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Release – Hemisphere Energy Provides Corporate Update, Declares Quarterly Dividend, and Announces 2024 Guidance

Posted on January 25, 2024January 25, 2024 by aweinsoff@channelchek.com

January 25, 2024 8:00 AM EST

Vancouver, British Columbia–(Newsfile Corp. – January 25, 2024) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to provide a corporate update, announce the declaration of a quarterly dividend payment to shareholders, and deliver guidance for 2024.

Corporate Update

Hemisphere realized another successful year in 2023, balancing production growth with balance sheet strength and shareholder return. During the year, $17.5 million was returned to shareholders in the form of dividends ($13.1 million) and share buybacks ($4.4 million), representing an approximate 14% yield to shareholders based on the market capitalization of Hemisphere at year-end.

The Company achieved record average production in the fourth quarter of 3,375 boe/d (99% heavy oil), which represents a 16% increase over the same period in 2022. This growth in production year-over-year is the combined result of Hemisphere’s successful third quarter drilling program with the Company’s effective enhanced oil recovery (“EOR”) polymer flood projects. Hemisphere’s annual average production for 2023 was approximately 3,100 boe/d (99% heavy oil), representing 10% growth as compared to 2022.

Balance sheet strength continued to be a priority in 2023, with Hemisphere exiting the year in a cash position. Hemisphere funded all of its shareholder returns and entire $16 million capital expenditure¹ program on 2023 cash flow. In addition to drilling 8 successful Atlee Buffalo wells and upgrading some of its facilities, the Company acquired over 2,500 hectares of new land in Saskatchewan and Alberta. Hemisphere has plans to drill a new prospect on some of these Saskatchewan lands in the first half of 2024, and believes it to be prospective for EOR polymer flooding.

Given the significant free cash flow generated by Hemisphere’s ultra-low production decline and long-life reserve asset base, the Company was able to complement its $0.025 per share quarterly base dividend with a $0.03 per share special dividend paid in the fourth quarter of 2023. This brought total shareholder returns last year to $0.13 per share in dividends. Hemisphere also invested $4.4 million into its normal course issuer bid (“NCIB”) share buyback program to purchase and cancel 3.5 million shares in 2023.

Quarterly Dividend

Hemisphere is pleased to announce that its Board of Directors has approved a quarterly cash dividend of $0.025 per common share in accordance with the Company’s dividend policy. The dividend will be paid on February 23, 2024 to shareholders of record as of the close of business on February 9, 2024. The dividend is designated as an eligible dividend for income tax purposes.

2024 Corporate Guidance

Hemisphere’s Board of Directors has approved a 2024 capital expenditure program of $21 million, which is planned to be entirely funded by Hemisphere’s estimated 2024 adjusted funds flow¹ (“AFF”) of $40 million and is anticipated to provide 10% annual production growth. The majority of capital will be allocated to drilling and facility work, with approximately 10% allotted to exploration and land acquisition. Over half of the planned capital expenditures are scheduled for the third quarter, providing Hemisphere with the flexibility to adjust plans subject to the commodity price environment.

The start of 2024 brought with it some extreme cold weather which has substantially affected corporate production during the month of January. The failure of an electrical panel at Hemisphere’s G pool facility resulted in the loss of power to its operations. Subsequent sustained -40°C weather led to freezing of most of the G pool wells and facility, which experienced 5 days of complete downtime and an additional few days of lower production as equipment was repaired and wells were brought back online. All impacts of this production disruption have been accounted for in the guidance set out below, and the team has now restored operations back to normal levels.

After capital expenditures and asset retirement obligations (“ARO”), 2024 free funds flow¹ (“FFF”) is estimated to be $19 million, of which approximately 50% is planned to be paid in quarterly dividends as shown in the table below. The balance of cash will be used for discretionary purposes, which may include potential acceleration of other development or exploration projects, acquisitions, and additional return of capital to shareholders through Hemisphere’s NCIB program and/or special dividends.

Management believes that the 2024 development plan provides stable production growth and consistent shareholder returns, while still allowing for modest investment in a new EOR play with exciting growth potential for the Company.

Highlights and assumptions of Hemisphere’s guidance at US$75/bbl WTI are as follows:

Average annual production of 3,400 boe/d (99% heavy oil), a 10% increase as compared to 2023
Average WTI price of US$75/bbl, with sensitivities shown at US$65/bbl and US$85/bbl
WCS differential of US$15.50/bbl and quality adjustment of $7.50/bbl
CAD/US FX of 1.35
Operating and transportation costs of $14.85/boe
Royalties and GORRs on gross revenue of 20% at US$75/bbl WTI, 18% at US$65/bbl WTI, and 22% at US$85/bbl WTI
Net G&A of $3.65/boe
Tax Costs of $7.29/boe at US$75/bbl WTI, $4.91/boe at US$65/bbl WTI, and $9.53/boe at US$85/bbl WTI

2024 Corporate Guidance⁽²⁾		US$65 WTI	US$75 WTI	US$85 WTI
Adjusted Funds Flow (AFF)	$ million	31	40	49
**AFF per Basic Share^(1,3)**	$/share	0.32	*0.41*	0.49
Capital Expenditures & ARO	$ million	21	21	21
Free Funds Flow (FFF)	$ million	10	19	28
FFF per Basic Share^(1,3)	$ million	0.10	0.19	0.28
Dividend per Basic Share⁽³⁾	$ million	0.10	0.10	0.10

Notes:

(1) AFF, Capital Expenditures, and FFF are non-IFRS financial measures that are forward looking and do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. AFF per basic share and FFF per basic share are non-IFRS financial ratios that are forward looking and do not have any standardized meaning under IFRS and therefore may not be comparable to similar ratios presented by other entities and include non-IFRS financial measure components of AFF and FFF. See “Non-IFRS Measures“.
(2) See assumptions noted above within “2024 Corporate Guidance”.
(3) Using a 2024 weighted average of 98,988,539 basic shares issued and outstanding.
(4) The amounts above do not include potential future purchases through the Company’s NCIB program or other discretionary uses of available funds.

About Hemisphere Energy Corporation

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

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

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

Website: www.hemisphereenergy.ca

Forward-Looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-Looking statements are typically identified by words such as anticipate, continue, estimate, expect, forecast, may, will, project, could, plan, intend, should, believe, outlook, potential, target, and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements regarding the Company’s plans to drill its new Saskatchewan prospect in early 2024 and its belief that it is prospective for EOR polymer flooding; the record date and payment date for Hemisphere’s quarterly dividend; that Hemisphere’s 2024 capital budget is planned to be entirely funded by Hemisphere’s estimated 2024 AFF and is anticipated to provide 10% annual production growth, including that the majority of capital will be allocated to drilling and facility work, with approximately 10% of it allotted to exploration and land acquisition as well as expectations for the timing of such expenditures; Hemisphere’s anticipation that approximately 50% of estimated $19 million in free funds flow will be paid in quarterly dividends with the balance of cash being used for discretionary purposes, which may include potential acceleration of other development or exploration projects, acquisitions, and additional return of capital to shareholders through Hemisphere’s NCIB program and/or special dividends; the expected manner in which the Company’s 2024 capital budget will be spent, including the timing of such expenditures and any discretionary amounts, which may include potential acceleration of other development or exploration projects, acquisitions, and return of capital to shareholders through Hemisphere’s NCIB program and/or dividends, and the anticipated effects thereof, including as set forth under “2024 Corporate Guidance” and the Company’s dividend policy and the other matters and guidance set forth under “2024 Corporate Guidance”.

Forward‐Looking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein (including the assumptions noted in respect of “2024 Corporate Guidance”), assumptions have been made regarding, among other things: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; that results from drilling and development activities are consistent with past operations; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; inflationary pressure and related costs; that the Company’s dividend policy will remain the same and the Company will continue to be able to declare dividends; the accuracy of the estimates of Hemisphere’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the accuracy of the Company’s reservoir modelling; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products.

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

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

Forward-Looking Financial Information

This news release may contain future oriented financial information (“FOFI”) within the meaning of applicable securities laws, including with respect to the Company’s anticipated 2024 Free Funds Flow and Adjusted Funds Flow. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results. The FOFI has been prepared based on a number of assumptions including the assumptions discussed and disclosed above, including in relation to “2024 Corporate Guidance” above and “Forward-Looking Statements” above and that the Company is cash taxable in 2024. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits the Company will derive therefrom. The Company has included the FOFI in order to provide readers with a more complete perspective on the Company’s future operations and such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-IFRS and Other Measures

This news release contains terms that are non-IFRS measures or ratios that are forward-looking and commonly used in the oil and gas industry which are not defined by or calculated in accordance with International Financial Reporting Standards (“IFRS”), such as: (i) adjusted funds flow (ii) adjusted funds flow per basic share; (iii) capital expenditures; (iv) free funds flow; and (v) free funds flow per basic share. These terms should not be considered an alternative to, or more meaningful than the comparable IFRS measures (as determined in accordance with IFRS) which in the case of funds flow is cash provided by operating activities, in the case of adjusted funds flow (and adjusted funds flow per share) is cash provided by operating activities and in the case of capital expenditures is cash flow used in investing activities. There is no IFRS measure that is reasonably comparable to free funds flow. These measures are commonly used in the oil and gas industry and by Hemisphere to provide shareholders and potential investors with additional information regarding: (i) in the case of adjusted funds flow and free funds flow, the Company’s ability to generate the funds necessary to support future growth through capital investment and to repay any debt.

Hemisphere’s determination of these measures may not be comparable to that reported by other companies. Adjusted funds flow is calculated as cash generated by operating activities, before changes in non-cash working capital and adjusted for any decommissioning expenditures; Adjusted funds flow per share is calculated using the outstanding basic shares of the company as footnoted in the 2024 Corporate Guidance table; Free Funds Flow is calculated as Adjusted Funds Flow less capital expenditures; and Free funds flow per share is calculated using the outstanding basic shares of the company as footnoted in the 2024 Corporate Guidance table. The Company has provided additional information on how these measures are calculated, including a reconciliation of such measures to their comparable IFRS measure, in the Management’s Discussion and Analysis for the year ended December 31, 2022 and the interim period ended September 30, 2023, which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.

In respect of any forward-looking non-IFRS measures, there is no significant difference between the non-GAAP financial measure that are forward-looking information and the equivalent historical non-GAAP financial measures.

In this news release, Hemisphere uses the term market capitalization at year-end. Hemisphere’s market capitalization was $128 million at the close of December 29, 2023, the last trading day of the year.

Oil and Gas Advisories

Any references in this news release to recent production rates (including as a result of recent waterflood activities) which may be considered to be initial rates and are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Such rates are based on field estimates and may be based on limited data available at this time.

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

Definitions and Abbreviations

bbl	Barrel	WTI	West Texas Intermediate
bbl/d	barrels per day	WCS	Western Canadian Select
$/bbl	dollar per barrel	US$	United States Dollar
boe	barrel of oil equivalent
boe/d	barrel of oil equivalent per day	IFRS	International Financial Reporting Standards
$/boe	dollar per barrel of oil equivalent	G&A	General and Administrative Costs

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

SOURCE: Hemisphere Energy Corporation

Release – Labrador Gold Intersects 0.87g/t Au Over 55.9 Metres at New HM Occurrence Includes 38.37g/t Au Over 0.8 Meters

Posted on January 25, 2024January 25, 2024 by aweinsoff@channelchek.com

Research News and Market Data on NKOSF

JANUARY 25, 2024

TORONTO, Jan. 25, 2024 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the highly prospective Appleton Fault Zone. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.

The latest results include holes drilled at Pristine, the NE extension of Big Vein, initial holes at Knobby and Peter Easton as well as the first hole in the new HM occurrence.

Hole K-23-334 was a short hole drilled into the HM occurrence to test for gold mineralization at depth below the quartz vein at surface. Most of the hole was anomalous in gold grading 0.87g/t Au over 55.9 metres that included a zone with 27 grains of visible gold that graded 38.37g/t Au over 0.8 metres from 61.4 metres near the bottom of the hole. The HM occurrence was found by prospecting and is located approximately 570m along strike to the southwest of Big Vein and a similar distance northeast of Knobby. Hole K-23-334 is the only hole drilled into this occurrence to date.

Results from Hole K-23-304, drilled at Knobby intersected two quartz zones containing visible gold at 42 and 49 metres. These intersections graded 1.27g/t Au over 0.42 metres and 8.78g/t Au over 0.4 metres, respectively.

“We are excited by the results from the first hole at HM. While it is good to see the high grade associated with the visible gold, it is very encouraging to see continuous, anomalous gold in the country rock to the quartz veins throughout much of the hole,” said Roger Moss, President and CEO of Labrador Gold. “This new occurrence, the seventh to be found by the LabGold team since we started work on the property, continues to demonstrate the significant prospectivity of the area around the Appleton Fault Zone at Kingsway. With a total strike length of approximately 12km across the property, we are optimistic that more occurrences will be uncovered going forward.”

Figure 1. Visible gold grains in quartz vein from Hole K-23-334.

Figure 2. Mineralized quartz vein intervals in Hole K-23-334.

Hole K-23-291 drilled at Pristine intersected near surface gold mineralization grading 1.13g/t Au over 8.32 metres from 15 metres including 2.31g/t over 3 metres. Holes drilled at Peter Easton and to the northeast of Big Vein tested structures interpreted from airborne magnetics and three of the four holes did not intersect gold mineralization

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Zone
K-23-334	8.70	64.60	55.90	0.87	HM
including	61.40	64.60	3.20	11.56
including	61.40	62.20	0.80	38.37
K-23-304	42.78	43.20	0.42	1.27	Knobby
	48.80	52.40	3.60	1.07
including	48.80	49.20	0.40	8.78
K-23-302	nsv				Knobby
K-23-291	15.00	23.32	8.32	1.13	Pristine
including	15.00	18.00	3.00	2.31
	48.70	49.25	0.55	1.51
K-23-290	52.36	54.12	1.76	1.06	Pristine
K-23-289	nsv				Peter Easton
K-23-288	318.00	320.00	2.00	1.64	Big Vein
K-23-287	nsv				Pristine
K-23-286	nsv				Peter Easton
K-23-285	100.00	101.80	1.80	1.33	Pristine
	183.32	224.00	40.68	0.18	Pristine
K-23-284	nsv				Big Vein

Table 1. Summary of recent assay results. All intersections are downhole length
as there is insufficient Information to calculate true width.

Hole number	Easting	Northing	Elevation	Azimuth	Dip	Total Depth
K-23-334	660889	5434242	32	75	45	73
K-23-304	660576	5433754	42	187	45	157
K-23-302	660597	5433754	39	187	45	157
K-23-291	661909	5436148	54	0	90	176
K-23-290	661848	5436193	58	190	60	159.5
K-23-289	660584	5434277	52	160	45	235
K-23-288	661860	5435469	36	130	65	401
K-23-287	661848	5436194	58	0	90	179
K-23-286	660572	5434583	71	275	45	259
K-23-285	661898	5436043	51	315	65	224
K-23-283	660574	5434583	72	120	45	181
K-23-284	661832	5435419	35	130	65	383

Table 2. Drill collar details.

Figure 3. Kingsway occurrences with highlights of recent drilling.

QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch. Approximately 5% of sample pulps are submitted to Bureau Veritas, an ISO 17025 accredited Laboratory in Vancouver, BC for check assays.

Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with numerous gold occurrences in the region. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $7 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

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

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

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

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

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

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/8118123e-b34d-4b9b-adac-99d68618af79

https://www.globenewswire.com/NewsRoom/AttachmentNg/dd6abb17-9e76-47a4-a2f0-1f1ab6fcc849

https://www.globenewswire.com/NewsRoom/AttachmentNg/c26e2628-153d-41a9-b9df-d4ae56571b1c

Alliance Resource Partners (ARLP) – The Strategy Supporting ARLP’s Strategic Investments Becomes More Apparent

Posted on January 17, 2024January 17, 2024 by cpereira@noblefcm.com

Wednesday, January 17, 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.

Collaboration with Infinitum. Infinitum, a leader in sustainable air-core motors, and Matrix Design Group, a wholly owned subsidiary of Alliance Resource Partners, L.P., announced an agreement to jointly develop and distribute high-efficiency motors and advanced motor controllers designed for the mining industry. Matrix will integrate Infinitum’s smaller and lighter motor technology into ARLP’s mining subsidiary equipment to validate performance in various production environments. In addition to supporting installations at ARLP operations, Matrix plans to offer the products globally to third-party mining customers.

Updating estimates. We have trimmed our fourth quarter and full year 2023 EPS estimates to $1.02 and $4.95 from $1.03 and $4.96, respectively. Our full year 2023 EBITDA estimate is $969.9 million compared to our previous estimate of $975.2 million. We have also trimmed our 2024 EBITDA and EPS estimates to $972.8 million and $4.95, respectively, from $998.1 million and $5.05. The revisions reflect lower oil and gas price assumptions relative to our previous estimates.

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Release – Infinitum and Alliance Resource Partners, L.P. Announce Agreement to Bring Highly Efficient, Reliable Motor Technology to the Mining Industry

Posted on January 16, 2024January 16, 2024 by aweinsoff@channelchek.com

Research News and Market Data on ARLP

January 16, 2024

This new innovative motor system will create lighter-weight, high performance mining equipment and help electrify heavy industry.

TULSA, Okla.–(BUSINESS WIRE)– Infinitum, creator of the sustainable air-core motor, and Matrix Design Group, LLC (“Matrix”), a wholly owned subsidiary of Alliance Resource Partners, L.P. (“ARLP”) and leading safety and productivity technology provider for mining and industrial applications, today announced an agreement to jointly develop and distribute high-efficiency, reliable motors and advanced motor controllers designed specifically for the mining industry.

Under the agreement, Matrix will integrate Infinitum’s smaller, lighter motor technology into mining equipment of ARLP’s operating subsidiaries to provide performance validation in production environments for the jointly developed products. In addition to supporting installations at ARLP operations, Matrix plans to offer the products to third-party mining customers around the globe.

Infinitum’s patented motor technology will replace traditional, heavy iron-core motors with a motor system that is 50% smaller and lighter, uses 66% less copper, and consumes 10% less energy, and is expected to offer mining companies and equipment manufacturers a more efficient, reliable alternative.

“Working with ARLP and Matrix expands Infinitum’s ability to sustainably power heavy machinery with our lightweight, power-dense motors that use less energy, material and waste,” said Ben Schuler, founder and Chief Executive Officer, Infinitum. “We’re excited to join forces with a mining leader like ARLP to make a greater impact towards electrifying and decarbonizing heavy industry.”

Over the past 15 years, Matrix has become a leader in collision avoidance and proximity detection technologies, providing safety and productivity solutions for ARLP and many other mining companies, while extending its reach beyond the U.S. and to other industrial applications. This agreement builds upon that success and enables the development of proven products that provide technological advancements in support of rapidly expanding customer needs.

Joseph W. Craft III, ARLP Chairman, President and Chief Executive Officer commented, “This collaboration with Infinitum represents a natural progression and extension of our strategic investment in the company. We believe their groundbreaking motor technology will bring much needed innovation to the mining industry by delivering more efficient and higher performing production equipment, which will enable companies such as ours to improve mining processes, reduce operating costs, and boost productivity.”

Infinitum, ARLP, and Matrix have collaborated since 2022, when ARLP made an initial investment in Infinitum as part of the company’s Series D funding.

About Infinitum

Infinitum has raised the bar for a new generation of motors that is better for the planet and people. The company’s patented air core motors offer superior performance in half the weight and size, at a fraction of the carbon footprint of traditional motors, making them pound for pound the most efficient in the world. Infinitum’s electric motors open up sustainable design possibilities for the machines we rely on to be smaller, lighter and quieter, improving our quality of life while also saving energy and reducing waste. Based in Austin, Texas, Infinitum is led by a team of industry experts and pioneers. To learn more, visit goinfinitum.com.

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.

About Matrix Design Group, LLC

A leading technology provider in the mining and industrial sectors, Matrix is a wholly owned subsidiary of Alliance Resource Partners, L.P. Since 2006, its core business has been mining safety and providing operations-friendly applications that meet evolving industry regulations. Today, it is developing customer-driven suites of innovative, leading-edge products that balance product advancement in its existing markets with expansion into new, sustainable growth markets.

Headquartered in Newburgh, Indiana, the Matrix Team embraces the concept of hard work, working smart, and collaborating on product development with its customers and strategic partners. As technology evolves, Matrix incorporates the latest innovations, such as artificial intelligence, cloud management, and real-world analytics into its next-generation products. The Matrix Quality Management System (QMS) is certified as being in conformity with ISO 9001:2015 by Intertek. For more information, please visit MatrixTeam.com.

Infinitum Media Contact:
Erin Gilmore
Activate PR on behalf of Infinitum
egilmore@activateprmktg.com
512-466-4559

ARLP 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.

Release – Alliance Resource Partners, L.P. Announces Fourth Quarter 2023 Earnings Conference Call

Posted on January 16, 2024January 16, 2024 by aweinsoff@channelchek.com

Research News and Market Data on ARLP

January 15, 2024

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its fourth quarter 2023 financial results before the market opens on Monday, January 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 (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 13743714.

About Alliance Resource Partners, L.P.

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.

Haynes International (HAYN) – Lowering Fiscal Year 2024 Estimates; Rating Remains Outperform

Posted on January 10, 2024January 10, 2024 by cpereira@noblefcm.com

Wednesday, January 10, 2024

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

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

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

Updating estimates. We have lowered our first quarter, second quarter and full year fiscal 2024 earnings per share estimates to $0.70, $1.04, and $4.25 from $0.83, $1.16, and $4.50, respectively. Our full year EBITDA estimate has been reduced to $96.1 million from $100.3 million. The revisions are due mostly to a negative first quarter impact from fluctuations in raw materials prices which we think could extend beyond the first quarter. While the first quarter is typically the company’s weakest, the company made some operational upgrades which may also have impacted efficiency and the mix of products sold during the quarter. Our third and fourth quarter fiscal year 2024 estimates are unchanged.

Impact of falling commodity prices. Raw material price fluctuations can impact Haynes’ results due to its product portfolio being solely high-end nickel and cobalt-based alloys. Production of these alloys generate a significant amount of scrap which is recycled but puts the commodity price risk associated with the scrap on the company and has an impact when market prices change. During the first quarter of fiscal 2024, nickel and cobalt futures prices fell 11.2% and 13.0%, respectively. Following the company’s fourth quarter 2023 earnings release on November 16 through the end of the quarter, nickel and cobalt future prices declined 3.6% and 13.1%, respectively, and have continued to weaken into January. As a reference point, Haynes’ fiscal year ends on September 30.

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

Defense Metals Corp. (DFMTF) – Collaboration with Ucore Rare Metals Expected to Provide Mutual Benefits

Posted on January 10, 2024January 10, 2024 by cpereira@noblefcm.com

Wednesday, January 10, 2024

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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.

Collaboration with Ucore Rare Metals. Defense Metals recently executed a non-binding Memorandum of Understanding (MOU) with Ucore Rare Metals Inc. (TSXV: UCU, OTCQX: UURAF) to explore collaborative opportunities to advance each companies’ commercial objectives. Within the next few weeks, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda rare earth project to Ucore’s Kingston, Ontario RapidSX commercialization and demonstration facility for testing.

Who is Ucore? Ucore seeks to provide separation products and services to the critical metals industry. Through strategic partnerships, Ucore’s plan includes: 1) developing a vertically integrated North American rare earth element (REE) supply chain, 2) establishing long-term feedstock supply relationships, 3) developing a heavy and light rare earth processing facility in Louisiana, 4) developing subsequent strategic metals complexes in the United States and Canada, 5) establishing long-term relationships with metal/alloy and magnet makers, and 6) the longer-term development of Ucore’s heavy REE mineral resource at Bokan Mountain on Prince of Wales Island, Alaska.

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

Release – Defense Metals to Ship Wicheeda Mixed Rare Earth Carbonate Sample to Ucore Rare Metals Inc.

Posted on January 9, 2024January 9, 2024 by aweinsoff@channelchek.com

Research News and Market Data on DFMTF

09 Jan, 2024, 05:00 ET

Vancouver, BC, Jan. 9, 2024 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce the Q4-2023 execution of a non-binding Memorandum of Understanding (“MOU“) with Ucore Rare Metals Inc. (TSXV: UCU) (“Ucore“) to explore collaborative opportunities as both companies move towards their respective commercialization efforts for a North American rare earth element (“REE“) supply chain. As one of the first projects under this MOU, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda REE project to Ucore’s Kingston, Ontario, RapidSX™ Commercialization and Demonstration Facility (“CDF“).

SGS Canada Inc. in Lakefield, Ontario, will ship the sample to Ucore’s CDF on behalf of Defense Metals. This sample was generated during 2023 hydrometallurgical piloting test work performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample from Defense Metals’ wholly-owned Wicheeda REE project in British Columbia.

Craig Taylor, CEO of Defense Metals, commented:

“We expect to ship a mixed rare earth carbonate sample in the next few weeks to Ucore’s demonstration plant for testing. The Wicheeda project is being developed as a viable source of REE from North America and as more processing and separation facilities become operational in the future, the demand for REE feedstock will be increasingly important. This MOU with Ucore is a further step in that direction to be part of the Western world’s REE supply chain.”

Pat Ryan, P.Eng., Chairman and CEO of Ucore, stated:

“The opportunity to align closer with Defense Metals is strategically important. The MOU lays out the framework wherein Defense Metals’ technically strong and readily accessible North American REE resource can be further processed and refined using Ucore’s Canadian-founded technology, RapidSX™. Receiving the sample mixed rare earth carbonate at our Kingston CDF will start the process of determining what may be possible between the companies as we collectively look to fuel the 21st-century energy transition.”

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, and a consultant to the Company, who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About the Wicheeda Rare Earth Element Project

Defense Metals’ 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. Wicheeda is readily accessible by all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada. Defense Metals Corp. trades on the TSX Venture Exchange under the symbol “DEFN”, in the United States, trading symbol “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Defense Metals is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

For further information, please visit www.defensemetals.com or contact:

Todd Hanas, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, the expected shipment of the sample to Ucore and the expected timeline, the potential collaboration with Ucore, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, accuracy of assay results, performance of available laboratory and other related services, future operating costs, interpretation of geological, engineering and metallurgical data, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration, engineering and metallurgical results, risks related to the inherent uncertainty of exploration, metallurgy and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward-looking information, except as required by law.

All information in this news release concerning Ucore has been provided for inclusion herein by Ucore. Although the Company has no knowledge that would indicate that any information contained herein concerning Ucore is untrue or incomplete, the Company assumes no responsibility for the accuracy or completeness of any such information.

SOURCE Defense Metals Corp.

Metals & Mining Fourth Quarter 2023 Review and Outlook

Posted on January 2, 2024January 2, 2024 by cpatches

Monday, January 2, 2024

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

Refer to the bottom of the report for important disclosures

Relative performance. During the fourth quarter, mining companies (as measured by the XME) appreciated 14.0% compared to a gain of 11.2% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 15.2% and 17.6%, respectively. Gold, silver, and copper futures prices gained 11.0%, 7.0%, and 4.1%, respectively, while nickel and lead declined 11.2% and 5.5%. Zinc prices were flat. For the full year 2023, all indices were in positive territory, led by the XME which appreciated 20.1%, but underperformed the S&P 500 which gained 24.2%.

Precious metals outlook. Our outlook for precious metals and precious metals mining equities remains favorable. Factors supporting our view include: 1) the Federal Reserve appears to have reached the end of its tightening cycle, 2) heightened geopolitical uncertainty, 3) growth in U.S. deficit spending and national debt, and 4) increasing investments in gold by central banks. Based on these factors, along with the potential for lower interest rates and a weaker dollar, we think portfolio allocations to precious metals could increase. The futures price of gold rose 13.4% in 2023 and closed the year at $2,071.80 per ounce.

Outlook for industrial and battery metals. While slower economic growth could provide a headwind for industrial metals demand and prices, longer-term secular trends such as electrification remain supportive of supply and demand fundamentals for metals such as copper. Although the longer-term outlooks for battery metals such as lithium, nickel, and cobalt are constructive, the near-term outlook remains challenging due to unfavorable supply and demand fundamentals. In 2023, futures prices for battery grade lithium, nickel and cobalt fell 81.4%, 43.6%, and 44.2%, respectively. Lower near-term prices may slow new development making existing projects attractive and better positioned to take advantage of stronger pricing when demand inevitably accelerates.

Putting it all together. We think the precious metals mining sub-sector is poised for outperformance in 2024. While well-diversified portfolios should have exposure to precious metals, mining equities may offer a stronger current alternative to bullion. In our opinion, junior companies remain attractive based on valuation, and we expect industry consolidation to accelerate as senior producers seek to replenish reserves and resources.

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

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The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest

Maple Gold Mines (MGMLF) – Expectations for 2024

Posted on January 2, 2024January 2, 2024 by cpereira@noblefcm.com

Tuesday, January 02, 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.

Year-end shareholder letter. In a year-end letter to shareholders, Maple Gold’s CEO summarized key priorities and reasons for optimism in 2024. Coupled with productive drill programs in 2023, the company has made significant technical progress by leveraging its extensive database to develop drill targets that are supported by geologic and economic criteria. Management views drilling success as the clearest path to shareholder value creation and expects to elaborate on its exploration plans in early January.

Themes for 2024. Key themes for 2024 include adopting a value-oriented approach to exploration and prudent capital management. Corporate overhead costs are down significantly, and shareholders can anticipate further reductions going forward. As of September 30, Maple Gold Mines reported cash and cash equivalents amounting to C$4.4 million and marketable securities amounting to C$336.4 thousand. Approximately C$6.0 million remains available from Agnico Eagle to fund Douay-Joutel joint venture exploration through January 2025.

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

Comstock Inc. (LODE) – The Power of Partnership

Posted on December 29, 2023December 29, 2023 by slightbourne@noblecapitalmarkets.com

Friday, December 29, 2023

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.

Comstock executes its first biorefinery commercial agreement. Comstock Fuels Corporation, a wholly owned subsidiary, executed a term sheet with RenFuel K2B AB to advance Comstock’s first commercial biorefinery. The transaction includes an option for Comstock to acquire a majority interest in RenFuel K2B Lignolproduktion AB (the JV), a subsidiary of RenFuel that previously completed preliminary engineering for a new biorefinery using RenFuel’s patented catalytic esterification process to refine lignin from byproducts of paper production into a bio-intermediate for refining into sustainable aviation fuel and renewable diesel in Europe. Comstock and RenFuel are evaluating requirements to include an additional 25,000 tons per year of biorefining capacity based on Comstock’s cellulosic ethanol and Bioleum-derived fuels technologies. The integrated site would represent Comstock’s first Bioleum hub. The transaction is expected to close by January 31, 2024.

Financial terms. Comstock committed to making a strategic $3,000,000 investment in RenFuel that is payable over the next three years for the continued development and commercialization of advanced applications of both companies’ complementary technologies. For more detailed information, we refer investors to Comstock’s filing with the Securities and Exchange Commission.

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

Release – Defense Metals Completes Geotechnical Field Data Collection for Wicheeda Rare Earth Element Project Preliminary Feasibility Study

Posted on December 27, 2023December 27, 2023 by aweinsoff@channelchek.com

Research News and Market Data on DFMTF

27 Dec, 2023, 05:00 ETVANCOUVER, BC, Dec. 27, 2023 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) announces that it has completed all infrastructure geotechnical field data collection in support of the preliminary feasibility study (“PFS“) for its 100% owned Wicheeda Rare Earth Element (“REE“) Project located near Prince George, B.C., Canada.

Craig Taylor, CEO of Defense Metals, commented:

Image 1: Heli-Sonic Overburden Drilling in PFS Tailings Option Study Area (CNW Group/Defense Metals Corp.)

Image 2: Temporary Bridge Installation to Access Tailings Study Area (CNW Group/Defense Metals Corp.)

Image 3: Excavated Overburden Test Pits Underway in Tailings Study Area (CNW Group/Defense Metals Corp.)

“We are very excited to have completed our 2023 Phase 3 geotechnical program. I would like to congratulate the APEX and SRK teams for their safe and professional execution of this work. These multi-phase programs started in early summer and we now have all field geotechnical data in hand necessary for the completion of our PFS study which we expect to be finished in Q2 2024.”

Highlights of the 2023 Wicheeda REE Project infrastructure geotechnical programs include:

16 helicopter and track sonic overburden geotechnical drill holes totalling 225.5 metres (Image 1and Image 2);
20 excavated overburden geotechnical test pits totalling 76.8 metres (Image 3);
6 diamond drill holes totalling 1,182 metres within the Wicheeda REE deposit pit shell; inclusive of 4 open pit geochemical drill holes totalling 920 metres, and in pit exploration holes totalling 262 metres;
Shipment of a 2,700 kg metallurgical sample, collected from drill core, to SGS Lakefield, Ontario for continued flotation and hydrometallurgical optimization test-work;
Initiation of humidity cell testwork on 17 samples, and 250 kg sample selection for on-site kinetic leach (barrel) testing of samples representative of anticipated mine waste rock to assess metal leaching and acid rock drainage potential in support of environmental assessment.

The geotechnical work was completed by SRK Consulting (Canada) Inc. (“SRK“) with the support of APEX Geoscience Ltd. (“APEX“).

Image 1: Heli-Sonic Overburden Drilling in PFS Tailings Option Study Area

Image 2: Temporary Bridge Installation to Access Tailings Study Area

Image 3: Excavated Overburden Test Pits Underway in Tailings Study Area

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a “Qualified Person” as defined in NI 43-101.

About the Wicheeda Rare Earth Element Project

About Defense Metals Corp.

Defense Metals is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

For further information, please visit www.defensemetals.com or contact:

Todd Hanas, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, the expected completion of the PFS and the expected timeline, the receipt of assays from drilling, continued optimization test-work, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, accuracy of assay results, performance of available laboratory and other related services, future operating costs, interpretation of geological, engineering and metallurgical data, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration, engineering and metallurgical results, risks related to the inherent uncertainty of exploration, metallurgy and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 and other viruses and diseases on the business of the Company, the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

SOURCE Defense Metals Corp.

Energy Fuels (UUUU) – Uranium production timeline accelerates with uranium price spike

Posted on December 22, 2023December 22, 2023 by slightbourne@noblecapitalmarkets.com

Friday, December 22, 2023

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

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Energy Fuels announces that is has commenced production at three mines. During the third-quarter earnings’ discussion six weeks ago, management indicated that it was hiring personnel and upgrading facilities at four mines with plans to restart production at one or two of the mines in 2024. Today’s announcement would appear to be an acceleration of previous plans. Management also indicated previously that it plans to produce 1,000,000 lbs of uranium in 2024 and stockpile the uranium until a mill campaign is completed in late 2024 or early 2025. It is unclear whether these plans have changed in light of today’s announcement.

Uranium prices are surging. Uranium prices were below $40/lb. most of the last ten years causing domestic producers to idle production. Prices started to rise in 2022 reaching a price in the mid seventies just six weeks ago. Since then, uranium prices have soared to a level near $90/lb. It has been our investment premise that cheap uranium from Kazakhstan sold on spot would eventually dry up, and that when that happened, uranium prices would rise quickly. With utilities (and the government) now rushing to shore up supply, the log jam appears to have been broken.

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