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Release – Hypersonix and Kratos Sign Agreement to Develop and Fly DART AE Hypersonic Drone

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Hypersonix and Kratos Sign Agreement to Develop and Fly DART AE Hypersonic Drone

Research, News, and Market Data on Kratos Defense & Security Solutions

 

System to be Powered by Fifth-Generation SPARTAN, Zero Emission, Clean Hydrogen Scramjet Engine

 

SAN DIEGO, 
Jan. 25, 2022 (GLOBE NEWSWIRE) — 
Hypersonix Launch Systems Ltd. and 
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) have signed an agreement to launch the DART AE multi-mission hypersonic drone technology demonstrator. In the Hypersonix Kratos Team’s (the “Team”) submission to the 
Australian Department of Industry, Science, Energy and Resources Modern Manufacturing Initiative (MMI) Grants Program 2, the Team is planning for a launch and initial demonstration flight of the DART AE Hypersonic Drone System in 2023.

The Hypersonix DART AE, a multi-mission, hypersonic drone, will be fully 3D-printed out of exquisite high-temperature materials and powered by a single, fifth-generation SPARTAN, zero emission, clean hydrogen scramjet engine with a publicly disclosable range of 500km.

Kratos brings to the team and proposed effort its extensive digital engineering capabilities and sounding rocket booster integration and launch experience. The Kratos booster system will accelerate the DART AE drone to a speed greater than Mach 5 and release the vehicle, ignition of the Drone scramjet engine will occur, and autonomous flight of DART AE will proceed along a programmed flight path to a predetermined landing location.

Hypersonix Launch Systems is an Australian Aerospace Engineering company, specialising in the design and build of scramjet engines and hypersonic vehicles. Their SPARTAN scramjet engine is hydrogen fueled and designed to operate between Mach 5 and 12 in support of multiple missions.

Kratos is a leading provider of innovative products and solutions supporting ballistic missile targets, hypersonic systems, sub-orbital research, sounding rockets, unmanned drone systems, turbine technologies, directed energy and laser program systems. Kratos has significant experience in launching Australian hypersonic “experiments”, having been involved with multiple hypersonic launches in collaboration with the 
Defence and Science Technology Group, investigating the fundamental science of hypersonic technology and its potential for next generation aeronautical propulsion systems for technical, commercial and security purposes.

Kratos’ extensive involvement in past hypersonic experimental flight test programs demonstrates their ability to launch a variety of hypersonic vehicles and makes them a unique and highly qualified partner and teammate for Hypersonix, as the launch provider for the first DART AE flight in 2023.

“Kratos is excited to team up with Hypersonix on this innovative project and we look forward to supporting their development and the integration and flight of this truly disruptive and enabling Australian technology. DART AE is an ideal opportunity for Kratos to further showcase our extensive hypersonic launch system capability” said  David Carter, President of Kratos’ 
Defense Rocket & Support Services Division.

David Waterhouse, Hypersonix Managing Director and Co-Founder adds: “Kratos is an experienced launch provider who has a proven track record of launching payloads around the world. They understand hypersonic technology and flight and are ready to support us with the first launch of our transformative technology that will be faster, more sustainable, and more efficient than current technology. It is incredibly exciting to work with the Kratos team on this project and we are thrilled to share this news today with the public. “

ABOUT HYPERSONIX
Hypersonix Launch Systems is an Australian engineering, design and build company specializing in scramjet engines and hypersonic technology. Hypersonix is developing several hypersonic vehicles that fly at hypersonic speeds between Mach 5 and Mach 12 with zero CO2 emissions, only water vapor, and have applications in both satellite launch and high-speed aviation.

For more information, please watch the company video at https://vimeo.com/538520388 and go to www.hypersonix.com.au.

ABOUT KRATOS

Kratos Defense & Security Solutions (NASDAQ: KTOS) develops and fields transformative, affordable technology, platforms, systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialise in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended 
December 27, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the 
SEC by Kratos.


Press Contact:
Yolanda White
858-812-7302 Direct

Investor Information:
877-934-4687
investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.

How Cathie Wood Plans to Manage Market Volatility

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	Image Credit: ETF Trends.com

Cathie Wood Says Investors Making Emotional Decisions is a Mistake

 

In a recent interview with Cathie Wood, ETF Trends’ CEO Tom Lydon, asked the popular fund manager about her expectations for the markets, and specific strategies for recent volatility for the Ark Innovation Fund (ARKK). The ETF has fallen over 50% from its high. Wood discusses specific plays while highlighting the importance of the technology companies the fund invests in. She explained her belief that deflation, not inflation, is the more worrisome risk over the medium term.

 

Longer-Term Outlook

Cathie Wood’s advice to investors who have experienced drawdowns or realized losses on her strategy is to know that, “We have never underperformed the market on a rolling three-year point of view.” Wood stressed the importance of taking a long-term view in a well-managed future-looking portfolio. 

In the past Wood has stressed that Ark Invest takes a five-year outlook when it places investments. With the steep sell-off amid inflation fears, she says the bond market confirms are unwarranted, and a more hawkish Fed stance, Wood expects a rebound to begin to unfold. “What this means is that this rubber band has been stretched so tightly, that we believe, and consider the source, but we truly believe given the valuations in our portfolio, the growth in the portfolio, and the fact that we’re probably looking at very choppy waters from a cyclical point of view so that our secular growers are going to shine,” Wood said.

As the Chief Investment Officer of the Innovation Fund, Cathie says that investors would be wise to take advantage of the potential for a sharp rebound in Ark’s investment strategies. “I certainly would be using this downdraft to increase that allocation [to ARK funds], because if anything during the last year, and it is quite a year for me to be saying this if anything our conviction in how rapidly the world is going to change and how transformative these technologies will be as they converge and feed one another, our conviction in that outlook has increased dramatically,” Wood said.

 

“Well, and I will harken back to ’08, ’09. How many people do both of us know who just couldn’t take it anymore? They became very emotional. Their life was flashing before their eyes. They thought they were going to be destitute. You conjure up all kinds of fears as downward momentum continues relentlessly day by day. They finally can’t take it. They sell and they regret it for the rest of their lives. They think of about it every day the market goes up after that.”

“… An emotional response, just avoid it. It is usually catastrophic to long-term performance. What is additive and significantly so to performance is averaging down. It doesn’t feel good maybe as you’re doing it, but you would be shocked how little it takes if you’re consistent and you just keep averaging down.”  _C. Wood

 

According to Wood, it’s crucial that investors avoid making emotional investment decisions, as that can be catastrophic to their portfolio performance. Instead, investors can improve performance by averaging down, according to Wood.  The 65-year-old added that the undervaluation in Ark’s portfolio holdings “has reached an extreme I’ve never experienced in my career.” Wood used Tesla as an example reminding of the amount of skepticism the company faced for years until it soared from $35 to $1,000 in a short period of time. “It was a major surprise to some people, and it was because they didn’t understand the story. We feel that is a theme that’s going to play out again and again and again, in our portfolios,” said Cathie.

As for some of the top holdings in the AARK portfolio, like Teledoc, Roku, and Zoom Video, “they are ready like a coiled spring,” Wood said.

On Inflation

Cathie addressed interest rates and inflation while discussing the ETF’s healthcare holdings. She said many think inflation means higher interest rates. She pointed out, “Interestingly, long-term interest rates are not confirming that by the way. We do believe inflation is transitory. I know that’s become a bad word recently, but we believe people are going to be shocked at how low inflation goes this year. We’re going to see negative year over year in many, many categories.”

 

Take-Away

An ETF that invests in one sector is likely to underperform the overall market when the sector underperforms, and overperform when the sector overperforms. Individual stock holdings can do the same. The sector Cathie Wood’s ARKK ETF invests in has, in the past, performed well above the S&P 500, and is now experiencing performance well below. The CIO says the time horizon they take when adding to holdings is five years. She suggests that those in or considering investing in the fund that concentrates on disruptive technologies, use the same time horizon. Cathie Wood believes, with that timeframe, the selloff makes timing very good.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



The Sources of Deflationary Pressure According to Cathie Wood

Index Funds Still May Fall Apart over Time





Is it Game-Over for Meme Stock Investors?

Walmart’s Metaverse, NFT, and Crypto Plans

 

Sources

https://www.etftrends.com/disruptive-technology-channel/qa-with-ark-invests-cathie-wood/

https://markets.businessinsider.com/news/stocks/cathie-wood-advice-to-investors-after-arkk-sell-off-2022-1

 

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Release – Comtech Telecommunications Corp Board Unanimously Rejects Unsolicited Offer From Acacia Research Corporation

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Comtech Telecommunications Corp. Board Unanimously Rejects Unsolicited Offer From Acacia Research Corporation

Research, News, and Market Data on Comtech Telecommunications

 

Proposal Grossly Undervalues Comtech and is Not in the Best Interests of Comtech’s Shareholders

Board Affirms Confidence in Strategy and Long-Term Outlook for the Business

MELVILLE, N.Y.–(BUSINESS WIRE)–Jan. 25, 2022– 
January 25, 2022 — 
Comtech Telecommunications Corp. (NASDAQ: CMTL), a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies, announced today that the Company’s Board of Directors has unanimously rejected the unsolicited proposal to acquire 
Comtech received from Acacia Research Corporation (Acacia) on 
October 29, 2021.

The Comtech Board of Directors, including the recently appointed members, carefully evaluated the proposal in consultation with the Board’s independent advisors and determined that the proposal grossly undervalues the Company and is not in the best interests of Comtech’s shareholders.

The Comtech Board’s unanimous conclusion regarding the inadequacy of Acacia’s proposal is based on the following key considerations:

  • Comtech has made strategic investments in innovative technologies that position the Company to capitalize on large, long-term renewal cycles in the 911 public safety and satellite and space communication markets.
  • Structural changes in these markets are expected to drive significant long-term growth driven by multi-year investment cycles that are well-aligned with Comtech’s core capabilities, products, and services.
  • Comtech is already beginning to see the long-term benefits of these investments and end market trends, which have created a number of large-scale opportunities being pursued by the Company. As such, the Company’s Board and management remain highly confident in Comtech’s long-term business outlook and believe the Company is well positioned to create significant value for its shareholders.

Based on the foregoing considerations, among others, the Board unanimously determined that the non-binding Acacia proposal grossly undervalues the Company, does not reflect the transformational changes underway in the Company’s end-markets and the significant inherent value in the Company’s plan, and, thus, is not in the best interests of the Company and its shareholders.

Goldman Sachs is serving as exclusive financial advisor to 
Comtech and 
Proskauer Rose and 
Sidley Austin are serving as legal advisors.

About Comtech

Comtech Telecommunications Corp. is a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies to commercial and government customers around the world. Headquartered in 
Melville, New York and with a passion for customer success, 
Comtech designs, produces and markets advanced and secure wireless solutions. For more information, please visit www.comtechtel.com.

Forward Looking Statements

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s 
Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such 
Securities and Exchange Commission filings.

Comtech Investor Relations:
631-962-7005
investors@comtech.com

Source: 
Comtech Telecommunications Corp.

Release – Sierra Metals Reports 2021 Production Results 2022 Guidance To Be Provided With Year-End Financial Results

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Sierra Metals Reports 2021 Production Results, 2022 Guidance To Be Provided With Year-End Financial Results

Research, News, and Market Data on Sierra Metals

 

(All $ figures reported in USD)

  • Consolidated mill throughput increased 3% mainly due to higher throughput at Yauricocha and Cusi. Lower throughput at Bolivar.
  • Copper equivalent production decreased 24% in 2021 compared to 2020, due to lower grades and COVID-19 related operational difficulties during the year.

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report fourth quarter 2021 and full year 2021 production results, which include results from Sierra Metals’ three underground mines: The Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver mines in Mexico.

Luis Marchese, CEO of Sierra Metals, commented: “2021 has been quite a difficult year for the company. Declining grades were coupled with unprecedented COVID-related operational difficulties at our three operations. For 2022, although Cusi and Yauricocha are approaching normalized operations and staffing, Bolivar needs to accelerate infill drilling and mine development in order to increase the availability of ore during the first six months of 2022.”

As stated during Q3 2021 financial results, there were several operational issues at the Bolivar Mine, including lack of equipment and decreased workforce availability which impacted mine development, infill drilling and head grades. Bolivar’s fourth quarter production reflects the continued challenges due to these temporary factors and consequently, consolidated production was below guidance for the year. While efforts are underway to normalize operations, we maintain our expectation that it will take at least until the end of Q2 2022 to catch up. Additionally, we recognize that Sierra Metals is currently experiencing the early effects of the latest wave of COVID-19 infections. While it is too soon to determine the impact of this latest wave, we anticipate reduced workforce levels at our operations in both Peru and Mexico during Q1 and potentially into Q2.”

He concluded, “For these reasons, Sierra Metals has decided to postpone the issuance of its 2022 production and cost guidance until March 16, 2022 at the time of publishing our year-end financial results. It is our intention to provide guidance when we are able to provide accurate and more meaningful targets. At this time, our focus remains the health and safety of our employees and communities. We will continue to overcome the obstacles presented due to the lagging effect of COVID-19 on our workforce, community, suppliers and service providers; which has had an impact both directly and indirectly on our operations. We remain confident that once these challenges are behind us, we can look forward to making progress on exploration initiatives as well as projects to advance our efficiencies and take full advantage of growth opportunities across each of our operations.”

2021 Consolidated Production Highlights

  • Copper production of 31.8 million pounds; a 28% decrease from 2020
  • Zinc production of 79.3 million pounds; a 3% decrease from 2020
  • Lead production of 30.8 million pounds; a 7% decrease from 2020
  • Silver production of 3.5 million ounces; a 2% increase from 2020
  • Gold production of 9,572 ounces; a 30% decrease from 2020
  • Total of 2.9 million ore tonnes processed; a 3% increase from 2020
  • Consolidated copper equivalent production of 89.9 million pounds; a decrease of 24% from 2020

The Company achieved annual throughput that was 3% higher than the 2020 annual throughput.

Fourth Quarter 2021 Production Highlights

  • Copper production of 6.1 million pounds; a 43% decrease from Q4 2020
  • Zinc production of 14.9 million pounds; a 31% decrease from Q4 2020
  • Lead production of 6.0 million pounds; a 21% decrease from Q4 2020
  • Silver production of 0.8 million ounces; a 13% decrease from Q4 2020
  • Gold production of 1,863 ounces; a 45% decrease from Q4 2020

Consolidated quarterly ore throughput of 590,057 tonnes decreased by 24% over Q4 2020, mainly due to the 41% decline in the Bolivar Q4 2021 throughput, as the mine continued to face the residual issues of the COVID restrictions. Quarterly throughput at the Yauricocha mine declined 11% as compared to Q4 2020. The 2021 average annual permitted capacity for Yauricocha is calculated as a weighted average of the original capacity of 3,000 tonnes per day (“tpd) and the increased capacity of 3,600 tpd (as of June 16, 2021). Operating at a rate of more than 3,700 tpd for the first nine months of the year, the mine attained this maximum annual permitted capacity before the end of the year. Mine operations were halted a few days before year end resulting in Q4 2021 Yauricocha production being lower than Q4 2020.

Copper equivalent production at Yauricocha declined 32% during Q4 2021 due to a 11% decrease in quarterly throughput combined with lower head grades and recoveries, except for gold and copper. Bolivar Q4 2021 throughput, which was significantly impacted by COVID and its impact on mine development, was 41% lower than Q4 2020. Lower throughput combined with negative variances in grades resulted in 65% lower copper equivalent production from Bolivar in Q4 2021 as compared to Q4 2020.

Q4 2021 silver equivalent production at the Cusi mine was 21% higher than Q4 2020, driven by the 3% higher throughput and higher grades for all metals during the quarter as compared to Q4 2020.

Consolidated Production Results

Consolidated Production Three Months Ended December 31, Twelve Months Ended December 31,

2021

2020

% Var.

2021

2020

% Var.
 
Tonnes processed

590,057

778,236

-24%

2,902,220

2,828,877

3%
Daily throughput

6,743

8,894

-24%

8,292

8,083

3%
 
 
Silver production (000 oz)

805

922

-13%

3,527

3,465

2%
Copper production (000 lb)

6,071

10,626

-43%

31,757

44,262

-28%
Lead production (000 lb)

6,011

7,630

-21%

30,816

32,972

-7%
Zinc production (000 lb)

14,913

21,612

-31%

79,281

81,868

-3%
Gold Production (oz)

1,863

3,363

-45%

9,572

13,771

-30%
 
 
Copper equivalent pounds (000’s)(1)(2)

17,841

29,267

-39%

89,926

118,214

-24%
 
(1) Copper equivalent pounds for Q4 2021 were calculated using the following realized prices: $23.41/oz Ag, $4.40/lb Cu, $1.55/lb Zn, $1.06/lb Pb, $1,795/oz Au. Copper equivalent pounds for Q4 2020 were calculated using the following realized prices: $24.30/oz Ag, $3.32/lb Cu, $1.22/lb Zn, $0.89/lb Pb, $1,859/oz Au. Copper equivalent pounds for full year 2021 were calculated using the following realized prices: $25.21/oz Ag, $4.23/lb Cu, $1.37/lb Zn, $1.00/lb Pb, $1,796/oz Au. Copper equivalent pounds for full year 2020 were calculated using the following realized prices: $20.59/oz Ag, $2.80/lb Cu, $1.03/lb Zn, $0.83/lb Pb, $1,771/oz Au.
(2) In August 2021, the Company revised its annual production guidance to 110 million to 115 million copper equivalent pounds, using the following budgeted metal prices: $25.15/oz Ag, $3.12/lb Cu, $1.09/lb Zn, $0.90/lb Pb and $1,936/oz Au. For direct comparison, the full year 2021 copper equivalent production calculated at same metal prices is 102.7 million pounds.

Yauricocha Mine, Peru

The Yauricocha mine Q4 2021 production was 11% lower than Q4 2020, as the 3,700 tpd throughput rate in the first nine months of the year allowed the mine to achieve its annual permitted capacity during December causing the mine to halt operations before the end of the year. The mine received its Informe Tecnico Minero (“ITM”) permit in June 2021, allowing for an operating capacity of 3,600 tpd. Copper equivalent metal production in Q4 2021 decreased by 32% due to lower throughput and lower head grades, due to the inability to mine in the higher-grade zones.

Yauricocha’s annual throughput was 1,256,847 tonnes, representing an increase of 12% as compared to the 2020 annual production. While the mine’s operational flexibility allowed for an increase in the throughput, accessing targeted grades remained a challenge throughout the year due to the regulatory limitations to access some of the high-grade ore bodies. Metal production declined as the higher throughput partially compensated for lower grades. Year over year copper equivalent production decreased 21% in 2021 compared to the prior year. 2021 annual production of silver, copper, lead, zinc and gold declined by 5%, 25%, 8%, 3% and 5% respectively compared to 2020 annual production.

A summary of production from the Yauricocha Mine for Q4 2021 has been provided below:

Yauricocha Production Three Months Ended December 31, Twelve Months Ended December 31,

2021

2020

% Var.

2021

2020

% Var.
 
Tonnes processed

277,531

311,946

-11%

1,256,847

1,117,860

12%
Daily throughput

3,172

3,565

-11%

3,591

3,194

12%
 
 
Silver grade (g/t)

51.34

53.74

-4%

55.01

61.55

-11%
Copper grade

0.82%

0.95%

-14%

0.74%

1.08%

-31%
Lead grade

1.03%

1.15%

-10%

1.18%

1.45%

-19%
Zinc grade

2.82%

3.59%

-21%

3.23%

3.77%

-14%
Gold Grade (g/t)

0.53

0.57

-7%

0.48

0.61

-21%
 
Silver recovery

72.26%

79.80%

-9%

77.21%

81.53%

-5%
Copper recovery

76.44%

72.69%

5%

72.92%

74.20%

-2%
Lead recovery

86.55%

88.82%

-3%

88.76%

88.63%

0%
Zinc recovery

86.53%

87.62%

-1%

88.59%

88.13%

1%
Gold Recovery

20.24%

19.34%

5%

21.03%

19.72%

7%
 
 
Silver production (000 oz)

331

430

-23%

1,716

1,803

-5%
Copper production (000 lb)

3,836

4,759

-19%

14,856

19,726

-25%
Lead production (000 lb)

5,430

7,040

-23%

29,113

31,605

-8%
Zinc production (000 lb)

14,913

21,612

-31%

79,281

81,868

-3%
Gold Production (oz)

957

1,112

-14%

4,059

4,292

-5%
 
 
Copper equivalent pounds (000’s)(1)

12,567

18,373

-32%

59,470

75,079

-21%
 
(1) Copper equivalent pounds for Q4 2021 were calculated using the following realized prices: $23.41/oz Ag, $4.40/lb Cu, $1.55/lb Zn, $1.06/lb Pb, $1,795/oz Au. Copper equivalent pounds for Q4 2020 were calculated using the following realized prices: $24.30/oz Ag, $3.32/lb Cu, $1.22/lb Zn, $0.89/lb Pb, $1,859/oz Au. Copper equivalent pounds for full year 2021 were calculated using the following realized prices: $25.21/oz Ag, $4.23/lb Cu, $1.37/lb Zn, $1.00/lb Pb, $1,796/oz Au. Copper equivalent pounds for full year 2020 were calculated using the following realized prices: $20.59/oz Ag, $2.80/lb Cu, $1.03/lb Zn, $0.83/lb Pb, $1,771/oz Au.

Bolivar Mine, Mexico

During the year 2021, the impacts of COVID-19 have been more noticeable at the Bolivar mine. A reduced workforce resulted in delays in infill drilling, mine development and services. The mine also faced high turnover in middle management and senior management personnel during the year, which impacted production performance.

The Bolivar mine processed 227,722 tonnes of ore in Q4 2021, a 41% decrease as compared to the Q4 2020 throughput. Grades were also negatively impacted by the lack of development and limited infill drilling information, which necessitated the launch of an upgraded new infill drilling and mine development program in Q4 2021. Copper equivalent production declined 65% as compared to Q4 2020.

Annual throughput at Bolivar was 1,349,602 tonnes, or a 9% decrease from the 2020 annual throughput, due to the afore-mentioned reasons. Copper equivalent production for the full year 2021 declined 38% as compared to full year 2020.

A summary of production for the Bolivar Mine for Q4 2021 has been provided below:

Bolivar Production Three Months Ended December 31, Twelve Months Ended December 31,

2021

2020

% Var.

2021

2020

% Var.
 
Tonnes processed (t)

227,722

383,607

-41%

1,349,602

1,480,588

-9%
Daily throughput

2,603

4,384

-41%

3,856

4,230

-9%
 
 
Copper grade

0.55%

0.79%

-30%

0.72%

0.87%

-17%
Silver grade (g/t)

9.52

14.50

-34%

15.49

19.61

-21%
Gold grade (g/t)

0.11

0.25

-56%

0.16

0.29

-45%
 
Copper recovery

80.79%

88.21%

-8%

79.28%

86.76%

-9%
Silver recovery

82.34%

83.44%

-1%

81.95%

82.73%

-1%
Gold recovery

78.32%

64.41%

22%

68.88%

64.07%

8%
 
 
Copper production (000 lb)

2,235

5,867

-62%

16,901

24,536

-31%
Silver production (000 oz)

57

149

-62%

551

772

-29%
Gold production (oz)

634

2,017

-69%

4,751

8,860

-46%
 
 
Copper equivalent pounds (000’s)(1)

2,800

8,091

-65%

22,207

35,804

-38%
 
(1) Copper equivalent pounds for Q4 2021 were calculated using the following realized prices: $23.41/oz Ag, $4.40/lb Cu, $1.55/lb Zn, $1.06/lb Pb, $1,795/oz Au. Copper equivalent pounds for Q4 2020 were calculated using the following realized prices: $24.30/oz Ag, $3.32/lb Cu, $1.22/lb Zn, $0.89/lb Pb, $1,859/oz Au. Copper equivalent pounds for full year 2021 were calculated using the following realized prices: $25.21/oz Ag, $4.23/lb Cu, $1.37/lb Zn, $1.00/lb Pb, $1,796/oz Au. Copper equivalent pounds for full year 2020 were calculated using the following realized prices: $20.59/oz Ag, $2.80/lb Cu, $1.03/lb Zn, $0.83/lb Pb, $1,771/oz Au.

Cusi Mine, Mexico

Q4 2021 throughput at the Cusi mine was 84,804 tonnes or 3% higher than the Q4 2020 throughput. Grades for Q4 2021 were higher for all metals, as the mine continued to operate in the high-grade Northeast Southwest vein system.

Annual production at the Cusi Mine was 295,771 tonnes in 2021, which was 28% higher than 2020, as the mine operated for the full twelve months in 2021 as compared to 2020, when Cusi lost more than a quarter’s production due to the COVID-driven care and maintenance. Higher throughput and grades resulted in silver equivalent production which was 21% higher for Q4 2021 and 38% higher for the full year 2021, as compared to the corresponding periods of the prior year.

A summary of production for the Cusi Mine for Q4 2021 has been provided below:

Cusi Production Three Months Ended December 31, Twelve Months Ended December 31,

2021

2020

% Var.

2021

2020

% Var.
 
Tonnes processed (t)

84,804

82,683

3%

295,771

230,429

28%
Daily throughput(2)

969

945

3%

845

658

28%
 
 
Silver grade (g/t)

179.07

160.62

11%

159.74

149.62

7%
Gold grade (g/t)

0.21

0.19

11%

0.18

0.18

0%
Lead grade

0.39%

0.28%

39%

0.32%

0.29%

10%
 
Silver recovery (flotation)

85.52%

80.37%

6%

82.98%

80.32%

3%
Gold recovery (lixiviation)

47.29%

46.73%

1%

45.05%

45.75%

-2%
Lead recovery

80.69%

82.79%

-3%

81.78%

82.40%

-1%
 
 
Silver production (000 oz)

417

343

22%

1,260

890

42%
Gold production (oz)

272

234

16%

762

619

23%
Lead production (000 lb)

581

590

-2%

1,703

1,367

25%
 
 
Silver equivalent ounces (000’s)(1)

465

383

21%

1,382

998

38%
 
(1) Silver equivalent ounces for Q4 2021 were calculated using the following realized prices: $23.41/oz Ag, $4.40/lb Cu, $1.55/lb Zn, $1.06/lb Pb, $1,795/oz Au. Silver equivalent ounces for Q4 2020 were calculated using the following realized prices: $24.30/oz Ag, $3.32/lb Cu, $1.22/lb Zn, $0.89/lb Pb, $1,859/oz Au. Silver equivalent ounces for full year 2021 were calculated using the following realized prices: $25.21/oz Ag, $4.23/lb Cu, $1.37/lb Zn, $1.00/lb Pb, $1,796/oz Au. Silver equivalent ounces for full year 2020 were calculated using the following realized prices: $20.59/oz Ag, $2.80/lb Cu, $1.03/lb Zn, $0.83/lb Pb, $1,771/oz Au.

Quality Control

All technical data contained in this news release has been reviewed and approved by:

Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter:sierrametals | Facebook:SierraMetalsInc | LinkedIn:Sierra Metals Inc

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 30, 2020 for its fiscal year ended December 31, 2019 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Investor relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com

Luis Marchese
CEO
Sierra Metals Inc.
+1 (416) 366-7777

Source: Sierra Metals Inc.

Seanergy Maritime (SHIP) – Webinar Highlights Significant Progress

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Monday, January 24, 2022

Seanergy Maritime (SHIP)
Webinar Highlights Significant Progress

Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

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

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

    Dry bulk market remains volatile, but intermediate outlook appears promising. In a webinar hosted by Capital Link, CEO Stamatis Tsantanis and CFO Stavros Gyftakis highlighted positive macro and micro trends. The dry bulk market looks favorable based on expanding demand, upcoming emission regulations and a low order book. While TCE rates dropped recently due to weather disruptions and seasonality and the forward cover is low, the outlook remains favorable. Absent acquisitions, other shareholder friendly moves, like added buy backs and/or dividends, are probable.

    Entering 2022 with positive momentum.  SHIP starts the year with a larger Cape fleet of 17 and an improved financial position. The end result is a more stable platform that is well positioned to benefit from elevated Cape TCE rates …



This 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 Crude Break $100 Per Barrel

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	Image Credit: Pixabay (Pexels)

A Growing Number of Analysts are Forecasting Triple Digit Oil Prices

 

International oil prices could soar to $150 a barrel during the first quarter of 2022 if an ongoing conflict between Russia and Ukraine causes supply problems. Respected analysts and economists are reworking their forecasts and building in the “what-if” scenario, related to Russia; this has caused even more experts to join Goldman and JP Morgan in calling for over $100 per barrel of oil.

JP Morgan is projecting $125 and as high as $150 according to a research note they released. The projection adds to the already 12% higher price than Brent Crude reached in January. Oil is currently trading near its seven-year highs as demand is running ahead of global production. Brent is trading in the mid-$80s per barrel.

Russia Potential

Sanctions from the West against Russia would reduce supply to Western European nations that rely on the country’s oil and exacerbate supply issues. Since late 2021, Russia is said to have been building up troops and artillery near Ukraine’s border. Russia has repeatedly claimed it’s not planning an invasion of its mineral-rich neighbor.

“The latest geopolitical tensions between Russia and Ukraine raise the risk of a material spike this quarter,” wrote JPMorgan economists Joseph Lupton and Bruce Kasman in their research note. “That this comes on the back of already elevated inflation—running at a multi-decade high last quarter—and a global economy that is being buffeted by yet another wave of the COVID-19 pandemic adds to the near-term fragility of what is otherwise a fundamentally strong recovery.”

If an adverse geopolitical event should unfold between Russia and Ukraine, JP Morgan envisions a “quick” surge in Brent Crude over one to two quarters to $150 a barrel.  The projection is based on an estimated “sharp” cut of 2.3 million barrels a day in oil output. This is approximately a 2% drop in total global supply.

Other Forecasts for Higher Oil

Triple-digit oil “is in the works” for the second quarter of 2022, according to Francisco Blanch, head of global commodities at Bank of America, who told this to Bloomberg. His reasoning is demand is recovering in a big way, while OPEC+ supply will start leveling off within the next two months. Blanch noted that it will be only Saudi Arabia and the UAE that can produce incremental barrels to add to the market.

Morgan Stanley is one of the most recent large Wall Street banks to revise its forecast to over $100 per barrel. The company expects oil prices to hit $100 per barrel in the second half of the year. The oil market is headed to a “triple deficit” of low inventories, low spare production capacity, and low investment, Morgan Stanley said in a note carried by Reuters.

Take-Away

The year began with a number of factors driving oil prices higher. These include OPEC+ producers regularly falling short of their targets, increasing demand as travel and commutes have caused gasoline demand to rise, and inventory drawdowns.  On top of this, there is the new threat of supply disruptions in Eastern Europe which could reduce available Brent by 2% of global output. Outright sanctions against Russia also create a scenario of reduced supply and strong upward pressure on oil prices.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Why Some Forecasters are Bullish on Oil in 2022

Natural Gas Protests in Kazakhstan May Impact Global Fuel Costs Across the Board





Is Thorium, Not Uranium the Future of Power Generation?

Industry Report – Energy Stocks Level out but Pricing is Still Attractive

 

Sources

https://www.reuters.com/business/jp-morgan-sees-opec-spare-capacity-falling-through-2022-2022-01-12/

https://www.macrobusiness.com.au/2022/01/the-ukraine-commodity-shock/

https://www.barchart.com/story/news/6992728/tight-physical-crude-market-points-to-higher-oil-prices

https://www.reuters.com/business/energy/oil-prices-could-hit-100-demand-outstrips-supply-analysts-say-2022-01-12/

https://markets.businessinsider.com/news/commodities/oil-price-outlook-russia-ukraine-tensions-150-per-barrel-supply-2022-1

 

Stay up to date. Follow us:

 

Will Crude Break $100 Per Barrel?

Posted on by Admin 


	Image Credit: Pixabay (Pexels)

A Growing Number of Analysts are Forecasting Triple Digit Oil Prices

 

International oil prices could soar to $150 a barrel during the first quarter of 2022 if an ongoing conflict between Russia and Ukraine causes supply problems. Respected analysts and economists are reworking their forecasts and building in the “what-if” scenario, related to Russia; this has caused even more experts to join Goldman and JP Morgan in calling for over $100 per barrel of oil.

JP Morgan is projecting $125 and as high as $150 according to a research note they released. The projection adds to the already 12% higher price than Brent Crude reached in January. Oil is currently trading near its seven-year highs as demand is running ahead of global production. Brent is trading in the mid-$80s per barrel.

Russia Potential

Sanctions from the West against Russia would reduce supply to Western European nations that rely on the country’s oil and exacerbate supply issues. Since late 2021, Russia is said to have been building up troops and artillery near Ukraine’s border. Russia has repeatedly claimed it’s not planning an invasion of its mineral-rich neighbor.

“The latest geopolitical tensions between Russia and Ukraine raise the risk of a material spike this quarter,” wrote JPMorgan economists Joseph Lupton and Bruce Kasman in their research note. “That this comes on the back of already elevated inflation—running at a multi-decade high last quarter—and a global economy that is being buffeted by yet another wave of the COVID-19 pandemic adds to the near-term fragility of what is otherwise a fundamentally strong recovery.”

If an adverse geopolitical event should unfold between Russia and Ukraine, JP Morgan envisions a “quick” surge in Brent Crude over one to two quarters to $150 a barrel.  The projection is based on an estimated “sharp” cut of 2.3 million barrels a day in oil output. This is approximately a 2% drop in total global supply.

Other Forecasts for Higher Oil

Triple-digit oil “is in the works” for the second quarter of 2022, according to Francisco Blanch, head of global commodities at Bank of America, who told this to Bloomberg. His reasoning is demand is recovering in a big way, while OPEC+ supply will start leveling off within the next two months. Blanch noted that it will be only Saudi Arabia and the UAE that can produce incremental barrels to add to the market.

Morgan Stanley is one of the most recent large Wall Street banks to revise its forecast to over $100 per barrel. The company expects oil prices to hit $100 per barrel in the second half of the year. The oil market is headed to a “triple deficit” of low inventories, low spare production capacity, and low investment, Morgan Stanley said in a note carried by Reuters.

Take-Away

The year began with a number of factors driving oil prices higher. These include OPEC+ producers regularly falling short of their targets, increasing demand as travel and commutes have caused gasoline demand to rise, and inventory drawdowns.  On top of this, there is the new threat of supply disruptions in Eastern Europe which could reduce available Brent by 2% of global output. Outright sanctions against Russia also create a scenario of reduced supply and strong upward pressure on oil prices.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Why Some Forecasters are Bullish on Oil in 2022

Natural Gas Protests in Kazakhstan May Impact Global Fuel Costs Across the Board





Is Thorium, Not Uranium the Future of Power Generation?

Industry Report – Energy Stocks Level out but Pricing is Still Attractive

 

Sources

https://www.reuters.com/business/jp-morgan-sees-opec-spare-capacity-falling-through-2022-2022-01-12/

https://www.macrobusiness.com.au/2022/01/the-ukraine-commodity-shock/

https://www.barchart.com/story/news/6992728/tight-physical-crude-market-points-to-higher-oil-prices

https://www.reuters.com/business/energy/oil-prices-could-hit-100-demand-outstrips-supply-analysts-say-2022-01-12/

https://markets.businessinsider.com/news/commodities/oil-price-outlook-russia-ukraine-tensions-150-per-barrel-supply-2022-1

 

Stay up to date. Follow us:

 

Indonesia Energy Closes Initial Tranche of $7.0 Million Private Placement

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Indonesia Energy Closes Initial Tranche of $7.0 Million Private Placement

Research, News, and Market Data on Indonesia Energy

 

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / January 24, 2022 / Indonesia Energy Corporation (NYSE American:INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced the closing of the initial $5.0 million tranche of a total anticipated $7.0 million private placement with a single institutional investor.

The Company intends to use the net proceeds from the private placement for funding its previously announced oil well drilling program and for working capital general corporate purposes.

The investment is in the form of a senior convertible note which carries a 6.0% original issue discount, resulting in proceeds before expenses to IEC of approximately $4.7 million. The note has an 18-month maturity and a fixed conversion price of $6.00 per ordinary share for voluntary conversions of the note, subject to adjustment. Beginning four months following the closing of this initial tranche, IEC is required to make equal monthly installment payments of the note through the maturity date, which payments are payable in cash or ordinary shares of IEC (or a combination of cash and shares), with such shares being valued for each payment on the terms provided for under the note.

As part of the investment, the investor was also granted a five year warrant to purchase 383,620 ordinary shares at an exercise price of $6.00 per share, subject to adjustment.

IEC has agreed to file a registration statement registering for resale the ordinary shares issuable upon conversion of the note and upon exercise of the warrant. Upon the declaration of effectiveness of such registration statement, and subject to the satisfaction of certain conditions, a second tranche of funding will be provided by the investor in the principal amount of $2 million, less a 6% original issuance discount, resulting in proceeds before expenses to IEC of approximately $1.88 million. Such principal amount, if funded, will be added to the principal amount of the note, and the investor will be entitled to receive an additional warrant (carrying the same terms as the initial warrant) to purchase 153,450 ordinary shares.

EF Hutton, division of Benchmark Investments, LLC, acted as exclusive placement agent for the private placement and received customary fees.

Additional information regarding this transaction will be provided in a Form 6-K to be filed by IEC with Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American:INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results (including, without limitation, whether the second tranche of the financing described herein actually occurs, or the results of IEC’s drilling program) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2020, filed on May 18, 2021, with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

SOURCE: Indonesia Energy Corporation Limited

Ocugen Inc. Announces Nirdosh Jagota, Ph.D. as Senior Vice President, Regulatory Affairs, Compliance & Safety

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Ocugen Inc. Announces Nirdosh Jagota, Ph.D. as Senior Vice President, Regulatory Affairs, Compliance & Safety

 

Research, News, and Market Data on Ocugen

 

MALVERN, Pa., Jan. 24, 2022 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced the appointment of Nirdosh Jagota, Ph.D.,  as Senior Vice President (SVP), Regulatory Affairs, compliance and safety.

He’ll be responsible for ensuring the global strategy, development and execution of regulatory activities for the company’s pipeline, including gene therapies and vaccines, are aligned with local and international registration requirements. His responsibilities include supporting commercialization. He will serve as a member of Ocugen’s management team, reporting directly to the CEO.

Dr. Jagota is a seasoned biopharmaceutical regulatory professional with 30 years of experience in leading roles in drug development and regulatory sciences for vaccines, biologics and small molecules. Prior to joining Ocugen, he was Executive Vice President and Chief Regulatory Officer of Arcturus Therapeutics. Before joining Arcuturs he was Senior Vice President in Global Regulatory Affairs and Safety. Over the course of his career, Dr. Jagota has held leadership positions with Genentech, Roche, and Pfizer.

“We’ve been making progress on our regulatory efforts, and Nirdosh’s arrival comes at an important time. He brings the experience, knowledge and successful track record of bringing many biopharmaceuticals and vaccines, through high performance teams, to the market. This is an investment into Ocugen’s future work with national and international regulatory agencies,” said Dr. Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-founder of Ocugen.

“Ocugen is a company with the talent and expertise to tackle some of the world’s most challenging health issues, and I’m excited to be joining this team,” commented Nirdosh Jagota, Ph.D.

Dr. Jagota’s work has had international impact, managing teams spanning more than 20 countries, successfully shaping regulatory strategy across multiple therapeutic categories and establishing centers of excellence. In his career, Dr. Jagota has led and contributed to development, approval, and expansion of more than 30 vaccines and therapeutics including Ervebo®, Vaxneuvance™, Gardasil®9, Kadcyla®, Erivedge®, Zelboraf®, and Keytruda®.

Dr. Jagota holds a Ph.D. in pharmaceutical sciences from University of Georgia and an M.S. in biotechnology from University of Toledo, Ohio. and a BS/MS in pharmacy from Indian Institute of Technology (IIT) Varanasi. 

About Ocugen, Inc.
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and develop a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug – “one to many” and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN™ vaccine candidate for COVID-19 in the U.S. market. For more information, please visit www.ocugen.com.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (“SEC”), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, after the date of this press release.

Ocugen Contact: 
Ken Inchausti
Head, Investor Relations & Communications
IR@Ocugen.com 

Release – Seanergy Maritime Provides Guidance on TCE and EBITDA

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Seanergy Maritime Provides Guidance on TCE and EBITDA

Research, News, and Market Data on Seanergy Maritime

 

January 24, 2022 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) updated its time charter equivalent (“TCE rate”) guidance upwards for the fourth quarter of 2021, provided preliminary TCE guidance for the first quarter of 2022, as well as EBITDA projections for FY 2022.1 2

TCE Guidance

In the fourth quarter of 2021, the Company is expected to exceed an average TCE rate of approximately $36,000 per ship per day, outperforming our previously announced guidance of $35,200 per ship per day.3

As of the date of this press release, our estimated TCE rate for the first quarter of 2022 is expected to be approximately $19,0004. This estimate assumes that the remaining unfixed operating days of our index-linked vessels for this period will be equal to the average Forward Freight Agreement (“FFA”) rate of $13,500 per day. Our TCE guidance for the first quarter includes certain conversions of index-linked charters to fixed, which were concluded in the third and fourth quarter of 2021, as part of our freight hedging strategy.

EBITDA Projections5

The following graph provides the Company’s estimates for its EBITDA for 2022, based on various scenarios for the average TCE for the 5 T/C routes of the Baltic Capesize Index (“TC5” of the “BCI”).

 

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“As a result of our pro-active hedging strategy in 2H21, we estimate that we will overperform the current spot market rate by approximately 50% in the first quarter. Moreover, our robust EBITDA generating capacity in multiple freight environments attests to our firm belief that our shares are currently significantly undervalued.

“Despite the seasonal market weakness, we expect that supply and demand fundamentals will result in a strong recovery of Capesize rates within the following months. Our solid balance sheet, modern fleet and strong relationships with world leading charterers in combination with our substantial operating leverage place Seanergy in an optimal position to generate strong revenues and profitability in an improving charter rate environment.”

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Note Regarding Non-U.S. GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). EBITDA and TCE rate are non-GAAP financial measures.

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income / (loss) (the most directly comparable U.S. GAAP measure), interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP.

EBITDA is presented as we believe that this measure is useful to investors as a widely used means of evaluating operating profitability. EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. This non-GAAP measure should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of the Company’s vessels and in evaluating their financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations

Tel: +30 213 0181 522

E-mail: ir@seanergy.gr

 

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1536

New York, NY 10169

Tel: (212) 661-7566

E-mail: seanergy@capitallink.com


1 EBITDA and TCE rate are non-GAAP measures. Please see the discussion above under the heading “Note Regarding Non-U.S. GAAP Financial Measures” for more information.

2 Guidance is provided for TCE rate and EBITDA on a non-U.S. GAAP basis only, because information regarding various items necessary to determine net revenue from vessels and net income / (loss), the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP for TCE rate and EBITDA, respectively, on a forward looking basis is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of such items, including, but not limited to, voyage expenses, stock-based compensation and the non-recurring gain on sale of vessel and gain on debt refinancing, and certain non-ordinary course matters. Because of the uncertainty and variability of the nature and amount of such items, which could be significant, the Company is unable to provide a quantitative reconciliation of the differences between expected TCE rate and EBITDA and the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP without unreasonable efforts. The unavailable reconciling items could significantly affect the Company’s financial results for the periods discussed on a forward-looking basis herein.

3 The Company has not finalized its financial statement closing process for the fourth quarter. During the course of that process, the Company may identify items that would require it to make adjustments, including possible material adjustments to these preliminary results.

4 This guidance is based on certain assumptions, including projected utilization, and there can be no assurance that these assumptions and the resulting TCE estimates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE realized will vary with the underlying index, and for the purposes of this guidance, the TCE assumed for the remaining operating days of an index-linked T/C is equal to the average FFA rate of approximately $13,500 per day for the remaining days of the first quarter of 2022 based on the FFA curve as of January 19, 2022.

5 These projections are based on certain assumptions, including no change to the current composition of our fleet, fleet utilization or commissions and expenses, including operating and general & administrative expenses, based on the historical performance of the Company in the first nine months of 2021. EBITDA projections exclude extraordinary items such as gain/loss on vessel sales, loan refinancing etc. There can be no assurance that these assumptions and the resulting projections will be realized. As a result, the above projections constitute forward-looking statements and are subject to risks and uncertainties, including possible material adjustments to the projections disclosed. The Company is providing this information on a one-time basis only, subject to these assumptions, risks and uncertainties, and does not intend to update this information.

Release – Indonesia Energy Closes Initial Tranche of $7.0 Million Private Placement

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Indonesia Energy Closes Initial Tranche of $7.0 Million Private Placement

Research, News, and Market Data on Indonesia Energy

 

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / January 24, 2022 / Indonesia Energy Corporation (NYSE American:INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced the closing of the initial $5.0 million tranche of a total anticipated $7.0 million private placement with a single institutional investor.

The Company intends to use the net proceeds from the private placement for funding its previously announced oil well drilling program and for working capital general corporate purposes.

The investment is in the form of a senior convertible note which carries a 6.0% original issue discount, resulting in proceeds before expenses to IEC of approximately $4.7 million. The note has an 18-month maturity and a fixed conversion price of $6.00 per ordinary share for voluntary conversions of the note, subject to adjustment. Beginning four months following the closing of this initial tranche, IEC is required to make equal monthly installment payments of the note through the maturity date, which payments are payable in cash or ordinary shares of IEC (or a combination of cash and shares), with such shares being valued for each payment on the terms provided for under the note.

As part of the investment, the investor was also granted a five year warrant to purchase 383,620 ordinary shares at an exercise price of $6.00 per share, subject to adjustment.

IEC has agreed to file a registration statement registering for resale the ordinary shares issuable upon conversion of the note and upon exercise of the warrant. Upon the declaration of effectiveness of such registration statement, and subject to the satisfaction of certain conditions, a second tranche of funding will be provided by the investor in the principal amount of $2 million, less a 6% original issuance discount, resulting in proceeds before expenses to IEC of approximately $1.88 million. Such principal amount, if funded, will be added to the principal amount of the note, and the investor will be entitled to receive an additional warrant (carrying the same terms as the initial warrant) to purchase 153,450 ordinary shares.

EF Hutton, division of Benchmark Investments, LLC, acted as exclusive placement agent for the private placement and received customary fees.

Additional information regarding this transaction will be provided in a Form 6-K to be filed by IEC with Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American:INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results (including, without limitation, whether the second tranche of the financing described herein actually occurs, or the results of IEC’s drilling program) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2020, filed on May 18, 2021, with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

SOURCE: Indonesia Energy Corporation Limited

Channelchek Small-Cap Recap 2022-01-24

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Channelchek Small-Cap Recap

 

Stocks Trending Today:

 

EXTN +57% (1:30pm) 48.9M volume 33.3M Float

Exterran Corporation
(NYSE: EXTN) gapped up at the open and shares have been trending higher later in the trading session. The Company offers solutions in the oil, gas, water and power markets. Its segments include contract operations, aftermarket services and product sales. The Law Firm Ademi, LLP requested that shareholders contact them and they are investigating the conduct of Exterran’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Exterran in an acquisition deal.

 

PIXY +33.9% (1:30pm) 39.7M volume 28.7M Float

ShiftPixy Inc.
(Nasdaq:PIXY) Specializes in staffing and human capital management. The company provides solutions for large contingent part-time workforce demands, primarily in the restaurant, hospitality, and maintenance service trades. They announced today the development of a robust non-fungible token (NFT) gamification loyalty program. ShiftPixy has plans to release it in 2022 as the Company prepares for the launch of its Ghost Kitchen food brands.

 

ARDS +26.9% (1:30pm) 7.9M volume 14.1M Float

Aridis Pharmaceuticals Inc.
(NASDAQ:ARDS) is a late-stage biopharmaceutical company. It is engaged in the discovery and development of targeted immunotherapy using fully human monoclonal antibodies, or mAbs, to treat life-threatening infections. shares rose 35.6% to $2.17 during Monday’s regular session. The current daily volume is running over 600% above Aridis Pharmaceuticals’s average full-day volume over the last 100 days.

 

 


Ticker
% Gain
Shares Float
Volume
EXTN +57% 33.3M 48.9M
PIXY +33.9% 28.7M 39.7M
ARDS +26.9% 14.1M 7.9M

 

Release – Ocugen Inc. Announces Nirdosh Jagota Ph.D. as Senior Vice President Regulatory Affairs Compliance Safety

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Ocugen Inc. Announces Nirdosh Jagota, Ph.D. as Senior Vice President, Regulatory Affairs, Compliance & Safety

 

Research, News, and Market Data on Ocugen

 

MALVERN, Pa., Jan. 24, 2022 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced the appointment of Nirdosh Jagota, Ph.D.,  as Senior Vice President (SVP), Regulatory Affairs, compliance and safety.

He’ll be responsible for ensuring the global strategy, development and execution of regulatory activities for the company’s pipeline, including gene therapies and vaccines, are aligned with local and international registration requirements. His responsibilities include supporting commercialization. He will serve as a member of Ocugen’s management team, reporting directly to the CEO.

Dr. Jagota is a seasoned biopharmaceutical regulatory professional with 30 years of experience in leading roles in drug development and regulatory sciences for vaccines, biologics and small molecules. Prior to joining Ocugen, he was Executive Vice President and Chief Regulatory Officer of Arcturus Therapeutics. Before joining Arcuturs he was Senior Vice President in Global Regulatory Affairs and Safety. Over the course of his career, Dr. Jagota has held leadership positions with Genentech, Roche, and Pfizer.

“We’ve been making progress on our regulatory efforts, and Nirdosh’s arrival comes at an important time. He brings the experience, knowledge and successful track record of bringing many biopharmaceuticals and vaccines, through high performance teams, to the market. This is an investment into Ocugen’s future work with national and international regulatory agencies,” said Dr. Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-founder of Ocugen.

“Ocugen is a company with the talent and expertise to tackle some of the world’s most challenging health issues, and I’m excited to be joining this team,” commented Nirdosh Jagota, Ph.D.

Dr. Jagota’s work has had international impact, managing teams spanning more than 20 countries, successfully shaping regulatory strategy across multiple therapeutic categories and establishing centers of excellence. In his career, Dr. Jagota has led and contributed to development, approval, and expansion of more than 30 vaccines and therapeutics including Ervebo®, Vaxneuvance™, Gardasil®9, Kadcyla®, Erivedge®, Zelboraf®, and Keytruda®.

Dr. Jagota holds a Ph.D. in pharmaceutical sciences from University of Georgia and an M.S. in biotechnology from University of Toledo, Ohio. and a BS/MS in pharmacy from Indian Institute of Technology (IIT) Varanasi. 

About Ocugen, Inc.
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and develop a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug – “one to many” and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN™ vaccine candidate for COVID-19 in the U.S. market. For more information, please visit www.ocugen.com.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (“SEC”), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, after the date of this press release.

Ocugen Contact: 
Ken Inchausti
Head, Investor Relations & Communications
IR@Ocugen.com