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Release – Alliance Resource Partners, L.P. Reports Fourth Quarter Financial and Operating Results; Declares Quarterly Cash Distribution of $0.70 Per Unit; and Provides 2025 Guidance

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ARLP

February 3, 2025

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Highlights

  • Full year 2024 total revenue of $2.4 billion, net income of $360.9 million, and Adjusted EBITDA of $714.2 million
  • Record full year 2024 oil & gas royalty volumes of 3.4 million BOE, up 9.6% year-over-year
  • Fourth quarter 2024 total revenue of $590.1 million, net income of $16.3 million, and Adjusted EBITDA of $124.0 million
  • Completed $9.6 million in oil & gas mineral interest acquisitions during fourth quarter
  • In January 2025, declared quarterly cash distribution of $0.70 per unit, or $2.80 per unit annualized

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP” or the “Partnership”) today reported financial and operating results for the quarter and full year ended December 31, 2024 (the “2024 Quarter” and “2024 Full Year”). This release includes comparisons of results to the quarter and year ended December 31, 2023 (the “2023 Quarter” and “2023 Full Year”, respectively), as well as the quarter ended September 30, 2024 (the “Sequential Quarter”). All references in the text of this release to “net income” refer to “net income attributable to ARLP.” For a definition of Adjusted EBITDA and related reconciliation to its comparable GAAP financial measure, please see the end of this release.

Total revenues in the 2024 Quarter decreased 5.6% to $590.1 million compared to $625.4 million for the 2023 Quarter primarily as a result of reduced coal sales volumes, which declined 2.3%, and lower transportation revenues. Net income for the 2024 Quarter was $16.3 million, or $0.12 per basic and diluted limited partner unit, compared to $115.4 million, or $0.88 per basic and diluted limited partner unit, for the 2023 Quarter as a result of lower revenues, higher per ton operating expenses, which include $13.1 million of non-cash accruals for certain long-term liabilities, and $31.1 million of non-cash impairment charges in the 2024 Quarter due to market uncertainty at our MC Mining operation, partially offset by a $14.0 million increase in the fair value of our digital assets. Adjusted EBITDA for the 2024 Quarter was $124.0 million compared to $185.4 million in the 2023 Quarter.

Total revenues in the 2024 Quarter decreased 3.8% compared to $613.6 million in the Sequential Quarter primarily as a result of reduced coal sales prices, which declined 5.7% due in part to lower export price realizations. Net income for the 2024 Quarter decreased by 81.1% compared to the Sequential Quarter as a result of lower revenues and higher non-cash accruals relating to certain long-term liabilities and impairment charges in the 2024 Quarter, partially offset by an increase in the fair value of our digital assets. Adjusted EBITDA for the 2024 Quarter decreased 27.2% compared to the Sequential Quarter, as a result of higher non-cash accruals for certain long-term liabilities in the Illinois Basin, higher expenses related to the continuation of challenging geological conditions at our Tunnel Ridge and MC Mining operations in Appalachia, and lower revenue per ton for spot coal sold and per BOE in the Royalties segment.

Total revenues decreased 4.6% to $2.45 billion for the 2024 Full Year compared to $2.57 billion for the 2023 Full Year primarily due to lower coal sales volume, partially offset by higher other revenues. Net income for the 2024 Full Year was $360.9 million, or $2.77 per basic and diluted limited partner unit, compared to $630.1 million, or $4.81 per basic and diluted limited partner unit, for the 2023 Full Year as a result of lower revenues, increased operating expenses and non-cash impairment charges, partially offset by a $22.4 million increase in the fair value of our digital assets. Adjusted EBITDA for the 2024 Full Year was $714.2 million compared to $933.1 million in the 2023 Full Year.

CEO Commentary

“Due to the continued strength of our coal contracts, our average coal sales price per ton for the 2024 Full Year of $63.38 came close to the record level achieved in the 2023 Full Year of $64.17. However, lower sales volumes, higher operating costs and several non-cash accruals caused 2024 Full Year financial results to fall short of last year’s record revenues and net income,” said Joseph W. Craft III, Chairman, President and CEO. “The cold winter weather at the start of this year has driven higher natural gas prices and increased coal consumption in the eastern United States, helping reduce inventories. We are seeing customer solicitations for both near-term and long-term supply contracts, and if the colder weather continues to be above normal, we are hopeful we can reach our goal to ship 30 million tons to the domestic market in 2025.”

Mr. Craft continued, “Having substantially completed major infrastructure projects at Tunnel Ridge, Hamilton, Warrior, and River View in 2024, we expect to see improved costs and productivity along with reduced capital spending this year. Additionally, the combination of cold winter weather and new LNG export terminal capacity should support strong domestic natural gas prices in 2025, benefiting both our Coal and Royalties segments.”

Mr. Craft concluded, “The increase in forecasted electricity demand, particularly from data centers and growth in AI, is highlighting the inadequacy of current resource plans without extended use of fossil fuel plants. These market realities, coupled with what we expect to be a more favorable regulatory environment, are laying the foundation for Alliance to continue serving as a cornerstone of the country’s reliable electricity infrastructure for years to come. We look forward to what we can achieve in 2025.”

Coal Operations

Total coal sales volumes for the 2024 Quarter decreased 2.3% compared to the 2023 Quarter while remaining relatively consistent compared to the Sequential Quarter. In Appalachia, tons sold decreased by 17.1% and 24.6% in the 2024 Quarter compared to the 2023 Quarter and Sequential Quarter, respectively, primarily as a result of lower production levels which reduced domestic sales volumes from our Tunnel Ridge operation. Partially offsetting these decreases, tons sold increased by 2.8% and 10.5% in the Illinois Basin compared to the 2023 Quarter and Sequential Quarter, respectively, due to improved sales performance from our River View, Hamilton, and Gibson South mines. Coal sales price per ton increased by 4.4% in Appalachia compared to the 2023 Quarter as a result of higher domestic price realizations at our Tunnel Ridge mine. In the Illinois Basin, coal sales prices decreased by 3.9% in the 2024 Quarter compared to the Sequential Quarter primarily due to reduced domestic price realizations from our Hamilton operation. ARLP ended the 2024 Quarter with total coal inventory of 0.6 million tons, representing decreases of 0.7 million tons and 1.4 million tons compared to the end of the 2023 Quarter and Sequential Quarter, respectively.

Segment Adjusted EBITDA Expense per ton for the 2024 Quarter increased by 12.8% and 5.2% in the Illinois Basin compared to the 2023 Quarter and Sequential Quarter, respectively, due primarily to reduced production, higher labor costs and lower recoveries at several mines in the region as well as an $11.0 million non-cash deferred purchase price adjustment recorded in the 2024 Quarter related to the 2015 acquisition of our Hamilton mine. In Appalachia, Segment Adjusted EBITDA Expense per ton for the 2024 Quarter increased by 20.9% and 17.4% compared to the 2023 Quarter and Sequential Quarter, respectively, due to lower recoveries across the region as well as challenging mining conditions which reduced production and led to higher materials and supplies and maintenance costs at our Tunnel Ridge operation.

Royalties

Segment Adjusted EBITDA for the Oil & Gas Royalties segment decreased to $25.6 million in the 2024 Quarter compared to $31.0 million and $28.7 million in the 2023 Quarter and Sequential Quarter, respectively, due primarily to lower average sales price per BOE, which decreased 17.2% and 7.3%, respectively, partially offset by decreased expenses. A reduction in oil & gas volumes compared to the Sequential Quarter also contributed to the sequential decrease.

Segment Adjusted EBITDA for the Coal Royalties segment increased 3.6% to $10.5 million for the 2024 Quarter compared to $10.2 million for the 2023 Quarter as a result of higher royalty tons sold, which increased 9.4%, partially offset by increased selling expenses and lower average royalty rates per ton received from the Partnership’s mining subsidiaries. Compared to the Sequential Quarter, Segment Adjusted EBITDA decreased 4.8% due to higher selling expenses, partially offset by increased sales volumes.

Balance Sheet and Liquidity

As of December 31, 2024, total debt and finance leases outstanding were $490.8 million, including $400 million in recently issued Senior Notes due 2029. The Partnership’s total and net leverage ratios were 0.69 times and 0.50 times debt to trailing twelve months Adjusted EBITDA, respectively, as of December 31, 2024. ARLP ended the 2024 Quarter with total liquidity of $593.9 million, which included $137.0 million of cash and cash equivalents and $456.9 million of borrowings available under its revolving credit and accounts receivable securitization facilities. ARLP also held 482 bitcoins valued at $45.0 million as of December 31, 2024.

Distributions

On January 28, 2025, the Board of Directors of ARLP’s general partner (the “Board”) approved a cash distribution to unitholders for the 2024 Quarter of $0.70 per unit (an annualized rate of $2.80 per unit), payable on February 14, 2025, to all unitholders of record as of the close of trading on February 7, 2025. The announced distribution is consistent with the cash distributions for the 2023 Quarter and Sequential Quarter.

Outlook

“For 2025, we expect improved coal production costs to counterbalance lower market prices, keeping Coal segment margins near 2024 Full Year levels,” commented Mr. Craft. “In the Oil & Gas Royalty business, we achieved record production volumes for the 2024 Full Year despite only making modest additions to our overall acreage position. We continue to favor the cash flow generation profile and ability to self-fund growth in the Oil & Gas Royalties segment, and therefore, will actively pursue growth in this segment in 2025.”

Mr. Craft concluded, “Looking forward, we anticipate a more supportive regulatory environment from the new administration that will help address the growing need for affordable, reliable baseload power without prematurely retiring critical generation sources. As the realities of physics meet the needs of the grid, we believe previously announced retirements will be delayed and our products will remain a cornerstone of energy security in some of the strongest industrial growth areas of the country for years to come.”

ARLP is providing the following guidance for the full year ending December 31, 2025 (the “2025 Full Year”):

Conference Call

A conference call regarding ARLP’s 2024 Quarter and Full Year financial results is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “Investors” section of ARLP’s website at www.arlp.com.

An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13750955.

About Alliance Resource Partners, L.P.

ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is evolving and positioning itself as a reliable energy partner for the future by pursuing opportunities that support the advancement of energy and related infrastructure.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at investorrelations@arlp.com.

The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.

FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to our future financial performance, coal and oil & gas consumption and expected future prices, our ability to increase or maintain unitholder distributions in future quarters, business plans and potential growth with respect to our energy and infrastructure transition investments, optimizing cash flows, reducing operating and capital expenditures, infrastructure projects at our existing properties, growth in domestic electricity demand, preserving liquidity and maintaining financial flexibility, and our future repurchases of units and senior notes, among others. These risks to our ability to achieve these outcomes include, but are not limited to, the following: decline in the coal industry’s share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the planned retirement of coal-fired power plants in the U.S.; our ability to provide fuel for growth in domestic energy demand, should it materialize; changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position; changes in global economic and geo-political conditions or changes in industries in which our customers operate; changes in commodity prices, demand and availability which could affect our operating results and cash flows; the outcome or escalation of current hostilities in Ukraine and the Israel-Gaza conflict; the severity, magnitude and duration of any future pandemics and impacts of such pandemics and of businesses’ and governments’ responses to such pandemics on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers and operators, available liquidity and capital sources and broader economic disruptions; actions of the major oil-producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of production by the operators of the properties in which we hold oil & gas mineral interests due to low commodity prices or the lack of downstream demand or storage capacity; risks associated with the expansion of and investments into the infrastructure of our operations and properties, including the timing of such investments coming online; our ability to identify and complete acquisitions and to successfully integrate such acquisitions into our business and achieve the anticipated benefits therefrom; our ability to identify and invest in new energy and infrastructure transition ventures; the success of our development plans for our wholly owned subsidiary, Matrix Design Group, LLC, and our investments in emerging infrastructure and technology companies; dependence on significant customer contracts, including renewing existing contracts upon expiration; adjustments made in price, volume, or terms to existing coal supply agreements; the effects of and changes in trade, monetary and fiscal policies and laws, and the results of central bank policy actions, including interest rates, bank failures, and associated liquidity risks; the effects of and changes in taxes or tariffs and other trade measures adopted by the United States and foreign governments; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, such as the Environmental Protection Agency’s recently promulgated emissions regulations for coal-fired power plants, and state legislation seeking to impose liability on a wide range of energy companies under greenhouse gas “superfund” laws, mining, miner health and safety, hydraulic fracturing, and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; investors’ and other stakeholders’ increasing attention to environmental, social, and governance matters; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; our productivity levels and margins earned on our coal sales; disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in equipment, raw material, service or labor costs or availability, including due to inflationary pressures; changes in our ability to recruit, hire and maintain labor; our ability to maintain satisfactory relations with our employees; increases in labor costs, adverse changes in work rules, or cash payments or projections associated with workers’ compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather, supply chain shortage of equipment or mine supplies, or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers’ compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal mineral reserves and resources; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; uncertainties in the future of the electric vehicle industry and the market for EV charging stations; the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing attacks, ransomware, malware, social engineering, physical breaches, or other actions; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.

Additional information concerning these, and other factors can be found in ARLP’s public periodic filings with the SEC, including ARLP’s Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 23, 2024, and ARLP’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, filed on May 9, 2024, August 7, 2024 and November 7, 2024, respectively. Except as required by applicable securities laws, ARLP does not intend to update its forward-looking statements.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

Reconciliation of GAAP “net income attributable to ARLP” to non-GAAP “EBITDA,” “Adjusted EBITDA,” “Distribution Coverage Ratio” and “Distributable Cash Flow” (in thousands).

EBITDA is defined as net income attributable to ARLP before net interest expense, income taxes and depreciation, depletion and amortization and Adjusted EBITDA is EBITDA adjusted for certain items that we characterize as unrepresentative of our ongoing operations. Distributable cash flow (“DCF”) is defined as Adjusted EBITDA excluding equity method investment earnings, interest expense (before capitalized interest), interest income, income taxes and estimated maintenance capital expenditures and adding distributions from equity method investments and litigation expense accrual. Distribution coverage ratio (“DCR”) is defined as DCF divided by distributions paid to partners.

Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) provide additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provide investors with the financial analytical framework upon which management bases financial, operational, compensation and planning decisions and (iii) present measurements that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations.

EBITDA, Adjusted EBITDA, DCF and DCR should not be considered as alternatives to net income attributable to ARLP, net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. EBITDA and DCF are not intended to represent cash flow and do not represent the measure of cash available for distribution. Our method of computing EBITDA, Adjusted EBITDA, DCF and DCR may not be the same method used to compute similar measures reported by other companies, or EBITDA, Adjusted EBITDA, DCF and DCR may be computed differently by us in different contexts (i.e., public reporting versus computation under financing agreements).

Investor Relations Contact
Cary P. Marshall
Senior Vice President and Chief Financial Officer
918-295-7673
investorrelations@arlp.com

Source: Alliance Resource Partners, L.P.

Release – Ocugen Announces Positive Opinion of European Medicines Agency’s Committee for Advanced Therapies for Advanced Therapy Medicinal Product Classification for Modifier Gene Therapy Candidate OCU400 for Retinitis Pigmentosa

Posted on by aweinsoff@channelchek.com

Research News and Market Data on OCGN

February 3, 2025

PDF Version

MALVERN, Pa., Feb. 03, 2025 (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 European Commission has provided a positive opinion from the European Medicines Agency’s (EMA) Committee for Advanced Therapies (CAT) for OCU400 Advanced Therapy Medicinal Product (ATMP) classification. OCU400 is the first gene therapy to enter Phase 3 with a broad retinitis pigmentosa (RP) indication.

“Receiving ATMP classification is another significant milestone toward bringing OCU400 to the market in Europe,” said Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen. “This designation makes it possible to stay on track with our clinical and commercial strategy and potentially provide this novel modifier gene therapy candidate to all RP patients in the United States (U.S.) and Europe by 2027.”

ATMP classification is granted to medicines that can offer groundbreaking opportunities for the treatment of disease and accelerates the regulatory review timeline of this potential one-time gene therapy for life. Additionally, this classification allows Ocugen to interact with EMA more frequently for scientific advice and protocol assistance as the Company pursues Marketing Authorization Application (MAA) filing in 2026.

Underscoring the vital need for gene-agnostic treatments for diseases with multiple mutations such as RP, both the U.S. Food and Drug Administration (FDA) and EMA have acknowledged that the ongoing single, pivotal Phase 3 trial of OCU400 can suffice for Biologics License Application (BLA)/MAA submissions. Ocugen intends to file simultaneously in the U.S. and Europe upon completion of the Phase 3 trial.

The Phase 3 OCU400 liMeliGhT clinical trial is currently enrolling. The study has a sample size of 150 participants—one arm of 75 participants with RHO gene mutations and the other arm with 75 participants that are gene agnostic. In each arm, participants will be randomized 2:1 to the treatment group (2.5 x 1010 vg/eye of OCU400) and untreated control group, respectively. Patients eight years of age and older, with early through late-stage advancement of RP, are being recruited to participate in the liMeliGhT study.

“We are encouraged by the EMA’s recognition of OCU400 as the Phase 3 liMeliGhT clinical trial advances,” said Dr. Huma Qamar, Chief Medical Officer at Ocugen. “I look forward to working collaboratively with the EMA to address the unmet medical need that remains for nearly 98% of the RP patient population.”

RP affects nearly 310,000 patients in the U.S., EU, and Canada. Currently, RP is associated with mutations in more than 100 genes and there are no approved treatment options that slow or stop the progression of multiple forms of RP.

OCU400 is the Company’s gene-agnostic modifier gene therapy product based on NHR gene, NR2E3. NR2E3 regulates diverse physiological functions within the retina—such as photoreceptor development and maintenance, metabolism, phototransduction, inflammation and cell survival networks. Through its drive functionality, OCU400 resets altered/affected cellular gene networks and establishes homeostasis—a state of balance, which has the potential to improve retinal health and function in patients with inherited retinal diseases.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies 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 X 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, including, but not limited to, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, 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, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; the ability of OCU400 to perform in humans in a manner consistent with nonclinical, preclinical or previous clinical study data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. 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
AVP, Head of Communications
Tiffany.Hamilton@ocugen.com

Comstock (LODE) – Comstock Fuels Completes Definitive Agreement with SACL Pte. Ltd.

Posted on by slightbourne@noblecapitalmarkets.com


Monday, February 03, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

Agreement with SACL. Comstock Fuels executed definitive agreements with SACL Pte. Limited (SACL), a Singapore-based renewable fuel project developer with plans to develop renewable energy projects in Australia, New Zealand, Vietnam, Cambodia, and Malaysia. SACL has been granted a master non-exclusive license to Comstock Fuel’s intellectual property to develop, finance, build, and manage renewable fuel production facilities. The agreement provides exclusive rights to market projects subject to SACL’s satisfaction of certain milestones, including completion of engineering and financing for SACL’s first licensed facility in 2025 followed by commissioning and production in 2027.

Favorable terms. Comstock will contribute site-specific technology rights in exchange for a 20% equity stake in each refinery and provide engineering support in exchange for 3% of each facility’s capital and construction costs. This will increase to 6% for facilities with a capacity of 250,000 metric tons per year (MTPY) or more. Additionally, an upfront payment of $2.5 million will be required upon the execution of a site license agreement. Comstock Fuels will receive a royalty fee equal to 3% of the total sales from licensed products produced by each facility, which will rise to 6% for facilities with a capacity of 250,000 metric tons per year or greater.


Get the Full Report

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. 

FreightCar America (RAIL) – Taking the Long View

Posted on by slightbourne@noblecapitalmarkets.com


Monday, February 03, 2025

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.

Tariffs. Pursuant to the International Emergency Economic Powers Act, the Trump Administration is implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China. The tariffs are effective on February 4. Energy resources from Canada will have a lower 10% tariff. The action is intended to hold Mexico, Canada, and Mexico accountable for their promises of halting illegal immigration and preventing fentanyl and other drugs from entering the United States. The ad valorem duties do not appear to consider the origin of raw materials or to be subject to exemption.

Exposure. In 2021, FreightCar moved its manufacturing activities in the United States to a new state-of-the-art facility in Castanos, Mexico. It steadily grew production capacity to 5,000 rail cars per year with the addition of a fourth production line during the fourth quarter of 2023. Importantly, the company’s competitors, Greenbrier Companies (NYSE-GBX) and Trinity Industries (NYSE-TRN), also have significant manufacturing operations in Mexico that serve the U.S. market.


Get the Full Report

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. 

Release – LODE: Comstock Fuels and SACL Executed Definitive Commercial Agreements

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on LODE

Expands Licensing Agreement into Malaysia for SAF and Other Renewable Fuels

OKLAHOMA CITY, OKLAHOMA – JANUARY 30, 2025 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the execution of definitive agreements between Comstock Fuels Corporation (“Comstock Fuels”) and SACL Pte. Limited (“SACL”), a Singapore-based renewable fuel project developer, under which Comstock Fuels and SACL signed an exclusive marketing agreement for Comstock Fuels’ advanced lignocellulosic biomass refining processes in Australia, New Zealand, Vietnam and Malaysia. The definitive agreements finalized all documentation and increase SACL’s territory to facilitate the financing, construction, and operation of additional SACL’s sites in Malaysia, adding to the four existing sites currently under development in Australia and Vietnam, now totaling over 400 million gallons of renewable fuel per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”).

Early Adopter License Terms

SACL and its stakeholders previously identified four qualified sites for the construction of four BioleumTM Refineries based on Comstock Fuels’ industry leading yields and decarbonizing impact, including (1) a 250,000 metric ton per year (“MTPY”) refinery located at Myamyn, near Portland, Victoria, Australia, (2) a 250,000 MTPY refinery located near Moree, New South Wales, Australia, (3) a 750,000 MTPY refinery located near Mackay, Queensland, Australia, and (4) a 750,000 MTPY Bioleum Refinery in Quang Tri Province, Vietnam. SACL also has sites under negotiations in New Zealand and Malaysia.

Under the terms of Comstock Fuels’ agreement with SACL, Comstock Fuels will contribute site specific technology rights in exchange for a 20% equity stake in each Bioleum Refinery, plus a royalty fee equal to 6% of each refinery’s sales of licensed products, and engineering fees equal to 6% of total construction costs. At least one of the Bioleum Refineries will initially start with a capacity of 75,000 MTPY prior to scaling-up to 250,000 MTPY or more, with early adopter royalty fees of 3% of sales and engineering fees equal to 3% of construction costs until scaling-up to 250,000 MTPY, with an initial upfront payment of $2,500,000 payable upon execution of each applicable site-specific license agreement for each refinery.

The four planned Bioleum Refineries will have an estimated total construction cost of over $4.0 billion and produce approximately 280 million gallons per year of gasoline, sustainable aviation fuel, and other renewable fuels from lignocellulosic biomass (on a gasoline gallon equivalent basis, or GGE), and about another 180 million GGE from vegetable oils, with over $3.0 billion per year in sales at current prices.

Best-in-Class Yield and Carbon Intensity

Comstock Fuels offers advanced lignocellulosic biomass refining solutions that produce market-leading yields of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel, and other renewable fuels at extremely low carbon intensities. The Comstock Fuels process generally involves: (1) digestion and fractionation of lignocellulosic biomass, (2) bioconversion of cellulose into Cellulosic Ethanol, (3) esterification of lignin and other derivatives into Bioleum Oil, (4) hydrodeoxygenation of Bioleum Oil into Hydrodeoxygenated Bioleum Oil, (5) refining of these extremely low carbon oils and fuels into ASTM compliant renewable fuels, and (6) gas-to-liquids emissions capture and fuel conversion. The first five of these processes are proven to produce up to 125 GGEs per dry metric ton of feedstock on a gasoline gallon equivalent basis, depending on feedstock, lignin content, site conditions, and other process parameters, with extremely low carbon intensity scores of 15.

Wide Open Market, Unprecedented Results

“Comstock Fuels’ breakthrough yields unlock an abundant, available and efficient feedstock source that enables extraordinary new opportunities for renewable fuels project developers, especially given the ongoing global surge in demand for sustainable aviation fuel,” said Garry Millar, SACL’s founder and director. “Comstock’s process uses reliable, available equipment and standard refining processes to convert woody and woody-like biomass, such as purpose grown eucalyptus and Hexas’ XanoGrass™ into renewable intermediates and fuels that leverage existing supply chains. We are pleased to have these definitive agreements completed, including the expansion into Malaysia, and we are looking forward to working with David and the expanded local team to develop our growing portfolio of projects.”

“SACL’s team has continued advancing and expanding their projects, and I look forward to meeting with Garry next week in Australia, as we collaborate and advance all of our mutual objectives in Asia,” stated David Winsness, president of Comstock Fuels. “The prospective site in New Zealand is truly outstanding.”

Comstock Fuels is concurrently executing on its own plans to build, own, and operate the first 75,000 MTPY demonstration scale facility in Oklahoma, followed by three additional 75,000 MTPY facilities, each of which would then be scaled-up to 1,000,000 MTPY commercial scale Bioleum refineries. Collectively, the first four planned U.S. facilities will produce more than 920 million GGE per year of renewable fuels, including about 560 million GGE from woody and woody-like biomass and another 360 million GGE from vegetable oils. Between SACL and our initial plans alone, Comstock Fuels is planning for over 1.38 billion GGE per year of initial renewable fuel production before considering all other licensees and projects in the commercial development pipeline.

About SACL Pte. Limited

SACL is a Singapore-based project development and management company that intends to develop renewable energy projects in Australia, New Zealand, and Vietnam. To learn more, please visit www.saclimited.com.

About Comstock Fuels Corporation

Comstock Fuels Corporation (“Comstock Fuels”) delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable Bioleum™ fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, site conditions, and other process parameters. Comstock Fuels additionally holds the exclusive rights to intellectual properties developed by Hexas Biomass Inc. (“Hexas”) for production of purpose grown energy crops in liquid fuels applications with proven yields exceeding 25 to 30 dry metric tons per acre per year. The combination of Comstock Fuels’ high yield Bioleum refining platform and Hexas’ high yield energy crops allows for the production of enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming marginal agricultural lands with regenerative practices into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost regional energy security and rural economies.

Comstock Fuels plans to contribute to domestic energy dominance by directly building, owning, and operating a network of Bioleum Refineries in the U.S. to produce about 200 million barrels of renewable fuel per year by 2035, starting with its planned first 400,000 barrel per year commercial demonstration facility in Oklahoma. Comstock Fuels also licenses its advanced feedstock and refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to energy abundance by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock’s innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Colby Korsun
Comstock Fuels Corporation
fuels@comstockinc.com

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Release – Conduent to Report Fourth-Quarter and Full-Year 2024 Financial Results on Feb. 12, 2025

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CNDT

January 30, 2025

Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, plans to report its fourth-quarter and full-year 2024 financial results on Wednesday, February 12 before market open. Management will present the results during a conference call and webcast at 9:00 a.m. ET.

The call will be available by live audio cast along with the news release and online presentation slides at https://investor.conduent.com .

The conference call will also be available by calling 877-407-4019 toll free. If requested, the conference ID 13750544.

The international dial-in is +1 201-689-8337. The international conference ID is also 13750544.

A recording of the conference call will be available by calling 877-660-6853 three hours after the conference call concludes. The access ID for the recording is 13750544.

The call recording will be available until February 26, 2025.

We look forward to your participation.

About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 55,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com .

Note: To receive RSS news feeds, visit www.news.conduent.com . For open commentary, industry perspectives and views, visit http://twitter.com/Conduent , http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent .

Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Media Contacts

Sean Collins

Conduent

Sean.Collins2@conduent.com

+1-310-497-9205

Giles Goodburn

Conduent

ir@conduent.com

+1-203-216-3546

1-800-Flowers.com (FLWS) – A Largely Self Inflicted Miss

Posted on by slightbourne@noblecapitalmarkets.com


Friday, January 31, 2025

For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Fiscal Q2 Results. The company reported fiscal Q2 revenue and adj. EBITDA of $775.5 million and $116.3 million, both of which were lower than our estimates of $801.1 million and $124.7 million, respectively. Notably, an order management system (OMS) that was implemented in Q2 for Harry & David faced issues with complicated orders during periods of high volume. The OMS issue, which was resolved in the quarter, resulted in roughly $20 million of lost revenue and is largely to blame for the downside variance.

Strategic initiatives. Importantly, the company remains focused on reducing costs through increased automation, increasing investments in sales and marketing, and broadening its product offerings for its price-sensitive customers. Notably, management highlighted that the savings from its cost reduction efforts will largely fund its increased investment in sales and marketing in an effort to broaden its customer base.


Get the Full Report

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. 

FAT Brands (FAT) – Distribution of Twin Hospitality Shares Completed

Posted on by cpereira@noblefcm.com


Friday, January 31, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.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.

Distribution. FAT Brands has completed the previously announced distribution of approximately 5.0% of the fully diluted shares of Class A common stock of Twin Hospitality Group Inc. to holders of Class A common stock and Class B common stock of FAT Brands. We believe the distribution of Twin Hospitality will begin to highlight the value of the assets FAT Brands has assembled.

Details. FAT Brands common stockholders received 0.1520207 shares of Twin Hospitality common stock for each share of Class A common stock or Class B common stock of the Company held. In total, FAT Brands distributed 2,659,412 shares of the Twin Hospitality Class A common stock. FAT Brands continues to hold 44,638,859 Class A Twin Hospitality shares and 2,870,000 Class B shares (or 100% of the outstanding B shares).


Get the Full Report

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. 

Planet Secures $230 Million Satellite Contract, Signaling Space Industry’s Continued Growth

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Planet secures $230 million contract for Pelican satellite constellation
– Company plans to deploy up to 32 advanced satellites with AI capabilities
– Stock has more than doubled in past 12 months, indicating growing market confidence

The satellite imagery and data analysis company Planet has made a significant stride in the commercial space sector, announcing a landmark $230 million contract for its next-generation Pelican satellite constellation. This deal represents not just a financial milestone for the company, but also signals the growing potential of space-based technologies and services in the global market.

Planet’s CEO Will Marshall described the contract as the company’s biggest deal ever, involving the construction of dedicated satellites for an undisclosed customer in the Asia-Pacific region. The multi-year agreement spans satellite construction and a five-year operational period, highlighting the increasing commercial demand for specialized satellite services.

The Pelican satellite project represents a strategic evolution for Planet, which currently operates over 200 satellites in orbit. The new constellation aims to deploy up to 32 high-powered satellites, featuring advanced artificial intelligence capabilities through Nvidia’s Jetson edge platform. This technological leap underscores the rapid innovation happening in the commercial space industry, where data processing and imagery capabilities are becoming increasingly sophisticated.

Investors have taken notice of Planet’s potential, with the company’s stock more than doubling over the past 12 months. Despite the challenges faced by space companies following the SPAC boom of 2021, Planet has demonstrated resilience and strategic positioning in a competitive market. The recent contract, coupled with a multiyear agreement with the European Space Agency, suggests growing confidence in the company’s technological capabilities and market potential.

The broader space industry continues to attract significant investment and attention, with private companies pushing the boundaries of satellite technology, earth observation, and data analytics. Planet’s approach of offering dedicated satellite services represents a novel business model that could reshape how organizations access and utilize space-based technologies.

The company’s strategy extends beyond simply launching satellites, focusing on creating adaptable spacecraft that can be tailored to specific customer needs. This approach has already been tested with the Tanager satellite product line, demonstrating Planet’s ability to deliver customized solutions for various sectors, including environmental monitoring and research.

Technological advancements are driving the space industry’s growth, with artificial intelligence, miniaturization, and improved data processing capabilities making satellite services more accessible and valuable. The Pelican satellites, featuring advanced AI integration, exemplify this trend of increasingly intelligent and responsive space technologies.

For investors and industry observers, Planet’s latest contract represents more than a single business deal. It symbolizes the expanding commercial potential of space technologies, the increasing value of earth observation data, and the continued innovation in a sector that promises to transform multiple industries from agriculture and environmental monitoring to defense and telecommunications.

Take a moment to take a look at Kratos Defense & Security Solutions, a company that is changing the way for the United States National Security related customers, allies and commercial enterprises.

Gold Surges to Historic High as Economic Uncertainties Mount

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Gold hits record $2,817/oz amid dollar weakness and trade policy concerns
– Trump’s proposed tariffs spark renewed interest in safe-haven assets
– Federal Reserve adopts cautious stance on rate cuts amid policy uncertainty

Gold prices reached an unprecedented peak of $2,817 per ounce, marking a 1.4% surge amid growing economic uncertainties and a weakening dollar. The precious metal’s rally reflects mounting investor concerns over President Trump’s proposed tariff measures and their potential impact on global trade relations.

The rally comes as traders digest Trump’s latest announcement of potential 25% tariffs on Mexico and Canada, along with hints of broader levies that could exceed previous Treasury estimates. This policy uncertainty, coupled with a softer dollar following the European Central Bank’s rate decision, has intensified the appeal of gold as a safe-haven asset.

The Federal Reserve’s recent “wait-and-see” stance, articulated by Chair Jerome Powell during the year’s first FOMC meeting, has added another layer of complexity to the market dynamics. While holding interest rates steady, the Fed expressed caution about rushing into rate cuts, particularly given the uncertain impact of the new administration’s economic policies.

Market strategists, including Phil Streible of Blue Line Futures, point to growing concerns about stagflation – a combination of rising inflation and declining growth – as a key driver behind gold’s attractiveness. The precious metal historically performs well in such economic conditions, making it an increasingly appealing hedge for investors.

The rally has sparked a notable shift in precious metals markets, with U.S. prices for both gold and silver commanding premiums over international benchmarks. Dealers and traders are accelerating efforts to secure inventory ahead of potential tariff implementation, further driving up domestic prices.

Beyond immediate trade concerns, the precious metal’s appeal is bolstered by persistent worries over growing U.S. debt levels. Many analysts anticipate continued strength in gold prices throughout 2025, supported by central banks’ efforts to diversify reserves and reduce dollar dependency.

The latest surge represents a significant milestone in gold’s historical trajectory, surpassing the previous record set in October. This breakthrough is particularly notable as it comes during a period of relative economic strength, suggesting that investors are increasingly viewing gold as both a hedge against uncertainty and a strategic asset class in diversified portfolios.

The current gold market dynamics echo historical patterns of price appreciation during periods of significant policy shifts and economic uncertainty. Historical data shows that gold has typically performed strongly during periods of trade tensions and currency fluctuations, with the metal gaining an average of 15% during similar periods of policy uncertainty in the past two decades

Market watchers are particularly focused on the Saturday deadline for Mexican and Canadian tariffs, which could trigger further volatility in precious metals markets and potentially drive gold to new records as investors seek safety amid economic policy shifts.

Take a moment to look at emerging gold mining companies by taking a look at Noble Capital Markets Research Analyst Mark Reichman’s coverage list.

U.S. Economy Shows Resilience with 2.3% Growth Despite Year-End Slowdown

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Consumer spending surged 4.2%, driving overall economic growth
– Full-year GDP growth of 2.8% in 2024 exceeded sustainable growth expectations
– Business investment declined for the first time in two years, signaling potential concerns

The U.S. economy demonstrated remarkable resilience in the final quarter of 2024, growing at a 2.3% annual rate despite expectations of a more significant slowdown. While this represents a deceleration from the third quarter’s 3.1% growth, the underlying data reveals a robust economic foundation driven primarily by extraordinary consumer spending.

American consumers, who represent approximately 70% of economic activity, flexed their financial muscle during the holiday season, with spending surging at a 4.2% rate – the highest increase in nearly two years and double the typical pace. This robust consumer behavior served as the primary engine of economic growth, offsetting challenges in other sectors.

The full-year GDP growth for 2024 registered an impressive 2.8%, surpassing economists’ expectations for sustainable growth rates. This performance caps off a remarkable three-year streak of strong economic expansion, following 2.9% growth in 2023 and 2.5% in 2022, highlighting the economy’s post-pandemic resilience.

However, the report wasn’t without its concerns. Business investment experienced its first decline in two years, pointing to ongoing challenges in the manufacturing sector. The growth in inventories also slowed significantly, subtracting nearly a full percentage point from the headline GDP figure. Additionally, inflation ticked up to 2.3% in the fourth quarter from 1.5% in the third quarter, potentially complicating the Federal Reserve’s interest rate decisions.

As the economy transitions under the Trump administration, businesses are weighing potential opportunities against risks. While proposed tax cuts and deregulation could accelerate growth, concerns about potential tariffs and trade retaliation loom over the business community. The Federal Reserve has adopted a cautious stance, putting interest rate cuts on hold as it assesses both inflation trends and the impact of new economic policies.

Government spending contributed positively to growth, rising at a 2.5% rate and adding 0.4 percentage points to GDP. Despite a surprising surge in December’s trade deficit, international trade had minimal impact on the overall GDP figures.

Market analysts are particularly focused on the sustainability of consumer spending patterns as we move into 2025. The robust holiday shopping season, while impressive, has raised questions about whether households can maintain this pace of expenditure, especially given the uptick in inflation and continued high interest rates. Some economists suggest that the strong spending could be partially attributed to consumers drawing down savings accumulated during the pandemic era, a trend that may not be sustainable in the long term.

The labor market’s continued strength remains a crucial factor in maintaining economic momentum. With unemployment rates staying near historic lows and wage growth remaining solid, the foundation for continued consumer spending appears stable. However, the manufacturing sector’s struggles and reduced business investment could eventually impact job creation in these sectors, presenting a potential headwind to the broader economy’s growth trajectory.

Looking ahead, economists project continued growth at or above 2% for 2025, though the exact trajectory will largely depend on policy decisions from the new administration and the Federal Reserve’s response to evolving economic conditions.

Release – Kelly Announces Fourth-Quarter and Full-Year 2024 Conference Call

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on KELYA

TROY, Mich., Jan. 30, 2025 (GLOBE NEWSWIRE) — Kelly, a leading global specialty talent solutions provider, will release its fourth-quarter and full-year earnings before the market opens on Thursday, February 13, 2025. In conjunction with its earnings release, Kelly will publish a financial presentation and host a live webcast of a conference call with financial analysts at 9 a.m. ET on February 13 to review the results from the quarter and answer questions.

The presentation and a link to the live webcast will be accessible through the Company’s public website on the Investor Relations page under Events & Presentations. The webcast will be recorded, and a replay will be available within one hour of completion of the event through the same link as the live webcast.

About Kelly

Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 500,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2023 was $4.8 billion. Learn more at kellyservices.com.

KLYA-FIN

Analyst & Media Contact:
Scott Thomas
(248) 251-7264
scott.thomas@kellyservices.com

Release – Aurania Commissions Environmental Impact Study in Corsica

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on AUIAF

Toronto, Ontario–(Newsfile Corp. – January 29, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that its subsidiary company, Corsica Ressources, has commissioned a French environmental engineering firm to undertake an environmental impact study at Nonza and Albo beaches in Corsica. The study commenced in early January by a bibliographic review, currently in progress.

The impact study is one part of the nickel beach placer project at the Nonza and Albo beaches. The goal of the study is to assess the terrestrial and marine environments of the beaches, identify any potential impact of the Company’s proposed activities, and identify and propose solutions to eliminate or mitigate them if necessary. Corsica Ressources is keen to develop this project whilst ensuring appropriate measures are taken to preserve the original status of the environment and the local population. This objective is facilitated by the unique nature of the beaches themselves.

During the operation of the Canari mine (1948-1965), waste rock was discharged into the sea. Over time, this material migrated to the areas of Albo and Nonza, resulting in a globally unique situation.

Albo and Nonza beaches are artificially created beaches composed of serpentinite debris and black sand, which contain high concentrations of magnetite and awaruite. Awaruite (Ni₃Fe) is a nickel-rich magnetic mineral found in meteorites and certain serpentinite formations. See link to October 3, 2024 press release announcing the opportunity/discovery of the nickel-rich beach sands.

Aurania’s Chairman, CEO, and President, Dr. Keith Barron, commented, “Europe needs responsible sources of key metals for its energy transition. Corsica can play a vital role in this transition without compromising its environment or identity. This innovative project, extracting nickel without chemicals, not only preserves the beauty of the beaches in Corsica but also ensures that local communities benefit economically. Aurania and its subsidiary, Corsica Ressources are fully committed to a development model that respects both nature and the people who depend on it.”

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Figure 1: The beaches are composed mainly of serpentinite in the form of pebbles, gravel and sand (left photo). The magnetic fraction of the sand from Albo and Nonza contains awaruite, a high-grade nickel-containing mineral (right photo).

Because awaruite is magnetic, it can be extracted simply using a magnet and, in this form, it is the only nickel mineral found in the world that can be recovered without the use of chemicals. Corsica Ressources plans to extract the sand underwater using a suction dredge, and then separate the magnetic fraction with an electromagnet, leaving the non-magnetic sand and pebbles on the beach to ensure the natural preservation of the beaches. It must be emphasized that tests have shown that 98% of the awaruite is contained in the size fraction of less than 1 mm. The screening process being proposed at Nonza and Albo will return all sand material that is non-magnetic and greater than 1 mm back to the beach. There is only interest in the magnetic fraction of less than 1 mm in particle size. It has been erroneously reported that the Company will crush and process serpentinite pebbles. All pebbles will be rejected untouched in the plant and placed back on the beaches.

The entire process will take place underwater, preventing the dispersion of any residual material into the air. To eliminate any potential disruption on local roads, the Company plans to transport the extracted magnetic product by sea using barges This material will contain circa 40% Ni and be suitable for furnace feed for any of the seven stainless steel producers in France. However, the laboratory has established the feasibility to separate the material further into a nominally pure awaruite concentrate using flotation technology. It can then be synthesized into battery-grade nickel sulphate for the manufacture of EV batteries. If it is considered appropriate and economically feasible, the magnetic concentrate produced at Nonza will be shipped by barge to a remote warehouse facility for further processing.

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Figure 2: The extraction of awaruite will be carried out by inexpensive and non-polluting mechanical and physical methods.

Environmental protection and preservation are key aspects of the project. Corsica Ressources also aims to consider local communities by preserving tourism activities by working only in off season and ensuring that local populations benefit from the project. These topics were discussed with local stakeholders well before announcing the intentions of the project in October 2024. Together, the Company has worked to secure an agreement with officials in Paris to ensure that any royalties would be distributed locally. Corsica Ressources continues to meet with local stakeholders to address concerns and find appropriate solutions to ensure that the project benefits everyone. When the results of the impact study are known, Corsica Ressources will organize information for stakeholders and the population.

Update on Activities in Ecuador

The IP geophysical survey at the Company’s Kuri-Yawi gold target was completed in late 2024. The purpose of the survey is to define targets for a drill program. The final report from GexplOre is pending and as soon as the final report is received, Aurania’s geologists will work to complete their review and interpretation of the data. Key findings are expected to be published next month (February).

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Neither the TSX 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.

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SOURCE: Aurania Resources Ltd.