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.
License agreement with Gresham’s Eastern Ltd. Comstock Inc. announced the execution of an agreement between Comstock Fuels and Gresham’s Eastern (Pvt) Ltd., a sustainable energy engineering, equipment, and construction company based in Pakistan, pursuant to which Comstock Fuels will grant Gresham’s exclusive project and site development rights in Pakistan. The agreement will allow Gresham’s to utilize Comstock Fuels’ proprietary and patented lignocellulosic biomass refining technologies to produce sustainable aviation fuel and other renewable fuels in Pakistan.
Demonstration facility in Pakistan. Gresham’s will lead the development, financing, construction, and management of renewable fuel production facilities based on Comstock Fuel’s proprietary Bioleum refining technologies. Gresham’s will develop an initial demonstration facility in Lahore, Pakistan capable of processing 75,000 metric tons of biomass annually with the potential to scale up to a 1,000,000 metric ton per year facility. Site-specific license agreements associated with each Bioleum refinery will help ensure compliance with Comstock Fuels’ performance and quality standards.
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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.
In a significant move, Nippon Steel has postponed the closing date for its $14.9 billion acquisition of U.S. Steel, extending the deadline from late 2024 to the first quarter of 2025. This delay comes as U.S. President Joe Biden contemplates whether to approve the deal, which has been met with strong opposition from unions and political figures.
Nippon Steel’s decision to acquire U.S. Steel last December at a premium price was part of a competitive bidding process. However, the deal has faced considerable pushback, particularly from the United Steelworkers (USW) union, which fears job losses and the potential impact on workers’ rights. Additionally, political leaders, including Biden, have expressed concerns about foreign ownership of vital U.S. industries. Biden has publicly advocated for U.S. Steel to remain under domestic control, emphasizing national security concerns.
The situation is further complicated by statements from former President Donald Trump, who has vowed to block the deal once he takes office. As the clock ticks down, the U.S. government’s Committee on Foreign Investment in the United States (CFIUS) has referred the case to Biden, giving the President 15 days to make a final decision. If Biden does not intervene, the deal could proceed by default, leading to a rare green light for foreign acquisitions of U.S. companies.
Despite these uncertainties, Nippon Steel remains optimistic, urging Biden to conduct a fair and thorough review. In a statement released on Thursday, the company emphasized its commitment to maintaining and growing U.S. Steel’s operations. “Nippon Steel hopes that the President will use this time to conduct a fair and fact-based evaluation of the acquisition. We remain confident that the acquisition will protect and grow U.S. Steel,” the company said.
Investor confidence in the deal remains cautious. U.S. Steel shares, which have been trading below the proposed $55-per-share offer price, rose by 1.7% in early trading. This disparity suggests that market participants are still uncertain about the acquisition’s completion timeline, given the political and regulatory hurdles still in play.
Japanese Prime Minister Shigeru Ishiba has also weighed in on the issue, urging Biden to approve the merger in order to strengthen the U.S.-Japan relationship. This appeal highlights the broader geopolitical context of the deal, which is seen as a potential test case for U.S. policy on foreign investments in critical industries.
Along with the scrutiny from political figures, Nippon Steel is also undergoing an antitrust review by the U.S. Department of Justice, which has yet to conclude. The company has refrained from specifying when this review will be completed, adding another layer of uncertainty to the transaction.
Despite the vocal opposition, U.S. Steel’s shareholders overwhelmingly approved the acquisition in April, signaling broad support from investors. Additionally, Nippon Steel has taken steps to address concerns raised by labor unions and politicians. The company has committed to relocating its U.S. headquarters to Pittsburgh, where U.S. Steel is based, and ensuring that all existing agreements between U.S. Steel and the USW are honored.
The fate of this high-stakes deal now rests in the hands of President Biden, whose decision will have far-reaching implications not only for the future of U.S. Steel but also for U.S.-Japan economic relations and foreign investment policies in the U.S.
Toronto, Ontario–(Newsfile Corp. – December 23, 2024) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that it has closed the second and final tranche (the “Second Tranche“) of its non-brokered private placement financing (the “Offering“) as previously announced on November 25, 2024, and December 13, 2024. An aggregate of 3,747,243 units (the “Units“) were sold under the Offering at a price of C$0.45 per Unit (the “Issue Price“) for aggregate gross proceeds of C$1,686,259.35.
Under the Second Tranche, 1,020,744 Units were sold at the Issue Price for total gross proceeds of C$459,334. No fees were paid to finders in connection with the closing of the Second Tranche.
Each Unit is composed of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant entitles the holder to purchase one Common Share (a “Warrant Share“) at an exercise price of C$0.75 per Warrant Share for a period of 24 months following the closing date of the applicable tranche of the Offering such Warrants were issued.
The Company plans to prioritize exploration in France and intends to allocate the majority of the net proceeds raised from the Offering primarily to exploration activities there, including impact studies, as well as to general working capital purposes. The Company may also conduct exploration programs in Ecuador depending on the capital requirements of the Company’s exploration activities.
The Company also completed its previously announced debt settlement transaction, as announced on November 25, 2024 (the “Debt Settlement“). Pursuant to the Debt Settlement, the Company issued an aggregate of 3,868,036 Common Shares to Dr. Keith Barron, the CEO and a director of the Company, in settlement of C$1,652,168.75 of loans plus interest thereon for an aggregate amount of C$1,740,616.36 owed to him (the “Debt“) by the Company, at a price of C$0.45 per Common Share. The Debt related to a promissory note of the Company in respect of a loan previously supplied by Dr. Barron for the purpose of providing cash resources to the Company. The Company had elected to settle the indebtedness through the issuance of Common Shares to preserve cash and strengthen Aurania’s balance sheet.
The Offering and the Debt Settlement are subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV and the securities regulatory authorities. All securities issued and issuable in connection with the Offering and the Debt Settlement are subject to a hold period of four months plus one day from the date of issuance.
Dr. Barron acquired 3,868,036 Common Shares pursuant to the Debt Settlement constitutes a “related party transaction” as defined under the policies of the TSXV and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as the fair market value of the participation in the Debt Settlement does not exceed 25 percent of the Company’s market capitalization.
The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements regarding the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, including the approval of the TSXV, 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, 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 and a weakening of market and industry reliance on precious metals and copper. Aurania cautions the reader that the above list of risk factors is not exhaustive.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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.
Completion of the restructuring transaction. As expected, Maple Gold Mines recently completed its joint venture restructuring transaction with Agnico Eagle Mines Ltd. (NYSE, AEM). Maple has legal title to and a 100% ownership interest in the Douay Gold Project with gold mineral resources exceeding 3.0 million ounces and the past-producing, high-grade Joutel Gold Project. Both projects are located along the Casa Berardi-Douay Gold Trend in the renowned Abitibi Greenstone Gold Belt in Quebec, Canada.
Upcoming drilling program. Maple Gold’s fully funded drilling program is expected to commence shortly and run through March. The company is using a data-driven approach toward exploration that is focused on expanding the company’s gold mineral resource from approximately three million ounces to five million ounces across the combined Douay/Joutel projects, along with making new discoveries. An updated resource estimate and scoping study is expected to be completed within the next 12 to 18 months (Refer to our research note dated December 12 for more details).
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Key Points: – Probe Gold acquires Bermont Claims to extend Monique Deposit’s strike length by 750 meters, adding exploration potential. – Historical drilling identified high-grade gold zones, including intercepts of up to 30.9 g/t gold over 1.6 meters. – The acquisition expands surface mine infrastructure, facilitating operational efficiencies and reduced costs.
Probe Gold Inc. has announced the acquisition of the Bermont Claims property, strategically located adjacent to its Monique Gold Deposit in Val-d’Or, Quebec. This move is poised to extend the strike length of the Monique Deposit by 750 meters, offering significant opportunities for resource expansion and exploration. The transaction aligns with Probe Gold’s commitment to maximizing the potential of its Novador Development Project and advancing high-quality gold resources.
The newly acquired property spans ten contiguous claims and adds critical exploration upside. Historical drilling has identified high-grade gold zones, including the Bermont and Adelemont zones, which remain open laterally and at depth. Despite limited exploration, previous results from the property demonstrate promising grades, such as 30.9 g/t gold over 1.6 meters and 5.7 g/t gold over 3.2 meters. Probe Gold plans to incorporate this land into its 2025 exploration and resource expansion programs, focusing on uncovering additional high-grade mineralization.
David Palmer, President and CEO of Probe Gold, emphasized the strategic value of this acquisition. “This new land enhances our Monique Deposit by increasing exploration potential by 30%, while also offering critical space for surface mine infrastructure,” Palmer stated. He further highlighted the acquisition’s potential to unlock new high-grade discoveries and contribute to an even more robust Novador Development Project.
The transaction includes an upfront payment of $3 million, split evenly between cash and common shares of Probe Gold. Additionally, a $1.5 million milestone payment, in cash or shares, will be made upon confirming a resource of at least 1 million ounces of gold on the property. Jadmine, the seller, will retain a 3.5% net smelter return royalty, of which 2.5% can be purchased by Probe Gold for $2.5 million.
The Bermont Claims property complements the Monique Deposit, which currently hosts 3.56 million ounces of measured and indicated resources and 677,300 ounces of inferred resources. Geological similarities between the Bermont Claims and Monique Deposit strengthen the potential for integrating new discoveries into Probe’s existing operations. Moreover, the property’s expanded surface area is expected to facilitate mine design improvements, reducing costs and increasing operational efficiency.
Since 2016, Probe Gold has been consolidating its position in the Val-d’Or mining district, known for its prolific gold production and mining-friendly environment. The Novador Development Project, which hosts four past-producing mines and accounts for 80% of the company’s gold resources, is central to Probe Gold’s strategy. This acquisition aligns with the company’s focus on advancing resource-rich properties in politically stable and low-cost regions.
The deal is expected to close in the coming weeks, subject to regulatory approvals and customary closing conditions. With an aggressive exploration plan set for 2025, Probe Gold aims to leverage this acquisition to enhance its production profile and create long-term value for shareholders.
As the Monique Deposit grows in scope and potential, Probe Gold solidifies its position as a leader in the Canadian gold mining industry, driving forward with a vision for sustainable growth and innovation.
Key Points: – Agnico Eagle is acquiring O3 Mining for $204 million at a 58% premium to its recent share price. – The deal integrates O3’s Marban Alliance project with Agnico’s Canadian Malartic complex to boost production. – The transaction has full board approval and support from 22% of O3 shareholders.
Agnico Eagle Mines Limited has announced a definitive agreement to acquire O3 Mining Inc., a gold exploration and development company based in Québec, Canada. This $204 million all-cash transaction marks a pivotal step for both companies, with Agnico Eagle enhancing its regional strategy and O3 Mining securing substantial value for its shareholders.
Under the terms of the agreement, O3 Mining shareholders will receive $1.67 per share, representing a 58% premium to the company’s closing price as of December 11, 2024. The transaction has been unanimously endorsed by O3 Mining’s Board of Directors and Special Committee, with support from shareholders owning approximately 22% of the company’s outstanding shares.
This acquisition focuses on O3 Mining’s flagship property, the Marban Alliance project, located near Agnico Eagle’s Canadian Malartic complex in Québec’s Abitibi region. The Marban Alliance includes the Marban deposit, which boasts 1.7 million ounces of gold in indicated mineral resources and an additional 32,000 ounces in inferred resources. This advanced exploration project has the potential to support a large-scale open-pit mining operation, making it an ideal fit for Agnico Eagle’s existing infrastructure and expertise.
Agnico Eagle President and CEO, Ammar Al-Joundi, described the acquisition as a continuation of the company’s regional strategy. “The Marban deposit complements our ‘Fill-the-Mill’ initiatives at the Canadian Malartic complex. With our operational expertise and established infrastructure, we aim to unlock the full potential of this asset while driving sustainable value for stakeholders.”
The integration of the Marban Alliance property into Agnico Eagle’s operations is expected to generate significant synergies by leveraging existing facilities, including the Canadian Malartic mill and equipment fleet. These efficiencies will enhance production capabilities, improve the overall production profile, and create long-term benefits for the region.
O3 Mining President and CEO, José Vizquerra, expressed enthusiasm about the transaction. “This offer provides exceptional value for our shareholders and validates the efforts of the O3 Mining team over the past five years. Agnico Eagle’s financial strength and commitment to stakeholder collaboration make it the ideal partner to advance the Marban Alliance project through permitting and construction.”
The transaction will formally commence with Agnico Eagle’s mailing of a takeover bid circular on December 19, 2024, and O3 Mining’s directors will respond with their recommendation. Shareholders have until January 23, 2025, to tender their shares. The agreement includes customary conditions, such as the approval of at least two-thirds of O3 Mining’s shareholders.
In addition to the Marban Alliance project, O3 Mining’s portfolio includes the Alpha and Kinebik properties, offering further exploration opportunities. The deal underscores Agnico Eagle’s position as a leader in the precious metals industry, with operations spanning Canada, Australia, Finland, and Mexico.
This acquisition signifies a major milestone in Agnico Eagle’s growth strategy and reinforces its commitment to sustainable mining practices, operational excellence, and community partnership. As the two companies move forward, the transaction is poised to unlock new opportunities and solidify Agnico Eagle’s leadership in the global gold mining sector.
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.
Reassessing the path to commercialization. We are lowering our investment rating to a Market Perform from Outperform. While Comstock has made significant progress advancing its business unit plans, we think the path toward commercializing its Fuels and Metals businesses could take longer than we previously expected and is subject to a number of risk factors, including execution and financing. Based on the company’s liquidity, anticipated capital requirements, risk and reward profile, and lead time associated with commercializing its businesses, we think a Market Perform is appropriate.
SBC Commerce transaction. In August, Comstock announced a significant and promising transaction with SBC Commerce LLC (SBCC), a U.S. based private equity group, to directly invest in each of Comstock’s businesses and acquire Comstock’s properties in Silver Springs, Nevada. Our previous valuation and price target were based in part on the implied value of the transaction. To date, no definitive agreement has been announced with SBC Commerce, and it is unclear to us whether the transaction will close as contemplated. We look forward to an update and will wait to assess any final agreement(s).
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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.
Key Points – Gold fell 0.6% to $2,636.89 per ounce as the dollar and Treasury yields strengthened. – A widely expected 25 basis-point Fed rate cut this week has not buoyed gold, with attention shifting to 2025 projections. – Other precious metals, including silver, platinum, and palladium, also saw declines.
Gold prices fell on Tuesday as market participants adjusted their expectations for Federal Reserve policy in 2025. Spot gold dropped by 0.6% to $2,636.89 per ounce, while U.S. gold futures declined 0.7% to $2,650.50. The precious metal faced downward pressure from a strengthening U.S. dollar and rising Treasury yields, signaling a cautious investor outlook ahead of the Federal Reserve’s final policy meeting of the year.
Key Drivers of Gold’s Retreat
Federal Reserve Expectations: Investors anticipate a 25 basis-point rate cut during this week’s meeting, with a staggering 97% probability according to the CME’s FedWatch tool. However, projections for 2025 suggest a more gradual pace of easing, tempering gold’s appeal. Analysts believe this cautious approach reflects lingering concerns over inflation and economic stability.The Federal Reserve’s updated economic projections and the dot plot are expected to shed light on how policymakers view the trajectory of interest rates in the years ahead. A more hawkish stance than currently anticipated could put additional pressure on gold prices, as higher rates reduce the appeal of non-yielding assets like gold.
Economic Data Signals: Strong U.S. retail sales in November and recent warmer inflation readings have introduced the possibility that the Fed could pause additional rate cuts in January, adding uncertainty to the outlook for gold. Robust consumer spending, which has been a key driver of economic growth, suggests that the U.S. economy remains resilient despite previous rate hikes. This resilience could push the Fed to adopt a more measured approach to future rate cuts, weighing on gold’s safe-haven demand.
Currency and Bond Market Impact: A modest 0.1% gain in the U.S. dollar index made gold more expensive for holders of other currencies. Concurrently, 10-year Treasury yields climbed to a four-week high, further diminishing bullion’s allure. Rising yields increase the opportunity cost of holding gold, prompting some investors to shift toward income-generating assets.
Market Insights
Analysts remain cautious about gold’s near-term trajectory. “Heading into the Fed meeting, risks for gold are actually tilted to the downside,” noted Zain Vawda of MarketPulse. Similarly, Fawad Razaqzada of Forex.com highlighted the importance of the Fed’s stance on rate cuts in shaping market sentiment. If the Fed signals a more cautious approach to easing, gold could face continued headwinds.
Beyond the immediate Fed meeting, traders are also eyeing key U.S. GDP and inflation data due later this week. These indicators will provide further clarity on the economic outlook and could influence gold’s performance heading into 2024. Historically, gold has thrived in low-interest-rate environments, but the prospect of a slower pace of rate cuts could limit its upside momentum.
Broader Precious Metals Market
The decline in gold was mirrored across other metals:
Silver: Fell 0.7% to $30.30 per ounce, as the industrial metal reacted to broader economic signals and a stronger dollar.
Platinum: Dropped 0.3% to $932.93 per ounce, weighed down by weak demand prospects in the automotive sector.
Palladium: Declined 1.5% to $932.75 per ounce, continuing its downward trend amid waning interest from industrial buyers.
These moves underscore the interconnected nature of precious metals markets, where factors such as dollar strength and interest rate expectations play a pivotal role.
Looking Ahead
Traders are closely monitoring upcoming U.S. GDP and inflation data later this week for further insights. Gold’s performance in the near term will hinge on how the Fed’s messaging aligns with market expectations. Additionally, geopolitical uncertainties and potential shifts in global monetary policy could impact gold’s safe-haven appeal.
For now, the metal’s trajectory remains uncertain, with market sentiment hinging on the Fed’s ability to balance inflation control with economic growth. As the central bank’s decisions unfold, gold traders will need to stay nimble to navigate the evolving landscape.
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.
Private placement financing. Aurania announced the closing of the first tranche of its recently announced private placement of up to 8,888,888 units at a price of C$0.45 per unit to raise gross proceeds of up to C$4,000,000. In the first tranche, a total of 2,726,499 units were sold for gross proceeds of C$1,226,924.55. Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.75 for a period of 24 months following the closing of the first tranche. The net proceeds will be used to fund exploration in France including impact studies, exploration programs at key targets in Ecuador, and working capital.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
NobleCon20 presentation. During Noble’s recent NobleCon20 Annual Emerging Growth Equity Conference, Mr. Kiran Patankar, Maple Gold’s CEO, provided some additional details regarding the company’s upcoming exploration and drilling program. A link to Maple Gold’s NobleCon20 presentation is here. Recall that Maple Gold has a 400 square kilometer district-scale property in Quebec’s Abitibi Greenstone Gold Belt, including gold mineral resources of approximately three million ounces at Douay with significant expansion potential and the past producing Telbel and Eagle West mines at Joutel.
Upcoming drilling program. Maple Gold’s fully funded drilling program is expected to commence shortly and run through March. The company is using a data-driven approach toward exploration that is focused on expanding the company’s gold mineral resource from approximately three million ounces to five million ounces across the combined Douay/Joutel projects, along with making new discoveries. An updated resource estimate and scoping study is expected to be completed within the next 12 to 18 months.
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.
TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP” or the “Partnership”) today announced that the Partnership will attend the following investor conferences:
Bank of America 2024 Leveraged Finance Conference, December 3, 2024; and
Noble Capital Markets 20 th Annual Emerging Growth Equity Conference, December 4, 2024.
The Partnership will post an investor presentation ahead of the events in the “Investors” section of ARLP’s website at www.arlp.com under “Events & Presentations.”
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
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.
Adjusting estimates. While our 2024 and 2025 estimates are unchanged, we have increased our 2026 through 2030 EBITDA and EPU estimates to reflect higher year-over-year growth in oil and gas royalty volumes of 12.5% compared to our previous estimate of 2.0% which we think is too conservative based on the partnership’s record. Our commodity price deck is unchanged. We have assumed an average of $75 million per year in oil and gas reserve acquisitions in 2026 through 2030. Based on our higher forward estimates and a modest 100-basis point reduction in our discount rate to 9.5%, we have increased our price target to $33 per share from $28.
Hail to the incoming chief. We expect industries associated with the fossil fuels to benefit from the upcoming change in U.S. Presidential administrations. It is our belief that the Trump Administration may seek to roll back the EPA’s carbon emissions rule which could extend the life of existing coal-fired power plants. Moreover, we think the business climate could improve based on a move toward market-based energy policies and a reduction in regulatory burden.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private placement financing. Aurania intends to raise up to C$4.0 million in a private placement of up to ~8.9 million units at a price of C$0.45 per unit to fund exploration programs in France and Ecuador. Each unit will consist of one common share and one common share purchase warrant. Each warrant may be used to purchase one common share at an exercise price of C$0.75 for a period of 24 months following the closing of the offering. The private placement is expected to close in December and is contingent on the receipt of necessary approvals, including by the TSX Venture Exchange.
Concessions in Ecuador. Aurania reached an agreement with Ecuadorian authorities regarding the payment of its 2024 concession fees for its 42 mineral exploration concessions in Ecuador. Aurania has made a partial payment with the balance to be paid within the following six months, including interest associated with the outstanding amount. The concessions remain in good standing.
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.
