The Interplay Between the Values of Twitter, Tesla, and Trump Media



Image Credit: Thomas Hawk (Flickr)


Investors Look for the Effects of Seemingly Unrelated Investment News

The story about Twitter (TWTR), Elon Musk’s Tesla (TSLA), and Trump Media & Technology (DWAC, *TMTR), can be viewed as a story of relationships. That is the relationship between the stocks of a social media start-up with aspirations to be unrestricted, a firmly entrenched social media giant, and a rich entrepreneur with aspirations to buy the entrenched social media giant to make it less restrictive.

The stock price relationship between all of the above tells a story that investors can pull ideas from, especially if this is not the story’s end. In this case the best way to understand the not-so-complicated relationship is by looking at the chart below of the companie’s three tickers and the S&P 500.

Flashback to early April when Musk put out a few tweets suggesting he may be interested in buying Twitter. The SPAC waiting to close on Trump
Media
fell in an equal amount to the rise in Twitter’s value. Beginning on April 14th when a final deal was struck between Elon Musk and Twitter’s Board, they again ran in equal and opposite directions, again with Twitter rising. For Tesla’s part, while the founder was borrowing against shares, the stock seemed to get an early bounce on the Twitter purchase news and then followed and performed similar to the overall market.


Source: Koyfin

Over the months that followed TWTR and DWAC seemed to trade disconnected. That is until last week when there was updated news to trade from. The news started as a rumor, and became official on Friday, Elon Musk withdrew his tender offer. One can see on the below chart that while Twitter traded off on the rumor and then the news, the SPAC in the de-SPAC
phase
rose significantly.

While the financialnews had focused on the drama unfolding between the richest man in the world, and a company people love to hate, the start-up with ties to ex-President Donald Trump had been impacted in ways that investors could have benefitted from. In short when Elon Musk was going to buy Twitter, Trump Media’s value was negatively impacted, when Musk later took steps to rescind his tender offer Trump Media’s value was positively impacted.

If the saga is not over, expect more negative correlation between TWTR and the current ticker DWAC. Twitter’s board announced it decided to fight Musk’s decision to renege on his offer in court. This is an interesting turnaround from when the board first sought to decline and fight Musk’s offer. The saga is not likely to fade from the headlines quickly. And for Elon’s part, anyone that personally owns a company that launches rockets into space can tell you, that deciding to scrub a launch does not mean that it can’t be rescheduled.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.cnbc.com/2022/07/11/twitter-shares-sink-after-elon-musk-terminates-44-billion-deal.html

https://fortune.com/2022/07/02/trump-social-media-firm-that-runs-truth-social-subpoenaed-by-feds-stock-regulators/

Proposed acquisition of Twitter by Elon Musk – Wikipedia

https://investorplace.com/2022/07/why-is-digital-world-dwac-stock-roaring-higher-today/

https://app.koyfin.com/share/5629e1d417

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Release – ISG to Announce Second-Quarter Financial Results



ISG to Announce Second-Quarter Financial Results

Research, News, and Market Data on Information Services Group

7/11/2022

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: 
III), a leading global technology research and advisory firm, said today it will release its second-quarter financial results on Monday, August 8, 2022, at approximately 6:30 a.m., U.S. Eastern Time.

The firm will host a conference call with investors and industry analysts at 9 a.m., U.S. Eastern Time, the same day. Dial-in details are as follows:

  • The dial-in number for U.S. participants is 1-800-304-0389;
  • International participants should call +1 313-209-5140;
  • The security code to access the call is 7515883.

Participants are requested to dial in at least five minutes before the scheduled start time.

A recording of the conference call will be accessible on ISG’s website (www.isg-one.com) for approximately four weeks following the call.

About
ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Source: Information Services Group, Inc.

Release – Direct Digital Holdings to Report Second Quarter 2022 Financial Results



Direct Digital Holdings to Report Second Quarter 2022 Financial Results

Research, News, and Market Data on Direct Digital Holdings

HOUSTON, July 11, 2022 /PRNewswire/ — Direct Digital Holdings (Nasdaq: DRCT) (“Direct Digital”), a leading advertising and marketing technology platform, will report financial results for the second quarter ended June 30, 2022, on Thursday, August 11, 2022 after the U.S. stock market closes. Management will host a conference call and webcast on the same day at 5:00 P.M. ET to discuss the results.

The live webcast and replay can be accessed at https://ir.directdigitalholdings.com/.

About Direct
Digital Holdings
Direct Digital Holdings (Nasdaq: DRCT) brings state-of-the-art supply- and demand-side advertising platforms together under one umbrella company. The holding group’s supply-side platform Colossus SSP offers advertisers of all sizes extensive reach within general market and multicultural media properties. Its operating companies Huddled Masses LLC and Orange142, LLC deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare and travel to financial services. Direct Digital Holdings’ buy-side solution manages over 200 clients daily, and the sell-side solution serves over 80,000 advertisers generating over 70+ billion impressions per month across display, CTV, in-app, and other media channels.

View original content to download multimedia:https://www.prnewswire.com/news-releases/direct-digital-holdings-to-report-second-quarter-2022-financial-results-301583274.html

SOURCE Direct Digital Holdings

Released July 11, 2022

Release – Tonix Pharmaceuticals Announces Development of TNX-601 ER, a Potential Abuse Deterrent, Extended-Release Formulation of Tianeptine Oxalate for the Treatment of Major Depressive Disorder



Tonix Pharmaceuticals Announces Development of TNX-601 ER, a Potential Abuse Deterrent, Extended-Release Formulation of Tianeptine Oxalate for the Treatment of Major Depressive Disorder

Research, News, and Market Data on Tonix Pharmaceuticals


Naloxone-Free
Formulation of Tianeptine is an Extended-Release Tablet that Includes Inactive
Ingredients and Compression Properties Designed to Confer Abuse Deterrence

Once-Daily Tablet Formulation
of Tianeptine is Bioequivalent to the Three Times a Day Antidepressant Marketed
in Europe for Over 30 years

Tianeptine’s Enhancement of
Neuroplasticity in Animal Models of Stress Implies a Distinct Indirect
Glutamatergic Mechanism of Action Relative to Antidepressants Marketed in the
U.S.

Planning to Initiate Enrollment
in U.S. Phase 2 Study in First Quarter 2023, Pending FDA Clearance of IND

CHATHAM, N.J., July 11, 2022 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a clinical-stage biopharmaceutical company, today announced development of TNX-601 ER (tianeptine oxalate extended-release tablets), a naloxone-free formulation of TNX-601 designed to confer abuse-deterrence, for the treatment of major depressive disorder (MDD)1. Tonix expects to initiate a Phase 2 study of TNX-601 ER for the treatment of MDD in the first quarter of 2023, pending U.S. Food and Drug Administration (FDA) clearance of its Investigational New Drug (IND) application.

Tonix’s TNX-601 ER is being developed as a treatment for MDD, posttraumatic stress disorder, and neurocognitive dysfunction associated with corticosteroid use. Tianeptine sodium (amorphous) immediate release (IR) tablets have been available in Europe and many countries in Asia and Latin America for the treatment of MDD over the more than three decades since it was first marketed in France in 1989. No tianeptine-containing product has been approved by the FDA. The proposed mechanism of action of TNX-601 ER is distinct from traditional monoaminergic antidepressants in the U.S. In addition to its glutamatergic properties central to its antidepressant effect, tianeptine has weak µ-opioid receptor agonist properties and has been linked to illicit misuse at much higher doses than those reported to be effective in the treatment of MDD2. Previously, Tonix was developing a naloxone-containing tablet, TNX-601 CR (tianeptine oxalate and naloxone controlled-release) for MDD, that was designed to mitigate the risk of parenteral abuse.

“TNX-601 ER is a naloxone-free tablet formulated with inactive ingredients that we believe will make the tablet more difficult to adulterate for misuse and abuse, while maintaining extended-release characteristics, even if the tablet is subjected to physical manipulation, and/or chemical extraction,” said Seth Lederman, M.D., President and Chief Executive Officer of Tonix Pharmaceuticals. “The potentially abuse deterrent ingredients include gel forming polymers which impede extraction, and excipients which cause nasal irritation. In addition, the tablet’s hardness makes it difficult to crush, cut or grind to fine particle size, which hinders efforts to misuse by insufflation or intravenous routes.”

“The efficacy of tianeptine sodium IR is comparable to both selective serotonin inhibitor (SSRI) and tricyclic antidepressants
3,4 while being associated with a low incidence of sexual dysfunction than either of those classes5,6, and no associated derangement of sleep architecture, sedation effects, weight gain, or cognitive impairment,7” said Gregory Sullivan, M.D., Chief Medical Officer of Tonix Pharmaceuticals. “Given tianeptine’s unique metabolic pathway, which is independent of the hepatic P450 system, we believe that TNX-601 ER has a reduced risk of drug-drug interactions compared to most antidepressants7. Tianeptine’s antidepressant activity is believed to relate to indirect modulation of the glutamatergic system. While it does not have measurable interactions with the NMDA, AMPA or kainate receptors, tianeptine is known to modulate AMPA receptor trafficking and to promote synaptic plasticity in hippocampus under conditions of stress or corticosteroid use. In animal models, tianeptine restores neuroplasticity and reverses stress-induced impairments in synaptic glutamate neurotransmission, which are perturbed in depression.8 Additionally, TNX-601 ER is designed for once daily dosing, which is believed to provide an adherence advantage relative to the three times per day dosing of the immediate-release sodium salt products available in Europe and other jurisdictions around the world.”

1TNX-601 ER is in the pre-IND (Investigational New Drug) stage of development and is not approved for any indication

2Lauhan, R., et al. Psychosomatics 201859 (6), 547–553.

3Jeon, H. J., et al. .J. Clin. Psychopharmacol. 201434 (2), 218–225.

4Emsley, R., et al. J. Clin. Psychiatry 201879 (4)
5Bonierbale M, et al. Curr Med Res Opin 200319(2):114-124.
6Costa e Silva, J. A., et al. Neuropsychobiology 199735 (1), 24–29.

7Wagstaff, A. J. et al. CNS
Drugs
 200115 (3), 231–259.

8McEwen, B. S., et al. Mol.
Psychiatry
 201015 (3), 237–249.

About Depression
According to the National Institute of Mental Health, an estimated 21 million adults in the U.S. in 2020 experienced at least one major depressive episode1, with highest prevalence among individuals aged 18-25 at a rate of 17.0%. For approximately 2.5 million adults in the U.S., adjunctive therapies are necessary for depression treatment.2,3 Depression is a condition characterized by symptoms such as a depressed mood or loss of interest or pleasure in daily activities most of the time for two weeks or more, accompanied by appetite changes, sleep disturbances, motor restlessness or retardation, loss of energy, feelings of worthlessness or excessive guilt, poor concentration, and suicidal thoughts and behaviors. These symptoms cause clinically significant distress or impairment in social, occupational, or other important areas of functioning. The majority of people who suffer from depression do not respond adequately to initial antidepressant therapy.4

1Data Courtesy of SAMHSA on Past Year Prevalence of Major Depressive Episode Among U.S. Adults (2020). Retrieved from 
http://www.nimh.nih.gov/health/statistics/major-depression.shtml
2IMS NSP, NPA, NDTI MAT-24-month data through Aug 2017.
3Kubitz N, et al. (2013)  PLOS One,. 8(10):e76882. doi: 10.1371/journal.pone.0076882. PMID: 24204694;
4Rush AJ, et al. (2007) Am J.
Psychiatry
 163:11, pp. 1905-1917 (STAR*D Study).

About TNX-601 ER
TNX-601 ER is a novel oral formulation of tianeptine oxalate designed for once-daily daytime dosing that is in the pre-IND (Investigational New Drug) stage of development for the treatment of MDD. Tonix reported the official minutes of an FDA Pre-IND meeting on March 22, 2021. Tianeptine sodium (amorphous) immediate release (3 times daily) was first marketed for depression in France in 1989 and has been available for decades in Europe, Russia, Asia, and Latin America for the treatment of depression. Tianeptine sodium has an established safety profile from decades of use in these jurisdictions. Currently there is no tianeptine-containing product approved in the U.S. and no extended-release tianeptine product approved in any jurisdiction. Tonix discovered a novel oxalate salt of tianeptine that may provide improved stability, consistency, and manufacturability compared to known salt forms of tianeptine. Tianeptine is believed to work in depression as an indirect modulator of the glutamatergic system, without direct binding NMDA, AMPA or kainate receptors. Tianeptine reverses stress induced increases in AMPA receptor trafficking, restoring hippocampal long-term potentiation and reversing the neuroplastic changes from stress and corticosteroid exposure. Tianeptine and its MC5 metabolite are also weak mu-opioid receptor (MOR) agonists, that present a potential abuse liability if illicitly misused in large quantities (8-80 times the therapeutic dose). In patients who were prescribed tianeptine for depression, the French Transparency Committee found an incidence of misuse of approximately 1 case per 1,000 patients treatedsuggesting low abuse liability when used at the antidepressant dose in patients prescribed tianeptine for depression. Clinical trials have shown that cessation of a therapeutic course of tianeptine does not appear to result in dependence or withdrawal symptoms following 6-weeks2,3,4–6, 3-months7, or 12-months8 of treatment. Tianeptine’s reported pro-cognitive and anxiolytic effects as well as its ability to attenuate the neuropathological effects of excessive stress responses suggest that it may also be used to treat posttraumatic stress disorder. TNX-601 ER is expected to have patent protection through 2037.   

1Haute Authorite de Sante; Transparency Committee Opinion. Stablon 12.5 Mg, Coated Tablet, Re- Assessment of Actual Benefit at the Request of the Transparency Committee. December 5, 2012.

2Emsley, R., et al. J. Clin.
Psychiatry
 201879 (4)
3Bonierbale M, et al. Curr Med
Res Opin
 200319(2):114-124.4Guelfi, J. D., et al. Neuropsychobiology 198922 (1), 41–48.

5Invernizzi, G. et al., Neuropsychobiology 199430 (2–3), 85–93.

6Lepine, J. P., et al. Hum. Psychopharmacol. 200116 (3), 219–227.

7Guelfi, J. D. et al., Neuropsychobiology 199225 (3), 140–148.

8Lôo, H. et al., Br. J. Psychiatry. Suppl. 1992, No. 15, 61–65.

Tonix
Pharmaceuticals Holding Corp. 
*

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022 and interim data expected in the first quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the third quarter of 2022. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication that is Phase 2 ready and has been granted Breakthrough Therapy Designation by the FDA. TNX-1900 (intranasal potentiated oxytocin), a small molecule in development for chronic migraine, is expected to enter the clinic with a Phase 2 study in the second half of 2022. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. TNX-601 ER (tianeptine oxalate extended-release tablet) is being developed as an antidepressant in the U.S., with a Phase 2 study expected to be initiated in first quarter of 2023 pending IND clearance. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s infectious disease pipeline consists of a vaccine in development to prevent smallpox and monkeypox called TNX-801, next-generation vaccines to prevent COVID-19, and a platform to make fully human monoclonal antibodies to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-1850, which are live virus vaccines based on Tonix’s recombinant pox live virus vector vaccine platform.

*All of
Tonix’s product candidates are investigational new drugs or biologics and have
not been approved for any indication.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward
Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2022, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com

(862) 904-8182

Olipriya Das, Ph.D. (media)
Russo Partners
Olipriya.Das@russopartnersllc.com

(646) 942-5588

Peter Vozzo (investors)
Westwicke/ICR

peter.vozzo@westwicke.com

(443) 213-0505

 

Source: Tonix Pharmaceuticals Holding Corp.


Alvopetro Energy (ALVOF) – Drilling success paves the way for future growth

Monday, July 11, 2022

Alvopetro Energy (ALVOF)
Drilling success paves the way for future growth

Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.

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

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

Alvopetro announced multizone discovery at exploratory well. Management announced that it has discovered 34.3 meters of potential net hydrocarbon pay on well 183-B1. The discovery follows similar results at sister well 182-C1 as announced in April. Both wells will begin production testing shortly, which will help determine well economics. The discovery of hydrocarbons in the wells is not unexpected but an important step in the company’s growth plans.

The wells are more exploratory in nature and represent a step out of current production. Alvopetro’s drilling program can be described as a two-pronged approach that includes both developmental drilling in the Murucututu/Gomo Project and exploratory drilling  in the block west of Gomo. Developmental drilling is needed to maintain production and fill out this summer’s gas plant expansion to 18 MMcf/day. Exploratory drilling success is needed to justify future gas plant expansions in order to meet management’s long-term goal of reaching 35 MMcf/day….

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. 

Ortho Regenerative Technologies Inc. (ORTIF) – Heal Better; Initiating Coverage with an Outperform Rating

Monday, July 11, 2022

Ortho Regenerative Technologies Inc. (ORTIF)
Heal Better; Initiating Coverage with an Outperform Rating

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Unmet large market needs. Ortho Regenerative Technologies Inc. (Ortho RTI) is advancing its RESTORE regenerative medicine platform in rotator cuff tears and meniscus tears to improve healing. Rotator cuff and meniscus tears have high failure rates due to insufficient healing and tissue degeneration. For these two indications, Ortho RTI has a $1.8 billion US market opportunity. Globally, the market opportunity more than doubles. Additional future applications expand the opportunity further.

Safe and easy to produce. The proprietary RESTORE platform is a biopolymer matrix technology combining readily available chitosan, derived principally in shellfish, with autologous platelet-rich plasma (PRP). Using the patient’s own plasma substantially improves the safety profile while the chitosan provides site “stickiness”.

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. 

What Can We Learn from Previous Market Crashes?



Image Credit: Pixabay (Pexels)


Previous Stock Market Crashes Can Teach Us When to Slow Down and When to Speed Up

A significant and usually abrupt decline in the value of the broader stock market is referred to as a stock market crash. There is no standard definition that uses measurements such as a decline over time ratio, or percentage decline from the most recent high. But like most crashes, you don’t see it coming until it is nearly unavoidable. The word capitulation is sometimes used; this refers to the main ingredient of most crashes, panic-selling by investors who want to stop experiencing new losses. Understanding what happened in the past could help to make investors more likely to recognize any trouble in the road ahead.

A stock market crash is usually quicker than the recovery from the setback. Recovery, historically, has taken months in some cases and over a decade in others.

Crash Math

Here is some crash math that stock market investors should know.

The percentage you will need after your stock sinks to return to the same level is a higher percentage than the percent the stock declined. For some, this may seem basic, but I know for others, it takes a bit to wrap your head around.

This could help with understanding why.  A portfolio loss is based on a higher amount, and the recovery is based on a lower amount. If your portfolio is valued at $10,000 and it drops 50%, it is now worth $5,000. A 50% gain on $5,000 will only add $2,500 to your value. The underlying stocks in the portfolio will have to recover 100% for the portfolio to be made whole on its 50% decline. 

Recognized Crashes

Here is a quick understanding of some of U.S. history’s most notable crashes.

1929 – The stock market crash that is tied to the Great Depression is considered to be the worst stock crash in history. It began in 1929 after a long period of expansion (roaring twenties). During the twenties, the economy expanded significantly and the stock market boomed.

The 30 stocks in the Dow Jones Industrials rose from 63 points in August 1921, to 381 points by September 1929. The Dow started to descend from its peak on Sept. 3 and continued through the month and into October. On October 28 and October 29, the fall accelerated. The market on the 28th, Black Monday, fell 13%. It went down by another 12% on Tuesday.

By mid-November, 1929, the Dow had lost about half its value. The Dow continued to slide until the summer of 1932. The Dow Industrials bottomed out at 41 points or 89% below its peak. It then took 22 years to regain its pre-crash value.

A primary factor leading to the 1929 stock market crash was excessive leverage. Many individual investors and investment trusts had become comfortable buying stocks on margin and more fully benefitting from the growth of the market. For those using leverage, it meant they paid only 10% of the value of a stock to acquire it under the terms of a loan agreement. Consumers had also become accustomed to using debt to make purchases. When the late 20s debt bubble burst, it exacerbated the most famous stock market and economic crash in history.

1987 –  On a different Black Monday in the late 1980s the Dow Jones Industrial Average plunged by nearly 22%. Black Monday, as the day is now known, marks the biggest single-day decline in stock market history. It occurred on October 18, but the remainder of the month was also quite weak. By the start of November 1987, most of the major stock market indexes had lost more than 20% of their value.

There is no single event that caused the stock market to crash in 1987. There were some warning signs of excesses, economic growth had slowed, inflation was ticking up, and a strong dollar was hurting U.S. exports. Stock valuations had reached excessive levels, with the overall market’s price-earnings ratio above 20 while future estimates for earnings were trending lower. These are enough signs that something had to give way.

Computerized trading was growing at this time, and this was known to have created wider daily swings in prices than people had been accustomed to. Whether deserved or not, many accounts say program trading was the primary cause of this event.

Since there was no pervasive economic problem that caused the October 1987 route, market participants soon came back and drove prices higher in November. The market reached its pre-crash level two years later in September 1989.

1999/2000 – The values of internet-based stocks rose significantly through the 1990s. This caused technology-dominated Nasdaq to rise from 1,000 points in 1995 to more than 5,000 in 2000. After some concern surrounding getting past Y2K without a computer glitch, in early 2001, the dot-com bubble began to burst. Nasdaq peaked at 5,048.62 points on March 10. The index kept falling throughout the following months until it reached 1,139.90, or 76.81% lower by Oct. 4, 2002.

The explanation for this crash was overvalued internet stocks. It seemed as though everyone suddenly became an investor and had advice on internet stocks. Investors, including first-timers, speculated that dot-com companies, even those without revenues, would all one day become extremely profitable. As a result, they poured money into the sector, including fledgling fund companies which made it easier to be an investor. This bubble burst when the Federal Reserve tightened its monetary policy. The Nasdaq later took 15 years to regain its peak.

 

2008 – Have you read the book or seen the movie “The Big Short?” Author Michel Lewis did a great job explaining the mortgage bust and its ties to the stock market crash. Here it is, in four paragraphs, and with no mention of someone I follow, Dr. Michael Burry.

The U.S. government during 1999, thought it could make houses more accessible to those with low credit ratings and less money to spend on down payments than lenders typically required. Using agencies chartered by Congress, such as Federal National Mortgage Association (FNMA/Fannie Mae) these would-be homeowners, or subprime borrowers, as they were called, were offered mortgages with payment terms, such as higher interest rates, balloon maturities, and other variable payment schedules, that served to get them in the door.

In economics, nothing happens in a vacuum, and increased mortgage availability causes an increased demand for homes by both previously ineligible borrowers and investors. This created bubble-level growth in mortgage originations and home sales. The demand for homes drove up home values which consumers used to take out second mortgages to upgrade their lives with the equity available in their property.

In corporate America, companies looking to capitalize on opportunities available by a growing economy also took on additional debt. Financial institutions, similarly, used cheap borrowings as leverage to double down on growing lines of business. One of these growing lines was consumer lending.

The easy mortgage money and borrowing on abundant equity caused many assets, including stocks, to rise. But the subprime mortgages were quietly becoming delinquent. And much of this debt was reengineered into SEC-registered securities so that investors could invest in the growing debt. Then things that had been going sour for a little while began impacting large Wall Street firms. The news came out that Bear Stearns could not cover its losses linked to subprime mortgages – still, stocks rose, reaching a high on October 9, 2007; almost a year later, in September of 2008, the major stock indexes had slid nearly 20%. The Dow Industrials reached its lowest point, which was 54% below its peak, on March 6, 2009.

2020 – A health concern that led to “shutting down global economies” caused a dramatic stock market crash earlier this decade. During the week of February 24, 2020, the Dow Jones and S&P 500 tumbled 11% and 12%, respectively, marking the biggest weekly declines to occur since the financial crisis of 2008. On March 12, the Dow Industrials declined by 9.99%, its largest one-day drop since Black Monday of 1987. Then it managed to replace its second-worst day with an even deeper 16% plunge on March 16.

The recovery from this crash was quick. The stock market rebounded back to its pre-pandemic peak by May of 2020. It’s widely viewed that credit for the rapid recovery can be given to an enormous amount of stimulus money, with the Federal Reserve slashing interest rates and injecting $1.5 trillion into markets and Congress passing a $2.2 trillion aid package at the end of March. The quickness to support the economy also served to buoy the stock market.

Take Away

Valid arguments can be made in favor of stocks rallying after a six-month organized decline to down 20%-25%, and a case can be made that what we have experienced foretells accelerating problems. Many ingredients exist that could favor either argument.

What is important to come away with is that within markets, when stock indexes are up, there is a high percentage of stocks that are moving down. And When indexes are down, there are many stocks still climbing and doing well. Stock selection is an important determinant of investing success.

To keep up with industries both weak and strong and what top analysts are saying about many companies with high potential to either grow or slide,
sign-up for Channelchek and stay informed.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.federalreserve.gov/pubs/feds/2007/200713/200713pap.pdf


https://goodreads.com/book/show/26889576-the-big-short 



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Release – Sierra Metals to Release Q2-2022 Consolidated Financial Results on Thursday August 11th, 2022



Sierra Metals to Release Q2-2022 Consolidated Financial Results on Thursday August 11th, 2022

Research, News, and Market Data on Sierra Metals

Shareholder Conference Call and
Webcast will be held on Friday August 12
th,
2022

TORONTO–(BUSINESS WIRE)– Sierra
Metals Inc
. (TSX: SMT) (NYSE American: SMTS) (BVL or Bolsa de Valores de Lima: SMT) (“Sierra Metals” or the “Company”) will release Q2-2022 consolidated financial results on Thursday August 11th, 2022 after Market Close. Senior Management will also host a webcast and conference call on Friday August 12th, 2022 at 11:00 am EDT. Details of the Conference Call and Webcast are as follows:

Via Webcast:

A live audio webcast of the meeting will be available on the Company’s website:

https://event.on24.com/wcc/r/3828385/8F4898DF12D6F6F90626175BB7F7742D

The webcast along with presentation slides will be archived for 180 days on www.sierrametals.com.

Via phone:

For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.

US/CAN dial-in number (Toll Free): 1 844 200 6205
United States (Local): 1 646 904 5544
Canada dial-in number (Local): 1 226 828 7575
All other locations (International): +1 929 526 1599

Access code: 989047

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance

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 or contact:

Continue to Follow, Like and Watch our progress:

Webwww.sierrametals.com | Twittersierrametals | FacebookSierraMetalsInc |
LinkedInSierra Metals Inc | Instagramsierrametals

View source version on businesswire.comhttps://www.businesswire.com/news/home/20220708005024/en/

Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: 
info@sierrametals.com

Luis Marchese
CEO

Sierra Metals Inc.
Tel: +1 (416) 366-7777

Source: Sierra Metals Inc.

Text

Description automatically generated


Designing a Greenwashing-Resistant Disclosure Program


Image Credit: Chris LeBoutillier (Pexels)


SEC’s Climate Disclosure Plan Could be in Trouble After a Recent Supreme Court Ruling – The Bigger Question – Does Disclosure Work?

The U.S. Securities and Exchange Commission is considering requiring publicly traded U.S. companies to disclose the climate-related risks they face. Republican state officials, emboldened by a recent Supreme Court
ruling
, are already threatening to sue, claiming regulators don’t have the authority.

While the debate heats up, what’s surprisingly missing is a discussion about whether disclosures actually influence corporate behavior.

An underlying premise of financial disclosures is that what gets measured is more likely to be managed. But do corporations that disclose climate change information actually reduce their carbon footprints?

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Lily Hsueh, Associate Professor of Economics and Public Policy, Arizona State University.

I’m a professor of economics and public policy, and my research shows that while carbon disclosure encourages some improvement, it is not enough by itself to ensure that companies’ greenhouse gas emissions fall. Worse still, some companies use it to obfuscate and enable greenwashing – false or misleading advertising claiming a company is more environmentally or socially responsible than it really is.

I believe the SEC has an unprecedented opportunity to design a program that is greenwashing-resistant.

 

Disclosure Doesn’t Always Mean Less Carbon

Although carbon disclosure is often held up as an indicator of corporate social responsibility, the data tells a more nuanced story.

I investigated the carbon disclosures made by nearly 600 companies that were listed in the S&P 500 index at least once between 2011 and 2016. The disclosures were made to CDP, formerly the Carbon Disclosure Project, a nonprofit organization that surveys companies and governments about their carbon emissions and management. More than half of all S&P 500 firms respond to its requests for information.

At first glance, one might think that a mandated, unified framework for reporting companies’ climate management and risk data and their greenhouse gas emissions, such as the one proposed by the SEC, is likely to lead to more efficient use of fossil fuels, lowering emissions as the economy grows.

I did find that companies that have proactively disclosed their emissions to CDP on average reduced their entitywide carbon emissions intensity by at least one measure: carbon emissions per capita of full-time employees. This means that as a company increases in size, it is estimated to reduce its carbon footprint on a per-employee basis. This does not, however, necessarily translate to a reduction in a company’s overall carbon emissions. Much of the decline involved large emissions-intensive companies, such as utilities, that were trying to get ahead of expected climate regulations.

Companies that received a “B” grade from CDP increased their entitywide carbon emissions on average over that time. Notably, those in the financial, health care and other consumer-oriented sectors that did not experience the same level of regulatory pressure as greenhouse gas-intensive firms led the increase.

About a quarter of the S&P 500 companies that completed CDP’s annual climate change survey undertook assessments of their business impacts on the environment and integrated climate risk management into their business strategy. Yet entitywide emissions still increased.

Earlier research found similar results in the first decade of the U.S. Department of Energy’s Voluntary Greenhouse Gas Registry. Overall, it found that participating in the registry had no significant effect on the companies’ carbon emissions intensity, but that many of the companies, by being selective in what they reported, reported emissions reductions.

Another study, which focused on the power sector’s participation in CDP’s surveys, found an increase in carbon intensity.


‘A-List’ May Not be Exempt from Greenwashing

Even companies that made CDP’s coveted “A-List” of climate leaders may not necessarily be free of greenwashing.

A company earns an “A” grade when it has met criteria of disclosure, awareness, management and leadership, including adopting global best practices, such as a science-based emissions target, regardless of whether these practices translate into improved environmental performance.

Because CDP grades companies based on sustainability outputs rather than outcomes, an “A-list” company could be “carbon neutral” when it counts only the facilities it owns and not the factories that make its products. Moreover, a company that has earned an “A” could commit to removing all emitted carbon but maintain partnerships with oil and gas companies to “generate new exploration opportunities”.

Retail and apparel giants Walmart, Target and Nike – all in the “B” to “A-minus” range in recent years – offer an example of the challenge.

They regularly disclose their carbon management plans and emissions to CDP. But they are also part of the industry-led Sustainable Apparel Coalition, which has controversially portrayed petroleum-based synthetics as the most sustainable choice above natural fibers in the Higgs Index, a supply chain measurement tool that some clothing companies use to show a social and environmental footprint to consumers. Walmart has been sued by the Federal Trade Commission over products described as bamboo and “eco-friendly and sustainable” that were made from rayon, a semi-synthetic fiber made using toxic chemicals.


Designing a Greenwashing-Resistant Disclosure Program

I see three key ways for the SEC to design a climate disclosure program that is greenwashing-resistant.

First, misinformation or disinformation about ESG – environmental, social and governance factors – can be minimized if companies are given clear guidelines on what constitutes a low-carbon initiative.

Second, companies can be required to benchmark their emission targets based on historical emissions, undergo independent audits and report concrete changes.

It’s important to clearly define “carbon footprint” so these metrics are comparable among companies and over time. For example, there are different types of emissions: Scope 1 emissions are the direct emissions coming out of a firm’s chimneys and tailpipes. Scope 2 emissions are associated with the power a company consumes. Scope 3 is harder to measure – it includes emissions in a company’s supply chain and through the use of its products, such as gasoline used in cars. It reflects the complexity of the modern supply chain.

Finally, companies could be asked to disclose a fixed deadline for phasing out fossil fuel assets. This will better ensure that pledges translate into concrete actions in a timely and transparent manner.

Ultimately, investors and financial markets need accurate and verifiable information to assess their investments’ future risk and determine for themselves whether net-zero pledges made by companies are credible.

There is now momentum across the globe to hold companies accountable for their emissions and climate pledges. Disclosure rules have been introduced in the United Kingdom, European Union and New Zealand, and in Asian business hubs like Singapore and Hong Kong. When countries have similar policies, allowing for consistency, comparability and verifiability, there will be fewer opportunities for loopholes and exploitation, and I believe our climate and economy will be better for it.


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Will Small-Cap Stocks Remain the Frontrunners?



Image Credit: Mark Bonica (Flickr)


The Case for Small-Cap Stocks Leading Out of the Dip Got Stronger

Was June 16 the market bottom? Some investors are cautiously optimistic. But, just like the question, “are we in a recession?” We will only know by looking in the rear view mirror miles down the road. Let’s presume for a moment that markets have bottomed. The Wall Street Journal wrote, “Shares of many small, U.S.-focused companies have raced ahead of the broader stock market in July. Some investors think that signals more room to run for small-capitalization companies, which can often be more agile and react more quickly to economic changes, including a recession. Below we look at the case the Journal makes, and add some other insight as to expected price action.

The broader markets gave up a lot of ground from the very first opening bell in 2022. As of the June 30 halfway point, the S&P 500 fell 21%, its worst first-half performance since 1970. The Russell 2000 index of small-cap companies fell 24%, its worst first half since launching in 1984. So far this month, the Russell 2000 is up 4.3%, while the S&P 500 is up 3.6%.

As with all broad indexes, the return is a deep mix of the overperformers and underperformers. Just yesterday the index was up 2.38% which included Clovis Oncology (CLVS) which traded higher by double digits, while another company in the index, WD-40 (
WDFC), was down double digits.

The move could be the beginning of a return to the more common pecking order for stock indexes ranked by large, and small-capitalization values. The small caps have been trailing, whereas historically the small stocks outperform.

The Journal indicated, “Small caps tend to be sensitive to fears of an economic slowdown, since they often generate the majority of their sales in the U.S., compared with large multinationals. Even though many investors and analysts remain nervous about the potential of a recession, some say that after a brutal first half, the group looks due for a rebound.”

Below are two measures of small-cap stock performance (VIOO and IWM) plotted against the Nasdaq and S&P 500 since the low for all of them this year (June 16).


Source: Koyfin

One reason some market analysts believe small caps could be staging a rebound is valuations. The S&P 600 index of small-capitalization companies is trading at around 11.3 times its next 12 months of expected earnings, while the S&P 500 is trading at around 16.2 times expected earnings. Investors searching for value will find a wider variety of cheaper stocks among smaller caps. The Journal quoted Jurrien Timmer, the director of global macro at Fidelity as saying, “I would argue that a lot of the bad news is probably already in small caps.” Timmer said that small caps, which peaked earlier than the broader market, might be poised to hit their bottom earlier too. He was alluding to The Russell 2000 having hit its peak in November, while the S&P 500 hit its record two months later, in January.

Jill Carey Hall, US equity strategist at Bank of America, told the Journal, “The only other time small caps were this cheap relative to large caps was during the height of the tech-bubble period.”

In a recent interview of Chuck Royce, Chairman and Portfolio Manager at  Royce Investment Partners, by Co-CIO Francis Gannon, Mr. Royce was asked: “What’s your current view on small-cap’s relative attractiveness versus large-cap?” In his response, he cautioned investors to avoid the temptation of being too comfortable with large caps. The reason given is that despite the dramatic decline in stocks in general, there hasn’t been a change in the undervaluation in small-caps relative to large. “Small-caps have averaged a 3% premium to large-caps over the past 20 years. At the end of June, however, small-caps were at a 20% discount, at their lowest relative valuation versus large-caps in more than 20 years,” explained Royce.

Take Away

There is no telling what markets will do tomorrow or the day after. We can only look back to gauge probabilities and expectations for the future – despite hearing over and over that “past performance is no indication of future results.” But by looking back, we can take the most basic statistical analysis, which is averages, and make projections. More specifically, the mean average or unweighted average. If we expect the various indexes to move toward or return to their mean average, we can make a better case than we have been able to in 20 years for the small-cap sector.

If you have an interest in small-cap stocks, arguably the best place to begin gathering data on small and microcap companies is Channelchek. Sign-up for free access to data for over 6,000 companies. Discover even more from current research on many of the companies written by analysts at Noble Capital Markets. By signing up you’ll receive the research and timely articles in your inbox each day. Sign-up
here.

Paul Hoffman

Managing Editor, Channelchek

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https://www.wsj.com/articles/small-cap-stocks-are-starting-to-stage-their-comeback-11657272781?mod=hp_lista_pos2

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Release – Voyager Digital Ltd. Provides Update on Listing of its Shares

 



Voyager Digital Ltd. Provides Update on Listing of its Shares

Research, News, and Market Data on Voyager Digital

NEW YORK, July 7, 2022 /PRNewswire/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTC Pink: VYGVF) (FRA: UCD2), today announced that it has given notice to the Toronto Stock Exchange (the “TSX”) that the Company will voluntarily delist its common shares from the TSX. This action is being taken by the Company in response to the TSX notifying the Company that the TSX would be conducting a review of the eligibility for continued listing on TSX of the Company’s common shares as a result of the Company and its main operating subsidiaries filing voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court of the Southern District of New York.

Due to this review, trading in Voyager shares has been suspended by the TSX. Voyager has also been notified that, due to its bankruptcy filing, the Company no longer qualifies for the OTCQX International. Effective today, shares will trade on the OTC Pink Sheets. However, due to the TSX trading halt and delisting review, shares are also halted on the OTC.

The Company plans to apply to the Canadian Securities Exchange (the “CSE”) to transition the trading of its common shares from the TSX to the CSE. While the Company expects that trading in its shares will transition from the TSX to the CSE, there is no guarantee that the CSE will approve the trading in the Company’s shares or that such transition will occur.

Parties with questions about the chapter 11 process may contact the Company’s Claims Agent, Stretto, at +1 (855) 473-8665 (toll-free in the U.S.) or +1 (949) 271-6507 (for parties outside the U.S.). They have also set up a website at 
http://cases.stretto.com/Voyager, which includes court documents and other information.

About
Voyager Digital Ltd.

Voyager Digital Ltd.’s (TSX: VOYG) (OTC Pink: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

Forward
Looking Statements

Certain information in this press release, including, but not limited to, statements regarding the intend to file an application to list the common shares on the CSE and the listing of such shares on the CSE, restructuring process, the restructuring Plan, available remedies for recovery from 3AC, intended filings as part of the restructuring process, resumption of account access, return of value to customers, the ability of Voyager to continue as a going concern, exploration of strategic alternatives, discussions with third parties in respect of strategic alternatives and the results of those discussions, the temporary nature of the suspension of the platform, future growth and performance of the business, the exploration of strategic alternatives, future adoption of digital assets, anticipated trends and challenges in our business and industry, the regulation of digital assets offerings, the impact of the 3AC default on the Company, the Company’s liquidity and ability to satisfy customer orders and withdrawals and the Company’s anticipated results may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Voyager’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. It is uncertain as to the timing or approval of any listing application with the CSE,  timing or results of the restructuring process or the terms of the final restructuring plan, when account access will resume, the value to be returned to customers, what amount Voyager will be able to recover from 3AC for non-payment or the legal remedies available to Voyager in connection with such non-payment or the impact on the future business, cash flows, liquidity and prospects of Voyager as a result of 3AC’s non-payment. Forward looking statements are subject to the risk that the global economy, industry, or the Company’s businesses and investments do not perform as anticipated, that revenue or expenses estimates may not be met or may be materially less or more than those anticipated, that parties to whom the Company lends assets are able to repay such loans in full and in a timely manner, that trading momentum does not continue or the demand for trading solutions declines, customer acquisition does not increase as planned, product and international expansion do not occur as planned, risks of compliance with laws and regulations that currently apply or become applicable to the business and those other risks contained in the Company’s public filings, including in its Management Discussion and Analysis and its Annual Information Form (AIF). Factors that could cause actual results of the Company and its businesses to differ materially from those described in such forward-looking statements include, but are not limited to, the results of the restructuring process and the terms of the restructuring plan, if such a plan is ultimately agreed to, the results from the exploration of strategic alternatives, the inability to resume trading, deposits, withdrawals and rewards on the platform in a timely manner, an inability to drawdown under the credit facility or access other sources of financing, an increase in customer demands for withdrawals from the platform, any insolvency or similar proceedings with respect to 3AC, our ability to find a strategic alternative, a decline in the digital asset market or general economic conditions; changes in laws or approaches to regulation, the failure or delay in the adoption of digital assets and the blockchain ecosystem by institutions; changes in the volatility of crypto currency, changes in demand for Bitcoin and Ethereum, changes in the status or classification of cryptocurrency assets, cybersecurity breaches, a delay or failure in developing infrastructure for the trading businesses or achieving mandates and gaining traction; failure to grow assets under management, an adverse development with respect to an issuer or party to the transaction or failure to obtain a required regulatory approval. Readers are cautioned that Assets on Platform and trading volumes fluctuate and may increase and decrease from time to time and that such fluctuations are beyond the Company’s control. Forward-looking statements, past and present performance and trends are not guarantees of future performance, accordingly, you should not put undue reliance on forward-looking statements, current or past performance, or current or past trends. Information identifying assumptions, risks, and uncertainties relating to the Company are contained in its filings with the Canadian securities regulators available at www.sedar.com. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events, except as required by law. The Company assumes no obligation to provide operational updates, except as required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Readers are cautioned that past performance is not indicative of future performance. There is no assurance that the funds available under the loan agreement will be available or, even if available will, together with any other assets of Voyager be sufficient to safeguard assets.

The TSX
has not approved or disapproved of the information contained herein.

SOURCE Voyager Digital Ltd.

Press
Contacts
Voyager Digital, Ltd.

Voyager Public Relations Team
pr@investvoyager.com

SOURCE Voyager Digital Ltd.

Release – Alvopetro Announces Multizone Discovery at 183-B1 Exploration Well and June 2022 Sales Volumes



Alvopetro Announces Multizone Discovery at 183-B1 Exploration Well and June 2022 Sales Volumes

Research, News, and Market Data on Alvopetro Energy

CALGARY, AB, July 7, 2022 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) We are pleased to announce a multizone discovery on our 183-B1 exploration location.  We completed drilling the 183-B1 exploration well on our 100% owned and operated Block 183 in the Recôncavo basin and, based on open-hole wireline logs and fluid samples confirming hydrocarbons, the well has discoveries in multiple formations with a total of 34.3 metres of potential net hydrocarbon pay, with an average porosity of 10.6% and average water saturation of 29.0%.

 President and CEO, Corey Ruttan commented:

“Preliminary drilling results from both of our 2022
conventional exploration wells represent significant steps forward in our
organic growth strategy. Our gas processing facility expansion is nearly complete,
and we look forward to production testing our latest discovery at 183-B1 as
well as our earlier success at the 182-C1 location.  These tests will help
define the full development and production growth potential of these exciting
new discoveries.”

The 183-B1 well was spud on June 5, 2022 and drilled to a total measured depth (“MD”) of 2,917 metres. Based on open-hole logs and collected fluid samples, the 183-B1 well encountered multiple zones of interest with an aggregate 34.3 metres of potential net hydrocarbon pay, using a 6% porosity cut-off, 50% Vshale cut-off and 50% water saturation cut-off:

Candeias Formation

A 5.3-metre-thick sand in the Gomo member of the Candeias Formation was encountered at 2,578 to 2,583 metres total vertical depth, with 5.3 metres of potential net light oil pay, at an average 35.0% water saturation and average porosity of 15.7%.  A fluid sample was also collected with a dual packer wireline tool recovering 37.1-degree API oil with no water to surface from 2,580 metres depth at a formation pressure of 4,317 psi.

Agua Grande Formation

A 19.8 metre-thick Agua Grande Formation sand was encountered at 2,677 to 2,697 metres total vertical depth with 11.4 metres of potential net natural gas pay, at an average 25.5% water saturation and average porosity of 11.9%. Of the 11.4 metres of potential net natural gas pay, 2.6 metres were encountered within the upper Agua Grande section the Agua Grande Formation, at an average 18.5% water saturation and an average porosity of 17.2%.  A fluid sample was collected from this upper section at 2,679 metres with a dual packer wireline tool recovering dry natural gas and no water to surface at a formation pressure of 3,984 psi.

Sergi Formation

In the Sergi Formation, a 78.4 metre thick sand-dominated interval was encountered at 2,809 to 2,887 metres total vertical depth. Hydrocarbon shows were present throughout drilling the entire section. Open-hole logs indicate 17.5 metres of potential light oil pay at an average 29.4% water saturation and average porosity of 8.3%. A fluid sample was collected from this section during modular formation dynamic testing (“MDT”), confirmed by lab analysis, recovered 40.7-degree API oil and no water to surface from 2,822 metres depth with a formation pressure of 4,740 psi. Within the 78.4 metre Sergi interval there is an additional 29.9 metres of Sergi sand that experienced significant wellbore washouts with possible net pay that is expected to be validated through testing. As such, this 29.9-metre interval is currently being excluded from calculated potential net hydrocarbon pay. 

Based on these drilling results, we plan to undertake a multi-zone testing program of the 183-B1 well, subject to customary regulatory approvals and equipment availability. This additional testing will assess the extent, if any, of commercial hydrocarbons associated with the well, the productive capability of the well and will help define the field development plan. 

Operational Update

Our Caburé gas plant expansion is scheduled to be completed later in July. Following the expansion, our available processing capacity is expected to increase by 25% to at least 500,000 cubic metres per day (18 MMcfpd).

On our Murucututu project, we expect to commence commissioning of our field production facility at our 183(1) location later in July.  We have also commenced field installation of the pipeline extension to tie-in our 197(1) well and expect construction to be completed in approximately three months.

June Sales Volumes

June sales volumes averaged 2,480 boepd, including natural gas sales of 14.2 MMcfpd, associated natural gas liquids sales from condensate of 102 bopd and oil sales of 5 bopd, based on field estimates.  Our sales volumes averaged 2,359 boepd in the second quarter of 2022, consistent with sales volumes in the second quarter of 2021 and a decrease of 6% from the first quarter of 2022 due to our planned five-day shutdown in May scheduled to complete advance work for our gas plant expansion. 

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:

http://www.alvopetro.com/corporate-presentation

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergyInstagram – 
https://www.instagram.com/alvopetro/LinkedIn – 
https://www.linkedin.com/company/alvopetro-energy-ltdYouTube: https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd.’s vision is to become a
leading independent upstream and midstream operator in 
Brazil. Our
strategy is to unlock the on-shore natural gas potential in the state of Bahia
in 
Brazil,
building off the development of our Caburé natural gas field and our strategic
midstream infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news release.

All amounts contained in this new release are in United States dollars,
unless otherwise stated and all tabular amounts are in thousands of 
United States dollars,
except as otherwise noted.

Abbreviations:

boepd

             =             

barrels of oil equivalent (“boe”) per day

bopd

             =

barrels of oil and/or natural gas liquids (condensate) per day

MBOE

             =

thousands of barrels of oil equivalent

MMcf

             =

million cubic feet

MMcfpd

             =

million cubic feet per day

BOE Disclosure. The term barrels of oil
equivalent (“boe”) may be misleading, particularly if used in
isolation. A boe conversion ratio of six thousand cubic feet per barrel
(6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. All boe conversions in this
news release are derived from converting gas to oil in the ratio mix of six
thousand cubic feet of gas to one barrel of oil.

Testing and Well Results.  Data obtained
from the 183-B1 well identified in this press release, including hydrocarbon
shows, open-hole logging, net pay and porosities, should be considered to be
preliminary until testing, detailed analysis and interpretation has been completed.
Hydrocarbon shows can be seen during the drilling of a well in numerous
circumstances and do not necessarily indicate a commercial discovery or the
presence of commercial hydrocarbons in a well. There is no representation by
Alvopetro that the data relating to the 183-B1 well nor the 182-C1 well
contained in this press release is necessarily indicative of long-term
performance or ultimate recovery. The reader is cautioned not to unduly rely on
such data as such data may not be indicative of future performance of the well
or of expected production or operational results for Alvopetro in the future.

Cautionary statements regarding the filing of a Notice of
Discovery.
 We have submitted a Notice of Discovery of Hydrocarbons to
the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (the
“ANP”) with respect to the 183-B1 well. All operators in 
Brazil are
required to inform the ANP, through the filing of a Notice of Discovery, of
potential hydrocarbon discoveries. A Notice of Discovery is required to be filed
with the ANP based on hydrocarbon indications in cuttings, mud logging or by
gas detector, in combination with wire-line logging. Based on the results of
open-hole logs, we have filed a Notice of Discovery relating to our 183-B1
well. These routine notifications to the ANP are not necessarily indicative of
commercial hydrocarbons, potential production, recovery or reserves.

Forward-Looking Statements and Cautionary Language. This
news release contains “forward-looking information” within the
meaning of applicable securities laws. The use of any of the words
“will”, “expect”, “intend” and other similar
words or expressions are intended to identify forward-looking information.
Forward
?looking
statements involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not necessarily be
accurate indications of whether or not such results will be achieved. A number
of factors could cause actual results to vary significantly from the
expectations discussed in the forward-looking statements. These forward-looking
statements reflect current assumptions and expectations regarding future
events. Accordingly, when relying on forward-looking statements to make
decisions, Alvopetro cautions readers not to place undue reliance on these
statements, as forward-looking statements involve significant risks and
uncertainties. More particularly and without limitation, this news release
contains forward-looking information concerning potential hydrocarbon pay in
the 183-B1 well, exploration and development prospects of Alvopetro and the
expected timing of certain of Alvopetro’s testing and operational activities.
The forward
?looking
statements are based on certain key expectations and assumptions made by
Alvopetro, including but not limited to expectations and assumptions concerning
testing results of the 183-B1 well and the 182-C1 well, equipment availability,
the timing of regulatory licenses and approvals, the success of future
drilling, completion, testing, recompletion and development activities, the
outlook for commodity markets and ability to access capital markets, the impact
of the COVID-19 pandemic, the performance of producing wells and reservoirs,
well development and operating performance, foreign exchange rates, general
economic and business conditions, weather and access to drilling locations, the
availability and cost of labour and services, environmental regulation,
including regulation relating to hydraulic fracturing and stimulation, the
ability to monetize hydrocarbons discovered, the regulatory and legal
environment and other risks associated with oil and gas operations. The reader
is cautioned that assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may prove to be
incorrect. Actual results achieved during the forecast period will vary from
the information provided herein as a result of numerous known and unknown risks
and uncertainties and other factors.  Although Alvopetro believes that the
expectations and assumptions on which such forward-looking information is based
are reasonable, undue reliance should not be placed on the forward-looking
information because Alvopetro can give no assurance that it will prove to be
correct. Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on factors that could affect the operations
or financial results of Alvopetro are included in our annual information form
which may be accessed on Alvopetro’s SEDAR profile at 
www.sedar.com.
The forward-looking information contained in this news release is made as of
the date hereof and Alvopetro undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities laws.

SOURCE Alvopetro Energy Ltd.


Labrador Gold Corp. (NKOSF) – Drilling Program Yielding Successful Outcomes

Friday, July 08, 2022

Labrador Gold Corp. (NKOSF)
Drilling Program Yielding Successful Outcomes

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

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

Latest drill results. Labrador Gold released results for 12 drill holes associated with its 100,000-meter drill program targeting the Appleton Fault Zone over a 12-kilometer strike length. The results included a new high-grade intercept from drilling at the southwest end of the Big Vein zone, along with drilling results from the Golden Glove and Midway targets.

Highest-grade drill intercept at Big Vein. The hole drilled furthest to the southwest at the Big Vein target intersected 284.1 grams of gold per tonne over 0.58 meters from 309.7 meters downhole, representing the highest grade yet intersected at the Kingsway project. The hole also intersected 15.05 grams of gold per tonne over 1.11 meters from 310.71 meters just below the high-grade intercept. The hole was collared 120 meters to the southwest of a drill hole that intersected 54.17 grams of gold per tonne over 0.95 meters underscoring the potential for further high-grade mineralization as drilling continues to the southwest….

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.