Last month, I spoke at Dr. Hans-Hermann Hoppe’s Property and Freedom Society conference in Bodrum, Turkey. My speech was titled ‘Understanding India,’ and I elaborated on the underlying mindset that drives the Indian psyche, its amorality, and its tendency toward irrational and magical thinking. I discussed how this mindset contributes to an inability to distinguish between right and wrong and between the depraved and the virtuous:
Here is a discussion that followed:
On Investments
I recently returned from a site visit in Japan with Irving Resources (IRV; $0.34). The company has signed a joint venture agreement with Newmont and Sumitomo. Despite the legal complexities across several jurisdictions, these companies’ commitment to establishing a JV underscores the significance they place on the Yamagano project. They are already drilling the third of a planned five-hole program, with each hole reaching a depth of 700 meters. Additionally, the company is preparing to begin drilling at the Omu project, which is set to start early next month, with the permit expected imminently.
I briefly discussed IRV in a recent interview (at the 10:27 minute mark):
I recently read an excellent book, THINK: Observations of a Generalist by Rodney Choate. In this book, Choate examines the common errors in people’s thinking that contribute to stubbornness and an unwillingness to change their opinions, even when faced with new information. His insights delve into the cognitive biases and mental blocks that lead to such rigid thinking. What makes the book particularly compelling is that some of Choate’s thoughts are refreshingly unique, offering perspectives I hadn’t encountered in other works on critical thinking.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Gold topped $2,700 an ounce for the first time as concerns over escalating conflicts in the Middle East and a tight US election race prompt investors to flock to safety.
Bullion climbed as much as 1% to $2,720.17 an ounce, beating the all-time high set in the previous session. The bullish sentiment spilled over to the wider precious metals complex, with silver jumping as much as 5.5% to the highest since 2012. BlackRock Inc.’s iShares Silver Trust, the largest exchange-traded product tracking the metal, saw a large increase of call options as investors bet on higher prices.
Markets are focused on increasingly fraught geopolitical developments after Israel said it killed Hamas leader Yahya Sinwar, the architect of the Palestinian group’s attack on southern Israel that triggered a yearlong war in Gaza.
Prime Minister Benjamin Netanyahu said Israel would keep fighting until all the hostages captured by Hamas last year are free, even as US President Joe Biden said it was time for the war to end. Investors typically seek safety in gold in times of geopolitical and economic uncertainty.
Investors were also repositioning portfolios ahead of the US election on Nov. 5.
“Traditional polls and decentralized betting polls have diverged significantly, even as we get closer to elections,” said Christopher Wong, FX strategist at Oversea-Chinese Banking Corp. “Trump hedges — long gold — may still gather traction given the fluidity of election developments and geopolitical uncertainties.”
Meanwhile, the Bloomberg Dollar Spot Index fell 0.2%, snapping a four-day rally. A weaker greenback makes bullion cheaper for many buyers, as it is priced in the US currency.
Gold is about 2.4% higher for the week, with haven demand outweighing other macro headwinds that would normally weigh on the precious metal after US reports on Thursday diminished bets on the scale of Federal Reserve easing.
Bullion is one of 2024’s strongest performing commodities, with gains of more than 30% so far this year. Rate-cut optimism fueled the most recent gains as the Fed kicked off its easing cycle last month. Robust central bank buying has also been a long-standing pillar of support for gold prices.
Western investors have also helped drive prices higher, after largely remaining on the sidelines in the first half of the year as Asian demand surged. The US central bank’s pivot to looser monetary policy has bolstered the appeal of exchange-traded funds backed by bullion, with holdings on course for a fifth monthly expansion in October — the longest run of inflows since 2020.
For many in the industry, the outlook from here is even more bullish. Traders, refiners and miners who attended the London Bullion Market Association’s annual gathering this week saw prices rising to about $2,917 an ounce by late October 2025, according to the average forecast from a survey of delegates. Silver will gain more than 40% in the coming year to reach $45 an ounce, according to the survey.
Spot gold was trading at $2,718.72 an ounce as of 2:36 p.m. in New York. Both palladium and platinum climbed.
Updated Sun, October 20, 2024 at 4:14 PM EDT 6 min read
So much for American exceptionalism when it comes to retirement.
The US earned just a C+ for its retirement system in the 16th annual Mercer CFA Institute Global Pension Index, coming in 29th out of 48 countries. Since the index’s inception in 2009, the US retirement system has never surpassed a C+.
The big anchors on the American grade include concerns over pension funding and shortfalls in private retirement savings. Like most countries across the globe, the US retirement system must withstand the double whammy of dropping fertility rates and increasing life expectancy.
“It’s not just Americans, it’s a global problem,” Holly Verdeyen, Mercer’s US defined contribution leader, told Yahoo Finance. “The imbalance between retired and working people continues to grow…coupled with increasing lifespans.”
Only four countries — the Netherlands, Iceland, Denmark, and Israel — earned an A ranking for their retirement systems, providing key lessons on how to shore up our system. India came in last. Provisions from Secure 2.0 that go into effect next year could also address some of our shortcomings.
The problems in the US
The index examined more than 50 indicators to rank each country’s retirement system by adequacy, sustainability, and integrity. Overall, the researchers considered what benefits retirees receive now, if the system could last amid demographic changes, and if private retirement plans are regulated to encourage long-term confidence.
This year, the index score for the US decreased to 60.4 from 63.0, putting it in the same grade tier as the United Arab Emirates, Kazakhstan, Hong Kong, Spain, Colombia, and Saudi Arabia, though each of those countries had a higher overall score. The United States earned a C+ for adequacy and a C each for the sustainability and integrity of its retirement system.
Drilling down, the largest dilemmas for the US come from pensions and private retirement savings accounts, major sources of income for American retirees.
Let’s start with pensions, which are not nearly as prevalent as they were a generation ago. Still, 21% of workers have one through their employer.
A pension pays out a benefit for a certain amount of time, such as through the end of a person’s life, or, in some cases, even longer if a surviving spouse qualifies for continued benefits. Because people are living longer, those receiving benefits will be getting that money “for significantly longer than initially forecast today,” Verdeyen said. “That’s one thing.”
On top of that, pensions depend on workers to fund benefits to retirees. But thanks to declining birth rates, there are fewer workers contributing to these pension systems, leading to funding shortfalls that largely affect public-sector employees and workers in the few industries that still offer these retirement benefits.
The US earned a C+ for its retirement system in the 16th annual Mercer CFA Institute Global Pension Index, coming in 29th out of 48 countries. (Photo: Getty Creative) · Steve Smith via Getty Images
What’s left in Americans’ retirement arsenal is savings in private retirement plans, primarily employer-sponsored plans like 401(k)s. But based on the most recent research, Americans are expected to outlive those savings by about 10 years, Verdeyen said.
So, people need to either save more or work longer, or both, she said. And they are working longer, on average, by two years. But they are also projected to live 4.4 years longer too.
“So life expectancy increases are more than double the average rise in retirement ages,” she said. “So this gap between how much people have saved and how much they need to fund an adequate retirement is going to continue to grow.”
Social Security, the federal program that all workers pay into throughout their working life, is the third pillar that supports Americans in retirement. Similar to pensions, Social Security is facing a funding problem because of the worker-to-retiree imbalance. Its reserve fund is projected to run out in 2033, at which point the social welfare program will only be able to pay out 79% of benefits, a costly cut for many seniors.
“This trend [of longer lifespans and lower birth rates] puts pressure on both the private retirement system and the publicly funded Social Security safety net,” Verdeyen said.
The Mercer report offers some straightforward ways to buttress the US retirement system. Americans could also take some best practices from the No. 1 retirement system in the world — the Netherlands.
To start, all US employers should incorporate the best features of a private retirement system, Verdeyen said, which include automatic enrollment, automatic escalation of a worker’s savings rate that would provide adequate income at retirement, and better education.
In the Netherlands, for example, it’s “quasi-mandatory” for employers to provide retirement plans. While the government doesn’t mandate it, industry unions do through collective bargaining agreements. All companies in an industry must abide by those agreements.
“The bigger point is that once an employer-sponsored retirement program is offered, employees in the Netherlands are automatically enrolled,” Verdeyen said. “So that makes participation in the Netherlands pretty much mandatory for a very large part of the workforce.”
Only four countries — the Netherlands, Iceland, Denmark, and Israel — earned an A ranking for their retirement systems. (Photo: Getty Creative) · Alexander Spatari via Getty Images
The Secure 2.0 Act, legislation President Joe Biden signed into law in 2023, aims to boost participation in the US by requiring employers with new 401(k) and 403(b) plans to automatically enroll their workers, starting in 2025. The legislation also includes auto-escalation of contributions.
“In that way, automatic enrollment is going to become mandatory for a large part of our new retirement plans, which over time, I think should improve our rating in the index in the US,” Verdeyen said.
The final fix is for employers to provide easy-to-implement ways to turn worker savings into a reliable stream of income. That could be as simple as embedding a payment feature into a retirement plan that pays out a monthly sum starting at a certain age to help people delay taking Social Security.
“If people delayed their Social Security benefit from age 67 to 70, it would be about a 24% increase in the Social Security retirement annuity payment that they would get,” Verdeyen said.
Employers could also offer lifetime income features in target-date funds, which is the default investment for most retirement plan participants. That would also alleviate concerns over outliving one’s retirement savings.
“The defined contribution system has really only focused on getting workers through to their point of retirement,” Verdeyen said. “But it has fallen short in helping workers get all the way through retirement.”
(Bloomberg) — Price action in some of the world’s most risk-sensitive assets is signaling concern that the Federal Reserve’s decision to begin lowering interest rates may have been premature — or may not be sustainable.
Since the Fed kicked off its long-anticipated loosening cycle on Sept. 18 with a cut of 50 basis points, double the median forecast, emerging-market assets have traded as if borrowing costs in the world’s largest economy will remain high. That’s left developing world assets in limbo, headed for another span of underperformance.
In little over a month, the Fed rate cut has been eclipsed by fresh risks that are keeping global investors shy on the asset class, overshadowing the gains that Fed easing cycles might usually be expected to bring. While the threats have taken different forms — higher Treasury yields, a stronger dollar, greater volatility in currency options — the underlying themes have been just two: the potential return of Donald Trump as US president and China’s inadequate stimulus measures.
That means that once again, traders in emerging markets are positioning defensively for an inflationary US economy and a deflationary Chinese one.
“We remain in a world with two potentially existential threats to EM – China weakness and Trump,” said Paul McNamara, investment director at Gam UK Ltd. in London. “A strong US economy without inflation is good for EM, but persistent inflation will not only postpone further cuts, but weigh on all risk assets into the medium term.”
Though there was an initial boost to emerging markets from the Fed move, it was first interrupted by strong US data that revived fears of resurgent inflation, and later comments by presidential candidate Trump that exacerbated them. The Republican nominee has put tariffs and protectionism at the center of his agenda. If implemented, that’s likely to raise consumer prices in the US and undermine demand for exports from the developing world, according to many economists.
“We’re just weeks away from a US election that might lead to a Trump economic assault on the biggest EM out there, China,” said Charlie Robertson, head of macro strategy at FIM Partners. “It’s close to a coin flip as to who wins the US election, and equally makes it hard to choose a local markets trade to like.”
Disappointed Again
Hedge funds have also been ramping up positions speculating on dollar gains against developing economies vulnerable to higher tariffs.
EM stocks, which briefly rebounded from a record low relative to US equities after the Fed decision, are heading back to that dubious honor. Local currencies and local-currency bonds are on course for their worst month since February 2023. Segments of the dollar-bond market, like long-duration and investment-grade, also continue to trail.
Bond investors have seen their returns stagnate in the month since the Fed decision. Their expectations for the developing world to follow the Fed are now being upended by central-bank caution, as policymakers from Indonesia to Hungary and Turkey decide to pause interest-rate cuts.
“Eventually EM local-currency bonds should benefit from global easing,” said Anders Faergemann, a senior portfolio manager at Pinebridge Investments. “However, from a total return perspective, the relief rally in the US dollar and domestic delays to monetary-policy easing may have triggered some profit-taking.”
The average yield on EM sovereign dollar bonds has edged higher by 9 basis points since Sept. 18, while the rate on local-currency bonds has also risen 9 basis points, according to data compiled by Bloomberg. Between the two groups, the latter is underperforming in dollar returns, with currency declines acting as an additional drag.
“Rising geopolitical tensions, uncertainty over China’s efforts to rescue domestic consumption, and event risk leading up to the US presidential election will also spark increased demands for a higher risk premium into year end,” Faergemann said.
Yield Curves
Strong US economic data have not only disrupted Fed monetary-policy bets but are also reshaping emerging-market yield curves. Within the dollar-bond market, investors are favoring short-duration bonds to long-duration bonds — an unlikely preference in an environment where falling rates are a consensus expectation. Bonds with a duration of more than 10 years have handed investors a loss of 3.6% since the Fed cut, while those of less than three years have given marginal gains.
As of Friday, swap traders were penciling in further reductions to their bets on Fed cuts in the remaining two meetings of the year. Citigroup Inc.’s Akshay Singal, global head of short-term interest-rate trading, told Bloomberg TV that the Fed is likely to cut rates by just 25 basis points, or even stay put, over the next few meetings. He said he doubted the Fed would have opted for a 50-basis-point cut in September if it had seen the strong jobs data before the meeting.
“The combination of US Treasury yields above 4% and a pickup in economic activity in the US have called into question the idea of the beginning of a Fed cutting cycle,” said Martin Bercetche, a hedge-fund manager at UK-based Frontier Road Ltd. “We might have had a false start last month.”
China Factor
For emerging-market stocks, the turbulence coming from the US economic and political landscape was just one of the problems. The wildest volatility in nine years has meanwhile gripped China as successive stimulus measures initially sparked a sharp equity rally, then ultimately failed to convince investors that they were enough to turn around the economy.
The EM equity benchmark, where China holds the biggest weighting, is once again trailing the S&P 500 Index, belying expectations that it would pull itself out of a seventh successive year of underperformance when the Fed started to cut rates.
The bruises of the past month have forced investors to reassess their exposure, and many are avoiding the sweeping EM-wide bets they’d recommended for the post-Fed era.
For the moment, the focus is on weathering the US election. With polls showing Trump is neck-and-neck with his Democratic rival Kamala Harris, a firmer view on EM has to wait. For Gam’s McNamara, there’s one scenario where the Fed-cut trades in emerging markets can begin to make money.
“A Harris win,” he said.
What to Watch
In Brazil, the mid-October inflation print could fuel bets on faster monetary tightening at November’s central-bank meeting
Russia’s central bank set to lift interest rates by 100 basis points, according to a Bloomberg survey
China’s banks are set to lower their loan prime rates, tracking the People’s Bank of China’s cuts to key rates near the end of September
South Korea’s GDP data will likely have rebounded in the third quarter
Ottawa, Ontario–(Newsfile Corp. – October 17, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce that Quentin Mai has been appointed President of Gold79 and Brodie Sutherland has been appointed to the board of directors, effective October 15, 2024, subject to TSXV approval. In conjunction, with these appointments, Derek Macpherson has become Executive Chairman and remains Chief Executive Officer and Gary Thompson has stepped-down as Executive Chairman. Both Mr. Macpherson and Mr. Thompson will remain members of the board of directors of the Company, resulting in the board of directors increasing from four to five directors.
Additionally, due to investor demand the Company announces that it is increasing its current private placement financing to up to $6,000,000 from $4,000,000 (the “Offering”). See below for amended details of the Offering.
Derek Macpherson, Chairman and CEO of Gold79 stated, “We are excited by the very positive investor response to the proposed amalgamation with Bullet Exploration Inc. and our ongoing financing which allows us to increase the size of the financing. Quentin and Brodie are expected to play key roles in attracting new investors to the current financing and we believe their collective capital markets experience and technical knowledge are going to be great additions to the Gold79 team and make the Company stronger going forward”. Mr. Macpherson continued, “I would also like to thank Gary Thompson for his hard work as Executive Chairman over the last three years and as CEO prior to that. I look forward to his continued support as a director of Gold79.”
Quentin Mai, newly appointed President of Gold79 stated, “It is an exciting time to join Gold79 with the expected amalgamation between Gold79 and Bullet Exploration Inc., creating a well funded company that blends proven management with extensive capital markets expertise and advanced assets in a historically prolific tier 1 jurisdiction. Having worked previously at Corvus Gold whose main asset was also in the Walker Lane trend, I recognize the opportunities of this region. I am excited about the relatively short path to define a potential surficial maiden resource at Gold Chain.”
Mr. Mai has over 25 years of capital markets and corporate communications experience working with successful early-stage growth companies from mineral discovery to production. Mr. Mai spent over 10 years at Corvus Gold, from its founding to eventual sale to AngloGold Ashanti for C$570 million. Corvus’ North Bullfrog project forms a part of AngloGold’s +10 million gold ounce greenfield projects being developed in Nevada. Prior to Corvus, Mr. Mai was Vice President Business Development for International Tower Hill from its inception to its peak valuation exceeding a C$800 million market capitalization in 2010, helping to raise over C$250 million.
Mr. Sutherland is a mineral exploration geologist and junior mining executive with over seventeen years of experience exploring mineral deposits in over twenty countries. Mr. Sutherland specializes in economic geology and the development of exploration projects through to feasibility. He is a founding director of Tocvan Ventures Corp. and currently serves as President and CEO. He previously held Project Manager positions at HighGold Mining in Alaska (2018-2022), NxGold Ltd. in Nunavut and Western Australia (2016-2018), worked as a global consultant and was VP Exploration at Hunter Bay Minerals (2010-2012).
Amended Private Placement
Further to the amalgamation agreement, as amended, with Bullet Exploration Inc. (“Bullet”), announced on September 4, 2024 (the “Transaction”), Gold79 and Bullet have mutually agreed under the existing terms of the amalgamation agreement to amend the financing terms to be a minimum of $4,000,000, unless otherwise agreed by the parties, and up to $6,000,000.
The amended non-brokered Offering will raise up to gross proceeds of $6,000,000, comprising up to 24,000,000 units at a price of $0.25 per unit. Each unit will consist of one Gold79 common share and one-half common share purchase warrant of Gold79. Each whole warrant will entitle the holder to purchase one Gold79 common share at a price of $0.40 for a period of 24 months following the date of issuance; provided, however, that if, following the date of issuance, the 20-day volume-weighted average trading price of the Gold79 common shares on the TSX Venture Exchange or an alternative trading system is equal to or greater than $0.60 for any 10-consecutive-trading-day period, the Company may, upon providing written notice to the holders of the warrants, accelerate the expiry date of the warrants to the date that is 30 days following the date of such notice. The warrants will contain provisions that prohibit the exercise by the holder, together with its affiliates, which would result in the holder, together with its affiliate, beneficially owning in excess of 9.99% of the issued and outstanding Gold79 common shares immediately after giving effect to such exercise of the warrants.
As announced on October 10, 2024, the Company closed a first tranche of the Offering raising gross proceeds of $2,190,000 through the issuance of 8,760,000 units. Other terms of the Offering were announced on September 11, 2024 and remain unchanged.
The Offering is subject to approval by the TSX-V, and any securities issued under the Offering will be subject to a statutory hold period of four months and one day from the date of issuance.
Proceeds raised in the Offering will be used for exploration expenditures related to the Gold Chain, Arizona, project; property claim costs and contractual property payments; costs associated with the transaction with Bullet, assuming the closing of the Transaction with Bullet, exploration expenditures related to its Jefferson North, Nevada, project; and for working capital and general corporate purposes.
The closing of additional tranches of the ongoing and increased Offering are not contingent upon the closing of the Transaction between Gold79 and Bullet. There can be no assurances that the Transaction will be completed and the proceeds from the Offering may be used entirely by Gold79 whether or not the Transaction is completed.
The securities issued in the Offering placement will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the company in the United States.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.
For further information regarding this press release contact: Derek Macpherson, Executive Chairman & CEO, Gold79 Phone: 416-294-6713 Email: dm@gold79mines.com
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the proposed Transaction with Bullet Exploration Inc. and proposed private placement or any future private placements, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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 release.
TORONTO – (NewMediaWire) – October 17, 2024 – Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) (Cboe: SCRI; OTCQX: SLCRF; FRA: QS0) is excited to announce the appointment of Salman Partners as a Strategic Advisor to the Company.
CEO of Salman Partners, industry icon Terry Salman raised over $20 billion for over 400 exploration and mining companies. His 35+ year portfolio of experience includes executive roles at Nesbitt Thomson (acquired by BMO) where he was instrumental in forming the mining team and its mining conference in the 1990s.
Adding to his mining legacy is his dynamic public service presence, recently appointed to the Order of Canada for his contributions to mining exploration and for his generous philanthropy and community activism. He served with the United States Marine Corps and is a Vietnam veteran. Mr. Salman received an MBA from the University of Hartford. You can read about Mr. Salman’s life’s work in his recently published book “What We Give: From Marine to Philanthropist: A Memoir,” available at https://www.whatwegivebook.com/.
Mr. Salman remarked: “I am intrigued by this appointment as Strategic Advisor to Silver Crown Royalties. Silver Crown’s unique royalty model offers investors a new approach to silver investing. I look forward to an interesting and progress driven working relationship.”
“We are thrilled to welcome Terry Salman to our team as advisor. Terry’s decades of experience in mining finance combined with his deep industry insights and strong leadership make him an invaluable asset to our team. Terry’s commitment to excellence and his proven track record in the sector will be instrumental as we continue to grow and achieve our strategic objectives”, commented Peter Bures CEO of Silver Crown Royalties
ABOUT SALMAN PARTNERS
Salman Partners is an independent advisory firm with a distinguished 30-year history in the financial services industry. Since its incorporation in September 1994, the firm has evolved from its origins as a licensed broker-dealer in Canada and the United States to become a trusted advisor in the resource sector. Throughout its extensive history, Salman Partners has provided expert guidance to over 400 companies, maintaining a rich tradition of excellence and integrity in financial advisory services.
ABOUT SILVER CROWN ROYALTIES INC.
Founded by industry veterans, SCRi is a publicly traded, revenue-generating silver-only royalty company focusing on silver as byproduct credits. SCRi aims to minimize the economic impact on mining projects while maximizing returns for shareholders. SCRi presently has two sources of revenue and continues to build on this foundation, targeting additional operational silver-producing projects.
For further information, please contact:
Silver Crown Royalties Inc.
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include, but are not limited to statements with respect to SCRi’s ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Kelowna, British Columbia–(Newsfile Corp. – October 16, 2024) – F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) (“F3 Uranium” or the “Company“) announces that it has revised the pricing of its previously announced private placement for gross proceeds of C$7,000,000 (the “Underwritten Offering“). Under the revised Underwritten Offering, the Underwriters (as defined herein) have agreed to purchase for resale 6,562,500 federal flow-through units of the Company (the “FFT Units“) at a price of C$0.375 per FFT Unit (the “FFT Offering Price“) and 10,937,500 Saskatchewan flow-through units of the Company (the “SFT Units“, and together with the FFT Units, the “FT Units“) at a price of C$0.415 per SFT Unit (the “SFT Offering Price“) on a “bought deal” basis. An aggregate of 17,500,000 FT Units of the Company will be sold at a blended price of C$0.40 per FT Unit. Red Cloud Securities Inc. is acting as the lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“).
Each Charity FT Unit will consist of one common share of the Company (each, a “Common Share“) to be issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “FT Share“) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one Common Share (each, a “Warrant Share“) at a price of C$0.40 at any time on or before that date which is 24 months after the Closing Date (as herein defined).
The Company will grant to the Underwriters an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional [937,500] FFT Units at the FFT Offering Price and up to an additional 1,562,500 SFT Units at the SFT Offering Price for additional gross proceeds of up to C$1,000,000 (the “Over-Allotment Option“, and together with the Underwritten Offering, the “Offering“). If the Over-Allotment Option is exercised in full, the total gross proceeds of the Offering will be C$8,000,000.
The Company will have the right to include a list of subscribers to purchase up to 1,250,000 FT Units under the Offering (the “President’s List“). The President’s List will be allocated under the Over-Allotment Option and, for greater certainty, all purchasers under the Over-Allotment Option will receive Non-LIFE FT Units (as defined herein) on the terms of the Offering and subject to certain resale restrictions as described below.
Up to 12,500,000 FT Units to be sold pursuant to the Underwritten Offering (the “LIFE FT Units“), representing gross proceeds of up to C$5,000,000, will be offered by way of the “listed issuer financing” exemption under Part 5A under National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“) in all the provinces of Canada with the exception of Québec (the “Selling Jurisdictions“). The FT Shares and Warrant Shares issuable pursuant to the sale of the LIFE FT Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers’ resident in Canada. The remaining 5,000,000 FT Units to be sold pursuant to the Underwritten Offering as well as the FT Units that may be sold under the Over-Allotment Option (collectively, the “Non LIFE FT Units“), which includes the FT Units to be sold under the President’s List, will be offered by way of the “accredited investor” and “minimum amount investment” exemptions under NI 45-106 in the Selling Jurisdictions. The FT Shares and Warrant Shares issuable from the sale of Non-LIFE FT Units will be subject to a restricted period in Canada ending on the date that is four months plus one day following the closing of the Offering as defined in Subsection 2.5(2) of Multilateral Instrument 45-102 – Resale of Securities.
The Offering is expected to close on October 31, 2024 (the “Closing Date“). The proceeds of the Offering will be used by the Company to fund the exploration of the Company’s projects in the Athabasca Basin.
There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and at the Company’s website at www.f3uranium.com. Prospective investors should read this offering document before making an investment decision.
F3 Uranium also announces that it has signed a marketing agreement with Apaton Finance of Hannover, Germany. F3 Uranium will pay Apaton €20,000 from October 31, 2024 to January 31, 2025. Apaton will write articles, conduct interviews and distribute them online in German and English via renowned and established major financial media, making them accessible to the target group.
Apaton Finance GmbH does not have any direct or indirect interest in F3 or its securities and no incentive stock options have been granted
About F3 Uranium Corp.
F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.
The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2
Contact Information Investor Relations Telephone: 778 484 8030 Emaill: ir@f3uranium.com
ON BEHALF OF THE BOARD
“Dev Randhawa” Dev Randhawa, CEO
Cautionary Statement:F3 Uranium Corp.
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering; the use of proceeds of the Offering; completion of the Offering and the date of such completion. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof 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.
Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; regulatory approval for the Offering; completion of the Offering; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company’s expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; and other risks of the mining industry. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available atwww.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and F3 Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Vancouver, British Columbia–(Newsfile Corp. – October 16, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)(“Riverside” or the “Company”), is pleased to announce that its 100% owned subsidiary, Blue Jay Resources, has completed a Light Detection and Ranging (“LiDAR”) airborne geophysical survey at the Duc Project, 50 kms southwest of the town of Kapuskasing, Ontario as part of the conclusion of a successful summer field program. Exploration work of sampling, mapping and now LiDAR provides expanded targeting and also improved definition of the surface projection of east-west Abitibi greenstone style shears and second order ENE cross structures which typically occur in this western part of the Wawa-Abitibi along the major gold-bearing breaks that host significant gold resources in the Timmins Camp.
“Our exploration team recently received the detailed LiDAR survey which now is part of our wrapping up the successful summer exploration program on the Duc Project in Ontario and we look forward to following up with the further interpretations and targeting using the LiDAR survey and Orthophoto,” stated John-Mark Staude, CEO of Riverside Resources. “The project is situated within the Wawa Greenstone Belt which hosts high-grade gold in large district structures such as Hemlo Mining Camp which has produced over 30M Oz Au (Barrick annual reports), and we believe that further exploration at Duc, in anticipation of a drill program, continues to show growing discovery potential.”
“Precious metals, and in particular gold, have seen significant investment interest and subsequent price increases this year,” added Staude. “We have a strong property portfolio in the important gold producing province of Ontario and are excited to push forward on further exploration efforts in this very supportive gold price environment.”
Highlighted Results of the Completed LiDAR Survey:
The survey provides new Geo-referenced 3D map and point cloud of the area ≥100 points/m2 making a detailed surface map useful for tracking sampling, field work and structural geologic interpretations.
A ≤20 cm digital surface model (DSM)
An accurate digital elevation model (DEM)
An accurate ground surface contour map
An accurate Hill Shade Bare Earth map
Combining LiDAR with the Orthophoto and heli-mag provides the framework for the next phase of Duc exploration work going into the winter season.
LiDAR is a very useful, relatively new technology whereby surface outcrop patterns suggestive of underlying geology and structure can be identified including subtle aspects and seeing through the surface trees and plant cover that can hide surface details. This survey which distinguishes down to the multi-centimeter scale was also coupled with orthophotography remote sensing images and techniques. This combination of LiDAR and orthophoto combined relies on rigorous, high-quality data collected under strict QA/QC standards and is most useful for delineating linear features such as faults or resistant rock types such as silicification. LiDAR helps with structural geological interpretation, outcrop mapping and accurately identifying areas of past work which in turn helps design sampling and mapping programs that focus on geological contacts, shear zones and faults. Through this LiDAR survey at Duc old workings and diggings have been identified which were not previously noted due to tree and plant cover. The past excavations and the airborne geophysics completed by Riverside will help to focus field follow up sampling programs.
The LiDAR methods are very useful for modelling faults subject to hydrothermal alteration which could host gold mineralization and are one of the main gold target types for Duc. The faults from the past field mapping were primarily tracked using the helicopter airborne magnetics and processed images from this data. But now with LiDAR and orthophoto thus combining the three surveys the Duc fault structures and generational sequence is more clearly decipherable with attention to potential mineralization corridors, fold noses, structural intersections that are generally gold exploration targets. This data accentuates the NE fabric and the intersecting N-S and NW off sets which could be post the main mineralization thus with the LiDAR the Company can potentially define more extensive offset gold zones
About the Duc Project
The Duc Project is located in the Porcupine Mining Division, approximately 50 km southwest of Kapuskasing, Ontario. Covering 580 hectares, it sits within the highly prospective Kapuskasing Structural Zone, near the open-pit phosphate mine of Agrium Ltd. The property is underlain by a mix of metasedimentary and metavolcanic rocks, with potential for gold and rare earth element (REE) mineralization. Recent exploration, including a 2023 helicopter magnetics survey, has confirmed key structural elements and identified promising areas for follow-up targeting work.
The Company is leading exploration efforts at Duc, focusing on gold mineralization and potential platinum group metals (PGMs). Historical drilling and geophysical data suggest significant gold and nickel potential, while current geophysical surveys have highlighted new targets. Planned work includes further integration of the new geophysical surveys, geochemical analysis, and then drilling to refine these targets and advance the project towards more detailed exploration.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Duc Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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 release.
VANCOUVER, BC / ACCESSWIRE / October 16, 2024 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company”) is pleased to announce the of the completion of work at the Company’s copper-nickel-PGM Star project, located in the Polaris ultramafic complex of north-central British Columbia, Canada. The program consisted of rock and soil sampling focused on an area of the project underlain by dunite ultramafic rock that is prospective for Ni-Cu-PGM mineralization. In addition to sending samples to the laboratory for Ni-Cu-PGM analysis, Granite Creek is also providing samples of various rock types to New England Research Inc. (NER) to study the potential for geologic hydrogen (Geo H2) production at Star.
NER is a Vermont-based research and development company leading a recently funded $1.5 million project as part of a U.S. Department of Energy (DOE) Advanced Research Projects Agency (ARPA-E) Geologic Hydrogen program. These samples from Star will be used for laboratory analysis and testing to aid in the design and optimization of engineered stimulation of subsurface hydrogen. (See figure 1) Engineering the production of subsurface hydrogen could potentially unlock a substantial resource for clean energy and lead to the decarbonization of some of the most challenging industries.
The NER team, which also includes scientists from Missouri University of Science and Technology (MS&T) and engineers from OptiRock Group LLC., will develop state-of-the-art testing protocols and fit-for-purpose modeling techniques to identify and assess sites where geologic hydrogen could be stimulated. The technologies will be commercialized through a series of paths, including measurement equipment, measurement and modeling services, characterization workflows, and solicitation of Phase III funding for field demonstration and deployment.
Dr. Gregory Boitnott, Vice President of Technology at NER and Principal Investigator on the project stated, “Inclusion of the samples provided by Granite Creek provides a unique opportunity to apply our developing technologies to Alaskan-type ultramafic intrusions, a potentially important future class of deposits where it may be possible to produce economic amounts of clean sustainable hydrogen.”
Tim Johnson, President and CEO of Granite Creek stated, “Geologic hydrogen is an exciting new field with the potential to significantly lower the cost of hydrogen production and assist in de-carbonization of some hard-to-mitigate industries. We are fortunate that our Star project has potentially the right geological setting for this groundbreaking technology and look forward to receiving the results of the testing. The Company remains focused on our high-grade Carmacks copper-gold project in Yukon, Canada, where assays from 2024 drilling are pending while also investigating additional opportunities in Geo H2.”
Figure 1 Concept being researched by NER and OptiRock Group
About Granite Creek Copper
Granite Creek Copper, a member of the Metallic Group of Companies, is a focused on the exploration and development of critical minerals projects in North America. The Company’s projects consist of its flagship 177 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the formerly operating, high-grade Minto copper-gold mine and the advanced stage LS molybdenum project and the Star copper-nickel-PGM project, both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO Telephone: 1 (604) 235-1982 Toll Free: 1 (888) 361-3494 E-mail: info@gcxcopper.com Website: www.gcxcopper.com
Qualified Person
Debbie James P.Geo, has reviewed and approved the technical information pertinent to Ni-Cu-PGM mineralization contained in this news release. Ms. James is a Qualified Person as defined in NI 43-101.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements” or “forward-looking information”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding expected use of proceeds from the private placement and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedarplus.ca.
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 release.
