Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Battery recycling facility sale. Comstock’s LINICO subsidiary recently entered into amended and restated agreements to sell its battery recycling facility in the Tahoe Reno Industrial Center to American Battery Technology Corporation (OTCQX: ABML) for $27 million. Of the purchase price, $1.5 million will be held in escrow for up to 18 months. LINICO had leased the facility with an option to purchase for $15.25 million, of which $3.25 million was paid. The transaction contemplates Comstock would buy out the lease prior to closing the transaction in the second quarter.
Sale results in net cash inflows. On March 1, Comstock received $6 million from the sale of equipment associated with the agreement. On April 6, the company received $5 million in cash and 10 million restricted shares of American Battery Technology Corporation stock with the guarantee that Comstock will receive additional cash and/or shares if the proceeds for the shares are less than $6.6 million. Comstock will receive an additional $10 million in cash on or before April 21. We have updated our financial model to reflect expected cash flows, including an estimated net accounting gain of ~$5 million on the income statement in the second quarter.
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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.
Mark Reichman, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
The Lost Cities project. Aurania’s Lost Cities project is in the Cordillera de Cutucu range of Ecuador which represents the relatively unexplored extension of a rich mineral belt that is believed to run through the Cordillera del Condor range to the south; an area that has been more widely explored and the source of several major gold and copper discoveries. The project is comprised of 42 mineral exploration concessions encompassing 207,764 hectares in southeastern Ecuador and would be difficult to replicate. To date, Aurania’s exploration and drilling activities have underscored its rich mineral potential for epithermal gold-silver, copper porphyries, sedimentary-hosted copper-silver, and carbonate-replacement silver-zinc-lead-barite.
Private placement financing. In March, Aurania closed the first tranche of its private placement of up to 10,869,565 units for gross proceeds of up to C$5,000,000 with the right to increase the size of the initial offering by up to 25%. A total of 7,801,145 units were sold in the first tranche at a price of C$0.46 per unit for gross proceeds of C$3,588,526.70. Proceeds funded annual concession fees to renew the Lost Cities project mineral concessions. We expect Aurania to close the second and final tranche shortly.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Tax Date Will Provide Timing on Critical Debt Ceiling Breach
While both stock and bond investors are focused on the Federal Reserve and how it will orchestrate lower inflation without crashing the economy, the debt limit time bomb hasn’t gotten much attention yet, this could quickly change. The U.S. mathematically hit its allowed debt ceiling on January 18, 2023. Treasury Secretary Janet Yellen has since been taking measures to avoid a U.S. default on the national debt. But she can only do this dance for so long. How long will become much clearer quite soon. April 18, 2023 is tax date; the U.S. Treasury will then have more precise revenue numbers. This will give the department a much better understanding of when the U.S. would default on its debt if Congress doesn’t allow a higher borrowing limit.
Congress tends to let these issues come down to the eleventh hour before acting. All parties involved know a default would be catastrophic, so the down-to-the-wire drama frustrates markets but tends to allow Congressional representatives to carve out deals on what is important to them. Some expect the actual deadline will be as early as mid-June, others forecast it to be just after summer. The answer will come into clearer focus as tax receipts are taken in over the coming week. Once the time-frame is more certain, the markets are likely to begin to then react as concern amps up.
The Treasury’s $31.4 trillion borrowing cap plus tax receipts will give a clearer idea of how much cash it will have available, which it can weigh against its spending rate. In a note to clients, Bank of America’s analysts, Mark Cabana and Katie Craig wrote “we maintain our current base case for a mid-August X-date but see risks skewed toward earlier.” This four-month or earlier period would end near the scheduled recess for both the House and Senate.
In the analysts view, an influx from taxes of more than $200 billion following tax day would be a relief, while a figure of less than $150 billion would be concerning. Meanwhile, U.S. House Speaker Kevin McCarthy is preparing to roll out his proposal this week for a one-year debt ceiling suspension, according to sources reported by Bloomberg. Republicans have long sought to make any deal contingent on spending cuts, while President Biden has insisted that budgetary needs and debt ceiling should be viewed separately.
Over the coming months markets and US Treasury officials culd encounter:
T-Bill Yield Increases
Investors could expect higher yields on securities maturing in the very short end of the curve. The fear driving the rate increases is the knowledge that should the U.S. runs out of borrowing capacity, it may not be able to borrow to pay the maturing debt.
This could begin to create an unusual one-year and shorter yield curve as investors either want maturities well ahead of any possible default or well after to give the Congress time to act.
Insuring Against Default
A key market to watch is what happens in credit default swaps for U.S.-issued debt. There has been an increase in activity in recent months as pricing has moved past levels seen in previous debt-cap crunches; this is viewed as the market’s increased expectation of a higher probability of default.
Treasury Cash On-Hand
The measures Treasury Secretary Yellen deployed in late January to address the debt limit issue involve in part, spending cash it doesn’t need to borrow. Last week this cash dropped to $87 billion. This is the lowest level since December 2021 during the debt ceiling battle. However, with the tax payment infusion and other tax revenue, this amount is viewed as a safe cushion for the time being.
The amount of revenue received in taxes this week is critical in that market participants can gauge how far off the debt ceiling debate will be. The concern that the negotiations can cause short-term shifts in interest rates and impact the U.S. dollar and other markets generally has investors on edge.
The situation is not likely to be resolved until the eleventh hour with the current split Congress – when the peak period of drama occurs will be better known very soon.
Is This The Start Of A New Golden Age Of Gold Mining Deals?
We may be about to enter a new golden age of gold mining deals as explorers and producers seek to capitalize on higher metal prices and gain exposure to other key minerals, including copper, at a time when consolidation in the gold industry vastly trails that of other metals.
Last week, major U.S. gold producer Newmont raised its bid for Australian rival Newcrest Mining to $19.5 billion after its earlier bid of $17 billion was rejected. Due diligence is expected to take around four weeks, and if Newcrest’s board and shareholders accept the offer, the acquisition would represent one of the top 10 biggest metal deals ever and the single biggest gold mining takeover, nearly twice the value of last year’s merger between Kirkland Lake and Agnico Eagle.
(A note about the chart above: Just today, Teck Resources rejected Glencore’s $23 billion takeover bid, calling it “opportunistic and unrealistic.” Vancouver-based Teck says it will proceed with plans to spin off its steelmaking coal business, creating two new companies: Teck Metals and Elk Valley Resources. This separation “creates a significantly greater spectrum of opportunities to maximize value for Teck shareholders” compared to an acquisition by Glencore, says Teck’s Board of Directors Chair Sheila Murray.)
This article was republished with permission from Frank Talk, a CEO Blog by Frank Holmes
Time will tell if Newcrest approves of Newmont’s offer, but I believe this could be the start of a much-needed consolidation cycle in the gold industry, one that could potentially benefit shareholders.
Gold Is One Of The Most Fragmented Gold Mining Industries
Back in 2019, many analysts and market participants—myself included—heralded Newmont and Goldcorp’s $9.3 billion merger as the beginning of a new era of gold consolidation, and I believe the Newmont-Newcrest deal could serve as a (delayed) continuation of the trend.
The truth is that, compared to other important metals, gold is sorely in need of consolidation. The chart below, courtesy of metals and mining consultancy firm CRU Group, shows the global share of output from each metal’s top 10 producers. Gold is at the bottom, with its top 10 producers responsible for only 28% of global output. By comparison, the top 10 iron ore producers generate nearly 70% of the world’s supply.
Higher gold prices in recent years have not resulted in significantly increased exploration spending. In lieu of that, companies can expand and create shareholder value through mergers and acquisitions (M&A), which allow miners to “increase their production share, replenish depleting gold reserves and… lower production costs through relatively less risk,” writes CRU analysts.
Copper To Face Ongoing Supply Deficits
M&A can also result in metal diversification—one of Newmont’s stated goals in acquiring Newcrest. Copper currently accounts for roughly 25% of Newcrest’s total net revenue, and the company hopes to increase it to 50% of revenue by the end of the decade. As one of the key minerals in the global transition to renewable energy, copper is poised to surge in price in the coming years as demand far outpaces supply.
In fact, copper mining deals exceeded gold mining deals in total value last year, according to a new report by S&P Global. M&A work among copper companies in 2022 totaled more than $14 billion in value, a 103% jump over the previous year, while the combined value of gold deals stood at $9.8 billion, a 48% decrease from 2021.
US Global Investors Disclaimer
The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. Free cash flow (FCF) represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. Frank Holmes has been appointed non-executive chairman of the Board of Directors of HIVE Blockchain Technologies. Both Mr. Holmes and U.S. Global Investors own shares of HIVE. Effective 8/31/2018, Frank Holmes serves as the interim executive chairman of HIVE.
Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of (09/30/2021): Torex Gold Resources Inc., Centerra Gold Inc., Gran Colombia Gold Corp., Dundee Precious Metals Inc., Pretium Resources Inc., Endeavour Mining PLC, Barrick Gold Corp., Eldorado Gold Corp., SSR Mining Inc., Silver Lake Resources Ltd., Karora Resources Inc.
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This Week Earnings Season Builds and the World’s Second Largest Economy Reports GDP
There are multiple real estate-related reports this week that are expected to conflict with one another. Otherwise, it is a slow week for economic numbers, but earnings season, with banks still in the spotlight, will begin to build. With few U.S. economic reports, an elevated amount of attention may be paid to a Tuesday release of Chinese GDP. Expectations are for 3.9% growth. The Beige Book on Wednesday sets the table for the May FOMC meeting; surprises will be magnified in a slow economic data week.
Monday 4/17
10:00 AM ET, The Housing Market Index has been trending upward following a severe downward spiral throughout 2022. The April consensus is 45 which would add 1 point to March’s 7 point increase to 44. This reflects home builder assessments of housing across the U.S. It is used as not just a gauge of current demand for housing, but also economic momentum which spins off of home purchases. This seemingly unrelated data has an unmistakable multiplier effect on the economy, which impacts markets.
12:00 PM ET, Richmond Fed President Thomas Barkin will be speaking. This has the potential for a market mood change as Barkin has been among the more hawkish of Fed district Presidents. After the last FOMC meeting in March, Barkin said he had no second thoughts on the Fed’s decision to raise rates at the meeting.
Tuesday 4/18
6:00 AM ET, Housing Starts, in March is expected to decline a bit to a 1.40 million annualized rate. As reported for February Starts increased sharply to a 1.450 million annualized rate from January’s 1.321 million. Permits, at 1.524 million in February, also jumped sharply and are expected to fall back to 1.431 million in March.
Wednesday 4/19
2:00 AM ET, The Beige Book is produced a couple of weeks before each FOMC meeting. The next meeting is May 2-3. Despite the name referring to it as a “book,” it is actually 12 individual reports of what each Federal Reserve district sees occurring economically in their region. It serves as the starting place of discussion at each of the ten annual FOMC meetings. For this reason, economists, investors, and Fed watchers pour over the details.
Thursday 4/20
8:30 AM ET, Jobless Claims Jobless for the April 15 week are expected to come in at 245,000 versus 239,000 in the prior week. With a very light economic calendar, this may turn out to be the focus for the week. Better than expected could cause rate fears to grow in stock market participant’s psyche, a surprise on the low side will cause news reports and market pundits to declare the Fed is done tightening.
10:00 AM ET, Existing Home Sales represents yet another real estate economic report this week. After February’s sharp jump to a 4.58 million annualized rate, existing home sales in March are expected to fall back to a 4.485 million rate.
10:00 AM ET, the Index of Leading Economic Indicators is expected to drop again to 0.4 percent for March. The index has been in steady decline, signaling a pending recession. For investors, this index seldom surprises since it is comprised of ten preciously released components, the results of which are already known. The trend is important to investors, the number has low potential to move markets when released.
4:30 AM ET, The Fed Balance Sheet is released at this time each Thursday. Investors are paying more attention so they can discern whether what the Fed says and what the Fed does are one in the same. Quantitative tightening is the Fed reducing the securities it owns on its balance sheet. It paid U.S. dollars for the securities. If it let’s them mature and does not repurchase securities, that money is taken out of the economy. Money is stimulative, reduced money in the system is a drag on growth.
Friday 4/21
9:45 PM ET, Purchasing Managers Index composite (PMI) provides an early estimate of current private sector output by combining information obtained from surveys of 1,000 manufacturing and service sector companies. A number above 50 indicates shows rising output relative to the previous month. Services moved back to the 50 demarcation in February for the first time in eight months and improved further in March to 52.6; the consensus for April is 51.5.
What Else
Taxes are due April 18 this year. This typically creates a wave of new IRA deposits and the investments that follow.
The U.S. Supreme Court will hear arguments on Monday in Slack vs. Pirani, a complex securities law case that could set a precedent for how easy it will be for investors to sue companies over alleged misstatements or omissions in their registration statements during direct listings. The case may have major implications for direct listings—either making them a more attractive option or removing them as a viable option.
CULVER CITY, Calif., April 13, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, is pleased to announce that that Noble Capital Markets has initiated company-sponsored equity research coverage on the Company. The full report by Noble Capital Markets Senior Research Analyst Michael Kupinski, as well as news and advanced market data on Snail, Inc. is available on Channelchek.
About Snail, Inc.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
About Noble Capital Markets
Noble Capital Markets, Inc. was incorporated in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small / microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 37 years, Noble has raised billions of dollars for these companies and published more than 45,000 equity research reports. www.noblecapitalmarkets.com email: contact@noblecapitalmarkets.com
About Channelchek
Channelchek (.com) is a comprehensive investor-centric portal – featuring more than 6,000 emerging growth companies – that provides advanced market data, independent research, balanced news, video webcasts, exclusive c-suite interviews, and access to virtual road shows. The site is available to the public at every level without cost or obligation. Research on Channelchek is provided by Noble Capital Markets, Inc., an SEC / FINRA registered broker-dealer since 1984. www.channelchek.com email: contact@channelchek.com
Favorable safety and tolerability profile related to OCU400 investigational product candidate
Initial clinical data from low and medium dose cohorts indicates positive trend in Multi-luminance mobility testing and Best-Corrected Visual Acuity scores for OCU400 treated eyes
71.4% (5/7) of OCU400 treated eyes in low and medium dose cohorts experienced at least 1 Lux luminance level improvement in mobility test from baseline
66.7% (2/3) of OCU400 treated eyes in low dose cohorts at 9-month follow-up experienced at least 2 Lux luminance level improvement in mobility test from baseline
Ocugen believes these preliminary data supports potential of modifier gene therapy platform in gene-agnostic treatment of complex and heterogenous inherited genetic diseases
MALVERN, Pa., April 14, 2023 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today announced positive preliminary data among retinitis pigmentosa (RP) participants treated in the first two cohorts of the Phase 1/2 trial to assess the safety and efficacy of OCU400 for RP associated with NR2E3 and Rhodopsin (RHO) mutations and Leber Congenital Amaurosis (LCA) with mutation(s) in the CEP290 gene. These preliminary results provide support that OCU400, Ocugen’s first-in-class therapeutic approach utilizing a proprietary modifier gene therapy platform, has the potential to be a gene-agnostic therapeutic for RP and LCA patients with inherited retinal degeneration.
“It is very gratifying to see these positive preliminary results from our novel modifier gene therapy approach,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen. “This is the first clinical validation of the platform where patient responses across various genetic mutations support that OCU400 has the potential to transform the lives of many patients who are struggling with debilitating blindness diseases.”
This Phase 1/2 trial is a multicenter, open-label, dose ranging study. A total of 18 RP subjects have been enrolled in this study—10 subjects in the dose escalation and 8 subjects in the expansion phase, respectively. The age of subjects enrolled to date ranges from 18-77 years across RHO and NR2E3 gene mutations. We further expanded this Phase1/2 trial to enroll LCA patients with CEP290 gene mutation and pediatric patients with NR2E3, RHO and CEP290 mutations.
In Cohort 1 and 2 of the clinical trial, 7 participants with severe vision impairment due to RP associated with RHO and NR2E3 gene mutations received a unilateral subretinal injection of either a low dose (1.66 x 1010 vg/mL) or medium dose (3.33 x 1010 vg/mL) OCU400, respectively. In the preliminary data analysis, 9-month follow-up data for 3 subjects [Cohort 1], and 6-month follow-up data for 4 subjects [N=1 from Cohort 1 and N=3 from Cohort 2] were evaluated.
Results showed a favorable safety profile and visual improvements after treatment with OCU400 as measured by multi-luminance mobility testing (MLMT) and best corrected visual acuity assessment (BCVA).
Key efficacy outcomes from 7 subjects demonstrated:
100% of treated eyes showed a stable or improved MLMT score trend;
5 of 7 (71.4%) OCU400 treated eyes demonstrated a 1 or more Lux level improvement in MLMT score compared to 28.6 % of untreated eyes;
66.7% (2 of 3) of OCU400 treated eyes in Cohort 1 with 9-month follow-up demonstrated a 2 or more Lux level improvement in MLMT score compared to none of the untreated eyes; and
3 of 7 (42.9%) OCU400 treated eyes demonstrated 8-11 letters of improvement in BCVA score compared to none of the untreated eyes.
“I was not expecting such substantial improvements in visual function among the trial participants I have been working with because of the advanced stage of their retinal disease,” said David Birch, PhD, Scientific Director, Retina Foundation of the Southwest, principal investigator of the study. “I am very pleased by the outcomes I have seen in my own clinic and am hopeful that OCU400 could provide a therapeutic solution for RP patients who are not only facing loss of vision, but also challenged with the psychological burden of losing their independence.”
“The early results from patients treated in the Phase 1/2 clinical trial are encouraging and support the paradigm-changing potential of modifier gene therapy technology to address unmet medical needs for patients with RP and LCA,” said Arun Upadhyay, PhD, Chief Scientific Officer and Head of Research, Development and Medical at Ocugen. “With this favorable safety profile and positive trend in efficacy signals, we are very eager to see longer-term data, and to potentially initiate Phase 3 trials in the U.S. and EU.”
Ocugen will continue to monitor long-term safety and efficacy data from the treated patients, and advance development of OCU400 to bring a potential treatment option to RP and LCA patients.
CanSinoBIO, Ocugen’s strategic partner, provided all CMC development and clinical supplies for the Phase 1/2 trial of OCU400.
A webcast and conference call will take place today at 8 a.m. ET: Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers Conference ID: 4898155 Webcast: Available on the events section of the Ocugen investor site
About Modifier Gene Therapy Modifier gene therapy is designed to fulfill unmet medical needs related to retinal diseases, including IRDs, such as RP, LCA, and Stargardt disease, as well as dry AMD. Our modifier gene therapy platform is based on the use of NHRs, master gene regulators, which have the potential to restore homeostasis — the basic biological processes in the retina. Unlike single-gene replacement therapies, which only target one genetic mutation, we believe that our modifier gene therapy platform, through its use of NHRs, represents a novel approach that has the potential to address multiple retinal diseases caused by mutations in multiple genes with one product, and to address complex diseases that are potentially caused by imbalances in multiple gene networks. Currently Ocugen has three modifier gene therapy programs OCU400 (RP, LCA), OCU410 (dry AMD), OCU410ST (Stargardt disease).
About OCU400 OCU400 is the Company’s gene-agnostic modifier gene therapy product based on NHR gene, NR2E3. NR2E3 regulates diverse physiological functions within the retina—such as photoreceptor development and maintenance, metabolism, phototransduction, inflammation and cell survival networks. Through its drive functionality, OCU400 resets altered/affected cellular gene-networks and establishes homeostasis—a state of balance, which has potential to improve retinal health and function in patients with inherited retinal diseases.
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patients’ lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.
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, including, but not limited to, statements regarding the development of OCU400 and the interpretation of preliminary clinical trial results. 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, including, but not limited to, the risk that preliminary clinical data may not be indicative of final clinical data or data in later stage clinical trials. 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.Contact: Tiffany Hamilton Head of Communications IR@ocugen.com
Toronto, Ontario, April 13, 2023 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to announce its proposed 2023 exploration activities.
As the concessions for its mineral properties in Ecuador are fully renewed and in good standing for another year after payment of all concession fees in March, the Company is able to develop the 2023 exploration programs.
Aurania attended the Prospector’s and Developer’s Association of Canada meeting (PDAC) in Toronto the first week of March, and we were delighted by the interest shown by several Major companies in our Ecuador asset. As a result of follow-up meetings there are now several companies in our data room. The primary interest has been in our porphyry copper and sediment-hosted copper-silver prospects.
To date, approximately 45% of the Awacha Porphyry Target has been covered by “Anaconda-style Mapping”. This is an intensive mapping technique that was originally developed by the famous Anaconda Copper Company, and has been taught to the Aurania geological staff by consultant Dr. Steve Garwin. This target is approximately 11 km x 5 km in size and was discovered by stream sediment sampling which showed elevated copper and molybdenum in the vicinity of two strong airborne magnetic anomalies. This size is significantly larger than any copper porphyry known and so our working hypothesis is that it is a cluster of porphyries, and similar to the Warintza cluster to the south of our concessions. Intrusive rock types from gabbro to diorite to monzonite and syenite have been mapped. Many of these intrusives show secondary biotite (potassic) alteration and fine quartz veins containing molybdenite or a centre line of chalcopyrite. These so called distinctive “B veins” are classic evidence of mineralized porphyry systems. An independent explanation of B veins can be found at: https://www.youtube.com/watch?v=gL0WzJ70z3s
Figure 1: Quartz vein with centre line of chalcopyrite, covellite and pyrite. US cent for scale.
Most of the Awacha area is covered by a unit of black shale which obscures the geology except where streams have cut down through the sediments and exposed the porphyry. The area is also covered by thick jungle. Nevertheless, Terraspec Mineral Spectrometer analysis of soils in the southern half of the anomaly indicates chlorite, kaolinite, white micas, dickite and pyrophyllite which are compatible with porphyry-style alteration. The last two minerals are typically found in the upper part of porphyry systems.
Copper soil anomalies are patchy, which is in keeping with soil results seen near outcropping sediment hosted copper elsewhere on the property. It would seem that copper is easily flushed away from surface soils by the significant rainfall in the area. Molybdenum however, which is essentially insoluble and immobile presents a much more coherent group of anomalies. Half of the Awacha target is still to be sampled for soils.
The reinterpretation of the surficial geology and structure in the areas of outcropping sediment-hosted copper-silver and zinc-lead-silver has generated a large number of compelling drill targets (see press release dated October 17, 2022). This copper-silver-zinc system across the concessions is 38 kilometres in lngth and is open to the north over an additional 15 kilometres. We believe this is perhaps one of the best areas of the property to find an economic ore deposit, considering the numerous high assays already yielded to date. A few areas are highlighted for follow-up, but we concede that a comprehensive programme here is more appropriate for a Major mining company partner.
The Tatasham epithermal gold/porphyry copper target is compelling due to the presence of what are believed to be pipe breccias. The area is, however, in steep terrain and the geology is mostly covered by post-mineral sedimentary cover and does not outcrop. Soil samples along the ridgeline above the previous porphyry drilling campaign yielded anomalous antimony, which is a pathfinder element in gold systems. An additional soil survey is required at Tatasham to extend the antimony anomaly that is still open to the north. Intensive mapping and prospecting are required. The discovery of the epithermal system at Tatasham was unexpected, in our pursuit of a copper porphyry target indicated by geophysics. That porphyry target is still valid, but it may lie at considerable depth, or it may lie laterally.
Over the next six months it is intended to finish the Anaconda mapping on Awacha, and bring it to drill readiness. At the same time, Tatasham will be re-examined in the belief that the antimony anomaly in soils may be due to a subcropping mineralized system. The Fruta del Norte gold deposit was discovered by drilling a geochemical anomaly of antimony, arsenic and mercury which had virtually no gold on surface. Aurania is currently investigating the feasibility of conducting an Induced Polarization (IP) geophysical survey at Tatasham and Awacha.
The proposed exploration programmes are dependent on raising further funding. The proceeds of the current private placement (as announced on March 13, 2023 and March 23, 2023) to date, have been applied to concession fees and general and administrative expenses.
Qualified Person
The geological information contained in this news release has been verified and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
VP Corporate Development & Investor Relations Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the Company’s teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and copper; and. those risks set out in the Company’s public documents filed on SEDAR. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 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 rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug 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 second quarter of 2022. The Company’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, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Interim Analysis Cancelled For Two Trials. Tonix announced that it has eliminated the interim analyses for the Phase 3 RESILIENT trial testing TNX-102 SL in fibromyalgia and the Phase 2 PREVENTION trial testing TNX-601 in chronic migraine. Both trials were due to report interim analyses in 2Q23, and both trials will continue treatment with top-line results expected in 4Q23 as planned. These interim results were not important drivers for the stock, and we expect little to no impact from their elimination.
Elimination Of The Interim Analysis Eliminates The Statistical Penalty. Clinical trials that include interim analysis have a “statistical penalty” for analyzing data before the conclusion of the trial. This often requires the final analysis to reach higher levels of statistical significance or show benefits of the drug in larger patient populations. By eliminating the interim analysis in its trials, Tonix can reduce the target enrollment for the PREVENTION trial from 300 to about 150 patients. This reduces the cost and time for the trial.
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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.
Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.
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.
ANJESO rights go back to Alkermes. In a late March 8K filing, Baudax Bio entered into an agreement with Alkermes Pharma Ireland Limited (Alkermes), transferring the rights to certain patents, trademarks, equipment, data and other rights related to ANJESO to Alkermes. Baudax Bio is also withdrawing the New Drug Application (NDA) related to ANJESO and agreed, if Alkermes elects later, to transfer the withdrawn NDA to Alkermes. The Company also granted Alkermes a non-exclusive, irrevocable, royalty-free and paid up worldwide license to additional intellectual property owned by Baudax Bio necessary to exploit ANJESO going forward.
Transfer agreement terminates payments due to Alkermes. Alkermes and Baudax Bio agreed the transfer agreement terminates the ANJESO Purchase and Sale Agreement, the Asset Transfer and License Agreement, and the Development, Manufacturing and Supply Agreement. With the terminations, no further payments will be owed or payable by Baudax Bio to Alkermes.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSX-V:GAME) provides premium social sports and esports gaming experiences, as well as unparalleled data analytics, marketing, advertising, and intellectual property to support its owned and operated direct-to-consumer properties, while also providing these services to enable its clients and partners. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; WinView Games, a social predictive play-along gaming platform for viewers to play while watching live events; and Frankly Media, a digital publishing platform used to create, distribute and monetize content across all digital channels. Engine Media generates revenue through a combination of direct-to-consumer fees, streaming technology and data SaaS-based offerings, and programmatic advertising. For more information, please visit www.enginegaming.com.
Michael Kupinski, Director of Research – Digital, Media & Technology Analyst, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Business arrangement complete. The company closed the previously announced business arrangement with GameSquare Esports. As part of the deal, GAME shares underwent a 1-4 reverse split and all of GameSquare Esports’ shares (GSQ) were exchanged for Game shares at a 1-for-0.02 ratio. The combined company is known as GameSquare Holdings and trades on the NASDAQ and TSX under “GAME.”
Source of additional funding. Prior to the transaction, the company offered subscription receipts for $1.25 per receipt, which fetched total gross proceeds of $9.6 million. The receipts were consolidated at 1-4 ratio, in line with the reverse stock split and converted to common “GAME” shares. The total shares outstanding post transaction are 12.9 million. We view the receipts as an important aspect of the transaction, as it shores up additional funding.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
I Tried to Pay My Taxes in Cash – Here’s What Happened
About two-thirds of all U.S. residents who file federal income taxes typically get a refund. Unfortunately, this year I am among the other third who owe the Internal Revenue Service money. So I tried something I’ve never done before and few people do: I wanted to pay my tax bill in cash – that is, with real paper currency.
In our nearly cashless society, this might sound like a hassle.
This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of, Jay L. Zagorsky, Clinical Associate Professor, Boston University.
Why Pay Taxes in Cash?
For one thing, I’m an economist writing a book explaining the advantages of using cash, and I was simply curious what might happen.
But beyond my own book-related interest in paying taxes in cash, I had other reasons for wanting to do so. For years while teaching students about money, I noted the front of every piece of U.S. currency declares: “This note is legal tender for all debts public and private.”
The statement seemed ironic since I couldn’t figure out how to pay income taxes, one of people’s most significant public debts, with currency.
I also wondered how difficult it is for the unbanked to pay taxes. Federal Deposit Insurance Corp. data shows about 6 million households have no connection to the formal banking system.
The IRS does not publish data on the methods people use to pay their taxes, but several IRS employees I spoke with told me almost no one pays the IRS in cash.
Every U.S. bill declares that it can be used to pay any debt.
How to Pay in Cash
The IRS certainly doesn’t make it easy to do so.
Recently, a student of mine pointed out where the instructions for paying the government with paper money are buried, so I gave it a try. The five-step set of instructions hinted that paying cash directly is a time-consuming process and that I needed to start a month or two before taxes are due.
Following the instructions, I completed my taxes early and learned I owed a bit more than US$1,000. Then I called on the phone to schedule a face-to-face appointment with the IRS to see when and where I could pay.
The operator, who told me her name was “Ms. Johnson,” was cheerful and helpful – but tried her very best to dissuade me from paying in cash. She offered to walk me through the steps on the phone so that I could pay online and not have to come into my local IRS office.
Alternative Ways to Pay ‘In Cash’
For example, the IRS suggests cash payers can “Buy a prepaid credit card and pay online.”
This sounds easy but turns out to be costly. For example, Walmart, one of the largest U.S. retailers, offers a reloadable basic debit card. The card costs $1 to buy, $6 per month in fees and $3 to load with cash. Once the card is loaded with money, the businesses the IRS uses to accept debit card payments charge around $2.50 for each payment, with payments limited to two per year.
The IRS also has partnered with national chains like CVS, Walgreens, 7-Eleven and Family Dollar to accept cash on its behalf. Their service fees are less, either $1.50 or $2.50 per payment. However, the steps needed to navigate the online program before you can show up at a retailer seemed almost as difficult as filling in the tax forms.
More importantly, this program has a $500 per payment limit and a $1,000 maximum amount accepted per year. This made the method impractical for me and for most people who owe the IRS money. The latest IRS figures show people who owe income taxes on average pay over $6,000.
Or, I could use a credit or debit card, but these methods charged around 2.5% more for the convenience.
After I declined all of Ms. Johnson’s alternative payment offers, she told me I was lucky. There was an appointment available at the downtown Boston taxpayer assistance center in a few days. Her schedule showed many other centers around the country were booked until May, long after taxes were due.
The author had to go to an IRS assistance center to try to pay his taxes in cash. Alpha Photo (Flickr)
The author had to go to an IRS assistance center to try to pay his taxes in cash. Alpha Photo (Flickr)
An Arduous Process – But a Successful One
I had cash at home, but not enough. I went to the bank and made sure I got exact change in crisp new bills to make the transaction as easy as possible.
My goal was not to cause pain like the Virginia man who used 300,000 coins to pay his motor vehicle bill or the California man who pushed in wheelbarrows filled with $1 coins to pay his $13,000 property tax bill. Nor was I interested in recreating the famous but fictional British case of Board of Inland Revenue v. Haddock, in which Haddock tried paying his tax bill by writing a check on the side of a cow. Although it never happened, the case is still cited in legal circles.
I made it to the IRS building, went through airport-style screening and checked in on time. The receptionist was polite and again told me all the ways to pay without cash. After I declined, he asked me to take a seat in the waiting area filled with people clutching paperwork. As I walked away, the receptionist did a facepalm while shaking his head, which was not a positive sign.
After a 30-minute wait, another polite IRS worker came out and told me they could not accept cash that day because no courier was scheduled. Current IRS rules require that a courier take all cash immediately to the bank because they said “holding cash was not safe.” This is surprising given the federal office building was swarming with armed guards and required screening to enter.
I came back a week later when another cash payer was showing up. This time I had more success. It took 30 minutes, but after completing a multipart carbon form by hand, I got a receipt that said my taxes were paid.
A Simple Solution
Paying the IRS with cash is possible, but it turned out to be onerous and time-consuming.
I believe there is a simple solution. The Code of Federal Regulations, which governs the IRS and other agencies, allows authorized banks to accept tax payments. The law doesn’t specify payment only by check or other methods. This means if procedures existed, taxpayers could walk into major banks, hand the teller cash and have the bank inform the IRS of the amount paid.
For people without bank accounts, their only option for paying taxes shouldn’t require paying fees to credit card processors or retailers – especially since they are likely among the poorest taxpayers.
If the government wants everyone to pay their taxes, why doesn’t it make it as easy as possible?
Doomsday Investor Sees Ongoing Moves by Policymakers as Destructive
We’d all like to think that global decision-makers responsible for economic conditions have the best interest of the world’s citizenry in mind when making decisions – but doubts and concerns are growing. Among the most concerned are economic stakeholders that don’t believe “bad” things should always be prevented. One very credible voice highlighting this idea is hedge fund manager Paul Singer. He’s the CEO of Elliot Investment Management and recently moved his firm’s offices out of NY, NY, to the more business-friendly West Palm Beach, FL. Singer says a credit collapse and deep recession may be needed to restore financial markets.
Paul Singer is the founder and CEO of Elliott Investment Management. Its year-end 13F reportable AUM was $12.25 billion. The firms opportunity-based investment style allows Singer and Company, known for their corporate activism, to move to wherever profit may lie.
The current thinking of Singer, a registered Republican, has been making headlines. This includes a widely circulated opinion piece published in the Wall Street Journal last week. In it, he discusses more than a decade of what he believes are damaging easy-money policies and how a deep recession and even credit collapse will be necessary to purge financial markets of excesses.
“I think that this is an extraordinarily dangerous and confusing period,” Singer told The Journal, in his interview, he warns that trouble in markets may only be getting started now that a full year has passed from the start of tighter monetary policy.
One of the more chilling quotes from Singer is, “Credit collapse, although terrible, is not as terrible as hyperinflation in terms of destruction wrought upon societies.”
The idea that we are headed down either one path or the other, he doesn’t mention a third option, may be why the New Yorker magazine calls him “Doomsday Investor.” He explains, “Capitalism, which is economic freedom, can survive a credit crisis. We don’t think it can survive hyperinflation.”
The Doomsday Investor has been outspoken against government safety nets for a while, including the sweeping banking regulations from the Dodd-Frank Act of 2010. This act created the Financial Protection Bureau (CFPB) and established the Financial Stability Oversight Council (FSOC). Singer strongly opposed prolonged market interventions by global central banks following the 2008 global financial crisis. Interventions that still haven’t been drained from the U.S. monetary system.
Singer, who is 78 called crypto, “completely lacking in any value,” in his WSJ interview. He also said: “There are thousands of cryptocurrencies. That’s why they’re worth zero. Anybody can make one. All they are is nothing with a marketing pitch—literally nothing.”
While his funds performance have placed him near the top of hedge fund manager performance, Singer personally worries the Fed and other central banks will respond to the next downturn by referring to the failed playbook of slashing interest rates and potentially resuming large-scale asset purchases. The point was shown to be current, as Singer called the regulatory response to the collapse of Silicon Valley Bank and Signature Bank, including the guaranteeing of all deposits from the two lenders akin to “wrapping all market movements in security blankets.”
He complained, “…all concepts of risk management are based around the possibilities of loss.” He encouraged decision makers to, “Take it away, it’s going to have consequences.”
Where Can Investors Hide
Paul Singer said in his interview there may be a few places for investors to ride out what he sees as a coming storm. One place comes as no surprise, “At such times, some consider the safest bet to be relatively short-term U.S. government debt,” he said, adding that “such debt pays a decent return with virtually no chance of a negative outcome.” He is likely speaking of U.S. Treasuries two years and shorter as the longer duration bonds would be more volatile as rates shift, and other government debt like GNMAs are fraught with extension risk.
Singer also believes some gold in portfolios may make sense.
Take Away
Without some rain, nothing could flourish. Without an occasional brush fire, the risk of massive forest fire greatly increases. Paul Singer, in his interview with the WSJ, indicates he believes the economic brushfires that decision-makers have been preventing should have been allowed to run their course. Preventing them is a big mistake and a collapse may not be far off.
This collapse in easy credit and crypto, among other bubble-type excesses Singer believes could be destructive but preferred by society over continuing to move toward hyperinflation.
