Does the February share price for Hillgrove Resources Limited (ASX:HGO) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by projecting its future cash flows and then discounting them to today's value. The Discounted Cash Flow (DCF) model is the tool we will apply to do this. It may sound complicated, but actually it is quite simple!

Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

Check out our latest analysis for Hillgrove Resources

The method

As Hillgrove Resources operates in the metals and mining sector, we need to calculate the intrinsic value slightly differently. In this approach dividends per share (DPS) are used, as free cash flow is difficult to estimate and often not reported by analysts. Unless a company pays out the majority of its FCF as a dividend, this method will typically underestimate the value of the stock. We use the Gordon Growth Model, which assumes dividend will grow into perpetuity at a rate that can be sustained. For a number of reasons a very conservative growth rate is used that cannot exceed that of a company's Gross Domestic Product (GDP). In this case we used the 5-year average of the 10-year government bond yield (2.0%). The expected dividend per share is then discounted to today's value at a cost of equity of 9.0%. Relative to the current share price of AU$0.05, the company appears about fair value at a 13% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula – garbage in, garbage out.

Value Per Share = Expected Dividend Per Share / (Discount Rate – Perpetual Growth Rate)

= AU$0.01 / (9.0% – 2.0%)

= AU$0.06

Important assumptions

We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Hillgrove Resources as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.0%, which is based on a levered beta of 1.327. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

Looking Ahead:

Whilst important, the DCF calculation ideally won't be the sole piece of analysis you scrutinize for a company. It's not possible to obtain a foolproof valuation with a DCF model. Instead the best use for a DCF model is to test certain assumptions and theories to see if they would lead to the company being undervalued or overvalued. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. For Hillgrove Resources, we've put together three additional aspects you should explore:

1. Risks: Every company has them, and we've spotted 4 warning signs for Hillgrove Resources (of which 1 shouldn't be ignored!) you should know about.

2. Management:Have insiders been ramping up their shares to take advantage of the market's sentiment for HGO's future outlook? Check out our management and board analysis with insights on CEO compensation and governance factors.

3. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!

PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the ASX every day. If you want to find the calculation for other stocks just search here.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Vancouver, British Columbia–(Newsfile Corp. – February 23, 2021) –  Marifil Mines Limited (TSXV: MFM) ("Marifil" or the "Company") is pleased to announce its intention to undertake a non-brokered private placement for gross proceeds of up to $2,000,000 through the issuance of up to 40,000,000 units (each, a "Unit") at a price of $0.05 per Unit (the "Offering").

Each Unit will consist of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.05 per Share for a period of three years following the closing of the Offering (the "Closing"). Finder's fees may be payable in connection with the Offering in accordance with the policies of the TSX Venture Exchange (the "Exchange").

The proceeds of the Offering will be used for general working capital.

All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Exchange.

None of the securities to be issued in connection with the Offering will be or have been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release is being issued pursuant to Rule 135c of the 1933 Act and shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities, in any state where such offer, solicitation or sale would be unlawful.

ON BEHALF OF MARIFIL MINES LIMITED

"Rob Abenante"
Robert Abenante, President & CEO

Contact Information:
Email: info@marifilmines.com
Website: http://www.marifilmines.com

For further information regarding Marifil Mines Limited, please refer to the Company's filings available on SEDAR (http://www.sedar.com) or at Marifil's Website (http://www.marifilmines.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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75179

Vancouver, British Columbia–(Newsfile Corp. – February 23, 2021) – TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to provide a corporate update from Kirill Klip, Chairman of TNR Gold.

"I'm a strong believer in personal interest," stated Mr. Klip. "It's very encouraging when it's aligned with that of the shareholders. To that end, I'm pleased that other insiders of the Company have joined me in our recent private placements. While I am the largest individual shareholder of TNR Gold, it's crucial for me that all of us at the TNR Gold Team are personally motivated to succeed. It's because of this that shareholders can trust us to advance the Company forward with great passion. Our recent private placement was oversubscribed and we are well-positioned now to develop further our portfolio of strategic assets in gold and Energy rEVolution metals.

Kirill Klip continued, "Our forward-thinking approach is allowing us to integrate our strategic portfolio with the international capital markets, while maintaining efforts to minimize dilution for all our shareholders. During these favourable macro-economic conditions for gold and green energy metals, we have been enjoying an entirely new level of attention and participation from certain financial institutions. This will allow us to accelerate the development of the Shotgun Gold Project as well as continue to advance our royalty portfolio within the next chapter of business: Green Energy Metals. We maintain the potential of adding to our core royalty holdings on the Los Azules Copper Project with McEwen Mining and the Mariana Lithium Project under the management of Ganfeng Lithium."

TNR Gold holds NSR royalties on projects containing copper, gold, silver and lithium metals. TNR Gold does not have to contribute any capital for the development of Los Azules Copper Project and Mariana Lithium Project. Neither does our NSR Royalty depend on the size of International Lithium's potentially diluted ownership in the Mariana Lithium Project. The essence of our business model is to have industry leaders like McEwen Mining and Ganfeng Lithium as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.

The Company's strategy with the Shotgun Gold Project is to attract a partnership with one of the major gold mining companies. TNR Gold has successfully consolidated and updated its mining claims in Alaska and is actively introducing the project to interested parties. Kirill Klip added, "There is a clear path on how to move this project forward using the geological and geophysical research currently available to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner that shares our vision and recognizes the growth potential and value to be added to the Shotgun Project over time.

I would like to thank all our shareholders for your support and on your behalf, I would like to thank our very talented TNR Gold Team that is building The Green Energy Metals Royalty and Gold Company."

ABOUT TNR GOLD CORP.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

Over the past twenty-five years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the Company's expertise, resources and industry network, it identified the potential of the Los Azules Copper Project in Argentina and now holds a 0.36% NSR Royalty on the entire project, which is being developed by McEwen Mining Inc.

In 2009, TNR founded International Lithium Corp. ("ILC"), a green energy metals company that was made public through the spin-out of TNR's energy metals portfolio in 2011. ILC holds interests in lithium projects in Argentina, Ireland and Canada.

TNR retains a 1.8% NSR Royalty on the Mariana Lithium Project in Argentina. ILC has a right to repurchase 1.0% of the NSR Royalty on the Mariana Lithium Project, of which 0.9% relates to the Company's NSR Royalty interest. The Company would receive $900,000 on the completion of the repurchase. The project is currently being advanced in a joint venture between ILC and Ganfeng Lithium International Co. Ltd.

TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project in Alaska. The project is located in Southwestern Alaska near the Donlin Gold project, which is being developed by Barrick Gold and Novagold Resources Inc.

The Company's strategy with Shotgun Gold Project is to attract a joint venture partnership with one of the gold major mining companies. The Company is actively introducing the project to interested parties.

At its core, TNR provides significant exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and Argentina (the Los Azules Copper and the Mariana Lithium projects) and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman

www.tnrgoldcorp.com

For further information concerning this news release please contact +1 604-229-8129

Neither 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.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "will", "could" and other similar words, or statements that certain events or conditions "may" or "could" occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: TNR's corporate objectives, changes in share capital, market conditions for energy commodities, the results of McEwen Mining's and ILC's PEAs, and improvements in the financial performance of the Company. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the Company's interim and annual Management's Discussion and Analysis which are available under the Company's profile on www.sedar.com. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will be able to repay its loans or complete any further royalty acquisitions or sales; debt or other financing will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties challenging in the future the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.

In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR and its royalty partners, McEwen Mining Inc. and International Lithium Corp. will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75174

Total airport management market to reach $1.20 billion by 2030

SANTA CLARA, Calif., Feb. 23, 2021 /CNW/ — Frost & Sullivan's recent analysis, Data Integration to Drive Global Total Airport Management (TAM) Market Growth, 2030, finds that total airport management (TAM) aims to address multiple challenges faced by airports across various operational categories, including passenger processing, airside operations, safety and security, facilities management, and landside operations. TAM supports data-driven decision-making, holistic KPI (key performance indicator) management, and integration of various operations by interlinking processes and systems across the airport. Despite being a niche concept, the TAM market is expected to more than double and reach $1.20 billion by 2030 from $576.4 million in 2020. TAM will be especially attractive to Tier I airports at large metros and international hub airports as they have extremely high passenger and baggage throughput.

For further information on this analysis, please visit: http://frost.ly/59t

"The growing need to increase passenger and baggage throughput coupled with airports constantly working toward offering an enhanced passenger experience makes it imperative for airports to embrace TAM," said Shantanu Gangakhedkar, Aerospace & Defense Consultant at Frost & Sullivan. "TAM enhances airport operations management by integrating processes across the value chain of the airport while increasing the accountability of stakeholders and providing real-time visibility into processes, leading to increased efficiency and effectiveness across the airport.

Gangakhedkar added: "Upgradation activities undertaken by airports, the growing need for safety and security, the rising demand for reduced turnaround time, and airports' desire to offer an enhanced passenger experience to improve aero and non-aero revenues will propel airports' decisions to deploy TAM. The increased use of contactless biometrics, connected infrastructure, Big Data, artificial intelligence (AI), 5G, and automation will be the core technologies to take TAM concept forward."

For further growth opportunities, market participants should leverage the following trends in the digital transformation of airports:

• Acceptance of collaboration platforms: These platforms offer real-time information exchanges and promote collaboration among stakeholders while also reducing silos.

• Penetration of AI and Big Data: These new technologies can predict issues and bottlenecks; delays can be avoided through proactive planning.

• Optimization of Airside Operations: Resource allocation can be optimized by using location-based services and other tracking and monitoring tools, including RFID (radio frequency identification) personal handheld devices.

• Increase in Biometrics Usage: Airports worldwide, especially Tier I airports, are increasingly looking at biometrics deployment to enhance passenger flow and reduce human intervention.

• Focus on Non-aero Revenue: Airports aim to create more avenues to earn higher non-aero revenue while offering a better passenger experience that will lead to augmented spending.

Data Integration to Drive Global Total Airport Management (TAM) Market Growth, 2030 is part of Frost & Sullivan's Global Aerospace & Defense Growth Partnership Service program.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion

Data Integration to Drive Global Total Airport Management (TAM) Market Growth, 2030

K52A-22

Contact:
Srihari Daivanayagam, Corporate Communications
M: +91 9742676194; P: +91 44 6681 4412
E: srihari.daivanayagam@frost.com
http://ww2.frost.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/total-airport-management-to-enhance-airport-operations-across-the-value-chain-frost–sullivan-301233498.html

SOURCE Frost & Sullivan

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2021/23/c6817.html

Individual and institutional investors as well as advisors are invited to log-on to VirtualInvestorConferences.com to view presentations

NEW YORK, Feb. 22, 2021 /CNW/ – Virtual Investor Conferences, the leading proprietary investor conference series and co-sponsor Amvest Capital, today announced that the presentations from the February Metals & Mining Virtual lnvestor Conference are now available for on-demand viewing.

REGISTER OR LOGIN NOW TO VIEW THE PRESENTATIONS: https://bit.ly/3siwpUf

The company presentations will be available 24/7 for 90 days. Investors, advisors and analysts may download shareholder materials from the "virtual trade booth" for the next three weeks.

Participating Companies:

To facilitate investor relations scheduling, for more information about the program and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors. A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.

SOURCE VirtualInvestorConferences.com

View original content: http://www.newswire.ca/en/releases/archive/February2021/22/c7069.html

We can readily understand why investors are attracted to unprofitable companies. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But the harsh reality is that very many loss making companies burn through all their cash and go bankrupt.

Given this risk, we thought we'd take a look at whether Mincor Resources (ASX:MCR) shareholders should be worried about its cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.

See our latest analysis for Mincor Resources

Does Mincor Resources Have A Long Cash Runway?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. As at December 2020, Mincor Resources had cash of AU$92m and no debt. In the last year, its cash burn was AU$22m. That means it had a cash runway of about 4.2 years as of December 2020. Notably, however, analysts think that Mincor Resources will break even (at a free cash flow level) before then. In that case, it may never reach the end of its cash runway. Depicted below, you can see how its cash holdings have changed over time.

How Is Mincor Resources' Cash Burn Changing Over Time?

Whilst it's great to see that Mincor Resources has already begun generating revenue from operations, last year it only produced AU$139k, so we don't think it is generating significant revenue, at this point. Therefore, for the purposes of this analysis we'll focus on how the cash burn is tracking. During the last twelve months, its cash burn actually ramped up 93%. While this spending increase is no doubt intended to drive growth, if the trend continues the company's cash runway will shrink very quickly. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.

Can Mincor Resources Raise More Cash Easily?

Given its cash burn trajectory, Mincor Resources shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Commonly, a business will sell new shares in itself to raise cash and drive growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).

Mincor Resources has a market capitalisation of AU$445m and burnt through AU$22m last year, which is 5.0% of the company's market value. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.

Is Mincor Resources' Cash Burn A Worry?

It may already be apparent to you that we're relatively comfortable with the way Mincor Resources is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. Although we do find its increasing cash burn to be a bit of a negative, once we consider the other metrics mentioned in this article together, the overall picture is one we are comfortable with. It's clearly very positive to see that analysts are forecasting the company will break even fairly soon. After considering a range of factors in this article, we're pretty relaxed about its cash burn, since the company seems to be in a good position to continue to fund its growth. Taking a deeper dive, we've spotted 2 warning signs for Mincor Resources you should be aware of, and 1 of them doesn't sit too well with us.

Of course Mincor Resources may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

VANCOUVER, BC / ACCESSWIRE / February 22, 2021 / GGL Resources Corp. (TSXV:GGL) ("GGL" or the "Company") is pleased to announce that it has commenced a 3,000 m reverse circulation drill program at its past-producing Gold Point mesothermal gold/silver project, located in the Walker Lane Trend, southwestern Nevada.

The current exploration program will include 3,000 m of reverse circulation drilling in up to 18 holes, excavator trenching, soil and tailings sampling, mapping, and prospecting. The drill holes are primarily designed to test near historical production in the Great Western Mine and along strike of the known vein system, as well as to evaluate potential for other mineralized structures that parallel the known veins. Sampling of the existing Great Western Mine underground workings was completed in December 2020. The Company will release results of this sampling program once they have been received and reviewed.

Four drill holes will test adjacent to mineralization known to exist on the 200' level and 500' level where historical sampling done in the 1980s reportedly returned assays of 1.449 opt (49.68 g/t) gold and 0.906 opt (31.06 g/t) gold. The remaining 14 drill holes will systematically step out to the east and west of the known mineralization, in areas that have not been tested by historical underground drifting.

GGL has not found any record of historical drilling from surface at Gold Point, indicating most of the area is yet unevaluated.

Tailings

During GGL's 2020 surface exploration program, samples were collected from historical tailings storage facilities to determine if potentially economical gold and silver remain. Samples collected from the main tailings storage area returned 0.286 g/t gold to 3.62 g/t gold (averaging 1.04 g/t gold), with samples collected from the secondary storage area ranging from 1.645 g/t gold to 27.4 g/t gold (averaging 2.62 g/t gold excluding the highest grade sample). Preliminary cyanidation tests suggest that much of the gold is potentially recoverable by this technique.

Records indicate the tailings storage facilities were established in the 1930s or earlier. They cover an area of approximately 23,000 m² and range from 0.4 m to 2.0 m in thickness.

Systematic auger sampling of the tailings will be conducted during the current exploration program. Samples will be collected from top to bottom of holes in all parts of the tailings storage facility. This sampling will be used to better characterize the overall tonnage and grade of the tailings, so that the total metal content and potential recovery can be determined.

About Gold Point

The Gold Point project is accessible via highway 774 and serviced by electricity. It hosts a camp-scale precious metal system that consists of numerous gold and silver rich quartz veins. These high-grade veins are typically 1 to 2 m in width and locally up to 7 m wide. Two veins (Orleans and Great Western) were intermittently mined from the 1880s through to the early 1960s. Existing underground workings are mostly open and are dry to approximately 275 m below surface on the Orleans Vein (1020 ft level) and 240 m on the Great Western Vein, (960 ft level). Historical records indicate that the mines had high cut-off grades (about 10 g/t gold), suggesting that well mineralized areas likely remain in un-mined portions of the developed workings. This assumption is further supported by a report that describes 35 historical samples collected post-mining across the Orleans Vein from the 960 ft to 1020 ft levels, which averaged 0.389 opt (13.3 g/t) gold including a vein on the 1000 ft level that returned 7.97 opt (273.2 g/t) gold over 0.5 m. Additionally, 21 samples from the 600 ft to 1020 ft levels reportedly averaged 0.314 opt (10.77 g/t) gold. Historical records indicate that approximately 74,000 ounces were produced from the Orleans and Great Western Mines, with recoveries of 92% to 98% for gold through cyanidation.

All of GGL's analyses were performed by ALS Minerals in Reno, Nevada. All samples were routinely analyzed for gold by a 50 g fire assay followed by atomic absorption (Au-AA24 or Au-AA26) and 48 elements by inductively coupled plasma-mass spectrometry (ME-MS61).

Technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purposes of National Instrument 43-101.

About GGL Resources Corp.

GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The Company has recently acquired an option on the Gold Point project in the prolific Walker Lane Trend, Nevada, which consolidated several gold-silver veins, two of which were past producing high-grade mines. The Company also holds the McConnell gold-copper project located 22 kilometers southeast of the Kemess Mine in north-central BC, and promising diamond exploration projects in Nunavut and the Lac de Gras diamond district of the Northwest Territories. Lac de Gras is home to Canada's first two diamond mines, the world class Diavik and Ekati mines discovered in the 1990s. GGL also holds diamond royalties on mineral leases in close proximity to the Gahcho Kué diamond mine in the Northwest Territories.

ON BEHALF OF THE BOARD

"David Kelsch"
David Kelsch

President, COO and Director

For further information concerning GGL Resources Corp. or its various exploration projects please visit our website at www.gglresourcescorp.com or contact:

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.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

SOURCE: GGL Resources Corp.

View source version on accesswire.com:
https://www.accesswire.com/630816/GGL-Resources-Corp-Commences-Drilling-at-Gold-Point-Nevada

PHILADELPHIA, PA, Feb. 22, 2021 (GLOBE NEWSWIRE) — FTAC Athena Acquisition Corp. (NASDAQ:FTAAU) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more technology and financial services technology companies, today announced the pricing of its initial public offering of 22,000,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $220,000,000. The Company's units will be listed on the Nasdaq Capital Market under the symbol "FTAAU" and will begin trading on February 23, 2021. Each unit issued in the offering consists of one Class A ordinary share of the Company and one-fourth of one warrant, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on NASDAQ under the symbols “FTAA” and “FTAAW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The closing of the offering is anticipated to take place on or about February 25, 2021, subject to customary closing conditions.

Cantor Fitzgerald & Co. is serving as the sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission on February 22, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York 10022, email: prospectus@cantor.com. Copies of the registration statement can be accessed for free through the SEC's website at www.sec.gov.

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that such offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Amanda Abrams
amanda@ftspac.com
(215) 701-9693

Novo Integrated Sciences, Inc. (OTCQB: NVOSD) (OTCQB: NVOS) ("Novo Integrated Sciences" or the "Company"), a U.S.-based provider of multi-dimensional primary care services in Canada, announced today that the Company has completed all necessary regulatory steps and been approved to uplist to The Nasdaq Capital Market. The ticker symbol will remain unchanged, as "NVOS," and the stock will begin trading on The Nasdaq Capital Market on February 23, 2021.

Robert Mattacchione, the Company’s CEO and Board Chairman, stated, "I am pleased to announce that the Company has been approved to commence trading on The Nasdaq Capital Market. This represents an important milestone for Novo Integrated Sciences. I want to thank our employees for their hard work and perseverance in support of this great accomplishment, and concurrently, our shareholders for their patience and interest regarding the Company. The uplist to The Nasdaq Capital Market creates the opportunity for the Company to have more visibility from a much broader pool of investors and, in turn, increased liquidity. Accordingly, we are now even more enthusiastic about Novo Integrated Sciences’ significant future growth potential. At the same time, we recognize that this growth potential will only be realized by continued adherence to our core values and successfully implementing our strategic plan through unwavering persistence, passion, and discipline."

Maxim Group LLC and Anthony L.G., PLLC are acting as financial advisor and legal counsel, respectively, to Novo Integrated Sciences in connection with the uplist to The Nasdaq Capital Market.

About Novo Integrated Sciences, Inc.

Novo Integrated Sciences, Inc. is a U.S. based corporation which owns Canadian and U.S. subsidiaries that deliver, or intend to deliver, multidisciplinary primary care related services and products through the integration of medical technology, advanced therapeutics and rehabilitative science.

Currently, the Company’s revenue is generated solely through its wholly owned Canadian subsidiary, Novo Healthnet Limited ("NHL"), which provides services and products through both clinic and eldercare related operations.

NHL’s team of multidisciplinary primary health care clinicians and practitioners provide assessment, diagnosis, treatment, pain management, rehabilitation, education and primary prevention for a wide array of orthopedic, musculoskeletal, sports injury, and neurological conditions across various demographics including pediatric, adult, and geriatric populations through NHL’s corporate-owned clinics, a contracted network of affiliate clinics, and eldercare related long-term care homes, retirement homes, and community-based locations in Canada.

Additionally, we continue to expand our patient care philosophy of maintaining an on-going continuous connection with our patient community, beyond the traditional confines of brick-and-mortar facilities, by extending oversight of patient diagnosis, care and monitoring, directly through various Medical Technology Platforms, either in-use or under development.

For more information concerning Novo Integrated Sciences, please visit www.novointegrated.com. For more information on NHL, please visit www.novohealthnet.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in Novo Integrated Sciences’ filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond Novo Integrated Sciences’ control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Novo Integrated Sciences’ current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Novo Integrated Sciences assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005782/en/

Contacts

Chris David, President
Novo Integrated Sciences, Inc.
chris.david@novointegrated.com
(206) 617-9797

What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. So on that note, Archon Minerals (CVE:ACS) looks quite promising in regards to its trends of return on capital.

What is Return On Capital Employed (ROCE)?

For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. The formula for this calculation on Archon Minerals is:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets – Current Liabilities)

0.00063 = CA$35k ÷ (CA$65m – CA$11m) (Based on the trailing twelve months to November 2020).

Therefore, Archon Minerals has an ROCE of 0.06%. Even though it's in line with the industry average of 0.4%, it's still a low return by itself.

View our latest analysis for Archon Minerals

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Archon Minerals has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.

What Does the ROCE Trend For Archon Minerals Tell Us?

It's great to see that Archon Minerals has started to generate some pre-tax earnings from prior investments. Historically the company was generating losses but as we can see from the latest figures referenced above, they're now earning 0.06% on their capital employed. Additionally, the business is utilizing 26% less capital than it was five years ago, and taken at face value, that can mean the company needs less funds at work to get a return. Archon Minerals could be selling under-performing assets since the ROCE is improving.

For the record though, there was a noticeable increase in the company's current liabilities over the period, so we would attribute some of the ROCE growth to that. Effectively this means that suppliers or short-term creditors are now funding 16% of the business, which is more than it was five years ago. It's worth keeping an eye on this because as the percentage of current liabilities to total assets increases, some aspects of risk also increase.

The Bottom Line On Archon Minerals' ROCE

From what we've seen above, Archon Minerals has managed to increase it's returns on capital all the while reducing it's capital base. And since the stock has dived 85% over the last five years, there may be other factors affecting the company's prospects. Regardless, we think the underlying fundamentals warrant this stock for further investigation.

If you want to know some of the risks facing Archon Minerals we've found 4 warning signs (3 shouldn't be ignored!) that you should be aware of before investing here.

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.

So, the natural question for AuMake (ASX:AUK) shareholders is whether they should be concerned by its rate of cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

See our latest analysis for AuMake

How Long Is AuMake's Cash Runway?

You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. As at December 2020, AuMake had cash of AU$9.0m and such minimal debt that we can ignore it for the purposes of this analysis. Importantly, its cash burn was AU$13m over the trailing twelve months. So it had a cash runway of approximately 9 months from December 2020. That's quite a short cash runway, indicating the company must either reduce its annual cash burn or replenish its cash. The image below shows how its cash balance has been changing over the last few years.

Is AuMake's Revenue Growing?

We're hesitant to extrapolate on the recent trend to assess its cash burn, because AuMake actually had positive free cash flow last year, so operating revenue growth is probably our best bet to measure, right now. The harsh truth is that operating revenue dropped 67% in the last year, which is quite problematic for a cash burning company. Of course, we've only taken a quick look at the stock's growth metrics, here. You can take a look at how AuMake has developed its business over time by checking this visualization of its revenue and earnings history.

How Easily Can AuMake Raise Cash?

Given its problematic fall in revenue, AuMake shareholders should consider how the company could fund its growth, if it turns out it needs more cash. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Commonly, a business will sell new shares in itself to raise cash and drive growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).

Since it has a market capitalisation of AU$26m, AuMake's AU$13m in cash burn equates to about 48% of its market value. From this perspective, it seems that the company spent a huge amount relative to its market value, and we'd be very wary of a painful capital raising.

How Risky Is AuMake's Cash Burn Situation?

We must admit that we don't think AuMake is in a very strong position, when it comes to its cash burn. While its cash runway wasn't too bad, its falling revenue does leave us rather nervous. After considering the data discussed in this article, we don't have a lot of confidence that its cash burn rate is prudent, as it seems like it might need more cash soon. Taking a deeper dive, we've spotted 5 warning signs for AuMake you should be aware of, and 2 of them are a bit unpleasant.

Of course AuMake may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be intrigued to know that Hargreaves Services Plc (LON:HSP) is about to go ex-dividend in just three days. You can purchase shares before the 25th of February in order to receive the dividend, which the company will pay on the 6th of April.

Hargreaves Services's upcoming dividend is UK£0.027 a share, following on from the last 12 months, when the company distributed a total of UK£0.054 per share to shareholders. Based on the last year's worth of payments, Hargreaves Services has a trailing yield of 1.7% on the current stock price of £3.18. Dividends are an important source of income to many shareholders, but the health of the business is crucial to maintaining those dividends. We need to see whether the dividend is covered by earnings and if it's growing.

View our latest analysis for Hargreaves Services

If a company pays out more in dividends than it earned, then the dividend might become unsustainable – hardly an ideal situation. Last year, Hargreaves Services paid out 223% of its profit to shareholders in the form of dividends. This is not sustainable behaviour and requires a closer look on behalf of the purchaser. A useful secondary check can be to evaluate whether Hargreaves Services generated enough free cash flow to afford its dividend. It paid out 10% of its free cash flow as dividends last year, which is conservatively low.

It's good to see that while Hargreaves Services's dividends were not covered by profits, at least they are affordable from a cash perspective. If executives were to continue paying more in dividends than the company reported in profits, we'd view this as a warning sign. Extraordinarily few companies are capable of persistently paying a dividend that is greater than their profits.

Click here to see the company's payout ratio, plus analyst estimates of its future dividends.

Have Earnings And Dividends Been Growing?

Companies with falling earnings are riskier for dividend shareholders. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. Hargreaves Services's earnings per share have plummeted approximately 45% a year over the previous five years.

Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. Hargreaves Services's dividend payments per share have declined at 8.8% per year on average over the past 10 years, which is uninspiring. While it's not great that earnings and dividends per share have fallen in recent years, we're encouraged by the fact that management has trimmed the dividend rather than risk over-committing the company in a risky attempt to maintain yields to shareholders.

Final Takeaway

Should investors buy Hargreaves Services for the upcoming dividend? It's not a great combination to see a company with earnings in decline and paying out 223% of its profits, which could imply the dividend may be at risk of being cut in the future. However, the cash payout ratio was much lower – good news from a dividend perspective – which makes us wonder why there is such a mis-match between income and cashflow. It's not that we think Hargreaves Services is a bad company, but these characteristics don't generally lead to outstanding dividend performance.

So if you're still interested in Hargreaves Services despite it's poor dividend qualities, you should be well informed on some of the risks facing this stock. Every company has risks, and we've spotted 3 warning signs for Hargreaves Services you should know about.

A common investment mistake is buying the first interesting stock you see. Here you can find a list of promising dividend stocks with a greater than 2% yield and an upcoming dividend.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Investors in Petra Diamonds Limited (LON:PDL) had a good week, as its shares rose 5.9% to close at UK£0.018 following the release of its interim results. Although revenues of US$178m were in line with analyst expectations, Petra Diamonds surprised on the earnings front, with an unexpected (statutory) profit of US$0.063 per share a nice improvement on the losses that the analystsforecast. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.

View our latest analysis for Petra Diamonds

Taking into account the latest results, the consensus forecast from Petra Diamonds' six analysts is for revenues of US$410.0m in 2021, which would reflect a huge 46% improvement in sales compared to the last 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 73% to US$0.04. Yet prior to the latest earnings, the analysts had been forecasting revenues of US$410.0m and losses of US$0.04 per share in 2021.

The average price target fell 6.0% to US$0.048, with the ongoing losses seemingly a concern for the analysts, despite the lack of real change to the earnings forecasts. The consensus price target is just an average of individual analyst targets, so – it could be handy to see how wide the range of underlying estimates is. There are some variant perceptions on Petra Diamonds, with the most bullish analyst valuing it at US$0.098 and the most bearish at US$0.0093 per share. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. As a result it might not be a great idea to make decisions based on the consensus price target, which is after all just an average of this wide range of estimates.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Petra Diamonds' past performance and to peers in the same industry. One thing stands out from these estimates, which is that Petra Diamonds is forecast to grow faster in the future than it has in the past, with revenues expected to grow 46%. If achieved, this would be a much better result than the 3.8% annual decline over the past five years. Compare this against analyst estimates for the wider industry, which suggest that (in aggregate) industry revenues are expected to grow 2.7% next year. So it looks like Petra Diamonds is expected to grow faster than its competitors, at least for a while.

The Bottom Line

The most important thing to take away is that the analysts reconfirmed their loss per share estimates for next year. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have estimates – from multiple Petra Diamonds analysts – going out to 2024, and you can see them free on our platform here.

We don't want to rain on the parade too much, but we did also find 2 warning signs for Petra Diamonds that you need to be mindful of.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Stewart, British Columbia–(Newsfile Corp. – February 18, 2021) – Decade Resources Ltd (TSXV: DEC) ("Decade" or the Company) announces that it has received check assays for the first 2 drill holes on the Del Norte property. Results were first announced in a February 11 2021 press release based on ICP results. Results for silver from the re-check fire assaying show appreciable enhancement of values versus the initial ICP results. Based on the enhanced silver results, the Company is re-issuing the results from the intersections. For DDH DN20-01 check assays indicate an increase from 386 g/t Ag eq to 1078 g/t Ag eq in the Kosciuszko zone. Results of check assays for DDH DN20-02 confirm the initial results. A table showing the check assay results are shown as follows:

Analytical values have been rounded.

*Silver-equivalent values for gold and silver only (no base metals), calculated assuming 100% metal recovery. Assumptions: US$25/oz silver, US$1800/oz gold: 1:72 ratio.

The Company is presently check assaying any enhanced ICP silver values using fire assay methods. Once check results are obtained, the Company will report them.

A map showing the various silver rich zones in the central portion of the Del Norte property has been included. The objective of the past years exploration program was to confirm past results, expand the area of mineralization and follow up on some previous geological interpretations.

Ed Kruchkowski, President of the Company comments, "The Company was very successful in not only confirming previous results but outlining numerous silver rich areas for further exploration. The property has numerous different mineralization styles and the Company focused on the silver bearing veins and breccias. At the start of the program there were 2 main silver bearing trends outlined and at the conclusion of 2020 exploration, the Company had defined 6 different systems. The zones show great continuity and grades over long distances. At the start of this year's exploration, historic drilling had indicated a possible wide zone of mineralization based on the Company's interpretation, that was named the Argo zone. It does not outcrop and is at depth just to the west of the LG vein. Shallow holes did not intersect this zone but the deeper holes were successful in confirming the zone as well as indicating the presence of appreciable mineralization. Work in 2021 will aim at expanding the area of this deeper mineralization as well as testing new zones."

Analysis were performed by Activation Laboratories Ltd in Kamloops BC.

Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101 is responsible for the contents of this release. E. Kruchkowski is not independent of Decade as he is the president of the Company.

Decade Resources Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Decade holds numerous properties at various stages of development and exploration from basic grass roots to advanced ones. Its properties and projects are all located in the "Golden Triangle" area of northern British Columbia. For a complete listing of the Company assets and developments, visit the Company website at www.decaderesources.ca which is presently being updated. For investor information please call 250-636-2264 or Gary Assaly at 604-377-7969.

ON BEHALF OF THE BOARD OF DECADE RESOURCES LTD.

"Ed Kruchkowski"
Ed Kruchkowski, President

"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."

"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

Del Norte Project

To view an enhanced version of this map, please visit:
https://orders.newsfilecorp.com/files/3615/74811_decadefigure1.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74811

With the business potentially at an important milestone, we thought we'd take a closer look at Petra Diamonds Limited's (LON:PDL) future prospects. Petra Diamonds Limited engages in the mining, exploration, processing, sorting, and sale of rough diamonds in South Africa and Tanzania. The UK£15m market-cap company posted a loss in its most recent financial year of US$190m and a latest trailing-twelve-month loss of US$127m shrinking the gap between loss and breakeven. The most pressing concern for investors is Petra Diamonds' path to profitability – when will it breakeven? Below we will provide a high-level summary of the industry analysts’ expectations for the company.

View our latest analysis for Petra Diamonds

According to the 6 industry analysts covering Petra Diamonds, the consensus is that breakeven is near. They anticipate the company to incur a final loss in 2022, before generating positive profits of US$33m in 2023. Therefore, the company is expected to breakeven roughly 2 years from now. What rate will the company have to grow year-on-year in order to breakeven on this date? Using a line of best fit, we calculated an average annual growth rate of 77%, which signals high confidence from analysts. Should the business grow at a slower rate, it will become profitable at a later date than expected.

Underlying developments driving Petra Diamonds' growth isn’t the focus of this broad overview, but, take into account that generally a metal and mining business has lumpy cash flows which are contingent on the natural resource mined and stage at which the company is operating. This means that a high growth rate is not unusual, especially if the company is currently in an investment period.

One thing we would like to bring into light with Petra Diamonds is its debt-to-equity ratio of over 2x. Typically, debt shouldn’t exceed 40% of your equity, and the company has considerably exceeded this. A higher level of debt requires more stringent capital management which increases the risk in investing in the loss-making company.

Next Steps:

There are key fundamentals of Petra Diamonds which are not covered in this article, but we must stress again that this is merely a basic overview. For a more comprehensive look at Petra Diamonds, take a look at Petra Diamonds' company page on Simply Wall St. We've also compiled a list of key aspects you should look at:

1. Valuation: What is Petra Diamonds worth today? Has the future growth potential already been factored into the price? The intrinsic value infographic in our free research report helps visualize whether Petra Diamonds is currently mispriced by the market.

2. Management Team: An experienced management team on the helm increases our confidence in the business – take a look at who sits on Petra Diamonds’s board and the CEO’s background.

3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) — Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”) announces that it has entered into an amalgamation agreement dated February 17, 2021 (the “Amalgamation Agreement”) with Ranchero Gold Corp. (“Ranchero”) and 1274169 B.C. Ltd. (“Subco”), a wholly-owned subsidiary of the Company, pursuant to which the Company proposes to acquire all of the issued and outstanding securities of Ranchero by way of a three-cornered amalgamation (the “Transaction”), as more particularly described in the Company’s news release dated November 2, 2020.

Under the terms of the Amalgamation Agreement, Ranchero will amalgamate with Subco, and the Company will acquire all of the outstanding common shares of Ranchero in exchange for post-consolidation common shares of Melior (the “Resulting Issuer Shares”) on the basis of one Resulting Issuer Share for one common share of Ranchero. The completion of the Transaction is subject to a number of conditions precedent, as described in the news release of the Company dated November 2, 2020.

As announced in the press release of the Company dated November 2, 2020, it is anticipated that prior to the closing of the Transaction Pala Investments Limited (“Pala”) will convert a material portion of the outstanding indebtedness owing by the Company to Pala into common shares of the Company and forgive or assign any remaining indebtedness. It is a condition to the closing of the Transaction that the Company is released from all liabilities associated with its indebtedness to Pala.

Subsequent to the conversion of Pala’s existing indebtedness and prior to the completion of the Transaction, Melior intends to consolidate its common shares (the “Consolidation”) on the basis of approximately 32.6764 pre-consolidation common shares for one post-consolidation common share of Melior. In accordance with the policies of the TSX Venture Exchange (the “TSXV”), Melior intends to obtain the written consent of shareholders of Melior holding greater than 50% of the issued and outstanding common shares of Melior to the Consolidation.

It is also anticipated that the Company will change its name to “Ranchero Gold Corp.” upon the completion of the Transaction. The name of the amalgamated entity will be “Ranchero BC Holding Corp.”, or such other name determined by Ranchero, and it will continue to subsist under the Business Corporations Act (British Columbia).

Ranchero intends to complete a private placement (the “Concurrent Financing”) of subscription receipts of Ranchero (each, a “Subscription Receipt”) prior to the completion of the Transaction at a purchase price of $0.55 per Subscription Receipt for aggregate gross proceeds of up to $5,000,000, subject to an over-allotment option exercisable by Haywood Securities Inc. for an additional $1,000,000 of Subscription Receipts at any time up to 48 hours prior to the closing date of the Concurrent Financing, as more particularly described in the news release of the Company dated November 2, 2020.

It is currently anticipated that the Transaction will close late March or early April of 2021.

The Transaction will constitute an arm’s length reverse take-over pursuant to the policies of the TSXV, and following the Transaction, it is anticipated that the Company will be a Tier 2 Mining Issuer on the TSXV. Trading in the Company’s shares is currently halted. The Company’s shares will commence trading on closing of the Transaction, or earlier if permitted by the TSXV.

Ranchero Gold Corp.

Ranchero owns the Santa Daniela concession package in the heart of the Sierra Madre Occidental gold district of Sonora Mexico. Exploration work by previous operators on this 22,267 hectare property has identified a number of new prospects, chief among them is Maíz Azul. Previous drilling at the Maíz Azul prospect intercepted significant gold mineralization including 37 meters of 1.56 g Au/t. Additionally, field mapping and sampling by Ranchero in 2020 has identified three principal near-term drill targets.

Ranchero has all necessary drill permits and land access agreements in hand. Drill roads and pads have been constructed. Drilling will begin shortly after completion of the Transaction and Concurrent Financing.

Qualified Person

The technical information and data in this news release was reviewed by William Pincus C.P.G., a Qualified Person for purposes of National Instrument 43-101.

On behalf of the board of directors of the Company:

Martyn Buttenshaw
Chief Executive Officer

For further information, please contact:

Martyn Buttenshaw
Chief Executive Officer – Melior Resources Inc.
+41 41 560 9070
info@meliorresources.com

Bill Pincus
Chief Executive Officer – Ranchero
+1 303 589 3734
bill@pincinc.net

This news release does not constitute an offer to sell and is not a solicitation of an offer to buy any securities in the United States. The securities of the Company and Ranchero have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws unless pursuant to an exemption from such registration.

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and shareholder approval of the Transaction. The Transaction cannot close until all necessary shareholder approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news 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.

Cautionary Note Regarding Forward Looking Statements

This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or does not expect”, “is expected”, anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements contained in this news release may include, but are not limited to, the terms, structure and completion of the Transaction, the terms and completion of the Concurrent Financing and the settlement of the indebtedness owing to Pala.

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological risks, risks associated with the effects of the COVID-19 virus, the financial markets generally, the satisfaction or waiver of the conditions precedent to the Transaction, the ability of Ranchero to complete the Concurrent Financing, and the ability of the Company to complete the Transaction and obtain requisite TSXV acceptance and shareholder approvals. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipate in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Technical report

Technical report

TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) — Stroud Resources Ltd. (TSXV-SDR) (“Stroud” or the “Company”) is pleased to announce that its drilling permit application has been approved by the Mexican Mining Authority for its Santo Domingo Silver Property (“Santo Domingo” or the “Property”), located in Hostotipaquillo Region of Jalisco, Mexico.

The Company expects to start drilling the week of March 1, 2021.

The Drilling Permit covers 13 drill pad locations encompassing 50 planned drill holes across the Property. The first phase of the drilling program will see 12 drill holes completed on three of the drill sites. These are expected to confirm our geological and mineral resource modelling of the Property. Geological modelling of Santo Domingo had identified additional mineralized zones running parallel to the previously announced Mineral Resource Estimate. (see Company news release dated November 20, 2017).

The current planned drilling program will also reach deeper into the hillside to sample the vein mineralization beyond where historical Spanish miners were active. It is our expectation that the grades of silver and gold in these zones should be higher as they have never been accessed. A second phase of drilling is also planned which will use the remaining drill sites to expand the mineral resources by drilling an additional 38 holes. The Company expects to prepare a new National Instrument 43-101 (“NI 43-101”) Technical Report and a Preliminary Economic Assessment (“PEA”) following the drill programs.

Should the initial Phase 1drill holes confirm the expected mineralization on the Property, the Company anticipates starting the second drill program in Q2 2021.

The Company had issued an NI 43-101 Mineral Resource Estimate and Technical Report on the Santo Domingo Property on November 20, 2017. This report is available online at SEDAR and on the Company’s website.

Highlights from the technical report include:

• Measured and Indicated Mineral Resources increased to 25.74M silver equivalent ounces from 15.05M.

• Inferred Mineral Resources increased to 13.39M silver equivalent ounces from 10.68M.

• La Rayas vein indicates a mineralized zone that is 35 metres wide by 300 metres down dip and over 700 metres along strike.

• Guadalupe vein is typically 15 to 30 metres wide.

• Five additional veins have been identified which are part of the new drilling program, deeper into the hillside.

The Report confirms Measured and Indicated, and Inferred Mineral Resources as set out in the table below:

A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee2b7f30-8181-40b4-a326-c1e2c9572af7

Cut-off grade was 45 grams per tonne silver equivalent over a three metre true width and a gold-silver ratio of 72:1 Continuity of mineralization was established by drilling on 50 metre centres, and using a specific gravity of 2.65

The Santo Domingo Property is located in the Hostotipaquillo region of Jalisco, which is steeped in a rich mining history. The Property falls directly along structure at the Santo Domingo Vein system and is representative of a host of old mining operations that are spread throughout the region.

Original workings of the Spanish dot the landscape throughout the Hostotipaquillo region, with numerous old workings, tunnels and adits found on the Santo Domingo Silver Property. These reach to a depth of 80 – 100 metres as the 16^th century Spanish miners were limited by their technology. Investigation of these mine workings confirms how the adits were simply followed to only take the central high-grade ore. Historical reporting from around the region details the nature of the vein exposures. The early reporting suggests that mine cut off grades were in the order of 1 kilogram per tonne silver.

Stroud’s exploration of the two main mineralized zones has drilled through many of the workings. These zones; La Rayas and Guadalupe, are a series of banded to breccia style epithermal quartz carbonate vein systems represented with miargyrite, galena, sphalerite, argentite and native silver and gold. La Rayas is 30 to 35 metres wide and Guadalupe is 15 to 30 metres wide. Both are parallel structures with greater than a 700-metre strike length and about 300 metre depth.

Stroud has drilled 44 holes on these two mineralized zones, with every hole encountering mineralization, which make up the existing 39M silver equivalent ounce mineral resource. The La Rayas and Guadalupe zones are within 150 meters of surface, and every indication suggests open pit capability for mining the ore.

The Property has not been explored very much beyond 100 metres from surface. Investigation of the old Spanish workings on the Property have pointed toward the presence of five additional mineralized zones running parallel to La Rayas and Guadalupe, deeper into the hillside. The Qualifying Technical report summarizes the drilling over the La Rayas and the Guadalupe zones, which are close to surface and were heavily mined by the Spanish miners.

Stroud management is excited by the new drilling program designed to explore beyond what the Spanish miners were able to reach. The program is designed to confirm the presence of the additional veins and verify the higher grades we anticipate are there.

Dr. Derek McBride, P. Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

Neither 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 news release.

About Stroud Resources Ltd.
Stroud Resources is a TSXV listed company focused on the exploration and development of its Santo Domingo epithermal silver-gold project in central Mexico.

For more information, please visit www.stroudsilver.com or contact Mirsad Jakubovic, Chief Financial Officer, Stroud Resources Ltd., Tel: (416) 888-8731, mirsad@cpamba.ca

Peninsula Energy Limited (ASX:PEN) shareholders will doubtless be very grateful to see the share price up 111% in the last quarter. But will that heal all the wounds inflicted over 5 years of declines? Unlikely. Indeed, the share price is down a whopping 82% in that time. The recent bounce might mean the long decline is over, but we are not confident. The million dollar question is whether the company can justify a long term recovery.

We really hope anyone holding through that price crash has a diversified portfolio. Even when you lose money, you don't have to lose the lesson.

See our latest analysis for Peninsula Energy

Peninsula Energy wasn't profitable in the last twelve months, it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). Arguably revenue is our next best option. Generally speaking, companies without profits are expected to grow revenue every year, and at a good clip. That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit.

Over five years, Peninsula Energy grew its revenue at 2.8% per year. That's not a very high growth rate considering it doesn't make profits. It's not so sure that share price crash of 13% per year is completely deserved, but the market is doubtless disappointed. We'd be pretty cautious about this one, although the sell-off may be too severe. A company like this generally needs to produce profits before it can find favour with new investors.

The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).

If you are thinking of buying or selling Peninsula Energy stock, you should check out this FREE detailed report on its balance sheet.

What about the Total Shareholder Return (TSR)?

Investors should note that there's a difference between Peninsula Energy's total shareholder return (TSR) and its share price change, which we've covered above. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Peninsula Energy hasn't been paying dividends, but its TSR of -78% exceeds its share price return of -82%, implying it has either spun-off a business, or raised capital at a discount; thereby providing additional value to shareholders.

A Different Perspective

Peninsula Energy provided a TSR of 2.8% over the year. That's fairly close to the broader market return. To take a positive view, the gain is pleasing, and it sure beats annualized TSR loss of 12%, which was endured over half a decade. We're pretty skeptical of turnaround stories, but it's good to see the recent share price recovery. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Take risks, for example – Peninsula Energy has 3 warning signs (and 1 which is significant) we think you should know about.

For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on AU exchanges.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

The big shareholder groups in Metals X Limited (ASX:MLX) have power over the company. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. We also tend to see lower insider ownership in companies that were previously publicly owned.

Metals X is not a large company by global standards. It has a market capitalization of AU$159m, which means it wouldn't have the attention of many institutional investors. Taking a look at our data on the ownership groups (below), it seems that institutional investors have bought into the company. Let's delve deeper into each type of owner, to discover more about Metals X.

View our latest analysis for Metals X

What Does The Institutional Ownership Tell Us About Metals X?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

Metals X already has institutions on the share registry. Indeed, they own a respectable stake in the company. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Metals X, (below). Of course, keep in mind that there are other factors to consider, too.

Our data indicates that hedge funds own 21% of Metals X. That's interesting, because hedge funds can be quite active and activist. Many look for medium term catalysts that will drive the share price higher. APAC Resources Limited is currently the company's largest shareholder with 14% of shares outstanding. For context, the second largest shareholder holds about 11% of the shares outstanding, followed by an ownership of 10% by the third-largest shareholder.

On further inspection, we found that more than half the company's shares are owned by the top 6 shareholders, suggesting that the interests of the larger shareholders are balanced out to an extent by the smaller ones.

Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage.

Insider Ownership Of Metals X

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.

Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.

Our most recent data indicates that insiders own some shares in Metals X Limited. In their own names, insiders own AU$5.2m worth of stock in the AU$159m company. It is good to see some investment by insiders, but I usually like to see higher insider holdings. It might be worth checking if those insiders have been buying.

General Public Ownership

The general public, with a 32% stake in the company, will not easily be ignored. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

Private Company Ownership

We can see that Private Companies own 11%, of the shares on issue. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.

Public Company Ownership

Public companies currently own 14% of Metals X stock. We can't be certain but it is quite possible this is a strategic stake. The businesses may be similar, or work together.

Next Steps:

While it is well worth considering the different groups that own a company, there are other factors that are even more important. For instance, we've identified 2 warning signs for Metals X that you should be aware of.

Ultimately the future is most important. You can access this free report on analyst forecasts for the company.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

VANCOUVER, BC, Feb. 12, 2021 /CNW/ –

TSX VENTURE COMPANIES

AUMENTO CAPITAL VIII CORP. ("AMU.P")
BULLETIN TYPE: New Listing-CPC-Shares
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

The Capital Pool Company's (the 'Company') Prospectus dated February 4, 2021, has been filed with and accepted by TSX Venture Exchange and the Ontario, British Columbia and Alberta Securities Commissions effective February 8, 2021, under the provisions of the respective Securities Acts. The common shares of the Company will be listed and admitted to trading on TSX Venture Exchange, on the effective dates stated below.

The gross proceeds to be received by the Company for the Offering are $500,000 (1,000,000 common shares at $0.50 per share).

The closing of the public offering is scheduled to occur before the market opening on February 17, 2021. A further notice will be issued upon receipt of closing confirmation.

For further information, please refer to the Company's prospectus dated February 4, 2021.

______________________________________

GREENLANE RENEWABLES INC. ("GRN") ("GRN.WT")
BULLETIN TYPE: Graduation
BULLETIN DATE: February 12, 2021
TSX Venture Tier 1 Company

TSX Venture Exchange has been advised that the Company's shares and warrants will be listed and commence trading on Toronto Stock Exchange at the opening on Wednesday February 17, 2021, under the symbol "GRN" and "GRN.WT".

As a result of this Graduation, there will be no further trading under the symbol "GRN" nor "GRN.WT" on TSX Venture Exchange after Tuesday February 16, 2021, and its shares and warrants will be delisted from TSX Venture Exchange at the commencement of trading on Toronto Stock Exchange.

________________________________________

HAMPTON FINANCIAL CORPORATION ("HFC.PR.A")
BULLETIN TYPE: Declaration of Dividend
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

The Issuer has declared the following dividend:

Dividend per Class A Preferred Share: $0.20
Payable Date: March 1, 2021
Record Date: February 22, 2021
Ex-dividend Date: February 19, 2021:

________________________________________

21/02/12 – TSX Venture Exchange Bulletins

TSX VENTURE COMPANIES

AIM5 VENTURES INC. ("AIME.P")
BULLETIN TYPE: Remain Halted
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

Further to the TSX Venture Exchange ('TSXV') Bulletin dated Feb. 11, 2021, trading in the shares of the Company will remain halted Pending receipt and review of acceptable documentation regarding the Qualifying Transaction pursuant to Listings Policy 2.4

This regulatory halt is imposed by Investment Industry Regulatory Organization of Canada, the Market Regulator of the Exchange, pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.

________________________________________

AUX RESOURCES CORPORATION ("AUX")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

Effective at 12:15 p.m. PST, Feb. 11, 2021, shares of the Company resumed trading, an announcement having been made.

________________________________________

CLEAN SEED CAPITAL GROUP LTD. ("CSX")
BULLETIN TYPE: Warrant Term Extension
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:

These warrants were previously extended from September 5, 2020 to January 31, 2021, which was accepted for filing by the Exchange effective September 4, 2020. These warrants were issued pursuant to a private placement of 6,720,000 shares with 3,360,000 share purchase warrants attached, which was accepted for filing by the Exchange effective September 5, 2019.

These warrants were issued pursuant to a private placement of 5,110,000 shares with 2,555,000 share purchase warrants attached, which was accepted for filing by the Exchange effective April 1, 2020.

________________________________________

CONTAGIOUS GAMING INC. ("CNS")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing the Company's proposal to issue 8,500,000 shares to settle outstanding debt for $425,000.

For more information, refer to the Company's news release dated January 12, 2021.

The Company shall issue a news release when the shares are issued and the debt extinguished.

________________________________________

CRYPTOSTAR CORP. ("CSTR")
BULLETIN TYPE: Private Placement- Non-Brokered
BULLETIN DATE: February 12, 2021
TSX Venture Tier 1 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 23, 2020:

Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

Pursuant to Corporate Finance Policy 4.1, Section 1.9(e), the Company has issued a new release announcing the closing of the private placement and setting out the expiry dates of the hold period(s).

________________________________________

E2GOLD INC. ("ETU")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing the Company's proposal to issue 543,478 common shares at a deemed value of $0.184 per share to settle outstanding debt for $100,000.

For more information, please refer to the Company's news release dated February 3, 2021.

________________________________________

E3 METALS CORP. ("ETMC")
BULLETIN TYPE: Private Placement-Brokered
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Brokered Private Placement announced January 21, 2021:

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company issued a news release dated February 8, 2021 announcing the closing of the private placement and setting out the expiry dates of the hold periods. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

________________________________________

ECLIPSE GOLD MINING CORPORATION ("EGLD")
BULLETIN TYPE: Halt
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

Effective at 1:47 p.m. PST, Feb. 11, 2021, trading in the shares of the Company was halted at the request of the Company, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada, the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.

________________________________________

FJORDLAND EXPLORATION INC. ("FEX")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 12, 2021
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced January 25, 2021: