Category: Base Metals

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Base Metals

Base Metals: A Decade of Shortages Ahead

The article below is an excerpt from our Q4 2022 commentary.

“The Decade of Shortages” was the unofficial theme for our investor day, held on November 3rd, 2022. Our audience heard presentations from five guest speakers and the two eponymous partners, outlining fundamental trends in various commodity markets that confirm our thesis. We discussed how we believe the shortages in the first two years of this decade were destined to be repeated multiple times in different commodity markets as we progressed through the remaining years. ESG pressures have forced significant redirection of capital spending away from extraction industries to renewable projects, shifts in global power from unipolar to multipolar, war, supply-chain breakdowns, changing weather patterns, and under-appreciated shifts taking place in the geology or extractive industries — all were discussed as well their supply impacts on various commodities.

What was not discussed at our conference is a great shortage we believe is in the making. 

Although the global mining industry, over the last decade, has been able to side-step most of the negative publicity that has engulfed the world oil and gas industry, ESG pressures have placed substantial downward pressures on global mining industry capital expenditures in the last ten years. Environmental and related permitting issues have made both greenfield and brownfield mine development projects extremely difficult to bring into production. Given the vast ESG–related restrictions put on mining projects today, it is not uncommon that significant, economically robust discoveries made over 20 years ago are still not in production today. In a world where metal demand is already beginning to see substantial accelerations—ironically because of ESG-inspired environmental pressure – mine supply has, for many years, started to fall behind demand. If metal demand exceeds supply on a sustained basis, then metal held in quickly mobilized inventory should decline, which has transpired. Below is a chart showing the base metals inventories held at the three big metal trading exchanges: the London Metals Exchange (LME), the New York Metals Exchange (COMEX), and the Shanghai Metal Exchange. 


Since peaking at 9 mm tonnes of inventory in Q1 2013, base metals inventories have drawn steadily and are down 90% today. Today, exchange inventories have fallen below 1 mm tonnes and are dangerously low. Adjusted for days of consumption, inventories have never been lower. In Q4 2022, exchange metal inventory covered daily consumption by only 2.7 days, surpassing 45% of the lows seen in 2005-2006 of approximately five days and reaching the lows seen 35 years ago back in 1988-1989.

The late 1980s saw robust base metals demand as the global economy boomed and Japan seemed destined for world economic domination. In response to inventory tightness, from 1988 to 1990, zinc prices surged 230%, copper rose 175%, and nickel prices skyrocketed 700%. However, the tightness in base metals inventories and the enormous upward pressure in prices were short-lived. The implosion of the Former Soviet Union (FSU) began in 1990, which significantly impacted the base metals supply fundamentals for over a decade. The FSU’s military-industrial complex, an incredibly intense and inefficient user of base metal, collapsed post-1990, flooding the West with new supply. After 70 years of communism, the FSU had become a massive base metals junkyard, and all this scrap added to the flood of supply headed west. Also contributing to the global inventory build post-1990 in base metals was the “popping” of the Japanese financial bubble. Japan became one of the world’s largest consumers of base metals from 1960 through 1980. The economic crisis, which eventually produced Japan’s lost decade, severely impacted their metals demand.

The flood of excess FSU supply and the easing of Japanese demand can be seen in the chart above. By 1993-1994, the days of demand cover of exchange inventories had soared to almost 5 mm tonnes, representing nearly 40 days of consumption, a level never seen since. Excess base metals inventories significantly contributed to the second leg of the significant commodity price bear market, stretching 20 years—from 1980 to 2000.  

It took the next 15 years to work this excess inventory off, but surging China metal demand by the mid-2000s again drew base metal inventory levels back to dangerously low levels. In 2006 exchange inventories fell to briefly 1 mm tonnes, and when adjusted by days of consumption, inventories had fallen to less than five days of consumption—the lowest levels since 1990. And just like in the late 1980s, base metals prices experienced a massive surge. From the end of 2004 to the beginning of 2006, copper, nickel, lead, and zinc prices surged between 300% and 400%.

High base metal prices kicked off a new mine investment cycle. The increase in base metal mine supply, combined with the 2008-2009 financial crisis and slower increases in Chinese base metals demand, caused the inventory pressure in base metals markets to increase markedly. Between 2010 and 2015, exchange inventories, when adjusted for consumption, had risen to levels not seen since the early 1990s.  

Today with exchange inventories sitting slightly below 1 mm tonnes, these inventories cover only 2.7 days of consumption.

In global base metals markets, we are well past the former tightness levels experienced in 2005 and 2006. Given the strength of worldwide demand and supply constraints, we believe it’s only a matter of time before shortages in various metals reach detectable levels, with potentially tremendous resulting upward price pressure.

Investors over the last year have become convinced the world will become gripped by several global recessions, driven by rising interest rates and continued real estate-related problems in China—both of which will produce noticeable impacts on global base metals demand. However, investors are missing the vast new sources of demand now embedded in international base metals demand figures.

In previous letters, we have stressed how metal intensive the coming renewable power investment cycle will be. Last summer, S&P Global’s Commodity Insights paper “The Future of Copper: Will the looming supply gap short-circuit the energy transition?” received significant press attention. The study warned of an “unprecedented and untenable” copper shortfall of 10 mm tonnes as suppliers grapple with copper demand that will double by 2035. We believe even S&P’s “pessimistic” copper supply outlook is still too optimistic.

For years, we have been warning that copper was slipping into a “structural deficit.” The S&P study confirms this—including the under-appreciated copper metal intensity of renewable investment. Given that inventory of exchange copper adjusted for consumption has now reached the record low levels of 1990 and 2005 and that we are only now seeing the structural gap emerge between copper demand and supply, we believe that the copper market will become the first base metals market to display severe shortage characteristics.

We believe this is going to be the decade of shortage across multiple commodity markets. Base metals markets give investors a great example of what a looming base metals shortage looks like. We find it fascinating that investors are paying no attention to base metals inventories that have reached record lows.

Intrigued? We invite you to download or revisit our entire Q4 2022 research letter, available below.   

Q4 2022 Research: The End of Abundant Energy: Shale Production and Hubbert's Peak

Registration with the SEC should not be construed as an endorsement or an indicator of investment skill, acumen or experience. Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal. Historical performance is not indicative of any specific investment or future results. Investment process, strategies, philosophies, portfolio composition and allocations, security selection criteria and other parameters are current as of the date indicated and are subject to change without prior notice. This communication is distributed for informational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Nothing in this communication is intended to be or should be construed as individualized investment advice. All content is of a general nature and solely for educational, informational and illustrative purposes. This communication may include opinions and forward-looking statements. All statements other than statements of historical fact are opinions and/or forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” and “expect”). Although we believe that the beliefs and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such beliefs and expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those discussed in such forward-looking statements. All expressions of opinion are subject to change. You are cautioned not to place undue reliance on these forward-looking statements. Any dated information is published as of its date only. Dated and forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any dated or forward-looking statements. Any references to outside data, opinions or content are listed for informational purposes only and have not been independently verified for accuracy by the Adviser. Third-party views, opinions or forecasts do not necessarily reflect those of the Adviser or its employees. Unless stated otherwise, any mention of specific securities or investments is for illustrative purposes only. Adviser’s clients may or may not hold the securities discussed in their portfolios. Adviser makes no representations that any of the securities discussed have been or will be profitable. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.

Original Source: https://blog.gorozen.com/blog/base-metals-a-decade-of-shortages-ahead

Categories
Base Metals Breaking Energy Precious Metals

The American banking landscape is on the cusp of a seismic shift. Expect more pain to come

KEY POINTS

  • Rising interest rates, losses on commercial real estate and heightened regulatory scrutiny will pressure regional and midsized banks, leading to a wave of mergers, sources told CNBC.
  • Some of those pressures will be visible as regional banks disclose second-quarter results this month. Firms including Zions and KeyCorp already have warned of sinking revenues.
  • Half the country’s banks will likely be swallowed by competitors in the next decade, according to Fitch analyst Chris Wolfe.
  • “Some of these banks will survive by being the buyer rather than the target,” said incoming Lazard CEO Peter Orszag. “We could see over time fewer, larger regionals.”

The whirlwind weekend in late April that saw the country’s biggest bank take over its most troubled regional lender marked the end of one wave of problems — and the start of another.

After emerging with the winning bid for First Republic, a lender to rich coastal families that had $229 billion in assets, JPMorgan Chase CEO Jamie Dimon delivered the soothing words craved by investors after weeks of stomach-churning volatility: “This part of the crisis is over.”

But even as the dust settles from a string of government seizures of failed midsized banks, the forces that sparked the regional banking crisis in March are still at play.

Rising interest rates will deepen losses on securities held by banks and motivate savers to pull cash from accounts, squeezing the main way these companies make money. Losses on commercial real estate and other loans have just begun to register for banks, further shrinking their bottom lines. Regulators will turn their sights on midsized institutions after the collapse of Silicon Valley Bank exposed supervisory lapses.  

What is coming will likely be the most significant shift in the American banking landscape since the 2008 financial crisis. Many of the country’s 4,672 lenders will be forced into the arms of stronger banks over the next few years, either by market forces or regulators, according to a dozen executives, advisors and investment bankers who spoke with CNBC.

“You’re going to have a massive wave of M&A among smaller banks because they need to get bigger,” said the co-president of a top six U.S. bank who declined to be identified speaking candidly about industry consolidation. “We’re the only country in the world that has this many banks.”

How’d we get here?

To understand the roots of the regional bank crisis, it helps to look back to the turmoil of 2008, caused by irresponsible lending that fueled a housing bubble whose collapse nearly toppled the global economy.

The aftermath of that earlier crisis brought scrutiny on the world’s biggest banks, which needed bailouts to avert disaster. As a result, it was ultimately institutions with $250 billion or more in assets that saw the most changes, including annual stress tests and stiffer rules governing how much loss-absorbing capital they had to keep on their balance sheets.

Non-giant banks, meanwhile, were viewed as safer and skirted by with less federal oversight. In the years after 2008, regional and small banks often traded for a premium to their bigger peers, and banks that showed steady growth by catering to wealthy homeowners or startup investors, like First Republic and SVB, were rewarded with rising stock prices. But while they were less complex than the giant banks, they were not necessarily less risky.

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The sudden collapse of SVB in March showed how quickly a bank could unravel, dispelling one of the core assumptions of the industry: the so-called stickiness of deposits. Low interest rates and bond-purchasing programs that defined the post-2008 years flooded banks with a cheap source of funding and lulled depositors into leaving cash parked at accounts that paid negligible rates.

“For at least 15 years, banks have been awash in deposits and with low rates, it cost them nothing,” said Brian Graham, a banking veteran and co-founder of advisory firm Klaros Group. “That’s clearly changed.”

‘Under stress’

After 10 straight rate hikes and with banks making headline news again this year, depositors have moved funds in search of higher yields or greater perceived safety. Now it’s the too-big-to-fail banks, with their implicit government backstop, that are seen as the safest places to park money. Big bank stocks have outperformed regionals. JPMorgan shares are up 7.6% this year, while the KBW Regional Banking Index is down more than 20%.

That illustrates one of the lessons of March’s tumult. Online tools have made moving money easier, and social media platforms have led to coordinated fears over lenders. Deposits that in the past were considered “sticky,” or unlikely to move, have suddenly become slippery. The industry’s funding is more expensive as a result, especially for smaller banks with a higher percentage of uninsured deposits. But even the megabanks have been forced to pay higher rates to retain deposits.

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Some of those pressures will be visible as regional banks disclose second-quarter results this month. Banks including Zions and KeyCorp told investors last month that interest revenue was coming in lower than expected, and Deutsche Bank analyst Matt O’Connor warned that regional banks may begin slashing dividend payouts.

JPMorgan kicks off bank earnings Friday.

“The fundamental issue with the regional banking system is the underlying business model is under stress,” said incoming Lazard CEO Peter Orszag. “Some of these banks will survive by being the buyer rather than the target. We could see over time fewer, larger regionals.”

Walking wounded

Compounding the industry’s dilemma is the expectation that regulators will tighten oversight of banks, particularly those in the $100 billion to $250 billion asset range, which is where First Republic and SVB slotted.

“There’s going to be a lot more costs coming down the pipe that’s going to depress returns and pressure earnings,” said Chris Wolfe, a Fitch banking analyst who previously worked at the Federal Reserve Bank of New York.

“Higher fixed costs require greater scale, whether you’re in steel manufacturing or banking,” he said. “The incentives for banks to get bigger have just gone up materially.”

Half of the country’s banks will likely be swallowed by competitors in the next decade, said Wolfe.

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While SVB and First Republic saw the greatest exodus of deposits in March, other banks were wounded in that chaotic period, according to a top investment banker who advises financial institutions. Most banks saw a drop in first-quarter deposits below about 10%, but those that lost more than that may be troubled, the banker said.

“If you happen to be one of the banks that lost 10% to 20% of deposits, you’ve got problems,” said the banker, who declined to be identified speaking about potential clients. “You’ve got to either go raise capital and bleed your balance sheet or you’ve got to sell yourself” to alleviate the pressure.

A third option is to simply wait until the bonds that are underwater eventually mature and roll off banks’ balance sheets – or until falling interest rates ease the losses.

But that could take years to play out, and it exposes banks to the risk that something else goes wrong, such as rising defaults on office loans. That could put some banks into a precarious position of not having enough capital.

‘False calm’

In the meantime, banks are already seeking to unload assets and businesses to boost capital, according to another veteran financials banker and former Goldman Sachs partner. They are weighing sales of payments, asset management and fintech operations, this banker said.

“A fair number of them are looking at their balance sheet and trying to figure out, `What do I have that I can sell and get an attractive price for?'” the banker said.

Banks are in a bind, however, because the market isn’t open for fresh sales of lenders’ stock, despite their depressed valuations, according to Lazard’s Orszag. Institutional investors are staying away because further rate increases could cause another leg down for the sector, he said.

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Orszag referred to the last few weeks as a “false calm” that could be shattered when banks post second-quarter results. The industry still faces the risk that the negative feedback loop of falling stock prices and deposit runs could return, he said.

“All you need is one or two banks to say, ‘Deposits are down another 20%’ and all of a sudden, you will be back to similar scenarios,” Orszag said. “Pounding on equity prices, which then feeds into deposit flight, which then feeds back on the equity prices.”

Deals on the horizon

It will take perhaps a year or longer for mergers to ramp up, multiple bankers said. That’s because acquirers would absorb hits to their own capital when taking over competitors with underwater bonds. Executives are also looking for the “all clear” signal from regulators on consolidation after several deals have been scuttled in recent years.

While Treasury Secretary Janet Yellen has signaled an openness to bank mergers, recent remarks from the Justice Department indicate greater deal scrutiny on antitrust concerns, and influential lawmakers including Sen. Elizabeth Warren oppose more banking consolidation.

When the logjam does break, deals will likely cluster in several brackets as banks seek to optimize their size in the new regime.

Banks that once benefited from being below $250 billion in assets may find those advantages gone, leading to more deals among midsized lenders. Other deals will create bulked-up entities below the $100 billion and $10 billion asset levels, which are likely regulatory thresholds, according to Klaros co-founder Graham.

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Bigger banks have more resources to adhere to coming regulations and consumers’ technology demands, advantages that have helped financial giants including JPMorgan steadily grow earnings despite higher capital requirements. Still, the process isn’t likely to be a comfortable one for sellers.

But distress for one bank means opportunity for another. Amalgamated Bank, a New York-based institution with $7.8 billion in assets that caters to unions and nonprofits, will consider acquisitions after its stock price recovers, according to CFO Jason Darby.

“Once our currency returns to a place where we feel it’s more appropriate, we’ll take a look at our ability to roll up,” Darby said. “I do think you’ll see more and more banks raising their hands and saying, `We’re looking for strategic partners’ as the future unfolds.”

Original Source: https://www.cnbc.com/amp/2023/07/10/american-banks-face-more-pain-huge-shift.html

Categories
Base Metals Energy Junior Mining Uncategorized

Critical minerals market has doubled in five years, IEA report shows

The market for critical minerals used in electric vehicles, solar panels and wind turbines has doubled over the past five years, reaching $320-billion in 2022, and is expected to continue to growth strongly amid record deployments of clean energy technologies such as solar and batteries.

The International Energy Agency’s (IEA’s) inaugural ‘Critical Minerals Market Review’ shows that, from 2017 to 2022, the energy sector has been the main factor behind a tripling in overall demand for lithium, as well as the 70% jump in demand for cobalt and the 40% rise in nickel demand.

“As a result, energy transition minerals, which used to be a small segment of the market, are now moving to centre stage in the mining and metals industry,” the report states.

The market has responded, with investment in critical mineral development rising 30% last year, led by lithium with a 50% jump in investments.

Likewise, exploration spending rose by 20% in 2022, again driven by record growth in lithium exploration, particularly in Canada and Australia where year-on-year growth of 40% was recorded.

After a surge in 2021 and 2022, the IEA says many critical mineral prices started to moderate in 2023, albeit while remaining above their historical averages.

Nevertheless, IEA executive director Fatih Birol warns that far more needs to be done to ensure supply chains for critical minerals, such as lithium, cobalt, nickel and copper as well as platinum, manganese and various rare-earth minerals, are secure and sustainable.

There is also a need, the report argues, to diversify the sources of supply away from their current concentration in a handful of countries, with the Democratic Republic of Congo dominating cobalt supply, China holding half of planned lithium chemical plants and Indonesia representing nearly 90% of planned nickel refining facilities.

The report also cautions that any project delays and technology-specific shortfalls could undermine both the pace and cost of the transition to those energy technologies needed by 2030 to limit global warming to 1.5 °C.

The IEA, which began analysing the role of critical minerals in the energy transition in 2021 and subsequently received a mandate from its member governments to track developments, has also launched an interactive online tool to improve visibility of market dynamics.

The IEA Critical Minerals Data Explorer currently provides users with access to the agency’s demand projections under various scenarios and technology trends and supply-side information will be added in future updates.

The IEA is also preparing to host an international critical minerals summit in Paris, France, on September 28.

Original Source: https://www.miningweekly.com/article/critical-minerals-market-has-doubled-in-five-years-iea-report-shows-2023-07-11

Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Launches First Phase Drill Program at the La Plata Copper-Silver-Gold-PGE Project in Southwest Colorado, USA

ACCESSWIRE | Main Logo

VANCOUVER, BC / ACCESSWIRE / July 11, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce the start of the 2023 exploration and drill campaign at the La Plata copper-silver-gold-PGE project, located in southwest Colorado.

In May 2023, Newcrest Mining Limited completed a 9.5% strategic equity investment into Metallic Minerals with the goal of accelerating advancement of the La Plata porphyry project. This funding will support a two-phase drill campaign in 2023 that will build on the success from work in 2022. The initial phase is expected to consist of approximately 5,000 meters of diamond core drilling, primarily focused on resource expansion at the Allard porphyry deposit.

A top priority for the program will be to conduct step-out drilling from the major discovery in drill hole 22-04 which intersected 816 meters of 0.41% Cu Eq (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) from surface and ended in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). Hole 22-04 did not reach target depth and ended in mineralization due to mechanical issues. Drilling in 2023 will test the lower limits of mineralization and some holes are scheduled for as deep as 1,200 meters.

Scott Petsel, Metallic Minerals’ President, stated, “We see a real opportunity for world class scale and grade at La Plata and have confidence in our ability to quickly grow the existing resources. Hole 22-04 was not only the widest and highest-grade drill hole ever drilled on the project, it was also one of the top holes drilled in the last several years at any copper project in North America. We also expect to be able to increase the overall grade of the resource moving forward as we include precious metals credits previously not accounted for. Our exploration work over the past two years has defined 16 additional untested porphyry targets across the greater property, which appear to have very similar characteristics to the Allard deposit and could result in additional new discoveries. The drill is currently mobilizing to site.”

The Allard deposit remains open to significant expansion within the resource area to the east, north and west and to depth, with the potential to add gold, platinum and palladium to the current copper and silver resource with the completion of additional exploration drilling. In addition, the larger porphyry system at the La Plata project, which covers an area of over 10 km2, remains underexplored with the potential for new discoveries of both additional copper porphyry centers, as well as high-grade epithermal silver and gold systems.

Yukon Mining Alliance 2023 Property Tours

Metallic Minerals will be participating in the Yukon Mining Alliance Property Tours and Investment Conference in Dawson City on July 19th. Select tour participants will visit Metallic’s Australia Creek alluvial gold royalty property in the Klondike Gold District, currently under lease to Parker Schnabel’s Little Flake Mining as seen on Discovery Channel’s Gold Rush television program. More information whereabout the YMA Property Tours and Conference can be found here. For more information about Metallic’s lease agreement with Little Flake Mining, click here.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company focused on copper, silver, gold and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing our projects toward development.

In 2023, the Company announced a 9.5% strategic investment by Newcrest Mining Limited for the continued advancement of the Company’s La Plata project in southwestern Colorado. The inaugural NI 43-101 mineral resource estimate, announced in 2022, identified a significant porphyry copper-silver resource containing 889 Mlbs copper and 15 Moz of silver and an updated estimate is currently being finalized. Notably, Colorado was recently ranked 5th globally for investment attractiveness and 2nd in the USA In the 2023 Fraser Institute’s Annual Survey of Mining Companies.

In Canada’s Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023. Metallic Minerals is anticipating the announcement of inaugural mineral resource estimate at Keno Silver in the second half of 2023.

The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show, Gold Rush, on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals 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, unsuccessrul operations, 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 Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Metallic Minerals Corp.



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https://www.accesswire.com/766846/Metallic-Minerals-Launches-First-Phase-Drill-Program-at-the-La-Plata-Copper-Silver-Gold-PGE-Project-in-Southwest-Colorado-USA

Categories
Base Metals Energy Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces Change in Financial Year-End

Vancouver, British Columbia–(Newsfile Corp. – July 10, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), announces a change in its financial year-end from March 31 to December 31. The change in financial year-end has been made to align the timing of the Company’s financial reporting obligations with its internal budgeting and forecasting process and with its peers. The next financial year-end of the Company for its transition year will occur on December 31, 2023.

Further details regarding the change in financial year-end is available in the Company’s notice of change in year-end prepared in accordance with Section 4.8 of National Instrument 51-102 Continuous Disclosure Obligations and filed under the Company’s SEDAR profile at www.sedar.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 or accuracy of this release.

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore, and the company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, and other statements that are not historical facts. 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 and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Categories
Base Metals Energy Exclusive Interviews Junior Mining Project Generators

2023 Rule Symposium Preview – Teo Dechev, CEO of Mundoro Capital

Rule Investment Media Proudly Presents…
Exclusive On-Demand Livestream of the
Rule Symposium on Natural Resource Investing

JOIN THE ONLY INDUSTRY EVENT WHERE YOU CAN CONNECT 1-ON-1 WITH INDUSTRY INSIDERS, TOP EXECUTIVES, BILLIONAIRE INVESTMENT EXPERTS AND MORE!

THIS July 23-27 we’re livestreaming to give you every presentation… and the BIGGEST opportunities… live from the Rule Symposium. PLUS – special bonus content, too! You won’t want to miss out…

Don’t hesitate! To access the livestream and on-demand presentations, you must purchase before the Symposium ends on July 27, 2023.
Dear Friends,When it comes to navigating the current market…There’s no shortage of advice right now.Some say… “It’s time to buy the dip!”Some warn… “You haven’t seen the worst of it yet!”And, some just throw their hands up in the air and say… “It’s anyone’s guess!”I don’t know about you…But when it comes to my money… the last thing I want to do is play guessing games.That’s why – year after year – for 20 years and counting…I’ve been a host of the Natural Resource Investment Symposium.As the industry’s most regarded event, the Rule Symposium focuses on connecting you with the top resource and commodities experts – and opportunities – around the world.We’re talking dozens of industry insiders… top executives… billionaire investment experts… and more…All eager to give YOU exclusive access to their most profitable ideas.It’s a priceless opportunity, no doubt. And I have yet to see another investment conference that even comes close in comparison.Connect With the Biggest and Brightest Names
In Resource and Commodities MarketsFor this year’s annual Rule Symposium on Natural Resource Investing, we pulled out all the stops to connect our live – and virtual – attendees with the very best in the business.Of course, we’ve locked in a stellar lineup of experts for you to interact with during the On- Demand Livestream. For a complete list of speakers, click here.Friends, I can’t stress this enough…It would be impossible to gain access to this caliber of speakers anywhere else.In fact, many of these speakers rarely participate in any other financial or resource conferences.But thanks to our Livestream/On-Demand access….You’ll have the chance to hear this elite team share their success stories… candid insights… and recommendations for profiting through the current bear market…Even if you can’t join us in person.What You Can Expect from the Rule Symposium
Livestream/On-Demand PackageWhile we would love to see all our readers in person for the Rule Symposium in July, we understand for some of you that will not be possible.That is why we’ve created a way for you to attend this event… from the comfort of your home!Just to be clear…This will NOT be your typical online event.In fact, when you claim your access to our livestream/on-demand event today, you’ll get…Access to Every Presentation, Live and in Real Time: Every presentation, including all workshops, panels, and fireside chats will be available to view in real time and on-demand.Livestream Video On-Demand Archives: We will be storing every presentation from the event online through December 31, 2023.Access to our Exclusive Event App – All in the Loop: You can use this on your phone or computer for quick, easy access to any of the featured presentations you do not want to miss.Access to our Virtual Sponsor Booths – Not only will you get every presentation, but you will also have the chance to chat with our online virtual sponsors at their booths.One-on-One Meetings– You will be able to set up one-on-one meetings during the live event (July 25-27) with any of our sponsors or even other attendees and even after the event.Please note: All these benefits are included for those who are joining us in person. If you would rather attend in person, tickets are still available.Claim Your Seat to Our On-DemandCLICK HERE Stream TODAY!When you register for our On Demand Livestream Package now, your price to attend this virtual event is just $299, but you must register before July 27th.Sincerely,
Rick RuleP.S. If you are attending the in-person July 23-27 Symposium, you will automatically be registered for the on-demand livestream and recordings archive.Copyright © 2023 Rule Investment Media, All rights reserved.
Sprott US Media, Inc. is now Rule Investment Media LLC. You are receiving this email because you signed up for the Sprott’s Thoughts newsletter through Sprott U.S. Media Inc., or you requested a portfolio ranking from Rick Rule through Rule Investment Media LLC.

Our mailing address is:
Rule Investment Media1004 Commercial Avenue, #331Anacortes, WA 98221Add us to your address book

Categories
Base Metals Energy Junior Mining Rover Metals

Rover Metals Appoints Australian Business Development Advisor

VANCOUVER, British Columbia, July 10, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce the appointment of a new advisor to the Company’s advisory board.

Judson Culter, CEO at Rover Metals, states “The expansion of Rover Metals into Australia is part of our strategic growth plans for H2-2023. Australians are world leaders in the mining of lithium. For example, companies like ASX listed Ioneer, are leading the way in softrock/claystone lithium mining in southwest Nevada. The Company will continue to look to expand its Australian team in the coming months. The appointment of Paddy Moylan to our team is part of these expansion plans.”

Paddy Moylan, Australia Business Development Advisor

Paddy Moylan holds combined bachelor of commerce and law degrees. He practiced law for over 20 years. Now retired from law, he is a significant and full-time investor in battery metals in Australia and internationally. Mr. Moylan has developed a large network in the battery metals space as an early investor in lithium. He has successfully advised companies on project acquisition, development and divestment.

In Mr. Moylan’s own words, “I only become involved in approximately 1 in 1,000 companies that come across my desk via research, links or corporate conferences. I am very impressed with Rover Metals, led by Judson. The globe has an insatiable yet unsatisfied demand for lithium, it strikes me that Rover’s LGL project in Nevada is in a special position to meet the global demand for lithium. I look forward to my involvement with Rover!”

Pursuant to Mr. Moylan’s advisory agreement, he has been awarded 350,000 incentive stock options in the with an exercise price of $0.10 per option, under the standard terms of the Company’s stock option plan (4-year life).

About Rover Metals

Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a reverse circulation drill program at its Let’s Go Lithium project.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals

LinkedIn: https://www.linkedin.com/company/rover-metals/

Facebook: https://www.facebook.com/RoverMetals/

for daily company updates and industry news, and

YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber

for corporate videos.

Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2855

Statement Regarding Forward-Looking Information

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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

Categories
Base Metals Emx Royalty Exclusive Interviews Junior Mining Precious Metals

2023 Rule Symposium Preview – David Cole, CEO of EMX Royalty Corp

Rule Investment Media Proudly Presents…
Exclusive On-Demand Livestream of the
Rule Symposium on Natural Resource Investing

JOIN THE ONLY INDUSTRY EVENT WHERE YOU CAN CONNECT 1-ON-1 WITH INDUSTRY INSIDERS, TOP EXECUTIVES, BILLIONAIRE INVESTMENT EXPERTS AND MORE!

THIS July 23-27 we’re livestreaming to give you every presentation… and the BIGGEST opportunities… live from the Rule Symposium. PLUS – special bonus content, too! You won’t want to miss out…

Don’t hesitate! To access the livestream and on-demand presentations, you must purchase before the Symposium ends on July 27, 2023.
Dear Friends,When it comes to navigating the current market…There’s no shortage of advice right now.Some say… “It’s time to buy the dip!”Some warn… “You haven’t seen the worst of it yet!”And, some just throw their hands up in the air and say… “It’s anyone’s guess!”I don’t know about you…But when it comes to my money… the last thing I want to do is play guessing games.That’s why – year after year – for 20 years and counting…I’ve been a host of the Natural Resource Investment Symposium.As the industry’s most regarded event, the Rule Symposium focuses on connecting you with the top resource and commodities experts – and opportunities – around the world.We’re talking dozens of industry insiders… top executives… billionaire investment experts… and more…All eager to give YOU exclusive access to their most profitable ideas.It’s a priceless opportunity, no doubt. And I have yet to see another investment conference that even comes close in comparison.Connect With the Biggest and Brightest Names
In Resource and Commodities MarketsFor this year’s annual Rule Symposium on Natural Resource Investing, we pulled out all the stops to connect our live – and virtual – attendees with the very best in the business.Of course, we’ve locked in a stellar lineup of experts for you to interact with during the On- Demand Livestream. For a complete list of speakers, click here.Friends, I can’t stress this enough…It would be impossible to gain access to this caliber of speakers anywhere else.In fact, many of these speakers rarely participate in any other financial or resource conferences.But thanks to our Livestream/On-Demand access….You’ll have the chance to hear this elite team share their success stories… candid insights… and recommendations for profiting through the current bear market…Even if you can’t join us in person.What You Can Expect from the Rule Symposium
Livestream/On-Demand PackageWhile we would love to see all our readers in person for the Rule Symposium in July, we understand for some of you that will not be possible.That is why we’ve created a way for you to attend this event… from the comfort of your home!Just to be clear…This will NOT be your typical online event.In fact, when you claim your access to our livestream/on-demand event today, you’ll get…Access to Every Presentation, Live and in Real Time: Every presentation, including all workshops, panels, and fireside chats will be available to view in real time and on-demand.Livestream Video On-Demand Archives: We will be storing every presentation from the event online through December 31, 2023.Access to our Exclusive Event App – All in the Loop: You can use this on your phone or computer for quick, easy access to any of the featured presentations you do not want to miss.Access to our Virtual Sponsor Booths – Not only will you get every presentation, but you will also have the chance to chat with our online virtual sponsors at their booths.One-on-One Meetings– You will be able to set up one-on-one meetings during the live event (July 25-27) with any of our sponsors or even other attendees and even after the event.Please note: All these benefits are included for those who are joining us in person. If you would rather attend in person, tickets are still available.Claim Your Seat to Our On-DemandCLICK HERE Stream TODAY!When you register for our On Demand Livestream Package now, your price to attend this virtual event is just $299, but you must register before July 27th.Sincerely,
Rick RuleP.S. If you are attending the in-person July 23-27 Symposium, you will automatically be registered for the on-demand livestream and recordings archive.Copyright © 2023 Rule Investment Media, All rights reserved.
Sprott US Media, Inc. is now Rule Investment Media LLC. You are receiving this email because you signed up for the Sprott’s Thoughts newsletter through Sprott U.S. Media Inc., or you requested a portfolio ranking from Rick Rule through Rule Investment Media LLC.

Our mailing address is:
Rule Investment Media1004 Commercial Avenue, #331Anacortes, WA 98221Add us to your address book

Categories
Base Metals Energy Exclusive Interviews Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals

Michael Rowley – At the Mining Event of the North

Stillwater Critical Minerals (TSX.V: PGE | OTC: PGEZF)Website | https://criticalminerals.com/Corporate Presentation | https://criticalminerals.com/investors/presentations/

Stillwater Critical Minerals Inc.Suite 904 – 409 Granville StreetVancouver, BC V6C 1T2Tel: +1 (604) 357-4790Toll Free: +1 (888) 432-0075

Email: info@grouptenmetals.com The Metallic Group of Companies: Metallic Minerals, Stillwater Critical Minerals, Granite Creek Copper

The Best Video on How to Buy Precious Metals (Bullion): https://bit.ly/3iR8Rq3 Website | www.provenandprobable.com🥇🥈Get Your Online Gold/ Silver HereCall Me Directly at 855.505.1900 or Email: Maurice@MilesFranklin.com

I’m a licensed broker for Miles Franklin Precious Metals Investments – The (ONLY) Online Dealer that is Licensed and Bonded (Period).- Physical Delivery- US Mint Authorized Precious Metals Dealer: https://catalog.usmint.gov/bullion-dealer-locator- BRINKS Depository Accounts- Precious Metals IRA’s#Provenandprobable

Categories
Base Metals Emx Royalty

EMX Royalty Announces Voting Results from Its 2023 Annual General and Special Meeting of Shareholders

Vancouver, British Columbia–(Newsfile Corp. – June 28, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report that all proposed resolutions were approved at the Company’s Annual General and Special Meeting of shareholders held on June 28, 2023, in Vancouver, British Columbia (the “Meeting“). The number of directors was set at 6 and all director nominees, as listed in the Management Information Circular dated May 13, 2023 (the “Information Circular”), were elected as directors of the Company at the Meeting to serve for a one-year term and hold office until the next annual meeting of shareholders. According to the proxy votes received from shareholders, the results were as follows:

DirectorVotes FORVotes WITHHELD
David M. Cole96.58%3.42%
Sunny Lowe96.01%3.99%
Henrik Lundin96.27%3.73%
Larry M. Okada93.66%6.34%
Geoff Smith96.44%3.56%
Michael D. Winn99.19%0.81%

Shareholders voted 97.22% in favour of setting the number of directors at six, 99.11% in favour of appointing Davidson & Company LLP, Chartered Accountants as auditors, 94.50% in favour of ratifying and approving the Company’s Stock Option Plan, 94.46% in favor of approving certain amendments to the Company’s Stock Options Plan; and 94.51% in favor of approving certain amendments to the Company’s Restricted Share Unit Plan.

Voting results for all resolutions noted above are reported in the Report on Voting Results as filed under the Company’s SEDAR profile on June 28, 2023.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe) Phone: +49 178 4909039
IBelger@EMXroyalty.com