFO) was $53.4 million, or $0.44 per diluted share, in the third quarter of 2020, compared to $76.3 million, or $0.64 per diluted share, in the third quarter of 2019. Normalized FFO, which excludes the special items described above, was $62.3 million, or $0.52 per diluted share, in the third quarter of 2020, compared with $83.1 million, or $0.70 per diluted share, in the third quarter of 2019.

EBITDA was $87.8 million in the third quarter of 2020, compared with $108.5 million in the third quarter of 2019. Adjusted EBITDA was $94.6 million in the third quarter of 2020, compared with $115.4 million in the third quarter of 2019. Adjusted EBITDA excludes the special items described above.

Financial results in the third quarter of 2020, compared with the third quarter of 2019, decreased primarily because of lower utilization of our existing contracts with Immigration and Customs Enforcement, or ICE, and modest utilization declines across many of our state-level contracts due to the ongoing impact of COVID-19. Financial results were also negatively impacted by the transition at our Cimarron Correctional Facility in Oklahoma from state populations to the U.S. Marshals Service, or USMS, resulting from a new contract executed in September 2020. Further, per share results in the third quarter of 2019 include $0.03, net of tax, for the favorable settlement of a contractual dispute with respect to revenues that would have been recognized during the previous several years, and $0.02 per share for a bonus award earned under one of our contracts with the Federal Bureau of Prisons, or BOP, for exceptional operating performance.

The declines in contract utilization were partially offset by utilization under new contracts executed in 2019 with (i) the USMS, to activate our previously idle 1,422-bed Eden Detention Center in Texas, (ii) ICE to activate our previously idle 910-bed Torrance County Detention Facility in New Mexico and to utilize capacity at our 2,232-bed Adams County Correctional Center in Mississippi, and (iii) the states of Mississippi, Kansas and Idaho to utilize available capacity at our 2,672-bed Tallahatchie County Correctional Facility in Mississippi and our 1,896-bed Saguaro Correctional Facility in Arizona. Financial results in our Properties segment were also favorably impacted by the commencement of new leases in July 2020 with the Commonwealth of Kentucky at our Southeast Correctional Complex, and in January 2020 with the state of Kansas at our newly constructed Lansing Correctional Facility.

Balance Sheet and Liquidity as of September 30, 2020

As of September 30, 2020, cash on hand was $282.5 million, with an additional $329.2 million available under our revolving credit facility. Net cash provided by operating activities was $107.2 million during the third quarter of 2020, compared with $75.4 million and $98.9 million in the first and second quarters of 2020, respectively. Net cash provided by operating activities enabled us to repay $102.2 million of total debt during the third quarter of 2020, net of the change in cash and cash equivalents, increasing our financial flexibility. We have no material capital commitments, and no debt maturities until October 2022, when $250.0 million of 5.0% unsecured notes matures. We currently expect to repay these notes upon maturity with cash on hand.

Business Development Update

New Management Contract with the United States Marshals Service at the Cimarron Correctional Facility. On September 15, 2020, we entered into a new contract under an Intergovernmental Agreement between the city of Cushing, Oklahoma and the USMS to utilize the Company’s 1,692-bed Cimarron Correctional Facility in Cushing, Oklahoma. The Company previously announced the intention to idle the Cimarron Correctional Facility during the third quarter of 2020, largely due to a lower number of inmate populations from the state of Oklahoma resulting from COVID-19, combined with the consequential impact of COVID-19 on the State’s budget. The new management contract commenced on September 15, 2020, and has an initial term of three years, with unlimited 24-month extension options following the initial term upon mutual agreement. As of September 30, 2020, we cared for 693 USMS detainees at the Cimarron facility. During 2019, and for the nine months ended September 30, 2020, this facility generated facility net operating income of $2.4 million and incurred an operating loss of $2.8 million, respectively. We expect an improvement in facility net operating income at this facility as a result of the new contract, with annual revenues increasing to approximately $30 million at current utilization levels, and an operating margin that approximates the average CoreCivic Safety operating margin percentage.

New Management Contract with the state of Idaho. On August 17, 2020, we entered into a new contract with the Idaho Department of Correction, or IDOC, to care for up to 1,200 adult male inmates at our 1,896-bed Saguaro Correctional Facility. Subject to available capacity, we may also care for IDOC inmates at our 4,128-bed Central Arizona Florence Correctional Complex under terms of the contract. The new management contract with the IDOC commenced on August 18, 2020, and has an initial term of five years, with unlimited extension options thereafter upon mutual agreement. We began accepting inmate populations into the Saguaro facility on August 18, 2020.

New Management Contract with the Federal Bureau of Prisons for Reentry Services. On October 1, 2020, we were awarded a new contract by the BOP for residential reentry and home confinement services at our 289-bed Turley Residential Center in Tulsa, Oklahoma and our 494-bed Oklahoma Reentry Opportunity Center in Oklahoma City, Oklahoma. As a result, we expect to reactivate the Turley Residential Center during the first quarter of 2021 and provide the BOP additional reentry services at our Oklahoma Reentry Opportunity Center which will supplement existing utilization by the state of Oklahoma.

Financial Guidance

On April 1, 2020, we withdrew our financial guidance because of uncertainties associated with COVID-19, and do not expect to provide financial guidance until we have further clarity around the uncertainties which continue to exist. Our business is very durable, and continues to generate cash flow even during these unprecedented disruptions to the economy and criminal justice system. This resiliency is due to the essential nature of our facilities and services in our Safety and Community segments, further enhanced by the diversification and stability of our Properties segment, all supported by payments from highly rated federal, state, and local government agencies.

Supplemental Financial Information and Investor Presentations

We have made available on our website supplemental financial information and other data for the third quarter of 2020. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation, and disclaim any duties to update any of the information disclosed in this report.

Management may meet with investors from time to time during the fourth quarter of 2020. Written materials used in the investor presentations will also be available on our website beginning on or about November 16, 2020. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.

Conference Call, Webcast and Replay Information

We will host a webcast conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Thursday, November 5, 2020, to discuss our third quarter 2020 financial results and business outlook. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors page. The live broadcast can also be accessed by dialing 800-367-2403 in the U.S. and Canada, including the confirmation passcode 9125625. The conference call will be archived on our website following the completion of the call. In addition, there will be a telephonic replay available beginning at 1:00 p.m. central time (2:00 p.m. eastern time) on November 5, 2020, through 1:00 p.m. central time (2:00 p.m. eastern time) on November 13, 2020. To access the telephonic replay, dial 888-203-1112 in the U.S. and Canada. International callers may dial +1 719-457-0820 and enter passcode 8097453.

About CoreCivic

The Company is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at http://ir.corecivic.com/.

Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of the South Texas Family Residential Center (STFRC) by ICE under terms of the current contract, and the impact of any changes to immigration reform and sentencing laws (our company does not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels, competition, contract renegotiations or terminations, increases in costs of operations, fluctuations in interest rates and risks of operations; (vi) the duration of the federal government’s denial of entry at the United States southern border to asylum-seekers and anyone crossing the southern border without proper documentation or authority in an effort to contain the spread of COVID-19; (vii) government and staff responses to staff or residents testing positive for COVID-19 within public and private correctional, detention and reentry facilities, including the facilities we operate; (viii) the location and duration of shelter in place orders and other restrictions associated with COVID-19 that disrupt the criminal justice system, along with government policies on prosecutions and newly ordered legal restrictions that affect the number of people placed in correctional, detention, and reentry facilities; (ix) whether revoking our REIT election and our revised capital allocation strategy can be implemented in a cost effective manner that provides the expected benefits, including facilitating our planned debt reduction initiative and planned return of capital to shareholders; (x) our ability to identify and consummate the sale of certain non-core assets at attractive prices; (xi) our ability to successfully identify and consummate future development and acquisition opportunities and our ability to successfully integrate the operations of our completed acquisitions and realize projected returns resulting therefrom; (xii) our ability, following the revocation of our REIT election, to identify and initiate service opportunities that were unavailable under the REIT structure; (xiii) our ability to meet and maintain qualification for taxation as a REIT for the years the Company elected REIT status; and (xiv) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

The Company takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

See CoreCivic’s website for Supplemental Financial Information For the Quarter Ended September 30, 2020

NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company’s results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, lenders and security analysts disclosures of its results of operations on the same basis that is used by management. FFO, in particular, is a widely accepted non-GAAP supplemental measure of REIT performance, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT).

NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. EBITDA, Adjusted EBITDA, and Normalized FFO are useful as supplemental measures of performance of the Company’s properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company’s tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company’s properties, management believes that assessing performance of the Company’s properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Start-up expenses represent the incremental operating losses incurred during the period we activate idle correctional facilities. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt refinancing, M&A activity, start-up expenses, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented. Even though expenses associated with mergers and acquisitions may be recurring, the magnitude and timing fluctuate based on the timing and scope of M&A activity, and therefore, such expenses, which are not a necessary component of the ongoing operations of the Company, may not be comparable from period to period.

Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company’s operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company’s consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services – (312) 780-7204

Ely Gold Royalties (ELYGF)(ELY:CA) – ELY Consolidates Railroad-Pinion Royalties in Nevada’s Carlin Trend

Posted on by Admin

Tuesday, November 03, 2020

Ely Gold Royalties (ELYGF)(ELY:CA)

ELY Consolidates Railroad-Pinion Royalties in Nevada’s Carlin Trend

As of April 24, 2020, Noble Capital Markets research on Ely Gold Royalties is published under ticker symbols (ELYGF and ELY:CA). The price target is in USD and based on ticker symbol ELYGF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Ely Gold Royalties Inc is an emerging royalty company with producing and development assets focused in Nevada and the Western US. It offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term gold royalties.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Near-term producing royalty acquisition. Ely Gold Royalties executed binding agreements with 12 private parties to acquire royalty interests covering a portion of the Railroad-Pinion project that is being developed by Gold Standard Ventures Corp. (NYSE American, GSV, Not Rated) as a heap-leach mining operation. The leases provide for an aggregate 1.15% net smelter returns royalty and annual lease payments of over $150 thousand. The mineral interests and leases cover large portions of the Dark Star, Pinion, and Jasperoid Wash deposits and portions of the POD and Bald Mountain zones.

    Terms of the transaction.  Ely will close the transaction in two tranches. Eleven of the transactions are expected to close on December 1, 2020, while one is subject to approval by the Toronto Venture Exchange. Ely Gold will pay total consideration of US$2,509,543 cash at closing and will separately pay US$1,300,000 cash consideration and issue 300,000 common stock warrants for the transaction …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

InPlay Oil (IPOOF)(IPO:CA) – IPO finalize lending facility, announces small tuck-in acquisition, details 4Q cap spend

Posted on by Admin

Tuesday, November 03, 2020

InPlay Oil (IPOOF)(IPO:CA)

IPO finalize lending facility, announces small tuck-in acquisition, details 4Q cap spend

As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    InPlay entered into definitive agreements for a $25 million non-revolving four-year loan. IPO previously announced that it had come to terms on the low-interest loan. We believe the loan was a significant development for the company and will provide the liquidity needed to withstand low oil prices.

    IPO makes a $1.9 million acquisition in the Pembina basin.  The acquisition is small but a good positive indication of management’s interest in the area. The acquisition adds production (up 5%) and drilling acreage. Cost is reasonable and should add to cash flow at current energy prices …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Release – Energy Fuels (UUUU) – Produces First Rare Earth Element Concentrate on a Pilot Scale

Posted on by Admin

Energy Fuels Produces First Rare Earth Element Concentrate on a Pilot Scale at its White Mesa Mill (Video Link Included)

 

LAKEWOOD, Colo., Nov. 3, 2020 /CNW/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”) is pleased to announce that the Company has produced a rare earth element (“REE”) carbonate concentrate (“REE Concentrate”) on a pilot scale at its 100% owned White Mesa Mill (the “Mill”), located near Blanding, Utah. This REE Concentrate was produced using existing infrastructure and technologies at the Mill from a sample of monazite sands from a North American source. Monazite sands are a valuable natural uranium ore, which also contain high concentrations of REEs. The Mill recovered the high concentrations of REEs in the monazite sands, in addition to the contained uranium which will be sold into the nuclear fuel industry. The REE Concentrate produced this weekend is of high purity and is ready to be sent to a separation plant and further downstream REE processing facility for final acceptance test work.

To the Company’s knowledge, this is the first REE Concentrate produced from monazite sands at any significant quantity in North America in over twenty (20) years.

 


 

Highlights:

  • The Company announced its plan to enter the REE Sector on April 13, 2020.
  • In just over six (6) months, the Company has graduated from laboratory scale testing to producing pilot scale REE Concentrate from a one (1) tonne sample of monazite sands mined in North America.
  • The Company possesses three (3) tonnes of additional samples of these monazite sands, which it intends to process in the next two months to further refine the process for recovering REEs and uranium from these types of ores.
  • This pilot scale testing demonstrates the substantial steps the Company has taken in recent months to re-establish the ability of the U.S. to recover REEs from monazite sands using existing facilities and technologies.
  • The Company continues negotiations with various parties to procure sources of monazite sands that can potentially be processed on a commercial scale at the Mill for the recovery of REE Concentrate and uranium.
  • The Company is also in ongoing discussions on the possible sale of REE Concentrate produced at the Mill to an REE separation facility.

Mark S. Chalmers, Energy Fuels’ President and CEO, stated:

“This past weekend, Energy Fuels achieved a major milestone in U.S. rare earth element production, when we successfully produced a REE Concentrate from a sample of monazite sands at our White Mesa Mill. Our Company literally accomplished REE production in months, because we utilized existing resources, infrastructure and technologies.

“While it is still early days, and we still have a lot of work to do, this is a proud moment, not just for me, but for the entire Energy Fuels team who has diligently worked on making REE Concentrate production a reality.

“The White Mesa Mill has a long history of recovering other metals along with uranium from uranium ores. Many of our ores from the Colorado Plateau contain vanadium, and the Mill has recovered over 54,000,000 pounds of vanadium as a co-product with uranium from these ores over the life of the Mill, making Energy Fuels the largest conventional vanadium producer in the U.S in recent years. Similarly, the Mill has recovered tantalum and niobium from uranium ores in the past. The recovery of REE Concentrate from monazite sands is no different in concept than the recovery of these other metals. As a result, the Mill is able to recover REEs along with uranium from these monazite sands using existing infrastructure and technologies at the Mill, with only minor routine process adjustments.

“This is the reason we believe we have the potential to enter commercial REE production more quickly and inexpensively than others. By using existing infrastructure and technologies at the Mill to recover the uranium and the REEs from monazite sands, we are able to avoid the years of permitting and development, along with the tens, or even hundreds, of millions of dollars of capital that others would be faced with. Assuming the Company is able to secure adequate quantities of monazite sands, we expect to be in a position to produce commercial quantities of REE Concentrate by early 2021.

“Successful testing at scale also demonstrates the importance of the White Mesa Mill in helping the U.S. re-establish its domestic REE supply chain. While the recovery and management of uranium and other radionuclides is a critical hurdle in REE production for most other facilities, it is a function the White Mesa Mill has performed successfully and responsibly for over 40 years.

We are particularly excited about the potential of our REE project in light of the President’s October 1, 2020 Executive Order on Critical Minerals, which declared a state of emergency to address America’s overreliance on critical minerals from foreign adversaries, including the REE’s, uranium and vanadium that we have the ability to produce at the White Mesa Mill. Furthermore, our work with the U.S. Department of Energy and Penn State on recovering REE’s from coal-based resources is complementary to the commercial REE initiatives discussed in this release.

“Energy Fuels will always, first and foremost, be a uranium producer. We have been the number one uranium miner in the U.S. since 2017, a position we intend to keep for many years to come. However, when other complementary business opportunities arise with the potential to create significant cash flow utilizing our existing facilities and workforce, we will always take a hard look at them with an eye toward building shareholder value.

“We look forward to providing further updates on our REE initiatives in the coming weeks and months as more milestones are reached.”

About Energy Fuels: Energy Fuels is the leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the potential to recover rare earth elements at its White Mesa Mill. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers – the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain “Forward-Looking Information” and “Forward-Looking Statements” within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as the leading uranium producer in the United States; any expectation that being debt free will allow the Company to better weather market volatility, or allow the Company to increase uranium production when warranted or launch its rare earth element initiative; any expectation that the Company has a number of opportunities or catalysts in front of it which could result in significant cash flows for the Company; any expectation that the Administration and Congress may create a strategic U.S. uranium reserve, or that the Company may be one of the prime beneficiaries of any U.S. government support; any expectation that the recent actions of the U.S. Department of Commerce may reduce uranium and nuclear fuel imports into the U.S. from Russia over the long-term and eliminate the specter of more state-owned uranium imports entering the U.S.; any expectation that President Trump’s recent Executive Orders on critical minerals may be an important step toward the U.S. government providing tangible support and/or funding to producers and processors of critical minerals; any expectation that current spot and term uranium pricing cannot sustain new or existing primary supply; and any expectation that global uranium markets may continue their bounce-back. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements herein, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance of or achievements of the Company to be materially different from any future results, performance, or achievements, express or implied, by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: any expectation that the Company will maintain its position as the leading uranium producer in the United States; any expectation that being debt free will allow the Company to better weather market volatility, or allow the Company to increase uranium production when warranted or launch its rare earth element initiative; any expectation that the Company has a number of opportunities or catalysts in front of it which could result in significant cash flows for the Company; any expectation that the Administration and Congress may create a strategic U.S. uranium reserve, or that the Company may be one of the prime beneficiaries of any U.S. government support; any expectation that the recent actions of the U.S. Department of Commerce may reduce uranium and nuclear fuel imports into the U.S. from Russia over the long-term and eliminate the specter of more state-owned uranium imports entering the U.S.; any expectation that President Trump’s recent Executive Orders on critical minerals may be an important step toward the U.S. government providing tangible support and/or funding to producers and processors of critical minerals; any expectation that current spot and term uranium pricing cannot sustain new or existing primary supply; any expectation that global uranium markets may continue their bounce-back; and the other factors described under the caption “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR at www.sedar.com, and on the Company’s website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or as a result of changes in management’s estimates or opinions, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

SOURCE: Energy Fuels Inc.

For further information: Energy Fuels Inc., Curtis Moore – VP – Marketing & Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com,
www.energyfuels.com

Release – Outlook Therapeutics (OTLK) – Completes Patient Enrollment of Open-Label Safety Study for ONS-5010 LYTENAVA (bevacizumab-vikg)

Posted on by Admin

Outlook Therapeutics Completes Patient Enrollment of Open-Label Safety Study for ONS-5010/LYTENAVA™ (bevacizumab-vikg)

 

  • Full enrollment of 195 subjects in NORSE THREE achieved in less than one month, significantly ahead of schedule
  • All planned clinical trials for ONS-5010/LYTENAVA™ BLA for wet AMD now fully enrolled or completed
  • Pivotal data expected in mid-2021 from ongoing, fully enrolled Phase 3 registration trial for ONS-5010 (NORSE TWO) with new BLA filing expected in second half of 2021

MONMOUTH JUNCTION, N.J., Nov. 03, 2020 (GLOBE NEWSWIRE) — Outlook Therapeutics, Inc. (Nasdaq: OTLK), a late clinical-stage biopharmaceutical company working to develop the first FDA-approved ophthalmic formulation of bevacizumab-vikg for use in retinal indications, today announced the completion of patient enrollment for its planned open-label safety study evaluating ONS-5010/LYTENAVA™ (NORSE THREE). Patient enrollment for the study was completed in less than one month, significantly ahead of the planned four-month enrollment schedule.

The open-label safety study enrolled 195 subjects with a range of retinal diseases for which an anti-VEGF drug is a therapeutic option, including wet age-related macular degeneration (AMD), diabetic macular edema (DME) and branch retinal vein occlusion (BRVO). Subjects enrolled in the study are receiving three monthly intravitreal (IVT) doses of ONS-5010/LYTENAVA™. The data from this study will be included in the complete data package to support the planned Biologics License Application (BLA) for wet AMD, on schedule for submission to the United States Food and Drug Administration (FDA) in the second half of 2021.

“I am delighted to see the enthusiasm for ONS-5010 that our clinical trial investigators have shown and their ability to rapidly enroll patients. The expedited manner in which enrollment was completed strengthens our confidence that an FDA-approved ophthalmic formulation of bevacizumab represents a significant unmet need in the ophthalmic community,” said Mark Humayun, MD, PhD, Medical Advisor to Outlook Therapeutics.

While unapproved repackaged IV bevacizumab from compounding pharmacies is already widely used in treating retinal diseases, ONS-5010, if approved, will be the first and only on-label ophthalmic formulation of bevacizumab-vikg for the treatment of wet AMD. It will offer a new, approved treatment option for wet-AMD, in the estimated $13 billion global market for anti-VEGF retina therapies.

“On behalf of the entire Outlook Therapeutics team, I would like to express our deep appreciation to the dedicated clinicians conducting this safety study as part of our ONS-5010 registration program,” added Lawrence Kenyon, President, CEO and CFO, Outlook Therapeutics. “The speed with which we completed enrollment in this safety study tells us a lot about the confidence of physicians and patients in ONS-5010. We believe that we remain well-positioned to file a new BLA for wet AMD as planned in 2021, now that all three of the planned clinical trials have either been completed or are fully enrolled.”

In addition to the planned BLA filing in the United States, Outlook Therapeutics is also engaged with regulatory authorities in Europe and other major markets for anticipated approvals in those markets. Outlook Therapeutics also intends to initiate registration clinical trials for ONS-5010 for DME and BRVO.

Commercial launch planning for ONS-5010, including distribution, physician and patient outreach, key opinion leader support and payor community engagement, remains ongoing. With an enhanced safety and cost-effectiveness profile, Outlook Therapeutics expects ONS-5010, if approved, to be widely adopted by payors and clinicians worldwide and to become the first-line drug of choice for payor-mandated “step edit” in the United States for retina indications. Outlook Therapeutics is also engaged with several life sciences companies that could result in a strategic partnership and definitive agreement for ONS-5010 as soon as the end of 2020.

About ONS-5010 / LYTENAVA™ (bevacizumab-vikg)

ONS-5010 / LYTENAVA™ (bevacizumab-vikg) is an investigational ophthalmic formulation of bevacizumab under development to be administered as an intravitreal injection for the treatment of wet AMD and other retinal diseases. Because no currently approved ophthalmic formulations of bevacizumab are available, clinicians wishing to treat retinal patients with bevacizumab have had to use unapproved repackaged IV bevacizumab provided by compounding pharmacists, products that have known risks of contamination and inconsistent potency and availability. If approved, ONS-5010 will reduce the need for use of unapproved repackaged IV bevacizumab from compounding pharmacists for retinal disease.

ONS-5010 is a full-length, humanized anti-VEGF (Vascular Endothelial Growth Factor) recombinant monoclonal antibody (or mAb) that inhibits VEGF and associated angiogenic activity. VEGF is a protein that promotes the growth of new abnormal blood vessels. With wet AMD, abnormally high levels of VEGF are secreted in the eye and lead to loss of vision. Anti-VEGF injection therapy blocks this growth. Since the advent of anti-VEGF therapy, it has become the standard-of-care treatment option within the retina community globally.

About Outlook Therapeutics, Inc.

Outlook Therapeutics is a late clinical-stage biopharmaceutical company working to develop ONS-5010/LYTENAVA™ (bevacizumab-vikg) as the first FDA-approved ophthalmic formulation of bevacizumab-vikg for use in retinal indications, including wet AMD, DME and BRVO. If ONS-5010 is approved, Outlook Therapeutics expects to commercialize it as the first and only FDA-approved ophthalmic formulation of bevacizumab-vikg for use in treating a range of retinal diseases in the United States, United Kingdom, Europe, Japan and other markets. Outlook Therapeutics expects to file ONS-5010 with the U.S. FDA as a new BLA under the PHSA 351(a) regulatory pathway, initially for wet AMD. For more information, please visit www.outlooktherapeutics.com.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “expect,” “will,” “could,” “may,” “might,” “should,” “plan,” “anticipate,” “project,” “believe,” “estimate,” “predict,” “potential,” “intend” or “continue,” the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. These include statements about the timing of completion of, and pivotal safety and efficacy data from, the pivotal Phase 3 trial, the timing of BLA submission, sufficiency of exposures and clinical trials conducted to support such submission, ONS-5010’s potential as the first FDA-approved ophthalmic formulation of bevacizumab-vikg, including benefits therefrom to patients, payors and physicians, statements about commercial launch of ONS-5010, the timing of entry into a strategic partnership and definitive agreement with a global ophthalmic company, including its ability to do so, and plans for regulatory approvals in other markets. Although Outlook Therapeutics believes that it has a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future events affecting Outlook Therapeutics and are subject to risks, uncertainties and factors relating to its operations and business environment, all of which are difficult to predict and many of which are beyond its control. These risk factors include those risks associated with developing pharmaceutical product candidates, risks of conducting clinical trials, risks in obtaining necessary regulatory approvals, and risks of negotiating strategic partnership agreements, as well as those risks detailed in Outlook Therapeutics’ filings with the Securities and Exchange Commission, which include the uncertainty of future impacts related to the ongoing COVID-19 pandemic. These risks may cause actual results to differ materially from those expressed or implied by forward-looking statements in this press release. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Outlook Therapeutics does not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

CONTACTS:

Media Inquiries:
Harriet Ullman
Assistant Vice President
LaVoieHealthScience

T: 617-669-3082
hullman@lavoiehealthscience.com

Investor Inquiries:
Jenene Thomas
Chief Executive Officer
JTC Team, LLC
T: 833.475.8247
OTLK@jtcir.com

Source: Outlook Therapeutics, Inc.

Release – Ely Gold Royalties (ELYGF) – Purchases Railroad-Pinion Royalty, Nevada

Posted on by Admin

Ely Gold Royalties (TSXV:ELY, OTCQX:ELYGF) Purchases Railroad-Pinion Royalty, Nevada

 

District Scale Property Currently Being Developed by Gold Standard Ventures

 

Vancouver, British Columbia, Canada, November 2, 2020. Ely Gold Royalties Inc. (TSXV:ELY, OTCQX:ELYGF) (“Ely Gold” or the “Company”) has reached binding agreements with twelve separate individuals to purchase private mineral interests on over 8,000 acres of private fee ground in Elko County, Nevada (the “Mineral Interests”). All of the fee ground and the Mineral Interests are currently leased to Gold Standard Ventures Corp (NYSE AMERICAN: GSV, TSX: GSV) (“GSV”) and cover certain portions of GSV’s Railroad-Pinion Project that is currently being developed as a heap-leach mining operation (the “Leases”). The Leases provide for a combined 1.15% net smelter returns royalty (“NSR”) and annual lease payments of over $150,000. The Mineral Interests and Leases cover large portions of the Dark Star, Pinion and Jasperoid Wash deposits in the South Railroad Complex as well as portions of the POD and Bald Mountain zones in the North Railroad. (see Figure 1). Eleven of the transactions (the “ORTT Transactions”) are expected to close on December 1, 2020 (the “Closing”). One of Transactions (the “OR Transaction”) is subject to the approval of the Toronto Venture Exchange (“TSXV”).

The Transactions

Ely Gold will pay total consideration of US$2,509,543 cash at Closing (the “Cash Consideration”) for the ORTT Transactions. In addition, Ely Gold will pay US$1,300,000 Cash Consideration and issue 300,000 common stock warrants (the “Ely Warrants”) for the OR Transaction. The Ely Warrants have a five-year term and will have an exercise price of CDN$1.15. Securities issued under the Ely Warrants will be subject to a four-month hold period. In connection with its assistance with both transactions, Ely Gold has agreed to pay a cash finder’s fee to R&R Land, Mineral & Oil LLC totaling US$207,273. Closing of both transactions is subject to final due diligence by the Company.

Trey Wasser, President & CEO of Ely Gold commented, “Ely Gold has successfully consolidated another complex transaction resulting in a meaningful royalty position on one of Nevada’s next mine developments. Not only do these Leases cover approximately 35% of the total resources at South Railroad, they also cover most of GSV’s 2020 expansion drilling at Dark Star, Pinion and Jasperoid Wash.”

Railroad-Pinion

The Railroad-Pinion Project is an intermediate to advanced stage gold project with a favorable structural, geological and stratigraphic setting situated at the southeast end of the Carlin Trend of north-central Nevada, adjacent to and south of Nevada Gold Mines’ Rain Mining District. The Carlin Trend is a northwest alignment of sedimentary rock-hosted gold deposits with past production exceeding 80,000,000 ounces of gold. Each dome or “window” is cored by igneous intrusions that uplift and expose Paleozoic rocks and certain stratigraphic contacts that are favorable for formation of Carlin-style gold deposits. The Railroad-Pinion Project is centered on the fourth and southernmost dome-shaped window on the Carlin Trend.

On February 18, 2020, Gold Standard announced an updated Pre-Feasibility Study for The South Railroad portion of the Railroad-Pinion project consisting of the Dark Star deposit and the Pinion Deposit. Key Highlights of the Updated Base Case South Railroad PFS include: (all currencies are shown in US dollars):

  • Pre-tax net present value (“NPV”) of $331.4M at a 5% discount rate and an after tax NPV of $265.0M at a $1,400 gold price and a $17.11 silver price, with a mineral reserve pit designs based on a gold price $1,250 per ounce and a silver price of $15.30 per ounce.
  • Proven and probable mineral reserves of 1.246 million ounces of gold and 2.705 million ounces of silver.
  • Average annual gold placement of 156,000 ounces of gold per year over an initial 8-year mine life.
  • Average life of mine cash cost of $582 per ounce after by-product credit, and all in sustaining costs (“AISC”) of $707 per ounce.
  • Initial capital expenditures of $132.9M

Details of the Pre-Feasibility study can be found in Form 43-101F1 Technical Report Updated Preliminary Feasibility Study Elko County, Nevada at the following link:
https://goldstandardv.com/site/assets/files/4408/m3_gsv_revised_pfs_23_03_2020.pdf

In a press release dated July 16, 2020 GSV announced that they had entered into a binding letter of intent with Orion Mine Finance relating to a series of transactions, totaling approximately US$22.5 million. Orion also agreed to provide GSV with a term sheet to provide up to US$200 million of financing support to GSV, following the satisfaction of mutually agreed milestones, to help finance the construction of the South Railroad Project.

GSV recently announced encouraging drill results from 24 of 75 holes in the 2020 Pinion deposit development program. Oxide results include 42.7m of 0.92 g Au/t, including 7.6m of 2.69 g Au/t in hole PR20-14; 38.1m of 0.97 g Au/t in PR20-15; 64.0m of 0.81 g Au/t, including 22.9m of 1.20 g Au/t in hole PR20-19; and 29.0m of 0.77 g Au/t, including 12.2m of 1.28 g Au/t in PR20-23.Objectives of the 2020 Pinion development program include: 1) decreasing drill spacing on the Pinion Phase 4 ($1400 pit) inferred oxide resource for potential conversion to Measured and Indicated; 2) provide material for metallurgical testing; and 3) tighten the drill spacings near historic Cameco holes SB-136, a RC hole that intersected 102.1m of 1.38 g Au/t, and SB-162-99, a core hole that twinned and verified the SB-136 results with an intercept of 112.0m of 1.24 g Au/t. (see GSV press release dated October 20, 2020)

All 75 of the drill holes in the 2020 Pinion development program are on the Mineral Interests being purchased by Ely Gold. (see Figure 2)

Mineral Interests & Leased Claims

 

Figure 1

GSV Expansion Drilling

 

Figure 2

Qualified Person

Stephen Kenwood, P. Geo, is director of the Company and a Qualified Person as defined by NI 43-101. Mr. Kenwood has reviewed and approved the technical information in this press release.

About Ely Gold Royalties Inc.

Ely Gold Royalties Inc. is a Nevada focused gold royalty company. Its current portfolio includes royalties at Jerritt Canyon, Goldstrike and Marigold, three of Nevada’s largest gold mines, as well as the Fenelon mine in Quebec, operated by Wallbridge Mining. The Company continues to actively seek opportunities to purchase producing or near-term producing royalties. Ely Gold also generates development royalties through property sales on projects that are located at or near producing mines. Management believes that due to the Company’s ability to locate and purchase third-party royalties, its strategy of organically creating royalties and its gold focus, Ely Gold offers shareholders a favourable leverage to gold prices and low-cost access to long-term gold royalties in safe mining jurisdictions.

On Behalf of the Board of Directors
Signed “Trey Wasser”
Trey Wasser, President & CEO

For further information, please contact:

Trey Wasser, President & CEO
trey@elygoldinc.com

972-803-3087

Joanne Jobin, Investor Relations Officer
jjobin@elygoldinc.com

647 964 0292

FORWARD-LOOKING CAUTIONS: This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, including, but not limited to, statements regarding completion of the Transaction. Forwardlooking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the Company’s inability to control whether the buy-down right will ever be exercised, and whether the right of first refusal will ever be triggered, uncertainty as to whether any mining will occur on the property covered by the Probe Royalty such that the Company will receive any payment therefrom, and the general risks and uncertainties relating to the mineral exploration, development and production business. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effect.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Orion Group Holdings (ORN) – Introducing 2021 EBITDA Estimate and Raising Price Target

Posted on by Admin

Monday, November 02, 2020

Orion Group Holdings (ORN)

Introducing 2021 EBITDA Estimate and Raising Price Target

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    We were looking for color on the 3Q2020 call in several key areas and there were some noteworthy items discussed. Please see page two for details.

    4Q2020 EBITDA guidance of $10-$12 million in line with expectations.  Fine-tuning 2020 EBITDA estimate of $52.3 million and introducing 2021 EBITDA estimate of $52.3 million. Flat outlook, but profitability remains strong. Looking for free operating cash flow of $30.5 million ($1.01/share) in 2020 and $15.3 million ($0.50/share) in 2021. Positive free cash flow is driving leverage down, and …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.