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Release – BOWLERO CORP. COMPLETES REDEMPTION OF ALL OUTSTANDING WARRANTS AND PROVIDES AN UPDATE ON ITS SHARE REPURCHASE PROGRAM

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BOWLERO CORP. COMPLETES REDEMPTION OF ALL OUTSTANDING WARRANTS AND PROVIDES AN UPDATE ON ITS SHARE REPURCHASE PROGRAM

Research, News, and Market Data on Bowlero

05/19/2022

  • As of 5:00 PM
    New York City time on May 18, 2022, all outstanding publicly and privately
    held warrants have been exercised or redeemed.

  • 2,040 warrants
    were exercised for cash and 14,524,679 warrants were exercised on a
    cashless basis.

  • 4,264,399 Class
    A Shares were issued for the cashless exercise; however, on a fully
    diluted basis, at a share price of $20, the share count would now be lower
    by approximately 2 million shares.

  • Following the
    end of Q3 FY ’22 and through May 11, 2022, the company repurchased 465,667
    shares of Class A common stock for $4,305,750.

RICHMOND, Va., May 19, 2022 (GLOBE NEWSWIRE) — Bowlero Corp. (NYSE:BOWL), (“Bowlero” or the “Company”) today announced the completion of its redemption of all publicly traded warrants (the “Public Warrants”) and privately held warrants (the “Private Warrants”, together with the Public Warrants, the “Warrants”) to purchase shares of the Bowlero’s Class A common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement (the “Warrant Agreement”), dated March 2, 2021, by and between the Company and Continental Stock Transfer & Trust Company (“CST”), as warrant agent (“the Warrant Agent”), that remained outstanding at 5:00 p.m. New York City time on May 16, 2022 (the “Redemption Date”), for a redemption price of $0.10 per Warrant.

“By retiring all of the Warrants and continuing our share purchases, we were able to return capital to shareholders, reduce the prospects of future dilution and simplify our capital structure. This was all done in a very cash efficient manner, and is in line with our plans to opportunistically allocate capital to maximize returns for shareholders,” said Brett Parker, President and CFO of Bowlero Corp.

On April 14, 2022, the Company issued a press release stating that, pursuant to the terms of the Warrant Agreement, on the Redemption Date it would redeem all of the outstanding Warrants at a redemption price of $0.10 per Warrant.

Of the 9,137,592 Public Warrants that were outstanding as of the quarter ended on March 27, 2022, 2,040 Public Warrants were exercised for cash at an exercise price of $11.50 per share of Common Stock and 9,126,851 Public Warrants were exercised on a cashless basis in exchange for an aggregate of 2,679,597 shares of Common Stock, in each case in accordance with the terms of the Warrant Agreement, representing approximately 99.9% of the outstanding Public Warrants.

In addition, all 5,397,828 Private Warrants that were outstanding as of the closing of the Business Combination were exercised on a cashless basis in exchange for an aggregate of 1,584,802 shares of Common Stock in accordance with the terms of the Warrant Agreement. Total cash proceeds to the Company generated from exercises of the Public Warrants for cash were approximately $23,000. 8,701 Public Warrants were redeemed by the Company for the redemption price of $0.10 per warrant, for a total of $870.10. Following the Redemption Date, the Company had no Public Warrants or Private Warrants outstanding.

In total, as a result of the completion of the redemption of the Public and Private Warrants, the Company issued 4,264,399 shares of Common Stock for exercise on a cashless basis, in which the exercising holders received 0.2936 shares of Common Stock per warrant exercised. If the Company were to have conducted such redemption when the price of its Common Stock were equal to $20 per share, the Company estimates that it would have had to issue approximately 2 million additional shares of Common Stock for exercise on a cashless basis, assuming that all holders chose to exercise their Warrants on a cashless basis.

The Company also announced that, as of May 11, 2022 it has repurchased 465,667 shares of Common Stock for an average cost of $9.25 or $4,305,750 since the end of its third fiscal quarter ended March 27, 2022 under its previously authorized program for the repurchase of up to an aggregate amount of $200 million of its shares of Common Stock and Warrants, which was announced on February 7, 2022. After the cumulative share and Warrant repurchases, the Company has approximately $189 million remaining under the program.  

The Company will continue to review the authorized share repurchase program and may repurchase additional shares of Common Stock depending upon market conditions, corporate liquidity requirements and priorities, debt agreement limitations and other factors in its sole discretion. The share repurchase program does not obligate the Company to repurchase any particular amount of Common Stock and may be suspended or discontinued at any time without notice.

In connection with the redemption, the Warrants ceased trading on the New York Stock Exchange and were delisted, with the trading halt announced after close of market on May 16, 2022. The Common Stock continues to trade on the New York Stock Exchange under the symbol “BOWL.”

Forward Looking Statements

Some of the statements contained in this press release are 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. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: the impact of COVID-19 or other adverse public health developments on our business; our ability to grow and manage growth profitably, maintain relationships with customers, compete within our industry and retain our key employees; changes in consumer preferences and buying patterns; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; the risk that the market for our entertainment offerings may not develop on the timeframe or in the manner that we currently anticipate; general economic conditions and uncertainties affecting markets in which we operate and economic volatility that could adversely impact our business, including the COVID-19 pandemic and other factors described under the section titled “Risk Factors” in the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company, as well as other filings that the Company will make, or has made, with the SEC, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Bowlero securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Bowlero

Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

Contacts:

For Media:
ICR, Inc.



Release – InPlay Oil Corp. Announces Annual Meeting Voting Results for Election of Directors

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InPlay Oil Corp. Announces Annual Meeting Voting Results for Election of Directors

News and Market Data on InPlay Oil Corp


CALGARY, Alberta, May 19, 2022 (GLOBE NEWSWIRE) — InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) announced today the voting results for the election of directors at its annual meeting of shareholders held on May 19, 2022 (the “Meeting”). The following five nominees were elected as directors of InPlay to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with common shares represented at the Meeting voting in favour of individual nominees as follows:

Director

 

Percentage Approval

 

Percentage Withheld

 

Douglas J. Bartole

 

99.8

%

 

0.2

%

Joan E. Dunne

 

99.6

%

 

0.4

%

Craig Golinowski

 

99.5

%

 

0.5

%

Stephen C. Nikiforuk

 

99.7

%

 

0.3

%

Dale O. Shwed

 

99.4

%

 

0.6

%

 

 

 

 

 

 

 

For complete voting results, please see our Report of Voting Results which is available through SEDAR at www.sedar.com.

InPlay is based in Calgary, Alberta and the common shares of InPlay are traded on The Toronto Stock Exchange under the trading symbol “IPO”. For further information about the Corporation, please visit our website at www.inplayoil.com.

For further information please contact:

Doug Bartole
President and Chief Executive Officer
InPlay Oil Corp.
Telephone: (587) 955-0632

 

Darren Dittmer
Chief Financial Officer
InPlay Oil Corp.
Telephone: (587) 955-0634


SEC Chairman Links Crypto and Other Financial Markets

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Image Credit: Third Way Think Tank (Flickr)


Has the Crypto Crunch Accelerated SEC Plans to Regulate the Market?

The Securities and Exchange Commission (SEC) Chairman Gary Gensler says he’s concerned and expects other crypto tokens will fail, and it could undermine overall faith in financial markets. The comments came after May’s implosion of TerraUSD, which was the third-largest stablecoin by total value. The SEC chairman was speaking before the House Appropriations Committee on May 18.

“I think a lot of these tokens will fail,” Gensler told reporters after the Committee panel hearing. “I fear that in crypto…there’s going to be a lot of people hurt, and that will undermine some of the confidence in markets and trust in markets writ large.”

Assets in the cryptocurrency markets have shrunk by more than $1 trillion in value since December as signs that the Federal Reserve would unwind its accommodative policies became accepted. Around the same time, regulators began placing crypto under a spotlight with the intent to protect speculators by providing rules and constraints. The use of crypto by Russia cast the tokens under an even darker light for much of the world. The accelerated crypto selloff came after the U.S. central bank raised interest rates. TerraUSD, a token whose price was supposed to remain 1:1 with the $US, suddenly crashed. It’s sister coin, Terra Luna, that was meant to back it, also fell apart.

The token price action has caused concern about the possibility of other asset classes getting spooked. Chairman Gensler said that exposure to crypto by SEC-registered asset managers isn’t significant but that the agency has less knowledge of family offices and other private funds.  Back in January, the SEC proposed a rule that would increase the speed and quantity of confidential information that private-equity and hedge funds provide the Commission through Form PF filings.

SEC Standing  

The SEC
announced in early May that it plans to add 20 investigators and litigators to its unit dedicated to cryptocurrency and cybersecurity enforcement, nearly doubling the unit’s size. During the House meeting, which concerned budget items, Gensler said he wished he had more to work with for oversight. “We’re really outpersonned,” he said.

Most cryptocurrencies likely meet the legal definition
of a security that should be registered with the SEC, both Mr. Gensler and his predecessor, Jay Clayton, have said. No major cryptocurrency issuer or trading platform has proactively opted into the commission’s oversight. If there is going to be more oversight, it will be forced.

Gensler’s is a former MIT professor that taught blockchain and cryptocurrencies. As the top SEC cop, he has been working on persuading trading platforms such as Coinbase to be regulated as exchanges, saying many of the assets they provide trading in are securities. The platforms take a different stance. From a legal point of view, it isn’t clear how an SEC-registered exchange could allow trading in securities that have not been registered with the commission.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.wsj.com/articles/more-crypto-market-turmoil-is-predicted-by-sec-chairman-gary-gensler-11652906029?mod=markets_minor_pos1

https://www.sec.gov/news/press-release/2022-78

https://corpgov.law.harvard.edu/2022/05/18/testimony-by-chair-gensler-at-hearing-before-the-subcommittee-on-financial-services-and-general-government-u-s-house-appropriations-committee/

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What is an IPO? (In 500 Words or Less)

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Initial Public Offerings (IPO) Can be Considered a Ground Floor Opportunity

When a private company, one not yet traded on any stock exchange, first offers shares of its company for purchase, this process is known as an initial public offering (IPO). It is a transfer of ownership which provides a method for the company to raise capital by selling all or part of the business by becoming a publicly traded corporation.

The IPO process is sometimes referred to as “going public.”

To bring a company public through an IPO, management chooses a lead underwriter, often an investment bank. The underwriter provides expertise with the securities (stock shares) registration process and distribution of the shares to the public. The lead underwriter then assembles a group of investment banks and broker-dealers (a syndicate) that is responsible for selling shares of the IPO to institutional and individual investors.

Participating in an IPO

To participate in an IPO, you agree to purchase shares of the stock at the offering price before it trades on the secondary market. Your indication of interest as a potential investor helps set the initial offering price.

Your broker will require standard guidelines to be met to determine if you meet SEC rules to qualify as a “qualified investor.” If you are eligible, you may be asked if you’d like to be signed up for new IPO alerts. 

If an investor has done their own due diligence and has been allocated shares in an IPO, it is important to understand that while they are free to sell shares obtained through an IPO whenever they deem appropriate, many firms will restrict eligibility to participate in future offerings to those that sell within the first several days of trading. The practice of quickly selling IPO shares is known as “flipping,” and it is something most firms discourage.

 

Considerations

Before investing, be sure to do basic research. This can be challenging because of the lack of information on non-public companies. The company’s preliminary prospectus is provided by the issuer and lead underwriter. It includes information on the company’s management team, target market, competitive landscape, recent financials, who is selling shares in the offering, who currently owns shares, anticipated price range, potential risks, and the number of shares to be issued.

Qualified Investor

The overall guidelines as to who qualifies to participate in IPOs are fairly standard. One way to determine if you may meet the guidelines is by providing confidential information here.

Paul Hoffman

Managing Editor, Channelchek

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Is the Move Toward ESG Funds and Sustainability Fading?

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Image Credit: Wallumrod (Pexels)


Sustainability and ESG Investing May Not be a Top Priority for those Hiring Portfolio Managers

A few of the winning categories in the stock market over the past two years have fallen from grace. The slide suggests that they had either been overbought or the demand changed for their products; it’s also possible they are now oversold. For example, high tech and disruptive tech were high flyers; they now are underperforming and seem to be “out of the rotation” of where investor money is flowing. Another category that saw money piling into it was ESG (Environmental, Social, Governance). This is a relatively new category that was so much in demand that many new funds were created to capitalize on the flow of cash. Many publicly traded companies even altered their business and their branding to capitalize on the expanded demand for stocks in these funds.

With the overall market declining and investors challenged to find companies on an upswing, are ESG labeled investments still getting attention?

 

ESG Scores

ESG scores are based on environmental, social, and governance factors that take into account corporate energy use, land use, emissions, employee satisfaction, business practices, and executive compensation. The popularity of funds that invest in ESG ranked companies had escalated as the new administration entered the White House in 2021. This is in part because there were big plans to recover from the pandemic-related slowdown with financial support for green or sustainable projects. ESG funds then experienced large and growing inflows of assets. With the increase in assets and a limited field of stocks to choose from, the category outperformed. As the above-average performance was recognized and reported on, it attracted more assets.

This caused companies that didn’t fit into the category to make changes that would provide them a decent ESG score. The list of acceptable companies from which fund managers can choose is still growing.  This creates a situation where there is an increasing number of names, while the amount going into these funds has slowed.

The ESG ratings themselves are provided by private companies that have earned a reputation in the business. They wield a lot of power as they dictate who can be included in a fund and who cannot. The better-known firms are MSCI (MSCI), the largest ESG rating company, Standard & Poor’s (SPGI) and Sustainalytics, owned by Morningstar (MORN). Investors, including fund managers, use these as a guide to screen stocks for inclusion in ESG and sustainable portfolios.

Performance

The year-to-date (YTD) S&P ESG Index (308 stocks) and the S&P 500 performance have tracked pretty close since the beginning of the year. There has only been a slight benefit to those earning the ESG index which is down 18.7% vs. 19.4% for the S&P 500.


Source: Koyfin

The YTD performance difference of just over 1%  represents a narrowing of the performance spread for the two indexes. As the graph below indicates since August 1, 2021, (one year after launch of the index) there is more than a 5% difference in return, favoring the ESG fund.


Source: Koyfin

Mood Change?

ESG funds and ratings have been under fire in 2022. This is in part related to the attention the Russian invasion of Ukraine brought to the category. Some critics question why ESG-labeled funds own companies such as Russia’s state-backed energy company Gazprom.

In a recent study by Seeward & Kissel they surveyed funds-of-funds, family offices, endowments, seeders, and other investors, the law firm discovered ESG considerations rank low as a priority when hiring managers. The Seeward & Kissel’s 2022 Alternative Investment
Allocator Survey indicated, that overwhelmingly the main criteria used are investment strategies and a track record of performance.

According to the survey over 40% said ESG and investment team diversity were the least important issues when sourcing portfolio managers. A full 90% answered that investment strategy was the most important factor and track record also ranked high on the list.

Daniel Bresler, a partner at Seeward & Kissel said, “We don’t think ESG is going away anytime soon, but it has been placed on the backburner because of concerns with Ukraine and markets going crazy.” Bresler also indicated he was surprised by the results showing how low the ESG category ranked in importance.

This week’s announcement that Tesla (TSLA) was ineligible and therefore cut from the S&P DJI ESG, has also caused confusion among onlookers who viewed the electric car company as the ESG “poster child.” At the same time, the strong position of Exxon Mobil (XOM) which moved up within the same S&P index has raised questions about methodology.

 

Take-Away

ESG is maturing and will have its place. The attention it received as the Biden Administration was laying plans for greener projects while helping rebuild infrastructure provided a high level of enthusiasm for the category. The overall market has turned somewhat sour and returns are now a stronger driver than an often misunderstood ESG and sustainability category. Along with the market weakness, the nature of rewarding some companies with a high ESG score and other seemingly less destructive companies with a lower score has reduced enthusiasm.

These perceived problems are likely just part of the growing pains of a category that will likely ebb and flow as the other investment categories, sectors, and companies do.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.investmentnews.com/major-outflows-hit-most-asset-classes-as-recession-woes-mount-221753

https://etfdb.com/esg-channel/how-long-will-esg-funds-rake-in-capital/

https://www.buyoutsinsider.com/strategy-and-performance-outpace-esg-and-diversity-in-manager-selection-survey-finds/

https://etfgi.com/news/press-releases/2022/04/etfgi-reports-esg-etfs-listed-globally-gathered-net-inflows-7-billion

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Is Crumbling Trust in the Financial System Leading to a Flight to Real Assets?

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Image Credit: Federal Reserve History


Inflation, War, and Oil: How Today’s Crises Are Rehashing the 1970s

Consumer price inflation has risen to 8.3 percent in April 2022 in the United States and 7.5 percent in the euro area. This raises the question of who is responsible. In the US, President Joe Biden has argued that 70 percent of inflation in March is attributable to Russian president Vladimir Putin. The European Central Bank has suggested that the high inflation should be seen in the context of the pandemic and the Ukraine war. ECB president Christine Lagarde sees steeply rising energy prices as unrelated to the monetary policy of the ECB. But is inflation only due to the war and the pandemic?

According to Milton Friedman, inflation is “always and everywhere a monetary phenomenon” and thereby the responsibility of central banks. Given that in all industrialized countries money supply has for a long time grown much faster than output, the resulting huge monetary overhang should be at the root of rising inflation. Whereas since the turn of the millennium stock and real estate prices have grown fast, consumer price inflation only started picking up in mid-2021, boosted by energy prices. There are five reasons why rising energy prices are linked to the global monetary overhang, which was further strongly increased during the pandemic.

About the Author:

Gunther Schnabl is a professor of international economics and economic policy in the department of economics at Leipzig University, Germany.

First, because of eroding trust in the dollar and the euro, a flight to real assets has set in. Tangible assets include not only real estate and stocks, but also shares in commodity mines and raw materials, including oil and gas. Secondly, the ultraloose monetary policy of the major central banks has—together with expansionary fiscal policies—fueled aggregate demand and thus also demand for energy and raw materials. When corporations—thirdly—assume that the price increases will be permanent, they hoard raw materials, which further increases demand and prices.

Fourth, energy- and commodity-exporting countries hold large dollar and euro reserves, which are devalued by inflation in the US and the euro area. Since they are often oligopolists, energy- and commodity-exporting countries can hedge against this depreciation by raising prices. Recently, some Arab countries have refused to expand the production of oil and natural gas to lower world market prices. Fifth, energy and commodities are predominantly traded in dollars. If the euro depreciates due to the ECB’s ongoing loose monetary policy, prices of raw materials and energy rise in the euro area.

This leads to the question of the extent to which there are parallels with the 1970s, when high and persistent inflation was accompanied by war in the oil-rich Middle East. Global inflationary pressures emerged even before the first oil crisis in 1971, as they are today. Since the second half of the 1960s, the US had financed the Vietnam War and growing social spending partly through the printing press. Inflation was exported to the many countries whose currency was pegged to the dollar. Then as now, energy- and commodity-exporting countries had an incentive to compensate for real losses in the value of their dollar reserves through price increases. This can be seen as the origin of the cartel policy of the Organization of the Petroleum Exporting Countries and the first oil crisis in 1971.

Persistently loose monetary policies always have negative growth and distributional effects that impair political stability. In extreme cases, there are civil wars, as evidenced by the Arab Spring, or there are armed conflicts between countries. The Yom Kippur War in 1971 was—inter alia—triggered by the Egyptian president Anwar el-Sadat’s desire to distract from domestic political tensions. Since 2014, falling oil prices have been depressing growth in Russia. It cannot be ruled out that one of Putin’s major motivations to go to war was securing his power in Russia. Finally, as in the 1970s, the growing international political instability has further increased global inflationary pressure via rising oil and commodity prices.

In the 1970s, inflation only came to an end when, starting in 1979, the new US Federal Reserve chairman Paul Volcker rigorously raised interest rates to 20 percent (Volcker shock). As a result, oil prices started to fall. Both the Fed and the ECB are still far from taking similar steps. The Fed has decisively announced interest rate hikes, but a rise in interest rates above the inflation rate is still a long way off. In the euro area, President Lagarde has kept all options open despite high inflation.

A decisive defense of price stability looks different. This implies that inflationary pressure will persist for longer, particularly in the euro area, as the high level of government debt can be melted down by inflation, helping to financially stabilize the heavily indebted euro area countries. As this process is likely to come along with persistent economic instability, however, the Ukraine crisis may not be the last political crisis in Europe.

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Energy Fuels (UUUU) – Are we seeing the first signs of ramping up?

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Thursday, May 19, 2022

Energy Fuels (UUUU)
Are we seeing the first signs of ramping up?

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado, near Denver, and all its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Energy Fuels reported 2022-1Q results generally in line with expectations and gave an update on operations. Production and sales remain small (modest Vanadium sales) making bottom line results largely a function of operating costs. A slight increase in operating losses ($10.2m versus $8.8m) and net losses ($14.7m versus $10.9m) reflect additional ramp up costs for UUUU’s rare earth element (REE) development and were expected.

Development discussions were largely a repeat of the April update. But wait! A uranium supply contract?!?! Management plans to separate REE elements, efforts to access new REE supplies (Monzanite), and its medical isotope recovery partnership. This is all old news. However, management also announced on a call with investors (not in the press release) that it had just signed a uranium supply contract. This is the first contract in several years and a clear sign that the uranium market has improved to a point where UUUU may ramp up production, “perhaps as early as this summer.”…

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. 

EuroDry (EDRY) – EuroDry reports 2022-1Q results in line with expectations

Posted on by Admin

Thursday, May 19, 2022

EuroDry (EDRY)
EuroDry reports 2022-1Q results in line with expectations

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Results were generally in line with expectations. EuroDry reported revenues of $18.3m in the 2022-1Q versus $8.6m last year, slightly below our $19.5m estimate. Utilization rates remain near 100%. TCE rates were $24,636 versus $14,924 last year. Operating income was $10.2m versus $3.1m, in line with our $10.5m estimate. Adjusted EBITDA was $12.7m versus $4.7m and in line with our $12.9m estimate. Similarly, adjusted net income was $9.5m/$3.30, near our $9.8m/$3.40 projections.

Charters extended. New vessels added. EuroDry extended the charters for several of its vessels at favorable rates. The  company took ownership of two vessels this year including one in February and one in April. It sold one vessel. The company now has 11 vessels with the rates for most of the vessels fixed for the rest of 2022 and about half fixed for 2023. Spot prices rose sharply last fall before falling in the first quarter of the year. Rates are still attractive relative to historical levels and the outlook is positive due to a lack of new dry bulk ship builds and expanding world economic conditions….

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Maple Gold Announces C$4.8 Million Increase to Year Two Exploration Budget at Douay and Joutel

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Maple Gold Announces C$4.8 Million Increase to Year Two Exploration Budget at Douay and Joutel

Research, News, and Market Data on Maple Gold Mines

Vancouver, British Columbia–(Newsfile Corp. – May 18, 2022) – Maple Gold Mines
Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce that the 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited (“Agnico”) has agreed to increase the JV’s Year Two exploration budget by C$4.8 million to support a deep drilling program at the JV’s Douay Gold Project (“Douay”) and Joutel Gold Project (“Joutel”) in Quebec, Canada.

“Approval
of this supplemental budget in Year Two of the JV is an important continuation
of our 2022 exploration program across our 400 km2 land
package,” stated Matthew Hornor, President and CEO of Maple Gold. “The
JV has developed a more aggressive step-out and deep drilling program to define
a larger gold system at Douay and to extend higher-grade mineralization along
the entire past-producing Eagle-Telbel mine trend at Joutel. It is an exciting
step for the JV to initiate this deep drilling program and we look forward to
working closely with our partner to deliver new discoveries that can expand the
current resource base.”

Fred Speidel, VP Exploration of Maple Gold added: “The Abitibi
Greenstone Belt is renowned for its deep-rooted gold systems and the confirmed
presence of mineralized carbonatite at Douay requires deep, mantle-tapping
structures. The expanded Year Two drill program will specifically target
Douay’s depth potential and will also kick-off maiden JV drilling at Joutel,
where historical intercepts and initial 3D modeling point to the potential for
extensions of high-grade gold mineralization at depth. Our current Eagle and
Douay drill programs are ongoing and with this supplemental budget now approved
we expect to be drilling continuously throughout 2022 and into 2023.”

The C$4.8 million supplemental exploration budget provides additional funding beyond Agnico’s Year Two JV spending commitment of C$4 million, therefore the partners will each contribute C$2.4 million on a pro rata (50/50) basis as per the JV agreement. Maple Gold’s portion will be fully funded using proceeds from the Company’s 2021 flow-through financing (see news from December 9, 2021). The deep drilling program is expected to include four to six drill holes and/or drill hole extensions totaling roughly 10,000 metres (“m”) across Douay and Joutel.

Deep
Drilling at Douay

The average vertical depth of the drill hole database at Douay is less than 300 m. Select deeper drilling has been completed, including the first two +1,000 m drill holes completed at Douay during the Winter 2022 campaign, but only limited drill data exists below 500 m vertical depth and no data exists below 800 m vertical depth. The supplemental budget will allow additional deep (1,500 – 2,000 m) drill holes or drill hole extensions at Douay, which have been designed to test multiple horizons within the favourable litho-tectonic corridor extending from roughly one kilometre south of the Casa Berardi North Fault (“CBNF”) within basalt and syenitic rocks, and up to 500 m north of the CBNF in Taibi Group sediments. Planned deep drill holes at Douay are designed to reach the CBNF at depth and will test the full extent of the mineralized system, from the Douay West Zone to the Main Zone, all well below the SLR 2022 conceptual pits in these areas (see Figure 1 for proposed drill hole locations).

Figure 1: Douay NW-SE vertical longitudinal section (all zones) showing location of proposed deep drill holes relative to existing drilling and SLR 2022 mineral resources and conceptual pits. Pierce points are approximate and reflect broader targets that extend from the first appearance of syenite to up to 500 m north of the CBNF. Note that for practical (terrain) reasons several of these deeper holes will not be drilled until February 2023. Other mine/project information shown for reference only.

Deep
Drilling at Joutel (Telbel Mine Area)

Planned drilling at Joutel will include three drill holes beneath the historical underground mine workings at Telbel, which extend to roughly 1,200 m below surface. Past gold production at Telbel focused on a single zone between 600 – 1,200 m; however, the JV’s data digitization and 3D modeling have identified significant gold intercepts up to 1,400 m below surface that were never adequately followed up on. This initial phase of deep drilling at Telbel will begin to test the observed stratigraphic continuity and associated gold mineralization at greater depth. At least one hole is expected to be drilled from the south and at least two holes from the north to test the full stratigraphy for the main Telbel mine horizon and potential sub-parallel gold trends (see Figure 2 for proposed drill hole locations).

Figure 2: Oblique view of Telbel mine area showing location of proposed deep drill holes.

Qualified
Person

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.

About
Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property.

The district-scale property package also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.

ON
BEHALF OF MAPLE GOLD MINES LTD.

“Matthew Hornor”

B. Matthew Hornor, President & CEO

For
Further Information Please Contact:

Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: 
jlang@maplegoldmines.com

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: 
kpatankar@maplegoldmines.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 PRESS RELEASE.

Forward
Looking Statements:

This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not
intend, and expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.


Release – Kratos Defense, Minn-Dak Farmers Cooperative Partner to Deploy Self-Driving Trucks to Address Workforce Challenges and Improve the Supply Chain

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Kratos Defense, Minn-Dak Farmers Cooperative Partner to Deploy Self-Driving Trucks to Address Workforce Challenges and Improve the Supply Chain

Research, News, and Market Data on Kratos Defense & Security Solutions

SAN DIEGO, 
May 19, 2022 (GLOBE NEWSWIRE) — 
Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that it has teamed with the 
Minn-Dak Farmers Cooperative (MDFC) to launch self-driving trucks, easing the truck driver shortage burden using Kratos Autonomous Systems to ensure integrity of the agriculture supply chain as a critical national security concern.

Kratos Unmanned Systems’ core competency is affordable, disruptive, unmanned systems-related technology and products for aerial drones, surface vessels, ground-based vehicles, and related command, control, autonomy, and artificial intelligence.

The collaboration between Kratos and MDFC, one of America’s largest sugarbeet shareholder/grower cooperatives, was fostered by 
Grand Farm
, a non-profit group focused on facilitating agriculture technology innovation headquartered in 
North Dakota
 and combines Kratos’ innovative unmanned system technologies, with Minn-Dak’s agriculture and transportation expertise. The retrofitted solution adapts “Leader/Follower” truck platooning for hauling harvested sugarbeets between piling stations and the granulated sugar processing plant in 
Wahpeton, North Dakota.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/61a93c9f-9c56-41bc-a8b1-96df7f26c5c2

Maynard Factor,
VP of Business Development for the Kratos Unmanned Systems Division, said, “We are excited to collaborate with 
Minn-Dak to deploy driverless trucks within their sugarbeet harvest operations. Kratos develops and fields transformative, affordable systems, platforms, and products for national security, and ensuring the agriculture supply chain using driverless technology directly aligns with our core company objectives. Our focus here is on the niche, short-haul trucking routes where Kratos’ technology is available today that can solve driver shortage issues impacting agriculture hauling capacity and, therefore, the supply chain. Sugarbeet growers have been early adopters of emerging agriculture technologies, implementing now-commonplace innovations such as transitioning from rail to trucks and using GPS-guided farm equipment. We see driverless technology as a similar innovation for enhancing critical farm-related operations. Additionally, as the world advances and unmanned vehicle systems continue to solve a multitude of workforce, cost, and safety challenges, we are committed to being a significant solution provider across the spectrum of this large and growing market area.”

Self-driving truck deployments can augment the existing workforce as a tool for either increasing haul capacity to keep up with growing demand or maintaining existing haul capacity when qualified drivers are unavailable. Significant effort, cost, and planning is required to ensure haul capacity meets national harvest quotas. Over 50,000 trucks a day can be deployed during peak sugarbeet harvesting season, and the Kratos Leader/Follower platoon is an enabling technology that the agriculture industry can now use for optimizing allocation of available labor to bolster the supply chain.

Mike Metzger,
Minn-Dak Farmers Co-Op VP of Agriculture, said, “Minn-Dak is beyond excited to be partnering with Kratos Defense as we both take the next step towards implementing Kratos’ Leader/Follower technology. Our Cooperative’s goal is to take this technology to the next level by incorporating it into our commercial truck fleet that brings the sugarbeets from receiving stations to our factory for processing. It’s no secret that there is a gross shortage of commercially licensed truck drivers, especially in rural areas like ours. The deployment of driverless vehicle technology will undoubtedly help alleviate these labor shortages and improve the overall safety and efficiency of our fleet.”

Retrofitting driverless technology is an ideal solution for organizations like 
Minn-Dak that already have an existing fleet and logistics operations. It enables them to use their harvest trucks without having to invest in brand new “purpose-built” robotic vehicles. Additionally, the Kratos Leader/Follower platoon offers several advantages to logistics managers who can now pair available truck drivers with driverless trucks to enhance hauling productivity. The paired trucks offer greater efficiency and fuel savings while reducing recruitment costs and overall stress on the drivers, recruiters, and farmers by solving the driver shortage challenge. Additionally, the integration of the technology into the agriculture supply chain offers strategic workforce development opportunities.

About Kratos
Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information, please visit www.KratosDefense.com.

About Minn-Dak
Farmers Cooperative
Minn-Dak Farmers Cooperative (MDFC or 
Minn-Dak) was the nation’s first farmer-owned sugarbeet cooperative and is headquartered in 
Wahpeton, a city in the southeast corner of North Dakota, in the heart of the 
Red River Valley. The Cooperative is owned by approximately 500 Shareholders/Growers who collectively grow just over 100,000 acres of sugarbeets and is part of the domestic sweetener industry. 
Minn-Dak has proudly been in business since 1972 and processes its sugarbeets into sugar as well as products the likes of molasses and beet pulp pellets (used in animal feed). 
Minn-Dak’s products are then marketed through agents worldwide. Major customers include industrial users, including confectioners, breakfast-cereal manufacturers, and bakeries. For more information, please visit www.mdf.coop.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended 
December 26, 2021, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the 
SEC by Kratos.

Press Contact: Yolanda White 858-812-7302 Direct

Investor Information:
877-934-4687

investor@kratosdefense.com


Release – Energy Fuels Secures Major Rare Earth Land Position in Brazil

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Energy Fuels Secures Major Rare Earth Land Position in Brazil

Research, News, and Market Data on Energy Fuels

LAKEWOOD, Colo., May 19, 2022 /CNW/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the
“Company”) is pleased to announce that it has entered into binding agreements (the “Purchase Agreements“) to acquire seventeen (17) mineral concessions (the “Transaction“) between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the ”
Bahia Project“).

Energy Fuels Inc–Energy Fuels Secures Major Rare Earth Land Pos

Based on significant historical drilling performed to date, it is believed that the Bahia Project holds significant quantities of heavy minerals, including monazite, that will feed Energy Fuels’ quickly emerging U.S.-based rare earth element (“REE“) supply chain. The Bahia Project has seen no previous mining, but several of the concessions have valid exploration and mining permits with the Government of Brazil. Therefore, the Company believes there is a clear path to moving the Bahia Project to production.

The Bahia Project is a well-known heavy mineral sand (“HMS“) deposit with over 3,300 vertical historic exploration auger holes drilled to date, indicating significant concentrations of titanium (ilmenite and rutile), zirconium (zircon), and rare earth elements (monazite). Importantly, the mineralization is at or near the surface, meaning the material is expected to be relatively easy to recover using standard, low-cost sand mining techniques, including the use of front-end loaders, excavators and/or dredges. Due to the drilling method used historically, drilling performed to date only averages 5.86 meters deep, or the average depth of the water table in the region. There is no reason to believe that mineralization stops at the water table. Therefore, the Company believes mineralization is open at depth. Energy Fuels’ primary interest is in the monazite which contains both rare earth elements and uranium. Preliminary assay data indicates the monazite sand contained in the HMS concentrate ranges between 0.62% and 12.82%1, and the uranium contained in the monazite is expected to be comparable to typical Colorado Plateau uranium deposits.

Energy Fuels plans to perform extensive exploration work over the next six months to further define and quantify the HMS resource at the Bahia Project. This is expected to include a comprehensive sonic drilling and geophysical mapping program to define the HMS grades and depths for the various mineral products, including the REE resources associated with the Bahia Project. The Company plans to engage industry leaders in mineral processing to complete a Preliminary Economic Assessment under NI 43-101 (Canada) and an Initial Assessment under SK-1300 (US) during late Q1 or early Q2 2023.

Based on preliminary, historical resource estimates, the Company believes the Bahia Project has the potential to supply approximately 3,000 – 10,000 tonnes per year of monazite sand concentrate to the Mill (depending on production rates), containing approximately 1,500 – 5,000 tonnes of total rare earth oxides (“TREO“) per year, potentially for decades. The Company expects to mine and produce an HMS concentrate at the site, which contains all the valuable minerals, including monazite. This HMS concentrate would then be shipped to an existing HMS facility for further refinement and separation of the monazite into a product Energy Fuels can process at the Mill. The Company is evaluating whether this further refinement and separation step could potentially be performed in Brazil. However at this time, the Company plans to ship lower concentrations of monazite sand for concentration at a U.S. facility. Preliminary internal projections indicate this latter option can be very cost-effective, despite the larger shipping quantities, as the less concentrated material will not require the more expensive Class 7 designation applicable to higher concentrated materials, and it can be shipped in bulk.

Mark S. Chalmers, President and CEO of Energy Fuels stated: “This is another very significant step in Energy Fuels’ development as a major global rare earth element producer based in the United States. We are aggressively seeking to expand our monazite sand feeds. With guidance from our heavy mineral sand experts, the Company has been evaluating the acquisition of monazite-bearing projects. The Bahia deposit is well-known throughout the HMS industry as having excellent potential to produce high-quality ilmenite, rutile, and zircon products, in addition to monazite. We are very pleased to have secured this project, as it has the potential to provide Energy Fuels with our own low-cost source of monazite feed that we fully control. The Company expects to supplement its monazite supply in the future with open market purchases, arrangements with existing monazite producers, and/or additional acquisitions. Energy Fuels is in advanced discussions with other current and future monazite producers around the world to provide creative options on how to best build upon our momentum and add further scale.

“At Energy Fuels, we have proven our ability to process natural monazite sand concentrate into a high purity mixed rare earth carbonate, containing about 32% – 34% neodymium/praseodymium (NdPr). Our clear current priorities are to continue to build our book of monazite feed to a world scale and to leverage our existing solvent extraction experience and infrastructure at the Mill to produce both separated ‘light’ and ‘heavy’ rare earth oxides, and other products, by adding commercial separation capabilities to the Mill. To achieve these ambitious goals, we have assembled a team of rare earth heavy-weights, including Neo Performance Materials, Carester SAS, and other heavy mineral sand and rare earth experts, that we believe is unmatched anywhere in the world.

“In my view, this acquisition will provide significant credibility to investors, other monazite suppliers, and clean energy manufacturers, as we will clearly demonstrate that Energy Fuels is well on its way to becoming a large-scale producer of advanced rare earth materials in the U.S. We have already proven our processing capabilities. Now, we are proving that upon successful completion of this acquisition, we will own and control ‘the elements’ to supply EV, renewable energy and other technology manufacturers.”

Under the Transaction, Energy Fuels has entered into Purchase Agreements with private mineral rights holders in Brazil to acquire seventeen (17) heavy mineral sand concessions comprising the Bahia Project, subject to a 90-day due diligence period. The total consideration for this acquisition is $27,500,000 in cash, with non-refundable deposits totaling $2,750,000 cash due on signing, and additional non-refundable deposits totaling $2,850,000 cash due at various benchmarks during the due diligence period, and the remaining $21,900,000 due at closing. Closing is expected to follow the 90-day due diligence period and is subject to Energy Fuels being satisfied with its due diligence investigations. The Purchase Agreements contain other customary terms and conditions for a transaction of this nature.

ABOUT ENERGY FUELS

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado, near Denver, and all its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR“) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Daniel Kapostasy, P.G., Director of Technical Services for Energy
Fuels, is a Qualified Person as defined by Canadian National Instrument
43-101 and has reviewed and approved the technical disclosure contained in this
news release, including sampling, analytical, and test data underlying such
disclosure. 

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING STATEMENTS

This news release contains “forward-looking information”
within the meaning of applicable securities laws in the United States and Canada.
Forward-looking information may relate to future events or future performance of
Energy Fuels. All statements in this release, other than statements of
historical facts, with respect to Energy Fuels’ objectives and goals, as well
as statements with respect to its beliefs, plans, objectives, expectations,
anticipations, estimates, and intentions, are forward-looking information.
Specific forward-looking statements in this discussion include, but are not
limited to, the following:; any expectation that the Transaction will close and
that the Company will acquire the Bahia Project on the terms disclosed or at
all; any expectation as to the concentrations or quantities of heavy minerals,
including monazite contained in the Bahia Project; any expectation as to the
potential annual supply of monazite sands from the Bahia Project to the Mill,
the contained tonnes of TREO per year, or the number of years or decades of
such potential supply; any expectation that monazite sands from the Bahia
Project may be a low-cost source of monazite feed; any expectation that there
may be a clear path to moving the Bahia Project into production; any
expectation that the mineralization does not stop at the water table and is
open at depth; any expectation as to the exploration or development work the
Company plans to perform on the Bahia Project; any expectation that a
Preliminary Economic Assessment under NI 43-101 or an Initial Assessment under
SK-1300 will be performed and the timing of completion of any such assessments;
any expectation as to how the Bahia Project may be mined, or the manner or
location of any further refinement and separation of mined material; any
expectation as to the cost-effectiveness of transporting various forms of HMS
from the mine to a concentration facility; any expectation that the Company may
become a major global rare earth element producer based in the United
States; any expectation that the Company may be successful in expanding its
monazite sand feeds; any expectation that the Company will or will continue to
successfully process monazite sand concentrates into a high purity mixed rare
earth carbonate; any expectation that the Company may be successful at
developing a full scale separations facility at the Mill; and any expectation
that the Company will continue to be a leading U.S. based uranium mining
company. Often, but not always, forward-looking information can be identified
by the use of words such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”,
“estimates”, “continues”, “forecasts”,
“projects”, “predicts”, “intends”,
“anticipates” or “believes”, or variations of, or the
negatives of, such words and phrases, or state that certain actions, events or
results “may”, “could”, “would”,
“should”, “might” or “will” be taken, occur or be
achieved. This information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking information. Factors that could
cause actual results to differ materially from those anticipated in these
forward-looking statements include risks associated with: technical
difficulties; mining or processing difficulties and upsets; licensing, permitting and regulatory delays; litigation risks;
competition from others; political actions or instability in foreign countries;
and market factors, including future demand for and prices realized from the
sale of uranium, vanadium and REEs. Forward-looking statements contained herein
are made as of the date of this news release, and Energy Fuels disclaims, other
than as required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future events,
circumstances, or if management’s estimates or opinions should change, or
otherwise. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements. Energy Fuels assumes
no obligation to update the information in this communication, except as
otherwise required by law.

____________________________

1 This information comes from 16 different Exploration Reports filed with the Brazilian Government’s National Agency of Minerals (ANM) over several years (2011-2019). These grades should be considered conceptual in nature since there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The data was obtained by sampling 1-meter intervals from a hand auger hole, separating out the heavy mineral fraction using heavy liquids, separating the heavy minerals by magnetic strength and then point counting the minerals under a microscope. Energy Fuels plans to initiate a sonic drill program to better define the exploration target and use industry best practices to determine an estimate of all the heavy minerals found within the project area. A qualified person has not done sufficient work to classify this historical estimate as current and Energy Fuels is not treating this historical estimate as current.

SOURCE Energy Fuels Inc.

For further information: ENERGY FUELS: Curtis Moore – VP of Marketing & Corporate Development, (303) 974-2154


Release – MOTORSPORT GAMES TO PARTICIPATE IN THE H.C. WAINWRIGHT GLOBAL INVESTMENT CONFERENCE

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MOTORSPORT GAMES TO PARTICIPATE IN THE H.C. WAINWRIGHT GLOBAL INVESTMENT CONFERENCE

Research, News, and Market Data on Motorsport Games

MIAMI, May 19, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that management will participate in the H.C. Wainwright Global Investment Conference on Tuesday, May 24, 2022.

Dmitry Kozko, Chief Executive Officer of Motorsport Games, will present at 10:00 a.m. ET on May 24. Participants may access a live webcast of the presentation on the Motorsport Games Investor Relations site at https://ir.motorsportgames.com/ under “News & Events.” A replay will be archived online for one year.

About Motorsport Games:

Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), across PC, PlayStation, Xbox, Nintendo Switch and mobile. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. For more information about Motorsport Games, visit www.motorsportgames.com.

Website and Social Media Disclosure:

Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on these websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

Websites

Social Media

motorsportgames.com

Twitter: @msportgames & @traxiongg

traxion.gg

Instagram: msportgames & traxiongg

motorsport.com

Facebook: Motorsport Games & traxiongg

 

LinkedIn: Motorsport Games

 

Twitch: traxiongg

 

Reddit: traxiongg

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Investors:

Ashley DeSimone

Ashley.Desimone@icrinc.com


Release – ALLEGIANT COMMENCES UAV-MAG SURVEY AT GOLDFIELD WEST PROJECT

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ALLEGIANT COMMENCES UAV-MAG SURVEY AT GOLDFIELD WEST PROJECT

Research, News, and Market Data on Allegiant Gold

Reno, Nevada
/May 19, 2022 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU:
TSX-V) (AUXXF: OTCQX) is pleased to announce the commencement of a UAV-based MAG geophysical survey at Goldfield West ahead of a future drill program.

The Goldfield West property (“Goldfield
West” or the “Property”) operated by Allegiant Gold consists of 185 unpatented claims (80 claims optioned from Anchor Minerals) located near the historic town of Goldfield.  The Property is near Gemfield recently acquired by Centerra Gold from Waterton Global Resources for approximately US$206 million.  The Property is situated nearby a main highway and has access to excellent infrastructure.  Zonge Engineering will be conducting the survey at Goldfield West and is expected to be completed in the next few days.     

Peter Gianulis, CEO of
Allegiant Gold, commented: “Goldfield West is one of our most sought-after projects located near the historic mining town of Goldfield.  We are very excited to finally initiate a work campaign.  The Mag survey is the next step in a program that will lead to further geophysical work consisting of resistivity surveying (i.e., CSAMT) and geochemical sampling and detailed geologic mapping, ultimately leading to a drill plan and program.”

ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

ir@allegiantgold.com

Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Certain statements and
information contained in this press release constitute “forward-looking
statements” within the meaning of applicable U.S. securities laws and
“forward-looking information” within the meaning of applicable Canadian
securities laws, which are referred to collectively as “forward-looking
statements”. The United States Private Securities Litigation Reform Act of
1995 provides a “safe harbor” for certain forward-looking statements. Allegiant Gold Ltd.’s
(“Allegiant”) exploration plans for its gold exploration properties, the drill
program at Allegiant’s Eastside project, the preparation and publication of an
updated resource estimate in respect of the Original Zone at the Eastside
project, Allegiant’s future exploration and development plans, including
anticipated costs and timing thereof; Allegiant’s plans for growth through
exploration activities, acquisitions or otherwise; and expectations regarding
future maintenance and capital expenditures, and working capital
requirements.  Forward-looking statements are statements and information
regarding possible events, conditions or results of operations that are based
upon assumptions about future economic conditions and courses of action. All
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similar words or phrases (including negative variations) suggesting future
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cause actual results, performance or achievements, or industry results, to
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You are cautioned not to place undue reliance on forward-looking statements
contained in this press release. Some of the known risks and other factors
which could cause actual results to differ materially from those expressed in
the forward-looking statements are described in the sections entitled “Risk
Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed
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should change, except as otherwise required by applicable law.