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RCI Hospitality Holdings (RICK) – Preliminary 4Q Revenue Below Expectations

Posted on by cpereira@noblefcm.com


Wednesday, October 11, 2023

With more than 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, Scarlett’s Cabaret, Diamond Cabaret, and PT’s Showclub. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.

4Q23 Club and Restaurant Sales. RCI reported sales for the Nightclubs and Bombshells restaurants of $74.1 million for the fiscal fourth quarter ended September 30th. This is a 5.6% y-o-y increase, driven by acquisitions which was partially offset by a decline in Same Store Sales across both segments. We had projected full revenue for the quarter of $78.3 million and consensus was $78.1 million. Recall the $74.1 million does not include non-core operations, which typically can add some $0.5-$1.0 million to the final quarterly total.

Nightclubs. Revenue rose 7.5%, y-o-y, or $4.2 million, to $60.5 million, with acquisitions adding $9.2 million and reformatted clubs adding $0.8 million. Segment SSS declined 9.6%, an increase over the 7.3% SSS decline in 3Q23. Part of the SSS decline reflects the last “COVID bounce” the Nightclubs experienced in the year ago quarter when y-o-y revenue rose 40.4%.


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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. 

Ocugen (OCGN) – OCU500 Nasal COVID-19 Vaccine Chosen By NIH To Start Clinical Trials

Posted on by cpereira@noblefcm.com

Wednesday, October 11, 2023

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

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.

Good News For A Program Where No News Was Expected. Ocugen announced that its OCU500 nasal vaccine for COVID-19 has been chosen to start Phase 1 clinical trials run by the National Institute for Allergy and Infectious Disease, a division of the National Institutes of Health. We see this as a positive development for the vaccine program since Ocugen had no plans to develop OCU500 without obtaining non-dilutive funding. We have no revenues for the vaccine programs in our models, and we see the selection by NIAID for Phase 1 clinical trials as upside for the company.

We See The Selection By NIAID As A Technology Validation. OCU500 was developed to stimulate immunity in the nasal passages and lungs where the virus enters the body and the infection begins. This is intended to prevent both the initial infection and transmission of the virus to others. We see the OCU500 selection as a validation to the Ocugen inhaled vaccine technology, which currently includes OCU500 for COVID-19, OCU510 for influenza, and OCU520 for both COVID-19 and influenza. The carrier technology can be used to develop other vaccines as well.


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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. 

Defense Metals Corp. (DFMTF) – Recent Work Affirms High Concentrate Grade and Recoveries Across a Range of Feed Grades

Posted on by cpereira@noblefcm.com


Wednesday, October 11, 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, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Proving out the flowsheet. Defense Metals reported recent results of comprehensive comminution and beneficiation test work conducted by SGS Canada using samples from the Wicheeda Rare Earth Deposit. The three key rare earth-bearing lithologies in the Wicheeda deposit are: 1) higher-grade dolomite carbonatite (DC) comprising 73% of the deposit, 2) xenolithic carbonatite (XE) representing 24%, and 3) syenite (SYN). The DC material is expected to comprise most of the mill feed with the deeper XE and SYN mined later. SGS has performed a thorough investigation of the comminution and beneficiation characteristics of a wide variety of samples.

Beneficiation results. A total of 90 open-circuit flotation tests, using 1 or 2 kg of feed, were conducted on 17 individual variability samples, various composites, and blends. At a feed grade of 3%, the best fit line indicates 80% recovery to a 45% total rare earth oxide (TREO) concentrate. Closed circuit operations, as in a flotation plant, would deliver higher recoveries and grades. Favorable results were obtained in a locked cycle test on a deposit composite with a feed grade of 2.9% resulting in a rare earths recovery rate of 85% at a concentrate grade of 50.7% TREO.


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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. 

Alvopetro Energy (ALVOF) – Gas sales in September take a big drop

Posted on by cpereira@noblefcm.com


Wednesday, October 11, 2023

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

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Gas sales declined due to a temporary reduction in demand. Gas sales to Bahiagas in September averaged 6.8 MMcf/d down 35% from August sales and well below peak sales of 15.8 MMcf/d in the March quarter. Gas sales were below take or pay agreements by 1.2 MMcf/d, which will be treated as deferred revenue. Gas sales had been declining in recent months because Alvopetro’s joint venture partner in its primary field had increased its nominations for gas sales following the start-up of its plant. The decline in September is related to lower demand and comes in addition to nomination issues.

Management views the decline as temporary and is working to increase production in 100% owned fields. As we have indicated before, increased partner nominations will result in lower partner nominations in the latter years of  well lives. In addition, Alvopetro is making progress drilling new wells that do not have nomination issues. Regarding the drop in demand, we would remind investors that the city of Bahia is a vibrant growing city that has limited gas supply options beyond Alvopetro. We are not concerned with a one-month decline in demand but recommend investors monitor demand issues going forward.


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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. 

Sandal Sensation: Why Birkenstock’s IPO Has Investors on Their Toes

Posted on by slightbourne@noblecapitalmarkets.com

Legendary German footwear company Birkenstock priced its highly anticipated initial public offering at $46 per share on Tuesday, at the lower end of its projected range of $44 to $49 per share.

The conservative pricing comes as investors are displaying caution towards new public offerings in the face of market volatility. At $46 per share, Birkenstock would raise approximately $1.5 billion in proceeds and gain a valuation of $8.6 billion.

The sandal maker is slated to begin trading Wednesday on the New York Stock Exchange under the ticker symbol “BIRK.”

Birkenstock is going public at an intriguing moment for the footwear industry, as major players like Nike and Adidas adapt their offerings to capitalize on surging demand for comfortable, casual styles that became popular during the pandemic.

As a storied brand known for its sandals and clogs, Birkenstock is uniquely positioned to ride this trend. However, questions remain about the nearly 250-year old company’s growth trajectory and valuation.

Built on Heritage, Positioned for Growth

Dating back to 1774, Birkenstock has a long legacy as a comfort-focused footwear brand, securing devotees across the decades with its contoured footbeds and versatile sandal styles. The company lays claim to inventing the original cork footbed.

In recent years, Birkenstock has experienced a resurgence in popularity, spearheaded by its iconic Boston clogs. Younger consumers are discovering the brand, enticed by its commitment to quality, comfort and sustainability.

This has fueled strong financials, with Birkenstock generating 1.2 billion euros in revenue in its latest fiscal year, representing a CAGR of 17% over the last decade. Its sales are split nearly evenly between Europe and the Americas.

To stoke further growth, Birkenstock plans to expand its digital presence, having already grown e-commerce sales to just under 20% of total revenue. It will also continue broadening its product portfolio into areas like athletic leisure.

Reasons for Caution Among Investors

However, Birkenstock also holds substantial debt of around 1 billion euros, sparking questions about its financial profile.

Additionally, the company conceded in its prospectus that it has “identified material weaknesses in our internal control over financial reporting” – never reassuring words for potential investors.

The Birkenstock IPO comes on the heels of disappointing public debuts from companies like grocery delivery platform Instacart and chip technology firm ARM Holdings. This rocky landscape has left investors apprehensive about overvalued offerings.

Some analysts argue that Birkenstock’s projected valuation range of up to $5 billion was simply too optimistic, given the market environment. The tepid pricing indicates investors are unwilling to take an exuberant bet on the storied brand.

Many also point to the fiercely competitive footwear arena, where Birkenstock must compete with a range of established casual brands and new direct-to-consumer upstarts. While Birkenstock enjoys enviable brand cachet, it may lack the scale and resources of giants like Nike and Adidas.

The Road Ahead

While Birkenstock took a conservative approach with its IPO pricing, the offering will still generate a substantial cash infusion to fuel the company’s expansion.

The true test will be whether Birkenstock can sustain momentum among younger demographics while defending its turf against deep-pocketed rivals. Its ultimate post-IPO performance will be determined by strategic decisions in areas like brand positioning, product innovation, and digital sales.

But with almost 250 years of history behind it, few companies can claim a legacy comparable to Birkenstock’s. This pedigree provides confidence that the brand has staying power, whatever public market challenges may arise. For long-term investors, Birkenstock remains a compelling story combining heritage and growth.

AMD Will Acquire AI Software Specialist Nod.ai Amid Mixed Tech IPO Environment

Posted on by slightbourne@noblecapitalmarkets.com

AMD announced Monday that it will acquire Nod.ai, an expert in optimized artificial intelligence (AI) software solutions. The deal aims to boost AMD’s capabilities in open-source AI development tools, compilers, and models tuned for AMD data center, PC, gaming and graphics chips.

The acquisition comes during a rocky period for initial public offerings in the technology sector. Chip designer Arm Holdings, which recently went public, has seen its shares drop below its IPO price as investors grow concerned over tech valuations and growth prospects in a turbulent market.

Nod.ai: Boosting AMD’s AI Software Expertise

San Jose-based Nod.ai has developed industry-leading software that speeds the deployment of AI workloads optimized for AMD hardware, including Epyc server CPUs, Radeon gaming graphics, and Instinct data center GPUs.

Nod.ai maintains and contributes to vital open-source AI repositories used by developers and engineers globally. It also works closely with hyperscale cloud providers, enterprises and startups to deploy robust AI solutions.

AMD gains both strategic technology and rare AI software expertise through Nod.ai’s highly experienced engineering team. Nod.ai’s compiler and automation capabilities reduce the complexity of optimizing and deploying high-performance AI models across AMD’s product stack.

Market Tailwinds for AI Innovation

The pickup in AI workload optimization comes at a time when machine learning and deep learning are being rapidly adopted across industries. AI-optimized hardware and software will be critical to support resource-intensive models and deliver speed, accuracy and scalability.

AMD is looking to capitalize on this demand through its unified data center GPU architecture for AI acceleration. Meanwhile, rival Nvidia dominates the data center GPU space crucial for AI computing power.

Arm IPO Capitulates Amid Market Jitters

UK-based Arm Holdings, which supplies intellectual property for chips used in devices like smartphones, recently conducted a $40 billion IPO, one of the largest listings of 2023. However, Arm’s share price plunged below its IPO level soon after debuting in September.

The weak stock performance highlights investor skittishness around loss-making tech firms amid economic headwinds. ARM’s licensing model also faces risks as major customers like Apple and Qualcomm develop their own proprietary chip technologies and architectures.

Unlike Arm, AMD is on solid financial footing, with its data center and gaming chips seeing strong uptake. However, AMD must still convince Wall Street that its growth trajectory warrants robust valuations, especially as Intel mounts a comeback.

Betting on Open Software Innovation

AMD’s Nod.ai purchase aligns with its strategic focus on open software ecosystems that promote accessibility and standardization for AI developers. Open software and hardware foster collaborative innovation within the AI community.

With Nod.ai’s talents added to the mix, AMD is betting it can democratize and optimize AI workload deployment across the full range of AMD-powered devices – from data center CPUs and GPUs to client PCs, gaming consoles and mobile chipsets.

If successful, AMD could carve out an advantage as the preferred AI acceleration platform based on open software standards. This contrasts with Nvidia’s proprietary approaches and closed ecosystems tailored exclusively for its GPUs.

As AI permeates across industries and applications, AMD is making the right long-term bet on open software innovation to unlock the next phase of computing.

Exxon Makes Largest Deal Since 1999 with $59B Pioneer Purchase

Posted on by slightbourne@noblecapitalmarkets.com

Oil giant Exxon Mobil is making a huge bet on shale with its just-announced $59 billion all-stock acquisition of Pioneer Natural Resources, one of the largest producers in the Permian Basin of West Texas and New Mexico. Shale oil is a type of unconventional oil found in shale rock formations that must be hydraulically fractured to extract the oil.

The deal, which is Exxon’s biggest since its merger with Mobil in 1999, will give it access to Pioneer’s large acreage position in the Permian, allowing Exxon to more than double its current production in the region to over 1 million barrels per day once the deal closes in 2024.

This massive expansion of Exxon’s shale oil production comes even as much of the industry has pulled back investments in new drilling due to investor pressure to improve returns and limit growth. While Exxon is already one of the most active drillers in the Permian, the addition of Pioneer’s operations will make it the largest shale oil producer in the basin by far.

The shale boom propelled U.S. oil production to record highs in recent years, though growth has slowed more recently. The Biden administration has also paused new leases for drilling on federal lands, creating uncertainty around future shale production. However, the industry is still projected to provide most new sources of oil supply worldwide in the coming years.

Exxon’s bet is that shale, especially the Permian where production costs are lowest, will continue to drive future growth. Pioneer outlined an ambitious plan last year to raise Permian production as high as 2 million barrels per day by 2030. Together, the companies expect to capture major cost savings by combining operations.

But analysts say the deal is not without risk for Exxon. While shale helped supercharge U.S. production, the industry has had a mixed track record of profitability. Investors have lost patience with shale companies struggling to deliver consistent returns, pushing firms like Pioneer to focus more on cost discipline and shareholder payouts rather than maximum production growth.

Outside shale, Exxon is also working to develop large, costly conventional oil projects offshore Guyana and in other regions to replenish reserves. Some analysts question whether Exxon might be spreading itself thin trying to balance massive shale drilling with high-stakes conventional projects.

More broadly for the oil industry, concerns around climate change have made the long-term outlook uncertain. With electric vehicles going mainstream and many governments setting net-zero emissions targets, peak oil demand may already be behind us according to some forecasts.

While Exxon says shale oil will be needed to meet global energy demand for decades to come, increasing pressure on the industry to reduce emissions led Pioneer to accelerate its own net zero target from 2050 to 2035 after the acquisition was announced. With shale methane emissions a major focus for policymakers, combining operations could allow for more investment in leak detection and reductions.

For now, Exxon seems confident in the value of shale, and particularly the Permian’s vast oil riches. The Pioneer deal positions it to be the dominant driller in the West Texas region as others pull back. But only time will tell whether the big bet on shale pays off or leaves Exxon overextended. The deal reflects one of the oil majors’ biggest signals of confidence yet that shale will continue driving growth well into the future.

Take a look at other energy and natural resources companies by taking a look at Noble Capital Markets’ Research Analyst Michael Heim’s coverage list.

Release – Great Lakes Announces Delivery of Their Multi Cats, The Cape Hatteras and The Cape Canaveral

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Oct 10, 2023

PDF Version

HOUSTON, Oct. 10, 2023 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today the delivery of the Cape Hatteras and the Cape Canaveral, the two Damen 3013 Multi Cats built by Conrad Shipyard in Morgan City, LA.

Chris Gunsten, Great Lakes’ Senior Vice President of Project Services and Fleet Engineering, commented on the improvements the Cape Hatteras and Cape Canaveral will represent, “This is a milestone for our Company and the U.S. dredging industry. The Multi Cat brings step change safety improvements to Great Lakes’ dredge pipeline operations, which was a prime driver for the investment. Pipe handling and connection work can now take place securely on deck, which will greatly reduce the risk of man overboards. These vessels will also enhance and improve Great Lakes’ pipe and anchor operations. Further, the Multi Cats’ two crane and multiple winch and wire tugger arrangements will significantly reduce manual work and the risk of soft tissues injuries. These vessels support our strong safety culture and gives us the ability to dredge with enhanced operating efficiencies needed to maintain our shorelines and waterways.”

The two identical vessels measure approximately 99 feet in length and are each powered by three EPA Tier III Caterpillar C32 TTA engines capable of meeting speeds of 10.2 knots and will have maximum bollard pull of approximately 32 short tons. Equipped with two large winches and two deck cranes they are ideal dredge support vessels with the ability to perform a wide range of tasks including handling submerged and floating pipelines as well as anchor handling and logistics supply. Efficiency is also greatly enhanced by eliminating the need for assorted floating support equipment such as derrick barges, towboats and anchor barges.

The two vessels are the first Damen Multi Cats to be built in the U.S. and are fully compliant with the U.S. Coast Guard and U.S. Army Corps of Engineers stability criteria.

The Company
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 133-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Release – Defense Metals Updated Beneficiation Results Confirm the Production of a High Grade Flotation Concentrate at High Recovery

Posted on by aweinsoff@channelchek.com

Research News and Market Data on DFMTF

VANCOUVER, BC, Oct. 10, 2023 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSX-V:DEFN) (OTCQB:DFMTF) (FSE:35D) is extremely pleased to report the most recent results of the extensive comminution and beneficiation test work that has been conducted by SGS Canada Inc. in Lakefield, Ontario (“SGS“) on variability samples from the Wicheeda Rare Earth deposit.   

Figure 1: LCT-3 Flowsheet (CNW Group/Defense Metals Corp.)

Craig Taylor, CEO of Defense Metals, stated: “Our recent results shows that the Wicheeda feedstock can be crushed, ground and floated to produce a rare earth flotation product with similar or better recoveries and grades to the top producers globally. Our project has many favorable conditions for success: mineralogy, metallurgy, infrastructure, and community collaboration further supporting a path to production.”

Beneficiation Results

  • A total of 90 open-circuit flotation tests, using 1 or 2 kg of feed, were conducted on seventeen individual variability samples, various composites and blends.  Considering all open-circuit flotation tests, at a feed grade of 3% TREO (Total Rare Earth Oxide), the best fit line indicated 80% recovery to a 45% TREO concentrate. Closed circuit operations, as practised in flotation plants, can be expected to deliver higher recovery and grade.
  • In addition to the smaller-scale tests, 29 bulk flotation tests using 10 or 12 kg charges were completed to both further optimize parameters and generate 16 kg of 46% TREO content with a recovery of 78% for use as feed for hydrometallurgical tests. 
  • Very favourable results were obtained in a locked cycle test on a deposit composite giving a recovery rate of 85% of the rare earths at a concentrate grade of 50.7% TREO.    

The beneficiation tests were aimed at confirming the reagent suite and operating parameters developed in earlier testwork and in the 2020 flotation pilot plant operated on a 26t bulk sample.  The variability samples responded well to the flowsheet and the selected reagent suite and operating regimes (temperature, density). Details of the testwork are provided below.

Comminution Results

  • SMC and Bond comminution tests were complete on all variability samples. The recent work confirms, and significantly expands on, the data obtained during the 2020 pilot plant work.
  • The data indicate that grinding energy will be relatively low, in particular in the upper portions of the deposit when the softer dolomitic carbonatite (DC) material, with a Bond ball mill work index of 9 kWh/t, is the majority of the potential mill feed.
  • Autogenous or semi-autogenous grinding system followed by a ball mill will be very satisfactory for the Wicheeda comminution plant.

John Goode, Consulting Metallurgist to the Company, commented: “SGS has performed a very thorough investigation of the comminution and beneficiation characteristics of a wide variety of samples from the Wicheeda deposit. The new results are close to those reported earlier and used in previous studies.  Grinding energy requirements have been shown to be relatively low and flotation recovery and concentrate grades are high and very favourable.”

Methodology

The three key rare earth-bearing lithologies in the Wicheeda deposit are, (1) the higher-grade dolomite carbonatite (“DC“) which makes up 73% of the deposit, (2) the xenolithic carbonatite (“XE“) that represents 24% of the deposit, and (3) the syenite (“SYN“). Based on its near surface location,  the DC material is expected to comprise the majority of  the mill feed and the XE and SYN lithologies deeper in the deposit mined later. The primary rare earths minerals are monazite, bastnäsite and synchysite/parisite. 

The comminution and beneficiation tests were done at SGS by a team headed by Dr. Jing Liu, Senior Metallurgist. Test material comprised a 260 kg Master Composite and seventeen variability samples, each nominally 36 kg, prepared from drill core and representing the three main lithologies in the Wicheeda deposit.  The variability samples were selected to cover the three dominant lithologies, a range of grades (1.1% to 4.5% TREO), depths (7 m to 221 m down-hole), and locations in the deposit, (for additional results on different grades and lithologies please see news release dated October 11, 2022 and February 14, 2023).  Extensive mineralogy was completed on the samples and test products to better define the deposit and process results.

A total of 90 open-circuit flotation tests, using 1 or 2 kg of feed, were conducted on a DC composite, xenolithic and syenite composites, the individual variability samples, the Master Composite and various other composites and blends. At a feed grade of 3%, the best fit line indicates 80% recovery to a 45% TREO concentrate.  Closed circuit operations, as in a flotation plant, would deliver higher recovery and grade.  The lower-grade XE and SYN material that are expected to be encountered late in potential mine life delivered somewhat lower concentrate grades and recoveries.

Three locked-cycle tests were completed, with LCT-3 operated on 12 kg batches of a New Master Composite made up from all variability samples blended according to the lithology distribution. The flowsheet, illustrated in Figure 1, was operated over seven cycles and showed good stability. The feed grade to LCT-3 was 2.9% TREO and the concentrate assayed 50.7% TREO with a recovery of 85.4%.

Comminution test work was completed by SGS using standard Bond comminution tests and the SMC test which measures the competence of primary grinding mill feed.  The SMC results were provided to JKTech for interpretation.  The Bond ball mill work indices were 9, 11, and 13 kWh/t for the DC, XE, and SYN samples respectively.  The SMC report categorized the DC samples as being very soft and the XE samples as medium. 

Qualified Persons

The scientific and technical information contained in this news release, as it relates to the Wicheeda Rare Earth Element project, has been reviewed and approved by John Goode, P. Eng., and Kris Raffle, P.Geo., a director of the Company, both of whom are Qualified Persons as defined by National Instrument 43-101 and Mr. Goode has provided the technical information relating to metallurgy in this news release.

About the Wicheeda Rare Earth Element Project

Defense Metals 100% owned, 6,759-hectare (~16,702-acre) Wicheeda Project is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda deposit is readily accessible by all-weather gravel roads and is near infrastructure, including hydropower transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the deep-water port facilities at Prince Rupert, the closest major North American port to Asia.

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned Wicheeda Rare Earth Element project 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”.

Defense Metals is a proud member of Discovery Group. For more information please visit:
http://www.discoverygroup.ca/

For further information, please visit www.defensemetals.com or 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 completion of the PFS and the expected timelines, advancing the Wicheeda REE Project, 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 and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedarplus.ca. 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, metallurgical 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 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 – Kratos’ OpenSpace® Satellite Ground Platform Achieves MEF 3.0 Carrier Ethernet Certification

Posted on by aweinsoff@channelchek.com

Research News and Market Data on KTOS

October 10, 2023 at 8:00 AM EDT

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Industry First for a Satellite Ground System will Dramatically Enhance Satellite Communications Integration with Global Telecom Networks

SAN DIEGO, Oct. 10, 2023 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets, announced today that its OpenSpace® Platform is the first commercially available, fully virtualized satellite ground system to achieve MEF 3.0 Carrier Ethernet certification. The OpenSpace Platform enables satellite operators to deliver and manage their services for applications including communications, MilSatcom, earth observation, remote sensing and more. Entirely software-defined and using the same industry standards adopted by global terrestrial and mobile network carriers, such as MEF’s Carrier Ethernet (CE) standard, OpenSpace makes satellite service networks interoperate seamlessly with terrestrial and cellular transport networks.

The convergence of satellite and telecom networks is predicted to lead to revenue gains of $35 billion by 2035 according to the GSMA, a global organization unifying the mobile ecosystem. Standards such as Carrier Ethernet play a critical role in this convergence by enabling satellite and telecommunications to integrate more easily. This convergence will benefit both industries: enabling terrestrial network providers to reach remote users who are inaccessible through fiber or cellular technologies while expanding the addressable market for satellite communications.

“Global communications carriers have traditionally viewed satellite as the ‘transport of last resort,’” according to Greg Quiggle, Senior Vice President of Product Management at Kratos. “The MEF 3.0 Carrier Ethernet certification validates that the OpenSpace Platform meets the highest telecom and cloud industry interconnectivity standards. With OpenSpace, satellite operators can mainstream their services for dynamic, performance-enhanced, orchestrated delivery through global telecom networks.”

MEF is a global industry association of network, cloud, security, and technology providers accelerating enterprise digital transformation. MEF 3.0 certifications offer a method for industry organizations to confirm compliance with industry-led MEF 3.0 standards for services, and the technology used to enable those services. OpenSpace is the first commercially available satellite communications ground system to be certified MEF 3.0 CE compliant.

Intelsat, one of the world’s largest commercial satellite operators, will employ the OpenSpace Platform as part of the advanced network being built to deliver services over their new family of software-defined satellites. According to Carmel Ortiz, Senior Vice President of Technology and Innovation at Intelsat, “Intelsat was the first GEO satellite operator to achieve MEF 3.0 Carrier Ethernet certification for our services, so we are very pleased to see OpenSpace meet the same standard, supporting our efforts toward end-to-end network interoperability. It also represents an important milestone for OpenSpace, demonstrating the ability to support interoperable service offerings in mobility and the eventual migration to 5G services.”

To receive MEF’s CE 3.0 certification for the OpenSpace Platform, Kratos passed a comprehensive set of test cases that ensure interoperability in a multi-vendor global network environment. The certification validates that the Platform supports the delivery of a broad range of MEF 3.0 portfolio of services including E-Line (point-to-point) and E-Tree (multipoint service) and operator services including Access E-Line (point-to-point).

According to Kevin Vachon, Chief Operating Officer, MEF, “Companies like Kratos understand the value that certification provides—simplified, pre-validated functionality for buyers and simplified, frictionless implementation and partnering. Achieving MEF 3.0 Carrier Ethernet certification is a step towards enabling the more seamless delivery of satellite services across global provider networks. Telecommunications operations require the service automation, scalability and end-to-end QoS and SLA visibility that Carrier Ethernet brings to network operations. We are delighted to see Kratos achieve MEF 3.0 certification.”

For more about OpenSpace dynamic ground visit: https://www.kratosdefense.com/Satcom.
For more information about telecom and satellite network integration, read NSR’s (an Analysys Mason company) white paper: https://www.kratosdefense.com/carrier-ethernet.

About Kratos OpenSpace
Kratos’ OpenSpace family of solutions enables the digital transformation of satellite ground systems to become a more dynamic and powerful part of the space network. The family consists of three product lines: OpenSpace SpectralNet for converting satellite RF signals to be used in digital environments; OpenSpace quantum products, which are virtual versions of traditional hardware components; and the OpenSpace Platform, the first commercially available, fully orchestrated, software-defined ground system. These three OpenSpace lines enable satellite operators and other service providers to implement digital operations at their own pace and in ways that meet their unique mission goals and business models. For more information about the OpenSpace family visit http://KratosDefense.com/OpenSpace.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology company that develops and fields transformative, affordable systems, products and solutions for United States National Security, allies and global commercial enterprises. At Kratos, affordability is a technology, and Kratos is changing the way breakthrough technology is rapidly brought to market – at a low cost – with products, systems and technologies rather than slide decks or renderings. Through proven commercial and venture capital backed approaches, including proactive, internally funded research and streamlined development processes, Kratos is focused on being first to market with our solutions, well in advance of competition. Kratos is the recognized technology disruptor in our core market areas, including Space and Satellite Communications, Cyber Security and Warfare, Unmanned Systems, Rocket and Hypersonic Systems, Next-Generation Jet Engines and Propulsion Systems, Microwave Electronics, C5ISR and Virtual and Augmented Reality Training Systems. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 25, 2022, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Yolanda White
858-812-7302 Direct

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

Source: Kratos Defense & Security Solutions, Inc.

Release – Ocugen Mucosal Vaccine Candidate Ocu500 Selected By NIH/NIAID Project Nextgen For Inclusion In Clinical Trials

Posted on by aweinsoff@channelchek.com

Research News and Market Data on OCGN

October 10, 2023

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  • NIAID is conducting early phase clinical trials on select next generation vaccine candidates with the intent to identify the most effective platforms and delivery routes
  • OCU500 will be tested as both inhaled and intranasal vaccine candidates
  • Clinical trials scheduled to start in early 2024

MALVERN, Pa., Oct. 10, 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 that the National Institute of Allergy and Infectious Diseases (NIAID), a part of the National Institutes of Health, will conduct a trial comparing the administration of Ocugen’s mucosal vaccine candidate, OCU500, via two different mucosal routes, inhalation into the lungs and as a nasal spray.

Ocugen is developing a novel anti-viral mucosal vaccine platform initially targeting COVID-19 and influenza (flu). The intent is to provide protection against severe disease, increase durability and prevent transmission of viral threats. OCU500 is based on a novel chimpanzee adenovirus-vectored (ChAd) technology. Earlier clinical studies to prevent COVID-19 employing a similar vector administered via inhalation demonstrated increased mucosal antibodies, systemic antibodies, and durable immune response up to one year using one fifth (1/5) of the dose compared to the same vaccine given via intramuscular administration. Additionally, Ocugen believes that this vaccine can be rapidly scaled-up as new variants emerge.

“We believe our novel mucosal vaccine platform technology has the potential to prevent infection and spread of COVID-19, and improve durability for an annualized vaccine similar to flu,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen. “This is the first vaccine candidate using our inhaled platform technology, which we hope to expand in order to address multiple respiratory threats, including flu. We have benefited from a strong collaborative relationship with NIAID and BARDA since the start of Project NextGen and we look forward to participating in this initiative.”

NIAID will be conducting clinical trials to evaluate several early stage vaccine candidates. The study involving Ocugen’s vaccine will be administered via both intranasal and inhaled routes and is designed to help answer an important question – does an inhaled COVID-19 vaccine provide greater immune response than the same vaccine administered through a nasal spray. Upon completion of the trial NIAID and Ocugen will assess the results and determine next steps for OCU500.

Project NextGen is a $5 billion multi-government agency initiative to develop the next generation of vaccines and therapeutics to combat the spread of COVID-19. NIAID, with funding from Project NextGen, will cover the full cost of the clinical trials, including operations and related analysis. Ocugen will be responsible for providing clinical trial materials and upon completion will have full right of reference to the findings, which Ocugen believes will provide clinical evidence to support the further development of the Company’s lead mucosal vaccine candidate.

The announced collaboration comes at a time when COVID-19 infection rates are rising with the emergence of new variants. Durability of existing vaccines continues to be of concern with antibody protection waning several months following vaccination while vaccine compliance rates have declined since the initial wave. According to a recent Harris poll, 66% of Americans would prefer to have more vaccine options. The poll also found that 52% of Americans would be more open to getting an intranasal or inhaled, versus injectable COVID-19 vaccine.

Ocugen looks forward to this important next step in the development of its novel mucosal vaccine platform and further supporting the Company’s commitment to advancing public health.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s 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. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact:
Tiffany Hamilton
Head of Communications
Tiffany.Hamilton@ocugen.com 

Release – Finalists Named for 2023 ISG Paragon Awards™ EMEA

Posted on by aweinsoff@channelchek.com

Research News and Market Data on III

10/10/2023

Program recognizes innovative approaches to leveraging technology and new operating models for business success

LONDON–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced the finalists for the 2023 ISG Paragon Awards™ EMEA, which celebrate the ongoing transformation of sourcing industry partnerships through new approaches and technologies.

Winners in each category will be selected by a panel of independent industry experts and announced at the ISG Sourcing Industry Awards Gala Dinner on Wednesday, November 15, at the Park Plaza Victoria London.

Here are the EMEA finalists for the 2023 awards:

Excellence: Recognizing outstanding delivery by a technology or service provider

  • Genpact with a global power management company
  • Infosys BPM with a retail company
  • Microland with a major aviation and aerospace company
  • Tech Mahindra with a U.K. government agency
  • Unisys with a global consumer goods company

Innovation: Recognizing the importance of imagination and entrepreneurial spirit in helping organizations future-proof their businesses and better serve clients

  • Coforge with an insurance technology provider
  • IBM with an American telecommunications conglomerate
  • Infosys with an elevator and escalator manufacturer
  • WNS with a logistics and shipping company

Transformation: Recognizing the successful transformation of an organization or key business function

  • Colt Technology Services with a media company
  • Hexaware with a leading airline in the Middle East
  • Mphasis with a leading materials engineering company
  • Quinnox with a financial services organization
  • RIEDEL Networks with a document solution provider

Workplace of the Future: Recognizing client and employee experience and productivity beyond technology

  • Atos with a public sector organization in Scotland
  • Cognizant with the U.K.’s railway infrastructure manager
  • Hexaware with a global leader in workforce solutions
  • Teleperformance with a major tourism company
  • Unisys with a multinational chemical company

Environmental Sustainability: Recognizing outstanding positive impacts in one or more environmental sustainability fields for clients, consumers, communities and/or employees

  • Infosys with an automotive manufacturer
  • Telefónica Tech with a roofing manufacturer in Europe
  • Tech Mahindra with an Ethiopia utility company
  • GEP with a multinational pharmaceutical company
  • Infosys with a smart city initiative participating company

The ISG Paragon Awards™ EMEA, produced by ISG Events, recognize innovative ways of driving business success by leveraging digital technology and new operating models.

“This is an exciting time to be in the technology industry, as enterprises and providers work together to enable business growth,” said Steve Hall, partner and president, ISG EMEA. “Technology service providers continue to enable and deliver some of the most readily available pools of talent in both traditional and emerging technologies, geographies, markets and skill areas. Congratulations to the finalists for the 2023 ISG Paragon Awards EMEA for their innovation and productivity.”

The November 15 awards gala takes place during the ISG Sourcing Industry Conference for EMEA. In addition to the ISG Paragon Awards EMEA, ISG will announce the winners of the ISG Star of Excellence™ Awards, which recognize excellence in provider delivery based on enterprise client feedback, and the winners of the ISG Provider Lens™ Awards, recognizing providers named as Leaders in ISG Provider Lens™ studies.

Full details of the ISG Paragon Awards program are available on the award website.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Source: Information Services Group, Inc.

IMF Economic Outlook: U.S. Growth Revised Up, Europe Down

Posted on by slightbourne@noblecapitalmarkets.com

The International Monetary Fund (IMF) recently released its updated World Economic Outlook report, providing insights into global economic projections. A key theme is diverging fortunes for major economies like the United States and Europe.

The IMF upgraded its 2023 GDP growth forecast for the U.S. to 2.1%, up 0.3 percentage points from its prior estimate. The upbeat revision reflects resilience in areas like business investment and consumer spending despite high inflation and interest rates. However, growth is still seen slowing in 2023 and 2024 as the impacts of tightening policy kick in.

Meanwhile, the IMF downgraded the euro zone 2023 outlook to 0.7% growth, 0.2 percentage points lower than previously expected. Slowing trade and higher rates are severely impacting Germany, while other euro economies face varied challenges. The IMF predicts gradual euro zone growth recovery to 1.2% in 2024, though still below pre-pandemic levels.

For the U.K., the IMF upgraded near-term growth slightly to 0.5% in 2023 but lowered its 2024 forecast on expectations of lingering damage from energy price shocks. The U.K. faces a difficult road ahead.

Overall, the IMF kept its global growth outlook unchanged at 3% for 2023. This sluggish pace reflects myriad headwinds including inflation, tight monetary policy, supply chain issues, and the war in Ukraine. IMF Chief Economist Gourinchas described the global economy as “limping along” below its pre-pandemic trend.

Positives like easing supply chain bottlenecks, lower Covid impacts, and stabilizing financial conditions will provide some uplift. But manufacturing and services slowdowns, synchronized central bank tightening, and China’s property crisis will constrain growth.

For investors, the IMF outlook sends mixed signals. U.S. economic resilience and continued consumer strength provide room for cautious optimism. But Europe’s downward revision and pervasive global headwinds like inflation suggest ongoing volatility and potential bumps ahead.

This outlook underscores the importance of defensive positioning and safe haven assets to balance riskier equities. Key takeaways for investors include:

  • Focus on U.S. sectors and stocks benefitting from higher business and consumer spending.
  • Tread carefully in Europe as weaker growth hits markets. Emphasize quality multinationals with less cyclical dependence.
  • Inflation and interest rates will remain challenges influencing markets and consumer behavior.
  • China’s faltering growth and property bubble pose threats worth monitoring.
  • Pay close attention to recession signals that could shift IMF forecasts and alter market psychology.

While the global economy is still expanding, momentum is slowing with many obstacles to navigate. Investors should build resilient portfolios capable of withstanding volatile conditions, while staying alert for any deterioration that could change the IMF’s cautious optimism.