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Release – Eskay Mining Confirms New Precious Metal-Rich VMS System at Scarlet Knob-Tarn Lake at Similar Stratigraphic Position to the Eskay Creek Deposit

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ESKYF

January 18, 2023

TORONTO, ON / ACCESSWIRE / January 18, 2023 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce it has confirmed the presence of a precious metal-rich volcanogenic massive sulfide (“VMS”) mineralized system at Tarn Lake-Scarlet Knob in the northeastern part of its 100% controlled Consolidated Eskay Property in the Golden Triangle, British Columbia.

Highlights

  • During the 2022 exploration campaign, Eskay Mining’s geologic team confirmed the presence of a major new precious metal-rich VMS mineralized system at Scarlet Knob-Tarn Lake.
  • A spot rock chip sample collected at the Scarlet Knob VMS target on the eastern margin of Bruce Glacier has yielded 56.9 g/t Au and 154 g/t Ag. This sample displays sulfide mineralogy and textures indicative of a VMS origin and, importantly, is hosted by a stratigraphic unit that hosts the main Eskay Creek deposit located approximately 7km to the west.
  • Additional spot rock chip samples collected by Eskay’s exploration team at Scarlet Knob and Tarn Lake in 2022 as well as recently identified legacy sample data confirms the presence of robust Au- and Ag-rich VMS mineralization along a northeast trending zone approximately 500m long. Gold grades of these other samples range from less than 0.1 g/t up to 56.6 g/t and silver grades range from less than 1 g/t up to 142 g/t.
  • A spot rock chip sample collected along the western margin of Bruce Glacier at Tarn Lake yielded 9.2 g/t Au and 9.3 g/t Ag. Its visual appearance and mineralogy are nearly identical to that of the high-grade sample collected approximately 800m to the east at Scarlet Knob.
  • Additional spot rock chip samples collected by Eskay’s exploration team at Tarn Lake in 2022 as well as recently identified legacy sample data confirms the presence of significant Au- and Ag-rich VMS mineralization over an area approximately 300m across. Gold grades of these other samples range from less than 0.1 g/t up to 7.8 g/t and silver grades range from less than 1 g/t up to 174 g/t.
  • Preliminary results from the first ever drill holes completed at Tarn Lake include 4.10 g/t Au and 98.30 g/t Ag (5.39 g/t Au Eq) over 5.43m within 2.47 g/t Au and 72.20 g/t Ag (3.42 g/t Au Eq) over 11.34m within 0.80 g/t Au and 22.97 g/t Ag (1.10 g/t Au Eq) over 41.41m in hole TN22-10 providing drill confirmation of a significant new VMS discovery.
  • Eskay Mining’s geologic team think that mineralization at Tarn Lake and Scarlet Knob potentially connect under the rapidly receding terminus of Bruce Glacier. Previously reported BLEG (stream sediment) geochemical anomalism displayed by several samples in this region may be derived in part from the Scarlet Knob-Tarn Lake VMS system.
  • Given the Scarlet Knob-Tarn Lake VMS system shares strong similarities to the Eskay Creek deposit, Eskay Mining is planning to conduct first ever drilling at Scarlet Knob as well as aggressive follow up drilling at Tarn Lake in 2023.

“A major focus of Eskay Mining’s 2022 exploration program was identifying new precious metal-rich VMS mineralization in underexplored areas of the large Consolidated Eskay Property,” commented Dr. John DeDecker, VP of Exploration for Eskay Mining Corp. “At Scarlet Knob-Tarn Lake, our team has confirmed the presence of a second major trend of Au- and Ag-rich VMS mineralization at the northern end of the Eastern anticline which runs parallel to the Eskay anticline that hosts the world class Eskay Creek deposit located approximately seven km to the west. Our rock chip samples from this area, some of which returned bonanza gold grades, display a similar appearance to mineralization at Eskay Creek. Importantly, the host rock at Scarlet Knob-Tarn Lake is the Eskay rhyolite, the same stratigraphic host unit at Eskay Creek. Preliminary results from our maiden drill program at Tarn Lake confirm the discovery of a significant zone of Au- and Ag-rich VMS mineralization. We are particularly excited about the potential connectivity between Tarn Lake and Scarlet Knob. We are planning maiden drilling at Scarlet Knob and aggressive follow up drilling at Tarn Lake in 2023.”

“Over the past three years, our geological team has made extraordinary progress toward our mission of discovering new high-grade VMS deposits across the Consolidated Eskay Property,” commented Mac Balkam, CEO of Eskay Mining. “Our large property has the right geology to host deposits comparable to the original Eskay Creek Mine, and we all know that VMS deposits typically occur in clusters. Our team’s 2022 work in the Scarlet Ridge-Tarn Lake trend, 7 Kilometers due east of the original mine, shows very encouraging gold and silver results from both rock chip samples and drill core. A rock chip sample from Scarlet Knob returned 56.9 g/t gold and 154 g/t silver, has an appearance similar to high-grade mineralization at Eskay Creek and is hosted by the same rock units as those at Eskay Creek. When plotted with legacy results including a 56.6 g/t gold and 32 g/t silver sample, a 500m long high-grade trend is now evident, with additional samples ranging from 1-10 g/t Au extending a further 900 m to the northeast. Straight across Bruce Glacier and 800m to the west, rock chip samples have defined a 300m wide zone of gold- and silver-rich VMS mineralization. We were able to get a few widely spaced holes in this target before the end of season and were able to confirm this discovery with solid drill results. There are compelling signs that Scarlet Knob and Tarn Lake connect under the toe of Bruce Glacier. I am delighted that our 2022 results validate our thesis that Eskay Consolidated has multiple precious metal-rich VMS targets with potential like that of the original mine. The Eskay team is very excited about conducting follow up work at Scarlet Knob-Tarn Lake as well as at TV-Hexagon-Mercury and SIB-Lulu. The stage is set for an exciting 2023 exploration program.”

Tarn Lake and Scarlet Knob

During the 2022 exploration campaign, a 300m wide zone of Au- and Ag-rich VMS mineralization was discovered by Eskay Mining’s geologic team at Tarn Lake (Figure 1). The highest-grade spot rock chip sample, collected along the western margin of Bruce Glacier, yielded 9.2 g/t Au and 9.3 g/t Ag (Figure 2). Additional spot rock chip samples collected at Tarn Lake in 2022 as well as recently identified legacy sample data bear gold grades ranging from less than 0.1 g/t up to 7.8 g/t and silver grades ranging from less than 1 g/t up to 174 g/t.

Near the end of the 2022 diamond drill program, Eskay Mining’s geologic team completed the first ever drilling at Tarn Lake, a series of widely spaced holes targeting areas underneath the location from which promising surface samples had recently been collected (Figure 3). Preliminary results from the first ever drill holes completed at Tarn Lake include:

  • 4.10 g/t Au and 98.30 g/t Ag (5.39 g/t Au Eq) over 5.43m within 2.47 g/t Au and 72.20 g/t Ag (3.42 g/t Au Eq) over 11.34m within 0.80 g/t Au and 22.97 g/t Ag (1.10 g/t Au Eq) over 41.41m in hole TN22-10, and
  • 3.96 g/t Au and 11.86 g/t Ag (4.12 g/t Au Eq) over 1.91m within 1.90 g/t Au and 7.94 g/t Ag (2.00 g/t Au Eq) over 6.95m in hole TN22-12.

A summary of significant preliminary assays from Tarn Lake is presented in a table below. Remaining assays from Tarn Lake drill holes will be reported once they have returned from the lab.

Mineralization at Tarn Lake is associated with sets of east-west trending andesite dikes, interpreted to represent VMS syn-volcanic feeder structures, and occurs as sub-seafloor sulfide replacement of favorable stratigraphic horizons (Figures 4 and 5). It is hosted by the Eskay rhyolite, one of the primary host rocks at the Eskay Creek mine. Assay results show that both the semi-massive and disseminated sulfide mineralization are Au- and Ag-bearing, an encouraging sign indicating that precious metal mineralization may be more extensive in this area.

Spot rock chip sampling at Scarlet Knob in 2022 yielded a notable high-grade sample grading 56.9 g/t Au and 154 g/t Ag. Additional spot rock chip samples collected by Eskay’s exploration team as well as recently identified legacy sample data bear gold grades ranging from less than 0.1 g/t up to 56.6 g/t and silver grades range from less than 1 g/t up to 142 g/t. These collectively define a northeast trending zone approximately 500m long.

Rock chip samples from Scarlet Knob, on the eastern flank of Bruce Glacier, bear a strong resemblance to those collected at Tarn Lake, on the western side, some 800m distant (Figures 6 and 7). Like Tarn Lake, mineralization at Scarlet Knob is hosted by the Eskay rhyolite. Eskay Mining’s geologic team thinks there is a likelihood that VMS mineralization connects between these two areas underneath the toe of the rapidly receding Bruce Glacier. Further exploration will focus on establishing connectivity along this ~1 km long east-west corridor. Ability to drill through ice in this area is being examined.

Scarlet Ridge and Scarlet Valley

In 2022, Eskay Mining’s geologic team identified zones of stockwork and replacement-style VMS mineralization at Scarlet Ridge and Scarlet Valley. Mineralization is associated with east-west trending andesite dikes interpreted to be syn-volcanic VMS feeder structures. Surface sampling and diamond drilling were conducted at both locations, both techniques yielding anomalous gold and silver grades (Figures 8, 9 and 10). Significant drill results are summarized in a table below.

Eskay Mining’s geologic team views the hydrothermal alteration and anomalous precious metal concentrations at Scarlet Ridge and Scarlet Valley to be distal components of the VMS system centered around Scarlet Knob-Tarn Lake. Therefore, emphasis will be placed on follow up exploration around the latter location in 2023. SkyTEM data indicates the presence of a significant conductive feature immediately southwest of Tarn Lake in need of field follow up examination (Figure 11).

2022 Exploration Program

The fundamental goal of the 2022 exploration program was to identify new precious metal-rich VMS deposits across the Consolidated Eskay Project through early-stage work including mapping and geochemical sampling, and more advanced work including widely spaced drilling. During the 2022 exploration season, Eskay Mining successfully completed 29,500m of diamond drilling along the TV-Jeff corridor and along the Scarlet Ridge-Tarn Lake trend.

Drill results discussed in this news release come from holes drilled along the Scarlet Ridge-Tarn Lake trend. Significant assays from fifteen drill holes that are part of this release are tabulated in a table below. Holes with no significant results are not listed in this table.

Further analytical data is expected back over the next few weeks. This includes assays from additional drill holes drilled along the Scarlet Ridge-Tarn Lake trend, holes drilled at the TV deposit and analyses from substantial numbers of soil, surface rock chip, and infill BLEG samples from across the project. These will be presented to the market as they become available.

Au Eq and Ag Eq Calculations and True Width:

Note on use of Au eq (Au eq=Au+Ag/76) and Ag eq (Ag eq=Au*76+Ag): Mineralization at the TV and Jeff deposits displays similar characteristics and mineralogy to the Eskay Creek deposit and therefore for Au eq, and Au:Ag, a ratio of 76:1 is used and Au eq and Ag eq values are deemed to be reasonable based on assumed gold recovery (84.2%) and silver recovery (87.3%) as reported in the Eskay Creek Project NI 43-101 Technical Report and Prefeasibility Study, British Columbia, Canada, Effective Date: 22 July, 2021, Prepared for: Skeena Resources Ltd., Prepared by: Absence Engineering Canada Inc.

True widths of reported intercepts are not fully understood at this time but given the moderately dipping tabular nature of these deposits and the steep angle of drilling, Eskay geologists estimate true widths represent approximately 70-90% of the reported drill intercept lengths.

QA/QC, Methodology Statement:

Halved HQ drill core samples are submitted to ALS Geochemistry in Terrace, British Columbia for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for gold assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, 250 g of the homogenized sample is pulped. All samples were analyzed for gold, silver, mercury, and a suite of 48 major and trace elements. Analysis for gold is by fire assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp. Analysis for silver is by fire assay and gravimetric analysis on 30 g of pulp. Mercury is analyzed using the trace Hg Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) method. All other major and trace elements are analyzed by four-acid digestion followed by ICP-MS.

Historical rock chip sample data is sourced from Assessment Report AR19675 by Granges dated February 7, 1990. Eskay Mining is unable to fully verify this data, and it should be treated as such by the reader.

Dr. Quinton Hennigh, P. Geo., a Director of the Company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Eskay Mining Corp:

Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).

All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com.

For further information, please contact:

Mac BalkamT: 416 907 4020
President & Chief Executive OfficerE: Mac@eskaymining.com

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 release.

Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

SOURCE: Eskay Mining Corp.



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Release – Direct Digital Holdings Appoints Misty Locke, Former Global Chief Marketing Officer for Dentsu Media, to Board of Directors

Posted on by aweinsoff@channelchek.com

Research News and Market Data on DRCT

January 18, 2023 8:00am EST

Brings More than 20 Years of Deep Advertising Industry Insights and Expertise to the Company

HOUSTON, Jan. 18, 2023 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital Holdings” or the “Company”), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC (“Colossus SSP”), Huddled Masses LLC (“Huddled Masses”) and Orange142, LLC (“Orange142”), today announced advertising industry pioneer Misty Locke is joining its Board of Directors. Locke, an award-winning marketer, brings more than 20 years of experience in digital, performance and brand marketing. Her appointment was effective January 16, 2023.

Locke joins the Direct Digital Holdings Board of Directors following a successful tenure as Chief Marketing Officer for industry leader Dentsu Media. Prior to that, Locke served in several senior executive positions for iProspect, including President of iProspect Americas, Global Chief Client Officer and Global Chief Marketing Officer. Locke transformed iProspect, a company that she helped grow through a merger in 2008 with her company, Range Online Media, from an SEO brand into the largest and most innovative digital media and performance agency in the world scaled across more than 90 markets with more than 8,000 media and performance specialists.

In her career, Locke has worked with some of the world’s most iconic brands, including General Motors, Adidas, NIKE, The GAP Brands, Microsoft, Estée Lauder Companies, Accor Hotels, Burberry, Heineken and Kering. She also received the e-Microsoft Bing “Lifetime Achievement” award, for her contribution to the digital advertising industry, and Fast Company listed her on its list of “25 Top Women Business Builders.”

“Direct Digital Holdings is very pleased to welcome Misty to our Board of Directors,” said Mark D. Walker, Direct Digital Holdings Co-Founder, Chairman and Chief Executive Officer. “Misty brings a tremendous amount of industry insight and expertise to our company and will be a valuable asset for the senior leadership team and our strategic decision-making. Direct Digital Holdings is a pioneering force in the programmatic ad industry, and with Misty’s contributions, along with the dynamic leadership and breadth of experience offered by my fellow directors Tonie Leatherberry, Keith Smith and Richard Cohen, I am pleased with our fortified Board of Directors. Such bench strength will enable Direct Digital Holdings to continue to lead with a dynamic and inclusive approach, come up with innovative solutions for brands of all sizes and use advanced technology solutions for our tailored digital strategies.”

“Direct Digital Holdings has seen strong and resilient growth in a time where the industry overall is facing significant disruption and headwinds,” added Locke. “I look forward to supporting the company’s continued expansion and joining a pioneering team delivering leading digital advertising solutions for clients and especially those in multicultural communities.”

Her appointment to the Direct Digital Holdings Board of Directors comes less than a year after the Company listed on the Nasdaq Stock Market. She joins other outside board members, including Ms. Leatherberry and Mr. Cohen.

Locke graduated from the University of Texas at Austin with a Bachelor’s Degree in Corporate Communications.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and which are subject to certain risks, trends and uncertainties.

As used below, “we,” “us,” and “our” refer to Direct Digital Holdings. We use words such as “could,” “would,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “project” and other similar expressions to identify forward-looking statements, but not all forward-looking statements include these words. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements.

All of our forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Our forward-looking statements are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance expressed in or implied by the forward-looking statements, including, but not limited to: our dependence on the overall demand for advertising, which could be influenced by economic downturns; any slow-down or unanticipated development in the market for programmatic advertising campaigns; the effects of health epidemics, such as the ongoing global COVID-19 pandemic; operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade our technology systems; any significant inadvertent disclosure or breach of confidential and/or personal information we hold, or of the security of our or our customers’, suppliers’ or other partners’ computer systems; any unavailability or non-performance of the non-proprietary technology, software, products and services that we use; unfavorable publicity and negative public perception about our industry, particularly concerns regarding data privacy and security relating to our industry’s technology and practices, and any perceived failure to comply with laws and industry self-regulation; restrictions on the use of third-party “cookies,” mobile device IDs or other tracking technologies, which could diminish our platform’s effectiveness; any inability to compete in our intensely competitive market; any significant fluctuations caused by our high customer concentration; any violation of legal and regulatory requirements or any misconduct by our employees, subcontractors, agents or business partners; any strain on our resources, diversion of our management’s attention or impact on our ability to attract and retain qualified board members as a result of being a public company; our dependence, as a holding company, of receiving distributions from Direct Digital Holdings, LLC to pay our taxes, expenses and dividends; and other factors and assumptions discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” and other sections of our filings with the SEC that we make from time to time. Should one or more of these risks or uncertainties materialize or should any of these assumptions prove to be incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

About Direct Digital Holdings

Direct Digital Holdings (Nasdaq: DRCT), owner of operating companies Colossus SSP, Huddled Masses, and Orange 142, brings state-of-the-art sell- and buy-side advertising platforms together under one umbrella company. Direct Digital Holdings’ sell-side platform, Colossus SSP, offers advertisers of all sizes extensive reach within general market and multicultural media properties. The company’s subsidiaries Huddled Masses and Orange142 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 to travel to financial services. Direct Digital Holdings’ sell- and buy-side solutions manage approximately 90,000 clients monthly, generating over 100 billion impressions per month across display, CTV, in-app and other media channels. Direct Digital Holdings is the ninth black-owned company to go public in the U.S and was named a top minority-owned business by The Houston Business Journal.

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SOURCE Direct Digital Holdings

Released January 18, 2023

Who Gets to Decide the Future of Seafloor Mining?

Posted on by phoffman@channelchek.com
Deep sea sponges and other creatures live on and among valuable manganese nodules like this one that could be mined from the seafloor. (GEOMAR)

Deep Seabed Mining Plans Pit Renewable Energy Demand Against Ocean Life in a Largely Unexplored Frontier

As companies race to expand renewable energy and the batteries to store it, finding sufficient amounts of rare earth metals to build the technology is no easy feat. That’s leading mining companies to take a closer look at a largely unexplored frontier – the deep ocean seabed.

A wealth of these metals can be found in manganese nodules that look like cobblestones scattered across wide areas of deep ocean seabed. But the fragile ecosystems deep in the oceans are little understood, and the mining codes to sustainably mine these areas are in their infancy.

A fierce debate is now playing out as a Canadian company makes plans to launch the first commercial deep sea mining operation in the Pacific Ocean.

The Metals Company completed an exploratory project in the Pacific Ocean in fall 2022. Under a treaty governing the deep sea floor, the international agency overseeing these areas could be forced to approve provisional mining there as soon as spring 2023, but several countries and companies are urging a delay until more research can be done. France and New Zealand have called for a ban on deep sea mining.

As scholars who have long focused on the economic, political and legal challenges posed by deep seabed mining, we have each studied and written on this economic frontier with concern for the regulatory and ecological challenges it poses.

Manganese nodules on the seafloor in the Clarion-Clipperton Zone, between Hawaii and Mexico, . (GEOMAR)

What’s Down There, and Why Should We Care?

A curious journey began in the summer of 1974. Sailing from Long Beach, California, a revolutionary ship funded by eccentric billionaire Howard Hughes set course for the Pacific to open a new frontier — deep seabed mining.

Widespread media coverage of the expedition helped to focus the attention of businesses and policymakers on the promise of deep seabed mining, which is notable given that the expedition was actually an elaborate cover for a CIA operation.

The real target was a Soviet ballistic missile submarine that had sunk in 1968 with all hands and what was believed to be a treasure trove of Soviet state secrets and tech onboard.

The expedition, called Project Azorian by the CIA, recovered at least part of the submarine – and it also brought up several manganese nodules from the seafloor.

Manganese nodules are roughly the size of potatoes and can be found across vast areas of seafloor in parts of the Pacific and Indian oceans and deep abyssal plains in the Atlantic. They are valuable because they are exceptionally rich in 37 metals, including nickel, cobalt and copper, which are essential for most large batteries and several renewable energy technologies.

Manganese nodules form as metals accumulate around a shell or part of another nodule. (GEOMAR)

These nodules form over millennia as metals nucleate around shells or broken nodules. The Clarion-Clipperton Zone, between Mexico and Hawaii in the Pacific Ocean, where the mining test took place, has been estimated to have over 21 billion metric tons of nodules that could provide twice as much nickel and three times more cobalt than all the reserves on land.

Mining in the Clarion-Clipperton Zone could be some 10 times richer than comparable mineral deposits on land. All told, estimates place the value of this new industry at some US$30 billion annually by 2030. It could be instrumental in feeding the surging global demand for cobalt that lies at the heart of lithium-ion batteries.

Yet, as several scientists have noted, we still know more about the surface of the moon than what lies at the bottom of the deep seabed.

Deep Seabed Ecology

Less than 10% of the deep seabed has been mapped thoroughly enough to understand even the basic features of the structure and contents of the ocean floor, let alone the life and ecosystems therein.

Even the most thoroughly studied region, the Clarion-Clipperton Zone, is still best characterized by the persistent novelty of what is found there.

Brightly colored sea cucumbers and many other unusual deep sea creatures live among the nodules in the Clarion-Clipperton Zone (GEOMAR)

Brightly colored sea cucumbers and many other unusual deep sea creatures live among the nodules in the Clarion-Clipperton Zone. (GEOMAR)

Between 70% and 90% of living things collected in the Clarion-Clipperton Zone have never been seen before, leaving scientists to speculate about what percentage of all living species in the region has never been seen or collected. Exploratory expeditions regularly return with images or samples of creatures that would richly animate science fiction stories, like a 6-foot-long bioluminescent shark.

Also unknown is the impact that deep sea mining would have on these creatures.

An experiment in 2021 in water about 3 miles (5 kilometers) deep off Mexico found that seabed mining equipment created sediment plumes of up to about 6.5 feet (2 meters) high. But the project authors stressed that they didn’t study the ecological impact. A similar earlier experiment was conducted off Peru in 1989. When scientists returned to that site in 2015, they found some species still hadn’t fully recovered.

Environmentalists have questioned whether seafloor creatures could be smothered by sediment plumes and whether the sediment in the water column could effect island communities that rely on healthy oceanic ecosystems. The Metals Company has argued that its impact is less than terrestrial mining.

Given humanity’s lack of knowledge of the ocean, it is not currently possible to set environmental baselines for oceanic health that could be used to weigh the economic benefits against the environmental harms of seabed mining.

Scarcity and the Economic Case for Mining

The economic case for deep seabed mining reflects both possibility and uncertainty.

On the positive side, it could displace some highly destructive terrestrial mining and augment the global supply of minerals used in clean energy sources such as wind turbines, photovoltaic cells and electric vehicles.

Terrestrial mining imposes significant environmental damage and costs to human health of both the miners themselves and the surrounding communities. Additionally, mines are sometimes located in politically unstable regions. The Democratic Republic of Congo produces 60% of the global supply of cobalt, for example, and China owns or finances 80% of industrial mines in that country. China also accounts for 60% of the global supply of rare earth element production and much of its processing. Having one nation able to exert such control over a critical resource has raised concerns.

Deep seabed mining comes with significant uncertainties, however, particularly given the technology’s relatively early state.

First are the risks associated with commercializing a new technology. Until deep sea mining technology is demonstrated, discoveries cannot be listed as “reserves” in firms’ asset valuations. Without that value defined, it can be difficult to line up the significant financing needed to build mining infrastructure, which lessens the first-mover advantage and incentivizes firms to wait for someone else to take the lead.

Commodity prices are also difficult to predict. Technology innovation can reduce or even eliminate the projected demand for a mineral. New mineral deposits on land can also boost supply: Sweden announced in January 2023 that it had just discovered the largest deposit of rare earth oxides in Europe.

In all, embarking on deep seabed mining involves sinking significant costs into new technology for uncertain returns, while posing risks to a natural environment that is likely to rise in value.

Who Gets to Decide the Future of Seafloor Mining?

The United Nations Convention on the Law of the Sea, which came into force in the early 1990s, provides the basic rules for ocean resources.

It allows countries to control economic activities, including any mining, within 200 miles of their coastlines, accounting for approximately 35% of the ocean. Beyond national waters, countries around the world established the International Seabed Authority, or ISA, based in Jamaica, to regulate deep seabed mining.

Critically, the ISA framework calls for some of the profits derived from commercial mining to be shared with the international community. In this way, even countries that did not have the resources to mine the deep seabed could share in its benefits. This part of the ISA’s mandate was controversial, and it was one reason that the United States did not join the Convention on the Law of the Sea.

Where large numbers of manganese nodules are found. The areas with the greatest concentrations are circled. (GEOMAR)

Where large numbers of manganese nodules are found. The areas with the greatest concentrations are circled. (GEOMAR)

With little public attention, the ISA worked slowly for several decades to develop regulations for exploration of undersea minerals, and those rules still aren’t completed. More than a dozen companies and countries have received exploration contracts, including The Metals Company’s work under the sponsorship of the island nation of Nauru.

ISA’s work has started to draw criticism as companies have sought to initiate commercial mining. A recent New York Times investigation of internal ISA documents suggested the agency’s leadership has downplayed environmental concerns and shared confidential information with some of the companies that would be involved in seabed mining. The ISA hasn’t finalized environmental rules for mining.

Much of the coverage of deep seabed mining has been framed to highlight the climate benefits. But this overlooks the dangers this activity could pose for the Earth’s largest pristine ecology – the deep sea. We believe it would be wise to better understand this existing, fragile ecosystem better before rushing to mine it.

One Stop Systems (OSS) – New Military Contract

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

One Stop Systems, Inc. (OSS) designs and manufactures innovative AI Transportable edge computing modules and systems, including ruggedized servers, compute accelerators, expansion systems, flash storage arrays, and Ion Accelerator™ SAN, NAS, and data recording software for AI workflows. These products are used for AI data set capture, training, and large-scale inference in the defense, oil and gas, mining, autonomous vehicles, and rugged entertainment applications. OSS utilizes the power of PCI Express, the latest GPU accelerators and NVMe storage to build award-winning systems, including many industry firsts, for industrial OEMs and government customers. The company enables AI on the Fly® by bringing AI datacenter performance to ‘the edge,’ especially on mobile platforms, and by addressing the entire AI workflow, from high-speed data acquisition to deep learning, training, and inference. OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

New Contract. One Stop Systems announced a new $3 million order from a prime military contractor. OSS commenced shipments in the fourth quarter of 2022, with the remaining units to be delivered in the first half of 2023. We view the announcement as further validation of OSS’s capabilities for military applications.

Details. Using its 4UV compute accelerator systems, OSS is upgrading a radar simulation system operated by the DoD Missile Defense Agency. The systems are being deployed in edge mobile radar systems and datacenters where they will be used for lab and field artificial intelligence training.


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*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. 

LithiumBank Resources (LBNKF) – Multiple Opportunities for Value Creation

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

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

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

Keeping an eye on Park Place. The Park Place Lithium Brine project, located 20 kilometers south of the company’s flagship Boardwalk project in Alberta, encompasses 1,602,209 acres of contiguous mineral permits that cover a significant portion of the highly prospective Leduc reef complex in this area. Unique to Park Place is the hydraulic connectivity between the Leduc and the Swan Hills Formations. Historical samples collected by multiple petroleum operators and donated to the Alberta Geological Survey, range from 76 milligrams per liter to 130 milligrams per liter lithium and are located within Park Place’s permitted area.

Assay results. The company released assay results from samples taken at Park Place. Three brine samples were collected from a 72-meter-thick interval at the top of the Leduc Formation and returned grades ranging from 71.2 to 82.0 milligrams per liter lithium with an overall average grade of 77.2 milligrams per liter lithium.


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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 (GAME) – An Eye On The Game

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

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, 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.

Q1 results. The company reported revenue of $10.3 million, which beat our estimate of $9.8 million by 5%. Revenue was better than expected despite a decrease in advertising revenue due to changes in the algorithms that drive audience traffic. Adj. EBITDA for the quarter was a loss of $2.7 million, in line with our estimate.

Favorable influencer analytics trends. Management noted that there is heightened demand for influencer marketing. Notably. influencer and gaming analytics software as a service (SaaS) revenue grew by 34.6% on a year over year basis, helping to offset a decline in advertising revenues.


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*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. 

Defense Metals Corp. (DFMTF) – Anticipating the Next Big Leap

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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

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

2022 drill program. The 2022 resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totaling 5,510 meters. Defense Metals recently released results from eight core drill holes, representing 2,104 meters of drilling, completed during 2022. To date, assay results have been announced for a total of 16 holes with results for the two remaining holes expected shortly.

Recent assay results. Recent results were from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of which returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling programs. Following receipt of remaining results, Defense Metals expects to update the Wicheeda mineral resource to include results from 10,859 meters of drilling in 47 core holes completed during the 2021 and 2022 drilling programs that were not included in the preliminary economic assessment (PEA).


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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. 

Understanding the Debt Ceiling Enough to Survive this Week

Posted on by phoffman@channelchek.com
Image Credit: Jeremy (Flickr)

Why America Has a Debt Ceiling: Five Questions Answered

The Treasury Department on Jan. 13, 2023, said it expects the U.S. to hit the current debt limit of $31.38 trillion on Jan. 19. After that, the government would take “extraordinary measures” – which could extend the deadline until May or June – to avoid default. A default, even a risk of default would drive bond prices (interest rates) much higher than they currently are.

Is the debt ceiling still a good idea?

Economist Steve Pressman is a professor at The New School in Manhattan, below he explains the debt ceiling is and why we have it – and then shares his opinion on its usefulness.

What is the Debt Ceiling?

Like the rest of us, governments must borrow when they spend more money than they receive. They do so by issuing bonds, which are IOUs that promise to repay the money in the future and make regular interest payments. Government debt is the total sum of all this borrowed money.

The debt ceiling, which Congress established a century ago, is the maximum amount the government can borrow. It’s a limit on the national debt.

What’s the National Debt?

On Jan. 10, 2023, U.S. government debt was $30.92 trillion, about 22% more than the value of all goods and services that will be produced in the U.S. economy this year.

Around one-quarter of this money the government actually owes itself. The Social Security Administration has accumulated a surplus and invests the extra money, currently $2.8 trillion, in government bonds. And the Federal Reserve holds $5.5 trillion in U.S. Treasurys.

The rest is public debt. As of October 2022, foreign countries, companies and individuals owned $7.2 trillion of U.S. government debt. Japan and China are the largest holders, with around $1 trillion each. The rest is owed to U.S. citizens and businesses, as well as state and local governments.

Source: FRED/Datawrapper

Why is There a Borrowing Limit

Before 1917, Congress would authorize the government to borrow a fixed sum of money for a specified term. When loans were repaid, the government could not borrow again without asking Congress for approval.

The Second Liberty Bond Act of 1917, which created the debt ceiling, changed this. It allowed a continual rollover of debt without congressional approval.

Congress enacted this measure to let then-President Woodrow Wilson spend the money he deemed necessary to fight World War I without waiting for often-absent lawmakers to act. Congress, however, did not want to write the president a blank check, so it limited borrowing to $11.5 billion and required legislation for any increase.

The debt ceiling has been increased dozens of times since then and suspended on several occasions. The last change occurred in December 2021, when it was raised to $31.38 trillion.

Source: Congressional Research Service/Datawrapper

What Happens When the US Hits the Ceiling?

Currently, the U.S. Treasury has under $400 billion cash on hand, and the U.S. government expects to borrow around $100 billion each month this year.

When the U.S. nears its debt limit, the Treasury secretary – currently Janet Yellen – can use “extraordinary measures” to conserve cash, which she indicated would begin on Jan. 19. One such measure is temporarily not funding retirement programs for government employees. The expectation will be that once the ceiling is raised, the government would make up the difference. But this will buy only a small amount of time.

If the debt ceiling isn’t raised before the Treasury Department exhausts its options, decisions will have to be made about who gets paid with daily tax revenues. Further borrowing will not be possible. Government employees or contractors may not be paid in full. Loans to small businesses or college students may stop.

When the government can’t pay all its bills, it is technically in default. Policymakers, economists and Wall Street are concerned about a calamitous financial and economic crisis. Many fear that a government default would have dire economic consequences – soaring interest rates, financial markets in panic and maybe an economic depression.

Under normal circumstances, once markets start panicking, Congress and the president usually act. This is what happened in 2013 when Republicans sought to use the debt ceiling to defund the Affordable Care Act.

But we no longer live in normal political times. The major political parties are more polarized than ever, and the concessions McCarthy gave Republicans may make it impossible to get a deal on the debt ceiling.

Is There a Better Way?

One possible solution is a legal loophole allowing the U.S. Treasury to mint platinum coins of any denomination. If the U.S. Treasury were to mint a $1 trillion coin and deposit it into its bank account at the Federal Reserve, the money could be used to pay for government programs or repay government bondholders. This could even be justified by appealing to Section 4 of the 14th Amendment to the U.S. Constitution: “The validity of the public debt of the United States … shall not be questioned.”

Few countries even have a debt ceiling. Other governments operate effectively without it. America could too. A debt ceiling is dysfunctional and periodically puts the U.S. economy in jeopardy because of political grandstanding.

The best solution would be to scrap the debt ceiling altogether. Congress already approved the spending and the tax laws that require more debt. Why should it also have to approve the additional borrowing?

It should be remembered that the original debt ceiling was put in place because Congress couldn’t meet quickly and approve needed spending to fight a war. In 1917 cross-country travel was by rail, requiring days to get to Washington. This made some sense then. Today, when Congress can vote online from home, this is no longer the case.

Release – Defense Metals announces more Rare Earth Assay Results from Wicheeda Project Drilling, including 30 metres of 3.77% TREO

Posted on by aweinsoff@channelchek.com

Research News and Market Data on DFMTF

Jan 17, 2023, 09:15 ET

 

VANCOUVER, BC , Jan. 17, 2023 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company”) (TSXV: DEFN) (OTCQB: DFMTF) (FSE:35D) is pleased to announce Rare Earth Element (“REE”) assay results from an additional eight core drill holes, totalling 2,104 metres (“m”), completed during 2022 at its 100% owned Wicheeda REE Deposit. These assay results are from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of which (hole WI22-73) returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling campaigns (10,859 metres in 47 core holes).

Figure 1. Wicheeda REE Deposit Long Section Looking East (CNW Group/Defense Metals Corp.)

Pit slope geotechnical drill hole WI22-74 (-65o dip at azimuth 139o) drilled into the south pit wall intersected high-grade mineralized dolomite carbonatite that assayed 3.77% total rare earth oxide (“TREO”) over 30 metres (“m”) from surface and 2.52% TREO over 59 m at mid-hole depths, within a broader zone averaging 2.03% TREO over a 192 m interval (see Table 1 and Figure 1).

Resource delineation drill holes WI22-71 (-50o dip at 163o azimuth) and WI22-73 (-60o dip at azimuth 134o) drilled within the central area of the deposit similarly intersected mineralized dolomite-carbonatite, from surface, assaying 2.83% TREO over 66 m and 2.35% TREO over 81 m, respectively; within broader mineralized zones yielding 1.47% TREO over 207 m, and 1.42% TREO over 222 m, respectively (see Table 1 and Figure 1). 

Resource delineation and pit slope geotechnical drill holes WI22-76 (-55o dip at 242o azimuth) and WI22-77 (-70o dip at 348o azimuth) returned moderate-grade, mixed syenite-xenolithic dolomite carbonatite intervals from the northern limit of the Wicheeda Deposit and north pit wall that assayed 0.64% TREO over 151 m; and 0.67% TREO over 76 m, respectively (see Table 1 and Figure 1).

 Kristopher Raffle, P.Geo., Director of Defense Metals and a Qualified Person stated:

“We are excited to be nearing the release of our final drill results from a very successful year of drilling. It’s very telling that one of our geotechnical drill holes not only gave us important data about future open pit slope design, but also yielded one of the best drill intercepts of our 2021 and 2022 drill programs. Following the receipt of assays from our two remaining geotechnical drill holes, we will update the Wicheeda mineral resource based on more than 10,000 metres in the 47 drill holes Defense Metals has completed post-PEA. We firmly believe Wicheeda is one of the best rare earths projects globally and we eagerly look forward to advancing the project during 2023.”

High-wall pit slope geotechnical drill hole WI22-75 (-60o dip at 110o azimuth), collared 100 m east of the Wicheeda Deposit, and greenfield exploration drill holes WI22-65 (-60o dip at 140o azimuth) and WI22-66 (-60o dip at 140o azimuth), which targeted REE soil geochemical anomalies 500 m southwest and 1,000 m northwest of the Wicheeda Deposit, did not return significant REE mineralization.

Table 1. Wicheeda REE Deposit 2022 Diamond Drill Intercepts1

1The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

2TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.

Geotechnical drill hole data collected will support future pre-feasibility level mine planning studies (see Defense Metals’ news release dated May 24, 2022). The 2022 Wicheeda REE Deposit resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totalling 5,510 m (~18,077 feet). Assay results have been announced for a total of 16 holes to date, with results of the remaining two holes expected shortly.

About the Wicheeda REE Property

The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda REE Property is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda project is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, gas pipelines, the Canadian National Railway, and major highways.

The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report (“PEA”) outlined a robust after-tax net present value (NPV@8%) of $517 million and an 18% IRR3. This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughput  producing an average of 25,423 tonnes REO annually over a 16 year mine life. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

3 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).

Methodology and Quality Assurance/Quality Control

The analytical work reported on herein was performed by ALS Canada Ltd. (“ALS”) at their Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. facilities. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (“QA/QC”) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of Defense Metals and a “Qualified Person” (“QP”) as defined in NI 43-101. Mr. Raffle has verified the data, which included a review of the sampling, analytical and test methods underlying the data, information and opinions disclosed herein. 

About Defense Metals Corp.

Defense Metals Corp. is a company focused on the development of its 100% owned Wicheeda Rare Earth Element mineral deposit, located near Prince George, British Columbia, Canada, that contains metals and elements commonly used in in green energy, aerospace, automotive and defense technologies. Rare earth elements are especially important in the production of magnets used in wind turbines and in permanent magnet motors for electric vehicles.  Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

For further information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca

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.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, plans to complete a PFS, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations),  risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

SOURCE Defense Metals Corp.

Release – CVG Announces Participation in The Sidoti Virtual Investor Conference

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CVG

JANUARY, 17, 2023

NEW ALBANY, Ohio, Jan. 17, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) announced today that Harold Bevis, President and Chief Executive Officer, and Andy Cheung, Executive Vice President and Chief Financial Officer, will present virtually at the Sidoti January Micro-Cap Virtual Conference on January 19, 2023, at 10:45 a.m. ET. A link to the webcast can be accessed through the investor section of the Company’s website at cvgrp.com. The presentation materials will be posted on the Company Website and be archived there for a period of 30 days.

Management will also meet virtually with investors registered for the conference.

For further information, please contact CVGI@alpha-ir.com

About CVG

At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Investor Relations Contact:
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

Source: Commercial Vehicle Group, Inc.

Release – Engine Gaming & Media, Inc. Reports Fiscal First Quarter 2023 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GAME

01/17/2023

Successful Conclusion of Strategic Process, Resulting in Signed Merger Agreement with GameSquare Esports, Inc.

Significant Improvement in Net Loss of $9.8 Million to $5.4 million, Up 65% on a Sequential Basis

Continued improvement in Adjusted EBITDA of 32% Sequentially to $(2.7) Million

Fiscal Q1 2023 Influencer & Data Technology SaaS Revenues Increased 35% YOY

NEW YORK, NY / ACCESSWIRE / January 17, 2023 / Engine Gaming and Media, Inc. (“Engine” or the “Company”) (NASDAQ:GAME)(TSXV:GAME), a data-driven, gaming, media and influencer marketing platform company, today announced results for its fiscal first quarter 2023 ended November 30, 2022. All amounts are stated in U.S. dollars unless otherwise indicated.

Financial Highlights:

  • The Company announced the successful completion of its strategic process resulting in the signed merger agreement with GameSquare Esports, Inc
  • For the fiscal first quarter 2023 net loss improved significantly to $5.4 million, compared to $15.2 million in the fiscal fourth quarter 2022, an improvement of 65%
  • Significant improvement in Adjusted EBITDA of 32% to $(2.7) million in the first fiscal quarter 2023 sequentially compared to an Adjusted EBITDA of $(4.0) million in the fiscal fourth quarter 2022
  • The Company’s Influencer and Data Technology SaaS revenues increased 35% during the first fiscal quarter of 2023 compared to the first fiscal quarter of 2022

Management Commentary

“We are proud of the continued improvement we have made towards our near-term goal of achieving cash-flow breakeven. This quarter is highlighted by a 65% improvement in net loss of nearly $10 million and a 32% improvement in Adjusted EBITDA on a sequential basis to $(2.7) million, despite the restructuring charges related to discontinued operations said Lou Schwartz, Chief Executive Officer of Engine. “Despite some expected short-term headwinds in the advertising market, driven by Google algorithm changes, we continue to see heightened demand for our influencer and data technology SaaS services by our gaming and brand clients, which grew 35% YoY. We see this as a welcoming trend heading into our merger with GameSquare.”

Tom Rogers, Executive Chairman of the Company, commented on the recently announced merger with GameSquare, adding, “Our strengths speak to the heart of the thesis behind the GameSquare transaction. GameSquare brings content development, a publisher advertising network, and a gaming influencer network, which is complementary to our gaming content analytics technology, our programmatic advertising technology, and our influencer marketing and management technology. When the two companies’ assets are combined, these elements create an end-to-end solution for brands to reach their target audience. Moreover, the combined companies offering provides a highly scaled answer to reach younger demographics at a level sought by brands, which traditional media can no longer perform. In addition, digital advertising continues to be constrained by new privacy protection steps of the major tech players, which has inhibited efficient targeting of certain audiences particularly gaming audiences. Traditional media’s failings and digital advertising limitations create the setting for why the combined company provides a solution to both problems that is both differentiated and scalable.”

Fiscal First Quarter 2023 Financial Results

Total revenue in the fiscal first quarter of 2023 was $10.3 million, compared to revenue of $11.5 million in the fiscal fourth quarter of 2022. Overall Software-as-a-Service (SaaS) revenues were relatively flat due to the declines in legacy content management related SaaS revenues. However, gaming and influencer data and analytics SaaS revenues grew 34.6% YoY. The decrease in advertising revenues was primarily due to changes in Google discovery and algorithms which impacted audience traffic that is expected to gradually improve throughout the fiscal second quarter and fiscal third quarter of 2023.

Expenses in the fiscal first quarter were $15.8 million, an improvement of approximately $6.0 million, when compared to $21.8 million on a sequential basis.

Net Loss in the fiscal first quarter improved 64.7% to $5.4 million, compared to a net loss of $15.2 million in the fiscal fourth quarter of 2022 inclusive of the restructuring charges related to discontinued operations.

Adjusted EBITDA was $(2.7) million for the fiscal first quarter, an improvement of 32.5% when compared to $(4.0) million in the fiscal fourth quarter of 2022, and when compared to the same year-ago quarter Adjusted EBITDA improved 17.5%.

At November 30, 2022, the Company had cash of $6.9 million.

Recent Operational Highlights:

  • Successful completion of Strategic Process resulting in signed merger with GameSquare.
  • Stream Hatchet new and expanded client highlights for the quarter include XSET, Benefit Cosmetics, a16z, Immortal, Tencent and Epic.
  • Sideqik new and expanded client highlights for the quarter include PDP Gaming, AverMedia, Misfits Gaming and ASUS.
  • Frankly new and expanded client highlights for the quarter include Citadel Communications, Krol Communications, Beyond TV, Sports News Highlights, Palmetto Network, and BmovieNation.

FY Q1 2023 Earnings Conference Call

Management will host an investor conference call at 8:45 a.m. EDT (5:45 a.m. PDT) today, Tuesday, January 17, 2023, to discuss Engine Gaming and Media, Inc.’s fiscal first quarter 2023 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Date:Tuesday, January 17, 2023
Time:8:45 a.m. Eastern Time
Dial-in:1-877-407-0784
International Dial-in:1-201-689-8560
Webcast:GAME Conference Call

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

Non-IFRS Measures

The Company reports earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA, which are not financial measures calculated and presented in accordance with International Financial Reporting Standards (“IFRS”) and therefore may not be comparable to similar measures presented by other issuers. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute to net income (loss) or any other financial measures of performance or liquidity calculated and presented in accordance with IFRS. The Company defines Adjusted EBITDA as EBITDA, adjusted to exclude certain non-cash charges and other items that we do not believe are reflective of our ongoing operating results. The Company utilizes Adjusted EBITDA internally for purposes of forecasting, determining compensation, and assessing the performance of our business, therefore, we believe this measure provides useful supplemental information that may assist investors in assessing an investment in the Company.

The following unaudited table presents the reconciliation of net loss to Adjusted EBITDA for the three months ended November 30, 2022, and 2021, respectively.

About Engine Gaming and Media, Inc.

Engine Gaming and Media, Inc. (NASDAQ:GAME)(TSXV:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world’s largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. 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; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Engine to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. In respect of the forward-looking information contained herein, Engine has provided such statements and information in reliance on certain assumptions that management believed to be reasonable at the time. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on forward-looking information contained in this news release.

The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Engine does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

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

Company Contact:

Lou Schwartz
647-725-7765

Investor Relations Contact:

Shannon Devine
Z North America
Main: 203-741-8811
GAME@mzgroup.us

SOURCE: Engine Gaming & Media Holdings, Inc.

Release – Comstock Presenting at The 2023 Vancouver Resource Investment Conference

Posted on by aweinsoff@channelchek.com

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VIRGINIA CITY, NEVADA, January 17, 2023 – Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) is pleased to announce that Mr. Corrado De Gasperis, Executive Chairman and CEO, and Mr. Michael Norred, Director of Strategic Resource Planning and Development, will attend and present at the 2023 Vancouver Resource Investment Conference (VRIC). The VRIC is the world’s largest resource investment conference dedicated to resource exploration and development. The VRIC is January 29 & 30, 2023 at the Vancouver Convention Centre West, in Vancouver, Canada.

Mr. De Gasperis will provide a company update during the live presentation, including the recently completed consolidation of its properties in the historic Comstock and Silver City mining districts, increasing the Company’s total owned, published mineral resources to include Measured and Indicated resources containing 605,000 ounces of gold and 5,880,000 ounces of silver, plus additional Inferred resources containing 297,000 ounces of gold and 2,572,000 ounces of silver.  Mr. De Gasperis will also be joined by Mr. Deep Prasad, CEO of Quantum Generative Materials LLC (“GenMat”), Comstock’s strategic investee and mineral resource discovery and development partner.

GenMat is accelerating the commercialization of disruptive, AI generated materials with the help of quantum-probabilistic software solutions that integrate specific, proprietary, hyperspectral technology solutions that (a) increase certainty in mineral discovery targets, (b) reduce costs of traditional drill programs, with ground penetrating scans and analytics, and (c) increase discernment for categorizing measured, indicated, and inferred mineral resources. 

They are also scheduled to participate in one-on-one meetings with registered conference investors.  Registration for these meetings is restricted to qualified investors, portfolio managers, and private wealth and family office managers. If you would like to attend the conference, please Click Here.

Comstock now owns or controls twelve square miles of patented mining claims, unpatented mining claims, and surface parcels, covering six and a half miles of strike length along the Comstock and Silver City lodes. The properties span from midway through Virginia City down to US HWY 50 in the south.

The Company recently announced the publication of the initial technical report for the Dayton resource. Behre Dolbear authored the independent, initial assessment of the Dayton mineral resources, as of November 1, 2022, compliant with current SEC S-K 1300 guidelines. The full report is available on the Company’s website, at www.comstock.inc/investors.

About Comstock

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 and through the deployment of more advanced mineral and material discovery technologies. To learn more, please visit www.comstock.inc.


About GenMat

GenMat enables customer solutions that generate high quality artificial intelligence (AI) data sets customized to their specific business needs and apply state-of-the-art AI models to learn from this data. GenMat’s GENMAT-1 satellite, targeted for low earth orbit launch on the SpaceX Falcon in June 2023, represents one of the most powerful hyperspectral systems to be launched into space, several times more powerful than NASA’s Earth Observing-1 satellite and enables customers to extract commercially relevant chemical and physical information for high-precision mineral prospecting and site-specific discovery.  

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management considering their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Contact information:  
Comstock Inc.
P.O. Box 1118
Virginia City, NV 89440
www.comstock.inc		Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
degasperis@comstockinc.com		Zach Spencer
Director of External Relations
Tel (775) 847-5272 Ext.151
questions@comstockinc.com

 		  

Release – Alliance Resource Partners, L.P. Announces Fourth Quarter 2022 Earnings Conference Call

Posted on by aweinsoff@channelchek.com

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Company Release – 1/16/2023 7:00 AM ET

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its fourth quarter 2022 financial results before the market opens on Monday, January 30, 2023. Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.

To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “investor relations” section of ARLP’s website at http://www.arlp.com.

An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13735338.

About Alliance Resource Partners, L.P.

ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at investorrelations@arlp.com.

Brian L. Cantrell
Alliance Resource Partners, L.P.
(918) 295-7673

Source: Alliance Resource Partners, L.P.