Allegiant Prepares For Expansion Drilling At Its 100% Owned Eastside Gold Deposit With Commencement Of Road Construction

 

Reno, Nevada /November 15, 2021 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce the commencement of road construction in anticipation of drilling at its 100% owned Eastside Gold Deposit in Nevada (“Eastside”).

The road building is planned to commence in and around the recently discovered high-grade zone within the western edge of the Original Pit Zone (“OPZ”). Allegiant plans to drill up to nine diamond core (“Core”) holes to test the high-grade area at Eastside, where drilling returned:

• Hole 243 included 2.55 g/t Au over 147.8 metres (including 13.49 g/t Au over 24.4m)
• Hole 239 included 111.3m of 1.45 g/t Au including 3.1 metres of 39 g/t at the bottom of the hole at 418 metres
• Hole 244 included 76 metres of mineralization including 6.1m of 1.48 g/t Au
• Hole 245 included 15.2 metres of 3.4 g/t Au at a depth of 177 metres

Additional road construction will occur in and around areas to the east and west of the OPZ to test additional targets. It is expected that, in addition to the Core holes, Allegiant will drill up to 20-30 reverse-circulation (“RC”) holes at relatively shallow depths (see drill map below).

Map 1: 2021-2022 Original Pit Zone Drilling Map
https://allegiantgold.com/site/assets/files/2209/auau_eastside_2021-2022_drill_holes.jpg

Peter Gianulis, CEO of Allegiant Gold, commented: “The recently acquired permit expansion at Eastside has opened up significant drill targets in and around the Original Pit Zone. Road construction is an important next step to having the RC and Core rigs in place for this highly anticipated drilling program.”

Eastside is open in several directions and presently hosts an inferred resource of 1.09 million ounces of gold at 0.55 grams per tonne at the Original Pit Zone and an inferred resource of 314,000 gold ounces at 0.49 g/t Au in the Castle Area, both within pit-constrained models at a cut-off grade of 0.15 g/t Au, US$1,750/ounce gold price and a US$21.88 silver price. Eastside also hosts significant silver resources of 8.7 million ounces at 4.4 g/t Ag at the OPZ.

EASTSIDE RESOURCE ESTIMATE

The updated resource estimate (“Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report, Esmeralda County, Nevada”) was conducted by Mine Development Associates (“MDA”), a division of RESPEC of Reno, Nevada with an effective date of July 30, 2021. Contained pit-constrained Inferred Resources (cut-off grade of 0.15 g/t) of 1,090,00 Au ounces in 61,730,000 tonnes at 0.55 g/t Au and 8,700,000 Ag ounces at 4.4 g/t Ag at the Original Pit Zone and 314,000 Au ounces in 19,986,000 tonnes at 0.49 g/t Au at the Castle Area. In accordance with NI 43-101, the MDA Technical Report dated July 30, 2021, was filed on SEDAR on August 16, 2021. This report builds on and supersedes the NI 43-101 reports of Ristorcelli (December 2016), Ristorcelli (July 2017), Ristorcelli (January 2020) and Ristorcelli (November 2020) titled “Amended Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project, Esmeralda County, Nevada” prepared for Allegiant with an Effective Date of December 30, 2019.

QUALIFIED PERSON

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

ABOUT ALLEGIANT

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Four 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
[email protected]

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 statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. 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 with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Friday, November 12, 2021

Comstock Mining (LODE)
Comstock’s Transformation is Well Underway

Comstock Mining Inc. is an emerging innovator and leader in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Poe Fratt, Senior Research Analyst, Logistics, Noble Capital Markets, Inc.

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

Corporate update. Comstock recently hosted a virtual investor meeting to discuss innovations in lithium-ion battery recycling, lithium extraction, cellulosic extraction for producing biofuels, and the restart of its mercury remediation operations in the Philippines. Management has spent the last six months accelerating plans for lithium recycling and cellulosic fuels with fully operational prototypes expected in the first and second quarters of 2022.


Cellulosic fuels business will be the largest in Comstock’s portfolio.  The first facility in Minnesota is expected to be operational in 2023. It will convert woody biomass into ethanol, biodiesels, and marine fuels. Comstock expects to have a cellulosic extraction prototype operational at Comstock’s Plain Sight Innovations (PSI) laboratory in Wisconsin in March or April. Management mentioned that …

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. 

Friday, November 12, 2021

Comstock Mining (LODE)
Comstock’s Transformation is Well Underway

Comstock Mining Inc. is an emerging innovator and leader in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Poe Fratt, Senior Research Analyst, Logistics, Noble Capital Markets, Inc.

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

Corporate update. Comstock recently hosted a virtual investor meeting to discuss innovations in lithium-ion battery recycling, lithium extraction, cellulosic extraction for producing biofuels, and the restart of its mercury remediation operations in the Philippines. Management has spent the last six months accelerating plans for lithium recycling and cellulosic fuels with fully operational prototypes expected in the first and second quarters of 2022.


Cellulosic fuels business will be the largest in Comstock’s portfolio.  The first facility in Minnesota is expected to be operational in 2023. It will convert woody biomass into ethanol, biodiesels, and marine fuels. Comstock expects to have a cellulosic extraction prototype operational at Comstock’s Plain Sight Innovations (PSI) laboratory in Wisconsin in March or April. Management mentioned that …

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. 

Thursday, November 11, 2021

InPlay Oil (IPOOF)(IPO:CA)
Operations Hitting On All Cylinders, Price Target Raised

As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

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

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

InPlay reported 2021-3Q results that surpassed almost every expectation. Production volumes of 6,011 BOE/day (up 61% yoy) beat our 5,932 BOE/day estimate. Realized oil prices of C$75.82/bbl and gas prices of C$3.89/mcf topped our C$73.14/bbl and C$3.18/mcf estimates. Higher prices resulted in strong cash flow results because several lower-priced oil and gas hedges rolled off after the second quarter. Adjusted fund flow of $15.6 million (up 680%) surpassed our $13.2 million est. Adjusted free fund flow (which subtracts off capital expenditures) was $5.1 million versus $1.6 million, in line with our estimate even as the company expanded its drilling program. EPS was $0.12 versus $(0.04) ahead of our $0.09 est. due to strong operating results.


Prairie Storm acquisition looks like a winner.  On September 28th, InPlay announced the acquisition of Prairie Storm for C$40.5 million to be paid with 8.3 million common shares and cash. The acquisition expands InPlay’s Cardium play and is immediately accretive to earnings and cash flow at current energy prices. The acquisition brings InPlay an immediate production and cash flow boost as well as a …

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. 

Thursday, November 11, 2021

InPlay Oil (IPOOF)(IPO:CA)
Operations Hitting On All Cylinders, Price Target Raised

As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

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

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

InPlay reported 2021-3Q results that surpassed almost every expectation. Production volumes of 6,011 BOE/day (up 61% yoy) beat our 5,932 BOE/day estimate. Realized oil prices of C$75.82/bbl and gas prices of C$3.89/mcf topped our C$73.14/bbl and C$3.18/mcf estimates. Higher prices resulted in strong cash flow results because several lower-priced oil and gas hedges rolled off after the second quarter. Adjusted fund flow of $15.6 million (up 680%) surpassed our $13.2 million est. Adjusted free fund flow (which subtracts off capital expenditures) was $5.1 million versus $1.6 million, in line with our estimate even as the company expanded its drilling program. EPS was $0.12 versus $(0.04) ahead of our $0.09 est. due to strong operating results.


Prairie Storm acquisition looks like a winner.  On September 28th, InPlay announced the acquisition of Prairie Storm for C$40.5 million to be paid with 8.3 million common shares and cash. The acquisition expands InPlay’s Cardium play and is immediately accretive to earnings and cash flow at current energy prices. The acquisition brings InPlay an immediate production and cash flow boost as well as a …

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. 

Wednesday, November 10, 2021

Endeavour Silver (EXK)(EDR:CA)
Expecting A Strong Finish to the Year

As of April 24, 2020, Noble Capital Markets research on Endeavour Silver is published under ticker symbols (EXK and EDR:CA). The price target is in USD and based on ticker symbol EXK. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

Third quarter 2021 results. Endeavour reported a third quarter net loss of $4.5 million, or $(0.03) per share, compared to net income of $451 thousand, or $0.00 per share, during the prior year period. We had projected net income of $790 thousand or $0.00 per share. Mine operating earnings were $1.4 million lower than our estimate primarily due to lower revenue and higher depreciation, depletion, and amortization expense. The financial results were not indicative of operations since the company withheld a significant amount of production for inventory due to lower commodity prices which it expects to sell during the fourth quarter. At quarter end, Endeavour held 1,030,304 ounces of silver and 1,211 ounces of gold bullion inventory and 37,100 ounces of silver and 2,028 ounces of gold in concentrate inventory.


Updating estimates.  We have increased our 2021 EPS and EBITDA estimates to $0.02 and $44.4 million, respectively, from $0.01 and $42.9 million. The revision reflects stronger fourth quarter earnings due to sales from inventory. Our 2022 EPS and EBITDA estimates remain $0.15 and $67.2 million …

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. 

Wednesday, November 10, 2021

Sierra Metals (SMTS)(SMT:CA)
Third Quarter Results May Be An Inflection Point

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

SMTS reports third quarter financial results. Sierra Metals generated an adjusted loss of $(0.02) per share and EBITDA of $17.4 million, compared to our EPS and EBITDA estimates of $0.06 and $29.5 million, respectively. On an unadjusted basis, Sierra Metals reported a loss of $(0.03) per share. Performance at the Bolivar mine has been negatively impacted by delays in mine development, infill drilling, and high personnel turnover. We did not anticipate a loss from mining operations at Bolivar where all in sustaining costs per copper equivalent pound were impacted by higher operating costs per tonne, sustaining capital, general and administrative costs, and treatment and refining costs. Development of higher-grade ore bodies is underway and we expect continued improvement with a return to normalized operations and earnings power within a quarter or two.


Updating estimates.  Management revised its full year EBITDA guidance to $105 million to $110 million from $130 million to $140 million due to a lower contribution from Bolivar which is now expected to generate EBITDA in the range of $22 million to $26 million. We have revised our 2021 EPS and EBITDA estimates to $0.13 and $105.7 million, respectively, from $0.25 and $127.6 million. We have also …

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. 

Comstock Announces Third Quarter 2021 Results and Business Update

 

Commercializing Breakthroughs in both Lithium and Carbon Extractions

VIRGINIA CITY, Nev., Nov. 10, 2021 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”), a developer of advanced new clean technologies for use in meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products, today announced its unaudited financial results for the period ending September 30, 2021, and provided a business update.

“We are now enabling systemic decarbonization, that is our mission,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “Our acquisitions have assembled breakthrough clean technologies with intellectual property, operating systems, facilities and a senior management team focused on one goal: to accelerate decarbonization through self-sustaining, throughput generating businesses capable of exponential growth.”

Selected Strategic Highlights

• Cellulosic Fuels. Acquired Plain Sight Innovations Corporation (“PSI”) with its first facility expected to scale up to an initial capacity exceeding 330,000 tons per year of forestry wastes over its first three years of operations, as it extracts and refines carbon-neutral woody biomasses into ethanol, biodiesel and marine fuels.

• Lithium-ion Battery Metal Recycling. Acquired the rights to a majority equity stake in LINICO Corporation, a lithium-ion battery (“LIB”) recycling company that owns the rights to a 100,000 ton per annum state-of-the-art battery metal recycling facility in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada.

• Enabling Lithium Extraction. LINICO’s facility and separation systems are designed for, and situated to, receive, crush and separate battery materials into high purity black mass, and is currently enabling a breakthrough, front-end lithium extraction technology.

• Engineering, Construction and Manufacturing. Acquired Renewable Process Solutions (RPS) with the direct engineering and construction management for engineering, manufacturing, and commissioning state of the art cellulosic fuel extraction facilities and unique LIB crushing, separating and lithium extraction solutions.

• Mineral Extraction and Remediation. Acquired fifty percent of MCU Philippines Inc. (MCU-P), currently operating in Monkayo, Davao de Oro, Philippines, as the Naboc River Rehabilitation begins full ramp up.

• Quantum Sensing and Material Generation. Acquired the rights to a fifty percent equity stake in Quantum Generative Materials LLC (GenMat), which is accelerating the generation of new materials for use in batteries, carbon capture and utilization, aerospace, and mining applications.

“We are systemically strengthening our organization in ways that sustainably contribute to humanity’s rapidly-escalating demand for increasingly scarce natural resources, including the strategic resources needed to fuel the worldwide surge in, and transition to, clean energy and carbon-neutrality,” added DeGasperis. “We have a singular focus on a few, breakthrough businesses that will lead in renewable minerals and fuels used mostly in transportation.”

Unaudited Nine Month Selected Financial Highlights

• Total operating costs were $3.5 million for the nine months ended September 30, 2021, corresponding to a 13.9% decrease from the comparable prior period due to lower mining and mine claim costs and reclamation liability estimates, offset somewhat by higher selling, general and administrative costs.

• Net loss was $7.6 million, or a loss of $0.17 per common share, for the nine months ended September 30, 2021, as compared to net income of $18.3 million, or $0.63 per common share, for the comparable 2020 period. The 2021 loss primarily was the result of a $3.0 million loss from operations, versus a $3.9 million loss from operations for the comparable prior year period, a $2.7 million decrease in the fair value of derivative assets and liabilities, and $2.2 million of unrealized losses on Tonogold common shares. The 2020 income was primarily attributed to the gain on the sale to Tonogold of the entity owning the Lucerne mine.

• Total assets increased to $107.4 million at September 30, 2021, a 149% increase from December 31, 2020;

• Total debt decreased to $0, a 100% decrease from year end 2020, as all debt obligations were extinguished;

• Cash and cash equivalents and restricted cash at September 30, 2021 was $3.4 million; and,

• Common shares outstanding at September 30, 2021, were 64,402,789.

Mr. De Gasperis stated, “We have transformed our balance sheet, enhanced our senior management, completely repositioned our system into renewable growth assets, significantly increased director and officer stock ownership, and aligned compensation with our shareholders. If we do not deliver, we do not vest, it’s that simple.”

Focus on Value Creation from Throughput and Decarbonization

“Speed of cash generation and decarbonization are the lowest common denominators in each of our businesses,” continued DeGasperis. “Our team is focused on the tactical activities necessary to enable rapid and exponential financial, natural and social gains. We’ve structured each of our acquisitions to minimize dilution while positioning each line of business with its own cash, equity, and balance sheets, for this growth. We believe this will accelerate and exceed our pledge to sustainably deliver more than $12 per share by 2023. Frankly, we believe our existing platform is already worth multiples of that target based on comparable valuations.”

Breakthrough Lithium-Ion Battery Recycling Technologies Enable Growth

Comstock previously announced the filing of a Written Determination of Hazardous Waste Recycling (“Application”) by LINICO and its state-of-the-art lithium-ion battery (“LIB”) recycling facility. Construction of the first phase of these new processes will commence at the recycling facility upon approval of the Application, with anticipated completion and start-up during the first half of 2022. The Company is expanding that application to include front-end, lithium extraction, a breakthrough technology expected to be showcased during the first half of 2022.

LINICO has recently signed a collaboration agreement with Aqua Metals Inc., a cleantech innovator focused on closed-loop battery recycling, to process high purity battery black mass into high-quality metals. This agreement, which sets the parameters for research and development cooperation, strengthens both companies’ expansion into lithium-ion battery recycling and builds on the two companies’ commitment to advancing best-in-class technologies designed to recycle lithium-ion batteries cost-effectively and sustainably.

About 500,000 tons of expired LIBs containing over $900 million in strategic metals are being landfilled globally. A recent industry report estimated annual growth to more than $26 billion over the next two decades. LiNiCo is positioning itself for capitalizing on that tremendous growth over the next decade, and beyond.

Renewable Process Solutions, An Engineering Powerhouse

LINICO’s previously announced capacity breakthroughs are the direct result of our recently acquired engineering, procurement, and construction (“EPC”) company, Renewable Process Solutions, Inc. (“RPS”).

“Almost instantaneously, Comstock’s network of engineering and advanced manufacturing experts integrated themselves into the LiNiCo team, enhancing designs, ensuring quality, reducing capital requirements and shortening lead times,” stated Mr. DeGasperis. “We believe our ability to crush charged batteries is an industry breakthrough, resulting in higher purity black mass. When our engineers began developing lithium extraction processes for us in real time, with their existing know-how, resulting in breakthroughs we plan on showcasing during the first half of 2022.”

Plain Sight Innovations

Plain Sight Innovations LLC (“PSI”), is delivering breakthroughs on several cellulosic technologies, including existing processes for the efficient extraction and valorization of cellulosic fuels from ubiquitous low-cost sources of woody biomass feedstock, with a recent breakthrough in the processing speed for cellulosic fuels.

“We recently had a breakthrough in our cellulosic extraction process, tripling throughput and positioning us to finalize the design and engineering of our first cellulosic fuel facility,” continued DeGasperis. “We are also expanding that capacity with strategic partners, with a significant number of new, world-class partnerships about to be consummated. These partnerships result in faster revenues and profits, for 2022, and well beyond.”

Triple Bottom Line

DeGasperis concluded: “We are building a self-sustaining system that develops, builds, scales, and operates systemically-managed, rapidly-scalable, throughput-generating businesses that serve very large, fast-growing markets that enable exponential revenue growth, make globally-meaningful contributions to atmospheric carbon reductions and positive social outcomes. Our plan begins with the commencement of operations in our lithium-ion battery recycling, the commencement of construction of a cellulosic fuel and related by products plant in 2022, and the rapid satisfaction of our performance objectives that exceed our $500,000,000 market value goal well before 2023.”

Conference Call

The Company will host a conference call today, November 10, 2021 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Third Quarter results and provide a business update. The Webcast will include a moderated Q&A, after the prepared remarks. Please join the event 10 to 15 minutes prior to the scheduled start time. The link to register in advance for this live Webcast is as follows:

Register in Advance for Our Zoom Webinar
When: November 10, 2021 08:00 AM Pacific Time (US and Canada)
Topic: Comstock Mining Third Quarter 2021 Results and Business Update

Please click this link to register in advance for this webcast:

After registering, you will receive a confirmation email containing information about joining the Webcast.

The recording of the Webcast will be available, within 48 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) (the “Company”) a leading developer of advanced new clean technologies for use in meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so.

Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Allegiant Appoints Gordon Bogden As Chairman Of The Board

 

Reno, Nevada /November 10, 2021 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) today announced that Gordon Bogden will assume the role of Chairman of the Board of Allegiant effective immediately.

Mr. Bogden is a Senior Advisor and member of the Advisory Board of Origin Merchant Partners and the Founder and Chairman of Black Loon Group, a private mining investment and financial advisory company. He began his professional career as an engineer and geophysicist moving on to CIBC World Markets as a mining investment banker, then to N.M. Rothschild Canada, Newcrest Capital Inc., and National Bank Financial, advising on over $20 billion of M&A and capital markets transactions. Gordon retired from investment banking in 2012 after the acquisition of Gryphon Partners, where he was a Co-Founder and Managing Partner, by Standard Chartered Bank. Gordon is a former director of several public mining companies including Royal Gold, Inc., IAMGOLD Corporation, International Royalty Corporation (acquired by Royal Gold, Inc.), Volta Resources Inc. (acquired by B2Gold Corp.), Orvana Minerals Corp., Canplats Resources Corp. (acquired by Goldcorp Inc. He is the past Chairman of the Board of the Canada Mining Innovation Council (“CMIC”) and a member of the Advisory Board of Sapling Financial Consultants. In 2013, he was awarded the Queen Elizabeth II Diamond Jubilee Medal for his work with Right To Play where he continues as a member of the Canadian Advisory Board. Mr. Bogden holds a B.Sc. in Applied Science (Geology) from Queen’s University, is a Professional Engineer (Ontario), and earned his professional certification as a Corporate Director (ICD.D) from the Institute of Corporate Directors.

Peter Gianulis, CEO of Allegiant Gold, commented: “Over the past year, I have had the pleasure of working closely with Gord on numerous projects at Allegiant Gold. He is the consummate professional who will serve Allegiant very well as our Chairman as we transition from a project generator to a project developer with Eastside as our flagship project.”

The Board also approved the granting of 1.1 million restricted stock units (“RSUs”) and 1.8 million stock options to directors, officers and consultants. The options are exercisable at $0.35 for a period of 5 years and will vest in four equal parts over 18 months. The RSUs will vest annually over 36 months.

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. Four 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
[email protected]

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 statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. 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 with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Allegiant Appoints Gordon Bogden As Chairman Of The Board

 

Reno, Nevada /November 10, 2021 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) today announced that Gordon Bogden will assume the role of Chairman of the Board of Allegiant effective immediately.

Mr. Bogden is a Senior Advisor and member of the Advisory Board of Origin Merchant Partners and the Founder and Chairman of Black Loon Group, a private mining investment and financial advisory company. He began his professional career as an engineer and geophysicist moving on to CIBC World Markets as a mining investment banker, then to N.M. Rothschild Canada, Newcrest Capital Inc., and National Bank Financial, advising on over $20 billion of M&A and capital markets transactions. Gordon retired from investment banking in 2012 after the acquisition of Gryphon Partners, where he was a Co-Founder and Managing Partner, by Standard Chartered Bank. Gordon is a former director of several public mining companies including Royal Gold, Inc., IAMGOLD Corporation, International Royalty Corporation (acquired by Royal Gold, Inc.), Volta Resources Inc. (acquired by B2Gold Corp.), Orvana Minerals Corp., Canplats Resources Corp. (acquired by Goldcorp Inc. He is the past Chairman of the Board of the Canada Mining Innovation Council (“CMIC”) and a member of the Advisory Board of Sapling Financial Consultants. In 2013, he was awarded the Queen Elizabeth II Diamond Jubilee Medal for his work with Right To Play where he continues as a member of the Canadian Advisory Board. Mr. Bogden holds a B.Sc. in Applied Science (Geology) from Queen’s University, is a Professional Engineer (Ontario), and earned his professional certification as a Corporate Director (ICD.D) from the Institute of Corporate Directors.

Peter Gianulis, CEO of Allegiant Gold, commented: “Over the past year, I have had the pleasure of working closely with Gord on numerous projects at Allegiant Gold. He is the consummate professional who will serve Allegiant very well as our Chairman as we transition from a project generator to a project developer with Eastside as our flagship project.”

The Board also approved the granting of 1.1 million restricted stock units (“RSUs”) and 1.8 million stock options to directors, officers and consultants. The options are exercisable at $0.35 for a period of 5 years and will vest in four equal parts over 18 months. The RSUs will vest annually over 36 months.

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. Four 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
[email protected]

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 statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. 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 with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Comstock Announces Third Quarter 2021 Results and Business Update

 

Commercializing Breakthroughs in both Lithium and Carbon Extractions

VIRGINIA CITY, Nev., Nov. 10, 2021 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”), a developer of advanced new clean technologies for use in meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products, today announced its unaudited financial results for the period ending September 30, 2021, and provided a business update.

“We are now enabling systemic decarbonization, that is our mission,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “Our acquisitions have assembled breakthrough clean technologies with intellectual property, operating systems, facilities and a senior management team focused on one goal: to accelerate decarbonization through self-sustaining, throughput generating businesses capable of exponential growth.”

Selected Strategic Highlights

• Cellulosic Fuels. Acquired Plain Sight Innovations Corporation (“PSI”) with its first facility expected to scale up to an initial capacity exceeding 330,000 tons per year of forestry wastes over its first three years of operations, as it extracts and refines carbon-neutral woody biomasses into ethanol, biodiesel and marine fuels.

• Lithium-ion Battery Metal Recycling. Acquired the rights to a majority equity stake in LINICO Corporation, a lithium-ion battery (“LIB”) recycling company that owns the rights to a 100,000 ton per annum state-of-the-art battery metal recycling facility in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada.

• Enabling Lithium Extraction. LINICO’s facility and separation systems are designed for, and situated to, receive, crush and separate battery materials into high purity black mass, and is currently enabling a breakthrough, front-end lithium extraction technology.

• Engineering, Construction and Manufacturing. Acquired Renewable Process Solutions (RPS) with the direct engineering and construction management for engineering, manufacturing, and commissioning state of the art cellulosic fuel extraction facilities and unique LIB crushing, separating and lithium extraction solutions.

• Mineral Extraction and Remediation. Acquired fifty percent of MCU Philippines Inc. (MCU-P), currently operating in Monkayo, Davao de Oro, Philippines, as the Naboc River Rehabilitation begins full ramp up.

• Quantum Sensing and Material Generation. Acquired the rights to a fifty percent equity stake in Quantum Generative Materials LLC (GenMat), which is accelerating the generation of new materials for use in batteries, carbon capture and utilization, aerospace, and mining applications.

“We are systemically strengthening our organization in ways that sustainably contribute to humanity’s rapidly-escalating demand for increasingly scarce natural resources, including the strategic resources needed to fuel the worldwide surge in, and transition to, clean energy and carbon-neutrality,” added DeGasperis. “We have a singular focus on a few, breakthrough businesses that will lead in renewable minerals and fuels used mostly in transportation.”

Unaudited Nine Month Selected Financial Highlights

• Total operating costs were $3.5 million for the nine months ended September 30, 2021, corresponding to a 13.9% decrease from the comparable prior period due to lower mining and mine claim costs and reclamation liability estimates, offset somewhat by higher selling, general and administrative costs.

• Net loss was $7.6 million, or a loss of $0.17 per common share, for the nine months ended September 30, 2021, as compared to net income of $18.3 million, or $0.63 per common share, for the comparable 2020 period. The 2021 loss primarily was the result of a $3.0 million loss from operations, versus a $3.9 million loss from operations for the comparable prior year period, a $2.7 million decrease in the fair value of derivative assets and liabilities, and $2.2 million of unrealized losses on Tonogold common shares. The 2020 income was primarily attributed to the gain on the sale to Tonogold of the entity owning the Lucerne mine.

• Total assets increased to $107.4 million at September 30, 2021, a 149% increase from December 31, 2020;

• Total debt decreased to $0, a 100% decrease from year end 2020, as all debt obligations were extinguished;

• Cash and cash equivalents and restricted cash at September 30, 2021 was $3.4 million; and,

• Common shares outstanding at September 30, 2021, were 64,402,789.

Mr. De Gasperis stated, “We have transformed our balance sheet, enhanced our senior management, completely repositioned our system into renewable growth assets, significantly increased director and officer stock ownership, and aligned compensation with our shareholders. If we do not deliver, we do not vest, it’s that simple.”

Focus on Value Creation from Throughput and Decarbonization

“Speed of cash generation and decarbonization are the lowest common denominators in each of our businesses,” continued DeGasperis. “Our team is focused on the tactical activities necessary to enable rapid and exponential financial, natural and social gains. We’ve structured each of our acquisitions to minimize dilution while positioning each line of business with its own cash, equity, and balance sheets, for this growth. We believe this will accelerate and exceed our pledge to sustainably deliver more than $12 per share by 2023. Frankly, we believe our existing platform is already worth multiples of that target based on comparable valuations.”

Breakthrough Lithium-Ion Battery Recycling Technologies Enable Growth

Comstock previously announced the filing of a Written Determination of Hazardous Waste Recycling (“Application”) by LINICO and its state-of-the-art lithium-ion battery (“LIB”) recycling facility. Construction of the first phase of these new processes will commence at the recycling facility upon approval of the Application, with anticipated completion and start-up during the first half of 2022. The Company is expanding that application to include front-end, lithium extraction, a breakthrough technology expected to be showcased during the first half of 2022.

LINICO has recently signed a collaboration agreement with Aqua Metals Inc., a cleantech innovator focused on closed-loop battery recycling, to process high purity battery black mass into high-quality metals. This agreement, which sets the parameters for research and development cooperation, strengthens both companies’ expansion into lithium-ion battery recycling and builds on the two companies’ commitment to advancing best-in-class technologies designed to recycle lithium-ion batteries cost-effectively and sustainably.

About 500,000 tons of expired LIBs containing over $900 million in strategic metals are being landfilled globally. A recent industry report estimated annual growth to more than $26 billion over the next two decades. LiNiCo is positioning itself for capitalizing on that tremendous growth over the next decade, and beyond.

Renewable Process Solutions, An Engineering Powerhouse

LINICO’s previously announced capacity breakthroughs are the direct result of our recently acquired engineering, procurement, and construction (“EPC”) company, Renewable Process Solutions, Inc. (“RPS”).

“Almost instantaneously, Comstock’s network of engineering and advanced manufacturing experts integrated themselves into the LiNiCo team, enhancing designs, ensuring quality, reducing capital requirements and shortening lead times,” stated Mr. DeGasperis. “We believe our ability to crush charged batteries is an industry breakthrough, resulting in higher purity black mass. When our engineers began developing lithium extraction processes for us in real time, with their existing know-how, resulting in breakthroughs we plan on showcasing during the first half of 2022.”

Plain Sight Innovations

Plain Sight Innovations LLC (“PSI”), is delivering breakthroughs on several cellulosic technologies, including existing processes for the efficient extraction and valorization of cellulosic fuels from ubiquitous low-cost sources of woody biomass feedstock, with a recent breakthrough in the processing speed for cellulosic fuels.

“We recently had a breakthrough in our cellulosic extraction process, tripling throughput and positioning us to finalize the design and engineering of our first cellulosic fuel facility,” continued DeGasperis. “We are also expanding that capacity with strategic partners, with a significant number of new, world-class partnerships about to be consummated. These partnerships result in faster revenues and profits, for 2022, and well beyond.”

Triple Bottom Line

DeGasperis concluded: “We are building a self-sustaining system that develops, builds, scales, and operates systemically-managed, rapidly-scalable, throughput-generating businesses that serve very large, fast-growing markets that enable exponential revenue growth, make globally-meaningful contributions to atmospheric carbon reductions and positive social outcomes. Our plan begins with the commencement of operations in our lithium-ion battery recycling, the commencement of construction of a cellulosic fuel and related by products plant in 2022, and the rapid satisfaction of our performance objectives that exceed our $500,000,000 market value goal well before 2023.”

Conference Call

The Company will host a conference call today, November 10, 2021 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Third Quarter results and provide a business update. The Webcast will include a moderated Q&A, after the prepared remarks. Please join the event 10 to 15 minutes prior to the scheduled start time. The link to register in advance for this live Webcast is as follows:

Register in Advance for Our Zoom Webinar
When: November 10, 2021 08:00 AM Pacific Time (US and Canada)
Topic: Comstock Mining Third Quarter 2021 Results and Business Update

Please click this link to register in advance for this webcast:

After registering, you will receive a confirmation email containing information about joining the Webcast.

The recording of the Webcast will be available, within 48 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) (the “Company”) a leading developer of advanced new clean technologies for use in meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so.

Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Sierra Metals Reports Q3 2021 Consolidated Financial Results And Provides Revised Ebitda Guidance For 2021

 

CONFERENCE CALL NOVEMBER 9, 2021, AT 10:30 AM (EST)

___________________________________________________________________

(All $ figures reported in USD)

• Revenue from metals payable of $60.7 million in Q3 2021 decreased by 17% from $73.2 million in Q3 2020, largely due to the lower grades at the Yauricocha and Bolivar mines combined with operational challenges at the Cusi mine
• Adjusted EBITDA⁽¹⁾ of $17.4 million for Q3 2021 decreased by 53% compared to $37.2 million in Q3 2020 due to the decrease in revenues realized
• Revised EBITDA Guidance for 2021 ($105M-$110M) primarily due to temporary operating restrictions at Bolivar Mine resulting from residual effect of COVID-19. Yauricocha and Cusi Mines are operating at near nameplate capacity levels.
• Operating cash flows before movements in working capital of $16.5 million in Q3 2021 decreased from $37.9 million in Q3 2020
• $58.3 million of cash and cash equivalents as at September 30, 2021
• $38.1 million of working capital as at September 30, 2021
• A shareholder conference call to be held Tuesday, November 9, 2021, at 10:30 AM (EST)

⁽¹⁾ This is a non-IFRS performance measure, see Non-IFRS Performance Measures section of the MD&A.

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) today reported revenue of $60.7 million and adjusted EBITDA of $17.4 million on the throughput of 750,208 tonnes and metal production of 21.9 million copper equivalent pounds, for the quarter ended September 30, 2021.

Consolidated production of copper equivalent pounds decreased 38% to 21.9 million pounds. The Company earned revenues of $60.7 million, Adjusted EBITDA of $17.4 million, and operating cash flows before movements in working capital of $16.5 million. Lower revenues, despite higher base metal prices compared to Q3 2020, are primarily attributable to the decrease in throughput and head grades at our Mexican operations primarily at the Bolivar Mine.

Luis Marchese, CEO of Sierra Metals, commented, “The third quarter was exceptionally difficult for the Company as we encountered sequencing issues at our Mexican operations. The Bolivar Mine has had limitations on mine development, infill drilling, equipment availability over the last year which have heavily impacted throughput, head grades and recoveries.While we believe these issues to be temporary in nature, we are currently conducting a comprehensive review of all operational processes at the Bolivar Mine, from Geology to Mine to Mill. We aim to incorporate the findings into the Bolivar Mine operations to allow for a return to a normal, steady, and profitable state of operations at the Mine. The early findings of this review will be incorporated into the 2022 Bolivar Mine budget, currently being prepared, to provide an updated projection of the Bolivar Mine’s capabilities and operations potential going forward. The Cusi Mine has also experienced operational limitations caused by high temperatures at the available mineable areas, which have been overcome by the installation of a new raise bore and upgraded pumping system. Stronger metal prices have supported revenue. After reviewing the nature of this limitations moving forward, and issued revised production guidance, we felt it was prudent to lower EBITDA and Capex guidance and increase cost guidance for Bolivar to better reflect the expected outcome for 2021.”

He continued, “Looking ahead at the remainder of 2021 and into 2022, we see normal operations at Yauricocha and Cusi. Bolivar still has a backlog of development and infill drilling that will affect its production. This issue is being addressed with additional internal and external resources. Also, we have reinitiated work on a backlog of accumulated sustaining infrastructure projects as well as on exploration from our brownfield drilling programs which are expected to improve the quality and tonnage of our mineral resources.”

He concluded, “The Company despite the challenges faced this year still has a strong balance sheet. We are focused on improving operations and we continue to push for production growth while optimizing operations at all three mines, with cost reductions being a priority. These efforts are expected to benefit all stakeholders in the Company.”

Quarterly revenues at Yauricocha were in line with the third quarter of 2020, as the increase in average realized sale prices and lower treatment and refining costs were offset by lower payable metals, except zinc and silver, as compared to Q3 2020. Operating at an average daily throughput rate of 3,705 tpd, the Yauricocha Mine processed 324,196 tonnes during Q3 2021, representing a 2% increase compared to Q3 2020, despite continuing to face various operational challenges related to COVID-19. The negative variances in the head grades from the polymetallic zones are due to regulatory limitations. The negative variances in the copper sulfide head grades were mainly due to the delay in the contribution of the Esperanza zone due to ground conditions, which have since been corrected. Metal production in the third quarter of 2021 was 25%, 23%, 14% and 13% lower for lead, zinc, copper, and silver, respectively, while gold production was 9% higher compared to the third quarter of 2020

Revenue from the Bolivar mine declined 52% as compared to Q3 2020 as the increase in copper price was not enough to offset the decrease in production attributable to lower throughput and grades. The Bolivar Mine processed 364,941 tonnes in Q3 2021, or a decrease of 11% from the 410,468 tonnes processed in Q3 2020, due to the low availability of equipment, including mining scoops during the quarter. The average daily ore throughput realized during the quarter was approximately 4,171 tpd. Head grades were impacted by a COVID-induced lag on development and infill drilling, which resulted in changes of the mining sequence, as well as dilution issues, which are being corrected.

Revenue from the Cusi mine were 5% lower due to a decline in average realized prices for gold and silver, and higher treatment and refining costs for the quarter as compared to Q3 2020. The Cusi mine processed 61,071 tonnes during Q3 2021, which is a 13% decrease as compared to Q3 2020. Silver equivalent production for Q3 2021 was 306 thousand ounces or a 7% decline from Q3 2020, resulting from lower throughput and 5% lower silver head grades partially offset by 3% higher recoveries as compared to Q3 2020. The decline in silver grades resulted from the inability to operate in some of the targeted higher-grade zones due to issues related to excessive underground water and heat. A newly driven raise bore and upgraded pumping system were installed during the quarter allowing access to these areas.

The following table displays selected unaudited financial information for the three months and nine months (“9M 2021”) ended September 30, 2021:

Q3 2021 Financial Highlights

Revenue from metals payable of $60.7 million in Q3 2021 decreased by 17% from $73.2 million in Q3 2020. Revenues in Q3 2021 from the Yauricocha Mine in Peru were $44.4 million, in line with $44.6 million in Q3 2020, as the increase in average realized sale prices and lower treatment and refining costs were offset by lower payable metals, except zinc and silver, as compared to Q3 2020. Revenue from the Bolivar mine was $11.3 million or a decline of 52% as compared to Q3 2020 as the increase in copper price was not enough to offset the decrease in production attributable to lower throughput and grades. Revenue from the Cusi mine were 5% lower due to a decline in average realized prices for gold and silver, and higher treatment and refining costs for the quarter as compared to Q3 2020.

Yauricocha’s cost of sales per copper equivalent payable pound was $1.44 (Q3 2020 – $0.92), cash cost per copper equivalent payable pound was $1.37 (Q3 2020 – $0.82), and AISC per copper equivalent payable pound of $2.83 (Q3 2020 – $1.93). Cash costs per pound were driven higher by the combined impact of 16% higher operating costs per tonne and 30% lower copper equivalent payable pounds during Q3 2021 as compared to Q3 2020. The increase in the AISC per copper equivalent payable pound for Q3 2021 compared to Q3 2020 was mainly due to the lower copper equivalent payable pounds as the increase in operating costs and sustaining capital was partially offset by the decrease in treatment and refining costs.

Bolivar’s cost of sales per copper equivalent payable pound was $2.90 (Q3 2020 – $1.02), cash cost per copper equivalent payable pound was $2.02 (Q3 2020 – $1.01), and AISC per copper equivalent payable pound was $4.34 (Q3 2020 – $1.72) for Q3 2021. The increase in the AISC per copper equivalent payable pound was due to higher operating costs per tonne, sustaining capital, general and administrative costs and treatment and refining costs as compared to Q3 2020. Additionally, copper equivalent payable pounds declined 52% during Q3 2021 as compared to the same quarter of 2020.

Cusi’s cost of sales per silver equivalent payable ounce was $22.49 (Q3 2020 – $13.53), cash cost per silver equivalent payable ounce was $17.06 (Q3 2020 – $11.56), and AISC per silver equivalent payable ounce was $28.93 (Q3 2020 – $16.47) for Q3 2021. AISC per silver equivalent payable ounce increased despite 19% higher silver equivalent ounces payable due to higher operating cost per tonne combined with the increase in treatment and refining costs during Q3 2021 as compared to Q3 2020. Sustaining capital increased as compared to Q3 2020 due to timing of development activities.

Adjusted EBITDA⁽¹⁾ of $17.4 million for Q3 2021 decreased by 53% compared to $37.2 million in Q3 2020. Adjusted EBITDA declined in Q3 2021 due to the decrease in revenues realized and increase in operating costs at all three mines.

Cash flow generated from operations before movements in working capital of $16.5 million for Q3 2021 decreased compared to $37.9 million in Q3 2020. The decrease in operating cash flow is mainly the result of lower revenues generated.

Net loss attributable to Shareholders of the Company for Q3 2021 was $(4.8) million (Q3 2020: net income of $17.5 million) or $(0.03) per share (basic and diluted) (Q3 2020: $0.11).

Cash and cash equivalents of $58.3 million and working capital of $38.1 million as at September 30, 2021 compared to $71.5 million and $70.1 million, respectively, at the end of 2020. Cash and cash equivalents decreased during 9M 2021 as the cash used in investing activities of $53.9 million and cash used in financing activities ($15.0 million used for repayment of the credit facility and interest, and $6.4 million of dividends to minority shareholders) exceeded the cash generated from operating activities of $62.2 million. The decrease in working capital resulted from lower cash and cash equivalents combined with the increase in current liabilities.

⁽¹⁾ This is a non-IFRS performance measure, see Non-IFRS Performance Measures section of the MD&A.

Project Development

Mine development at Bolivar during Q3 2021 totaled 2,550 meters, which included 1,162 meters of development to prepare stopes for mine production. Of the remainder, 588 meters were related to the integration tunnel connecting Bolivar West and the Piedras Verdes plant, and 800 meters to development of ramps. During Q3 2021, at the Cusi property, mine development totaled 1,541 meters, which was targeted towards achieving the planned throughput of 1,100 tpd.

Exploration Update

Peru:

During Q3 2021, surface exploration using diamond drills continued in the Kilkasca, El Estacion and Yauricocha Medio zones. A total of 2,341 meters were drilled during the quarter. Further, 3,306 meters of underground exploration was completed with the aim of replacing and increasing the mineral resources exploited during the year.

Mexico:

Bolivar
At Bolívar during Q3 2021, 9,768 meters were drilled, including 3,151 meters of brownfield exploration and 6,617 meters of infill drilling, with the objective of converting inferred and indicated resources to reserves. Major exploration targets include Bolivar West and Mina de Fierro zones.

Cusi
During Q3 2021, a total of 7,262 meters of infill drilling was completed in Cusi to support the definition of San Antonio, San Nicolas, Gallo, Bajo Promontorio and the high-grade NE-SW veins.

Revised Guidance

The production and financial results of the Company in the first 9 months of 2021 were impacted by COVID-19 and operational challenges. While the Company has tried to manage the COVID related challenges and achieve normal production levels, our sites have faced other operational challenges particularly during Q3 2021. At Yauricocha, regulatory restrictions have limited production to come from lower grade, higher tonnage areas to reach production targets. Bolivar is impacted by delays in mine development, infill drilling and high personnel turnover. Further, excessive underground water and heat conditions at Cusi impacted its ability to mine some of the targeted high-grade zones, hence reduced throughput and head grade.

While the Management believes that these issues are temporary in nature and will not affect the Company’s results in the medium to longer term time frame, these require an adjustment to the 2021 EBITDA and cost guidance primarily related to the Bolivar Mine. Appropriate actions are being taken to return to full operational efficiency at Bolivar, while continuing to manage the outstanding risks related to COVID-19 at all Mines.

The Company had previously lowered its production guidance for 2021 copper equivalent production to fall between 110 – 115 million pounds. However, EBITDA guidance is now being lowered primarily due to operational issues at our Mexican operations and is now expected to range between $105 – $110M this year (previously $130M – $140M). The lower range is largely because of lower EBITDA projected at Bolivar which is now expected to range between $22M – $26M for that Mine (previously $44M – $48M). Capex guidance for 2021 is also being lowered and is now expected to range between $75M – $80M (previously $100M). The lower Capex guidance is primarily due to the deferral of the magnetite iron ore project at the Bolivar Mine until 2022 as detailed engineering on the project is completed and the bulk freight market normalizes. Cost guidance at Bolivar is also being revised to include higher than previously guided costs for the 2021 year as seen in the table below:

Conference Call Webcast

Sierra Metals’ senior management will host a conference call on Tuesday, November 9, 2021, at 10:30 AM (EST) to discuss the Company’s financial and operating results for the three and nine months ended September 30, 2021.

Due to the expected number or participants on the call, and in the interest of timing, callers are asked to limit their questions to two each. Additional questions will be answered through Investor Relations after the completion of the call.

Via Webcast:

A live audio webcast of the meeting will be available on the Company’s website:

https://event.on24.com/wcc/r/3408832/5D1D447434FB0425E6DE1CDA1E5662AF

The webcast, along with presentation slides, will be archived for 180 days on www.sierrametals.com.

Via phone:

For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.

Canada dial-in number (Toll Free): 1 833 950 0062
Canada dial-in number (Local): 1 226 828 7575
United States: 1 844 200 6205
United States (Local): 1 646 904 5544
All other locations: +1 929 526 1599

Access code: 049437

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.

Quality Control

The contents of this press release have been reviewed by Américo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning, who is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS.”

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects,” “anticipates,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential” or variations thereof, or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 18, 2021 for its fiscal year ended December 31, 2020 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

Mike McAllister
VP, Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
[email protected]

Ed Guimaraes
CFO
Sierra Metals Inc.
+1 (416) 366-7777

Luis Marchese
CEO
Sierra Metals Inc.
+1 (416) 366-7777

Source: Sierra Metals Inc.

Tuesday, November 09, 2021

FenixOro Gold (FDVXF)
Drilling Activity Expected to Accelerate into 2022

FenixOro Gold Corp is a Toronto based company acquiring and exploring high grade gold projects in Colombia. The company’s flagship Abriaqui Project is the nearest exploration project to Continental Gold’s Buritica Mine.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

Private placement. FenixOro expects to raise gross proceeds in the amount of C$3,000,000 with the private placement of units priced at C$0.31 per unit and consisting of one common share and one whole common share purchase warrant. For a period of two years from the date of issuance, each warrant is exercisable at a price of C$0.34 for one common share. All securities issued are subject to a hold period of four months and one day. Closing is expected to be completed on or about November 15, 2021. In our view, the placement is priced on favorable terms considering the full purchase warrant.


Momentum building.  Financially, both the company’s August 2021 quarter expenses and the sizing and terms of the private placement terms were in line with previous assumptions. The company will use the net proceeds to expand and accelerate its Phase 2 drilling program at the Abriaqui gold project by adding one or two drill rigs, identifying and drilling new discovery targets, and accelerating …

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.