Comstock Inc. (LODE) – Comstock Fuels Gains Commercial Momentum


Thursday, April 25, 2024

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.

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

Agreement executed with RenFuel K2B AB. Comstock completed agreements to invest up to $3 million in RenFuel K2B AB over a three-year period. The investment will support commercialization of joint development applications and renewable fuel technologies, along with the development of a 100 thousand tonnes per year (TPY) biorefinery joint venture project in Sweden. The agreements call for the purchase of up to $3 million in 7% senior secured convertible notes funded in quarterly installments of $250 thousand for three years.

The power of partnership. Comstock’s partnership with RenFuel has accelerated the commercialization of its technologies. The companies’ joint venture project is strategic to Comstock’s plan to commercialize its proprietary Bioleum product. Comstock uses RenFuel’s patented catalytic esterification technology to refine Bioleum derivatives into Hydro-deoxygenated Bioleum Oil (HBO) for use by advanced biofuel refineries to produce sustainable aviation and renewable diesel fuel.


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

Mining Titans Merge to Unleash Major Gold Discovery in Guiana Shield

G Mining Ventures (GMIN) is supercharging its growth strategy with the $875 million acquisition of junior explorer Reunion Gold and its massive Oko West gold project in Guyana. This transformative transaction instantly vaults GMIN into the elite ranks of premier mid-tier producers and showcases the huge rewards awaiting those who can execute on major discoveries.

Oko West already boasts an eye-popping 4.3 million ounces of indicated gold resources grading a robust 2.05 g/t. On top of that, it hosts another 1.6 million ounces of inferred resources at 2.59 g/t – over 1 million of those ounces are high-grade underground at 3.12 g/t. With this incredible size and scale, Oko West has all the hallmarks of a monster gold deposit ideally suited for a large-scale open-pit and underground mining operation.

Under the deal terms, Reunion shareholders receive 0.285 GMIN shares for each share held – representing about C$0.65 per share, a 29% premium. They also gain upside through an 80% stake in a spin-out vehicle holding Reunion’s other assets, funded with $15 million from GMIN.

For existing GMIN investors, Oko West provides a powerful second operational asset to go alongside the company’s near-term cash flow generator, the Tocantinzinho gold mine in Brazil on-track for late 2024 production. GMIN shrewdly raised $50 million in upfront equity financing from key backers La Mancha and Franco-Nevada to help fund Oko West, minimizing future shareholder dilution.

The lofty valuation GMIN paid underscores the premium attached to large, high-margin gold deposits in elite mining jurisdictions like the prolific Guiana Shield of South America. With exceptional projects of this caliber becoming extremely rare, an M&A frenzy is brewing as established producers race to replenish their ravaged reserve pipelines before valuations escalate further.

Soaring gold prices, tight supply, and escalating costs have heightened the appeal of de-risked, economically-resilient projects like Oko West already advanced to later stages. Few explorers can match GMIN’s powerful combination of a quality anchor asset generating cash flows, accomplished construction team with regional experience, and robust financial warchest to help crystallize Oko West’s full value.

A key advantage is GMIN’s in-house construction arm G Mining Services, which boasts extensive Guiana Shield expertise including delivering Newmont’s Merian mine ahead of schedule and under budget. This unmatched skill set is invaluable for safely navigating the complexities of developing a large, remote project like Oko West.

In addition to acquiring Oko West, GMIN gains exposure to new regional discoveries through Reunion’s spin-out company. This junior exploration vehicle is led by Reunion’s proven team and backed by a $15 million treasury to pursue the next big find across the underexplored Guiana Shield which continues delivering large, high-quality gold deposits.

The GMIN-Reunion merger showcases an emerging class of ambitious mid-tier producers diligently building diversified portfolios of long-life, high-margin assets across the Americas’ premiere mining districts. Through aggressive yet disciplined M&A of compelling discoveries demonstrating robust economics, GMIN aims to establish itself as a preeminent regional consolidator and operators.

With dwindling reserve inventories plaguing the sector, securing high-quality acquisitions in choice jurisdictions has become a strategic imperative for all but the most senior gold producers. Prolific belts like the Guiana Shield are rife with consolidation opportunities for well-capitalized counterparts able to fund and maximize development of world-class discoveries trapped within explorers’ portfolios.

Transformative deals like GMIN’s capture the upside of combining quality exploration assets with complementary construction capabilities under a single corporate engine optimized for growth. By uniting prospective resources with seasoned mine builders and operators, new mid-tiers are creating compelling vehicles to power the next big commodities M&A cycle.

In the perpetual hunt to replace dwindling reserves, the limited availability of sizable, high-grade resources in stable jurisdictions opens the pocketbooks of acquisitive producers. Projects like Oko West that flaunt elite size, grade and metallurgy across investment-friendly locales simply become irresistible targets for bigger fish further up the food chain.

GMIN’s Reunion acquisition stands as a tantalizing template for investors seeking the next emerging gold producer capable of rapidly ascending the value curve. Companies that stitch together prized asset bases could become the next sought-after prizes as industry consolidation kicks into overdrive.

Labrador Gold Corp. (NKOSF) – Labrador Gold Agrees to Sell its Flagship Project; Rating Lowered to Market Perform


Tuesday, April 23, 2024

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.

Agreement to sell the flagship Kingsway project. Labrador Gold agreed to sell its 100% interest in the Kingsway project to New Found Gold Corp. (TSXV: NFG) for C$20 million in NFG shares, including all property and mining rights. The number of shares received will be determined by dividing the purchase price by the closing price of NFG shares on the last trading day prior to the closing of the transaction.

Closing expected in the third quarter of 2024. The transaction is expected to close in the third quarter of 2024 and is subject to certain conditions, including receipt of regulatory and stock exchange approvals and approval from a 66 2/3% majority of the votes cast by Labrador Gold shareholders at a special meeting to be scheduled in early July 2024. Directors, officers, and certain shareholders of Labrador Gold have entered into voting support agreements with NFG and have agreed to vote their shares in favor of the transaction. According to the company’s corporate presentation, insiders own approximately 13.2% of Labrador’s outstanding shares and institutional investors own 23.0%.  


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

Release – Labrador Gold Announces Sale of Kingsway Project

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APRIL 22, 2024

TORONTO, April 22, 2024 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“ LabGold ” or the “ Company ”) is pleased to announce that it has entered into a property purchase agreement (the “ Definitive Agreement ”) with New Found Gold Corp. (“ NFG ”), whereby NFG will acquire a 100% interest in the Kingsway Project, including all property and mining rights associated with the property, (the “ Transaction ”) in exchange for $20,000,000 CAD (the “ Purchase Price ”) payable and satisfied by the delivery to LabGold of such number of NFG Common Shares (the “ Consideration Shares ”) determined by dividing the Purchase Price by the closing price of the NFG Common Shares on the TSX Venture Exchange (“ TSXV ”) on the last trading day prior to the closing of the Transaction. The Consideration Shares will be subject to a resale restriction of four months and one day from the closing of the Transaction.

“The LabGold team has worked hard over the last four years to generate and test targets along the prospective Appleton Fault Zone. This work resulted in the discovery of seven gold occurrences from the nine targets drill tested, a 78% success rate,” said Roger Moss, President and CEO of Labrador Gold. “As shown in the recently completed NI43-101 Technical Report, a number of untested targets remain on the property, in addition to potential extensions of many of the gold occurrences. However, we understand the significant amount of drilling required to make these discoveries and we are happy that New Found Gold is proposing to take up the challenge at Kingsway. We believe that their experience at Queensway to the south will be critical as they explore the Kingsway Project and demonstrate the true potential of the district,” Moss added.

LabGold’s board of directors has unanimously recommended that LabGold’s shareholders vote in favour of the Transaction. The directors and officers of LabGold have entered into voting and support agreements with NFG, pursuant to which they have agreed, among other things, to vote their shares in favour of the Transaction.

The Transaction is expected to close in the third quarter of 2024 and is subject to customary conditions, including receipt of necessary regulatory and stock exchange approvals and approval from a 66 2/3% majority of the votes cast by LabGold Shareholders at the next annual general and special meeting of LabGold to be scheduled for early July, 2024.

The Definitive Agreement includes customary deal-protection provisions. LabGold has agreed not to solicit or initiate any discussion regarding any other business combination or acquisition. In the event that LabGold validly terminates the Definitive Agreement to accept a Superior Proposal (as defined in the Definitive Agreement), LabGold will be required to pay NFG a termination fee of $500,000.

Additional information regarding this proposed Transaction will be provided in the management information circular that will be mailed to registered shareholders and filed on SEDAR at www.sedarplus.com.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

About Labrador Gold

Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The four licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with numerous gold occurrences in the region. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold’s drilling targeting high-grade epizonal gold mineralization along the Appleton Fault Zone has outlined seven gold prospects to date. The Company has approximately $6.5 million in working capital.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt. Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

: @LabGoldCorp

This News Release should not be considered a comprehensive summary of the Transaction. Additional information will be disseminated at a future date. Completion of the Transaction is subject to a number of conditions including, but not limited to, TSXV approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

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 .

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

Release – Century Lithium Provides Update On The Feasibility Study

Research News and Market Data on CYDVF

April 19, 2024 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or Company) reports that the Feasibility Study on the Company’s Clayton Valley Lithium Project (Project), in Nevada, USA, under the direction of Wood PLC and Global Resource Engineering Ltd., is currently under review by the Qualified Persons, and the Company anticipates its announcement imminently. 

To date, the Company’s Feasibility Study team has revised and updated estimates for a phased production approach at the Project. These revisions also included assessment and evaluation of the economic benefit of sales of the surplus sodium hydroxide produced by the chlor-alkali plant.

The Company’s Lithium Extraction Facility (Pilot Plant) in Amargosa Valley, Nevada is now in its third year of testing the processing of lithium-bearing claystone from the Project. All data collected has been essential to the Feasibility Study. Century Lithium continues to work toward permitting the Project including the collection of baseline data collection for biology, surface and groundwater hydrology, and social impacts. Earlier this year, baseline reports were submitted by the Company’s consultants and were accepted by the appropriate government agencies. Multiple reports have been completed which will aide in the preparation of a Plan of Operations to initiate the National Environmental Policy Act (NEPA) process.

About Century Lithium Corp.

Century Lithium Corp. (formerly Cypress Development Corp.) is an advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in west-central Nevada, USA. Century Lithium is currently in the pilot stage of testing on material from its lithium-bearing claystone deposit at its Lithium Extraction Facility in Amargosa Valley, Nevada and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

ON BEHALF OF CENTURY LITHIUM CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer

For further information, please contact:
Spiros Cacos | Vice President, Investor Relations
Direct: +1 604 764 1851
Toll Free: 1 800 567 8181
scacos@centurylithium.com 
centurylithium.com  

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release includes certain statements that may be deemed to be “forward-looking statements”. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “scheduled,” and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

Oil Prices Spike as Middle East Conflict Reignites Supply Fears

Escalating hostilities between Israel and Iran have injected a new wave of supply disruption fears into global oil markets, sending crude prices surging to multi-month highs. The flareup threatens to further tighten supplies at a time when producers already appear maxed out, setting the stage for another potential energy price shock.

Crude benchmarks spiked over $90 a barrel in overnight trading after Israeli missiles struck Iran overnight. The attack came in retaliation for an Iranian drone and missile barrage targeting Israel just days earlier. While Iran has downplayed the impact so far, the tit-for-tat actions raised the specter of a broader military conflict that could imperil energy shipments throughout the Middle East.

Front-month Brent futures, the global pricing benchmark, jumped as high as $92 per barrel before paring gains. U.S. West Texas Intermediate crude topped $89 per barrel. Though off their overnight peaks, both contracts remained up over 2% on the day, hitting levels not seen since late 2023.

The aerial attacks have put the market on edge over the potential for supply chokeholds out of the Persian Gulf. Any protracted disruptions in that key oil shipping chokepoint would severely crimp available exports to global markets from regional producers like Saudi Arabia, Iran, and Iraq.

With the oil market already grappling with reduced supply from Russia due to sanctions, as well as chronic underinvestment by drillers, even modest additional shortfalls could quickly drain limited spare capacity buffers. OPEC and its allies have struggled to boost output to offset losses amid the broader underinvestment cycle.

For consumers still reeling from high energy costs, another bullish jolt to oil prices is an unwelcome development. After pulling back from 2022’s dizzying peaks, U.S. gasoline prices have started rebounding in recent weeks. The current $3.67 per gallon national average is up 21 cents just over the past month, according to AAA.

Some of that increase was expected due to seasonal refinery maintenance impacts. But the renewed geopolitical turmoil could propel gasoline and other fuel prices significantly higher nationwide if the conflict engulfing Israel and Iran deteriorates further.

The energy spike compounds existing inflationary headwinds plaguing the global economy. From restricted supplies of grains and fertilizers to manufacturing disruptions, the shockwaves from Russia’s invasion of Ukraine continue to ripple far and wide over a year later. Rapidly escalating tensions in the Middle East risk aggravating those pressures at a time when central banks are still struggling to restore price stability.

While some of the risk premium prompted by the Israel-Iran conflict may already be priced into crude, the threat of escalating retaliatory actions between the two adversaries keeps bullish risks elevated. Additional supply hits to global markets from further hostilities could easily drive oil prices back towards triple-digit territory not seen since 2022.

On Wall Street, stock futures were initially rattled by the rising geopolitical tensions, though markets stabilized in early trading as Iran refrained from immediate retaliation. Still, the volatility injected reinforces the nebulous risks confronting investors from the ever-simmering Middle East powder keg.

With so much at stake for inflation outlooks, policymakers at the Federal Reserve and other central banks will be monitoring the region with hawkish vigilance. Though diplomatically challenging to resolve, an extended sectarian conflict jeopardizing the secure flow of oil could compel another crusade of aggressive interest rate hikes historically anathema to financial markets.

For both consumers and investors, the situation serves as a stark reminder that geopolitical shocks exposing vulnerabilities in tight energy markets remain an omnipresent threat overhanging the economic outlook. Whether this clash proves fleeting or portends protracted hostilities remains to be seen, but the reverberations have oil prices surging once again.

Release – Hemisphere Energy Announces 2023 Fourth Quarter and Year-End Financial and Operating Results

Research News and Market Data on HEMNF

April 18, 2024 8:00 AM EDT | Source: Hemisphere Energy Corporation

Vancouver, British Columbia–(Newsfile Corp. – April 18, 2024) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to provide its financial and operating results for the fourth quarter and year ended December 31, 2023.

2023 Highlights

  • Increased fourth quarter production by 16% to a record of 3,386 boe/d (99% heavy oil), and annual production by 11% to 3,125 boe/d (99% heavy oil), as compared to 2022.
  • Achieved annual revenue of $84.5 million, with adjusted funds flow from operations (“AFF”)(1) of $39.4 million.
  • Invested $16.9 million to drill eight successful Atlee Buffalo wells, one unsuccessful exploration well, upgrade facilities, purchase land and seismic, and pre-purchase materials for the 2024 development program.
  • Generated $22.5 million of free funds flow (“FFF”)(1).
  • Distributed $10.1 million in quarterly dividends to shareholders.
  • Distributed $3.0 million in special dividends to shareholders.
  • Purchased and cancelled 3.2 million shares at an average price of $1.28 per share under the Company’s normal course issuer bid (“NCIB”), returning $4.1 million to shareholders.
  • Exited the year with a positive working capital(1) position of $3.6 million compared to a net debt(1) position of $0.8 million at December 31, 2022.
  • Increased Proved Developed Producing (PDP) NPV10 BT reserve value by 9% to $248 million and maintained reserve volumes at 8.2 MMboe (99.6% heavy oil).
  • Increased Proved (1P) NPV10 BT reserve value by 5% to $325 million and maintained reserve volumes at 12.1 MMboe (99.4% heavy oil).
  • Increased Proved plus Probable (2P) NPV10 BT reserve value by 5% to $416 million and maintained reserve volumes at 16.3 MMboe (99.4% heavy oil).

Note:
(1) Non-IFRS financial measure that is not a standardized financial measure under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar financial measures disclosed by other issuers. Refer to “Non-IFRS and Other Financial Measures” section below.

Financial and Operating Summary

Selected financial and operational highlights should be read in conjunction with Hemisphere’s audited annual financial statements and related Management’s Discussion and Analysis for the year ended December 31, 2023. These reports, including the Company’s Annual Information Form for the year ended December 31, 2023, are available on SEDAR+ at www.sedarplus.ca and on Hemisphere’s website at www.hemisphereenergy.ca. All amounts are expressed in Canadian dollars unless otherwise noted.

Three Months Ended December 31Years Ended December 31
($000s except per unit and share amounts)2023202220232022 
FINANCIAL
Petroleum and natural gas revenue$22,423$19,564$84,472$96,699
Operating field netback(1)13,51710,92651,84358,270
Operating netback(1)14,42811,39652,11851,995
Cash provided by operating activities13,4968,99544,24145,091
Adjusted funds flow from operations (AFF)(1)11,29511,01139,41146,686
Per share, basic(1)0.110.110.390.47
Per share, diluted(1)0.110.110.390.46
Free funds flow (FFF)(1)9,1444,92122,53928,420
Net income3,9813,25324,19521,317
Per share, basic0.040.030.240.21
Per share, diluted0.040.030.240.21
Dividends5,4892,56013,0837,683
Per share, basic0.0250.0250.1300.075
NCIB share repurchases2,0851,6944,0953,387
Capital expenditures (1)2,1516,09016,87218,266
Working capital (Net debt)(1)3,589(766)3,589(766)
OPERATING    
Average daily production    
Heavy oil (bbl/d)3,3642,8843,1002,801
Natural gas (Mcf/d)132138147158
Combined (boe/d)3,3862,9073,1252,828
Oil weighting99%99%99%99%
Average sales prices    
Heavy oil ($/bbl)$72.36$73.52$74.53$94.29
Natural gas ($/Mcf)2.194.762.565.03
Combined ($/boe)$71.97$73.16$74.07$93.69
Operating netback ($/boe)    
Petroleum and natural gas revenue$71.97$73.16$74.07$93.69
Royalties(14.07)(16.50)(14.71)(23.71)
Operating costs(11.49)(13.16)(10.87)(11.09)
Transportation costs(3.03)(2.64)(3.03)(2.43)
Operating field netback(1)43.3840.8645.4656.46
Realized commodity hedging gain (loss)2.921.760.24(6.08)
Operating netback(1)$46.30$42.62$45.70$50.38
General and administrative expense(5.63)(4.92)(4.05)(3.94)
Interest expense and foreign exchange (loss)(0.44)(0.70)(0.58)(1.00)
Current tax expense(3.98)4.18(6.51)(0.21)
Adjusted funds flow from operations(1) ($/boe)$36.25$41.18$34.56$45.23 

Note:
(1) Non-IFRS financial measure that is not a standardized financial measure under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar financial measures disclosed by other issuers. Refer to “Non-IFRS and Other Financial Measures” section of the MD&A.

COMMON SHARESApril 17,
2024
December 31,
2023
December 31,
2022
Common shares issued and outstanding97,951,23999,340,339101,978,939
Stock options7,563,0007,563,0006,075,000
Total fully diluted shares outstanding105,514,239106,903,339108,053,939

Operations Update and Outlook

2023 was another rewarding year for Hemisphere, resulting in production growth of 11%, significant shareholder returns of $0.17 per share paid in dividends and NCIB purchases (representing a FFF payout ratio(2) of 76%), and the transformation from a net debt to a cash position.

Additionally, Hemisphere purchased mineral rights in a Saskatchewan oil resource play during the year, and kicked off the first quarter of 2024 by successfully drilling a 5-well pad (3 producers and 2 injectors) into the pool. The Company anticipates bringing the wells on production in the third quarter of the year, after commissioning a new polymer flood facility and oil treating battery in the area. The remainder of Hemisphere’s 2024 capital development program will be spent in its core Atlee Buffalo property later this summer.

Following significant downtime due to extreme cold weather in January and early February, Hemisphere’s corporate production during the latter half of the quarter has reached all-time highs of over 3,500 boe/d (February 15 – March 31, 2024 field estimates, 99% heavy oil), bringing average first quarter production to 3,135 boe/d.

Pricing outlook for heavy oil is bullish across the industry with the Trans Mountain pipeline anticipated to commence operations in May. With this additional egress capacity, WCS differential forecasts for the year have narrowed substantially. Combined with strong WTI pricing and a weak Canadian dollar, Hemisphere is optimistic about the year ahead as it tests its new Saskatchewan play while continuing to deliver top-tier free funds flow yields to its shareholders from ultra-low decline, high-value reserves in Atlee Buffalo.

About Hemisphere Energy Corporation

Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.

For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:

Don Simmons, President & Chief Executive Officer
Telephone: (604) 685-9255
Email: info@hemisphereenergy.ca

Website: www.hemisphereenergy.ca

Note:
(2) Non-IFRS Financial Ratio that is not a standardized financial measure under IFRS and may not be comparable to similar ratios disclosed by other issuers. Free funds flow, a non-IFRS financial measure, is used as a component of the non-IFRS ratio. The ratio is calculated as dividends of $13.1 million plus NCIB of $4.1 million divided by FFF of $22.5 million, equals a FFF payout ratio of 76% to shareholders.

Forward-looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “potential”, “target” and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements regarding Hemisphere’s expectations that it will bring wells in Saskatchewan on production in the third quarter of the year, after commissioning a new polymer flood facility and oil treating battery in the area; that the remainder of Hemisphere’s 2024 capital development program will be spent in its core Atlee Buffalo property later this summer; outlook for heavy oil and commencement of operations for the Trans Mountain pipeline; anticipated WCS differential forecasts for the year and Hemisphere’s outlook for the year. In addition, statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future.

Forwardlooking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forwardlooking statements or information are reasonable, undue reliance should not be placed on forwardlooking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; that results from drilling and development activities are consistent with past operations; timing of operations for the Trans Mountain pipeline; completion of commissioning a new polymer flood facility and oil treating battery in in its Saskatchewan operating area in the manner (and on the timing) currently expected; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Hemisphere’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products.

The forwardlooking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forwardlooking statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Hemisphere’s products, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere’s properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere’s oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from timetotime in Hemisphere’s public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere’s Annual Information Form).

The forwardlooking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forwardlooking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Non-IFRS and Other Financial Measures

This news release contains the terms adjusted funds flow from operations, free funds flow, operating field netback and operating netback, capital expenditures and net debt, which are considered “non-IFRS financial measures” and any of these measures calculated on a per boe basis, which are considered “non-IFRS financial ratios”. These terms do not have a standardized meaning prescribed by IFRS. Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) or cashflow from operations determined in accordance with IFRS and these measures should not be considered to be more meaningful than IFRS measures in evaluating the Company’s performance.

a) Adjusted funds flow from operations (“AFF”) (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): The Company considers AFF to be a key measure that indicates the Company’s ability to generate the funds necessary to support future growth through capital investment and to repay any debt. AFF is a measure that represents cash flow generated by operating activities, before changes in non-cash working capital and adjusted for decommissioning expenditures, and may not be comparable to measures used by other companies. The most directly comparable IFRS measure for AFF is cash provided by operating activities. AFF per share is calculated using the same weighted-average number of shares outstanding as in the case of the earnings per share calculation for the period.

A reconciliation of AFF to cash provided by operating activities is presented as follows:

Three Months Ended December 31Years Ended December 31
($000s, except per share amounts)2023202220232022 
Cash provided by operating activities$13,496$8,995$44,240$45,091
Change in non-cash working capital(2,259)1,447(5,266)911
Adjust: Decommissioning obligation expenditures58569437684 
Adjusted funds flow from operations$11,295$11,011$39,411$46,686 
Per share, basic$0.11$0.11$0.39$0.47 
Per share, diluted$0.11$0.11$0.39$0.46 

b) Free funds flow (“FFF”) (Non-IFRS Financial Measures): Is calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free funds flow provides a useful measure to determine Hemisphere’s ability to improve returns and to manage the long-term value of the business.

Three Months Ended December 31Years Ended December 31
($000s, except per share amounts)2023202220232022 
Adjusted funds flow$11,295$11,011$39,411$46,686
Capital expenditures(2,151)(6,090)(16,872)(18,266)
Free funds flow$9,144$4,921$22,539$28,420 
Per share, basic$0.09$0.05$0.22$0.29 
Per share, diluted$0.09$0.05$0.22$0.28 

c) Capital Expenditures (Non-IFRS Financial Measure): Management uses the term “capital expenditures” as a measure of capital investment in exploration and production assets, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable IFRS measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures is set forth below:

Three Months Ended December 31Years Ended December 31
($000s)2023202220232022 
Cash used in investing activities$3,745$4,680$19,456$18,847
Change in non-cash working capital(1,594)1,410(2,584)(581)
Capital expenditures$2,151$6,090$16,872$18,266 

d) Operating field netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Is a benchmark used in the oil and natural gas industry and a key indicator of profitability relative to current commodity prices. Operating field netback is calculated as oil and gas sales, less royalties, operating expenses and transportation costs on an absolute and per barrel of oil equivalent basis. These terms should not be considered an alternative to, or more meaningful than, cash flow from operating activities or net income or loss as determined in accordance with IFRS as an indicator of the Company’s performance.

e) Operating netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Is calculated as the operating field netback plus the Company’s realized commodity hedging gain (loss) on an absolute and per barrel of oil equivalent basis.

f) Net debt (Non-IFRS Financial Measure): Is closely monitored by the Company to ensure that its capital structure is maintained by a strong balance sheet to fund the future growth of the Company. Net debt is used in this document in the context of liquidity and is calculated as the total of the Company’s current assets, less current liabilities, excluding the fair value of financial instruments, lease and warrant liabilities, and including the bank debt. There is no IFRS measure that is reasonably comparable to net debt.

The following table outlines the Company calculation of net debt:

As at December 31
20232022 
Current assets(1)$14,110$5,825
Current liabilities(1)(10,521)(6,591)
Working capital / (Net debt)$3,589$(765)

Note:
(1) Excluding fair value of financial instruments, and lease and decommissioning obligations.

g) Supplementary Financial Measures and Ratios

“Adjusted Funds Flow from operations per basic share” is comprised of funds from operations divided by basic weighted average common shares.
“Adjusted Funds Flow from operations per diluted share” is comprised of funds from operations divided by diluted weighted average common shares.
“Operating expense per boe” is comprised of operating expense, as determined in accordance with IFRS, divided by the Company’s total production.
“Free Funds Flow Payout Ratio” is a non-IFRS financial ratio comprised of dividends declared during the year plus NCIB expenditures during the year divided by free funds flow (a non-IFRS financial measure) for the applicable year.
“Realized heavy oil price” is comprised of heavy crude oil commodity sales from production, as determined in accordance with IFRS, divided by the Company’s crude oil production.
“Realized natural gas price” is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, divided by the Company’s natural gas production.
“Realized combined price” is comprised of total commodity sales from production, as determined in accordance with IFRS, divided by the Company’s total production.
“Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the Company’s total production.
“Transportation costs per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the Company’s total production.

The Company has provided additional information on how these measures are calculated in the Management’s Discussion and Analysis for the year ended December 31, 2023, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

Oil and Gas Advisories

All estimated reserve volumes and the estimated net present values of the future net revenues of such reserve estimates included in this news release are as attributed by McDaniel Associates & Consultants Ltd., the Company’s independent reserve evaluators in its report as at December 31, 2023 and prepared in accordance with the COGE Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.

A barrel of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

It should not be assumed that the net present value of the estimated net revenues of the reserves presented in this news release represent the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions upon which such estimates are made will be attained and variances could be material. The reserve estimates of Hemisphere’s crude oil, natural gas liquids and natural gas reserves and any estimated recovery factors provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.

Definitions and Abbreviations

bblbarrelMcfthousand cubic feet
bbl/dbarrels per dayMcf/dthousand cubic feet per day
$/bbldollar per barrel$/Mcfdollar per thousand cubic feet
boebarrel of oil equivalentNGLnatural gas liquids
boe/dbarrel of oil equivalent per dayNPV10 BTNet Present Value discounted at 10%, before tax
$/boedollar per barrel of oil equivalentIFRSInternational Financial Reporting Standards
Mboethousand barrels of oil equivalentWCSWestern Canadian Select
MMboemillion barrels of oil equivalentUS$United States Dollar

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

SOURCE: Hemisphere Energy Corporation

Aurania Resources (AUIAF) – Regaining its Momentum; Aurania Outlines 2024 Exploration Program


Thursday, April 18, 2024

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.


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

Gold Shines Bright, Miners See Green as Bullion Surges Past $2,400

The unrelenting surge in gold prices has shown no signs of abating, with the precious metal blasting through the $2,400 an ounce level to set fresh all-time highs. Propelled by a combination of geopolitical turmoil, stubborn inflation, and prospects for more dovish U.S. monetary policy, bullion’s blistering rally has lifted the fortunes of mining companies along with it.

On Monday, gold futures settled at a record $2,383 per ounce after Iran fired missiles at Israel, amplifying safe-haven demand. While the imminent threat was neutralized, the escalation underscored bullion’s appeal as a hedge against geopolitical instability.

But it’s not just tensions abroad fueling gold’s ascent. The anchoring factor has been the prospect of easier monetary conditions from the Federal Reserve to tame hot inflation. Hotter-than-expected price data has raised odds of two rate cuts by year-end, buffering non-yielding bullion’s appeal relative to other asset classes like bonds.

The stellar gains have unsurprisingly turbocharged mining stocks. The VanEck Gold Miners ETF (GDX) has skyrocketed over 20% year-to-date, far outperforming the metal itself. Industry titans like Newmont Corp (NEM) have risen nearly 20% as the merger with Newcrest has fattened production levels and profit margins at current lofty gold prices.

While big miners are prospering, it’s the juniors and smaller explorers that have seen the most spectacular returns. Fueled by improved economics at higher bullion levels, higher prices breathed new life into marginal projects long-shelved during the bear cycle, while re-ratings sent neglected equities rocketing higher.

According to Citi analysts, the minimum “price floor” at which mines can profitably produce has risen from around $1,000 previously to $2,000 currently. This bodes extremely well for industry profitability and increased capital spending to bring on additional supply.

In fact, Citi sees no stopping gold’s rally, projecting a push towards $3,000 an ounce over the next 6-18 months on potential stagflation risks. Goldman Sachs has also jumped on the bullish bandwagon, revising their gold target up to $2,700 by year-end. Lofty forecasts like these imply juniors may have plenty of room to run if realized.

For investors, the juniors offer a high beta play on higher gold pricing but come with elevated risks compared to the senior miners. Many are single-asset companies with higher costs, making them more susceptible to operational snags and gold price fluctuations.

However, their outsize returns in a bull market are also apparent. Juniors like Equinox (EQX) have delivered nearly triple the gains of the major producers. Their improved ability to raise capital for growth also enhances the upside potential. If the $3,000 an ounce forecast is achieved, the re-rating and bull market in juniors could be just beginning.

With a potent combination of easy money policies, inflation risks, and simmering geopolitical flashpoints buoying bullion, gold’s uptrend shows no signs of abating. As the rally rages on, the mining industry from large to small is prospering – but it’s the high-risk, high-reward juniors that have emerged as the most compelling opportunity to capitalize on gold’s unstoppable ascent.

Take a moment to take a look at Noble Capital Markets’ Senior Research Analyst Mark Reichman’s coverage list.

Release – Alliance Resource Partners, L.P. Announces First Quarter 2024 Earnings Conference Call

Research News and Market Data on ARLP

April 15, 2024

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TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its first quarter 2024 financial results before the market opens on Monday, April 29, 2024. Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.

To participate in the conference call, dial U.S. Toll Free (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 13745713.

About Alliance Resource Partners, L.P.

ARLP is a diversified energy company that is currently the 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.

Investor Relations Contact

Cary P. Marshall

Senior Vice President and Chief Financial Officer

(918) 295-7673

investorrelations@arlp.com

Source:

Release – Aurania Provides Update On Payment Of Mineral Properties In Ecuador

Research News and Market Data on AUIAF

Toronto, Ontario, April 12, 2024 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) reports an update regarding a request to enter into an agreement for payment of its annual mineral concession fees in Ecuador as announced on March 27, 2024.

While this process is ongoing, the Company maintains its property in Ecuador in good standing and is able to further its exploration projects, dependent on funding availability. As previously reported, the Company filed the appropriate documentation to renew its 42 mineral exploration concessions in Ecuador prior to the March 31st deadline.

Aurania’s request to enter into an agreement has been accepted and a further meeting is expected to commence in the coming weeks.  This process may take a couple of months to complete.

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.sedar.com, 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-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

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 statements regarding Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, 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, an inability to settle a schedule for the payment of annual concession fees on terms which are satisfactory or all with the result that the mineral concession renewals may be of no effect and the property interests are jeopardized, 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 copper and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ (available at www.sedarplus.ca). Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.

Alliance Resource Partners (ARLP) – Lowering Near-Term Estimates to Reflect More Conservative Pricing and Cost Assumptions


Thursday, April 11, 2024

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

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.

Updating estimates. We have lowered our 2024 EBITDA and EPU estimates to $841.1 million and $3.90 from $846.9 million and $3.98, respectively. Among our revisions, we have lowered our coal price assumptions, increased our expense estimates, and made minor changes in our unit count. Our estimates remain within the partnership’s guidance ranges and are summarized within this report.

New officer appointment. Mr. Steven Schnitzer recently joined the general partner of ARLP as Senior Vice President, General Counsel and Secretary. Mr. Schnitzer was involved in the 1996 leveraged buy-out of MAPCO Coal, now Alliance Resource Partners, and regularly represented the partnership until 2014 when he left private practice. His experience working with companies in the natural resources and energy transition fields will be helpful as Alliance pursues growth opportunities within and outside its traditional businesses. Most recently, Mr. Schnitzer served as Chief Legal Officer and Secretary of a commercial and industrial solar generation and battery storage developer.


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

Comstock Inc. (LODE) – Accelerating Commercialization Across Multiple Business Lines


Monday, April 08, 2024

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.

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

First quarter 2024 perception report. RB Milestone, Comstock’s investor relations firm, released its first quarter 2024 stakeholder perception report which provides insight into Comstock’s operational milestones and strengths and weaknesses as perceived by stakeholders. The accompanying presentation highlighted the achievement of significant company milestones, notably in its Metals and Fuels segments. An underreported point made during the presentation is that Comstock has approximately $225 million of net operating loss tax carry-forward that may be used to offset gains from sales of non-core assets and future profits.

Growing customer commitments. During the first quarter, Comstock Metals received all permits for its solar panel recycling facility and began commissioning the plant. Comstock Metals has received over 60 tons of end-of-life solar panels for which it has received cash and expects to begin recognizing revenue in the second quarter as the panels are processed. Supplier commitments have exceeded expectations and Comstock is preparing permits for its first industry-scale facility.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

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