March 15, 2019
March 14, 2019
7 @ 7:00
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1. Gold has traded between $1,292 and $1,305 so far today…as of 7:00 am Pacific, bullion is off $14 an ounce at $1,295 for no obvious reason other than strength in the greenback today…Silver has slipped 29 cents to $15.12…Copper has retreated 4 pennies to $2.92…Nickel is 12 cents lower at $5.82 while Zinc is unchanged at $1.30…do today’s young people, many of whom have been brainwashed by climate change ideology which is part of a socialist agenda (i.e., the Green New Deal), appreciate the importance of mining to their everyday lives?…a typical cell phone is composed of 75 different elements, which is almost three quarters of the periodic table…computers contain over 66 minerals such as Silver, Aluminum, Copper and Gold – all of which, of course, are mined…the average American car contains 50 pounds of Copper alone…the list goes on…Crude Oil has hit a fresh 4-month high, up 31 cents to $58.57 while the U.S. Dollar Index has strengthened nearly one-third of a point to 96.76…Bloomberg News reports that China and the U.S. are trying to push back a meeting between the countries’ 2 leaders from late March to April at the earliest…this comes after President Trump said he was in no rush to form an agreement (more negotiating tactics)…Bloomberg’s report comes after China’s industrial output expanded at its slowest rate in 17 years…Trump has some leverage…investors expected the 2 leaders to meet at Mar-a-Lago later this month as both sides claimed progress was being made on trade negotiations…great article in this morning’s Financial Post by Gwyn Morgan that explains how foreign-backed anti-Oil activists have infiltrated Canada’s government – how Canadians could accept this “collusion” is mind-boggling…“Canadians watching Robert Mueller’s investigation into Russian interference in the 2016 U.S. election might be tempted to find comfort in their certainty that such foreign interference could never happen here. Except it already has. And while the Russian government at least denies interfering in American political affairs, the perpetrators who meddled in Canadian elections have publicly trumpeted their success in devising and executing their plan aimed at helping elect who they wanted” (“Talk about ‘collusion’: How foreign-backed anti-Oil activists infiltrated Canada’s government”)…
2. One of Australia’s largest high-grade Nickel producers, Western Areas (WSA, ASX), has reported a significant increase in inbound off-take inquiries for Nickel sulphide concentrate post current contract periods…according to the company’s managing director, Dan Lougher, this new trend is primarily linked to the accelerating electric vehicle battery sector…addressing the 2nd day of the Paydirt 2019 Battery Minerals Conference in Perth, Lougher said some of the new inquiry was driven in part by Tsingshan, the company’s 2nd largest off-take partner and China’s largest stainless steel producer…“Players looking to lock in new long-term contracts will be doing so at a time technological changes in the battery space are favouring the new NCM 811 classification (Nickel, Cobalt, Manganese) which research indicates will be the fastest growing battery combination by 2025,” Lougher said. “These battery cells offer better energy density, allowing fewer and/or lower weight batteries in cars – but they will require even more Nickel”…
3. SilverCrest Metals (SIL, TSX-V), an increasingly attractive potential takeover target, was halted pre-market followed by news of an updated resource estimate for its Las Chispas Property in Sonora, Mexico…infill drilling at Las Chispas has delineated an initial Indicated resource estimate of 1.0 million tonnes grading 7 g/t Au and 710.6 g/t Ag, or 1,234 g/t Ag equivalent, containing 39.8 million ounces of AgEq…Inferred Resources are estimated at 3.6 million tonnes grading 3.3 g/t Au and 332.5 g/t Ag, or 581 g/t AgEq, containing 68.1 million ounces of AgEq…of the 30 known veins in the district, 10 veins were included in the updated resource estimate…CEO Eric Fier commented, “Less than 3 years ago we first started drilling the Las Chispas Property and we are now announcing our 3rd resource estimate, including our first Indicated resource estimate. We are particularly excited about the high-grade resources delineated at the Babicanora (including HW), Babicanora FW and Babicanora Norte Veins. These three adjacent veins cumulatively host Indicated resources of 1.0 million tonnes grading 1,234 gpt AgEq (39.8 million ounces of AgEq). These high-grade resources are near-surface and conceptually can be developed using the same underground infrastructure, which may be a key driver of the economics for the project. This 3rd mineral resource estimate will be used to finalize the ongoing PEA planned for release in Q2, 2019. The company will continue exploration with 7 core drills focused on infill drilling to upgrade additional Inferred resources into the Indicated category and 5 core drills testing up to 5 new vein prospects in H1, 2019“…
4. The Dow is flat through the first 30 minutes of trading…Boeing (BA, NYSE), which has by far the biggest influence of any stock on the Dow, is down about $70 a share or 16% from its all-time high of $446 March 1…Boeing’s entire fleet of 737 Max jets was grounded yesterday when Canada and the United States joined dozens of other countries and closed the skies to the aircraft following 2 tragic crashes in less than 5 months…the financial impact of the groundings remains unclear for carriers including Air Canada and WestJet, but the decision will affect dozens of daily flights carrying thousands of people across Canada…the cost to Boeing (and some insurance companies) will be substantial…in Toronto, the TSX is off 31 points while the Venture has given up 1 point to 623…48North Cannabis (NRTH, TSX-V) is down for the 3rd straight session this morning following the announcement of a $25 million bought deal private placement at $1.36 per unit…strong technical support from the rising 20-day SMA at $1.14 into the $1.20’s where immediate accumulation makes sense…Hexo’s (HEXO, TSX) $263 million deal for Newstrike Brands (HIP, TSX-V) came together over dinner with The Tragically Hip and marked the first time Royal Bank of Canada advised on a cannabis transaction…Bloomberg reports that the Canadian rock band owns more than 5% of Newstrike and has been a key adviser to the Toronto-based pot firm, according to CEO Sebastien St. Louis…RBC Capital Markets acted as the financial adviser to Newstrike, the first time the bank has advised on a cannabis deal…RBC Capital Markets head Doug McGregor said in December that it would begin advising on cannabis stock sales and takeovers…iMetal Resources (IMR, TSX-V) has just announced the closing of a small but strategic private placement 30% above the current stock price…$250,000 @ 15 cents per unit in addition to $500,000 raised through the exercise of warrants puts IMR in an excellent position to further ramp up drilling at its Gowganda West Gold Project where the first few holes have intersected visually impressive mineralization…
5. White Gold (WGO, TSX-V) has unveiled a fully financed 2019 exploration program on its massive 439,000 hectare land package representing over 40% of the prolific White Gold district in the Yukon…this year’s program, budgeted at approximately $13 million, has been designed to follow up on the company’s new high-grade Vertigo discovery on its JP Ross Property, expand the Golden Saddle and Arc resources with diamond drilling on the GS West discovery and other nearby targets, increase the recently acquired 230,000 ounce VG resource (4.4 million tonnes Inferred grading 1.65 g/t Gold at a cut-off of 0.5 g/t) on its QV property, as well as to identify and test high priority regional targets…backed by partners Agnico Eagle (AEM, TSX, NYSE) and Kinross (K, TSX; KGC, NYSE), 2019 exploration is planned to commence in the coming weeks…Shawn Ryan, Chief Technical Advisor stated, “2019 will be one of the most exciting seasons for White Gold and has the potential to be a transformative year for us. Our systematic regional exploration approach is working exceptionally well and resulted in 4 new discoveries last year (the Vertigo, GS West, Ryan’s Surprise and Betty Ford). This year’s program will also feature diamond drilling on the Vertigo discovery to expand this new unique style of high-grade Gold mineralization. Concurrently, the regional program on the JP Ross Property will follow up on multiple other highly anomalous Gold targets near the Henderson Creek drainage system where placer Gold mining has been taking place since the turn of the century, and will continue to utilize detailed soil sampling, GT probe and RAB drilling to hone in on high-probability targets, which we anticipate will lead to more new discoveries. The Golden Saddle deposit will be moved along with more diamond drilling on the GS West and Ryan’s Surprise discoveries. The recently acquired VG deposit will undergo drilling to expand the known resources and we will be applying our proprietary regional exploration program to advance some of our other priority targets. All and all this should be our best season yet”…
6. Aurora Cannabis (ACB, TSX), aiming for its 5th straight winning session, is off slightly in early trading…yesterday, the stock soared $1.38 a share to close above the $12 level for the first time since October…billionaire Nelson Peltz has signed on as a strategic adviser to Aurora, lending his reputation and name recognition in exchange for millions of stock options…Peltz, who runs the activist investment firm Trian Fund Management LP, will work with Aurora on partnerships and global expansion…in return, he has been granted options that allow him to purchase almost 20 million Aurora shares for $10.34 each…the options vest over 4 years and expire after 7 years…the move comes as major Canadian cannabis producers scramble to sign export deals and to make international acquisitions…as Aurora expands internationally, with recent transactions in countries such as Portugal and Britain, the company hopes Peltz’s relationships will help to forge new deals – especially as global consumer-products companies grow more comfortable with cannabis…despite his reputation, 2 of Peltz’s most recent major bets have failed to deliver…2 years into its investment in Procter & Gamble, Trian is still trying to turn the consumer products giant around…the fund also took a bath on General Electric…
7. Not exactly a “pot of Gold” as governments across Canada expected…Ottawa has sent the first weed excise tax payments to the provinces without disclosing amounts, according to a Globe and Mail report this morning…the government was mum likely because the cheques were much smaller than expected…British Columbia is the only province to disclose its excise tax revenues – $1.3 million for October to December, 2018…it had expected $50 million total this fiscal year, but now will be lucky to get $3 million…other provinces have not disclosed their receipts…Manitoba did not even mention cannabis revenues in last week’s budget…for Q4, Statistics Canada says legal pot sales totalled $307 million…that means the federal government would have earned about $31 million in GST and excise taxes on cannabis for that period…at the end of 2018, black market sales still accounted for 80% of Canadian recreational cannabis purchases…streamlining the tax regime, and lowering the cost of the legal product, will be an important part of driving that share down…
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March 13, 2019
Daniel’s Den
Comments Off on Daniel’s Den
7 @ 7:00
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1. Gold is trying to gain traction above $1,300 again…bullion has traded between $1,303 and $1,310 so far today, and is $7 higher at $1,308 as of 7:00 am Pacific…British Prime Minister Theresa May suffered another crushing defeat yesterday over her Brexit plans, plunging the country into turmoil only 17 days before it is due to exit the European Union…after 3 years of painstaking negotiations, Britain is no nearer to solving when, how – or even if – it will leave the EU…2 votes over the next 2 days might provide some clarity, but little certainty…Silver has added 5 cents to $15.46…Copper is up a penny at $2.96, Nickel is off slightly at $5.92 while Zinc is at a new 8.5-month high of $1.30…Crude Oil keeps climbing, up 89 cents at $57.76 while the U.S. Dollar Index has retreated one-fifth of a point to 96.78…pipeline inflation pressures in the U.S. remain muted, and that’s a clear sign that the Fed won’t be increasing interest rates again anytime soon…the U.S. Labor Department said this morning that its Producer Price Index (PPI) rose a less-than-expected 0.1% in February, following January’s drop of 0.1%…economists were forecasting an increase of 0.2% for February…at the same time, core PPI, which strips out volatile food and energy costs, dropped 0.1% last month, following January’s increase of 0.1%…again, that was below expectations…this is the 3rd consecutive month core inflation has missed to the downside…
2. Atlantic Gold (AGB, TSX) has significantly increased total in-pit Measured and Indicated resources to 2.1 million ounces at its Moose River Consolidated mine in Nova Scotia following successful drilling campaigns at its Touquoy mine, Fifteen Mile Stream and Cochrane Hill deposits…at Touquoy, approximately 88,000 ounces in M&I were added from the 2018 drill program, which represents, net of mining depletion, an increase of 17%…at the FMS deposits, M&I in-pit resources jumped 47% to 676,000 ounces across 3 deposits…meanwhile, at Cochrane Hill, Atlantic Gold has increased M&I resources by 50% to 607,000 ounces with only limited inclusion of the newly defined easterly plunging higher grade shoots…these recently recognized zones require further testing through a proposed extension drilling program in 2019…the company earned $27.9 million in 2018 as it achieved 4 quarters of steady-state production in its first year of mining…all-in-sustaining costs were an impressive $731 per ounce (CDN) on total production of 90,500 ounces…
3. David Sidoo, a prominent Vancouver philanthropist and CEO of Advantage Lithium (AAL, TSX-V), has been charged with conspiracy to commit mail and wire fraud in U.S. federal court for allegedly paying someone to take his 2 sons’ college entrance exams…Sidoo is part of a large indictment that made headlines yesterday and led to similar charges against actors Lori Loughlin and Felicity Huffman…U.S. prosecutors are calling it a “nationwide conspiracy”…in Sidoo’s case, the indictment alleges he paid someone $100,000 to take his oldest son’s SAT, an entrance exam required by most U.S. colleges and universities…Sidoo is a former UBC Thunderbirds’ football player who spent several years in the CFL…after his football career he became a stock broker in 1988, and was a founding shareholder of an Oil and gas company that was sold in December 2010 for over $600 million (U.S.)…his personal website describes him as “a successful businessman based in Vancouver where he oversees a successful private investment banking and financial management firm,” and he was awarded the order of B.C. in 2016…
4. The Dow has jumped 130 points through the first 30 minutes of trading…Goldcorp (G, TSX) chairman Ian Telfer has become the target of investor wrath after it was disclosed he stands to pocket $12 million (U.S.) in Goldcorp’s sale to Newmont…that’s nearly 3 times what had been reported as Telfer’s retirement package before last week…after the steady deterioration in the company’s stock price over the past decade, it has Goldcorp investors spitting fire…”Preposterous,” is how Mackenzie Investments manager Benoit Gervais described the payment…the Shareholders’ Gold Council, formed by prominent institutional investors last year to agitate for more alignment of corporate performance and executive pay, blasted the windfall as “another showcase example of directors choosing cronyism over the interests of shareholders”…in Toronto, the TSX has gained 37 points…Aurora Cannabis (ACB, TSX) is pushing higher on news that it has appointed globally recognized business visionary and longtime activist investor Nelson Peltz as a strategic advisor…the company has granted Peltz options to purchase nearly 20 million Aurora shares…Peltz is the founder of Trian Partners and also currently serves as the non-executive chairman of The Wendy’s Company and as a director of The Procter & Gamble Company, Sysco Corp. and The Madison Square Garden Company…the Venture is up 2 points to resistance at 623…48North Cannabis (NRTH, TSX-V) has slipped another 11 cents to $1.31 following news yesterday of a $25 million bought deal financing at $1.36 per share…NRTH has strong technical support in the $1.20’s, so current weakness represents opportunity…Superior Gold (SGI, TSX-V) has reported a loss of $13.3 million (U.S.) for 2018…while the company enjoyed record production of 90,101 ounces of Gold in 2018, and constructed a second mine at Hermes on schedule and on budget with internally generated funds, all-in-sustaining costs of $1,266 per ounce sold were high and need to come down…the company had working capital of $7 million at the end of December and no long-term debt…
5. Amex Exploration’s (AMX, TSX-V) drilling of the Eastern Gold zone (EGZ) at its Perron Project north of Rouyn-Noranda has successfully intersected additional high-grade Gold mineralization, though some profit-taking has pushed the stock down modestly on the news…drill hole PE-19–31 cut 89.6 g/t Au over 1.15 m including 156.8 g/t Au over 0.65 m at a shallow vertical depth of only 85 m…meanwhile, drill hole PE-19–33 returned 32.1 g/t Au over 7.20 m including 52.2 g/t Au over 0.5 m in the upper vein and 248.05 g/t Au over 0.8 m in the lower vein at a vertical depth of 245 m…the intersected mineralization, which is characteristic of the EGZ High Grade Zone (HGZ), consists of 2 Gold-bearing quartz veins located on either side of a narrow weakly mineralized mafic intrusive crosscutting a large unit of silicified rhyolite…these 2 quartz veins typically contain sphalerite, pyrite, and visible Gold as coarse grains, flakes, or specs…in addition to these results, the company says it has identified additional visible Gold in recently completed drill holes for which assays are pending…with the high grade results from PE-19–31 and the visual geological indicators from PE-19–32 ,it appears that the HGZ extends close to surface, and with the results from PE-19–28, PE-19–33, and earlier holes it appears that the HGZ is robust and high-grade laterally and to depth…the zone has now been intersected over a vertical distance of 225 m with a lateral distance of 25 m to 50 m pierce point to pierce point with a spacing varying from 25 to 50 m…the High Grade zone extends to a depth of approximately 280 m below surface and remains open towards surface, to depth, and along strike…
6. Chemesis International (CSI, CSE) announced this morning that its wholly-owned subsidiary, La Finca Interacviva-Arachna Med, has commenced the process toward large-scale cultivation in Colombia…the company, which received its seed producer licence in January, is now able to export its high concentrate CBD (cannabidiol) genetics as well as distillates and other manufactured products…with the initial harvest scheduled for the upcoming quarter, La Finca is poised for expansion into large-scale commercialization by the 4th quarter of 2019 after having accumulated over 1,060 acres through its farming co-op…obtaining the seed producer licence allows La Finca to develop its own genetics which is essential when quickly scaling cultivation…”This is a significant step forward for Chemesis and the team in Colombia,” said CEO Edgar Montero…“The seed producer licence not only allows the company to grow and harvest, but import and export cannabis derivatives and seeds. The Chemesis team has been working very hard to see our long-term vision take shape, and we see the ability to commercialize worldwide as a significant step forward”…
7. Not exactly a “pot of Gold” as governments across Canada expected…Ottawa has sent the first weed excise tax payments to the provinces without disclosing amounts, according to a Globe and Mail report this morning…the government was mum likely because the cheques were much smaller than expected…British Columbia is the only province to disclose its excise tax revenues – $1.3 million for October to December, 2018…it had expected $50 million total this fiscal year, but now will be lucky to get $3 million…other provinces have not disclosed their receipts…Manitoba did not even mention cannabis revenues in last week’s budget…for Q4, Statistics Canada says legal pot sales totalled $307 million…that means the federal government would have earned about $31 million in GST and excise taxes on cannabis for that period…at the end of 2018, black market sales still accounted for 80% of Canadian recreational cannabis purchases…streamlining the tax regime, and lowering the cost of the legal product, will be an important part of driving that share down…
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March 12, 2019
7 @ 7:00
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1. Gold briefly touched $1,300 again this morning after the European Commission accepted amendments to the UK’s Brexit deal…the market still sees plenty of risk, however, as British PM Theresa May makes a desperate final bid to save her Brexit deal ahead of a crunch Commons vote…May is urging MP’s to back her “improved deal” or risk “no Brexit at all”…as of 7:00 am Pacific, Gold is up $5 an ounce at $1,298…the yellow metal has traded between $1,294 and $1,300…Silver, last week’s top-performing metal, is up another 12 cents at $15.40…base metals are strong today…Copper, Nickel and Zinc have climbed to $2.96, $5.98 and $1.29, respectively…Crude Oil has gained another 38 cents a barrel to $57.17 while the U.S. Dollar Index has slipped one-quarter of a point to 96.74…the U.S. Labor Department says its Consumer Price Index rose 0.2% in February, after an unchanged reading in January…the data are in line with consensus forecasts…inflation pressures for the year rose 1.5%, down from January’s increase of 1.6%…annual inflation is seeing its slowest growth in 2.5 years, according to some reports, despite the continuing economic expansion…stripping out volatile food and energy prices, core inflation remains muted at an annual rate of 2.1%, a fact not lost on the Fed which may abstain from increasing interest rates in 2019…
2. Oil prices remain firm, supported by Saudi Arabia’s plan for further voluntary supply curbs in April and by a cut in exports from Venezuela due to widespread power outages (isn’t socialism wonderful?)…Saudi Arabia, seeking to drain a supply glut and support prices, plans in April to keep its Oil output well below the level required of it as part of an OPEC-led supply cutting deal…“This shows Saudi Arabia’s resolve to keep the Oil market balanced by keeping Oil supply tight,” stated Carsten Fritsch, analyst at Commerzbank…he added, “Additional buoyancy has come from news that the massive power outage in Venezuela is also hampering the country’s Oil exports”…a host of involuntary supply curbs among OPEC members caused by unrest in Libya, Venezuela’s economic incompetence and U.S. sanctions on Venezuela and Iran, have given Oil prices a fresh lift…offsetting these developments is the surge in U.S. supply, which the International Energy Agency said yesterday would continue to 2024, probably requiring OPEC and its allies to keep up their policy of market management…
3. Enough Gold, Copper and Silver for a century of production at KSM?…an updated independent mineral resource estimate for Seabridge Gold’s (SEA, TSX) Iron Cap deposit in the prolific Eskay Camp has substantially increased its size while also confirming higher-grade zones within the overall resource…Iron Cap is one of 4 large Gold/Copper porphyry deposits within Seabridge’s 100%-owned KSM Project and now hosts 5.6 million ounces of Gold, 62.5 million ounces of Silver and 2 billion pounds of Copper in the Indicated category (423 million tonnes @ 0.41 g/t Au, 0.22% Cu, 4.6 g/t Ag), and 27.5 million ounces of Gold, 159 million ounces of Silver, and 12.5 billion pounds of Copper in the Inferred category (1.9 billion tonnes @ 0.45 g/t Au, 0.30% Cu and 2.6 g/t Ag (any wonder Tudor Gold, on strike from Iron Cap, has increased its private placement to $3 million?)…wake up, everyone…Seabridge’s updated resource estimate incorporates all previous drilling plus 20,341 m of diamond core drilling completed in 18 holes during the 2018 program…based on the relatively consistent nature of the deposit along with geologic evidence amassed over the last 14 years of exploration work at the project and the current drill hole spacing at Iron Cap, the company believes it is reasonable to expect that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with further drilling…Seabridge Chairman and CEO Rudy Fronk noted that the new resource estimate has achieved the targeted size and grade which are likely to warrant moving the Iron Cap deposit ahead of the Kerr and Sulphurets deposits in the project’s mine plan: “Our exploration success at Iron Cap over the past 2 years gives us greater flexibility to optimize project economics. Iron Cap is closer to infrastructure than Kerr and Sulphurets and its development could be faster and less costly. Within the 1.9 billion tonnes of Inferred resource, there exist significantly higher-grade underground cave opportunities with substantial tonnage. Iron Cap clearly has the size and grade to justify early inclusion in the mining sequence. From our point of view, this is mission accomplished”…
4. 48North Cannabis (NRTH, TSX-V) is the latest cannabis company to get a bought deal financing…NRTH has entered into a letter of engagement with Eight Capital, under which Eight Capital has agreed to purchase, as sole bookrunner and lead underwriter, along with a syndicate of underwriters, 18.4 million units of the company, on a bought-deal basis, at a price per unit of $1.36 for gross proceeds of $25 million…the news has put some temporary pressure on the stock with NRTH easing off 13 cents to $1.49 as of 7:00 am Pacific, but follow the money on this play…last month, after completion of a $3 million strategic investment from Canopy Growth (WEED, TSX; CGC, NYSE), 48North closed the $7 million final tranche of that 75-cent private placement for aggregate proceeds of $10 million…the $7 million came from a leading U.S.-based private investment fund to support the continued expansion of 48North, including the development of its 100-acre farm and large-scale extraction capabilities to significantly increase 2019 production and facilitate the rapid development of innovative, next-generation cannabis products…48North operates 2 indoor-licensed cannabis production sites in Ontario with over 86,000 sq. feet of production capacity…last week the company also announced that it had signed an exclusive licensing agreement with U.S.-based Arbor Pacific to bring its premium brand, Avitas, to Canadian consumers…Avitas, available in over 500 stores in Washington, Oregon and Colorado, is one of the bestselling single-strain vaporizer cartridges in the United States and completes 48North’s vaporizer strategy…
5. The Dow has retreated 46 points through the first 30 minutes of trading…Boeing (BA, NYSE), which has a major influence on the index, remains under pressure…more regulators and airlines have turned against Boeing’s 737 MAX jet, with the U.K., Australia, Singapore and carriers in several Latin American countries grounding the plane after the 2nd crash involving the model in less than 5 months…in Toronto, the TSX has added 26 points…Imperial Metals (III, TSX) is unchanged at $3.10, digesting its sharp gains yesterday after the announcement of a JV with Australia-based Newcrest which is one of the world’s largest Gold producers…it isn’t just that Red Chris has large resources of Gold (20 million ounces) and Copper (13 billion pounds) or that its 230 sq. km land package is lightly drilled, but that the resource, which has richer grades at depth, is particularly suited to Newcrest’s expertise in block caving and its experience with similar geologies…Newcrest has long harboured a desire for North American exposure and has explored both acquisitions and a listing to get access to premium investors who have historically awarded Gold miners with North American domiciles or listings…the fact that Northwest B.C. is their first foray into North America speaks volumes about what’s in store for the Golden Triangle…the Venture is 2 points higher at 622 as it again attempts to push through resistance…privately-owned Battery Mineral Resources has moved one step closer to potentially acquiring Canada Cobalt (CCW, TSX-V) or cutting a major deal with CCW…it was announced this morning that Battery has acquired an option to earn up to an 80% interest in Transition Metals’ (XTM, TSX-V) Gowganda Gold Project contiguous to Canada Cobalt’s Castle mine and property…Battery now completely surrounds CCW…the terms with XTM involve Battery incurring exploration expenditures of at least $3.4 million over the next 3 years…
6. Barclays says that when it comes to natural resources, the Canadian market is still home to some of the continent’s top stock picks, like Teck Resources (TECK.B, TSX) just below $30 – Barclays’ top mining pick not just in Canada, but around the world…with base metals prices in a downtrend for most of the past decade, the mining sector has been forced to cut costs and reduce debt…Teck is no exception…despite a relatively clean balance sheet and better free cash generation, Teck shares trade at a discount to peers across several different valuation metrics, according to Barclays‘ analyst Matthew Murphy…the company’s free cash predominantly flows from its metallurgical coal business, which is benefiting from elevated prices…meanwhile, a partnership deal to expand Teck’s Chilean Copper mine is nearing completion…“With a significantly de-levered and investment grade balance sheet, the company is well positioned to advance its key Copper growth project while at the same time returning cash to shareholders”, Murphy said…2 other Canadian companies made the Barclays‘ recommended list – Cenovus Energy (CVE, TSX) and Manulife Financial (MFC, TSX)…
7. Apple (AAPL, NASDAQ) yesterday invited media to a March 25 event at the Steve Jobs Theater on its campus in Cupertino, California, where it’s expected to launch a television and video service…sources previously told Reuters that the company is targeting April for the launch of a streaming television service that will likely include subscription TV service…Apple often launches products and services in the weeks following an event…in its invitation, Apple did not specify the focus of the event and gave a single-line description: “It’s show time”…Apple has long hinted at a planned video service, spending $2 billion in Hollywood to produce its own content and signing major stars such as Oprah Winfrey…according to a Reuters’ report, the service may resell subscriptions from CBS, Viacom Lions Gate Entertainment’s Starz among others, as well as Apple’s own original content…
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