(CNN)Chilean voters resoundingly rejected a newly proposed constitution in a referendum on Sunday.

With 98% of the ballots counted, 62% of voters rejected the proposal with 38% voting in favor, according to the Chile Electoral Service.
The new constitution would have provided full gender parity, added designated seats for indigenous representatives, and increased environmental regulations.
The constitution currently in place was written under the dictatorship of Augusto Pinochet, who ruled the country from 1973 to 1990.
On Saturday night ahead of the opening of polls Sunday morning, Chilean President Gabriel Boric tweeted, “In Chile, we resolve our differences with more democracy, never with less. I am deeply proud that we have come this far.”
The proposed change was initiated in 2020 when then-president Sebastien Piñera called a referendum on creating a new constitution amid social turmoil and popular discontent sparked by a metro fare increase in October 2019.
In October 2020, more than 78% of Chilean voters approved a plebiscite that proposed constitutional change, and in June 2021, they cast their ballots again to pick the members for a constituent assembly.
The Constitutional Assembly was the first in the world to have full gender parity and the first in the country´s history to include designated seats for indigenous representatives.
Supporters were hopeful its progressive stance would be reflected in a new, updated constitution.
Some waved flags as they celebrated the rejection of the proposed constitution.
Some waved flags as they celebrated the rejection of the proposed constitution.
And the constitutional process itself was praised internationally for giving the country an institutional way out of a social crisis, and for responding to modern Chileans’ demands for more equality and a more inclusive and participatory democracy.
After much deliberation, the final draft of the revised constitution was submitted to Piñera’s successor, leftist Gabriel Boric, in July this year.
But although most Chilean voters supported the idea of constitutional change back in October 2020, divisions appeared over the proposed draft.
Soon after the draft was made public, different polls began showing an increasing trend toward the rejection of the charter, with the government publicly recognizing that scenario.
The defeated constitution would have one of the most progressive in the world, giving the state a front-line role in the provision of social rights.
The draft put a strong emphasis on indigenous self-determination and on the protection of the environment, and would have dismantled the highly privatized water rights system. It had required gender equality in all public institutions and companies, and enshrined the respect for sexual diversity. It also envisaged a new national healthcare system.
But the project became bitterly divisive.
The right argued the draft would shift the country too far left, or that it was too ambitious and difficult to turn into efficient laws. In the lead-up to the vote, even some of its supporters on the left wanted adjustments made, with their slogan “approve to reform.”
Images from the country’s capital Santiago on Sunday show a sombre mood among supporters of the constitution, while others celebrated the news it had been voted down.
CNN’s Michelle Velez, Daniela Mohor W. and Jorge Engels contributed to this report.

Sept 2 (Reuters) – Mountain Province Diamonds Inc said on Friday that an employee from a contractor died due to injuries sustained in an incident at Gahcho Kue mine in Canada’s Northwest Territories.

The cause of the incident, which happened on Thursday, was unclear and all non-essential work at the mine has been stopped.

The mine is a joint venture between Canada’s Mountain Province Diamonds and De Beers Group, which owns 51%.

“The circumstances around what happened are under investigation by the appropriate authorities,” the companies said. (Reporting by Ankit Kumar; Editing by Maju Samuel)

Maritime Resources

Over the last couple of years, public companies have been arm-twisted into promoting certain people to meet diversity criteria. Of course, this has come at the cost of meritocracy and has become a rationality trap. Forced diversity does tremendous social harm, although when accepted as a necessity, individual companies lose out if they don’t have a diversity program. Fund Managers are hesitant to invest in companies that do not have at least a woman on the board of Directors. Big companies and even junior mining companies have been forced into implementing diversity. Here are my thoughts:

On Investments

I have written about Maritime Resources (MAE; $0.045) several times. I pay close attention, for I am likely the largest non-institutional shareholder. MAE recently released a news release about the completion of a feasibility report. The report is yet to be filed, but it meets most of my expectations.

MAE is trading for its lowest ever. It had a working capital of $0.5 million on 30^th June 2022. The quarterly corporate expenses are more than $0.6 million. This means that MAE likely has a working capital deficit today and must be desperate to raise money.

If they raise one-third of the capital requirement in equity, MAE will get diluted by >100%, even if they issue no warrants, destroying any upside. Investors knowing fully well that the company needs cash, have no reason to buy at $0.05, which is also the lowest price at which the stock exchange allows companies to raise money. So, I cannot see why investors would give a bid higher than $0.045 and not sell at $0.05.

MAE share price is stuck in a $0.04 and $0.05 range. And there is no significant news awaited to lift the share price. I don’t envy the management, and I certainly don’t envy my position as a shareholder.

A few years back, Signal Gold made a hostile bid for MAE for half of their share. If the same offer came again, it would be worth $0.20. I don’t see such an offer coming. Still, a merger with Signal would remove the corporate expenses related to MAE, a saving of $2.5 million per year, a significant value for a small company. Operationally, it would be a massive win-win. MAE has $25 per tonne ore as trucking costs. This should fall significantly if the mill of Signal is used. With lower operating costs, they can perhaps even reduce the grade delivered to the mill and increase the total resources. Signal would benefit from a higher-grade ore for their hungry mill.

What would Signal pay for MAE? I see enough value in MAE to get an offer between $0.075 and $0.14. Moreover, a three-way merger of MAE, Signal Resources, and Rambler Metals & Mining would significantly reduce the corporate expenses of these three small companies and provide several other operational synergies than what I have explained above.

What would I do now? I would buy MAE at $0.04, hoping that a corporate transaction would happen. And I do hope that they do not raise money at the current share price.

Jayant Bhandari

Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence, or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.

President Biden’s Inflation Reduction Act calls for at least 50% of an electric vehicle’s battery to be made in the U.S. to qualify for a federal discount. WSJ’s George Downs breaks down a battery to explain why that’s going to be a challenge. Illustration: George DownsGeorge Downs

George Downs explores the evolution of transportation, from electric vehicles to commercial aviation and the future of spaceflight.

Up Next in George Downs

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Vancouver, British Columbia–(Newsfile Corp. – August 26, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”), is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc., of an option to purchase agreement (the “Agreement”) for the Mesa Well property (the “Project”) to Intrepid Metals Corp. (“Intrepid”). The Agreement provides EMX with cash and share payments during Intrepid’s earn-in period, and upon earn-in, a retained 2% net smelter return (“NSR”) royalty interest, annual advance royalty payments, and certain milestone payments.

The Mesa Well Project is located in south-central Arizona’s porphyry copper belt, approximately 100 kilometers northeast of Tucson. The principal target is a structurally dismembered and rotated porphyry copper-molybdenum system concealed beneath strongly tilted, post-mineral cover rocks. There are additional targets of skarn/replacement mineralization, also beneath cover rocks.

The Agreement with Intrepid is an example of EMX’s execution of the royalty generation aspect of its business model. The Company acquired Mesa Well at minimal cost in a premier porphyry copper belt, and has now partnered the Project for further in-the-ground exploration investment, pre-production payments, and a retained NSR royalty interest, all at no additional cost to EMX.

Commercial Terms Overview. Intrepid can earn 100% interest in the Project before the fifth anniversary of the Agreement by: (a) making execution and staged option payments totaling $350,000, (b) delivering 600,000 common shares of Intrepid, and (c) incurring $2,000,000 in exploration expenditures. After earn-in, EMX will retain a 2% NSR royalty interest on the Project and will receive certain annual advance royalty (“AAR”) payments.

Additionally, Intrepid has agreed to make payments to EMX at certain Project milestones: (a) $200,000 upon completion of a Preliminary Economic Assessment; (b) $500,000 upon completion of a Prefeasibility Study; and (c) $1,000,000 upon completion of a Feasibility Study.

All dollar amounts are in USD unless otherwise noted.

Mesa Well Overview. The Mesa Well Project is covered by State of Arizona exploration leases that were acquired as a result of EMX’s southwestern U.S. porphyry copper royalty generation program. The original target concept was derived from the coincidence of locally anomalous water well geochemisty and an unexplored porphyry dike swarm striking toward those anomalies, with several water wells reporting high molybdenum values and notable “multiparameter” anomalies¹.

The Mesa Well target area is covered by highly tilted, post-mineral, Tertiary gravels. Field work to the east of the principal target area identified: 1) a variety of porphyry dikes and associated weak, but broadly-developed biotitic and sodic-calcic alteration with sparse chalcopyrite mineralization and 2) exotic, secondary copper mineralization along a low angle fault zone that spans from the dike swarm to the geochemically anomalous water wells. The dikes, alteration, and mineralization are characteristic of the deeper flanks of a porphyry system. The remobilized copper mineralization is interpreted to be sourced from the porphyry target beneath the post-mineral cover.

Exploration by a previous partner included five holes totaling 2,701 meters of reverse circulation and 981 meters of core drilling which intersected distal porphyry copper alteration and mineralization. These drill intercepts increase in alteration intensity and mineralization (pyrite-chalcopyrite-molybdenite-bearing quartz veins with sericitic alteration) and vector toward the target area. Permitting was completed for a planned follow-up drill program that was never executed. As a result, the Mesa Well Project presents “walk-up” drill targets for Intrepid’s upcoming work programs. Intrepid advises it has plans to complete geophysical surveys on the Project prior to year-end, followed by a drill program in Q1 2023.

Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure.

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

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

¹ Bolm, K. S., Hayes, T. S., and Brown, J. G., 2008, Using alluvial basin ground-water chemistry to explore for concealed porphyry copper deposits in Arizona, in: Ores and Orogenesis: Circum-Pacific Tectonics, Geologic Evolution, and Ore Deposits, Arizona Geological Society Digest 22, Spencer, J. E., and Titley, S. R., eds. p. 137-149.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134909