Rich Dad , Robert T.Kiyosaki latest video about why we should invest commodities such as oil, gold, silver and other precious resources. Here in this video, Robert talks more on the reason why invest in oil as a long term financial success and how you can do it too in support with Rich Dad advisor , Tom Wheelright. Feel free to share the information worldwide and let them be educate by the financial education from Rich Dad.
rnest Hemingway once supposedly wrote, “How did you go bankrupt? Two ways. Gradually, then suddenly.”
Hemingway’s observation looks increasingly spot on when it comes to the U.S. national debt, which now stands at well over $21 trillion. A trillion dollars written out is $1,000,000,000,000. That’s 12 zeroes. How did we get here? Our visualization offers a unique perspective, breaking down the debt into the deficits each U.S. President has added throughout American history.
The U.S. Treasury tracks the historical data for U.S. government debt. Overall figures from before 1950 can be found here, and more specific numbers after 1950 can be found here. We should also give proper credit for pulling these disparate sources together to The Balance. We created a 3-D visualization showing the cumulative deficits each U.S. President has added to the national debt in history, where each block represents $3 billion in today’s dollars. All the Presidents from 1789 – 1913 are lumped together at the bottom, but as you move from the bottom up, you can see the color-coded contribution from each administration. The numbers for future increases to the debt under President Trump came come directly from the White House.
There are a few caveats to keep in mind when thinking about this visualization. First off, the numbers represent inflation-adjusted dollars to make a fair comparison over several years. Presidents also don’t have total control over the deficit. For example, the deficit during their first year in office is predetermined by their predecessor’s budget. Fiscal policies are also ultimately set by Congress even if the President submits a budget blueprint for consideration. And finally, deficits tend to grow during economic downturns and times of war and shrink during more prosperous and peaceful times. That’s why some economists prefer to look at deficits as a percentage of national GDP as opposed to overall terms. After all, a “large” deficit might not actually be very big if it’s tiny compared to the size of the economy.
With all that being said, there’s a lot that we can learn from our visualization. Let’s start by looking at the overall picture, namely, deficits only started growing substantially in the last 40 years of American history. Prior to the Reagan administration, the combined cumulative U.S. debt stood at only about $750 billion, which Reagan almost tripled over 8 years. None of his successors then slowed down, with George H.W. Bush adding $1.55 trillion in a single term, followed by Clinton at $1.4 trillion, Bush at $5.85 trillion, and Obama $8.59 trillion, all over 2 terms. Trump is meanwhile projected to add a total $4.78 trillion during his first term.
So the overall trajectory of the deficit is to keep getting bigger year after year. Reagan inherited a national debt of $750 billion, and Trump added almost $779 billion in fiscal 2018 alone. Yes, there are some periods of stabilization or even contraction, but in general, Presidents from both parties keep adding more and more to the national debt.
What does all this really mean? Is the country ever going dramatically change course? It’s hard to say, but the good news is that the U.S. government can still issue debt at historically favorable rates, with the 30-year treasury bill yielding only 3.24% right now. And measured against the size of the entire economy, the annual deficit is still less than5% of GDP even if the total debt is now larger than 100% of GDP. Eventually something is going to have to change, but in the near term it looks like deficits really don’t matter. Remember what Hemingway said, “Gradually, then suddenly.”
Data: Table 1.1
ancouver, British Columbia–(Newsfile Corp. – November 6, 2018) – Rise Gold Corp. (CSE: RISE) (OTCQB: RYES) (the “Company“) announces that it has closed the second and final tranche of the non-brokered private placement announced in its October 16, 2018 news release (the “Private Placement“).
In the final tranche closing, the Company raised a total of $750,000 through the sale of 7,500,000 units (each a “Unit“) at $0.10 per Unit where each Unit consists of one share of common stock (a “Share“) and one half of one share purchase warrant (a “Warrant“). Each whole Warrant entitles the holder to acquire one Share at an exercise price of $0.13 until November 5, 2020. All 7,500,000 Units issued in the final tranche were acquired by Southern Arc Minerals Inc. (“Southern Arc“). All securities issued pursuant to the Private Placement will be subject to statutory hold periods in accordance with applicable United States and Canadian securities laws. The Company will use the proceeds from the Private Placement for the advancement of its Idaho-Maryland Gold Project and for general working capital.
Yamana Gold Inc. (TSX: YRI) (NYSE: AUY) (“Yamana“) recently completed a strategic initial investment of C$1.75 million in the Company through the purchase of 17,500,000 Units through a wholly-owned subsidiary, Meridian Jerritt Canyon Corp., in the closing of the first tranche of the financing. Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chile and Argentina.
Southern Arc is an insider of the Company by virtue of its shareholdings, and as a result, its participation in the Private Placement constitutes a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The related party transaction is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to subsection 5.5(a) of MI 61-101, and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to subsection 5.7(1)(a) of MI 61-101. The Company will file a material change report. A material change report was not filed more than 21 days prior to closing as contemplated by the related party transaction requirements under MI 61-101 as the insider participation was only recently confirmed.
The securities offered have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Rise Gold Corp.
Rise Gold is an exploration-stage mining company. The Company’s principal asset is the historic past-producing Idaho-Maryland Gold Mine located in Nevada County, California, USA. The Idaho-Maryland Gold Mine is a past producing gold mine with total past production of 2,414,000 oz of gold at an average mill head grade of 17 gpt gold from 1866-1955. Historic production at the Idaho-Maryland Mine is disclosed in the Technical Report on the Idaho-Maryland Project dated June 1st, 2017 and available on www.sedar.com. Rise Gold is incorporated in Nevada, USA and maintains its head office in Vancouver, British Columbia, Canada.
On behalf of the Board of Directors:
Benjamin Mossman
President, CEO and Director
Rise Gold Corp.
The CSE has not reviewed, approved or disapproved the contents of this news release.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks, uncertainties and assumptions related to certain factors including, without limitation, obtaining all necessary approvals, meeting expenditure and financing requirements, compliance with environmental regulations, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. Rise undertakes no obligation to update forward-looking statements or information except as required by law.
VANCOUVER , Nov. 6, 2018 /CNW/ – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton“) is pleased to announce closing of the Golden Palms property (E 47/3810) acquisition agreement. (Pacton News: Oct 19, 2018 ).
The Golden Palms project is strategically significant in that it extends Pacton’s adjacent Friendly Creek and Hong Kong tenements northward and westward to join Novo Resources Corp.’s Egina project. (Pacton News: Sept 21, 2018 ). (Figure 1).
View photos
Figure 1. Location map of Pacton tenements in the Egina Area. (CNW Group/Pacton Gold Inc.)
Under the terms of the Golden Palms agreement, Pacton will purchase 100% of the property by paying a total of $100,000 and issuing 400,000 common shares on completion of the transaction.
The Company also announces that it has entered into an option agreement to purchase 12 mineral claims located in the Red Lake Mining Division, Ontario (the “Red Lake Property“), for aggregate consideration of $110,000 and 250,000 common shares to be paid and issued over two years. The claims are subject to net smelter returns royalties ranging from 0.25% to 2.25%, half of which can be purchased by the Company for $250,000 . The 12 newly acquired mineral claims are strategically located between Pure Gold’s Madsen and Wedge zone ground and Great Bear Resource’s Dixie discovery. In late September 2018 , Great Bear Resources reported a drill intersection of 18.23 g/t Au over a drill width of 10.35 meters in what was described as “crack-seal” style veining typical of the Red Lake district (see Great Bear Resources press release dated September 27 , 2018). Pacton has now consolidated this strategic land position with the acquisition of these claims within a fertile gold bearing district (Figure 2).
View photos
Figure 2. Location map of Pacton claims in Red Lake area (CNW Group/Pacton Gold Inc.)
Both the Golden Palms agreement and Red Lake Property agreement are subject to the acceptance of the TSX Venture Exchange. The Company will be seeking such acceptance forthwith.
The technical content of this news release has been reviewed and approved by Peter Caldbick , P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43‑101.
About Pacton Gold
Pacton Gold is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President & CEO
This news release contains or refers to forward-looking information based on current expectations, including, but not limited to the Company completion of the proposed transaction described herein, the prospect of the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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, British Columbia–(Newsfile Corp. – November 5, 2018) – Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (“Pacific Empire”, “PEMC” or the “Company”), a hybrid prospect generator focused in British Columbia, is pleased to announce that it has received approval to begin trading its common shares on the OTC Markets Group’s OTCQB Venture Market in the United States under the symbol “PEMSF”. Pacific Empire’s common shares will begin trading on the OTCQB Marketplace on November 6, 2018 and will continue to trade on the TSX Venture Exchange.
The OTCQB is recognized as an established public financial market for international companies, including natural resource companies in the exploration industry, to trade in the U.S. The OTCQB Venture Market offers companies the opportunity to build their visibility, expand their liquidity and diversify their shareholder base on an established, public market. The OTCQB offers transparent trading in early stage, exploration companies and provides annual verification and certification of management to investors thereby improving their level of information and trading experience.
Brad Peters, Pacific Empire’s President and CEO, stated, “We are pleased to be listed on the OTCQB, as this provides an opportunity to attract a broader base of international investors. Trading on the OTCQB will expand the company’s presence to new and existing shareholders in the United States with a transparent trading platform. Admission to the OTCQB exchange is part of our strategy to introduce the company to a wide range of institutional and retail investors in the United States.
About Pacific Empire Minerals Corp.
PEMC is an exploration company based in Vancouver, British Columbia, that employs a “hybrid prospect generator” business model. By integrating the project generator business model with low-cost reverse circulation drilling, the company is able to leverage its portfolio by identifying, and focusing on, the highest quality projects for partnerships and advancement.
ON BEHALF OF THE BOARD,
“Brad Peters“
President and Chief Executive Officer
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.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
TORONTO, Nov. 05, 2018 (GLOBE NEWSWIRE) — Sprott Inc. (SII.TO) will host a conference call on Monday, November 12, 2018 at 10:00 a.m. ET to discuss its 2018 third quarter results. Peter Grosskopf, CEO of Sprott will host the call with Kevin Hibbert, CFO of Sprott. The Company plans to release its financial results at 7:00 a.m. ET the same day.
Conference Call Details
To participate in the call, please dial (855) 458-4215 ten minutes prior to the scheduled start of the call and provide conference ID1985987. A taped replay of the conference call will be available until Monday, November 19, 2018 by calling (855) 859-2056, reference number 1985987. The conference call will be webcast live at www.sprott.com and https://edge.media-server.com/m6/p/35ysaejp
About Sprott Inc. Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (SII.TO). For more information, please visit www.sprott.com
Investor contact information: (416) 943-4394 or ir@sprott.com.
Click here for the complete press release. Stefan Axell
Director, Corporate Affairs
416-306-6328 info@franco-nevada.com Sandip Rana
Chief Financial Officer
416-306-6303
JERICHO OIL
The Rodney Dangerfield of the Junior Oil & Gas Sector
In my humble opinion… Jericho Oil (JCO) is one of the least respected and most misunderstood companies in the Junior Oil & Gas Sector. Let’s learn and have a few laughs along the way.
I asked my old man if I could go ice skating on the lake. He told me wait till it gets warmer.
A barrel of Crude Oil a few years ago was cheaper than a bucket of Kentucky Fried Chicken. I kid you not!!! Those days are over. Oil has more than doubled and is hovering around $65. This means ever increasing profits in upcoming quarters, which should significantly boost share price.
I TELL YA THEY GET NO RESPECT!!!
I told my doctor I swallowed a bottle of sleeping pills. He told me to have a few drinks and get some rest.
Jericho Oil’s share price is CAD 52 cents, almost at its 52-week low and off over 60% from its yearly high. With oil prices rising significantly this year… something is definitely wrong with this picture.
I TELL YA THEY GET NO RESPECT!!
This morning when I put on my underwear, I could hear the Fruit of the Loom guys laughing at me.
Invest with the smart money…Jericho has world-class, patient shareholders (cornerstone investors include the Breen [Ed Breen, CEO, DowDuPont] and Belzberg families…(google them, very savvy investors and business titans). They got in at the company’s inception and provided all important strong equity financing support during the lean years 2015-2017 when others were fleeing the market. Follow the smart money. Money begets money !!!
I TELL YA – HE GETS NO RESPECT!!!
My wife made me join the Bridge Club … I jump off next Tuesday.
The stock is very tightly held…JCO insiders hold ≈ 46% of the 128 Million of the issued and outstanding shares. The top 10 investors own ≈ 70% of the company and are in it to win it !!!
I TELL YA – HE GETS NO RESPECT!!!
I could tell my parents hated me. My bath toys were a toaster and a radio.
Jericho with zero net debt, JCO had the cash and foresight during the downturn to acquire a very high-quality portfolio of assets from distressed sellers… at the bottom of the market. Today JCO owns and operates ≈55,000 net acres in Oklahoma… including an interest in ≈16,000 in the prolific STACK Play, which was acquired well below the current market prices.
I TELL YOU THIS COMPANY GETS NO RESPECT!!!
I looked up my family tree and found 3 dogs using it.
JCO is laser focused. Its assets are all within close radius in Oklahoma Basin and its team of experts are all based locally, which will keep costs down significantly as the company grows.
Last week I told my psychiatrist “I keep thinking about suicide”. He told me from now on you have to pay in advance.
Jericho Oil operates in a very pro-oil, pro-growth jurisdiction—Oklahoma is ranked as one of the top 2 jurisdictions globally for oil and gas investment (source: Fraser Institute). As Texas oil fields dry up the smart money is heading north to Oklahoma.
I TELL YA – WE GET NO RESPECT!!!
What a childhood I had, when I took my first steps my old man tripped me.
Oil is here to stay- Elon Musk and his exploding cars assures that? The World runs on Oil and JCO has it in spades. Oil is the lubricant that keeps the World Economy humming. Problems in Venezuela and many Middle Eastern nations assure the prosperity and popularity of US Crude Oil and any company with land packages in oil rich Mid -America will thrive for years to come.
I TELL YA THIS COMPANY GETS NO RESPECT!!!
My wife and I were happy for 20 years. Then we met!!!
Management is young, experienced and most importantly extremely business savvy as witnessed by the scooping up of tremendous assets at fire sale prices. CEO Brian Williamson sheepishly proclaimed “Never let a good crisis go to waste.” That my friends and fellow investors, is how fortunes are made !!!
In closing … I hope his article made you smile and perhaps laugh out loud. Trust me – I’m serious as a heart attack when I say this investment game is really no laughing matter. We have been through close to 15 years of a bull market in Tech and Fortune-100 stocks. It is high time to position yourself in high quality junior resource stocks which should boom when money flows into this neglected sector. It sure seems the Dow Jones bull is on its last legs and ran its course.
While I am relatively new to the Oil and Gas sector after years investing in Gold and Silver Miners. The same investment principles hold true. Buy Low…Sell High. Sounds simple but 90% of investors can’t seem to embrace that concept. You must be a contrarian investor and seek out the unloved and undervalued companies. The cream always rises to the top… In my humble opinion Jericho Oil fits this to a tee.
Oklahoma is nicknamed the “Sooner State”. I suggest you get into JCO sooner than later ?. Jesse Livermore considered the greatest stock trader of all-time wisely advised “Buy Right & Sit Tight”.
Symbol JCO- Can
JROOF- OTC
Share Price 52 cents Can
Market Cap $ 67 Million
Shares Outstanding 128 M
52 week Low/High .49-$1.38
Vancouver, British Columbia–(Newsfile Corp. – November 5, 2018) – Contact Gold Corp. (TSXV: C) (the “Company” or “Contact Gold“) is pleased to announce it has entered into an agreement to sell its Golden Cloud and Santa Renia properties to a subsidiary of Waterton Precious Metals Fund II Cayman, LP for cash proceeds to Contact Gold of $635,000 (US $485,975) (the “Transaction”).
The Transaction is consistent with the Company’s stated objective to derive value from its non-core exploration assets. The Company is focused on advancing its flagship Pony Creek project on the southern Carlin Trend, neighboring Gold Standard Ventures’ Railroad project.
After the Company completed strategic and technical reviews, it concluded that more value would be derived in the immediate and intermediate terms through a monetization than through continued exploration of the Golden Cloud and Santa Renia properties.
Closing to the Transaction is subject to a regulatory approval, applicable Canadian securities laws and the approval of the TSX Venture Exchange (the “TSVX”).
About Contact Gold Corp.
Contact Gold is an exploration company focused on producing district scale gold discoveries in Nevada. Contact Gold’s extensive land holdings are on the prolific Carlin, Independence and Northern Nevada Rift gold trends which host numerous gold deposits and mines. Upon closing, Contact Gold’s land position will comprise approximately 212 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.
Additional information about the Company is available at www.contactgold.com.
For more information, please contact: +1 (604) 416-0576
John Glanville – Director Investor Relations
Chris Pennimpede – Corporate Development
E-mail: info@ContactGold.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated closing of the Transaction, and exploration activities of theCompany on the Pony Creek property.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release.
The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
VANCOUVER, Nov. 5, 2018 /PRNewswire/ – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX:NXE, NYSE:NXE) is pleased to announce the results of an independent Pre-Feasibility Study (“PFS” or the “Study”) and Mineral Resource update of the basement-hosted Arrow Deposit, located on the Company’s 100% owned Rook I project (“Arrow” or the “Project”) in the Athabasca Basin in Saskatchewan, Canada. The PFS was completed jointly by Wood Group, and Roscoe Postle Associates Inc. (“RPA”), with other technical inputs completed by sub-consultants.
Pre-Feasibility Study Highlights
Table 1 – Summary of Arrow Deposit Pre-Feasibility Study (based on US $50/lb U3O8)
PEA (July 31, 2017)
PFS
Variance
After-Tax Net Present Value (8% discount)
CAD $3.49 Billion
CAD $3.7 Billion
+6%
After-Tax Internal Rate of Return (IRR)
56.7%
56.8%
–
After-Tax Payback
1.1 Years
1.2 Years
+9%
Initial Capital Costs (“CAPEX”)
CAD $1.19 Billion
CAD $1.25 Billion
+5%
Average Annual Production (Life of Mine)
18.5 M lbs U3O8
25.4 M lbs U3O8
+37%
Average Annual Production (Years 1-5)
27.6 M lbs U3O8
29.0 M lbs U3O8
+5%
Average Daily Throughput
1,448 tonnes per day
1,039 tonnes per day
-28%
Average Annual Grade
1.73% U3O8
3.09% U3O8
+79%
Mine Life
15 Years
9 Years
-6 years
Average Annual After -Tax Net Cash Flow
(Life of Mine)
CAD $553 Million
CAD $909 Million
+64%
Average Annual Operating Cost (“OPEX”,
Life of Mine)
CAD $8.37
(US $6.70)/lb U3O8
CAD $ 5.81
(US $4.36)/lb U3O8
-31%
Operating Margins (Life of Mine)
85.5%
90.6%
+6%
Note:PEA based on CAD $1.00 = US $0.80, PFS based on CAD $1.00 = US $0.75
CAPEX – Increased due to the introduction of Provincial Sales Tax (PST) applicable to capital projects. Excluding PST, initial capital costs reduced by approximately CAD $64 Million to CAD $1.18 Billion (0.5% lower than PEA). Additionally, due to the reallocation of tailings management to operating costs, the sustaining capital component of capital expenditures has been significantly reduced.
Mine Life – PFS is based on Indicated Resources only and does not include the current additional Inferred Resources 91.70 M lbs of U3O8 contained in 4.84 M tonnes grading 0.86% U3O8 or further potential increases in the resource base at Arrow that remains open in many directions (Figure 1).
Leigh Curyer, Chief Executive Officer, commented: “An assessment across all of the PFS metrics, results in a substantial improvement to the PEA with a 64% increase in average annual after tax net cash flow. Incorporating only the Indicated Mineral Resource, the life of mine drops from 15 to 9 years, yet the increase in average annual grade – whilst maintaining a consistent capex and lower opex – results in an after tax NPV of $3.7BN. In addition, the 43% increase in Indicated Mineral Resource growth during 2017 demonstrates with closer spaced drilling, Arrow improves and optimizes mine production plans.
With these strong PFS results, the Company is expediting Arrow to Feasibility by initiating a 2 stage 125,000m (10 rig) high density drilling program. This will be the largest drilling, geotechnical and hydrogeological focused program in the history of NexGen. Preparations are well underway with the program brought forward and scheduled to commence in early December 2018.
I would like to take the opportunity to congratulate the entire NexGen team, key consultants, local communities and Government departments for their outstanding commitment and execution of Arrow’s development.”
Conference Call
NexGen will host a conference call today, Monday November 5, 2018 at 11.00 AM Eastern Standard Time.
To join the call please dial (+1) 416 764 8688 (local/international) or (+1) 888 390 0546 (North America toll free) with passcode 49399985 and an operator will assist.
A recorded version of the proceedings will be available on NexGen’s website (www.nexgenenergy.ca) shortly after the conference. The playback numbers are (+1) 416 764 8677 (local/international) and (+1) 888 390 0541 (North America toll free) and the playback passcode is 399985 #. The playback will be available until Tuesday, February 05, 2019.
Table 2 – PFS Sensitivity to Uranium Price
Uranium Price ($ USD/lb U3O8)
After-Tax NPV8
After-Tax IRR
After-Tax Cash Pay Back
$80/lb U3O8
CAD $6.62 Billion
80.4%
0.8 Years
$60/lb U3O8
CAD $4.65 Billion
65.5%
1.0 Years
$50/lb U3O8
CAD $3.66 Billion
56.8%
1.2 Years
$40/lb U3O8
CAD $2.67 Billion
46.9%
1.5 Years
$30/lb U3O8
CAD $1.69 Billion
35.6%
1.9 Years
$25/lb U3O8
CAD $1.19 Billion
28.9%
2.3 Years
Key Updates of the 2018 PFS from the 2017 PEA
Reduction in CAPEX due to a reduced mine footprint as a result of higher head grades and also the reallocation of the underground tailings to operating costs. If the recently introduced PST is ignored for an apples-to-apples comparison on capital cost estimates from the PEA to the PFS, the PFS capital cost would be even lower.
31% reduction in average annual OPEX to CAD $5.81/lb U3O8(from CAD $8.37/lb U3O8) despite the PFS recategorizing the underground tailings to OPEX instead of sustaining capital as per the PEA. These costs account for 21% of OPEX.
43% increase in Indicated Mineral Resources from 179.5 M lb of U3O8 contained in 1.18 M tonnes grading 6.88% U3O8 from the March 2017 Mineral Resource estimate to 256.6 M lbs of U3O8 contained in 2.89 M tonnes grading 4.03% U3O8.
Average Annual Production increase from 18.5 M lbs U308 in the PEA to 25.4M lbs U308 due to higher head grades increasing from 1.73% U308 in the PEA to 3.09 % U3O8 in the PFS.
Average mining rate decrease from 1,448 tonnes per day to 1,039 tonnes per day.
Metallurgical pilot plant and bench scale testing optimized recovery resulting in increased total processing recovery rate to 97.6% versus 96.0% in the PEA.
Metallurgical process was updated resulting in ammonia being eliminated entirely from the process which strengthens the environmental performance of the envisioned Rook I Project.
Metallurgical paste-fill test work confirmed proof of concept for uranium tailings to be used for cemented paste backfill underground.
Lateral development reduced from 78,805 metres to 39,908 meters due to a reduced mine footprint.
Vertical development was reduced from 3,832 in the PEA to 3,059 due to the elimination of a fresh air raise which has been redesigned and combined with the primary production shaft.
Mineral Resources
The Arrow Deposit Mineral Resource estimate was updated, and the Indicated Mineral Resources form the basis for the PFS. The Indicated portion of the resource has increased by 43% from the previous resource estimate (see News Release dated: March 6, 2017). The updated estimate comprises an Indicated Mineral Resource of 256.6 M lbs of U3O8 contained in 2.89 M tonnes grading 4.03% U3O8, including the A2 High Grade Core of 181.0 M lbs of U3O8 contained in 0.46 M tonnes grading 17.85% U3O8 and an Inferred Mineral Resource of 91.7 M lbs of U3O8 contained in 4.84 M tonnes grading 0.86% U3O8.
The tonnes, grades, and classification of the Mineral Reserves defined in the PFS mine design are summarized below in Table 4.
Table 3 – Arrow Mineral Resource Estimate
March 2017 Arrow Mineral Resource Estimate
2018 Arrow Mineral Resource Estimate
Diff. Between Arrow 2018 & 2017 Mineral Resource Estimate
Structure
Tonnage (Tonnes)
Grade (U3O8%)
Metal
U3O8
(U3O8 lb)
Tonnage (Tonnes)
Grade (U3O8%)
Metal U3O8 (U3O8 lb)
Tonnage (Tonnes)
Grade (U3O8%)
Metal
U3O8
(U3O8 lb)
Indicated Mineral Resources
A2
790,000
0.84
14,500,000
1,240,000
0.79
21,700,000
450,000
(0.05)
7,200,000
A2 HG
400,000
18.87
164,900,000
460,000
17.85
181,000,000
60,000
(1.02)
16,100,000
A3
No Indicated in 2017
1,010,000
0.70
15,500,000
1,010,000
0.70
15,500,000
A3 HG
No Indicated in 2017
180,000
9.68
38,400,000
180,000
9.68
38,400,000
Total:
1,180,000
6.88
179,500,000
2,890,000
4.03
256,600,000
1,700,000
(2.85)
77,200,000
Inferred Mineral Resources
A1
860,000
0.75
14,300,000
1,510,000
0.72
23,900,000
650,000
(0.04)
9,600,000
A2
1,100,000
0.76
18,500,000
1,290,000
0.70
19,900,000
190,000
(0.06)
1,400,000
A2 HG
30,000
13.00
8,600,000
5,000
12.70
1,400,000
(25,000)
(0.30)
(7,200,000)
A3
1,460,000
1.16
37,300,000
1,230,000
1.11
30,000,000
(230,000)
(0.05)
(7,300,000)
A3 HG
150,000
8.53
28,200,000
1,000
9.07
200,000
(149,000)
0.54
(28,000,000)
A4
550,000
1.06
12,900,000
800,000
0.92
16,300,000
250,000
(0.14)
3,400,000
180
110,000
0.95
2,300,000
Combined into A3 & A4
(110,000)
(0.95)
(2,300,000)
Total:
4,260,000
1.30
122,100,000
4,840,000
0.86
91,700,000
580,000
(0.44)
(30,400,000)
Notes:
1.
CIM Definition Standards were followed for Mineral Resources, Mineral Resources are reported inclusive of Mineral Reserves.
2.
Mineral Resources are reported at a cut-off grade of 0.25% U3O8 based on a long-term price of US$50 per lb U3O8and estimated costs.
3.
A minimum mining width of 1.0 m was used, with a Mineral Resource effective date of May 25th, 2018.
4.
Numbers may not add due to rounding.
5.
Mineral Resources that are not Mineral Reserves do not have demonstrated economics.
Mineral Reserves
The PFS defines Probable Mineral Reserves of 234.1 M lbs of U3O8 contained in 3.43 Mtonnes grading 3.09% U3O8 from the Indicated Mineral Resources. The Probable Mineral Reserves include diluting materials and allowances for losses which may occur when material is mined.
Table 4 – Arrow Probable Mineral Reserves
Probable Mineral Reserves
Structure
Tonnage (Tonnes)
Grade (U3O8%)
Metal U3O8 (U3O8 lb)
A2
2,057,600
4.13%
187,400,000
A3
1,375,500
1.54%
46,700,000
Total
3,433,100
3.09%
234,100,000
Notes:
1.
CIM definitions were followed for Mineral Reserves.
2.
Mineral Reserves are reported with an effective date of May 25, 2018.
3.
Mineral Reserves include transverse and longitudinal stopes, ore development, and incremental ore.
4.
Stopes and ore development were estimated at a cut-off grade of 0.25% U3O8.
5.
Incremental ore is material between 0.03% U3O8 and 0.25% U3O8 that must be extracted to access mining areas. 0.03% U3O8 is the limit for what is considered benign waste and material that must be treated and stockpiled in an engineered facility.
6.
No by-product credits have been included in the Mineral Reserve statement.
7.
Mineral Reserves are estimated using a long-term metal price of US$45 per pound U3O8, and a 0.75 US$/C$ exchange rate (C$1.00 = US$0.75).
8.
A minimum mining width of 3.0 m was applied for all longhole stopes.
9.
The density varies according to the U3O8 grade in the block model. Waste density is 2.464 t/m3.
10.
Numbers may not add due to rounding.
RPA is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource or Mineral Reserve estimates.
Mine Plan and Production Profile
A detailed mine plan based on conventional long-hole stope mining was engineered using Indicated Mineral Resources only. Geotechnical studies during Pre-Feasibility supported the conventional longhole stoping mining method including the use of longitudinal and transverse stopes, 30 m level spacing, and the nominal stope strike length of 15 metres to 30 metres. This represents an excellent stope stability range for underground mining in highly competent conditions. The geometry of the Arrow Deposit enables decoupled production areas in both the A2 and A3, allowing flexibility of mine sequencing. The PFS production profile is underpinned by longhole stopes in the transverse orientation through A2 High Grade mineralization. Arcadis was engaged in the modeling and assessment of radiological effects of underground uranium mining, and they fully endorsed the proposed mining methods and overall plans. The ability to mine transverse longhole stopes through the A2 High Grade will support significant scheduling flexibility enabling NexGen to correlate supply quickly and inexpensively to market conditions.
Furthermore, given the competency and conditions of the underground environment, all waste streams from the process plant are planned to be stored underground.
The PFS mine plan, using a 0.25% U3O8 cut-off grade, includes Probable Mineral Reserves consisting of 234.1 M lbs of U3O8 contained in 3.43 M tonnes grading 3.09% U3O8 that will be extracted by underground mining in an initial nine (9) year mine life. The mine production schedule envisions a life of mine rate of 1,039 tonnes per day. The underground workings will be accessed by two shafts, the first supporting personnel movements, materials, ore, waste and fresh air. The production shaft will have divided compartments, ensuring that fresh air, and personnel entering the mine, remain isolated from ore being skipped to surface. The second shaft will be used for exhaust air and secondary egress. Mining extraction is estimated to be 95% of mineralized tonnes for both ore development and stopes. Planned dilution was included in the generation of the stope shapes, and additional backfill dilution (at zero grade) was included where appropriate. Overall rock dilution is estimated to be 31%, with additional backfill dilution applied on secondary stopes only. Figure 3 below presents the annual mining schedule based on set assumptions.
Processing and Underground Tailings Management Facility (“UGTMF”)
The PFS confirmed processing and production of Yellowcake from the Arrow Deposit with conventional processing technology. The main components of the processing plant are:
Grinding
Leaching
Liquid-Solid Separation via Counter Current Decantation
Solvent Extraction
Yellowcake Precipitation
Yellowcake Packaging
Paste Tailings Plant
A detailed metallurgical study resulted in process recovery increasing to 97.6% (versus 96% in the PEA). In addition, the ammonia strip process envisioned in the PEA was updated to an acid strip process in the PFS, resulting in the complete elimination of ammonia in the processing facility. Elimination of ammonia from the processing facility will ultimately lead to improved effluent discharge performance.
The Study also confirmed that all processed waste streams can be stored in an Underground Tailings Management Facility (“UGTMF”). The Study also confirmed the geotechnical design, size and sequencing of the UGTMF included in the PFS mine plan. The UGTMF will significantly reduce the surface footprint of the Project and represents continued and ongoing reclamation during operations, allowing for industry leading environmental sensitivity.
PFS test work confirmed paste fill strength meets or exceeds all requirements set in the original design for a potential Paste-Backfill to be used for underground stope stability. The Study confirmed the suitability of the tailings from Arrow Uranium Deposit for use as cemented paste backfill.
NexGen is committed to advancing the Project with innovative approaches to mine design, management and operation in order to deliver enhanced environmental, social and economic performance.
Capital Costs
A capital cost estimate (Class 4 – AACE International classification guidelines) was produced for the PFS. The pre-production CAPEX for the contemplated underground mine, process plant and supporting infrastructure at Arrow are estimated at CAD $1.247 billion with sustaining capital costs of CAD $262 million (including $48 Million for decommissioning). Wood and RPA estimated the capital costs based on a three-dimensional civil model, a mechanical equipment list, material takeoffs, vendor budget quotations on major and secondary equipment, and inputs from leading expert service providers who have experience in construction projects and cost estimation both in the Athabasca Basin and globally. Pre-production construction is envisioned to be complete in three (3) years, the construction phase will be supported by a labour force consisting of skilled labour, trades people, professionals and administration. The Study determined the total personnel hours required for pre-production construction is 3,557,000 hours. The CAPEX is summarized below in Table 5.
Table 5 – Summary of Capital Cost Estimates
PEA 2017
PFS 2018
Capital Cost Estimates ($ CAD Millions)
Pre-Production
Sustaining
Total
Pre-Production
Sustaining
Total
Variance
Mine
324
205
529
303
194
497
-6%
Process Plant, Infrastructure & Indirects
627
199
826
736
20
756
-9%
Decommissioning
0
64
64
0
48
48
-25%
Contingency
237
0
237
208
0
208
-12%
Total Capital Costs
1,188
468
1,656
1,247
262
1,509
-9%
Notes on Variances
Mine – Reduced mining extents due to increase in mining head grades as a result using Indicated Resources only.
Process Plant, Infrastructure & Indirects -Tailings management costs re-allocated to operating costs.
Decommissioning – Higher resolution on decommissioning costs.
Contingency – Increased confidence level of cost estimates.
Operating Costs
The OPEX estimate outperformed the PEA and is based on a shaft-accessed underground mine with a conventional longitudinal and transverse long-hole stope mining method, conventional processing facility and underground processed waste management facility. While in operation the PFS defines a required workforce of 491 persons, the expertise required ranges from skilled labour, equipment operators, mining professionals, technical professional, management and administrative. NexGen’s community-first approach ensures opportunities are prioritized within the local region. The OPEX is summarized below in Tables 6 and 8, and the per unit all-in sustaining cost is summarized in Table 7.
As of September 30, 2018, the Company had $133 million in the treasury which fully funds NexGen for the the upcoming and planned programs.
Immediate initiation of a 10 rig diamond drilling 2 stage program of 125,000 m focusing on conversion of Arrow Indicated Mineral Resources to Measured of 70,000 m aimed at conversion of Inferred to Indicated Mineral Resources; and 55,000 m to enable additional optimisation of mine production plans.
Continued UGTMF study to optimise tailings density and further reduce tailings volume.
The capital costs associated with the process plant and associated infrastructure will now undergo an evaluation to review opportunities for capital cost optimization.
Project schedule and timeline are also being reviewed to identify opportunities to advance the development.
Automation and electric mining equipment continue to evolve rapidly, and opportunities for inclusion are currently being pursued.
Detailed evaluation of alternative energy solutions which will further offset electricity costs and support NexGen’s environmental initiatives.
About NexGen
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production. NexGen owns a portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook I, location of the Arrow Deposit in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017.
Technical Disclosure
The technical information in this news release with respect to the PFS has been reviewed and approved by Paul O’Hara, P.Eng. of Wood., David Robson, P.Eng., M.B.A., and Jason Cox, P.Eng. of RPA, each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“).
The Mineral Resource Estimate was completed by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA and Mr. David Ross, P.Geo., Director of Resource Estimation and Principal Geologist at RPA. Both are independent Qualified Persons in accordance with the requirements of National Instrument (NI) 43-101 and they have approved the disclosure herein. All other technical information in this news release has been approved by Mr. Troy Boisjoli, Geoscientist Licensee, Vice President – Operations & Project Development for NexGen. Mr. Boisjoli is a qualified person for the purposes of NI 43-101 and has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original data certificates and monitoring all of the data collection protocols.
A technical report in respect of the PFS will be filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) within 45 days of this news release.
SEC Standards
Estimates of mineralization and other technical information included or referenced in this news release have been prepared in accordance with NI 43-101. The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained pounds” in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United Statesfederal securities laws and the rules and regulations thereunder.
Technical Information
For details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource please refer to the technical report entitled “Technical Report on the Preliminary Economic Assessment of the Arrow Deposit, Rook 1 Property, Province of Saskatchewan, Canada” dated effective September 1, 2017 (the “Rook 1 Technical Report”) prepared by Jason J. Cox, P.Eng., David M. Robson, P.Eng., M.B.A., Mark B. Mathisen, C.P.G., David A. Ross M.Sc., P.Geo., Val Coetzee, M.Eng., Pr.Eng., and Mark Wittrup, M.Sc., P.Eng.,P.Geo. each of whom is a “qualified person” under NI 43-101. The Rook I Technical Report is available for review under the Company’s profile on SEDAR at www.sedar.com. A technical report in respect of the PFS will be filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) within 45 days of this news release providing details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource.
Forward-Looking Information
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the proposed transaction will be completed, the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, and other factors discussed or referred to in the Company’s Annual Information Form dated March 31, 2017 under “Risk Factors”.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
