InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.
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.
Lower third quarter commodity prices. During the third quarter, West Texas Intermediate (WTI) crude oil prices declined 18.2% to $68.17 per barrel and averaged $75.35 per barrel. InPlay sells oil at monthly average Edmonton Par prices which are based on the price of WTI crude oil minus quality differentials, transportation, and marketing fees. Crude oil prices have risen since the end of the quarter due to heightened geopolitical risk with WTI crude oil priced at $74.45 per barrel on October 4. WTI and Henry Hub futures prices average $71.16 per barrel and $3.40 per mcf in 2025. We note that natural gas prices in Canada were weak relative to Henry Hub prices during the third quarter.
Outlook for 2025. For 2024, the company forecast average production of 8,700 to 9,000 barrels of oil equivalent per day (boe/d). We are forecasting 2024 production of 8,682 barrels of oil equivalents per day compared to our previous estimate of 8,952 boe/d due to lower third and fourth quarter expectations. We think the company may start off with a conservative 2025 plan that targets production at the upper end of 2024 guidance and have lowered our production expectations to 8,971 from 9,638 barrels of oil equivalents per day.
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.
Joe Gomes, CFA, 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.
AI Services. Bit Digital had 256 servers actively generating revenue from its initial Bit Digital AI contract, as of September 30, 2024, and earned approximately $4.2 million of unaudited revenue from this contract during the month.
Mining Side. The Company produced 51.5 BTC in September, a 3.6% decrease from last month’s 53.4 BTC. The active hash rate was 2.43 EH/s, flat with the previous month. Management will continue to be opportunistic with miner purchases dependent upon the returns, in our view.
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.
Key Points: – Comstock Inc. has acquired Quantum Generative Materials (GenMat), gaining control of its AI-driven materials discovery platform and technical team, with a focus on energy applications. – GenMat’s AI technology enables the discovery of new materials in much shorter timeframes, helping Comstock accelerate its decarbonization efforts and innovations in metals, mining, and fuels. – Comstock plans to integrate and commercialize GenMat’s technology efficiently.
Comstock Inc. (LODE) has announced the acquisition of Quantum Generative Materials (GenMat), marking a strategic investment in artificial intelligence for advancing materials discovery, particularly in energy applications. As part of the acquisition, Comstock will gain substantially all of GenMat’s equity, including its proprietary AI-driven materials discovery platform, synthesis technologies, and most of its technical team.
Strengthening AI Capabilities for Materials Science
GenMat’s breakthrough AI platform is designed to generate new atoms, molecules, and physical systems for a wide range of material applications. By combining physics and chemistry knowledge with proprietary synthetic datasets, GenMat dramatically reduces the time required for materials discovery compared to traditional methods. This acquisition will enable Comstock to accelerate the development of new technologies focused on decarbonizing energy and other key industries.
“Our interest in GenMat was and remains grounded in the critical need for AI in materials science and mineral discovery for breakthrough energy applications,” said Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “This acquisition allows us to address large market opportunities with innovative AI-driven solutions.”
Expanding Comstock’s Innovation Capacity
Kevin Kreisler, Comstock’s Chief Technology Officer, emphasized the acquisition’s impact on the company’s strategic direction. “Focusing on GenMat’s competencies in materials science and computational chemistry, combined with cutting-edge AI technologies, will strengthen our competitive edge across our metals, mining, and fuels businesses,” Kreisler stated. “This acquisition expands our innovation capacity and reinforces our commitment to systemic decarbonization.”
Streamlining the Acquisition and Future Plans
Comstock’s original 2021 investment agreement with GenMat was a milestone-based deal worth $50 million for 50% of GenMat’s equity. With this new acquisition, all prior agreements between the two companies have been terminated. Comstock expects to integrate and commercialize GenMat’s AI platform efficiently, reinforcing its position in the materials science and energy sectors.
Key Points: – Brent crude oil prices are rising as markets speculate on a potential Israeli strike against Iran’s oil infrastructure, particularly Kharg Island, which handles 90% of Iran’s crude exports. – A worst-case scenario would involve disruption in the Strait of Hormuz, a critical passage for 20% of the world’s crude oil exports, which could cause a dramatic spike in oil prices. – While OPEC+ has enough spare capacity to offset supply disruptions from an Israeli strike, it may struggle if Iran retaliates, adding further uncertainty to the energy markets.
Brent crude oil extended its gains today, driven by rising fears that Israel could launch a retaliatory strike on Iran’s oil infrastructure following Tehran’s recent ballistic missile attack. Markets are increasingly concerned that such an attack could disrupt the flow of oil from one of the world’s most critical regions for crude exports.
Concerns Over Key Oil Choke Points
Israel’s retaliation, though not yet clearly defined, has analysts worried about the potential impact on Iran’s oil exports, especially if Israel targets Kharg Island, where 90% of Iran’s crude oil exports pass through. A strike there would have significant consequences on global oil supply, sending prices higher. However, the worst-case scenario would involve a strike on the Strait of Hormuz, through which 20% of the world’s crude oil flows, which would cause a dramatic spike in crude prices.
U.S. President Joe Biden has urged Israel to avoid targeting Iranian oil facilities, following his previous opposition to a strike on Iran’s nuclear sites.
Oil Prices Surge on Market Speculation
Brent crude prices surged last week, marking the steepest increase since early 2023. Activity in the options market has also shown increased demand for hedging against the risk of further gains, reflecting market fears of a supply disruption. Despite these gains, Brent crude is still trading below last year’s price of $88 per barrel, when the current conflict in the Middle East began.
OPEC+ Supply and Market Outlook
As OPEC+ prepares to raise production in December following years of output cuts, analysts believe the group has enough spare capacity to offset any supply disruptions caused by an Israeli attack on Iranian oil facilities. However, concerns linger that OPEC+ could face challenges if Iran retaliates, potentially leading to further volatility in oil markets.
While some analysts see an attack on Iranian oil infrastructure as a less likely response from Israel, the broader geopolitical tensions and risks of wider conflict are adding uncertainty to the energy markets.
Key Points: – Apollo Global Management is acquiring Barnes Group in a $3.6 billion all-cash deal, providing shareholders with $47.50 per share, a 22% premium over the June 25, 2024 share price. – The transaction is expected to close by Q1 2025, after which Barnes will be delisted from the NYSE and become a privately held company. – Apollo plans to support Barnes in its continued innovation and long-term growth across its aerospace and industrial sectors.
Barnes Group Inc. (NYSE: B) announced today that it has entered into a definitive agreement to be acquired by funds managed by Apollo Global Management, Inc. (NYSE: APO) in an all-cash transaction valued at approximately $3.6 billion. Under the terms of the agreement, Barnes shareholders will receive $47.50 per share, representing a 22% premium over the company’s undisturbed closing share price on June 25, 2024.
A Strategic Move for Growth
The deal delivers immediate and certain cash value to Barnes shareholders while positioning the company to continue serving its customers in the aerospace and industrial sectors. Apollo Global Management, a global alternative asset manager with over 35 years of investment experience, is committed to helping companies like Barnes achieve long-term sustainable growth. Apollo has a proven track record of investing in leading businesses and positioning them for future success.
“This transaction will enable Barnes to continue meeting and exceeding our customers’ needs with innovative aerospace and industrial products, systems, and solutions,” a Barnes spokesperson stated.
Barnes to Be Delisted and Taken Private
Upon completion of the transaction, which is expected by the end of Q1 2025, Barnes will be delisted from the New York Stock Exchange and become a privately held company. The deal is subject to customary closing conditions, including approval by Barnes shareholders and regulatory approval.
About Barnes Group
Founded in 1857 and headquartered in Bristol, Connecticut, Barnes Group Inc. has built a reputation for pioneering excellence in advanced manufacturing processes, automation solutions, and applied technologies across various industries. Barnes Aerospace specializes in producing and servicing complex components for commercial and military turbine engines, while Barnes Industrial focuses on engineered plastics and industrial automation solutions.
About Apollo Global Management
Apollo Global Management is a high-growth, global asset manager with approximately $696 billion in assets under management as of June 30, 2024. Apollo’s investment strategies span a wide spectrum, from investment-grade to private equity, focusing on delivering excess returns for its clients. The company has a long history of providing capital solutions to businesses, helping them grow and achieve financial security.
BOCA RATON, Fla.–(BUSINESS WIRE)–Oct. 4, 2024– The GEO Group (NYSE: GEO) (“GEO”) announced today that U.S. Immigration and Customs Enforcement (“ICE”) has exercised the five-year option period extending the contract for the GEO-owned 1,940-bed Adelanto ICE Processing Center in California (the “Adelanto Center”) through December 19, 2029.
ICE and GEO entered into a 15-year contract on December 19, 2019, for the provision of secure residential housing and care at the Adelanto Center, consisting of a five-year base period followed by two five-year option periods. The Adelanto Center employs approximately 350 employees.
George C. Zoley, Executive Chairman of GEO, said, “We believe the exercise of this five-year contract option period by ICE is indicative of the important role the Adelanto Center plays in helping ICE and the U.S. Department of Homeland Security fulfill their mission and operational priorities. We are proud of our approximately 350 employees at the Adelanto Center, whose dedication and professionalism have allowed GEO to establish a long-standing record of providing high-quality support services on behalf of ICE in the state of California.”
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 100 facilities totaling approximately 81,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements, including statements regarding the Adelanto Center contract. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K, 10-Q, and 8-K reports. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
Key Points: – Coeur Mining has agreed to acquire SilverCrest Metals in a $1.7 billion deal, offering a 22% premium to SilverCrest shareholders. – The combined company is expected to produce 21 million ounces of silver and 432,000 ounces of gold in 2025, with significant free cash flow generation. – SilverCrest’s high-grade Las Chispas mine will enhance Coeur’s cost structure and accelerate its deleveraging efforts, reducing its leverage ratio by 40%.
Coeur Mining, Inc. (NYSE: CDE) and SilverCrest Metals (NYSE: SILV) have announced they have entered into a definitive agreement where Coeur will acquire all issued and outstanding shares of SilverCrest in a transaction valued at approximately $1.7 billion. The acquisition will take place through a court-approved plan of arrangement, with SilverCrest shareholders set to receive 1.6022 Coeur common shares for each SilverCrest share, implying a total consideration of $11.34 per share—a 22% premium over SilverCrest’s closing price on October 3.
A Strategic Union to Create a Global Silver Leader
The acquisition is expected to transform Coeur into a leading global silver company. By integrating SilverCrest’s flagship Las Chispas mine in Sonora, Mexico, with Coeur’s existing operations—including its expanded Rochester mine in Nevada and Palmarejo mine in Mexico—the combined company aims to produce a peer-leading 21 million ounces of silver and 432,000 ounces of gold in 2025.
The acquisition is projected to deliver significant value for Coeur shareholders through expanded production capacity and improved financial metrics. Coeur anticipates the combined company will generate approximately $700 million in EBITDA and $350 million in free cash flow by 2025, with lower costs and higher margins thanks to the low-cost nature of SilverCrest’s assets.
Accelerating Coeur’s Deleveraging Strategy
A key benefit of the transaction is the immediate impact on Coeur’s balance sheet. SilverCrest’s solid financial standing, which includes $122 million in total treasury assets, no debt, and a strong cash flow profile, is expected to drive Coeur’s deleveraging efforts. The deal is anticipated to reduce Coeur’s leverage ratio by 40% upon closing, enhancing the company’s ability to reduce debt and strengthen its overall financial position.
Mitchell J. Krebs, Chairman, President, and Chief Executive Officer of Coeur Mining, commented: “The acquisition of SilverCrest creates a leading global silver company by adding low-cost silver and gold production and significant free cash flow to our rapidly growing production and cash flow, driven by the recent expansion of our Rochester silver and gold mine in Nevada.”
SilverCrest’s High-Quality Assets to Bolster Coeur’s Portfolio
SilverCrest’s Las Chispas underground mine, one of the world’s highest-grade, lowest-cost silver and gold operations, has shown exceptional operational performance since starting production in 2022. In 2023, the mine produced 10.25 million silver equivalent ounces at an average cash cost of $7.73 per ounce, demonstrating strong financial results and operational efficiency. Coeur expects Las Chispas to significantly improve its overall cost and margin profile while enhancing free cash flow generation.
N. Eric Fier, Chief Executive Officer and Director of SilverCrest, said: “I feel confident that the Coeur team will extend this track record of success at Las Chispas. This transaction provides our shareholders with an immediate premium and the opportunity to be part of a growing U.S.-based silver and gold company with tremendous upside potential.”
Fier will continue his involvement as a director of Coeur, helping guide the future of the combined entity.
Closing Conditions and Expected Timeline
The transaction remains subject to customary regulatory approvals, including Mexican antitrust approval and the approval of Coeur shares to be listed on the NYSE. Shareholder and court approvals are also required, with the transaction expected to close by the end of the first quarter of 2025, provided all conditions are met.
About Coeur Mining
Coeur Mining, Inc. is a well-diversified U.S.-based precious metals producer with operations across North America, including the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. The company is committed to increasing production while maintaining financial strength and reducing leverage.
About SilverCrest Metals
SilverCrest Metals is a Canadian precious metals producer headquartered in Vancouver, focused on its Las Chispas operation in Sonora, Mexico. The company has a strong track record of taking projects from discovery to production, delivering high-grade, low-cost silver and gold, and remains committed to expanding its resources and reserves to operate multiple silver-gold mines in the Americas.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com
Joe Gomes, CFA, 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.
Sale of a Unit. Wednesday, ISG announced the sale of its non-core automation unit to UST, a digital transformation solutions company, for $27 million. At closing, ISG received $20 million in cash with $4 million to be released over the next 90 days and $3 million to be released at the end of 1Q25. Proceeds will be used for reducing debt, re-investing in the business, and returning capital to shareholders. Automation contributed roughly $30 million of annual revenue, including $18 million of recurring revenue.
AI Business. With large enterprises’ increasing focus on AI, ISG is placing more emphasis in this area and we believe is poised to capitalize on future spending through its AI Advisory and Research segments. Early indications of growing demand are showing with ISG Tango’s total contract value rising at the end of the second quarter.
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.
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.
Memoranda of Understanding. Through a wholly owned subsidiary, Aurania entered into a non-binding Memoranda of Understanding (MOU) with the Communes of Ogliastro and Nonza in Cap Corse, Northern Corsica, France for the exploitation of heavy mineral beach placers that are enriched with nickel and other metals. An accumulation of black sand comprised of awaruite and magnetite on the beaches of Albo and Nonza originated from asbestos mine waste that had previously been dumped in the Mediterranean Sea. The waste traveled up along the coast and accumulated silt at the historic ports of Albo and Nonza. Awaruite is a natural nickel-iron mineral alloy.
Placers are rich in nickel. While no resource or reserve has been established, Activation Laboratories Ltd. conducted an analysis of a heavy mineral concentrate produced by simple panning of the beach sand by hand which yielded an assay of 50.4% nickel, 0.701% cobalt, and 0.476% copper. Moreover, a Mozley gravity table concentrate of magnetic beach sand performed by SGS Laboratories yielded 40.1% nickel. At some point, we think Aurania will likely take a bulk sample for analysis.
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.
Key Points: – The major port strike on the U.S. Atlantic and Gulf coasts has tentatively ended after dock workers agreed to a 62% pay raise over six years. – The current contract has been extended through January 15, 2025, allowing time for further negotiations, particularly over unresolved issues like the use of automated machinery. – The brief strike disrupted supply chains, with billions of dollars of goods stranded offshore, but the immediate threat to inflation and layoffs has been averted with the resumption of port operations.
The major port strike that disrupted shipping operations along the U.S. Atlantic and Gulf coasts this week has come to a tentative resolution. Workers represented by the International Longshoremen’s Association (ILA) reached a tentative agreement on wages and a contract extension, temporarily halting the strike that had begun early Tuesday morning.
Tentative Deal Reached After Intense Negotiations
Under the tentative agreement, dock workers would receive a 62% pay raise over six years. The union had originally pushed for a 77% wage increase, while the shipping industry group initially offered 50%. Yesterday’s offer came after pressure from the Biden administration to raise wages and expedite a resolution.
The agreement extends the current contract until January 15, 2025, providing time for both sides to negotiate the new long-term contract. The strike had raised significant concerns over the supply of essential goods like fruits and automobiles and threatened to exacerbate inflation if prolonged.
Immediate Return to Work
The ILA and USMX issued a joint statement on Thursday evening, confirming that all job actions would cease immediately, and work covered under the Master Contract would resume. Despite the wage deal, some major issues remain unresolved, particularly around the use of automated machinery, a sticking point that will feature prominently in upcoming negotiations.
Economic Impact and Supply Chain Disruptions
This week’s brief strike marked the first time the ILA had walked out since 1977. The impact of the strike was already being felt across industries, with thousands of shipping containers diverted to incorrect ports and billions of dollars’ worth of goods left stranded offshore. A longer strike could have increased inflationary pressures on consumer goods and triggered layoffs due to supply chain disruptions. However, with operations resuming, the immediate threat to supply chains has been averted, and attention now shifts to the longer-term contract negotiations that will determine the future of port labor relations.
Key Points: – The U.S. economy added 254,000 jobs in September, beating forecasts and driving the unemployment rate down to 4.1%. – Average hourly earnings rose by 0.4% for the month, marking a 4% increase year-over-year, both exceeding estimates. – The strong jobs report could lead the Federal Reserve to adopt a more gradual pace in reducing interest rates, signaling economic resilience despite moderating hiring trends.
The U.S. economy added 254,000 jobs in September, significantly surpassing the 150,000 consensus forecast and marking a sharp increase from the revised 159,000 jobs added in August. The unemployment rate fell to 4.1%, down from 4.2% in the prior month, as labor market conditions strengthened. Average hourly earnings also outperformed expectations, rising 0.4% in September, which brought the annual increase in wages to 4%.
Strong Job Gains Across Key Sectors
Food services and drinking places saw the largest growth, adding 69,000 jobs in September, followed by healthcare, which added 45,000 positions. Government jobs also contributed to the overall increase, ticking up by 31,000. The labor force participation rate remained unchanged at 62.7%, reflecting stability in workforce engagement despite the notable job gains.
Implications for the Federal Reserve’s Rate Path
This robust jobs report could ease concerns about the strength of the U.S. labor market and likely solidify the Federal Reserve’s stance on slowing the pace of interest rate reductions. The consistent improvement in key labor metrics may allow the Fed to take a more gradual approach, avoiding sharp rate cuts while still maintaining flexibility based on future economic data.
Earlier this week, Federal Reserve Chair Jerome Powell remarked that while the labor market remained solid, it had clearly cooled compared to last year. With hiring rates moderating and new claims for unemployment holding steady, Powell’s comments may align with the Fed’s cautious stance, even as stronger-than-expected jobs data shows resilience.
Historical Context: Jobs Reports and Market Movements
Historically, U.S. jobs reports play a pivotal role in shaping market expectations and influencing Federal Reserve policy. A stronger-than-anticipated jobs report like this one can drive investor confidence, often leading to a rally in equities and bond markets. Conversely, when labor market data shows signs of weakness, it can spark fears of an economic downturn, leading to volatility.
For the Federal Reserve, robust jobs reports often signal that the economy can withstand tighter monetary policies, such as higher interest rates, to combat inflation. However, when employment data weakens, it can prompt the Fed to ease its stance by reducing interest rates to stimulate growth. In this case, today’s report, with stronger-than-expected results across the board, may temper the pace of rate cuts, as the economy shows signs of resilience amid cooling inflationary pressures.
Toronto, Ontario–(Newsfile Corp. – October 3, 2024) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”). Aurania has signed non-binding Memoranda of Understanding (“MOUs”) with the Communes of Ogliastro and Nonza in Cap Corse, Northern Corsica, France, through Aurania’s wholly-owned subsidiary Corsica Ressources S.A. for the exploitation of heavy mineral beach placers that are highly enriched in nickel (Ni) and other metals. Analysis by Activation Laboratories Ltd (Actlabs) of Ancaster, Ontario, of a heavy mineral concentrate produced by simple gold panning the beach sand by hand yielded an assay of 50.4% nickel, 0.701% cobalt (Co), and 0.476% copper (Cu). A Mozley gravity table concentrate of magnetic beach sand performed by SGS Laboratories of Lakefield, Ontario yielded 40.1% nickel. These nickel grades are far in excess of any known hard rock deposits to our knowledge. The Management of Aurania was quick to realize the significance of this “discovery” and has worked over the last year with the Mineral Resources Department of the Ministry of Economy and Finance, the Interministral Delegation for the Provision of Critical Minerals and Strategic Metals as well as various levels of Government within Corsica.
Aurania’s Consultant Geologist, Stefan Ansermet, located a Geological Survey of France (BRGM) report from 1968 entitled “Le problème du nickel dans le serpentines de Corse” (The problem of nickel in the serpentinites of Corsica) which contained a one-paragraph reference to an accumulation of natural nickel-iron alloy (awaruite) on the beach of Albo, originating from asbestos mine waste that had been disposed of in the Mediterranean Sea. At the Canari open-pit mine, processed mine waste was dumped in the sea from 1948-1965. This has been broken up by storms and tides and travelled up to six kilometres along the coast and silted up two historic ports: Albo and Nonza. The awaruite mineral resides within the serpentinite host rock which in the surf has been naturally attrition milled. In the historical data a minus 2 millimetre fraction of beach sand from Albo, concentrated by heavy liquids, gave a Ni assay more than double the typical grade of mine waste. Aurania’s Chairman and CEO, Dr. Keith Barron examined satellite images on Google Earth and found what appeared to be beach placers of black sand on the nearby Nonza Beach (Figure 1). Within days, Mr. Ansermet travelled to Corsica and confirmed that there were indeed black sand accumulations on the beach (Figure 2). Subsequently, 130 kilos of sand were taken on a N-S traverse of Nonza beach. ALS-Chemex Laboratories determined that 31.7% of this raw material was magnetic through Davis Tube recovery. This magnetic sand is made up of free particles of awaruite (Ni3Fe) and magnetite (Fe3O4). In the areas of black sand placer, the awaruite and magnetite content approaches 100%. Awaruite is a natural Ni-Fe mineral alloy with a composition approximating stainless steel with 77-83% Ni. Though the initial source of the awaruite was asbestos mine waste, there is no present hazard on the beaches according to the French National Institute of Industrial Environment and Risks. Both awaruite and magnetite are heavy minerals and easily recovered from beach sand by gravity techniques that are similar to placer gold recovery. Both minerals are also highly magnetic, and the magnetic susceptibility differences between magnetite and awaruite is such that they can easily be separated. The technology is simple, cheap, and well understood. No chemicals are used in the recovery. The awaruite product can be dried, bagged and shipped to a potential smelter or battery-grade nickel sulphate producer. SGS Labs (Lakefield) is currently working on the 130 kg sample to determine the most efficient means of separating out awaruite.
Dr. Barron commented, “A nickel prospect where a potential nickel-matte furnace feedstock requires no need for drilling, blasting, or beneficiation, and can possibly be shipped from Corsica direct to a purchaser sounds like a dream scenario. Encouraging local community support makes this even more attractive. I would like to thank Stefan Ansermet for alerting Aurania to this exceptional opportunity.”
Although this does represent a considerable departure from Aurania’s on-going copper and gold exploration project in Ecuador, Dr. Barron, who has considerable experience in commercial heavy mineral recovery, immediately recognized the economic significance of this phenomenon and initiated a project of geological investigation. Though artificial, it is believed that these are the sole alluvial concentrations of nickel known on Earth and that they potentially constitute a major resource of the metal heretofore unrecognized. According to the BRGM, more than 11Mt of processed serpentinite grading 0.2% Ni were dumped in the sea. However, the beach pebbles are predominantly larger than the historical 3 cm crushing width, suggesting that large amounts of development rock from stripping was also disposed of in the sea. At this juncture, the Company has not determined a Resource or Reserve.
Figure 1: Much evidence of Beach Placer concentration indicated by arrows (taken August 7, 2020) Google Earth (cf. Hou et al., 2017). Carried by longshore drift southwards 6 kilometres from the abandoned open pit mine to Nonza. This beach is approximately 1350 metres long and 350 metres at its widest. The beach placers are believed to be very high grade.
Figure 2: One of many beach placer accumulations of Black Sand (awaruite and magnetite). Boot imprints in the foreground for scale. Grains of magnetite extracted from Black Sand by attraction to a simple magnet, inset photo.
Figure 3: Fairly pure concentrate of awaruite in a gold pan. This material assayed 50.1% nickel. Awaruite is present as silvery scales which tarnish yellow. Maximum grain size is approximately 2 mm.
Independently published studies have concluded that heavy metals (Ni, Co, Cu) are leaching from the beach material and contaminating marine life. The beaches themselves appear to be entirely sterile. We consider our Project equally as a critical metals recovery project and a “clean up operation”. Both of these are “wins” for the planet.
The Company has retained SGS Laboratories/Lakefield to determine the best method for awaruite commercial recovery. SGS has sent a Geologist to Corsica to verify the material above and to take umpire samples. His report is pending receipt of final assays. The Company has also retained IHC Mining B.V. a Netherlands-based company, which specializes in dredging solutions, that is currently preparing a scoping study to best advise on suitable heavy mineral recovery methods and equipment.
Technical Information
All sampling reported in this release was supervised by project geologists, including chain of custody. Hand sediment panning and alluvial grab samples have been prepared at the indicated laboratories, and certified reference standards are inserted into the sample stream to monitor laboratory performance. A portion of the material is stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program. Rock samples are reconnaissance select grab samples that display mineralization and assay results may not be representative of, nor verify economically mineable mineralization.
Qualified Persons:
The geological information contained in this news release has been verified and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucú Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
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 news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the Company’s teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law
NEW ALBANY, Ohio, Oct. 02, 2024 (GLOBE NEWSWIRE) — Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI), a diversified industrial products and services company, announced it has completed the sale, effective October 1, 2024, of its Cab Structures business with operations in Kings Mountain, North Carolina to a Volvo Group company. As part of the sale, CVG received a total of $40 million, with $20 million received on September 6, 2024, and the remaining $20 million received on October 1, 2024.
James Ray, President and CEO of CVG, stated, “This is a positive transaction for both companies and supports CVG’s efforts to optimize our portfolio toward higher-growth products and markets in line with our ongoing strategic transformation plan. We’re happy to see the plant in good hands as Kings Mountain employees will benefit from being integrated into their customer’s operations. We’re grateful for their contributions to CVG over the years.”
CVG and Volvo are committed to a smooth transition for our customers, suppliers, and the employees.
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 CVG and its products is available at www.cvgrp.com.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
