Category: Natural Resources

Release – Maple Gold Strengthens Board and Management Team with Addition of Seasoned Mining Executives

Posted on by aweinsoff@channelchek.com

Research News and Market Data on MGMLF

Vancouver, British Columbia–(Newsfile Corp. – July 23, 2024) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce the appointments of Mr. Darwin Green, P.Geo. to its Board of Directors, effective immediately, and Mr. Ian Cunningham-Dunlop, P.Eng. to the position of Vice President, Technical Services, effective on or before August 1, 2024. Mr. Green is a veteran mining entrepreneur and professional geologist with a passion for discovery and value creation. Mr. Cunningham-Dunlop is a senior mining executive and professional engineer with over 40 years of diversified experience in domestic/international mineral exploration and advanced project development.

“We are thrilled to have attracted executives of Mr. Green’s and Mr. Cunningham-Dunlop’s caliber to help drive the Company’s next phase of growth,” stated Kiran Patankar, President and CEO of Maple Gold. “These key appointments further enhance the technical, capital markets and corporate governance expertise of our senior leadership team as we continue to transform into a premier Canadian gold exploration and development company. Their endorsement of Maple Gold speaks to the resource expansion, discovery and development potential of our district-scale gold projects in Québec.”

Darwin Green, P.Geo. – Director

Darwin Green, P.Geo. has over 30 years of experience in the minerals mining industry and brings significant industry, corporate and technical knowledge to the Company. He currently serves on the boards of NYSE-listed Contango ORE, Inc., TSX Venture Exchange-listed Onyx Gold Corp. and Evergold Corp., and as a Technical Advisor to other junior mining companies. Mr. Green previously served as Founder, Director, President and Chief Executive Officer of HighGold Mining Inc. from August 2019 until its recent acquisition by Contango ORE in July 2024 and has served as Founder and Executive Chairman of Onyx Gold since July 2023. Between November 2008 and December 2019, he served as the Vice President Exploration for Constantine Metal Resources Ltd. and prior to that, Mr. Green oversaw exploration and underground development programs at the Niblack (Cu-Au-Zn-Ag) deposit in Alaska, for which he received the Commissioner’s Award for Project Excellence by the State of Alaska. Mr. Green holds a B.Sc. from the University of British Columbia and an M.Sc. in Economic Geology from Carleton University.

Ian Cunningham Dunlop, P.Eng. – Vice President, Technical Services

Ian Cunningham-Dunlop, P.Eng. has a proven discovery track record and an excellent familiarity with Archean lode gold systems from work throughout Ontario, Québec, and West Africa. He currently serves as Executive Vice President with Onyx Gold and his extensive exploration and project management experience also includes HighGold Mining’s Johnson Tract (Au-Zn-Cu-Ag-Pb) project in Alaska, NewCastle Gold’s Castle Mountain gold project in California, True Gold Mining’s Karma gold mine in Burkina Faso, Fronteer Gold’s Long Canyon gold mine in Nevada and Agi Dagi/Kirazli/Halilaga/TV Tower gold and gold-copper projects in Turkey, and Aurora Energy’s Michelin uranium deposit in Labrador. Mr. Cunningham-Dunlop also led the exploration team at Homestake Mining’s/Barrick Gold’s Eskay Creek (Au-Ag-Cu-Pb-Zn) mine in British Columbia from 1997-2003 where he was awarded the B.C. & Yukon Chamber of Mines E.A. Scholz Award in October 2003 for “Outstanding Contribution to a Mining Development Project in B.C. and the Yukon”. He holds a B.Sc. in Geological Engineering from Queen’s University and is a Qualified Person under NI43-101.

Stock Option Issuance

The Company’s Board of Directors has approved the grant of stock options (“Options”) to purchase an aggregate of 1,075,000 common shares of the Company (each, a “Common Share”), with an exercise price of $0.085 per Common Share to certain employees, officers, directors and consultants. Once vested, each Option is exercisable into one Common Share for a period of five years from the grant date. The Company’s Equity Incentive Plan (the “Plan”) governs these Options, as well as the terms and conditions of their exercise, which is in accordance with policies of the TSX Venture Exchange. Further details regarding the Plan are set out in the Company’s Management Information Circular filed on May 15, 2023, which is available on SEDAR+.

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Québec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel mining complex.

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

ON BEHALF OF MAPLE GOLD MINES LTD.

“Kiran Patankar”

Kiran Patankar, President & CEO

For Further Information Please Contact:

Mr. Kiran Patankar
President & CEO
Tel: 604.639.2536
Email: kpatankar@maplegoldmines.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

Forward Looking Statements and Cautionary Notes:

This news release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Forward-looking statements in this news release include, but are not limited to, statements about the resource expansion and discovery potential across the Company’s gold projects, and its intention to pursue such potential, and the Company’s exploration work and results from current and future work programs. Although the Company believes that forward-looking statements in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, as forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events on the date the statements are made and involve a number of risks and uncertainties. Consequently, actual events or results could differ materially from the Company’s expectations and projections, and readers are cautioned not to place undue reliance on forward-looking statements. For a more detailed discussion of additional risks and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this news release, please refer to the Company’s filings with Canadian securities regulators available on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca or the Company’s website at www.maplegoldmines.com. Except to the extent required by applicable securities laws and/or the policies of the TSX Venture Exchange, the Company undertakes no obligation to, and expressly disclaims any intention to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217395

Comstock Inc. (LODE) – Comstock Metals Prepares to Scale Up

Posted on by cpereira@noblefcm.com


Tuesday, July 16, 2024

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

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

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

Industry-scale facility. Comstock Metals secured a long-term lease on a 100,000 square foot building in Silver Springs, Nevada. The facility, located on the same campus as Comstock’s operating demonstration plant, will be able to process up to 100,000 tons per year of end-of-life solar panels. Comstock Metals recently received approval for a conditional use permit from the Lyon County, Nevada Board of County Commissioners for the operation and material storage of solar panels at this facility. 

On or ahead of schedule. Comstock’s demonstration facility is operating two shifts and expects to add a third shift during the third quarter. The company is advancing the full design and remaining permitting of its first industry-scale facility. Having fully secured the site lease and the county permit, the company has started to work on pre-engineering and state permitting processes so the remaining permit applications can be submitted. The company remains on or ahead of schedule relative to its 2024 objectives.


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Is Gold the Smart Play in Current Market Conditions?

Posted on by slightbourne@noblecapitalmarkets.com

In the ever-shifting sands of global finance, gold has once again emerged as a beacon for investors, reaching unprecedented heights in recent market conditions. As of July 16, 2024, gold futures soared to a record $2,467.30 an ounce, surpassing previous highs and igniting discussions about its potential as an investment opportunity. But what’s driving this golden rush, and does it represent a sustainable trend for investors?

The primary catalyst behind gold’s recent surge appears to be the changing expectations around monetary policy. Markets are now pricing in a 100% probability of a Federal Reserve interest rate cut in September, a stark shift from earlier projections of sustained higher rates. This anticipation of looser monetary policy traditionally bodes well for gold, which often thrives in low-interest-rate environments.

Adding fuel to the golden fire is the recent softening of inflation data. June 2024’s inflation figures came in lower than expected, further bolstering the case for potential rate cuts. Federal Reserve Chair Jerome Powell’s recent dovish comments have only served to reinforce this narrative, creating a perfect storm for gold’s ascent.

The weakening U.S. dollar has also played a significant role in gold’s rally. As the greenback loses ground against other major currencies, gold becomes more attractive to international investors. This inverse relationship between the dollar and gold prices is a well-established pattern in financial markets.

But the story of gold’s rise isn’t just about short-term market dynamics. There’s a deeper, more structural shift at play. Central banks worldwide have been on a gold-buying spree, with demand reaching levels not seen since the late 1960s. This surge in institutional interest stems from growing concerns about the long-term stability of traditional reserve currencies like the U.S. dollar and the euro.

Geopolitical tensions and economic uncertainties have further enhanced gold’s appeal as a safe-haven asset. In an increasingly unpredictable world, many investors and institutions are turning to gold as a hedge against potential market turbulence.

So, does this golden landscape present a compelling investment opportunity? As with any investment decision, it’s crucial to consider both the potential rewards and the inherent risks.

On the positive side, many analysts believe there’s still room for growth in the gold market. UBS strategist Joni Teves suggests that risks are skewed to the upside, with potential for investors to increase their gold exposure. The ongoing structural shift in central bank reserves and the persistent geopolitical uncertainties could provide long-term support for gold prices.

Moreover, gold’s traditional role as an inflation hedge and its low correlation with other asset classes make it an attractive option for portfolio diversification. In times of market stress, gold often acts as a stabilizing force, potentially offsetting losses in other areas of an investment portfolio.

However, potential investors should also be mindful of the risks. Gold prices can be volatile, and the current high prices might limit near-term upside potential. Any unexpected shift in monetary policy, such as a decision to keep interest rates higher for longer, could negatively impact gold prices.

Furthermore, gold doesn’t provide income in the form of interest or dividends, which can be a drawback for investors seeking regular returns. Its value is largely based on market sentiment and macroeconomic factors, which can be unpredictable.

For those considering gold investments, there are multiple avenues to explore. Physical gold in the form of bullion or coins is one option, though it comes with storage and security considerations. Gold ETFs offer a more convenient way to gain exposure to gold prices without the hassle of physical ownership. For those willing to take on more risk for potentially higher rewards, gold mining stocks or funds could be worth considering, as evidenced by the recent gains in the VanEck Gold Miners ETF.

In conclusion, while gold’s current rally presents intriguing opportunities, it’s essential to approach any investment decision with careful consideration of your financial goals, risk tolerance, and overall portfolio strategy. The golden landscape of 2024 certainly shines bright, but as with any investment, thorough research and possibly consultation with a financial advisor are crucial before making any significant moves.

As we navigate these glittering market conditions, one thing is clear: gold continues to captivate investors’ imaginations, proving that even in our digital age, this ancient store of value hasn’t lost its luster.

Cleveland-Cliffs Set to Acquire Stelco in Landmark C$3.4 Billion Deal

Posted on by slightbourne@noblecapitalmarkets.com

In a move that’s set to reshape the North American steel industry, Cleveland-Cliffs Inc. (NYSE: CLF) has announced plans to acquire Canadian steelmaker Stelco Holdings Inc. (TSX: STLC) in a deal valued at approximately C$3.4 billion. The transaction, announced on July 15, 2024, marks a significant milestone in the consolidation of the steel sector and underscores Cleveland-Cliffs’ commitment to expanding its footprint in Canada.

Under the terms of the agreement, Cleveland-Cliffs will pay C$70.00 per Stelco share, consisting of C$60.00 in cash and 0.454 shares of Cliffs common stock. This offer represents a substantial 87% premium to Stelco’s closing share price of C$37.36 on July 12, 2024, and a 37% premium to its 52-week high, highlighting the value Cleveland-Cliffs sees in the Canadian steelmaker.

Lourenco Goncalves, Chairman of the Board, President and CEO of Cleveland-Cliffs, expressed enthusiasm about the acquisition, praising Stelco’s recent turnaround and cost-efficient operations. “Stelco is a company that respects the Union, treats their employees well, and leans into their cost advantages. With that, they are a perfect fit for Cleveland-Cliffs and our culture,” Goncalves stated.

The deal has received strong support from key stakeholders. Major Stelco shareholders, including Fairfax Financial Holdings, an affiliate of Lindsay Goldberg LLC, and Alan Kestenbaum, collectively holding approximately 45% of Stelco’s outstanding shares, have agreed to vote in favor of the transaction. This early backing significantly increases the likelihood of the deal’s approval.

Alan Kestenbaum, Executive Chairman of the Board and CEO of Stelco, highlighted the value creation for shareholders, noting a 32% CAGR on Stelco common share investment since its 2017 IPO. Kestenbaum also expressed confidence in Cleveland-Cliffs’ ability to build upon Stelco’s achievements and maintain its iconic status in Canada.

The acquisition is expected to bring several benefits to Canada and Stelco’s stakeholders. Cleveland-Cliffs has committed to preserving Stelco’s name and legacy, maintaining its headquarters in Hamilton, and continuing significant operations in Hamilton and Nanticoke. The company has also pledged to invest at least C$60 million over the next three years and aims to increase steel production from current levels.

Moreover, Cleveland-Cliffs has promised to maintain significant employment levels in Canada and ensure Canadian representation on the management team. The company will also continue Stelco’s collaborations with local institutions, including McMaster University and CanmetMATERIALS, and increase charitable support by C$2 million per year.

The United Steelworkers union has expressed support for the deal. David McCall, International President of the United Steelworkers, stated, “We are delighted to further expand our already great partnership between Cliffs and the USW.”

From a regulatory standpoint, the transaction still faces several hurdles. It requires approval under the Investment Canada Act, the Competition Act (Canada), and the U.S. Hart-Scott-Rodino Antitrust Improvements Act. Additionally, approval is needed under Stelco’s funding agreement with Canada’s Strategic Innovation Fund.

The deal is expected to close in the fourth quarter of 2024, subject to these regulatory approvals and the support of two-thirds of Stelco shareholders at a special meeting to be held this fall.

This acquisition represents a significant step in the consolidation of the North American steel industry. It allows Cleveland-Cliffs to strengthen its position in Canada while potentially realizing synergies across its expanded operations. For Stelco, it offers shareholders a substantial premium and the opportunity to participate in the combined company’s future growth through the stock component of the offer.

As the steel industry continues to evolve in response to global economic shifts and environmental pressures, this deal positions the combined entity to better compete on the international stage while maintaining a strong commitment to local communities and stakeholders in both the United States and Canada.

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

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ARLP

July 15, 2024

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

To participate in the conference call, dial U.S. Toll Free (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “Investors” section of ARLP’s website at www.arlp.com.

An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13747640.

About Alliance Resource Partners, L.P.

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

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

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

Source: Alliance Resource Partners, L.P.

Aurania Resources (AUIAF) – Crunchy Hill Adds Another Layer of Excitement to the 2024 Exploration Program

Posted on by slightbourne@noblecapitalmarkets.com


Friday, July 12, 2024

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

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

Kuri-Yawi epithermal gold target. Aurania’s 2024 exploration program will focus on the Kuri-Yawi epithermal gold target, including an induced polarization (IP) geophysical survey and drilling three drill holes later in the year totaling approximately 1,800 meters of drilling. 

Awacha porphyry copper target. An Anaconda mapping program has been completed in the southern part of Aurania’s Awacha porphyry copper target area and exploration teams continue to map the remaining area. Having signed an agreement with the indigenous community that allows full access, the northern portion of the Awacha copper porphyry target will be mapped with the goal of preparing it for drilling in the future. 


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

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

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

AZZ Inc (AZZ) – Fiscal Year 2025 Starts Off Strong

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, July 11, 2024

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

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

First quarter financial results. For the fiscal year (FY) 2025, AZZ reported adjusted first quarter net income of $44.0 million or $1.46 per share compared to $33.4 million or $1.14 per share during the prior year period and our estimate of $38.9 million or $1.32 per share. The consensus EPS estimate was $1.30. Adjusted EBITDA increased 10.2% to $94.1 million representing 22.8% of sales versus 21.8% of sales during the first quarter of FY 2024. Sales of $413.2 million exceeded our $402.6 million estimate and a 24.8% gross margin as a percentage of first quarter sales exceeded our estimate of 24.1%. AZZ reiterated its prior fiscal year guidance with sales expected to be in the range of $1.525 billion to $1.625 billion, adjusted EBITDA in the range of $310 million to $360 million, and adjusted diluted EPS in the range of $4.50 to $5.00. 

Balance sheet continues to strengthen. During the first quarter, AZZ generated operating cash flow of $71.9 million and the company further reduced debt by $25 million and is on track to achieve or exceed its goal of reducing debt by $60 million to $90 million during the fiscal year. At quarter end, the company’s net leverage was 2.8x trailing twelve months EBITDA. Cash and cash equivalents amounted to $10.5 million. During the quarter, AZZ returned capital to common shareholders in the form of cash dividend payments totaling $4.3 million.


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

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

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

Maple Gold Mines (MGMLF) – Restructuring Transaction Provides a Clear Path to Development

Posted on by cpereira@noblefcm.com


Tuesday, June 25, 2024

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

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

JV restructuring transaction. Maple Gold and Agnico Eagle Mines Limited (NYSE: AEM) entered into an agreement pursuant to which: 1) the existing joint venture agreement dated February 2021 between Agnico and Maple will be terminated, 2) Maple will obtain a 100% ownership interest in the Douay Gold and Joutel Gold Projects, 3) Maple will grant Agnico a 1.0% net smelter return royalty associated with the properties, and 4) Agnico Eagle will retain certain options to acquire a 50% ownership interest in the projects.

Agnico back-in option. Agnico’s option to acquire a 50% interest in the projects will be exercisable by Agnico following the closing of the restructuring transaction until 90 days following receipt of a notice from Maple Gold that its board of directors has authorized the development of a mine complex at the project. The mine will need to be supported by a preliminary feasibility study or feasibility study affirming a C$300 million net present value. If the option is exercised, Agnico will be required to make a cash payment to Maple Gold equal to 200% of expenditures incurred by Maple Gold, along with C$12 million.


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

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

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

Comstock Inc. (LODE) – Comstock Metals Receives Conditional Use Permit for its First Planned Industry Scale Facility

Posted on by cpereira@noblefcm.com


Tuesday, June 25, 2024

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

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

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

Taking the next step. The company’s demonstration facility has enabled the acceleration of the design and permitting of the first industry scale facility targeting 100 thousand tons per year of waste solar panel processing capacity. Comstock Metals is engaged with major, large-scale customers for high-volume, longer-term commitments that will be able to be serviced with expanded storage capacity and a planned industry-scale site.

Conditional use permit. The Lyon County, Nevada Board of County Commissioners unanimously approved a conditional use permit for the operations and material storage of solar panels at Comstock Metals first planned industrial scale facility in Silver Springs, Nevada. The facility will serve the expanding solar industry in the western United States. Once the company demonstrated its ability to recycle and reuse 100% of the recycled materials, it accelerated permitting for the expansion, both for storage and industry-scale operations.


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

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

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

Comstock Inc. (LODE) – Subsidiary-Level Financing to Fund Growth

Posted on by cpereira@noblefcm.com


Thursday, June 20, 2024

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

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

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

Shareholder update. In a letter to shareholders, Comstock provided additional details regarding how the company expects to finance its growth initiatives across its business segments. Comstock intends to minimize the issuance of equity by using alternative sources of funding at the subsidiary level. Additionally, Comstock expects to commence sales of its real estate holdings in Silver Springs, Nevada and its interest in the Sierra Springs Opportunity Fund in the coming months. Proceeds from the asset sales will fund, among other things, advancing mine development plans for the company’s Dayton-Spring Valley resource areas.

Comstock Metals. Comstock intends to secure debt and equity capital at the subsidiary level to fund the construction of Comstock Metals’ first two industry-scale facilities. Discussions are ongoing with multiple counterparties interested in participating in primarily debt financing with agreements expected in the third quarter of 2024. Comstock Metals recently commissioned its first demonstration-scale photovoltaic recycling facility in Silver Springs, Nevada, secured revenue generating contracts, and began receiving end-of-life solar panels. 


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

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

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

Aurania Resources (AUIAF) – Take-Aways from the Annual General Meeting

Posted on by cpereira@noblefcm.com


Monday, June 17, 2024

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

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

Annual shareholder meeting. Shareholders approved all resolutions at the company’s annual meeting on June 13. These included approving the financial statements for the year-ended December 31, 2023, the report of the auditors, the appointment of auditors, election of directors, and the company’s incentive stock option plan for the upcoming year.

Corporate update. Dr. Keith Barron, CEO and Director, provided a corporate update highlighting key priorities in 2024 and 2025. These include: 1) exploration at the Lost Cities project in Ecuador, 2) advancing the company’s application for an exploration license in the Brittany Peninsula of northwestern France, 3) advancing joint venture and strategic partnership discussions, and 4) expanding community access agreements and community projects in Ecuador. At least one major mining company has been active in Aurania’s data room and in discussions with the company.


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

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

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

Alliance Resource Partners (ARLP) – Revising Estimates Following Successful Note Offering

Posted on by cpereira@noblefcm.com


Friday, June 14, 2024

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

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

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

Senior notes offering. Alliance recently completed a $400 million private offering of 8.625% senior unsecured notes due in 2029. A portion of the net proceeds will fund the redemption of its outstanding 7.5% senior notes due in 2025. Alliance delivered a notice of redemption for all outstanding 2025 notes. The redemption price for the 2025 notes is 100% of the principal amount plus accrued and unpaid interest to the redemption date, which is expected to be June 28. As of March 31, senior notes outstanding were $284.6 million.

Second quarter coal shipments. The partnership’s April 2024 coal sales volumes declined 15% to ~2.4 million tons versus ~2.9 million tons during the prior year month. In Appalachia, coal sales volumes decreased 48.2% compared to April 2023 due to the loss of 10 shipping days as a result of high-water events that impacted loading at the Tunnel Ridge complex, along with deferred shipments due to the Francis Scott Key Bridge collapse. In the Illinois Basin, coal sales volume remained relatively consistent with April 2023. Lower volumes at River View due to slowing barge traffic were almost entirely offset by higher volumes at Gibson South due to spot export sales. Volumes deferred at River View and Tunnel Ridge amounted to 420,000 tons and 77,000 tons, respectively, and are expected to be shipped throughout the balance of 2024.


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Release – Century Lithium Files Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Nevada

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CYDVF

June 13, 2024 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the Company) is pleased to announce the filing of the report “NI 43-101 Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Esmeralda County, Nevada, USA”, with effective date April 29, 2024 (Feasibility Study or Report), to support the disclosure in the Company’s news release dated April 29, 2024 (see news release). The Report was prepared in accordance with National Instrument 43-101 (NI 43-101) by Wood Canada Limited (Wood), Global Resource Engineering, Ltd. (GRE) and WSP USA Environment and Infrastructure, Inc. (WSP). All currency amounts in this news release are presented in US dollars.

“Century Lithium is pleased to file the report on the Feasibility Study of our Clayton Valley Lithium Project,” said Bill Willoughby, President, and CEO. “The Report is the culmination of the dedicated work of our team of employees and consultants and highlights the economic benefits of the Project made possible by Century’s unique use of chlor-alkali and direct lithium extraction processing. The filing of the report now marks another major milestone for the Company.”

During the preparation of the Report, minor changes were made to the parameters used to determine the Mineral Resource and Reserve Estimates. The resulting economic analysis is effectively unchanged. Using a base case price of $24,000/tonne of lithium carbonate, the Project after-tax cash flow has a 17.2% Internal Rate of Return (IRR) and a $3.16 billion Net Present Value (NPV) at an 8% discount rate.

RESOURCE AND RESERVES

The Mineral Resource and Reserve Estimates for the Project were updated for the Report and built using geologic data and 1,318 lithium assays from 45 core holes drilled between 2017 and 2022 and have an effective date of April 29, 2024. The constrained Measured and Indicated Resource Estimate is 1,138.59 million tonnes (Mt) with an average grade of 966 parts per million (ppm) lithium and contains 1.099 Mt of lithium or 5.852 Mt of lithium carbonate equivalent (LCE). The Proven and Probable Mineral Reserve Estimate was derived from the constrained Mineral Resources and contains 287.65 Mt with an average grade of 1,149 ppm lithium and contains 0.330 Mt of lithium or 1.759 Mt of LCE.

Mineral Resource Estimate
DomainTonnes Above
Cut-off (millions)		Li Grade (ppm)Li Contained
(million t)		LCE (million t)
Measured   858.269900.8504.523
Indicated   280.338910.2501.329
Measured & Indicated1,138.599661.0995.582
Inferred   187.288200.1540.817
1.The effective date of the Mineral Resource Estimate is April 29, 2024. The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century.
2.The Mineral Resources are constrained by a pit shell with a 200 ppm Li cut-off and density of 1.505 g/cm3. The cut-off grade considers an operating cost of$20/t mill feed, process recovery of 78% and a long-term lithium carbonate price of $24,000/t.
3.The Mineral Resource estimate was prepared in accordance with 2014 CIM Definition Standards and the 2019 CIM Best Practice Guidelines.
4.Mineral Resource figures have been rounded.
5.One tonne of lithium = 5.323 tonnes lithium carbonate.
6.Mineral Resources are inclusive of Mineral Reserves.

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Mineral Reserve Estimate
DomainTonnes Above
Cut-off (millions)		Li Grade (ppm)Li Contained
(million t)		LCE (million t)
Proven266.391,1470.3061.626
Probable  21.261,1740.0250.133
Proven & Probable287.651,1490.3301.759
1.The effective date of the Mineral Reserve Estimate is April 29, 2024. The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century.
2.The Mineral Reserve estimate was prepared in accordance with 2014 CIM Definition Standards and 2019 CIM Best Practice Guidelines.
3.Mineral Reserves are reported within the final pit design at a mining cut-off of 900 ppm. The mine operating cost is $5.44/t milled, processing cost of $40.9/t milled, G&A cost of $2.68/t milled and a credit for the NaOH sales of $28.95/t milled. The NaOH sales credit is proportionally applied to all the operating costs to get appropriate costs for the cut-off grade calculation. The cut-off grade considers a mine operating cost of $2.22/t, a process operating cost of $16.69/t milled, a G&A cost of $1.09/t milled, process recovery of 78% and a long-term lithium carbonate price of $24,000/t.
4.The cut-off of 900 ppm is an elevated cut-off selected for the mine production schedule as the elevated cut-off is 4.5 times higher than the break-even cut-off grade.
5. Mineral Reserve figures have been rounded.
6.One tonne of lithium=5.323 tonnes lithium carbonate

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PROJECT SUMMARY

Century’s Project centers on the mining and processing of a large, flat-lying lithium claystone deposit. Mineral Reserves are sufficient to support a mine life of approximately 40 years.

Mining is by mechanized surface excavation of claystone at production rates of 7,500 to 22,500 tonnes/day of mill feed, and 13,000 to 39,000 tonnes/year of lithium carbonate. Lithium recovery is through Century’s patent-pending process that combines chloride leaching with direct lithium extraction to produce a marketable battery-quality product at the Project site.

The Report is available on SEDAR+ and on the Company’s website.

QUALIFIED PERSON

Terre Lane, RM SME, MMSA, Principal Mining Engineer, GRE, is an independent qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.

ABOUT CENTURY LITHIUM CORP.

Century Lithium Corp. is an advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in west-central Nevada, USA. Century Lithium recently completed a Feasibility Study on its Clayton Valley Lithium Project and is currently in the permitting stage, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

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

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

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

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.