Updated Sun, October 20, 2024 at 4:14 PM EDT 6 min read
So much for American exceptionalism when it comes to retirement.
The US earned just a C+ for its retirement system in the 16th annual Mercer CFA Institute Global Pension Index, coming in 29th out of 48 countries. Since the index’s inception in 2009, the US retirement system has never surpassed a C+.
The big anchors on the American grade include concerns over pension funding and shortfalls in private retirement savings. Like most countries across the globe, the US retirement system must withstand the double whammy of dropping fertility rates and increasing life expectancy.
“It’s not just Americans, it’s a global problem,” Holly Verdeyen, Mercer’s US defined contribution leader, told Yahoo Finance. “The imbalance between retired and working people continues to grow…coupled with increasing lifespans.”
Only four countries — the Netherlands, Iceland, Denmark, and Israel — earned an A ranking for their retirement systems, providing key lessons on how to shore up our system. India came in last. Provisions from Secure 2.0 that go into effect next year could also address some of our shortcomings.
The problems in the US
The index examined more than 50 indicators to rank each country’s retirement system by adequacy, sustainability, and integrity. Overall, the researchers considered what benefits retirees receive now, if the system could last amid demographic changes, and if private retirement plans are regulated to encourage long-term confidence.
This year, the index score for the US decreased to 60.4 from 63.0, putting it in the same grade tier as the United Arab Emirates, Kazakhstan, Hong Kong, Spain, Colombia, and Saudi Arabia, though each of those countries had a higher overall score. The United States earned a C+ for adequacy and a C each for the sustainability and integrity of its retirement system.
Drilling down, the largest dilemmas for the US come from pensions and private retirement savings accounts, major sources of income for American retirees.
Let’s start with pensions, which are not nearly as prevalent as they were a generation ago. Still, 21% of workers have one through their employer.
A pension pays out a benefit for a certain amount of time, such as through the end of a person’s life, or, in some cases, even longer if a surviving spouse qualifies for continued benefits. Because people are living longer, those receiving benefits will be getting that money “for significantly longer than initially forecast today,” Verdeyen said. “That’s one thing.”
On top of that, pensions depend on workers to fund benefits to retirees. But thanks to declining birth rates, there are fewer workers contributing to these pension systems, leading to funding shortfalls that largely affect public-sector employees and workers in the few industries that still offer these retirement benefits.
The US earned a C+ for its retirement system in the 16th annual Mercer CFA Institute Global Pension Index, coming in 29th out of 48 countries. (Photo: Getty Creative) · Steve Smith via Getty Images
What’s left in Americans’ retirement arsenal is savings in private retirement plans, primarily employer-sponsored plans like 401(k)s. But based on the most recent research, Americans are expected to outlive those savings by about 10 years, Verdeyen said.
So, people need to either save more or work longer, or both, she said. And they are working longer, on average, by two years. But they are also projected to live 4.4 years longer too.
“So life expectancy increases are more than double the average rise in retirement ages,” she said. “So this gap between how much people have saved and how much they need to fund an adequate retirement is going to continue to grow.”
Social Security, the federal program that all workers pay into throughout their working life, is the third pillar that supports Americans in retirement. Similar to pensions, Social Security is facing a funding problem because of the worker-to-retiree imbalance. Its reserve fund is projected to run out in 2033, at which point the social welfare program will only be able to pay out 79% of benefits, a costly cut for many seniors.
“This trend [of longer lifespans and lower birth rates] puts pressure on both the private retirement system and the publicly funded Social Security safety net,” Verdeyen said.
The Mercer report offers some straightforward ways to buttress the US retirement system. Americans could also take some best practices from the No. 1 retirement system in the world — the Netherlands.
To start, all US employers should incorporate the best features of a private retirement system, Verdeyen said, which include automatic enrollment, automatic escalation of a worker’s savings rate that would provide adequate income at retirement, and better education.
In the Netherlands, for example, it’s “quasi-mandatory” for employers to provide retirement plans. While the government doesn’t mandate it, industry unions do through collective bargaining agreements. All companies in an industry must abide by those agreements.
“The bigger point is that once an employer-sponsored retirement program is offered, employees in the Netherlands are automatically enrolled,” Verdeyen said. “So that makes participation in the Netherlands pretty much mandatory for a very large part of the workforce.”
Only four countries — the Netherlands, Iceland, Denmark, and Israel — earned an A ranking for their retirement systems. (Photo: Getty Creative) · Alexander Spatari via Getty Images
The Secure 2.0 Act, legislation President Joe Biden signed into law in 2023, aims to boost participation in the US by requiring employers with new 401(k) and 403(b) plans to automatically enroll their workers, starting in 2025. The legislation also includes auto-escalation of contributions.
“In that way, automatic enrollment is going to become mandatory for a large part of our new retirement plans, which over time, I think should improve our rating in the index in the US,” Verdeyen said.
The final fix is for employers to provide easy-to-implement ways to turn worker savings into a reliable stream of income. That could be as simple as embedding a payment feature into a retirement plan that pays out a monthly sum starting at a certain age to help people delay taking Social Security.
“If people delayed their Social Security benefit from age 67 to 70, it would be about a 24% increase in the Social Security retirement annuity payment that they would get,” Verdeyen said.
Employers could also offer lifetime income features in target-date funds, which is the default investment for most retirement plan participants. That would also alleviate concerns over outliving one’s retirement savings.
“The defined contribution system has really only focused on getting workers through to their point of retirement,” Verdeyen said. “But it has fallen short in helping workers get all the way through retirement.”
(Bloomberg) — Price action in some of the world’s most risk-sensitive assets is signaling concern that the Federal Reserve’s decision to begin lowering interest rates may have been premature — or may not be sustainable.
Since the Fed kicked off its long-anticipated loosening cycle on Sept. 18 with a cut of 50 basis points, double the median forecast, emerging-market assets have traded as if borrowing costs in the world’s largest economy will remain high. That’s left developing world assets in limbo, headed for another span of underperformance.
In little over a month, the Fed rate cut has been eclipsed by fresh risks that are keeping global investors shy on the asset class, overshadowing the gains that Fed easing cycles might usually be expected to bring. While the threats have taken different forms — higher Treasury yields, a stronger dollar, greater volatility in currency options — the underlying themes have been just two: the potential return of Donald Trump as US president and China’s inadequate stimulus measures.
That means that once again, traders in emerging markets are positioning defensively for an inflationary US economy and a deflationary Chinese one.
“We remain in a world with two potentially existential threats to EM – China weakness and Trump,” said Paul McNamara, investment director at Gam UK Ltd. in London. “A strong US economy without inflation is good for EM, but persistent inflation will not only postpone further cuts, but weigh on all risk assets into the medium term.”
Though there was an initial boost to emerging markets from the Fed move, it was first interrupted by strong US data that revived fears of resurgent inflation, and later comments by presidential candidate Trump that exacerbated them. The Republican nominee has put tariffs and protectionism at the center of his agenda. If implemented, that’s likely to raise consumer prices in the US and undermine demand for exports from the developing world, according to many economists.
“We’re just weeks away from a US election that might lead to a Trump economic assault on the biggest EM out there, China,” said Charlie Robertson, head of macro strategy at FIM Partners. “It’s close to a coin flip as to who wins the US election, and equally makes it hard to choose a local markets trade to like.”
Disappointed Again
Hedge funds have also been ramping up positions speculating on dollar gains against developing economies vulnerable to higher tariffs.
EM stocks, which briefly rebounded from a record low relative to US equities after the Fed decision, are heading back to that dubious honor. Local currencies and local-currency bonds are on course for their worst month since February 2023. Segments of the dollar-bond market, like long-duration and investment-grade, also continue to trail.
Bond investors have seen their returns stagnate in the month since the Fed decision. Their expectations for the developing world to follow the Fed are now being upended by central-bank caution, as policymakers from Indonesia to Hungary and Turkey decide to pause interest-rate cuts.
“Eventually EM local-currency bonds should benefit from global easing,” said Anders Faergemann, a senior portfolio manager at Pinebridge Investments. “However, from a total return perspective, the relief rally in the US dollar and domestic delays to monetary-policy easing may have triggered some profit-taking.”
The average yield on EM sovereign dollar bonds has edged higher by 9 basis points since Sept. 18, while the rate on local-currency bonds has also risen 9 basis points, according to data compiled by Bloomberg. Between the two groups, the latter is underperforming in dollar returns, with currency declines acting as an additional drag.
“Rising geopolitical tensions, uncertainty over China’s efforts to rescue domestic consumption, and event risk leading up to the US presidential election will also spark increased demands for a higher risk premium into year end,” Faergemann said.
Yield Curves
Strong US economic data have not only disrupted Fed monetary-policy bets but are also reshaping emerging-market yield curves. Within the dollar-bond market, investors are favoring short-duration bonds to long-duration bonds — an unlikely preference in an environment where falling rates are a consensus expectation. Bonds with a duration of more than 10 years have handed investors a loss of 3.6% since the Fed cut, while those of less than three years have given marginal gains.
As of Friday, swap traders were penciling in further reductions to their bets on Fed cuts in the remaining two meetings of the year. Citigroup Inc.’s Akshay Singal, global head of short-term interest-rate trading, told Bloomberg TV that the Fed is likely to cut rates by just 25 basis points, or even stay put, over the next few meetings. He said he doubted the Fed would have opted for a 50-basis-point cut in September if it had seen the strong jobs data before the meeting.
“The combination of US Treasury yields above 4% and a pickup in economic activity in the US have called into question the idea of the beginning of a Fed cutting cycle,” said Martin Bercetche, a hedge-fund manager at UK-based Frontier Road Ltd. “We might have had a false start last month.”
China Factor
For emerging-market stocks, the turbulence coming from the US economic and political landscape was just one of the problems. The wildest volatility in nine years has meanwhile gripped China as successive stimulus measures initially sparked a sharp equity rally, then ultimately failed to convince investors that they were enough to turn around the economy.
The EM equity benchmark, where China holds the biggest weighting, is once again trailing the S&P 500 Index, belying expectations that it would pull itself out of a seventh successive year of underperformance when the Fed started to cut rates.
The bruises of the past month have forced investors to reassess their exposure, and many are avoiding the sweeping EM-wide bets they’d recommended for the post-Fed era.
For the moment, the focus is on weathering the US election. With polls showing Trump is neck-and-neck with his Democratic rival Kamala Harris, a firmer view on EM has to wait. For Gam’s McNamara, there’s one scenario where the Fed-cut trades in emerging markets can begin to make money.
“A Harris win,” he said.
What to Watch
In Brazil, the mid-October inflation print could fuel bets on faster monetary tightening at November’s central-bank meeting
Russia’s central bank set to lift interest rates by 100 basis points, according to a Bloomberg survey
China’s banks are set to lower their loan prime rates, tracking the People’s Bank of China’s cuts to key rates near the end of September
South Korea’s GDP data will likely have rebounded in the third quarter
Kelowna, British Columbia–(Newsfile Corp. – October 16, 2024) – F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) (“F3 Uranium” or the “Company“) announces that it has revised the pricing of its previously announced private placement for gross proceeds of C$7,000,000 (the “Underwritten Offering“). Under the revised Underwritten Offering, the Underwriters (as defined herein) have agreed to purchase for resale 6,562,500 federal flow-through units of the Company (the “FFT Units“) at a price of C$0.375 per FFT Unit (the “FFT Offering Price“) and 10,937,500 Saskatchewan flow-through units of the Company (the “SFT Units“, and together with the FFT Units, the “FT Units“) at a price of C$0.415 per SFT Unit (the “SFT Offering Price“) on a “bought deal” basis. An aggregate of 17,500,000 FT Units of the Company will be sold at a blended price of C$0.40 per FT Unit. Red Cloud Securities Inc. is acting as the lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“).
Each Charity FT Unit will consist of one common share of the Company (each, a “Common Share“) to be issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “FT Share“) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one Common Share (each, a “Warrant Share“) at a price of C$0.40 at any time on or before that date which is 24 months after the Closing Date (as herein defined).
The Company will grant to the Underwriters an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional [937,500] FFT Units at the FFT Offering Price and up to an additional 1,562,500 SFT Units at the SFT Offering Price for additional gross proceeds of up to C$1,000,000 (the “Over-Allotment Option“, and together with the Underwritten Offering, the “Offering“). If the Over-Allotment Option is exercised in full, the total gross proceeds of the Offering will be C$8,000,000.
The Company will have the right to include a list of subscribers to purchase up to 1,250,000 FT Units under the Offering (the “President’s List“). The President’s List will be allocated under the Over-Allotment Option and, for greater certainty, all purchasers under the Over-Allotment Option will receive Non-LIFE FT Units (as defined herein) on the terms of the Offering and subject to certain resale restrictions as described below.
Up to 12,500,000 FT Units to be sold pursuant to the Underwritten Offering (the “LIFE FT Units“), representing gross proceeds of up to C$5,000,000, will be offered by way of the “listed issuer financing” exemption under Part 5A under National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“) in all the provinces of Canada with the exception of Québec (the “Selling Jurisdictions“). The FT Shares and Warrant Shares issuable pursuant to the sale of the LIFE FT Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers’ resident in Canada. The remaining 5,000,000 FT Units to be sold pursuant to the Underwritten Offering as well as the FT Units that may be sold under the Over-Allotment Option (collectively, the “Non LIFE FT Units“), which includes the FT Units to be sold under the President’s List, will be offered by way of the “accredited investor” and “minimum amount investment” exemptions under NI 45-106 in the Selling Jurisdictions. The FT Shares and Warrant Shares issuable from the sale of Non-LIFE FT Units will be subject to a restricted period in Canada ending on the date that is four months plus one day following the closing of the Offering as defined in Subsection 2.5(2) of Multilateral Instrument 45-102 – Resale of Securities.
The Offering is expected to close on October 31, 2024 (the “Closing Date“). The proceeds of the Offering will be used by the Company to fund the exploration of the Company’s projects in the Athabasca Basin.
There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and at the Company’s website at www.f3uranium.com. Prospective investors should read this offering document before making an investment decision.
F3 Uranium also announces that it has signed a marketing agreement with Apaton Finance of Hannover, Germany. F3 Uranium will pay Apaton €20,000 from October 31, 2024 to January 31, 2025. Apaton will write articles, conduct interviews and distribute them online in German and English via renowned and established major financial media, making them accessible to the target group.
Apaton Finance GmbH does not have any direct or indirect interest in F3 or its securities and no incentive stock options have been granted
About F3 Uranium Corp.
F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.
The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2
Contact Information Investor Relations Telephone: 778 484 8030 Emaill: ir@f3uranium.com
ON BEHALF OF THE BOARD
“Dev Randhawa” Dev Randhawa, CEO
Cautionary Statement:F3 Uranium Corp.
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering; the use of proceeds of the Offering; completion of the Offering and the date of such completion. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; regulatory approval for the Offering; completion of the Offering; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company’s expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; and other risks of the mining industry. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available atwww.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and F3 Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Vancouver, British Columbia–(Newsfile Corp. – October 16, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)(“Riverside” or the “Company”), is pleased to announce that its 100% owned subsidiary, Blue Jay Resources, has completed a Light Detection and Ranging (“LiDAR”) airborne geophysical survey at the Duc Project, 50 kms southwest of the town of Kapuskasing, Ontario as part of the conclusion of a successful summer field program. Exploration work of sampling, mapping and now LiDAR provides expanded targeting and also improved definition of the surface projection of east-west Abitibi greenstone style shears and second order ENE cross structures which typically occur in this western part of the Wawa-Abitibi along the major gold-bearing breaks that host significant gold resources in the Timmins Camp.
“Our exploration team recently received the detailed LiDAR survey which now is part of our wrapping up the successful summer exploration program on the Duc Project in Ontario and we look forward to following up with the further interpretations and targeting using the LiDAR survey and Orthophoto,” stated John-Mark Staude, CEO of Riverside Resources. “The project is situated within the Wawa Greenstone Belt which hosts high-grade gold in large district structures such as Hemlo Mining Camp which has produced over 30M Oz Au (Barrick annual reports), and we believe that further exploration at Duc, in anticipation of a drill program, continues to show growing discovery potential.”
“Precious metals, and in particular gold, have seen significant investment interest and subsequent price increases this year,” added Staude. “We have a strong property portfolio in the important gold producing province of Ontario and are excited to push forward on further exploration efforts in this very supportive gold price environment.”
Highlighted Results of the Completed LiDAR Survey:
The survey provides new Geo-referenced 3D map and point cloud of the area ≥100 points/m2 making a detailed surface map useful for tracking sampling, field work and structural geologic interpretations.
A ≤20 cm digital surface model (DSM)
An accurate digital elevation model (DEM)
An accurate ground surface contour map
An accurate Hill Shade Bare Earth map
Combining LiDAR with the Orthophoto and heli-mag provides the framework for the next phase of Duc exploration work going into the winter season.
LiDAR is a very useful, relatively new technology whereby surface outcrop patterns suggestive of underlying geology and structure can be identified including subtle aspects and seeing through the surface trees and plant cover that can hide surface details. This survey which distinguishes down to the multi-centimeter scale was also coupled with orthophotography remote sensing images and techniques. This combination of LiDAR and orthophoto combined relies on rigorous, high-quality data collected under strict QA/QC standards and is most useful for delineating linear features such as faults or resistant rock types such as silicification. LiDAR helps with structural geological interpretation, outcrop mapping and accurately identifying areas of past work which in turn helps design sampling and mapping programs that focus on geological contacts, shear zones and faults. Through this LiDAR survey at Duc old workings and diggings have been identified which were not previously noted due to tree and plant cover. The past excavations and the airborne geophysics completed by Riverside will help to focus field follow up sampling programs.
The LiDAR methods are very useful for modelling faults subject to hydrothermal alteration which could host gold mineralization and are one of the main gold target types for Duc. The faults from the past field mapping were primarily tracked using the helicopter airborne magnetics and processed images from this data. But now with LiDAR and orthophoto thus combining the three surveys the Duc fault structures and generational sequence is more clearly decipherable with attention to potential mineralization corridors, fold noses, structural intersections that are generally gold exploration targets. This data accentuates the NE fabric and the intersecting N-S and NW off sets which could be post the main mineralization thus with the LiDAR the Company can potentially define more extensive offset gold zones
About the Duc Project
The Duc Project is located in the Porcupine Mining Division, approximately 50 km southwest of Kapuskasing, Ontario. Covering 580 hectares, it sits within the highly prospective Kapuskasing Structural Zone, near the open-pit phosphate mine of Agrium Ltd. The property is underlain by a mix of metasedimentary and metavolcanic rocks, with potential for gold and rare earth element (REE) mineralization. Recent exploration, including a 2023 helicopter magnetics survey, has confirmed key structural elements and identified promising areas for follow-up targeting work.
The Company is leading exploration efforts at Duc, focusing on gold mineralization and potential platinum group metals (PGMs). Historical drilling and geophysical data suggest significant gold and nickel potential, while current geophysical surveys have highlighted new targets. Planned work includes further integration of the new geophysical surveys, geochemical analysis, and then drilling to refine these targets and advance the project towards more detailed exploration.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Duc Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / October 16, 2024 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company”) is pleased to announce the of the completion of work at the Company’s copper-nickel-PGM Star project, located in the Polaris ultramafic complex of north-central British Columbia, Canada. The program consisted of rock and soil sampling focused on an area of the project underlain by dunite ultramafic rock that is prospective for Ni-Cu-PGM mineralization. In addition to sending samples to the laboratory for Ni-Cu-PGM analysis, Granite Creek is also providing samples of various rock types to New England Research Inc. (NER) to study the potential for geologic hydrogen (Geo H2) production at Star.
NER is a Vermont-based research and development company leading a recently funded $1.5 million project as part of a U.S. Department of Energy (DOE) Advanced Research Projects Agency (ARPA-E) Geologic Hydrogen program. These samples from Star will be used for laboratory analysis and testing to aid in the design and optimization of engineered stimulation of subsurface hydrogen. (See figure 1) Engineering the production of subsurface hydrogen could potentially unlock a substantial resource for clean energy and lead to the decarbonization of some of the most challenging industries.
The NER team, which also includes scientists from Missouri University of Science and Technology (MS&T) and engineers from OptiRock Group LLC., will develop state-of-the-art testing protocols and fit-for-purpose modeling techniques to identify and assess sites where geologic hydrogen could be stimulated. The technologies will be commercialized through a series of paths, including measurement equipment, measurement and modeling services, characterization workflows, and solicitation of Phase III funding for field demonstration and deployment.
Dr. Gregory Boitnott, Vice President of Technology at NER and Principal Investigator on the project stated, “Inclusion of the samples provided by Granite Creek provides a unique opportunity to apply our developing technologies to Alaskan-type ultramafic intrusions, a potentially important future class of deposits where it may be possible to produce economic amounts of clean sustainable hydrogen.”
Tim Johnson, President and CEO of Granite Creek stated, “Geologic hydrogen is an exciting new field with the potential to significantly lower the cost of hydrogen production and assist in de-carbonization of some hard-to-mitigate industries. We are fortunate that our Star project has potentially the right geological setting for this groundbreaking technology and look forward to receiving the results of the testing. The Company remains focused on our high-grade Carmacks copper-gold project in Yukon, Canada, where assays from 2024 drilling are pending while also investigating additional opportunities in Geo H2.”
Figure 1 Concept being researched by NER and OptiRock Group
About Granite Creek Copper
Granite Creek Copper, a member of the Metallic Group of Companies, is a focused on the exploration and development of critical minerals projects in North America. The Company’s projects consist of its flagship 177 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the formerly operating, high-grade Minto copper-gold mine and the advanced stage LS molybdenum project and the Star copper-nickel-PGM project, both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO Telephone: 1 (604) 235-1982 Toll Free: 1 (888) 361-3494 E-mail: info@gcxcopper.com Website: www.gcxcopper.com
Qualified Person
Debbie James P.Geo, has reviewed and approved the technical information pertinent to Ni-Cu-PGM mineralization contained in this news release. Ms. James is a Qualified Person as defined in NI 43-101.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements” or “forward-looking information”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding expected use of proceeds from the private placement and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedarplus.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(Bloomberg) — Amazon.com Inc. and billionaire financier Ken Griffin are among the backers anchoring a $500 million investment in small nuclear reactors, a burgeoning technology heralded as the next era for atomic energy.
The Seattle-based company has signed agreements to develop the new breed of reactors — dubbed small modular reactors, or SMRs — in both Washington and Virginia, investing in in X-Energy, a privately-held advanced nuclear reactor developer.
The financing will help pay for the development of more than 5 gigawatts of new power projects coming online across the US by 2039, X-Energy said in a statement Wednesday.
“It’s going to allow us to build smaller, self-contained power generation near data centers, near where we want in a completely safe and scalable way,” Matt Garman, chief executive officer of Amazon Web Services, said during remarks at the company’s offices in Arlington, Virginia.
Amazon’s announcement comes as technology companies are searching for new energy supplies to power massive data centers needed to run artificial intelligence systems. Alphabet Inc.’s Google announced Monday it was backing the nuclear power and signed an agreement with Kairos Power to construct a series of SMRs that use molten-salt cooling technology.
Data center expansion and other factors are expected to drive electricity demand up 15% to 20% over the next decade, according to the US Energy Department. Data centers could consume as much as 9% of the nation’s electricity generation annually by 2030, up from 4% in 2023, according to a report in May by the nonprofit Electric Power Research Institute.
Amazon has also signed agreements with Washington State-based utility Energy Northwest and Virginia’s Dominion Energy, Inc. to develop SMR projects. Amazon said the reactors — which will be constructed, owned and operated by Energy Northwest — were expected to generate roughly 320 megawatts, with the option to expand to 960 megawatts total.
In Virginia, Amazon said it had signed an agreement with Dominion to explore the development of an SMR project at the utility’s existing North Anna nuclear power station that could bring at least 300 megawatts of power to the region.
Unlike traditional nuclear reactors, which are enormous facilities that take years to build, SMRs can be built at factories, delivered by truck or train, and then assembled on-site, saving time and money. Utilities can install just one or bundle several together, expanding the potential market by including countries that don’t need a big conventional nuclear plant.
Still, the technology hasn’t yet been deployed at scale, commercially.
And SMR’s have their critics, including those who say the economics of nuclear power is flawed no matter what the size of the reactors. NuScale Power Corp. announced in November it was canceling plans to build a series of SMRs in Utah amid surging costs.
Meanwhile, surging demand for power is prompting utilities to build more natural gas-fired plants, undermining lofty environmental goals for both the industry and tech firms.
“Artificial intelligence may be new, but claims that the next revolutionary nuclear technology will solve our energy problems have been around since we first split the atom,” Johanna Neumann, an official with Environment America, said in a statement. “It’s time for Big Tech to recommit to solutions that work and pose less risk to our environment and health, including making data centers as energy efficient as possible and committing them to be powered by new renewable energy sources.”
(Adds comment from Amazon executive in fourth paragraph)
American consumers’ expectations about the risk of debt delinquency rose to the highest level in more than four years last month, while concerns about elevated inflation over the longer-term also increased, according to a report released Tuesday by the Federal Reserve Bank of New York.
The New York Fed’s Center for Microeconomic Data found that in its Survey of Consumer Expectations for September, the average probability of consumers not being able to make a minimum debt payment rose for the fourth consecutive month to 14.2% – the highest level since April 2020 when it was 16.1%.
That suggests some Americans are facing increased budget pressures as they look to manage their borrowing. At the same time, consumers’ perceptions and expectations for credit access improved in September for the fourth straight month.
Consumers’ inflation expectations were unchanged at 3% over the next year, but increased from 2.5% to 2.7% at the three-year horizon, and from 2.8% to 2.9% at the five-year horizon.
Consumers see inflation remaining elevated over the three- and five-year time horizons, per the latest New York Fed report. (Photo by FREDERIC J. BROWN/AFP via Getty Images / Getty Images)
The probability of losing one’s job in the next 12 months was flat in September when compared with August, though the probability of voluntarily leaving a job ticked up from 19.1% in August to 20.4% in September, the highest level since July.
Expectations of a higher unemployment rate one year from now approached the lowest level in 2024, with respondents putting the probability at 36.2%, slightly higher than the 36.1% in February.
The New York Fed’s report comes as the central bank is weighing how it will proceed with interest rate cuts. Fed policymakers lowered the benchmark federal funds rate by 50 basis points in September from a range of 5.25% to 5.5% to 4.75% to 5% amid progress in slowing the pace of inflation.
The New York Fed found that consumers viewed the risk of missed debt payments rose for the fourth straight month. (Photo by Spencer Platt/Getty Images / Getty Images)
The Labor Department’s consumer price index (CPI), a popular inflation gauge, slowed to 2.4% in September – closer to the Fed’s 2% target, though it remained higher than LSEG economists expected. Inflation has gradually cooled over the last few years after this inflationary cycle peaked at a 40-year high of 9.1% in June 2022.
Fed Governor Christopher Waller said Monday that recent data doesn’t show the U.S. economy slowing down that much, adding that “while we do not want to overreact to this data or look through it, I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting.”
Federal Reserve Governor Christopher Waller on Monday noted that the U.S. economy hasn’t slowed significantly, prompting caution about further rate cuts. (Photographer: Bess Adler/Bloomberg via Getty Images / Getty Images)
Markets are currently pricing in a 25-basis-point rate cut by the Fed at its next meeting, which would lower the benchmark to a range of 4.5% to 4.75%. Interest rate traders see a 94.1% probability of the Fed cutting by that much next month compared to a 5.9% chance of leaving rates unchanged, according to the CME FedWatch tool.
Economic data released in the last two weeks, including the CPI data and a hotter than expected jobs report for September, has cooled markets’ expectations of more aggressive rate cuts at the Fed’s November meeting. A month ago, traders saw a 27% chance that rates would be lowered by an additional 50 basis points in Nov. to a range of 4.25% to 4.5%, per CME FedWatch.
VANCOUVER, BC / ACCESSWIRE / October 16, 2024 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the “Company” or “Stillwater”) is pleased to announce the completion of a property-wide geophysical airborne survey and a breakthrough in 3D geologic modeling of the lower Stillwater Igneous Complex. This new data will drive continued advancement of the project including drill campaigns and the expansion of mineral resources, among other objectives at its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana.
Highlights
Property-wide geophysical surveys completed in September 2024 informed the first-ever detailed 3D geologic model of the lower Stillwater Igneous Complex;
The model demonstrates continuity of mineralization across the 9.5-kilometer length of lower Stillwater Igneous Complex which hosts the Company’s current resources in five deposits at Stillwater West project;
Historically, continuity of mineralization across the entire surface expression of the magmatic layers of the Stillwater Igneous Complex has been demonstrated primarily by Sibanye-Stillwater’s J-M Reef deposit, a high-grade PGE-bearing nickel-copper sulphide deposit that spans more than 40km and supports the highest-grade palladium-platinum mines in the world, and;
Stillwater’s current resources of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold are hosted in five deposits that remain open for expansion along trend and at depth across 9.5-kilometers at the center of the 61-square-kilometer Stillwater West project, which is adjacent to Sibanye-Stillwater along approximately 32km of strike within the Stillwater Igneous Complex.
Stillwater’s President and CEO, Michael Rowley, said “The team’s work this year regarding both the airborne survey and also the detailed geologic model confirm the expansion potential we see in several possible mining scenarios at Stillwater West and inform our campaigns to reach that objective. Together we have successfully leveraged a substantial database including approximately 40,000 meters of drilling to date to complete the first ever geologic model of the lower part of this famously productive and metal-rich American mining district, with a focus on magmatic nickel-copper sulphide mineralization. That wealth of data, combined with Glencore plc’s backing and in-house expertise from similar geology in South Africa’s Bushveld Igneous Complex, has positioned us exceptionally well with robust inventories of nickel, copper, cobalt, platinum group elements and chromium in an active American mining district at a time when the US is aggressively looking to diminish the current heavy import reliance of nine of the commodities we have inventoried.”
“We look forward to further announcements with a focus on continued expansion at Stillwater West while also turning our attention to various studies relating to potential production scenarios. Updates on other initiatives, including pursuit of government funding, monetization of non-core assets, CO2 sequestration and geologic hydrogen studies are also expected.”
Property-Wide Airborne Geophysical Survey Expert Geophysics Ltd. has completed the geophysical surveys over the Stillwater West project as announced July 18, 2024. The surveys, designed and executed in collaboration with Glencore plc via the Stillwater West technical committee, totaled approximately 1,170 line-kilometers and included test surveys over the Chrome Mountain resource area for the purpose of comparing the TargetEM26 time-domain electromagnetic (“EM”) survey with the MobileMTm magneto-telluric (“MMT”) survey. Evaluation of these test surveys alongside the first generation DIGHEM airborne EM survey flown over the project in 2000, together with smaller surveys and extensive ground-based Induced Polarization (“IP”) and magnetic/VLF by the Company, resulted in the decision to fly the property-wide survey using the MMT system. The decision was based on the MMT system’s demonstrated ability to better distinguish and define multiple conductive targets, and to greater depths.
Stillwater, along with input from Glencore, is now fine-tuning multiple large-scale priority conductive drill targets across the 12-kilometer main resource area in addition to ranking additional large, untested conductive targets across the broader 61-square-kilometer property based on preliminary results of the 2024 survey. Detailed results of the approximately 178 and 992 line-kilometer EM and MMT (respectively) surveys, plus related VLF and magnetic surveys completed by Expert, will be the subject of a subsequent news release as final results become available.
Geologic Model The development of a new 3D geologic model of Stillwater West is a major milestone in the advancement of the project as it is the first time the lower portion of the iconic Stillwater Igneous Complex has been modeled in detail. Developed by the Company from over 40,000 meters of drill data in addition to recent mapping and geophysical surveys, it effectively connects the east and west ends of a large and world-class district and provides a roadmap to expansion of the Company’s resources and advancement of the overall project, which is focused on the lower Stillwater Igneous Complex.
Figure 1 presents a long section view of the 3D model, focused on 9.5 kilometers in area of the current resources, within the core of the 32-kilometer-long Stillwater West project. The highly prospective Peridotite Zone is shown hosting all deposits from the January 2023 Mineral Resource Estimate and demonstrating the expansion potential that remains untested to date in all directions: between deposits, down dip, and along strike. Strong correlations are shown between the Peridotite Zone, geophysical anomalies, and geochemical soil anomalies across the Stillwater West project, demonstrating exceptional expansion potential.
The surface expression of the J-M Reef deposit is also shown. In production since 1986, the J-M Reef deposit is a 40-kilometer-long high-grade PGE-bearing nickel and copper sulphide reef-type deposit that is located stratigraphically above Stillwater West. Currently mined in three locations by Sibanye-Stillwater, the J-M Reef is known as the highest-grade palladium-platinum deposit in the world. It has been drilled and mapped extensively since its discovery in the early 1970s and is an indicator of the continuity of mineralization across the parallel magmatic layers of the Stillwater Igneous Complex, including the adjacent Stillwater West project.
Vice-President of Exploration Dr. Danie Grobler, said, “Recent breakthroughs in our detailed geological model show pronounced continuity of the mineralized zones along strike in the layered Stillwater Igneous Complex. This is further enhanced by our understanding of the geometry and orientation of these units at depth, improving our confidence in completing successful intersections in future drill campaigns. Preliminary results from the latest geophysical airborne survey – which was designed to provide comprehensive coverage of the prospective lower Stillwater Igneous Complex – indicates strong electromagnetic anomalies along the footwall contact zone of the Stillwater West project which are consistent with the massive sulphide and contact-style Ni-Cu sulphide-rich bodies that we targeted with the survey. These anomalies form important Platreef-contact-style targets for testing in planned upcoming drill campaigns.”
Dr. Grobler continued, “It is further anticipated that the survey will open the remainder of the strike length held by the Company for exploring high confidence discovery targets in the future. This season also included a follow-up confirmatory investigation by our technical advisor, Professor Wolfgang Maier, who is in the process of completing a detailed collaborative scientific paper on the Peridotite Zone of the Stillwater Igneous Complex, as first author. This work has enhanced our understanding of the geochemistry and mineralization styles and controls of the lower Stillwater Igneous Complex stratigraphy.”
Government Funding The Company is now partner to USD 2.75M in funding from the U.S. Department of Energy (“DOE”) via two grants under the Advanced Research Projects Agency program via collaborations with Cornell University and Lawrence Berkeley National Laboratory, as announced February 14, 2023, and August 15, 2024, in addition to work with the US Geological Survey and state organizations.
The Company has been partnered with the US Geological Survey at Stillwater West for over six years, continuing their multi-decade interest in the Stillwater Igneous Complex.
Stillwater is pursuing additional US government funding, including recent applications in response to announced opportunities available through the Department of Energy and the Department of Defense.
Parallels With the South Africa’s Bushveld Complex The Stillwater Igneous Complex is well-known to parallel South Africa’s Bushveld Igneous Complex, and developments at the Stillwater complex have generally paralleled those at the Bushveld, highlighting their significant geologic similarities. For example, Sibanye-Stillwater’s high-grade J-M Reef deposit was discovered by the direct application of geologic models developed during discovery of the high-grade Merensky reef deposit in the Bushveld.
More recent developments on the Bushveld have focused on the Platreef deposits, in the northern limb of the Bushveld, which depart from the conventional narrow reef-type mines that dominate global platinum group element mining with the occurrence of thick mineralized horizons that support bulk mining techniques and include much higher battery metal content. The mines of the Platreef are among the largest and most profitable in the world, and their mix of commodities offers an attractive internally hedged suite of in-demand critical minerals that is globally very rare. Starting with 1 Anglo American’s PGE-Ni-Cu Mogalakwena mines in 1993 and continuing today with 2 Ivanhoe’s underground Platreef mine, these mines have demonstrated the world-class nature of these bulk-tonnage, critical mineral systems within the Bushveld complex. With more than 20 billion pounds of nickel and copper in sulphide mineralization, and over 200 million ounces of platinum group metals and gold, these two mines are known primarily as platinum group element mines yet are also the largest nickel mines in South Africa.
Platreef-style deposits also compare very favorably in an environmental sense as they contain nickel sulphide mineralization that is capable of producing nickel metal with a much smaller footprint than nickel recovered from laterite deposits, which currently provides the majority of global nickel supply. Additional environmental benefits are possible through reaction of atmospheric carbon dioxide with certain ultramafic rocks present in Platreef-style deposits, and the production of hydrogen from those rocks. Testwork is underway to evaluate the potential for commercial-scale carbon sequestration and hydrogen production during a possible mining operation Stillwater West.
Footnote 1. Anglo American Mineral Resources and Reserves Report 2022: Measured and Indicated Mineral Resources: 1,665.40 MT at 2.29 4E g/t, Inferred Mineral Resources: 423.8 MT at 2.18 4E g/t.
Footnote 2. Ivanhoe Mines Ltd, Platreef Feasibility Study, March 2022: Indicated Mineral Resources; 2 g/t Cut-off 3PE+Au 346 MT at 1.68 g/t Pt, 1.70 g/t Pd, 0.28 g/t Au, 0.11 g/t Rh, 0.16% Cu, 0.32% Ni Inferred Mineral Resources; 2 g/t Cut-off 3PE+Au 506 MT at 1.42 g/t Pt, 1.46 g/t Pd, 0.26 g/t Au, 0.10 g/t Rh, 0.16% Cu, 0.31% Ni.
Upcoming Events Stillwater’s President and CEO, Michael Rowley, will be available for meetings and presenting at the following events:
Red Cloud Fall Mining Showcase – Toronto, ON, October 16-17. To register, click here.
Commodities Global Expo 2024 – Fort Lauderdale, FLA, October 20-21. For more information and registration, click here.
Precious Metals Summit – Zurich, CH, November 11-12, 2024. For more information, click here.
121 Mining Events – London, UK, November 14-15. For more information, click here.
About Stillwater Critical Minerals Corp. Stillwater Critical Minerals (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and strategic investments by Glencore plc, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group, nickel, and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, positions Stillwater West with the largest nickel resource in an active US mining district as part of a compelling suite of nine minerals now listed as critical in the USA. To date, five Platreef-style nickel and copper sulphide deposits host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold at Stillwater West. All of these deposits remain open for expansion along trend and at depth.
Stillwater also holds the high-grade Black Lake-Drayton Gold project adjacent to Nexgold Mining’s development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
FOR FURTHER INFORMATION, PLEASE CONTACT: Michael Rowley, President, CEO & Director – Stillwater Critical Minerals Email: info@criticalminerals.com Phone: (604) 357 4790 Web: http://criticalminerals.com Toll Free: (888) 432 0075
Quality Control and Quality Assurance Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
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, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical 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, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical 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.
The Guangzhou Futures Exchange (GFEX) is expected to launch its first platinum and palladium futures contracts in China in the first quarter of 2025, Weibin Deng, head of Asia Pacific at the World Platinum Investment Council, told a conference.
The contracts will be the first domestic price-hedging mechanism for platinum and palladium in the world’s second-largest economy, where the metals are used by auto makers and other industries, including jewellery and investment products.
The GFEX declined to comment.
The World Platinum Investment Council, whose five members are major platinum producers, hopes hedging will help revive demand for platinum jewellery, Deng told the London Bullion Market Association’s annual conference in Miami on Monday.
Hedging by jewellery makers could reduce the premium they charge clients and the discount on buybacks of jewellery and platinum products, which could boost demand, the council said.
While China is the key market for platinum group metals, platinum jewellery demand in the country has slumped 79% from a peak of around 2 million troy ounces in 2014 amid a downturn in consumer preference for the metal.
